N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington
, D.C. 20549
 

FORM N-CSR

 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number
811-09729
 
iShares Trust
(Exact name of registrant as specified in charter)
c/o BlackRock Fund Advisors
 
400 Howard Street, San Francisco, CA
94105
(Address of principal executive offices)
(Zip code)
 
The Corporation Trust Company
1209 Orange Street, Wilmington, DE  19801
(Name and address of agent for service)
 
 
 
Registrant’s telephone number, including area code:
(415) 670-2000
 
 
 
 
Date of fiscal year end:
April 30, 2024
 
 
 
 
Date of reporting period:
October 31, 2023
 
 
 
 
Item 1.      Reports to Stockholders.
 
(a) The Report to Shareholders is attached herewith.
OCTOBER
31,
2023
2023
Semi-Annual
Report
(Unaudited)
iShares
Trust
iShares
Cohen
&
Steers
REIT
ETF
|
ICF
|
Cboe
BZX
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
October
31,
2023.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation,
as
the
annual
increase
in
the
Consumer
Price
Index
declined
to
its
long-term
average
of
approximately
3%
in
October
2023.
Meanwhile,
real
economic
growth
proved
more
resilient
than
many
investors
anticipated.
A
moderating
labor
market
also
helped
ease
inflationary
pressure,
although
wages
continued
to
grow
and
unemployment
rates
touched
the
lowest
levels
in
decades
before
rising
slightly.
This
robust
labor
market
powered
further
growth
in
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
solid
during
the
period,
as
the
durability
of
consumer
spending
mitigated
investors’
concerns
about
the
economy’s
trajectory.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
third
quarter
of
2023.
However,
equity
returns
were
uneven,
as
the
performance
of
a
few
notable
technology
companies
supported
gains
among
large-capitalization
U.S.
stocks,
while
small-capitalization
U.S.
stocks
declined
overall.
Meanwhile,
international
developed
market
equities
advanced,
and
emerging
market
equities
posted
solid
gains.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
six
times
during
the
12-month
period,
but
slowed
and
then
paused
its
tightening
later
in
the
period.
The
Fed
also
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.  
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
recently
opted
for
several
pauses,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.  
While
we
favor
an
overweight
position
in
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
Japanese
stocks
in
the
near
term
as
shareholder-friendly
policies
generate
increased
investor
interest.
We
also
believe
that
stocks
with
an
AI
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
euro
area
government
bonds
and
gilts,
U.S.
mortgage-backed
securities,
and
hard-
currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
October
31,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
1.39
%
10.14
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(5.29
)
(8.56
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(7.88
)
14.40
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(4.78
)
10.80
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.63
4.77
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(9.70
)
(3.25
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(6.13
)
0.36
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(4.65
)
2.64
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
0.02
6.23
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
5
Disclosure
of Expenses
...................................................................................................
5
Schedule
of
Investments
..................................................................................................
6
Financial
Statements:
Statement
of
Assets
and
Liabilities
..........................................................................................
9
Statement
of
Operations
................................................................................................
10
Statements
of
Changes
in
Net
Assets
........................................................................................
11
Financial
Highlights
.....................................................................................................
12
Notes
to
Financial
Statements
...............................................................................................
13
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
18
Supplemental
Information
.................................................................................................
20
General
Information
.....................................................................................................
21
Fund
Summary
as
of
October
31,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
4
iShares
®
Cohen
&
Steers
REIT
ETF
Investment
Objective
The
iShares
Cohen
&
Steers
REIT
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
real
estate
investment
trusts
(“REITs”),
as
represented
by
the
Cohen
&
Steers
Realty
Majors
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(11.01‌)%
(7.84‌)%
2.34‌%
5.16‌%
(7.84‌)%
12.26‌%
65.33‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(11.01‌)
(7.92‌)
2.33‌
5.16‌
(7.92‌)
12.22‌
65.32‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(10.85‌)
(7.52‌)
2.71‌
5.53‌
(7.52‌)
14.30‌
71.38‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
889.90‌
$
1.57‌
$
1,000.00‌
$
1,023.48‌
$
1.68‌
0.33‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Specialized
REITs
.................................
44.9‌
%
Residential
REITs
.................................
19.8‌
Retail
REITs
.....................................
13.9‌
Industrial
REITs
...................................
8.7‌
Health
Care
REITs
.................................
7.4‌
Office
REITs
.....................................
3.7‌
Hotel
&
Resort
REITs
...............................
1.6‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
American
Tower
Corp.
..............................
8.6‌
%
Equinix,
Inc.
.....................................
8.6‌
Prologis,
Inc.
.....................................
7.4‌
Welltower,
Inc.
....................................
6.2‌
Crown
Castle,
Inc.
.................................
6.0‌
Public
Storage
....................................
5.6‌
Digital
Realty
Trust,
Inc.
.............................
5.4‌
Realty
Income
Corp.
................................
4.9‌
Simon
Property
Group,
Inc.
...........................
4.9‌
VICI
Properties,
Inc.
................................
4.1‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
5
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
the
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of the
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
example
shown (which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
example
provides information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
example also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Fund
and
other
funds, compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
example are
intended
to highlight shareholder’s
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
October
31,
2023
iShares
®
Cohen
&
Steers
REIT
ETF
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Health
Care
REITs
—
7.4%
Healthpeak
Properties,
Inc.
............
1,442,649
$
22,433,192
Welltower,
Inc.
.....................
1,310,870
109,601,841
132,035,033
Hotel
&
Resort
REITs
—
1.6%
Host
Hotels
&
Resorts,
Inc.
............
1,875,827
29,037,802
Industrial
REITs
—
8.6%
Prologis,
Inc.
......................
1,305,886
131,568,014
Rexford
Industrial
Realty,
Inc.
..........
529,991
22,916,811
154,484,825
Office
REITs
—
3.7%
Alexandria
Real
Estate
Equities,
Inc.
......
415,239
38,671,208
Boston
Properties,
Inc.
...............
376,409
20,164,230
Cousins
Properties,
Inc.
..............
399,532
7,139,637
65,975,075
Residential
REITs
—
19.6%
American
Homes
4
Rent,
Class
A
........
828,663
27,130,427
AvalonBay
Communities,
Inc.
..........
374,509
62,071,122
Equity
LifeStyle
Properties,
Inc.
.........
491,286
32,326,619
Equity
Residential
..................
899,393
49,763,415
Essex
Property
Trust,
Inc.
.............
169,273
36,210,880
Invitation
Homes,
Inc.
................
1,533,179
45,520,084
Mid-America
Apartment
Communities,
Inc.
..
307,680
36,352,392
Sun
Communities,
Inc.
...............
328,114
36,499,401
UDR,
Inc.
........................
816,071
25,959,218
351,833,558
Retail
REITs
—
13.8%
Federal
Realty
Investment
Trust
.........
193,488
17,644,171
Kimco
Realty
Corp.
.................
1,634,905
29,330,196
Realty
Income
Corp.
.................
1,837,020
87,038,007
Regency
Centers
Corp.
..............
433,371
26,114,936
Simon
Property
Group,
Inc.
............
792,002
87,033,100
247,160,410
Specialized
REITs
—
44.7%
American
Tower
Corp.
...............
863,947
153,946,716
Crown
Castle,
Inc.
..................
1,143,765
106,347,270
Digital
Realty
Trust,
Inc.
..............
768,398
95,557,975
Equinix,
Inc.
......................
210,629
153,683,344
Extra
Space
Storage,
Inc.
.............
557,033
57,703,049
Public
Storage
.....................
417,317
99,617,741
SBA
Communications
Corp.
...........
285,734
59,612,684
VICI
Properties,
Inc.
.................
2,648,580
73,895,382
800,364,161
Total
Long-Term
Investments
—
99.4%
(Cost:
$2,030,406,773)
...........................
1,780,890,864
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
0.1%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.33%
(a)(b)
................
1,964,536
$
1,964,536
Total
Short-Term
Securities
—
0.1%
(Cost:
$1,964,536)
..............................
1,964,536
Total
Investments
—
99.5%
(Cost:
$2,032,371,309
)
...........................
1,782,855,400
Other
Assets
Less
Liabilities
—
0.5%
...................
9,361,247
Net
Assets
—
100.0%
..............................
$
1,792,216,647
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Cohen
&
Steers
REIT
ETF
Schedule
of
Investments
7
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
October
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
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
04/30/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/23
Shares
Held
at
10/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
$
2,647,281
$
—
$
(682,745)
(a)
$
—
$
—
$
1,964,536
1,964,536
$
85,840
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Dow
Jones
U.S.
Real
Estate
Index
..............................................
375
12/15/23
$
10,935
$
(64,008)
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)
......
$
—
$
—
$
64,008
$
—
$
—
$
—
$
64,008
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
October
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(940,039)
$
—
$
—
$
—
$
(940,039)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(210,565)
$
—
$
—
$
—
$
(210,565)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
7,478,810
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Cohen
&
Steers
REIT
ETF
8
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,780,890,864
$
—
$
—
$
1,780,890,864
Short-Term
Securities
Money
Market
Funds
......................................
1,964,536
—
—
1,964,536
$
1,782,855,400
$
—
$
—
$
1,782,855,400
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(64,008)
$
—
$
—
$
(64,008)
(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,
2023
9
Financial
Statements
iShares
Cohen
&
Steers
REIT
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
1,780,890,864‌
Investments,
at
value
—
affiliated
(b)
..........................................................................................
1,964,536‌
Cash
pledged:
Futures
contracts
....................................................................................................
107,000‌
Receivables:
–‌
Investments
sold
....................................................................................................
9,267,612‌
Dividends
—
unaffiliated
...............................................................................................
480,512‌
Dividends
—
affiliated
.................................................................................................
14,454‌
Variation
margin
on
futures
contracts
.......................................................................................
18,675‌
Other
assets
.........................................................................................................
10,353‌
Total
assets
.........................................................................................................
1,792,754,006‌
LIABILITIES
Payables:
–‌
Capital
shares
redeemed
...............................................................................................
8,166‌
Investment
advisory
fees
...............................................................................................
529,193‌
Total
liabilities
........................................................................................................
537,359‌
Commitments
and
contingent
liabilities
—‌
NET
ASSETS
........................................................................................................
$
1,792,216,647‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
2,207,496,027‌
Accumulated
loss
.....................................................................................................
(415,279,380‌)
NET
ASSETS
........................................................................................................
$
1,792,216,647‌
NET
ASSET
VALUE
Shares
outstanding
....................................................................................................
36,700,000‌
Net
asset
value
.......................................................................................................
$
48.83‌
Shares
authorized
.....................................................................................................
Unlimited
Par
value
...........................................................................................................
None
(a)
  Investments,
at
cost
—
unaffiliated
.................................................................................
$
2,030,406,773
(b)
  Investments,
at
cost
—
affiliated
...................................................................................
$
1,964,536
See
notes
to
financial
statements.
Statement
of
Operations
(unaudited)

Six
Months
Ended
October
31,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
10
See
notes
to
financial
statements.
iShares
Cohen
&
Steers
REIT
ETF
INVESTMENT
INCOME
–
Dividends
—
unaffiliated
...............................................................................................
$
35,891,949‌
Dividends
—
affiliated
.................................................................................................
85,840‌
Interest
—
unaffiliated
.................................................................................................
11,082‌
Total
investment
income
.................................................................................................
35,988,871‌
EXPENSES
Investment
advisory
..................................................................................................
3,524,654‌
Total
expenses
.......................................................................................................
3,524,654‌
Net
investment
income
..................................................................................................
32,464,217‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(272,112,595‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
...........................................................................................
(34,238,167‌)
Futures
contracts
..................................................................................................
(940,039‌)
In-kind
redemptions
—
unaffiliated
(a)
.....................................................................................
22,912,129‌
(12,266,077‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
(259,635,952‌)
Futures
contracts
..................................................................................................
(210,565‌)
(259,846,517‌)
Net
realized
and
unrealized
loss
............................................................................................
(272,112,594‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(239,648,377‌)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets

11
Financial
Statements
See
notes
to
financial
statements.
iShares
Cohen
&
Steers
REIT
ETF
Six
Months
Ended
10/31/23
(unaudited)
Year
Ended
04/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
32,464,217‌
$
66,359,085‌
Net
realized
gain
(loss)
..............................................................................
(12,266,077‌)
37,864,098‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(259,846,517‌)
(563,377,383‌)
Net
decrease
in
net
assets
resulting
from
operations
............................................................
(239,648,377‌)
(459,154,200‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(32,223,442‌)
(60,855,631‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
(213,044,526‌)
43,705,708‌
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(484,916,345‌)
(476,304,123‌)
Beginning
of
period
..................................................................................
2,277,132,992‌
2,753,437,115‌
End
of
period
......................................................................................
$
1,792,216,647‌
$
2,277,132,992‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Annual
Report
to
Shareholders
12
iShares
Cohen
&
Steers
REIT
ETF
Six
Months
Ended
10/31/23
(unaudited)
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
period
................
$
55.74
‌
$
68.41
‌
$
62.62
‌
$
49.68
‌
$
55.51
‌
$
47.00
‌
Net
investment
income
(b)
........................
0.81
‌
1.62
‌
1.01
‌
1.15
‌
1.39
‌
1.28
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............
(6.91
)
(12.80
)
6.10
‌
13.04
‌
(5.78
)
8.74
‌
Net
increase
(decrease)
from
investment
operations
.......
(6.10
)
(11.18
)
7.11
‌
14.19
‌
(4.39
)
10.02
‌
Distributions
from
net
investment
income
(d)
..............
(0.81
)
(1.49
)
(1.32
)
(1.25
)
(1.44
)
(1.51
)
Net
asset
value,
end
of
period
.....................
$
48.83
‌
$
55.74
‌
$
68.41
‌
$
62.62
‌
$
49.68
‌
$
55.51
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
(11.01
)%
(f)
(16.31
)%
11.33
%
29.11
%
(8.10
)%
21.70
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.33
%
(h)
0.33
%
0.32
%
0.33
%
0.34
%
0.34
%
Net
investment
income
...........................
3.02
%
(h)
2.77
%
1.46
%
2.15
%
2.43
%
2.51
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
1,792,217
‌
$
2,277,133
‌
$
2,753,437
‌
$
2,257,332
‌
$
1,842,861
‌
$
2,187,126
‌
Portfolio
turnover
rate
(
i
)
...........................
8
%
12
%
11
%
27
%
19
%
17
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
13
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
fund
(the
“Fund”):
2.
Significant
Accounting
Policies 
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. 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
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
iShares
ETF
Diversification
Classification
Cohen
&
Steers
REIT
..................................................................................................
Non-diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
14
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
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.
5.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the 
Trust
,
BFA
manages
the
investment
of
the
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Fund,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to
the
Fund, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on the
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
the
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Fund.
ETF
Servicing
Fees:
The
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
The
Fund
does
not
pay
BRIL
for
ETF
Services.
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
of
BlackRock
or
its
affiliates.
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)
15
Notes
to
Financial
Statements
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the six
months ended October
31,
2023,
transactions
executed
by
the
Fund
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
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.
6.
Purchases
and
Sales
For
the six
months ended
October
31,
2023,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
October
31,
2023,
in-kind
transactions
were
as
follows:
7.
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,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of
April
30,
2023,
the
Fund
had
non-expiring
capital
loss
carryforwards
of
$132,983,422
available
to
offset
future
realized
capital
gains.
As
of
October
31,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
8.
Principal
Risks
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and
its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
the
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Cohen
&
Steers
REIT
...................................................................
$
33,398,863‌
$
21,567,093‌
$
(1,239,937‌)
iShares
ETF
Purchases
Sales
Cohen
&
Steers
REIT
...................................................................................
$
173,774,300‌
$
176,708,133‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Cohen
&
Steers
REIT
...................................................................................
$
23,136,946‌
$
235,705,275‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Cohen
&
Steers
REIT
..............................................
$
2,058,418,945‌
$
86,465,203‌
$
(362,092,756‌)
$
(275,627,553‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
16
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the Fund.
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.
9.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
the
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
the
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
Six
Months
Ended
10/31/23
Year
Ended
04/30/23
iShares
ETF
Shares
Amount
Shares
Amount
Cohen
&
Steers
REIT
Shares
sold
450,000‌
$
23,293,773‌
5,500,000‌
$
323,631,350‌
Shares
redeemed
(4,600,000‌)
(236,338,299‌)
(4,900,000‌)
(279,925,642‌)
(4,150,000‌)
$
(213,044,526‌)
600,000‌
$
43,705,708‌
Notes
to
Financial
Statements
(unaudited)
(continued)
17
Notes
to
Financial
Statements
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statement
of
Assets
and
Liabilities.
10.
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.
Board
Review
and
Approval
of
Investment
Advisory
Contract
2023
iShares
Semi-Annual
Report
to
Shareholders
18
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;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
2,
2023
and
May
15,
2023,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
7-8,
2023,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2022,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
19
Board
Review
and
Approval
of
Investment
Advisory
Contract
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
2023
iShares
Semi-Annual
Report
to
Shareholders
20
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
the
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
October
31,
2023
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Fund.
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Cohen
&
Steers
REIT
...................
$
0.808961‌
$
—‌
$
—‌
$
0.808961‌
100‌%
—‌%
—‌%
100‌%
General
Information
21
General
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
the
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
iS-SAR-411-1023
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 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.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
October
31,
2023
2023
Semi-Annual
Report
(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
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
October
31,
2023.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation,
as
the
annual
increase
in
the
Consumer
Price
Index
declined
to
its
long-term
average
of
approximately
3%
in
October
2023.
Meanwhile,
real
economic
growth
proved
more
resilient
than
many
investors
anticipated.
A
moderating
labor
market
also
helped
ease
inflationary
pressure,
although
wages
continued
to
grow
and
unemployment
rates
touched
the
lowest
levels
in
decades
before
rising
slightly.
This
robust
labor
market
powered
further
growth
in
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
solid
during
the
period,
as
the
durability
of
consumer
spending
mitigated
investors’
concerns
about
the
economy’s
trajectory.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
third
quarter
of
2023.
However,
equity
returns
were
uneven,
as
the
performance
of
a
few
notable
technology
companies
supported
gains
among
large-capitalization
U.S.
stocks,
while
small-capitalization
U.S.
stocks
declined
overall.
Meanwhile,
international
developed
market
equities
advanced,
and
emerging
market
equities
posted
solid
gains.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
six
times
during
the
12-month
period,
but
slowed
and
then
paused
its
tightening
later
in
the
period.
The
Fed
also
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.  
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
recently
opted
for
several
pauses,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.  
While
we
favor
an
overweight
position
in
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
Japanese
stocks
in
the
near
term
as
shareholder-friendly
policies
generate
increased
investor
interest.
We
also
believe
that
stocks
with
an
AI
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
euro
area
government
bonds
and
gilts,
U.S.
mortgage-backed
securities,
and
hard-
currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
October
31,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
1.39
%
10.14
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(5.29
)
(8.56
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(7.88
)
14.40
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(4.78
)
10.80
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.63
4.77
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(9.70
)
(3.25
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(6.13
)
0.36
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(4.65
)
2.64
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
0.02
6.23
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
9
Disclosure
of Expenses
...................................................................................................
9
Schedules
of
Investments
.................................................................................................
10
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
57
Statements
of
Operations
................................................................................................
59
Statements
of
Changes
in
Net
Assets
........................................................................................
61
Financial
Highlights
.....................................................................................................
64
Notes
to
Financial
Statements
...............................................................................................
69
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
78
Supplemental
Information
.................................................................................................
80
General
Information
.....................................................................................................
81
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
82
Fund
Summary
as
of
October
31,
2023
2023
iShares
Semi-Annual
Report
To
Shareholders
4
iShares
®
Morningstar
Growth
ETF
Investment
Objective
The
iShares
Morningstar
Growth
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
large-
and
mid-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
Morningstar
®
US
Large-Mid
Cap
Broad
Growth
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Large
Growth
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Large-Mid
Cap
Broad
Growth
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5.22‌%
17.05‌%
12.22‌%
12.83‌%
17.05‌%
78.00‌%
234.49‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5.18‌
17.09‌
12.22‌
12.83‌
17.09‌
77.99‌
234.27‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5.23‌
17.06‌
12.38‌
13.13‌
17.06‌
79.21‌
243.45‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,052.20‌
$
0.21‌
$
1,000.00‌
$
1,024.94‌
$
0.20‌
0.04‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Information
Technology
.............................
43.2‌
%
Consumer
Discretionary
............................
15.5‌
Health
Care
....................................
9.9‌
Communication
Services
............................
8.1‌
Financials
......................................
7.1‌
Industrials
......................................
6.6‌
Consumer
Staples
................................
3.2‌
Real
Estate
.....................................
2.6‌
Energy
........................................
1.6‌
Materials
......................................
1.5‌
Utilities
........................................
0.7‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Microsoft
Corp.
...................................
12.7‌
%
Apple,
Inc.
......................................
12.7‌
Amazon.com,
Inc.
.................................
6.1‌
NVIDIA
Corp.
....................................
5.1‌
Tesla,
Inc.
.......................................
2.8‌
Alphabet,
Inc.,
Class
A
..............................
2.3‌
Eli
Lilly
&
Co.
....................................
2.2‌
Alphabet,
Inc.,
Class
C,
NVS
..........................
1.9‌
Visa,
Inc.,
Class
A
.................................
1.9‌
Mastercard,
Inc.,
Class
A
.............................
1.6‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
October
31,
2023
5
Fund
Summary
iShares
®
Morningstar
Mid-Cap
ETF
Investment
Objective
The
iShares
Morningstar
Mid-Cap
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities,
as
represented
by
the
Morningstar
®
US
Mid
Cap
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Core
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Cap
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.57‌)%
(0.88‌)%
6.95‌%
7.84‌%
(0.88‌)%
39.93‌%
112.71‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.62‌)
(0.96‌)
6.96‌
7.84‌
(0.96‌)
39.98‌
112.62‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.55‌)
(0.87‌)
7.09‌
8.04‌
(0.87‌)
40.88‌
116.73‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
954.30‌
$
0.20‌
$
1,000.00‌
$
1,024.94‌
$
0.20‌
0.04‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
18.2‌
%
Information
Technology
.............................
14.7‌
Financials
......................................
13.5‌
Health
Care
....................................
10.3‌
Consumer
Discretionary
............................
8.9‌
Real
Estate
.....................................
8.0‌
Utilities
........................................
6.9‌
Materials
......................................
6.4‌
Energy
........................................
5.3‌
Consumer
Staples
................................
4.7‌
Communication
Services
............................
3.1‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Parker-Hannifin
Corp.
...............................
0.6‌
%
TransDigm
Group,
Inc.
..............................
0.6‌
NXP
Semiconductors
NV
............................
0.6‌
American
International
Group,
Inc.
......................
0.6‌
Workday,
Inc.,
Class
A
..............................
0.6‌
Trane
Technologies
plc
..............................
0.6‌
Welltower,
Inc.
....................................
0.6‌
Newmont
Corp.
...................................
0.6‌
PACCAR,
Inc.
....................................
0.6‌
Williams
Cos.,
Inc.
(The)
.............................
0.5‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
October
31,
2023
2023
iShares
Semi-Annual
Report
To
Shareholders
6
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Investment
Objective
The
iShares
Morningstar
Mid-Cap
Growth
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
Morningstar
®
US
Mid
Cap
Broad
Growth
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Growth
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Cap
Broad
Growth
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(3.99‌)%
1.36‌%
9.65‌%
9.70‌%
1.36‌%
58.51‌%
152.35‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.05‌)
1.24‌
9.63‌
9.71‌
1.24‌
58.39‌
152.52‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(3.97‌)
1.38‌
9.83‌
9.91‌
1.38‌
59.84‌
157.31‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
960.10‌
$
0.30‌
$
1,000.00‌
$
1,024.83‌
$
0.31‌
0.06‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
23.2‌
%
Information
Technology
.............................
20.7‌
Health
Care
....................................
11.9‌
Consumer
Discretionary
............................
10.3‌
Financials
......................................
8.2‌
Real
Estate
.....................................
7.6‌
Consumer
Staples
................................
4.6‌
Communication
Services
............................
4.2‌
Energy
........................................
3.7‌
Materials
......................................
3.3‌
Utilities
........................................
2.3‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
TransDigm
Group,
Inc.
..............................
1.2‌
%
Workday,
Inc.,
Class
A
..............................
1.1‌
Marvell
Technology,
Inc.
.............................
1.0‌
Hilton
Worldwide
Holdings,
Inc.
........................
1.0‌
Crowdstrike
Holdings,
Inc.,
Class
A
......................
1.0‌
Ross
Stores,
Inc.
..................................
1.0‌
Copart,
Inc.
......................................
1.0‌
MSCI,
Inc.
......................................
1.0‌
Constellation
Energy
Corp.
...........................
0.9‌
Paychex,
Inc.
....................................
0.9‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
October
31,
2023
7
Fund
Summary
iShares
®
Morningstar
Small-Cap
Growth
ETF
Investment
Objective
The
iShares
Morningstar
Small-Cap
Growth
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities,
that
exhibit
growth
characteristics,
as
represented
by
the
Morningstar
®
US
Small
Cap
Broad
Growth
Extended
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Growth
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Cap
Broad
Growth
Extended
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(5.58‌)%
(3.04‌)%
3.63‌%
6.17‌%
(3.04‌)%
19.53‌%
81.95‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(5.45‌)
(3.04‌)
3.67‌
6.18‌
(3.04‌)
19.72‌
82.08‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(5.64‌)
(3.24‌)
3.65‌
6.22‌
(3.24‌)
19.64‌
82.85‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
944.20‌
$
0.29‌
$
1,000.00‌
$
1,024.83‌
$
0.31‌
0.06‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
22.3‌
%
Information
Technology
.............................
19.7‌
Health
Care
....................................
16.8‌
Consumer
Discretionary
............................
12.1‌
Financials
......................................
7.2‌
Real
Estate
.....................................
4.8‌
Materials
......................................
4.3‌
Energy
........................................
4.1‌
Consumer
Staples
................................
3.7‌
Communication
Services
............................
3.7‌
Utilities
........................................
1.3‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Vertiv
Holdings
Co.,
Class
A
..........................
0.8‌
%
Tradeweb
Markets,
Inc.,
Class
A
........................
0.6‌
Pure
Storage,
Inc.,
Class
A
...........................
0.6‌
Saia,
Inc.
.......................................
0.6‌
Range
Resources
Corp.
.............................
0.5‌
Clean
Harbors,
Inc.
................................
0.5‌
Celsius
Holdings,
Inc.
...............................
0.4‌
EastGroup
Properties,
Inc.
...........................
0.4‌
Roku,
Inc.,
Class
A
.................................
0.4‌
Advanced
Drainage
Systems,
Inc.
......................
0.4‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
October
31,
2023
2023
iShares
Semi-Annual
Report
To
Shareholders
8
iShares
®
Morningstar
Small-Cap
Value
ETF
Investment
Objective
The
iShares
Morningstar
Small-Cap
Value
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities
that
exhibit
value
characteristics,
as
represented
by
the
Morningstar
®
US
Small
Cap
Broad
Value
Extended
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Cap
Value
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Cap
Broad
Value
Extended
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.11‌)%
(7.08‌)%
3.23‌%
4.93‌%
(7.08‌)%
17.26‌%
61.84‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.11‌)
(7.42‌)
3.22‌
4.92‌
(7.42‌)
17.19‌
61.63‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.15‌)
(7.21‌)
3.38‌
5.11‌
(7.21‌)
18.08‌
64.57‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
958.90‌
$
0.30‌
$
1,000.00‌
$
1,024.83‌
$
0.31‌
0.06‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Financials
......................................
27.1‌
%
Industrials
......................................
15.4‌
Consumer
Discretionary
............................
14.6‌
Energy
........................................
8.0‌
Real
Estate
.....................................
7.6‌
Information
Technology
.............................
6.8‌
Health
Care
....................................
6.1‌
Materials
......................................
6.0‌
Utilities
........................................
3.2‌
Consumer
Staples
................................
2.9‌
Communication
Services
............................
2.3‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
XPO,
Inc.
.......................................
0.5‌
%
Antero
Resources
Corp.
.............................
0.5‌
Omega
Healthcare
Investors,
Inc.
.......................
0.5‌
Assurant,
Inc.
....................................
0.5‌
Southwestern
Energy
Co.
............................
0.5‌
United
States
Steel
Corp.
............................
0.5‌
Chord
Energy
Corp.
................................
0.4‌
New
York
Community
Bancorp,
Inc.
.....................
0.4‌
Lithia
Motors,
Inc.,
Class
A
...........................
0.4‌
Murphy
Oil
Corp.
..................................
0.4‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
9
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
October
31,
2023
iShares
®
Morningstar
Growth
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.5%
Axon
Enterprise,
Inc.
(a)
...............
5,750
$
1,175,818
HEICO
Corp.
.....................
3,238
512,932
HEICO
Corp.,
Class
A
................
6,242
793,545
Howmet
Aerospace,
Inc.
..............
32,178
1,419,050
Huntington
Ingalls
Industries,
Inc.
........
1,667
366,440
Textron,
Inc.
......................
5,461
415,036
TransDigm
Group,
Inc.
(a)
..............
4,536
3,756,216
8,439,037
Air
Freight
&
Logistics
—
0.1%
CH
Robinson
Worldwide,
Inc.
..........
3,007
246,063
Expeditors
International
of
Washington,
Inc.
.
4,871
532,157
778,220
Automobile
Components
—
0.2%
Aptiv
plc
(a)
........................
23,239
2,026,441
BorgWarner,
Inc.
...................
7,629
281,510
Lear
Corp.
.......................
1,794
232,789
2,540,740
Automobiles
—
2.8%
(a)
Lucid
Group,
Inc.
(b)
..................
72,861
300,187
Tesla,
Inc.
........................
226,983
45,587,266
45,887,453
Banks
—
0.1%
First
Citizens
BancShares,
Inc.,
Class
A
....
971
1,340,699
Beverages
—
1.0%
Brown-Forman
Corp.,
Class
A
..........
4,558
261,720
Brown-Forman
Corp.,
Class
B,
NVS
......
15,163
851,554
Coca-Cola
Co.
(The)
................
117,301
6,626,333
Monster
Beverage
Corp.
(a)
.............
61,116
3,123,028
PepsiCo,
Inc.
.....................
36,242
5,917,594
16,780,229
Biotechnology
—
1.2%
(a)
Alnylam
Pharmaceuticals,
Inc.
..........
10,301
1,563,692
Apellis
Pharmaceuticals,
Inc.
...........
8,441
410,739
BioMarin
Pharmaceutical,
Inc.
(b)
.........
15,566
1,267,851
Exact
Sciences
Corp.
(b)
...............
14,766
909,438
Incyte
Corp.
......................
15,260
822,972
Karuna
Therapeutics,
Inc.
.............
1,616
269,242
Neurocrine
Biosciences,
Inc.
...........
7,998
887,298
Regeneron
Pharmaceuticals,
Inc.
........
3,156
2,461,333
Sarepta
Therapeutics,
Inc.
.............
7,624
513,171
Seagen,
Inc.
......................
11,566
2,461,360
Vertex
Pharmaceuticals,
Inc.
...........
21,215
7,682,164
19,249,260
Broadline
Retail
—
6.5%
Amazon.com,
Inc.
(a)
.................
746,334
99,329,592
Coupang,
Inc.,
Class
A
(a)
..............
63,463
1,078,871
eBay,
Inc.
........................
19,066
747,959
Etsy,
Inc.
(a)
.......................
10,260
639,198
MercadoLibre,
Inc.
(a)
.................
3,793
4,706,127
106,501,747
Building
Products
—
0.4%
A
O
Smith
Corp.
...................
5,648
394,004
Allegion
plc
.......................
4,426
435,341
Builders
FirstSource,
Inc.
(a)
............
5,520
599,030
Carlisle
Cos.,
Inc.
..................
2,711
688,838
Carrier
Global
Corp.
.................
25,316
1,206,561
Johnson
Controls
International
plc
.......
19,106
936,576
Lennox
International,
Inc.
.............
1,237
458,358
Security
Shares
Shares
Value
Building
Products
(continued)
Trane
Technologies
plc
...............
12,521
$
2,382,872
7,101,580
Capital
Markets
—
1.6%
Ameriprise
Financial,
Inc.
.............
3,436
1,080,863
Ares
Management
Corp.,
Class
A
........
13,565
1,337,373
Blackstone,
Inc.,
Class
A
..............
16,643
1,536,981
Charles
Schwab
Corp.
(The)
...........
44,875
2,335,295
FactSet
Research
Systems,
Inc.
.........
3,128
1,350,952
Interactive
Brokers
Group,
Inc.,
Class
A
....
8,789
703,735
Intercontinental
Exchange,
Inc.
.........
23,518
2,526,774
LPL
Financial
Holdings,
Inc.
............
6,272
1,408,190
MarketAxess
Holdings,
Inc.
............
3,095
661,556
Moody's
Corp.
.....................
9,064
2,791,712
Morningstar,
Inc.
...................
2,114
535,349
MSCI,
Inc.
.......................
6,497
3,063,660
Nasdaq,
Inc.
......................
11,081
549,618
Raymond
James
Financial,
Inc.
.........
8,492
810,477
S&P
Global,
Inc.
...................
16,301
5,694,102
SEI
Investments
Co.
.................
4,232
227,089
26,613,726
Chemicals
—
1.2%
Air
Products
&
Chemicals,
Inc.
..........
7,549
2,132,140
Albemarle
Corp.
...................
5,109
647,719
Corteva,
Inc.
......................
24,606
1,184,533
DuPont
de
Nemours,
Inc.
.............
16,889
1,230,870
Ecolab,
Inc.
......................
13,547
2,272,374
FMC
Corp.
.......................
4,116
218,971
Linde
plc
........................
18,447
7,049,705
Olin
Corp.
........................
4,350
185,832
PPG
Industries,
Inc.
.................
11,888
1,459,490
RPM
International,
Inc.
...............
5,416
494,318
Sherwin-Williams
Co.
(The)
............
7,080
1,686,527
Westlake
Corp.
....................
1,501
173,155
18,735,634
Commercial
Services
&
Supplies
—
0.7%
Cintas
Corp.
......................
5,426
2,751,633
Copart,
Inc.
(a)
.....................
71,408
3,107,676
Republic
Services,
Inc.
...............
8,966
1,331,361
Rollins,
Inc.
.......................
23,090
868,415
Tetra
Tech,
Inc.
....................
4,417
666,570
Waste
Management,
Inc.
..............
13,685
2,248,856
10,974,511
Communications
Equipment
—
0.4%
Arista
Networks,
Inc.
(a)
...............
20,642
4,136,038
F5,
Inc.
(a)
........................
1,660
251,639
Motorola
Solutions,
Inc.
..............
7,894
2,198,163
6,585,840
Construction
&
Engineering
—
0.2%
AECOM
.........................
5,770
441,693
EMCOR
Group,
Inc.
.................
2,245
463,929
Quanta
Services,
Inc.
................
7,722
1,290,501
WillScot
Mobile
Mini
Holdings
Corp.
(a)
.....
16,166
637,102
2,833,225
Construction
Materials
—
0.3%
Martin
Marietta
Materials,
Inc.
..........
5,063
2,070,463
Vulcan
Materials
Co.
................
10,927
2,147,046
4,217,509
Consumer
Finance
—
0.1%
Discover
Financial
Services
............
12,531
1,028,544
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Growth
ETF
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
—
1.7%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
......
5,508
$
375,205
Casey's
General
Stores,
Inc.
...........
1,937
526,690
Costco
Wholesale
Corp.
..............
36,427
20,123,732
Dollar
General
Corp.
................
5,585
664,838
Dollar
Tree,
Inc.
(a)
...................
17,204
1,911,192
Performance
Food
Group
Co.
(a)(b)
........
12,956
748,339
Sysco
Corp.
......................
41,435
2,755,013
US
Foods
Holding
Corp.
(a)
.............
11,756
457,779
27,562,788
Containers
&
Packaging
—
0.1%
Avery
Dennison
Corp.
................
2,776
483,218
Ball
Corp.
........................
11,556
556,421
Crown
Holdings,
Inc.
................
3,346
269,688
1,309,327
Distributors
—
0.1%
Genuine
Parts
Co.
..................
5,409
697,004
LKQ
Corp.
.......................
6,691
293,869
Pool
Corp.
.......................
1,929
609,120
1,599,993
Diversified
Consumer
Services
—
0.0%
Service
Corp.
International
............
4,870
265,025
Electric
Utilities
—
0.4%
Constellation
Energy
Corp.
............
26,423
2,983,685
NextEra
Energy,
Inc.
................
65,120
3,796,496
NRG
Energy,
Inc.
...................
5,968
252,924
7,033,105
Electrical
Equipment
—
0.4%
AMETEK,
Inc.
.....................
18,932
2,665,058
Hubbell,
Inc.
......................
4,424
1,194,922
Rockwell
Automation,
Inc.
.............
9,468
2,488,285
6,348,265
Electronic
Equipment,
Instruments
&
Components
—
0.7%
Amphenol
Corp.,
Class
A
.............
28,282
2,278,115
CDW
Corp.
.......................
11,014
2,207,206
Cognex
Corp.
.....................
14,108
507,747
Flex
Ltd.
(a)(b)
......................
13,065
336,032
Jabil,
Inc.
........................
6,302
773,885
Keysight
Technologies,
Inc.
(a)
...........
8,799
1,073,918
TE
Connectivity
Ltd.
.................
13,334
1,571,412
Teledyne
Technologies,
Inc.
(a)
...........
2,200
824,098
Trimble,
Inc.
(a)
.....................
9,392
442,645
Zebra
Technologies
Corp.,
Class
A
(a)
......
2,425
507,868
10,522,926
Energy
Equipment
&
Services
—
0.4%
Baker
Hughes
Co.,
Class
A
............
48,142
1,657,048
Halliburton
Co.
....................
47,587
1,872,073
Schlumberger
NV
..................
55,137
3,068,925
6,598,046
Entertainment
—
1.8%
Electronic
Arts,
Inc.
.................
8,934
1,105,940
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A
(a)
......................
1,376
79,189
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(a)
..................
11,710
757,520
Live
Nation
Entertainment,
Inc.
(a)
........
11,628
930,472
Netflix,
Inc.
(a)
......................
36,427
14,996,632
ROBLOX
Corp.,
Class
A
(a)(b)
............
39,583
1,259,135
Take-Two
Interactive
Software,
Inc.
(a)(b)
....
12,997
1,738,349
Walt
Disney
Co.
(The)
(a)
..............
86,676
7,071,895
Security
Shares
Shares
Value
Entertainment
(continued)
Warner
Bros
Discovery,
Inc.
(a)
..........
74,216
$
737,707
28,676,839
Financial
Services
—
4.0%
Block,
Inc.,
Class
A
(a)
................
45,152
1,817,368
Fiserv,
Inc.
(a)
......................
23,838
2,711,572
FleetCor
Technologies,
Inc.
(a)
...........
3,446
775,936
Global
Payments,
Inc.
...............
7,146
759,048
Jack
Henry
&
Associates,
Inc.
..........
6,042
851,862
Mastercard,
Inc.,
Class
A
(b)
............
68,390
25,738,576
PayPal
Holdings,
Inc.
(a)
...............
28,776
1,490,597
Visa,
Inc.,
Class
A
..................
132,076
31,051,068
WEX,
Inc.
(a)
.......................
1,888
314,314
65,510,341
Food
Products
—
0.3%
Darling
Ingredients,
Inc.
(a)(b)
............
8,522
377,439
Hershey
Co.
(The)
..................
12,315
2,307,215
Hormel
Foods
Corp.
.................
7,512
244,516
Lamb
Weston
Holdings,
Inc.
...........
12,022
1,079,576
McCormick
&
Co.,
Inc.,
NVS
...........
12,200
779,580
4,788,326
Gas
Utilities
—
0.0%
Atmos
Energy
Corp.
.................
4,304
463,369
Ground
Transportation
—
0.7%
CSX
Corp.
.......................
46,649
1,392,473
JB
Hunt
Transport
Services,
Inc.
........
6,709
1,153,076
Knight-Swift
Transportation
Holdings,
Inc.
..
4,123
201,573
Old
Dominion
Freight
Line,
Inc.
.........
7,351
2,768,828
Uber
Technologies,
Inc.
(a)
.............
115,631
5,004,510
U-Haul
Holding
Co.
(a)
................
436
21,416
10,541,876
Health
Care
Equipment
&
Supplies
—
2.1%
Align
Technology,
Inc.
(a)
...............
5,831
1,076,344
Boston
Scientific
Corp.
(a)
..............
68,931
3,528,578
Cooper
Cos.,
Inc.
(The)
..............
2,740
854,195
Dexcom,
Inc.
(a)(b)
...................
31,876
2,831,545
Edwards
Lifesciences
Corp.
(a)
..........
50,055
3,189,505
GE
HealthCare
Technologies,
Inc.
.......
12,175
810,490
Hologic,
Inc.
(a)
.....................
7,129
471,726
IDEXX
Laboratories,
Inc.
(a)
.............
6,825
2,726,383
Insulet
Corp.
(a)
.....................
5,729
759,494
Intuitive
Surgical,
Inc.
(a)
...............
28,881
7,573,176
Masimo
Corp.
(a)
....................
3,642
295,475
Penumbra,
Inc.
(a)
...................
3,129
598,108
ResMed,
Inc.
.....................
12,104
1,709,327
Shockwave
Medical,
Inc.
(a)
.............
3,016
622,080
STERIS
plc
.......................
8,124
1,705,877
Stryker
Corp.
.....................
19,554
5,283,882
Teleflex,
Inc.
......................
1,875
346,406
34,382,591
Health
Care
Providers
&
Services
—
1.7%
agilon
health,
Inc.
(a)(b)
................
24,700
444,600
Chemed
Corp.
.....................
766
430,990
Elevance
Health,
Inc.
................
6,186
2,784,257
Humana,
Inc.
.....................
4,695
2,458,724
Molina
Healthcare,
Inc.
(a)
..............
2,721
905,957
UnitedHealth
Group,
Inc.
..............
39,087
20,933,434
27,957,962
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Growth
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
REITs
—
0.1%
Healthpeak
Properties,
Inc.
............
19,451
$
302,463
Welltower,
Inc.
.....................
24,682
2,063,662
2,366,125
Health
Care
Technology
—
0.1%
Veeva
Systems,
Inc.,
Class
A
(a)
.........
12,016
2,315,603
Hotel
&
Resort
REITs
—
0.1%
Host
Hotels
&
Resorts,
Inc.
............
58,276
902,112
Hotels,
Restaurants
&
Leisure
—
3.2%
Airbnb,
Inc.,
Class
A
(a)
................
35,036
4,144,408
Aramark
.........................
9,011
242,666
Booking
Holdings,
Inc.
(a)
..............
2,935
8,187,359
Caesars
Entertainment,
Inc.
(a)
..........
17,852
712,116
Chipotle
Mexican
Grill,
Inc.
(a)
...........
2,271
4,410,736
Churchill
Downs,
Inc.
................
5,630
618,399
Darden
Restaurants,
Inc.
.............
5,136
747,442
Domino's
Pizza,
Inc.
.................
1,677
568,486
DoorDash,
Inc.,
Class
A
(a)
.............
24,653
1,847,742
DraftKings,
Inc.,
Class
A
(a)
.............
37,817
1,044,506
Hilton
Worldwide
Holdings,
Inc.
.........
21,487
3,255,925
Las
Vegas
Sands
Corp.
..............
26,912
1,277,244
Marriott
International,
Inc.,
Class
A
.......
20,587
3,881,885
McDonald's
Corp.
..................
24,823
6,507,846
MGM
Resorts
International
............
23,071
805,639
Royal
Caribbean
Cruises
Ltd.
(a)
.........
12,429
1,053,109
Starbucks
Corp.
....................
94,151
8,684,488
Vail
Resorts,
Inc.
...................
3,166
671,984
Wynn
Resorts
Ltd.
..................
7,961
698,817
Yum!
Brands,
Inc.
..................
23,066
2,787,757
52,148,554
Household
Products
—
0.1%
Church
&
Dwight
Co.,
Inc.
.............
13,070
1,188,586
Clorox
Co.
(The)
...................
6,700
788,590
1,977,176
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Vistra
Corp.
......................
9,596
313,981
Industrial
Conglomerates
—
0.3%
General
Electric
Co.
.................
47,726
5,184,475
Industrial
REITs
—
0.3%
Americold
Realty
Trust,
Inc.
............
10,090
264,560
Prologis,
Inc.
......................
40,906
4,121,280
Rexford
Industrial
Realty,
Inc.
..........
16,960
733,350
5,119,190
Insurance
—
1.3%
American
Financial
Group,
Inc.
.........
1,869
204,394
Aon
plc,
Class
A
...................
8,976
2,777,175
Arch
Capital
Group
Ltd.
(a)
.............
16,094
1,395,028
Arthur
J
Gallagher
&
Co.
..............
10,588
2,493,368
Brown
&
Brown,
Inc.
.................
19,438
1,349,386
Cincinnati
Financial
Corp.
.............
5,612
559,348
Erie
Indemnity
Co.,
Class
A,
NVS
........
2,021
558,180
Kinsale
Capital
Group,
Inc.
............
1,811
604,711
Markel
Group,
Inc.
(a)
.................
496
729,378
Marsh
&
McLennan
Cos.,
Inc.
..........
23,182
4,396,466
Progressive
Corp.
(The)
..............
28,625
4,525,326
RenaissanceRe
Holdings
Ltd.
..........
2,145
471,021
Willis
Towers
Watson
plc
..............
4,470
1,054,428
WR
Berkley
Corp.
..................
7,543
508,549
21,626,758
Security
Shares
Shares
Value
Interactive
Media
&
Services
—
5.9%
(a)
Alphabet,
Inc.,
Class
A
...............
297,062
$
36,859,453
Alphabet,
Inc.,
Class
C,
NVS
...........
252,693
31,662,433
Match
Group,
Inc.
..................
22,765
787,669
Meta
Platforms,
Inc.,
Class
A
...........
78,828
23,748,512
Pinterest,
Inc.,
Class
A
...............
47,816
1,428,742
Snap,
Inc.,
Class
A,
NVS
(b)
............
83,817
839,008
ZoomInfo
Technologies,
Inc.
...........
25,074
324,959
95,650,776
IT
Services
—
1.4%
Accenture
plc,
Class
A
...............
27,935
8,299,209
Akamai
Technologies,
Inc.
(a)
............
4,169
430,783
Cloudflare,
Inc.,
Class
A
(a)
.............
24,045
1,363,111
EPAM
Systems,
Inc.
(a)
................
4,773
1,038,461
Gartner,
Inc.
(a)
.....................
6,472
2,148,963
GoDaddy,
Inc.,
Class
A
(a)(b)
.............
12,062
883,300
MongoDB,
Inc.,
Class
A
(a)
.............
5,803
1,999,656
Okta,
Inc.,
Class
A
(a)
.................
12,780
861,500
Snowflake,
Inc.,
Class
A
(a)
.............
26,782
3,886,872
Twilio,
Inc.,
Class
A
(a)
................
14,881
762,800
VeriSign,
Inc.
(a)
....................
7,415
1,480,479
23,155,134
Life
Sciences
Tools
&
Services
—
1.7%
Agilent
Technologies,
Inc.
.............
24,231
2,504,758
Avantor,
Inc.
(a)
.....................
17,208
299,935
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
......
1,713
471,555
Bio-Techne
Corp.
...................
13,000
710,190
Bruker
Corp.
......................
8,140
463,980
Charles
River
Laboratories
International,
Inc.
(a)
(b)
...........................
4,238
713,510
Danaher
Corp.
....................
54,018
10,372,536
Illumina,
Inc.
(a)
.....................
6,483
709,370
IQVIA
Holdings,
Inc.
(a)
................
8,446
1,527,290
Mettler-Toledo
International,
Inc.
(a)
.......
1,799
1,772,375
Repligen
Corp.
(a)
...................
4,304
579,146
Thermo
Fisher
Scientific,
Inc.
...........
11,771
5,235,388
Waters
Corp.
(a)(b)
...................
3,228
769,975
West
Pharmaceutical
Services,
Inc.
......
6,079
1,934,885
28,064,893
Machinery
—
1.5%
Caterpillar,
Inc.
....................
15,770
3,564,808
Cummins,
Inc.
.....................
4,985
1,078,255
Deere
&
Co.
......................
11,816
4,317,094
Dover
Corp.
......................
6,925
899,904
Fortive
Corp.
......................
15,729
1,026,789
Graco,
Inc.
.......................
13,928
1,035,547
IDEX
Corp.
.......................
6,233
1,193,059
Ingersoll
Rand,
Inc.
.................
33,286
2,019,794
Lincoln
Electric
Holdings,
Inc.
..........
4,723
825,580
Middleby
Corp.
(The)
(a)
...............
2,190
247,185
Nordson
Corp.
.....................
4,447
945,388
Otis
Worldwide
Corp.
................
17,934
1,384,684
Parker-Hannifin
Corp.
................
7,192
2,653,201
Pentair
plc
.......................
5,967
346,802
Toro
Co.
(The)
.....................
8,627
697,407
Westinghouse
Air
Brake
Technologies
Corp.
.
7,863
833,635
Xylem,
Inc.
.......................
19,690
1,841,803
24,910,935
Media
—
0.3%
(a)
Charter
Communications,
Inc.,
Class
A
....
2,331
938,927
Liberty
Broadband
Corp.,
Class
A
........
1,304
108,649
Liberty
Broadband
Corp.,
Class
C,
NVS
....
9,418
784,614
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Growth
ETF
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Media
(continued)
Trade
Desk,
Inc.
(The),
Class
A
.........
36,559
$
2,594,226
4,426,416
Metals
&
Mining
—
0.0%
Royal
Gold,
Inc.
....................
5,375
560,774
Multi-Utilities
—
0.1%
Ameren
Corp.
.....................
10,675
808,204
CenterPoint
Energy,
Inc.
..............
20,693
556,228
CMS
Energy
Corp.
..................
9,158
497,646
1,862,078
Office
REITs
—
0.0%
Alexandria
Real
Estate
Equities,
Inc.
......
5,799
540,061
Oil,
Gas
&
Consumable
Fuels
—
1.2%
Cheniere
Energy,
Inc.
................
10,970
1,825,628
ConocoPhillips
....................
45,804
5,441,515
Coterra
Energy,
Inc.
.................
34,528
949,520
Devon
Energy
Corp.
.................
25,153
1,171,375
Diamondback
Energy,
Inc.
.............
6,398
1,025,727
EQT
Corp.
.......................
17,680
749,278
Hess
Corp.
.......................
9,764
1,409,922
Marathon
Oil
Corp.
..................
16,872
460,774
Marathon
Petroleum
Corp.
............
11,065
1,673,581
Occidental
Petroleum
Corp.
............
32,970
2,037,876
Ovintiv,
Inc.
.......................
7,977
382,896
Targa
Resources
Corp.
...............
7,471
624,650
Texas
Pacific
Land
Corp.
..............
508
937,743
18,690,485
Passenger
Airlines
—
0.1%
American
Airlines
Group,
Inc.
(a)
..........
26,921
300,169
Delta
Air
Lines,
Inc.
.................
24,653
770,406
Southwest
Airlines
Co.
...............
20,745
461,162
United
Airlines
Holdings,
Inc.
(a)
..........
11,615
406,641
1,938,378
Personal
Care
Products
—
0.1%
Coty,
Inc.,
Class
A
(a)
.................
11,377
106,602
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
11,146
1,436,385
1,542,987
Pharmaceuticals
—
3.0%
Catalent,
Inc.
(a)
....................
4,348
149,528
Eli
Lilly
&
Co.
.....................
65,545
36,307,342
Merck
&
Co.,
Inc.
...................
66,351
6,814,247
Zoetis,
Inc.,
Class
A
.................
37,837
5,940,409
49,211,526
Professional
Services
—
1.3%
Automatic
Data
Processing,
Inc.
.........
33,864
7,389,802
Booz
Allen
Hamilton
Holding
Corp.
.......
4,808
576,623
Broadridge
Financial
Solutions,
Inc.
......
9,707
1,656,403
Ceridian
HCM
Holding,
Inc.
(a)(b)
..........
12,768
817,280
Equifax,
Inc.
......................
10,126
1,717,066
Genpact
Ltd.
......................
5,597
187,723
Jacobs
Solutions,
Inc.
................
4,537
604,782
KBR,
Inc.
........................
6,858
398,793
Paychex,
Inc.
.....................
26,415
2,933,386
Paycom
Software,
Inc.
...............
4,022
985,269
Paylocity
Holding
Corp.
(a)
.............
3,544
635,794
Robert
Half,
Inc.
...................
4,094
306,108
TransUnion
.......................
9,211
404,179
Verisk
Analytics,
Inc.
.................
11,931
2,712,632
21,325,840
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
—
0.2%
(a)
CBRE
Group,
Inc.,
Class
A
............
8,664
$
600,761
CoStar
Group,
Inc.
..................
33,563
2,463,860
Zillow
Group,
Inc.,
Class
A
.............
4,330
153,845
Zillow
Group,
Inc.,
Class
C,
NVS
........
12,908
467,915
3,686,381
Residential
REITs
—
0.5%
American
Homes
4
Rent,
Class
A
........
15,764
516,113
AvalonBay
Communities,
Inc.
..........
6,556
1,086,592
Camden
Property
Trust
...............
8,739
741,766
Equity
LifeStyle
Properties,
Inc.
.........
9,409
619,112
Equity
Residential
..................
14,778
817,667
Essex
Property
Trust,
Inc.
.............
2,239
478,967
Invitation
Homes,
Inc.
................
47,270
1,403,446
Mid-America
Apartment
Communities,
Inc.
..
5,271
622,769
Sun
Communities,
Inc.
...............
10,233
1,138,319
UDR,
Inc.
........................
16,754
532,945
7,957,696
Retail
REITs
—
0.1%
Federal
Realty
Investment
Trust
.........
3,361
306,489
Realty
Income
Corp.
.................
28,311
1,341,375
Regency
Centers
Corp.
..............
4,887
294,491
1,942,355
Semiconductors
&
Semiconductor
Equipment
—
7.8%
Advanced
Micro
Devices,
Inc.
(a)
.........
80,821
7,960,868
Analog
Devices,
Inc.
.................
20,378
3,206,071
Broadcom,
Inc.
....................
16,922
14,237,663
Enphase
Energy,
Inc.
(a)
...............
11,179
889,625
Entegris,
Inc.
......................
12,290
1,082,012
First
Solar,
Inc.
(a)(b)
..................
8,777
1,250,284
Lattice
Semiconductor
Corp.
(a)
..........
11,273
626,891
Marvell
Technology,
Inc.
..............
70,627
3,335,007
Microchip
Technology,
Inc.
.............
21,624
1,541,575
Monolithic
Power
Systems,
Inc.
.........
3,927
1,734,713
NVIDIA
Corp.
.....................
203,032
82,796,450
NXP
Semiconductors
NV
.............
9,173
1,581,700
ON
Semiconductor
Corp.
(a)
............
17,016
1,065,882
Skyworks
Solutions,
Inc.
..............
4,687
406,550
SolarEdge
Technologies,
Inc.
(a)(b)
........
4,627
351,421
Teradyne,
Inc.
(b)
....................
6,059
504,533
Texas
Instruments,
Inc.
...............
32,839
4,663,466
127,234,711
Software
—
20.1%
Adobe,
Inc.
(a)
......................
37,467
19,934,692
ANSYS,
Inc.
(a)
.....................
7,141
1,987,055
Aspen
Technology,
Inc.
(a)
..............
2,377
422,512
Atlassian
Corp.,
Class
A
(a)
.............
12,439
2,246,981
Autodesk,
Inc.
(a)
....................
17,531
3,464,651
Bentley
Systems,
Inc.,
Class
B
..........
18,861
917,399
BILL
Holdings,
Inc.
(a)
.................
7,945
725,299
Cadence
Design
Systems,
Inc.
(a)
........
22,329
5,355,611
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
18,442
3,259,992
Datadog,
Inc.,
Class
A
(a)
..............
24,577
2,002,288
DocuSign,
Inc.
(a)
...................
16,696
649,140
Dynatrace,
Inc.
(a)
...................
19,523
872,873
Fair
Isaac
Corp.
(a)
...................
2,048
1,732,342
Fortinet,
Inc.
(a)
.....................
53,601
3,064,369
HubSpot,
Inc.
(a)
....................
4,113
1,742,966
Intuit,
Inc.
........................
23,021
11,394,244
Manhattan
Associates,
Inc.
(a)
...........
5,091
992,643
Microsoft
Corp.
....................
610,719
206,490,201
Oracle
Corp.
......................
53,059
5,486,301
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
156,459
2,315,593
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Growth
ETF
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Palo
Alto
Networks,
Inc.
(a)(b)
............
25,141
$
6,109,766
Procore
Technologies,
Inc.
(a)
...........
7,255
443,208
PTC,
Inc.
(a)
.......................
9,762
1,370,780
Roper
Technologies,
Inc.
(b)
.............
3,869
1,890,277
Salesforce,
Inc.
(a)
...................
80,061
16,078,651
ServiceNow,
Inc.
(a)
..................
16,769
9,757,043
Splunk,
Inc.
(a)
.....................
12,522
1,842,737
Synopsys,
Inc.
(a)
...................
12,511
5,873,164
Tyler
Technologies,
Inc.
(a)
.............
3,442
1,283,522
Unity
Software,
Inc.
(a)(b)
...............
19,849
503,569
VMware,
Inc.,
Class
A
(a)(b)
.............
7,575
1,103,299
Workday,
Inc.,
Class
A
(a)
..............
16,935
3,585,309
Zoom
Video
Communications,
Inc.,
Class
A
(a)
20,616
1,236,548
Zscaler,
Inc.
(a)
.....................
7,193
1,141,457
327,276,482
Specialized
REITs
—
1.2%
American
Tower
Corp.
...............
27,430
4,887,752
Crown
Castle,
Inc.
..................
13,550
1,259,879
CubeSmart
.......................
11,050
376,695
Digital
Realty
Trust,
Inc.
..............
10,966
1,363,732
Equinix,
Inc.
......................
7,705
5,621,876
Extra
Space
Storage,
Inc.
.............
9,666
1,001,301
Gaming
&
Leisure
Properties,
Inc.
.......
6,865
311,602
Iron
Mountain,
Inc.
..................
14,101
832,946
Lamar
Advertising
Co.,
Class
A
.........
2,224
182,968
Public
Storage
.....................
5,400
1,289,034
SBA
Communications
Corp.
...........
8,930
1,863,066
18,990,851
Specialty
Retail
—
1.9%
AutoZone,
Inc.
(a)
...................
804
1,991,612
Burlington
Stores,
Inc.
(a)
..............
5,313
643,032
CarMax,
Inc.
(a)
.....................
6,991
427,080
Five
Below,
Inc.
(a)
...................
4,620
803,788
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
8,814
726,274
Home
Depot,
Inc.
(The)
..............
30,842
8,780,409
Lowe's
Cos.,
Inc.
...................
17,229
3,283,331
O'Reilly
Automotive,
Inc.
(a)
.............
3,292
3,063,008
Ross
Stores,
Inc.
...................
28,010
3,248,320
TJX
Cos.,
Inc.
(The)
.................
58,087
5,115,722
Tractor
Supply
Co.
..................
8,928
1,719,176
Ulta
Beauty,
Inc.
(a)
..................
4,107
1,566,040
31,367,792
Technology
Hardware,
Storage
&
Peripherals
—
12.7%
Apple,
Inc.
.......................
1,208,010
206,291,868
NetApp,
Inc.
......................
8,106
589,954
206,881,822
Textiles,
Apparel
&
Luxury
Goods
—
0.8%
Deckers
Outdoor
Corp.
(a)
..............
2,154
1,286,067
Lululemon
Athletica,
Inc.
(a)(b)
............
9,507
3,740,815
NIKE,
Inc.,
Class
B
.................
70,160
7,210,343
12,237,225
Trading
Companies
&
Distributors
—
0.5%
Fastenal
Co.
......................
46,983
2,740,988
United
Rentals,
Inc.
.................
3,080
1,251,312
Watsco,
Inc.
......................
2,755
961,192
WW
Grainger,
Inc.
..................
3,648
2,662,420
7,615,912
Security
Shares
Shares
Value
Water
Utilities
—
0.1%
American
Water
Works
Co.,
Inc.
.........
8,395
$
987,672
Essential
Utilities,
Inc.
................
11,043
369,499
1,357,171
Wireless
Telecommunication
Services
—
0.2%
T-Mobile
US,
Inc.
(a)
..................
23,859
3,432,356
Total
Long-Term
Investments
—
99.9%
(Cost:
$1,335,119,568)
...........................
1,626,983,744
Short-Term
Securities
Money
Market
Funds
—
2.0%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(e)
............
30,780,556
30,792,869
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.33%
..................
1,781,281
1,781,281
Total
Short-Term
Securities
—
2.0%
(Cost:
$32,566,835)
..............................
32,574,150
Total
Investments
—
101.9%
(Cost:
$1,367,686,403
)
...........................
1,659,557,894
Liabilities
in
Excess
of
Other
Assets
—
(1.9)%
............
(30,404,843)
Net
Assets
—
100.0%
..............................
$
1,629,153,051
(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,
2023
iShares
®
Morningstar
Growth
ETF
Schedule
of
Investments
15
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
October
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/23
Shares
Held
at
10/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
...............
$
32,759,171
$
—
$
(1,968,091)
(a)
$
7,618
$
(5,829)
$
30,792,869
30,780,556
$
41,819
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,400,069
—
(618,788)
(a)
—
—
1,781,281
1,781,281
85,516
—
$
7,618
$
(5,829)
$
32,574,150
$
127,335
$
—
—
—
(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
...................................................
6
12/15/23
$
1,739
$
(32,898)
S&P
E-Mini
Communication
Services
Index
........................................
2
12/15/23
170
(4,556)
$
(37,454)
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)
......
$
—
$
—
$
37,454
$
—
$
—
$
—
$
37,454
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
October
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
334,476
$
—
$
—
$
—
$
334,476
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(214,717)
$
—
$
—
$
—
$
(214,717)
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Growth
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.
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
..................................................................................
$
2,721,228
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,626,983,744
$
—
$
—
$
1,626,983,744
Short-Term
Securities
Money
Market
Funds
......................................
32,574,150
—
—
32,574,150
$
1,659,557,894
$
—
$
—
$
1,659,557,894
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(37,454)
$
—
$
—
$
(37,454)
(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,
2023
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.0%
Axon
Enterprise,
Inc.
(a)(b)
..............
6,293
$
1,286,855
HEICO
Corp.
.....................
3,574
566,157
HEICO
Corp.,
Class
A
................
6,834
868,807
Howmet
Aerospace,
Inc.
..............
35,213
1,552,893
Huntington
Ingalls
Industries,
Inc.
........
3,571
784,977
L3Harris
Technologies,
Inc.
............
17,007
3,051,226
Textron,
Inc.
......................
17,820
1,354,320
TransDigm
Group,
Inc.
(b)
..............
4,953
4,101,530
13,566,765
Air
Freight
&
Logistics
—
0.3%
CH
Robinson
Worldwide,
Inc.
..........
10,503
859,460
Expeditors
International
of
Washington,
Inc.
.
13,299
1,452,916
2,312,376
Automobile
Components
—
0.5%
Aptiv
plc
(b)
........................
25,432
2,217,671
BorgWarner,
Inc.
...................
21,197
782,169
Lear
Corp.
.......................
5,288
686,171
3,686,011
Automobiles
—
0.0%
Lucid
Group,
Inc.
(a)(b)
.................
79,805
328,797
Banks
—
1.5%
Citizens
Financial
Group,
Inc.
..........
42,514
996,103
East
West
Bancorp,
Inc.
..............
12,672
679,473
Fifth
Third
Bancorp
.................
61,233
1,451,834
First
Citizens
BancShares,
Inc.,
Class
A
....
1,070
1,477,392
First
Horizon
Corp.
..................
50,287
540,585
Huntington
Bancshares,
Inc.
...........
130,069
1,255,166
KeyCorp
.........................
83,762
856,048
M&T
Bank
Corp.
...................
14,918
1,682,004
Regions
Financial
Corp.
..............
84,414
1,226,535
10,165,140
Beverages
—
0.3%
Brown-Forman
Corp.,
Class
A
..........
5,006
287,445
Brown-Forman
Corp.,
Class
B,
NVS
......
16,375
919,620
Molson
Coors
Beverage
Co.,
Class
B
.....
16,704
964,990
2,172,055
Biotechnology
—
1.6%
(b)
Alnylam
Pharmaceuticals,
Inc.
..........
11,240
1,706,232
Apellis
Pharmaceuticals,
Inc.
...........
9,146
445,044
BioMarin
Pharmaceutical,
Inc.
(a)
.........
16,924
1,378,460
Exact
Sciences
Corp.
................
16,243
1,000,406
Incyte
Corp.
......................
16,714
901,386
Karuna
Therapeutics,
Inc.
.............
3,220
536,484
Neurocrine
Biosciences,
Inc.
...........
8,803
976,605
Sarepta
Therapeutics,
Inc.
(a)
...........
8,369
563,318
Seagen,
Inc.
......................
12,626
2,686,939
United
Therapeutics
Corp.
.............
4,230
942,698
11,137,572
Broadline
Retail
—
0.6%
Coupang,
Inc.,
Class
A
(a)(b)
.............
102,720
1,746,240
eBay,
Inc.
........................
47,852
1,877,234
Etsy,
Inc.
(a)(b)
......................
11,073
689,848
4,313,322
Building
Products
—
2.2%
A
O
Smith
Corp.
...................
11,152
777,964
Allegion
plc
.......................
7,925
779,503
Builders
FirstSource,
Inc.
(a)(b)
...........
11,249
1,220,741
Carlisle
Cos.,
Inc.
..................
4,494
1,141,880
Security
Shares
Shares
Value
Building
Products
(continued)
Carrier
Global
Corp.
.................
75,174
$
3,582,793
Fortune
Brands
Innovations,
Inc.
........
11,461
639,524
Lennox
International,
Inc.
.............
2,876
1,065,673
Masco
Corp.
......................
20,266
1,055,656
Owens
Corning
....................
8,078
915,803
Trane
Technologies
plc
...............
20,500
3,901,355
15,080,892
Capital
Markets
—
3.9%
Ameriprise
Financial,
Inc.
.............
9,228
2,902,852
Ares
Management
Corp.,
Class
A
........
14,840
1,463,076
Bank
of
New
York
Mellon
Corp.
(The)
.....
70,028
2,976,190
Carlyle
Group,
Inc.
(The)
..............
19,437
535,295
Coinbase
Global,
Inc.,
Class
A
(a)(b)
........
15,211
1,173,072
FactSet
Research
Systems,
Inc.
.........
3,430
1,481,383
Franklin
Resources,
Inc.
..............
25,445
579,892
Interactive
Brokers
Group,
Inc.,
Class
A
....
9,629
770,994
Invesco
Ltd.
......................
40,379
523,716
LPL
Financial
Holdings,
Inc.
............
6,860
1,540,207
MarketAxess
Holdings,
Inc.
............
3,379
722,261
Morningstar,
Inc.
...................
2,343
593,341
MSCI,
Inc.
.......................
7,111
3,353,192
Nasdaq,
Inc.
......................
30,486
1,512,106
Northern
Trust
Corp.
.................
18,634
1,228,167
Raymond
James
Financial,
Inc.
.........
16,901
1,613,031
SEI
Investments
Co.
.................
9,052
485,730
State
Street
Corp.
..................
28,652
1,851,779
T.
Rowe
Price
Group,
Inc.
.............
20,168
1,825,204
27,131,488
Chemicals
—
2.9%
Albemarle
Corp.
...................
10,552
1,337,783
Celanese
Corp.
....................
9,015
1,032,308
CF
Industries
Holdings,
Inc.
............
17,356
1,384,662
Dow,
Inc.
........................
63,221
3,056,103
DuPont
de
Nemours,
Inc.
.............
41,183
3,001,417
Eastman
Chemical
Co.
...............
10,670
797,369
FMC
Corp.
.......................
11,273
599,724
International
Flavors
&
Fragrances,
Inc.
....
22,953
1,568,837
LyondellBasell
Industries
NV,
Class
A
.....
23,030
2,078,227
Mosaic
Co.
(The)
...................
29,949
972,743
Olin
Corp.
........................
11,326
483,847
PPG
Industries,
Inc.
.................
21,178
2,600,023
RPM
International,
Inc.
...............
11,546
1,053,803
Westlake
Corp.
....................
2,874
331,545
20,298,391
Commercial
Services
&
Supplies
—
0.7%
Copart,
Inc.
(b)
.....................
78,136
3,400,479
Rollins,
Inc.
.......................
25,219
948,486
Tetra
Tech,
Inc.
....................
4,766
719,237
5,068,202
Communications
Equipment
—
0.2%
F5,
Inc.
(b)
........................
5,338
809,188
Juniper
Networks,
Inc.
...............
29,023
781,299
1,590,487
Construction
&
Engineering
—
0.7%
AECOM
.........................
12,455
953,430
EMCOR
Group,
Inc.
.................
4,244
877,023
Quanta
Services,
Inc.
................
13,056
2,181,919
WillScot
Mobile
Mini
Holdings
Corp.
(b)
.....
17,757
699,803
4,712,175
Construction
Materials
—
0.7%
Martin
Marietta
Materials,
Inc.
..........
5,557
2,272,480
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Mid-Cap
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Construction
Materials
(continued)
Vulcan
Materials
Co.
................
11,947
$
2,347,466
4,619,946
Consumer
Finance
—
1.0%
Ally
Financial,
Inc.
..................
24,029
581,261
Capital
One
Financial
Corp.
............
34,300
3,474,247
Discover
Financial
Services
............
22,476
1,844,830
Synchrony
Financial
.................
37,653
1,056,167
6,956,505
Consumer
Staples
Distribution
&
Retail
—
1.9%
Albertsons
Cos.,
Inc.,
Class
A
..........
36,270
787,059
BJ's
Wholesale
Club
Holdings,
Inc.
(b)
......
12,026
819,211
Casey's
General
Stores,
Inc.
...........
3,372
916,881
Dollar
Tree,
Inc.
(b)
...................
18,827
2,091,492
Kroger
Co.
(The)
...................
59,377
2,693,935
Performance
Food
Group
Co.
(a)(b)
........
13,978
807,369
Sysco
Corp.
......................
45,315
3,012,994
US
Foods
Holding
Corp.
(b)
.............
20,493
797,997
Walgreens
Boots
Alliance,
Inc.
..........
64,429
1,358,163
13,285,101
Containers
&
Packaging
—
1.1%
Amcor
plc
........................
132,148
1,174,796
Avery
Dennison
Corp.
................
7,251
1,262,181
Ball
Corp.
........................
28,313
1,363,271
Crown
Holdings,
Inc.
................
10,851
874,591
International
Paper
Co.
...............
31,127
1,049,914
Packaging
Corp.
of
America
...........
8,048
1,231,746
WestRock
Co.
.....................
22,936
824,090
7,780,589
Distributors
—
0.5%
Genuine
Parts
Co.
..................
12,628
1,627,244
LKQ
Corp.
.......................
24,082
1,057,682
Pool
Corp.
.......................
3,494
1,103,300
3,788,226
Diversified
Consumer
Services
—
0.1%
Service
Corp.
International
............
13,503
734,833
Diversified
REITs
—
0.2%
WP
Carey,
Inc.
....................
19,267
1,033,675
Electric
Utilities
—
3.8%
Alliant
Energy
Corp.
.................
22,679
1,106,508
Avangrid,
Inc.
.....................
6,246
186,568
Constellation
Energy
Corp.
............
28,917
3,265,308
Edison
International
.................
34,357
2,166,552
Entergy
Corp.
.....................
19,015
1,817,644
Evergy,
Inc.
.......................
20,704
1,017,394
Eversource
Energy
.................
31,390
1,688,468
Exelon
Corp.
......................
89,314
3,477,887
FirstEnergy
Corp.
..................
46,402
1,651,911
NRG
Energy,
Inc.
...................
20,621
873,918
OGE
Energy
Corp.
..................
17,944
613,685
PG&E
Corp.
(b)
.....................
188,046
3,065,150
Pinnacle
West
Capital
Corp.
...........
10,148
752,779
PPL
Corp.
.......................
66,280
1,628,500
Xcel
Energy,
Inc.
...................
49,478
2,932,561
26,244,833
Electrical
Equipment
—
1.1%
AMETEK,
Inc.
.....................
20,697
2,913,517
Hubbell,
Inc.
......................
4,823
1,302,692
Regal
Rexnord
Corp.
................
5,987
708,921
Security
Shares
Shares
Value
Electrical
Equipment
(continued)
Rockwell
Automation,
Inc.
.............
10,303
$
2,707,731
7,632,861
Electronic
Equipment,
Instruments
&
Components
—
2.4%
CDW
Corp.
.......................
12,054
2,415,622
Cognex
Corp.
.....................
15,393
553,994
Corning,
Inc.
......................
69,030
1,847,243
Flex
Ltd.
(b)
........................
40,185
1,033,558
Jabil,
Inc.
........................
11,769
1,445,233
Keysight
Technologies,
Inc.
(b)
...........
16,039
1,957,560
TD
SYNNEX
Corp.
..................
4,304
394,591
TE
Connectivity
Ltd.
.................
28,170
3,319,835
Teledyne
Technologies,
Inc.
(b)
...........
4,233
1,585,639
Trimble,
Inc.
(b)
.....................
22,340
1,052,884
Zebra
Technologies
Corp.,
Class
A
(b)
......
4,626
968,823
16,574,982
Energy
Equipment
&
Services
—
0.9%
Baker
Hughes
Co.,
Class
A
............
90,789
3,124,958
Halliburton
Co.
....................
80,798
3,178,593
6,303,551
Entertainment
—
1.2%
Electronic
Arts,
Inc.
.................
22,169
2,744,300
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A
(b)
......................
2,108
121,315
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(b)
..................
18,724
1,211,256
Live
Nation
Entertainment,
Inc.
(b)
........
12,755
1,020,655
ROBLOX
Corp.,
Class
A
(b)
.............
43,313
1,377,787
Take-Two
Interactive
Software,
Inc.
(b)
......
14,203
1,899,651
8,374,964
Financial
Services
—
2.0%
Apollo
Global
Management,
Inc.
.........
39,245
3,039,133
Block,
Inc.,
Class
A
(b)
................
49,406
1,988,592
Equitable
Holdings,
Inc.
..............
29,386
780,786
Fidelity
National
Information
Services,
Inc.
..
53,274
2,616,286
FleetCor
Technologies,
Inc.
(b)
...........
6,650
1,497,381
Global
Payments,
Inc.
...............
23,379
2,483,317
Jack
Henry
&
Associates,
Inc.
..........
6,559
924,753
WEX,
Inc.
(b)
.......................
3,840
639,283
13,969,531
Food
Products
—
1.9%
Bunge
Ltd.
.......................
13,550
1,436,029
Campbell
Soup
Co.
.................
17,707
715,540
Conagra
Brands,
Inc.
................
42,950
1,175,112
Darling
Ingredients,
Inc.
(b)
.............
14,421
638,706
Hershey
Co.
(The)
..................
13,475
2,524,541
Hormel
Foods
Corp.
.................
25,911
843,403
J
M
Smucker
Co.
(The)
...............
9,192
1,046,417
Kellogg
Co.
.......................
23,727
1,197,502
Lamb
Weston
Holdings,
Inc.
...........
13,123
1,178,445
McCormick
&
Co.,
Inc.,
NVS
...........
22,579
1,442,798
Tyson
Foods,
Inc.,
Class
A
............
25,702
1,191,288
13,389,781
Gas
Utilities
—
0.2%
Atmos
Energy
Corp.
.................
13,354
1,437,692
Ground
Transportation
—
0.8%
Avis
Budget
Group,
Inc.
(a)(b)
............
1,777
289,295
JB
Hunt
Transport
Services,
Inc.
........
7,345
1,262,385
Knight-Swift
Transportation
Holdings,
Inc.
..
14,440
705,972
Old
Dominion
Freight
Line,
Inc.
.........
8,057
3,034,750
U-Haul
Holding
Co.,
NVS
.............
8,896
419,980
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Ground
Transportation
(continued)
U-Haul
Holding
Co.
(b)
................
911
$
44,748
5,757,130
Health
Care
Equipment
&
Supplies
—
3.0%
Align
Technology,
Inc.
(b)
...............
6,400
1,181,376
Baxter
International,
Inc.
..............
45,536
1,476,733
Cooper
Cos.,
Inc.
(The)
..............
4,452
1,387,911
Dentsply
Sirona,
Inc.
................
18,945
576,117
GE
HealthCare
Technologies,
Inc.
.......
35,173
2,341,467
Hologic,
Inc.
(b)
.....................
22,025
1,457,394
IDEXX
Laboratories,
Inc.
(a)(b)
...........
7,465
2,982,044
Insulet
Corp.
(b)
.....................
6,272
831,479
Masimo
Corp.
(b)
....................
3,995
324,114
Penumbra,
Inc.
(b)
...................
3,449
659,276
ResMed,
Inc.
.....................
13,213
1,865,940
Shockwave
Medical,
Inc.
(b)
.............
3,313
683,339
STERIS
plc
.......................
8,871
1,862,733
Teleflex,
Inc.
......................
4,243
783,894
Zimmer
Biomet
Holdings,
Inc.
..........
18,791
1,961,968
20,375,785
Health
Care
Providers
&
Services
—
2.3%
agilon
health,
Inc.
(a)(b)
................
27,008
486,144
Cardinal
Health,
Inc.
.................
22,820
2,076,620
Cencora,
Inc.
.....................
14,954
2,768,733
Centene
Corp.
(b)
...................
48,590
3,351,738
Chemed
Corp.
.....................
1,362
766,329
DaVita,
Inc.
(a)(b)
....................
4,847
374,334
Henry
Schein,
Inc.
(b)
.................
11,740
762,865
Laboratory
Corp.
of
America
Holdings
.....
7,967
1,591,249
Molina
Healthcare,
Inc.
(b)
..............
5,243
1,745,657
Quest
Diagnostics,
Inc.
...............
10,093
1,313,100
Universal
Health
Services,
Inc.,
Class
B
...
5,592
703,977
15,940,746
Health
Care
REITs
—
0.9%
Healthpeak
Properties,
Inc.
............
49,365
767,626
Ventas,
Inc.
......................
36,187
1,536,500
Welltower,
Inc.
.....................
46,561
3,892,965
6,197,091
Health
Care
Technology
—
0.4%
Veeva
Systems,
Inc.,
Class
A
(b)
.........
13,104
2,525,272
Hotel
&
Resort
REITs
—
0.1%
Host
Hotels
&
Resorts,
Inc.
............
64,133
992,779
Hotels,
Restaurants
&
Leisure
—
3.0%
Aramark
.........................
23,536
633,824
Caesars
Entertainment,
Inc.
(b)
..........
19,268
768,601
Carnival
Corp.
(b)
....................
90,580
1,038,047
Churchill
Downs,
Inc.
................
6,131
673,429
Darden
Restaurants,
Inc.
.............
10,869
1,581,766
Domino's
Pizza,
Inc.
.................
3,139
1,064,090
DoorDash,
Inc.,
Class
A
(b)
.............
26,974
2,021,701
DraftKings,
Inc.,
Class
A
(a)(b)
............
41,644
1,150,207
Expedia
Group,
Inc.
(a)(b)
...............
12,404
1,181,977
Hilton
Worldwide
Holdings,
Inc.
.........
23,469
3,556,258
MGM
Resorts
International
............
25,267
882,324
Royal
Caribbean
Cruises
Ltd.
(b)
.........
21,193
1,795,683
Vail
Resorts,
Inc.
...................
3,469
736,295
Wynn
Resorts
Ltd.
..................
8,716
765,090
Yum!
Brands,
Inc.
..................
25,197
3,045,309
20,894,601
Security
Shares
Shares
Value
Household
Durables
—
1.5%
DR
Horton,
Inc.
....................
27,378
$
2,858,263
Garmin
Ltd.
.......................
13,776
1,412,453
Lennar
Corp.,
Class
A
................
22,707
2,422,383
Lennar
Corp.,
Class
B
(a)
..............
1,194
117,740
NVR,
Inc.
(b)
.......................
293
1,585,898
PulteGroup,
Inc.
...................
19,738
1,452,520
Whirlpool
Corp.
....................
4,906
512,971
10,362,228
Household
Products
—
0.5%
Church
&
Dwight
Co.,
Inc.
.............
22,073
2,007,319
Clorox
Co.
(The)
...................
11,136
1,310,707
3,318,026
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
AES
Corp.
(The)
...................
60,270
898,023
Vistra
Corp.
......................
31,108
1,017,854
1,915,877
Industrial
REITs
—
0.2%
Americold
Realty
Trust,
Inc.
............
22,863
599,468
Rexford
Industrial
Realty,
Inc.
..........
18,590
803,831
1,403,299
Insurance
—
4.9%
Allstate
Corp.
(The)
.................
23,521
3,013,746
American
Financial
Group,
Inc.
.........
5,959
651,676
American
International
Group,
Inc.
.......
64,015
3,924,760
Arch
Capital
Group
Ltd.
(b)
.............
33,537
2,906,987
Brown
&
Brown,
Inc.
.................
21,168
1,469,483
Cincinnati
Financial
Corp.
.............
14,108
1,406,144
Erie
Indemnity
Co.,
Class
A,
NVS
........
2,232
616,456
Everest
Group
Ltd.
..................
3,903
1,544,105
Fidelity
National
Financial,
Inc.,
Class
A
....
22,887
894,653
Globe
Life,
Inc.
....................
7,825
910,517
Hartford
Financial
Services
Group,
Inc.
(The)
27,500
2,019,875
Kinsale
Capital
Group,
Inc.
............
1,972
658,470
Loews
Corp.
......................
16,645
1,065,446
Markel
Group,
Inc.
(b)
.................
1,193
1,754,330
Old
Republic
International
Corp.
.........
23,824
652,301
Principal
Financial
Group,
Inc.
..........
20,007
1,354,074
Prudential
Financial,
Inc.
..............
32,641
2,984,693
Reinsurance
Group
of
America,
Inc.
......
5,962
891,140
RenaissanceRe
Holdings
Ltd.
..........
4,606
1,011,432
Unum
Group
......................
16,549
809,246
Willis
Towers
Watson
plc
..............
9,386
2,214,064
WR
Berkley
Corp.
..................
18,313
1,234,662
33,988,260
Interactive
Media
&
Services
—
0.5%
(b)
Match
Group,
Inc.
..................
25,075
867,595
Pinterest,
Inc.,
Class
A
(a)
..............
52,345
1,564,069
Snap,
Inc.,
Class
A,
NVS
(a)
............
91,158
912,491
ZoomInfo
Technologies,
Inc.
...........
27,460
355,882
3,700,037
IT
Services
—
2.3%
Akamai
Technologies,
Inc.
(b)
............
13,670
1,412,521
Cloudflare,
Inc.,
Class
A
(a)(b)
............
26,309
1,491,457
Cognizant
Technology
Solutions
Corp.,
Class
A
45,306
2,920,878
EPAM
Systems,
Inc.
(b)
................
5,185
1,128,100
Gartner,
Inc.
(b)
.....................
7,088
2,353,500
GoDaddy,
Inc.,
Class
A
(a)(b)
.............
13,212
967,515
MongoDB,
Inc.,
Class
A
(b)
.............
6,346
2,186,768
Okta,
Inc.,
Class
A
(b)
.................
13,969
941,650
Twilio,
Inc.,
Class
A
(a)(b)
...............
16,300
835,538
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Mid-Cap
ETF
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
IT
Services
(continued)
VeriSign,
Inc.
(b)
....................
8,068
$
1,610,857
15,848,784
Leisure
Products
—
0.1%
Hasbro,
Inc.
......................
11,787
532,183
Life
Sciences
Tools
&
Services
—
2.6%
Agilent
Technologies,
Inc.
.............
26,493
2,738,581
Avantor,
Inc.
(b)
.....................
60,484
1,054,236
Bio-Rad
Laboratories,
Inc.,
Class
A
(b)
......
1,881
517,802
Bio-Techne
Corp.
...................
14,090
769,737
Bruker
Corp.
......................
8,857
504,849
Charles
River
Laboratories
International,
Inc.
(a)
(b)
...........................
4,588
772,436
Illumina,
Inc.
(b)
.....................
14,235
1,557,594
IQVIA
Holdings,
Inc.
(b)
................
16,428
2,970,675
Mettler-Toledo
International,
Inc.
(b)
.......
1,966
1,936,903
Repligen
Corp.
(b)
...................
4,687
630,683
Revvity,
Inc.
......................
11,172
925,600
Waters
Corp.
(b)
....................
5,317
1,268,264
West
Pharmaceutical
Services,
Inc.
......
6,641
2,113,764
17,761,124
Machinery
—
4.8%
AGCO
Corp.
......................
5,563
637,853
Cummins,
Inc.
.....................
12,737
2,755,013
Dover
Corp.
......................
12,578
1,634,511
Fortive
Corp.
......................
31,654
2,066,373
Graco,
Inc.
.......................
15,176
1,128,336
IDEX
Corp.
.......................
6,800
1,301,588
Ingersoll
Rand,
Inc.
.................
36,248
2,199,529
Lincoln
Electric
Holdings,
Inc.
..........
5,156
901,269
Middleby
Corp.
(The)
(b)
...............
4,849
547,307
Nordson
Corp.
.....................
4,856
1,032,337
Otis
Worldwide
Corp.
................
37,024
2,858,623
PACCAR,
Inc.
.....................
46,930
3,873,133
Parker-Hannifin
Corp.
................
11,518
4,249,105
Pentair
plc
.......................
14,777
858,839
Snap-on,
Inc.
.....................
4,736
1,221,604
Stanley
Black
&
Decker,
Inc.
...........
13,794
1,173,180
Toro
Co.
(The)
.....................
9,300
751,812
Westinghouse
Air
Brake
Technologies
Corp.
.
16,108
1,707,770
Xylem,
Inc.
.......................
21,619
2,022,241
32,920,423
Media
—
1.4%
Fox
Corp.,
Class
A,
NVS
..............
22,834
693,925
Fox
Corp.,
Class
B
..................
11,874
331,404
Interpublic
Group
of
Cos.,
Inc.
(The)
......
34,643
983,861
Liberty
Broadband
Corp.,
Class
A
(b)
.......
1,492
124,314
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)(b)
.
10,319
859,676
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A,
NVS
(b)
........................
6,683
163,667
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C,
NVS
(b)
........................
13,383
328,552
News
Corp.,
Class
A,
NVS
............
34,156
706,346
News
Corp.,
Class
B
................
10,523
225,613
Omnicom
Group,
Inc.
................
17,687
1,324,933
Paramount
Global,
Class
A
(a)
...........
647
8,993
Paramount
Global,
Class
B,
NVS
........
43,400
472,192
Sirius
XM
Holdings,
Inc.
(a)
.............
58,792
251,630
Trade
Desk,
Inc.
(The),
Class
A
(b)
........
40,120
2,846,915
9,322,021
Metals
&
Mining
—
1.7%
Cleveland-Cliffs,
Inc.
(b)
...............
45,783
768,239
Newmont
Corp.
....................
103,529
3,879,232
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Nucor
Corp.
......................
22,365
$
3,305,323
Reliance
Steel
&
Aluminum
Co.
.........
5,269
1,340,328
Royal
Gold,
Inc.
....................
5,884
613,878
Steel
Dynamics,
Inc.
.................
14,003
1,491,459
11,398,459
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Annaly
Capital
Management,
Inc.
........
44,563
695,628
Multi-Utilities
—
2.2%
Ameren
Corp.
.....................
23,627
1,788,800
CenterPoint
Energy,
Inc.
..............
56,757
1,525,628
CMS
Energy
Corp.
..................
26,244
1,426,099
Consolidated
Edison,
Inc.
.............
31,016
2,722,895
DTE
Energy
Co.
...................
18,540
1,786,885
NiSource,
Inc.
.....................
37,280
937,965
Public
Service
Enterprise
Group,
Inc.
.....
44,880
2,766,852
WEC
Energy
Group,
Inc.
..............
28,364
2,308,546
15,263,670
Office
REITs
—
0.3%
Alexandria
Real
Estate
Equities,
Inc.
......
14,010
1,304,751
Boston
Properties,
Inc.
...............
12,917
691,964
1,996,715
Oil,
Gas
&
Consumable
Fuels
—
4.4%
APA
Corp.
.......................
27,660
1,098,655
Cheniere
Energy,
Inc.
................
21,637
3,600,830
Chesapeake
Energy
Corp.
............
10,126
871,646
Coterra
Energy,
Inc.
.................
68,110
1,873,025
Devon
Energy
Corp.
.................
57,612
2,682,991
Diamondback
Energy,
Inc.
.............
16,079
2,577,785
EQT
Corp.
.......................
32,383
1,372,392
HF
Sinclair
Corp.
...................
13,091
724,980
Kinder
Morgan,
Inc.
.................
174,311
2,823,838
Marathon
Oil
Corp.
..................
54,254
1,481,677
ONEOK,
Inc.
......................
52,376
3,414,915
Ovintiv,
Inc.
.......................
22,825
1,095,600
Targa
Resources
Corp.
...............
20,116
1,681,899
Texas
Pacific
Land
Corp.
..............
556
1,026,348
Williams
Cos.,
Inc.
(The)
..............
109,181
3,755,826
30,082,407
Passenger
Airlines
—
0.7%
American
Airlines
Group,
Inc.
(b)
..........
58,944
657,226
Delta
Air
Lines,
Inc.
.................
57,857
1,808,031
Southwest
Airlines
Co.
...............
53,568
1,190,817
United
Airlines
Holdings,
Inc.
(b)
..........
29,523
1,033,600
4,689,674
Personal
Care
Products
—
0.0%
Coty,
Inc.,
Class
A
(b)
.................
32,237
302,061
Pharmaceuticals
—
0.5%
Catalent,
Inc.
(b)
....................
16,124
554,504
Jazz
Pharmaceuticals
plc
(b)
............
5,681
721,601
Royalty
Pharma
plc,
Class
A
...........
34,741
933,491
Viatris,
Inc.
.......................
108,086
961,965
3,171,561
Professional
Services
—
3.0%
Booz
Allen
Hamilton
Holding
Corp.
.......
11,789
1,413,855
Broadridge
Financial
Solutions,
Inc.
......
10,621
1,812,367
Ceridian
HCM
Holding,
Inc.
(b)
...........
14,001
896,204
Equifax,
Inc.
......................
11,035
1,871,205
Genpact
Ltd.
......................
15,014
503,570
Jacobs
Solutions,
Inc.
................
11,323
1,509,356
KBR,
Inc.
........................
12,142
706,057
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
(continued)
Leidos
Holdings,
Inc.
................
12,296
$
1,218,779
Paychex,
Inc.
.....................
28,854
3,204,237
Paycom
Software,
Inc.
...............
4,407
1,079,583
Paylocity
Holding
Corp.
(b)
.............
3,875
695,175
Robert
Half,
Inc.
...................
9,639
720,708
SS&C
Technologies
Holdings,
Inc.
.......
19,419
975,805
TransUnion
.......................
17,401
763,556
Verisk
Analytics,
Inc.
.................
13,011
2,958,181
20,328,638
Real
Estate
Management
&
Development
—
0.8%
(b)
CBRE
Group,
Inc.,
Class
A
............
27,861
1,931,882
CoStar
Group,
Inc.
..................
36,718
2,695,468
Zillow
Group,
Inc.,
Class
A
.............
4,746
168,625
Zillow
Group,
Inc.,
Class
C,
NVS
(a)
.......
14,224
515,620
5,311,595
Residential
REITs
—
1.9%
American
Homes
4
Rent,
Class
A
........
28,621
937,052
AvalonBay
Communities,
Inc.
..........
12,728
2,109,539
Camden
Property
Trust
...............
9,555
811,028
Equity
LifeStyle
Properties,
Inc.
.........
16,662
1,096,360
Equity
Residential
..................
31,015
1,716,060
Essex
Property
Trust,
Inc.
.............
5,744
1,228,756
Invitation
Homes,
Inc.
................
51,726
1,535,745
Mid-America
Apartment
Communities,
Inc.
..
10,498
1,240,339
Sun
Communities,
Inc.
...............
11,197
1,245,554
UDR,
Inc.
........................
27,284
867,904
12,788,337
Retail
REITs
—
1.4%
Federal
Realty
Investment
Trust
.........
6,567
598,845
Kimco
Realty
Corp.
.................
55,477
995,257
NNN
REIT,
Inc.
....................
16,305
592,361
Realty
Income
Corp.
.................
63,734
3,019,717
Regency
Centers
Corp.
..............
14,793
891,426
Simon
Property
Group,
Inc.
............
29,422
3,233,183
9,330,789
Semiconductors
&
Semiconductor
Equipment
—
3.4%
Enphase
Energy,
Inc.
(b)
...............
12,265
976,049
Entegris,
Inc.
......................
13,510
1,189,420
First
Solar,
Inc.
(b)
...................
9,609
1,368,802
Lattice
Semiconductor
Corp.
(b)
..........
12,422
690,787
Marvell
Technology,
Inc.
..............
77,187
3,644,770
Microchip
Technology,
Inc.
.............
48,851
3,482,588
Monolithic
Power
Systems,
Inc.
.........
4,296
1,897,715
NXP
Semiconductors
NV
.............
23,143
3,990,548
ON
Semiconductor
Corp.
(b)
............
38,803
2,430,620
Qorvo,
Inc.
(b)
......................
8,811
770,258
Skyworks
Solutions,
Inc.
..............
14,333
1,243,244
SolarEdge
Technologies,
Inc.
(a)(b)
........
5,097
387,117
Teradyne,
Inc.
.....................
13,855
1,153,706
23,225,624
Software
—
5.1%
ANSYS,
Inc.
(b)
.....................
7,778
2,164,306
Aspen
Technology,
Inc.
(b)
..............
2,555
454,151
Atlassian
Corp.,
Class
A
(b)
.............
13,657
2,467,001
Bentley
Systems,
Inc.,
Class
B
(a)
.........
20,648
1,004,319
BILL
Holdings,
Inc.
(b)
.................
8,711
795,227
Crowdstrike
Holdings,
Inc.,
Class
A
(a)(b)
....
20,115
3,555,729
Datadog,
Inc.,
Class
A
(b)
..............
26,892
2,190,891
DocuSign,
Inc.
(b)
...................
18,107
704,000
Dynatrace,
Inc.
(b)
...................
21,378
955,810
Fair
Isaac
Corp.
(b)
...................
2,235
1,890,519
Gen
Digital,
Inc.
....................
50,675
844,246
Security
Shares
Shares
Value
Software
(continued)
HubSpot,
Inc.
(b)
....................
4,498
$
1,906,117
Manhattan
Associates,
Inc.
(b)
...........
5,549
1,081,944
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
170,764
2,527,307
Procore
Technologies,
Inc.
(a)(b)
..........
7,946
485,421
PTC,
Inc.
(b)
.......................
10,686
1,500,528
Splunk,
Inc.
(b)
.....................
13,700
2,016,092
Tyler
Technologies,
Inc.
(b)
.............
3,785
1,411,427
Unity
Software,
Inc.
(a)(b)
...............
21,744
551,645
Workday,
Inc.,
Class
A
(b)
..............
18,470
3,910,284
Zoom
Video
Communications,
Inc.,
Class
A
(b)
22,560
1,353,149
Zscaler,
Inc.
(a)(b)
....................
7,833
1,243,019
35,013,132
Specialized
REITs
—
2.3%
CubeSmart
.......................
20,313
692,470
Digital
Realty
Trust,
Inc.
..............
27,219
3,384,955
Extra
Space
Storage,
Inc.
.............
18,999
1,968,107
Gaming
&
Leisure
Properties,
Inc.
.......
23,642
1,073,110
Iron
Mountain,
Inc.
..................
26,243
1,550,174
Lamar
Advertising
Co.,
Class
A
.........
7,837
644,750
SBA
Communications
Corp.
...........
9,746
2,033,308
VICI
Properties,
Inc.
.................
91,129
2,542,499
Weyerhaeuser
Co.
..................
65,710
1,885,220
15,774,593
Specialty
Retail
—
2.1%
Advance
Auto
Parts,
Inc.
..............
5,300
275,759
Bath
&
Body
Works,
Inc.
..............
20,704
613,874
Best
Buy
Co.,
Inc.
..................
17,477
1,167,813
Burlington
Stores,
Inc.
(b)
..............
5,818
704,153
CarMax,
Inc.
(b)
.....................
14,160
865,034
Dick's
Sporting
Goods,
Inc.
............
5,639
603,091
Five
Below,
Inc.
(b)
...................
4,986
867,464
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
9,597
790,793
Penske
Automotive
Group,
Inc.
(a)
........
1,756
251,248
Ross
Stores,
Inc.
...................
30,571
3,545,319
Tractor
Supply
Co.
..................
9,749
1,877,267
Ulta
Beauty,
Inc.
(b)
..................
4,479
1,707,888
Williams-Sonoma,
Inc.
...............
5,781
868,537
14,138,240
Technology
Hardware,
Storage
&
Peripherals
—
1.3%
Dell
Technologies,
Inc.,
Class
C
.........
22,787
1,524,678
Hewlett
Packard
Enterprise
Co.
.........
116,134
1,786,141
HP,
Inc.
.........................
77,755
2,047,289
NetApp,
Inc.
......................
18,962
1,380,054
Seagate
Technology
Holdings
plc
........
17,249
1,177,244
Western
Digital
Corp.
(b)
...............
28,790
1,155,919
9,071,325
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
Deckers
Outdoor
Corp.
(b)
..............
2,352
1,404,285
Tapestry,
Inc.
......................
20,959
577,630
VF
Corp.
........................
29,624
436,362
2,418,277
Trading
Companies
&
Distributors
—
1.8%
Fastenal
Co.
......................
51,254
2,990,158
Ferguson
plc
......................
18,366
2,758,573
United
Rentals,
Inc.
.................
6,140
2,494,498
Watsco,
Inc.
......................
3,015
1,051,903
WW
Grainger,
Inc.
..................
4,002
2,920,780
12,215,912
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Mid-Cap
ETF
22
(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,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Water
Utilities
—
0.4%
American
Water
Works
Co.,
Inc.
.........
17,504
$
2,059,346
Essential
Utilities,
Inc.
................
21,959
734,748
2,794,094
Total
Long-Term
Investments
—
99.8%
(Cost:
$695,471,477)
.............................
687,457,140
Short-Term
Securities
Money
Market
Funds
—
3.4%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(e)
............
22,512,920
22,521,926
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.33%
..................
815,471
815,471
Total
Short-Term
Securities
—
3.4%
(Cost:
$23,326,862)
..............................
23,337,397
Total
Investments
—
103.2%
(Cost:
$718,798,339
)
.............................
710,794,537
Liabilities
in
Excess
of
Other
Assets
—
(3.2)%
............
(22,032,468)
Net
Assets
—
100.0%
..............................
$
688,762,069
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/23
Shares
Held
at
10/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
...............
$
32,613,650
$
—
$
(10,092,884)
(a)
$
3,412
$
(2,252)
$
22,521,926
22,512,920
$
69,094
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,036,626
—
(1,221,155)
(a)
—
—
815,471
815,471
35,983
—
$
3,412
$
(2,252)
$
23,337,397
$
105,077
$
—
—
—
(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,
2023
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
23
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
S&P
Midcap
400
E-Mini
Index
.................................................
5
12/15/23
$
1,188
$
(52,932)
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)
......
$
—
$
—
$
52,932
$
—
$
—
$
—
$
52,932
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
October
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(17,357)
$
—
$
—
$
—
$
(17,357)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(70,337)
$
—
$
—
$
—
$
(70,337)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,301,030
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Mid-Cap
ETF
24
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
687,457,140
$
—
$
—
$
687,457,140
Short-Term
Securities
Money
Market
Funds
......................................
23,337,397
—
—
23,337,397
$
710,794,537
$
—
$
—
$
710,794,537
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(52,932)
$
—
$
—
$
(52,932)
(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,
2023
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.7%
Axon
Enterprise,
Inc.
(a)(b)
..............
26,215
$
5,360,705
HEICO
Corp.
(a)
....................
14,936
2,366,012
HEICO
Corp.,
Class
A
................
28,290
3,596,508
Howmet
Aerospace,
Inc.
..............
146,080
6,442,128
Huntington
Ingalls
Industries,
Inc.
........
7,566
1,663,158
Textron,
Inc.
......................
24,409
1,855,084
TransDigm
Group,
Inc.
(b)
..............
20,585
17,046,233
38,329,828
Air
Freight
&
Logistics
—
0.2%
CH
Robinson
Worldwide,
Inc.
..........
13,627
1,115,098
Expeditors
International
of
Washington,
Inc.
.
22,153
2,420,215
3,535,313
Automobile
Components
—
0.8%
Aptiv
plc
(b)
........................
105,503
9,199,862
BorgWarner,
Inc.
...................
35,052
1,293,419
Lear
Corp.
.......................
8,137
1,055,857
11,549,138
Automobiles
—
0.1%
Lucid
Group,
Inc.
(a)(b)
.................
330,288
1,360,787
Banks
—
0.4%
First
Citizens
BancShares,
Inc.,
Class
A
....
4,436
6,124,963
Beverages
—
0.3%
Brown-Forman
Corp.,
Class
A
..........
20,779
1,193,130
Brown-Forman
Corp.,
Class
B,
NVS
......
68,133
3,826,350
5,019,480
Biotechnology
—
2.9%
(b)
Alnylam
Pharmaceuticals,
Inc.
..........
46,630
7,078,434
Apellis
Pharmaceuticals,
Inc.
(a)
..........
37,717
1,835,309
BioMarin
Pharmaceutical,
Inc.
(a)
.........
70,195
5,717,383
Exact
Sciences
Corp.
................
67,394
4,150,797
Incyte
Corp.
......................
69,473
3,746,679
Karuna
Therapeutics,
Inc.
(a)
............
7,327
1,220,752
Neurocrine
Biosciences,
Inc.
...........
36,428
4,041,322
Sarepta
Therapeutics,
Inc.
.............
34,797
2,342,186
Seagen,
Inc.
......................
52,514
11,175,504
41,308,366
Broadline
Retail
—
0.8%
Coupang,
Inc.,
Class
A
(b)
..............
288,573
4,905,741
eBay,
Inc.
........................
86,430
3,390,649
Etsy,
Inc.
(b)
.......................
45,823
2,854,773
11,151,163
Building
Products
—
1.9%
A
O
Smith
Corp.
...................
25,866
1,804,412
Allegion
plc
.......................
20,126
1,979,593
Builders
FirstSource,
Inc.
(a)(b)
...........
25,088
2,722,550
Carlisle
Cos.,
Inc.
..................
12,101
3,074,743
Carrier
Global
Corp.
.................
114,150
5,440,389
Lennox
International,
Inc.
.............
5,640
2,089,846
Trane
Technologies
plc
...............
57,111
10,868,794
27,980,327
Capital
Markets
—
3.7%
Ameriprise
Financial,
Inc.
.............
15,592
4,904,775
Ares
Management
Corp.,
Class
A
........
61,563
6,069,496
FactSet
Research
Systems,
Inc.
.........
14,229
6,145,363
Interactive
Brokers
Group,
Inc.,
Class
A
....
39,904
3,195,113
LPL
Financial
Holdings,
Inc.
............
28,461
6,390,064
MarketAxess
Holdings,
Inc.
............
14,075
3,008,531
Security
Shares
Shares
Value
Capital
Markets
(continued)
Morningstar,
Inc.
...................
9,692
$
2,454,402
MSCI,
Inc.
.......................
29,503
13,912,140
Nasdaq,
Inc.
......................
50,655
2,512,488
Raymond
James
Financial,
Inc.
.........
38,065
3,632,924
SEI
Investments
Co.
.................
19,246
1,032,740
53,258,036
Chemicals
—
1.4%
Albemarle
Corp.
...................
23,239
2,946,240
DuPont
de
Nemours,
Inc.
.............
76,938
5,607,242
FMC
Corp.
.......................
18,619
990,531
Olin
Corp.
........................
18,964
810,142
PPG
Industries,
Inc.
.................
54,168
6,650,205
RPM
International,
Inc.
...............
24,786
2,262,218
Westlake
Corp.
....................
6,914
797,599
20,064,177
Commercial
Services
&
Supplies
—
1.5%
Copart,
Inc.
(b)
.....................
324,144
14,106,747
Rollins,
Inc.
.......................
104,961
3,947,583
Tetra
Tech,
Inc.
....................
19,886
3,000,996
21,055,326
Communications
Equipment
—
0.1%
F5,
Inc.
(b)
........................
7,408
1,122,979
Construction
&
Engineering
—
0.9%
AECOM
.........................
26,321
2,014,873
EMCOR
Group,
Inc.
.................
10,125
2,092,331
Quanta
Services,
Inc.
................
35,190
5,880,953
WillScot
Mobile
Mini
Holdings
Corp.
(b)
.....
73,601
2,900,615
12,888,772
Construction
Materials
—
1.3%
Martin
Marietta
Materials,
Inc.
..........
23,055
9,428,112
Vulcan
Materials
Co.
................
49,563
9,738,634
19,166,746
Consumer
Finance
—
0.3%
Discover
Financial
Services
............
57,056
4,683,157
Consumer
Staples
Distribution
&
Retail
—
2.1%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)(b)
.....
25,037
1,705,520
Casey's
General
Stores,
Inc.
...........
8,855
2,407,763
Dollar
Tree,
Inc.
(a)(b)
.................
78,100
8,676,129
Performance
Food
Group
Co.
(a)(b)
........
58,370
3,371,451
Sysco
Corp.
......................
188,424
12,528,312
US
Foods
Holding
Corp.
(b)
.............
53,785
2,094,388
30,783,563
Containers
&
Packaging
—
0.4%
Avery
Dennison
Corp.
................
12,607
2,194,500
Ball
Corp.
........................
52,771
2,540,924
Crown
Holdings,
Inc.
................
15,362
1,238,177
5,973,601
Distributors
—
0.5%
Genuine
Parts
Co.
..................
24,641
3,175,239
LKQ
Corp.
.......................
30,332
1,332,181
Pool
Corp.
.......................
8,784
2,773,724
7,281,144
Diversified
Consumer
Services
—
0.1%
Service
Corp.
International
............
22,119
1,203,716
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Mid-Cap
Growth
ETF
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electric
Utilities
—
1.0%
Constellation
Energy
Corp.
............
119,965
$
13,546,448
NRG
Energy,
Inc.
...................
27,135
1,149,981
14,696,429
Electrical
Equipment
—
2.0%
AMETEK,
Inc.
.....................
86,064
12,115,229
Hubbell,
Inc.
......................
20,006
5,403,621
Rockwell
Automation,
Inc.
.............
42,847
11,260,620
28,779,470
Electronic
Equipment,
Instruments
&
Components
—
2.6%
CDW
Corp.
.......................
50,005
10,021,002
Cognex
Corp.
.....................
64,181
2,309,874
Flex
Ltd.
(b)
........................
57,676
1,483,427
Jabil,
Inc.
........................
28,307
3,476,100
Keysight
Technologies,
Inc.
(b)
...........
40,148
4,900,063
TE
Connectivity
Ltd.
.................
60,521
7,132,400
Teledyne
Technologies,
Inc.
(b)
...........
10,048
3,763,880
Trimble,
Inc.
(b)
.....................
42,958
2,024,611
Zebra
Technologies
Corp.,
Class
A
(a)(b)
.....
11,014
2,306,662
37,418,019
Energy
Equipment
&
Services
—
1.1%
Baker
Hughes
Co.,
Class
A
............
218,759
7,529,685
Halliburton
Co.
....................
215,939
8,495,040
16,024,725
Entertainment
—
2.1%
Electronic
Arts,
Inc.
.................
40,553
5,020,056
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A
(b)
......................
6,070
349,328
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(b)
..................
53,010
3,429,217
Live
Nation
Entertainment,
Inc.
(b)
........
52,888
4,232,098
ROBLOX
Corp.,
Class
A
(b)
.............
179,684
5,715,748
Take-Two
Interactive
Software,
Inc.
(b)
......
58,919
7,880,416
Warner
Bros
Discovery,
Inc.
(b)
..........
338,890
3,368,567
29,995,430
Financial
Services
—
1.4%
Block,
Inc.,
Class
A
(a)(b)
...............
204,960
8,249,640
FleetCor
Technologies,
Inc.
(b)
...........
15,716
3,538,772
Global
Payments,
Inc.
...............
32,271
3,427,826
Jack
Henry
&
Associates,
Inc.
..........
27,184
3,832,672
WEX,
Inc.
(b)
.......................
8,561
1,425,235
20,474,145
Food
Products
—
1.5%
Darling
Ingredients,
Inc.
(a)(b)
............
38,686
1,713,403
Hershey
Co.
(The)
..................
55,901
10,473,052
Hormel
Foods
Corp.
.................
34,152
1,111,648
Lamb
Weston
Holdings,
Inc.
...........
54,388
4,884,042
McCormick
&
Co.,
Inc.,
NVS
...........
55,640
3,555,396
21,737,541
Gas
Utilities
—
0.1%
Atmos
Energy
Corp.
.................
19,384
2,086,881
Ground
Transportation
—
1.3%
JB
Hunt
Transport
Services,
Inc.
........
30,456
5,234,473
Knight-Swift
Transportation
Holdings,
Inc.
..
18,714
914,927
Old
Dominion
Freight
Line,
Inc.
.........
33,424
12,589,484
U-Haul
Holding
Co.
(b)
................
1,155
56,734
18,795,618
Health
Care
Equipment
&
Supplies
—
3.8%
Align
Technology,
Inc.
(b)
...............
26,551
4,901,049
Cooper
Cos.,
Inc.
(The)
..............
12,498
3,896,252
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
GE
HealthCare
Technologies,
Inc.
(a)
......
55,271
$
3,679,390
Hologic,
Inc.
(b)
.....................
32,287
2,136,431
IDEXX
Laboratories,
Inc.
(b)
.............
30,967
12,370,387
Insulet
Corp.
(b)
.....................
26,045
3,452,786
Masimo
Corp.
(a)(b)
...................
16,527
1,340,836
Penumbra,
Inc.
(b)
...................
14,372
2,747,208
ResMed,
Inc.
.....................
54,810
7,740,268
Shockwave
Medical,
Inc.
(a)(b)
...........
13,709
2,827,618
STERIS
plc
.......................
36,800
7,727,264
Teleflex,
Inc.
(a)
.....................
8,509
1,572,038
54,391,527
Health
Care
Providers
&
Services
—
0.6%
agilon
health,
Inc.
(a)(b)
................
111,775
2,011,950
Chemed
Corp.
.....................
3,500
1,969,275
Molina
Healthcare,
Inc.
(b)
..............
12,421
4,135,572
8,116,797
Health
Care
REITs
—
0.7%
Healthpeak
Properties,
Inc.
............
88,340
1,373,687
Welltower,
Inc.
.....................
112,033
9,367,079
10,740,766
Health
Care
Technology
—
0.7%
Veeva
Systems,
Inc.,
Class
A
(a)(b)
........
54,361
10,475,908
Hotel
&
Resort
REITs
—
0.3%
Host
Hotels
&
Resorts,
Inc.
............
265,453
4,109,212
Hotels,
Restaurants
&
Leisure
—
4.7%
Aramark
.........................
41,354
1,113,663
Caesars
Entertainment,
Inc.
(b)
..........
80,310
3,203,566
Churchill
Downs,
Inc.
................
25,379
2,787,629
Darden
Restaurants,
Inc.
.............
23,446
3,412,096
Domino's
Pizza,
Inc.
.................
7,575
2,567,849
DoorDash,
Inc.,
Class
A
(b)
.............
111,903
8,387,130
DraftKings,
Inc.,
Class
A
(b)
.............
173,220
4,784,337
Hilton
Worldwide
Holdings,
Inc.
.........
97,553
14,782,206
MGM
Resorts
International
(a)
...........
104,567
3,651,480
Royal
Caribbean
Cruises
Ltd.
(b)
.........
56,410
4,779,619
Vail
Resorts,
Inc.
...................
14,382
3,052,580
Wynn
Resorts
Ltd.
..................
36,127
3,171,228
Yum!
Brands,
Inc.
..................
104,528
12,633,254
68,326,637
Household
Products
—
0.6%
Church
&
Dwight
Co.,
Inc.
.............
59,169
5,380,829
Clorox
Co.
(The)
...................
30,572
3,598,324
8,979,153
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Vistra
Corp.
......................
43,006
1,407,156
Industrial
REITs
—
0.3%
Americold
Realty
Trust,
Inc.
............
45,732
1,199,093
Rexford
Industrial
Realty,
Inc.
..........
77,010
3,329,912
4,529,005
Insurance
—
2.3%
American
Financial
Group,
Inc.
.........
8,046
879,911
Arch
Capital
Group
Ltd.
(b)
.............
73,428
6,364,739
Brown
&
Brown,
Inc.
.................
87,812
6,095,909
Cincinnati
Financial
Corp.
.............
25,470
2,538,595
Erie
Indemnity
Co.,
Class
A,
NVS
........
9,289
2,565,529
Kinsale
Capital
Group,
Inc.
(a)
...........
8,208
2,740,733
Markel
Group,
Inc.
(b)
.................
2,250
3,308,670
RenaissanceRe
Holdings
Ltd.
..........
9,570
2,101,476
Willis
Towers
Watson
plc
..............
20,139
4,750,589
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedule
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
WR
Berkley
Corp.
..................
34,837
$
2,348,710
33,694,861
Interactive
Media
&
Services
—
1.1%
(b)
Match
Group,
Inc.
..................
103,589
3,584,179
Pinterest,
Inc.,
Class
A
...............
217,060
6,485,753
Snap,
Inc.,
Class
A,
NVS
(a)
............
377,807
3,781,848
ZoomInfo
Technologies,
Inc.
...........
113,658
1,473,008
15,324,788
IT
Services
—
3.4%
(b)
Akamai
Technologies,
Inc.
.............
18,943
1,957,380
Cloudflare,
Inc.,
Class
A
(a)
.............
109,143
6,187,317
EPAM
Systems,
Inc.
.................
21,621
4,704,081
Gartner,
Inc.
......................
29,405
9,763,636
GoDaddy,
Inc.,
Class
A
(a)
..............
54,766
4,010,514
MongoDB,
Inc.,
Class
A
..............
26,329
9,072,710
Okta,
Inc.,
Class
A
..................
57,842
3,899,129
Twilio,
Inc.,
Class
A
.................
67,468
3,458,410
VeriSign,
Inc.
.....................
33,471
6,682,820
49,735,997
Life
Sciences
Tools
&
Services
—
3.9%
Agilent
Technologies,
Inc.
.............
110,186
11,389,927
Avantor,
Inc.
(b)
.....................
78,896
1,375,157
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)(b)
....
7,780
2,141,679
Bio-Techne
Corp.
...................
58,638
3,203,394
Bruker
Corp.
......................
36,651
2,089,107
Charles
River
Laboratories
International,
Inc.
(b)
19,134
3,221,400
Illumina,
Inc.
(b)
.....................
29,585
3,237,191
IQVIA
Holdings,
Inc.
(a)(b)
...............
38,335
6,932,118
Mettler-Toledo
International,
Inc.
(b)
.......
8,156
8,035,291
Repligen
Corp.
(a)(b)
..................
19,365
2,605,754
Waters
Corp.
(a)(b)
...................
14,557
3,472,281
West
Pharmaceutical
Services,
Inc.
......
27,552
8,769,526
56,472,825
Machinery
—
5.3%
Cummins,
Inc.
.....................
22,725
4,915,418
Dover
Corp.
......................
31,537
4,098,233
Fortive
Corp.
......................
71,341
4,657,140
Graco,
Inc.
.......................
63,119
4,692,898
IDEX
Corp.
.......................
28,202
5,398,145
Ingersoll
Rand,
Inc.
.................
150,854
9,153,821
Lincoln
Electric
Holdings,
Inc.
..........
21,417
3,743,692
Middleby
Corp.
(The)
(b)
...............
10,077
1,137,391
Nordson
Corp.
.....................
20,199
4,294,105
Otis
Worldwide
Corp.
................
81,391
6,284,199
Parker-Hannifin
Corp.
................
32,553
12,009,127
Pentair
plc
.......................
27,120
1,576,214
Toro
Co.
(The)
.....................
38,705
3,128,912
Westinghouse
Air
Brake
Technologies
Corp.
.
35,619
3,776,326
Xylem,
Inc.
.......................
89,838
8,403,447
77,269,068
Media
—
1.1%
(b)
Liberty
Broadband
Corp.,
Class
A
(a)
.......
6,181
515,001
Liberty
Broadband
Corp.,
Class
C,
NVS
....
42,697
3,557,087
Trade
Desk,
Inc.
(The),
Class
A
.........
166,434
11,810,157
15,882,245
Metals
&
Mining
—
0.2%
Royal
Gold,
Inc.
....................
24,574
2,563,805
Multi-Utilities
—
0.6%
Ameren
Corp.
.....................
48,673
3,685,033
CenterPoint
Energy,
Inc.
..............
94,556
2,541,665
Security
Shares
Shares
Value
Multi-Utilities
(continued)
CMS
Energy
Corp.
..................
41,859
$
2,274,618
8,501,316
Office
REITs
—
0.2%
Alexandria
Real
Estate
Equities,
Inc.
......
26,113
2,431,904
Oil,
Gas
&
Consumable
Fuels
—
2.6%
Cheniere
Energy,
Inc.
................
49,973
8,316,507
Coterra
Energy,
Inc.
.................
157,301
4,325,777
Devon
Energy
Corp.
.................
113,746
5,297,151
Diamondback
Energy,
Inc.
.............
28,803
4,617,697
EQT
Corp.
.......................
80,749
3,422,143
Marathon
Oil
Corp.
..................
75,264
2,055,460
Ovintiv,
Inc.
.......................
36,054
1,730,592
Targa
Resources
Corp.
...............
33,672
2,815,316
Texas
Pacific
Land
Corp.
..............
2,325
4,291,834
36,872,477
Passenger
Airlines
—
0.6%
American
Airlines
Group,
Inc.
(b)
..........
123,248
1,374,215
Delta
Air
Lines,
Inc.
.................
112,424
3,513,250
Southwest
Airlines
Co.
...............
94,711
2,105,426
United
Airlines
Holdings,
Inc.
(b)
..........
53,088
1,858,611
8,851,502
Personal
Care
Products
—
0.0%
Coty,
Inc.,
Class
A
(b)
.................
50,256
470,899
Pharmaceuticals
—
0.0%
Catalent,
Inc.
(b)
....................
19,763
679,650
Professional
Services
—
4.4%
Booz
Allen
Hamilton
Holding
Corp.
.......
21,716
2,604,400
Broadridge
Financial
Solutions,
Inc.
......
44,062
7,518,740
Ceridian
HCM
Holding,
Inc.
(b)
...........
58,170
3,723,462
Equifax,
Inc.
......................
45,779
7,762,745
Genpact
Ltd.
......................
24,982
837,896
Jacobs
Solutions,
Inc.
................
20,512
2,734,249
KBR,
Inc.
........................
31,002
1,802,766
Paychex,
Inc.
.....................
119,701
13,292,796
Paycom
Software,
Inc.
...............
18,374
4,501,079
Paylocity
Holding
Corp.
(b)
.............
16,040
2,877,576
Robert
Half,
Inc.
...................
18,487
1,382,273
TransUnion
.......................
42,002
1,843,048
Verisk
Analytics,
Inc.
.................
54,100
12,300,176
63,181,206
Real
Estate
Management
&
Development
—
1.2%
(b)
CBRE
Group,
Inc.,
Class
A
(a)
...........
38,766
2,688,034
CoStar
Group,
Inc.
(a)
.................
152,324
11,182,105
Zillow
Group,
Inc.,
Class
A
.............
19,638
697,738
Zillow
Group,
Inc.,
Class
C,
NVS
(a)
.......
58,868
2,133,965
16,701,842
Residential
REITs
—
2.5%
American
Homes
4
Rent,
Class
A
........
70,991
2,324,245
AvalonBay
Communities,
Inc.
..........
29,882
4,952,643
Camden
Property
Trust
...............
39,829
3,380,685
Equity
LifeStyle
Properties,
Inc.
.........
42,657
2,806,831
Equity
Residential
..................
66,755
3,693,554
Essex
Property
Trust,
Inc.
.............
10,314
2,206,371
Invitation
Homes,
Inc.
................
214,584
6,370,999
Mid-America
Apartment
Communities,
Inc.
..
24,051
2,841,626
Sun
Communities,
Inc.
...............
46,412
5,162,871
UDR,
Inc.
........................
74,662
2,374,998
36,114,823
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Mid-Cap
Growth
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Retail
REITs
—
0.6%
Federal
Realty
Investment
Trust
.........
15,393
$
1,403,688
Realty
Income
Corp.
.................
128,520
6,089,277
Regency
Centers
Corp.
..............
22,085
1,330,842
8,823,807
Semiconductors
&
Semiconductor
Equipment
—
4.5%
Enphase
Energy,
Inc.
(b)
...............
50,866
4,047,916
Entegris,
Inc.
(a)
....................
55,995
4,929,800
First
Solar,
Inc.
(a)(b)
..................
39,852
5,676,917
Lattice
Semiconductor
Corp.
(a)(b)
.........
51,417
2,859,299
Marvell
Technology,
Inc.
..............
320,809
15,148,601
Microchip
Technology,
Inc.
.............
97,878
6,977,723
Monolithic
Power
Systems,
Inc.
.........
17,823
7,873,132
NXP
Semiconductors
NV
.............
41,495
7,154,983
ON
Semiconductor
Corp.
(b)
............
77,478
4,853,222
Skyworks
Solutions,
Inc.
..............
21,421
1,858,057
SolarEdge
Technologies,
Inc.
(a)(b)
........
21,044
1,598,292
Teradyne,
Inc.
.....................
27,425
2,283,680
65,261,622
Software
—
9.8%
ANSYS,
Inc.
(b)
.....................
32,376
9,008,946
Aspen
Technology,
Inc.
(b)
..............
10,567
1,878,284
Atlassian
Corp.,
Class
A
(b)
.............
56,657
10,234,521
Bentley
Systems,
Inc.,
Class
B
(a)
.........
85,621
4,164,605
BILL
Holdings,
Inc.
(a)(b)
................
36,074
3,293,195
Crowdstrike
Holdings,
Inc.,
Class
A
(a)(b)
....
83,609
14,779,563
Datadog,
Inc.,
Class
A
(b)
..............
111,562
9,088,956
DocuSign,
Inc.
(b)
...................
75,386
2,931,008
Dynatrace,
Inc.
(b)
...................
88,619
3,962,156
Fair
Isaac
Corp.
(b)
...................
9,272
7,842,907
HubSpot,
Inc.
(b)
....................
18,658
7,906,701
Manhattan
Associates,
Inc.
(b)
...........
23,005
4,485,515
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
710,235
10,511,478
Procore
Technologies,
Inc.
(a)(b)
..........
32,884
2,008,884
PTC,
Inc.
(b)
.......................
44,328
6,224,538
Splunk,
Inc.
(a)(b)
....................
56,833
8,363,544
Tyler
Technologies,
Inc.
(b)
.............
15,696
5,853,038
Unity
Software,
Inc.
(a)(b)
...............
89,990
2,283,046
Workday,
Inc.,
Class
A
(b)
..............
76,761
16,251,071
Zoom
Video
Communications,
Inc.,
Class
A
(b)
93,585
5,613,228
Zscaler,
Inc.
(b)
.....................
32,654
5,181,863
141,867,047
Specialized
REITs
—
1.9%
CubeSmart
.......................
50,574
1,724,068
Digital
Realty
Trust,
Inc.
..............
49,793
6,192,257
Extra
Space
Storage,
Inc.
.............
43,864
4,543,872
Gaming
&
Leisure
Properties,
Inc.
.......
30,384
1,379,130
Iron
Mountain,
Inc.
..................
64,190
3,791,703
Lamar
Advertising
Co.,
Class
A
.........
10,172
836,850
SBA
Communications
Corp.
...........
40,430
8,434,911
26,902,791
Specialty
Retail
—
2.9%
Burlington
Stores,
Inc.
(a)(b)
.............
24,204
2,929,410
CarMax,
Inc.
(b)
.....................
31,786
1,941,807
Five
Below,
Inc.
(a)(b)
..................
20,736
3,607,649
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
39,725
3,273,340
Ross
Stores,
Inc.
...................
127,076
14,737,004
Tractor
Supply
Co.
..................
40,589
7,815,818
Ulta
Beauty,
Inc.
(b)
..................
18,578
7,083,977
41,389,005
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
NetApp,
Inc.
......................
36,364
2,646,572
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
Deckers
Outdoor
Corp.
(b)
..............
9,749
$
5,820,738
Trading
Companies
&
Distributors
—
2.4%
Fastenal
Co.
......................
213,127
12,433,829
United
Rentals,
Inc.
.................
13,960
5,671,529
Watsco,
Inc.
......................
12,527
4,370,545
WW
Grainger,
Inc.
..................
16,601
12,115,908
34,591,811
Water
Utilities
—
0.4%
American
Water
Works
Co.,
Inc.
.........
38,248
4,499,877
Essential
Utilities,
Inc.
................
49,257
1,648,139
6,148,016
Total
Long-Term
Investments
—
99.8%
(Cost:
$1,486,894,649)
...........................
1,443,125,618
Short-Term
Securities
Money
Market
Funds
—
5.7%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(e)
............
79,698,834
79,730,714
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.33%
..................
2,431,240
2,431,240
Total
Short-Term
Securities
—
5.7%
(Cost:
$82,122,178)
..............................
82,161,954
Total
Investments
—
105.5%
(Cost:
$1,569,016,827
)
...........................
1,525,287,572
Liabilities
in
Excess
of
Other
Assets
—
(5.5)%
............
(79,280,099)
Net
Assets
—
100.0%
..............................
$
1,446,007,473
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedule
of
Investments
29
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
October
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/23
Shares
Held
at
10/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
...............
$
86,400,186
$
—
$
(6,673,618)
(a)
$
961
$
3,185
$
79,730,714
79,698,834
$
145,435
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,452,482
—
(21,242)
(a)
—
—
2,431,240
2,431,240
79,459
—
$
961
$
3,185
$
82,161,954
$
224,894
$
—
—
—
(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
...................................................
3
12/15/23
$
869
$
(45,899)
Russell
2000
E-Mini
Index
....................................................
19
12/15/23
1,585
(144,772)
$
(190,671)
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)
......
$
—
$
—
$
190,671
$
—
$
—
$
—
$
190,671
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
October
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
58,231
$
—
$
—
$
—
$
58,231
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(247,738)
$
—
$
—
$
—
$
(247,738)
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Mid-Cap
Growth
ETF
30
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
3,386,808
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,443,125,618
$
—
$
—
$
1,443,125,618
Short-Term
Securities
Money
Market
Funds
......................................
82,161,954
—
—
82,161,954
$
1,525,287,572
$
—
$
—
$
1,525,287,572
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(190,671)
$
—
$
—
$
(190,671)
(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,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.8%
AeroVironment,
Inc.
(a)
................
5,883
$
674,545
BWX
Technologies,
Inc.
..............
10,983
815,817
Cadre
Holdings,
Inc.
.................
4,021
112,789
Curtiss-Wright
Corp.
.................
5,717
1,136,597
Ducommun,
Inc.
(a)(b)
.................
1,752
83,816
Hexcel
Corp.
......................
18,945
1,173,074
Kaman
Corp.
.....................
2,898
53,932
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
.
28,809
491,193
Leonardo
DRS,
Inc.
(a)(b)
...............
11,690
222,928
Moog,
Inc.,
Class
A
.................
2,773
321,807
Parsons
Corp.
(a)(b)
...................
5,214
294,852
Rocket
Lab
USA,
Inc.
(a)(b)
..............
58,136
245,915
Triumph
Group,
Inc.
(a)
................
8,029
59,896
Virgin
Galactic
Holdings,
Inc.,
Class
C
(a)(b)
...
72,898
107,889
Woodward,
Inc.
....................
6,641
828,133
6,623,183
Air
Freight
&
Logistics
—
0.3%
Air
Transport
Services
Group,
Inc.
(a)
......
4,049
79,239
Forward
Air
Corp.
..................
3,668
236,256
GXO
Logistics,
Inc.
(a)
................
14,031
708,706
1,024,201
Automobile
Components
—
1.9%
Adient
plc
(a)
.......................
14,230
479,409
Autoliv,
Inc.
.......................
8,947
819,992
Dana,
Inc.
........................
19,067
218,889
Dorman
Products,
Inc.
(a)
..............
6,367
395,900
Fox
Factory
Holding
Corp.
(a)(b)
..........
9,449
769,810
Gentex
Corp.
.....................
52,324
1,500,652
Gentherm,
Inc.
(a)
...................
7,439
299,197
LCI
Industries
.....................
2,455
266,343
Luminar
Technologies,
Inc.,
Class
A
(a)(b)
....
59,196
187,651
Mobileye
Global,
Inc.,
Class
A
(a)(b)
........
17,136
611,241
Modine
Manufacturing
Co.
(a)(b)
..........
6,252
246,954
QuantumScape
Corp.,
Class
A
(a)(b)
.......
52,758
275,397
Solid
Power,
Inc.,
Class
A
(a)(b)
...........
28,061
37,040
Visteon
Corp.
(a)
....................
6,290
724,168
XPEL,
Inc.
(a)(c)
.....................
4,749
219,879
7,052,522
Automobiles
—
0.2%
Fisker,
Inc.,
Class
A
(a)(b)
...............
42,805
192,623
Thor
Industries,
Inc.
.................
5,845
513,951
Winnebago
Industries,
Inc.
............
2,713
157,218
863,792
Banks
—
0.9%
Axos
Financial,
Inc.
(a)(b)
...............
6,222
224,179
BancFirst
Corp.
....................
1,626
131,885
Bancorp,
Inc.
(The)
(a)
................
11,410
406,766
Bank
First
Corp.
...................
745
58,833
Capital
City
Bank
Group,
Inc.
...........
1,210
34,570
City
Holding
Co.
...................
1,079
97,952
Coastal
Financial
Corp.
(a)(b)
............
1,028
38,211
Columbia
Financial,
Inc.
(a)
.............
3,177
51,150
CrossFirst
Bankshares,
Inc.
(a)
...........
3,013
31,877
Cullen/Frost
Bankers,
Inc.
.............
5,242
476,969
First
Financial
Bankshares,
Inc.
.........
10,307
247,883
German
American
Bancorp,
Inc.
.........
2,423
66,221
Lakeland
Financial
Corp.
..............
1,656
81,558
Live
Oak
Bancshares,
Inc.
(b)
............
7,323
211,268
Pathward
Financial,
Inc.
..............
1,785
80,843
Peapack-Gladstone
Financial
Corp.
......
1,676
39,168
Seacoast
Banking
Corp.
of
Florida
.......
9,508
192,157
Security
Shares
Shares
Value
Banks
(continued)
ServisFirst
Bancshares,
Inc.
...........
11,007
$
519,090
Stock
Yards
Bancorp,
Inc.
.............
6,130
239,744
Triumph
Financial,
Inc.
(a)
..............
2,552
158,862
3,389,186
Beverages
—
1.0%
Boston
Beer
Co.,
Inc.
(The),
Class
A
(a)
.....
2,120
707,974
Celsius
Holdings,
Inc.
(a)(b)
..............
11,035
1,678,313
Coca-Cola
Consolidated,
Inc.
...........
1,051
668,867
Duckhorn
Portfolio,
Inc.
(The)
(a)
.........
5,090
53,089
MGP
Ingredients,
Inc.
(b)
...............
3,491
330,458
National
Beverage
Corp.
(a)
.............
2,674
124,020
Vita
Coco
Co.,
Inc.
(The)
(a)
.............
6,805
184,415
3,747,136
Biotechnology
—
6.5%
(a)
89bio,
Inc.
.......................
14,149
104,703
ACADIA
Pharmaceuticals,
Inc.
..........
26,670
601,942
ADMA
Biologics,
Inc.
................
46,383
156,774
Agenus,
Inc.
(b)
.....................
32,190
25,752
Agios
Pharmaceuticals,
Inc.
............
8,291
174,194
Akero
Therapeutics,
Inc.
..............
12,489
148,869
Aldeyra
Therapeutics,
Inc.
(b)
............
10,751
18,384
Alector,
Inc.
(b)
.....................
6,629
34,471
Alkermes
plc
......................
37,372
904,029
Allogene
Therapeutics,
Inc.
............
13,545
38,197
Amicus
Therapeutics,
Inc.
.............
34,146
374,582
AnaptysBio,
Inc.
...................
1,432
23,356
Anavex
Life
Sciences
Corp.
(b)
...........
18,508
103,275
Arbutus
Biopharma
Corp.
.............
27,135
49,657
Arcturus
Therapeutics
Holdings,
Inc.
......
2,457
46,929
Arcus
Biosciences,
Inc.
...............
7,094
111,447
Arcutis
Biotherapeutics,
Inc.
(b)
..........
11,421
25,697
Ardelyx,
Inc.
......................
48,649
192,164
Arrowhead
Pharmaceuticals,
Inc.
........
24,071
591,906
ARS
Pharmaceuticals,
Inc.
(b)
...........
5,047
18,018
Aurinia
Pharmaceuticals,
Inc.
...........
31,995
234,843
Avid
Bioservices,
Inc.
(b)
...............
14,189
87,262
Avidity
Biosciences,
Inc.
(b)
.............
14,219
73,228
Beam
Therapeutics,
Inc.
..............
10,875
229,897
BioCryst
Pharmaceuticals,
Inc.
..........
42,270
232,062
Biohaven
Ltd.
.....................
6,366
168,763
Biomea
Fusion,
Inc.
.................
5,461
55,811
Bioxcel
Therapeutics,
Inc.
(b)
............
4,567
18,336
Bluebird
Bio,
Inc.
(b)
..................
13,245
39,073
Blueprint
Medicines
Corp.
.............
13,614
801,320
Bridgebio
Pharma,
Inc.
...............
26,976
702,455
CareDx,
Inc.
......................
6,101
33,006
Catalyst
Pharmaceuticals,
Inc.
..........
10,488
130,156
Celldex
Therapeutics,
Inc.
.............
10,685
251,311
Cerevel
Therapeutics
Holdings,
Inc.
......
17,764
420,119
Cogent
Biosciences,
Inc.
..............
16,583
135,317
Coherus
Biosciences,
Inc.
.............
6,073
20,345
Crinetics
Pharmaceuticals,
Inc.
.........
12,976
380,067
Cytokinetics,
Inc.
...................
21,541
750,919
Deciphera
Pharmaceuticals,
Inc.
........
12,488
149,731
Denali
Therapeutics,
Inc.
..............
27,782
523,135
Dynavax
Technologies
Corp.
...........
28,727
408,211
Editas
Medicine,
Inc.
(b)
...............
9,964
66,559
EQRx,
Inc.
(b)
......................
22,809
49,724
Exelixis,
Inc.
......................
71,385
1,469,817
Fate
Therapeutics,
Inc.
...............
18,973
34,341
FibroGen,
Inc.
.....................
9,078
4,911
Geron
Corp.
......................
54,640
103,816
Halozyme
Therapeutics,
Inc.
...........
29,539
1,000,486
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Ideaya
Biosciences,
Inc.
..............
12,835
$
348,727
ImmunityBio,
Inc.
(b)
..................
31,635
99,334
ImmunoGen,
Inc.
...................
50,805
754,962
Immunovant,
Inc.
(b)
..................
10,792
356,676
Inhibrx,
Inc.
.......................
2,998
46,379
Insmed,
Inc.
......................
32,247
808,110
Intellia
Therapeutics,
Inc.
.............
19,873
497,819
Intercept
Pharmaceuticals,
Inc.
.........
5,193
98,303
Ionis
Pharmaceuticals,
Inc.
............
13,714
607,119
Janux
Therapeutics,
Inc.
..............
4,379
28,113
Karyopharm
Therapeutics,
Inc.
(b)
........
10,960
9,535
Keros
Therapeutics,
Inc.
..............
5,090
145,269
Krystal
Biotech,
Inc.
(b)
................
3,467
405,188
Kura
Oncology,
Inc.
.................
5,133
43,374
Kymera
Therapeutics,
Inc.
.............
8,915
104,038
Lexicon
Pharmaceuticals,
Inc.
(b)
.........
12,911
16,010
Lyell
Immunopharma,
Inc.
(b)
............
11,285
18,677
MacroGenics,
Inc.
..................
13,818
72,130
Madrigal
Pharmaceuticals,
Inc.
..........
1,765
231,886
MannKind
Corp.
...................
59,861
256,804
Mersana
Therapeutics,
Inc.
............
23,356
27,794
Mirati
Therapeutics,
Inc.
(b)
.............
9,517
528,479
Mirum
Pharmaceuticals,
Inc.
...........
6,839
187,594
Morphic
Holding,
Inc.
................
8,767
174,902
Natera,
Inc.
.......................
24,153
953,319
Nurix
Therapeutics,
Inc.
..............
4,323
24,166
Point
Biopharma
Global,
Inc.
...........
20,044
253,757
Protagonist
Therapeutics,
Inc.
(b)
.........
7,188
104,513
Prothena
Corp.
plc
..................
8,722
318,004
PTC
Therapeutics,
Inc.
...............
10,482
196,537
RAPT
Therapeutics,
Inc.
(b)
.............
6,513
85,646
Recursion
Pharmaceuticals,
Inc.,
Class
A
(b)
.
34,601
182,693
Relay
Therapeutics,
Inc.
..............
20,419
134,765
Replimune
Group,
Inc.
...............
11,576
168,662
REVOLUTION
Medicines,
Inc.
(b)
.........
12,157
240,709
Rhythm
Pharmaceuticals,
Inc.
..........
10,795
249,472
Rocket
Pharmaceuticals,
Inc.
...........
15,247
275,971
Sage
Therapeutics,
Inc.
..............
4,219
79,022
Sana
Biotechnology,
Inc.
..............
21,528
63,723
Seres
Therapeutics,
Inc.
..............
11,067
16,932
SpringWorks
Therapeutics,
Inc.
.........
5,937
135,957
Syndax
Pharmaceuticals,
Inc.
(b)
.........
14,575
205,216
TG
Therapeutics,
Inc.
(b)
...............
31,654
244,685
Travere
Therapeutics,
Inc.
.............
8,454
54,782
Twist
Bioscience
Corp.
(b)
..............
12,801
201,744
Ultragenyx
Pharmaceutical,
Inc.
(b)
........
10,027
354,956
uniQure
NV
.......................
6,498
37,039
Vaxcyte,
Inc.
......................
6,352
305,531
Veracyte,
Inc.
.....................
16,419
340,202
Vericel
Corp.
......................
10,740
377,833
Viking
Therapeutics,
Inc.
(b)
.............
22,319
218,949
Viridian
Therapeutics,
Inc.
(b)
............
3,880
48,500
Xencor,
Inc.
......................
13,526
234,676
Zentalis
Pharmaceuticals,
Inc.
..........
12,804
209,473
Zymeworks,
Inc.
...................
4,685
32,889
24,536,912
Broadline
Retail
—
0.2%
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)(b)
....
7,503
579,532
Building
Products
—
2.3%
AAON,
Inc.
(b)
......................
15,185
827,279
Advanced
Drainage
Systems,
Inc.
.......
15,516
1,657,574
American
Woodmark
Corp.
(a)
...........
1,594
107,165
Apogee
Enterprises,
Inc.
..............
2,009
86,226
Security
Shares
Shares
Value
Building
Products
(continued)
Armstrong
World
Industries,
Inc.
.........
5,617
$
426,274
AZEK
Co.,
Inc.
(The),
Class
A
(a)
.........
33,489
877,412
AZZ,
Inc.
........................
1,957
92,507
Gibraltar
Industries,
Inc.
(a)
.............
6,852
417,013
Griffon
Corp.
......................
2,958
118,143
Insteel
Industries,
Inc.
................
2,123
59,253
Janus
International
Group,
Inc.
(a)
........
12,406
116,120
Masonite
International
Corp.
(a)
..........
1,746
138,178
PGT
Innovations,
Inc.
(a)
...............
6,330
189,520
Quanex
Building
Products
Corp.
.........
2,979
79,986
Resideo
Technologies,
Inc.
(a)
...........
16,915
244,929
Simpson
Manufacturing
Co.,
Inc.
........
9,560
1,273,201
Tecnoglass,
Inc.
....................
4,624
151,112
Trex
Co.,
Inc.
(a)(b)
...................
16,288
915,549
UFP
Industries,
Inc.
.................
7,190
684,272
Zurn
Elkay
Water
Solutions
Corp.
........
13,138
347,632
8,809,345
Capital
Markets
—
2.2%
Affiliated
Managers
Group,
Inc.
.........
3,257
399,829
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
6,721
221,793
AssetMark
Financial
Holdings,
Inc.
(a)
......
5,017
119,957
Avantax,
Inc.
(a)
.....................
8,197
211,565
Blue
Owl
Capital,
Inc.,
Class
A
..........
90,883
1,120,587
Brightsphere
Investment
Group,
Inc.
......
7,229
113,206
Cohen
&
Steers,
Inc.
................
5,765
301,164
Federated
Hermes,
Inc.,
Class
B
........
10,898
345,467
Freedom
Holding
Corp.
(a)(b)
............
3,773
309,537
Hamilton
Lane,
Inc.,
Class
A
...........
4,777
401,841
Houlihan
Lokey,
Inc.,
Class
A
...........
5,791
582,111
Open
Lending
Corp.,
Class
A
(a)
..........
9,673
57,941
P10,
Inc.,
Class
A
(b)
.................
9,651
90,913
PJT
Partners,
Inc.,
Class
A
............
5,030
394,151
Robinhood
Markets,
Inc.,
Class
A
(a)(b)
......
123,223
1,126,258
Tradeweb
Markets,
Inc.,
Class
A
.........
25,723
2,315,327
Virtus
Investment
Partners,
Inc.
.........
647
119,197
WisdomTree,
Inc.
...................
11,747
72,831
8,303,675
Chemicals
—
2.0%
Ashland,
Inc.
......................
11,485
880,096
Aspen
Aerogels,
Inc.
(a)
...............
11,744
90,664
Avient
Corp.
......................
9,781
309,275
Axalta
Coating
Systems
Ltd.
(a)
..........
25,439
667,265
Balchem
Corp.
....................
7,230
840,415
Cabot
Corp.
......................
5,497
365,441
Chase
Corp.
......................
1,700
216,002
Ecovyst,
Inc.
(a)
.....................
22,906
210,735
Element
Solutions,
Inc.
...............
17,611
321,049
Ginkgo
Bioworks
Holdings,
Inc.,
Class
A
(a)(b)
.
298,734
409,266
Hawkins,
Inc.
.....................
4,307
247,351
HB
Fuller
Co.
.....................
6,610
437,251
Ingevity
Corp.
(a)
....................
3,372
135,824
Innospec,
Inc.
.....................
3,853
377,594
Koppers
Holdings,
Inc.
...............
1,505
55,038
Livent
Corp.
(a)(b)
....................
40,332
588,444
NewMarket
Corp.
...................
723
348,594
Perimeter
Solutions
SA
(a)
..............
33,476
107,123
PureCycle
Technologies,
Inc.
(a)(b)
.........
30,474
135,609
Quaker
Chemical
Corp.
..............
3,118
448,119
Sensient
Technologies
Corp.
...........
5,160
291,127
Stepan
Co.
.......................
2,495
186,626
7,668,908
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
—
1.8%
ABM
Industries,
Inc.
.................
4,970
$
195,520
ACV
Auctions,
Inc.,
Class
A
(a)(b)
..........
30,416
405,445
Brady
Corp.,
Class
A,
NVS
............
4,514
232,290
Brink's
Co.
(The)
...................
6,498
434,456
Casella
Waste
Systems,
Inc.,
Class
A
(a)
....
12,713
959,196
CECO
Environmental
Corp.
(a)(b)
.........
6,512
105,364
Clean
Harbors,
Inc.
(a)
................
11,290
1,734,934
Driven
Brands
Holdings,
Inc.
(a)
..........
13,826
157,340
Interface,
Inc.
.....................
4,170
37,071
Liquidity
Services,
Inc.
(a)
..............
4,999
96,331
Montrose
Environmental
Group,
Inc.
(a)
.....
6,195
143,228
MSA
Safety,
Inc.
...................
8,286
1,308,194
SP
Plus
Corp.
(a)
....................
1,610
81,353
Stericycle,
Inc.
(a)
...................
11,319
466,796
UniFirst
Corp.
.....................
1,690
277,887
Viad
Corp.
(a)
......................
4,733
114,681
VSE
Corp.
.......................
1,644
88,447
6,838,533
Communications
Equipment
—
0.8%
(a)
Calix,
Inc.
........................
13,250
438,840
Cambium
Networks
Corp.
.............
2,703
13,461
Ciena
Corp.
(b)
.....................
17,906
755,633
Clearfield,
Inc.
(b)
....................
1,255
30,145
Digi
International,
Inc.
(b)
...............
8,019
201,918
Extreme
Networks,
Inc.
...............
28,678
591,340
Harmonic,
Inc.
.....................
25,409
274,163
Infinera
Corp.
(b)
....................
29,400
86,142
Lumentum
Holdings,
Inc.
..............
6,265
245,651
NetScout
Systems,
Inc.
...............
5,388
117,620
Viasat,
Inc.
(b)
......................
7,145
131,754
Viavi
Solutions,
Inc.
.................
24,356
189,490
3,076,157
Construction
&
Engineering
—
1.9%
Ameresco,
Inc.,
Class
A
(a)(b)
............
7,168
187,443
API
Group
Corp.
(a)(b)
.................
30,082
778,221
Arcosa,
Inc.
......................
6,088
420,498
Argan,
Inc.
.......................
1,172
53,607
Bowman
Consulting
Group
Ltd.
(a)
........
2,417
64,220
Comfort
Systems
USA,
Inc.
............
8,015
1,457,528
Construction
Partners,
Inc.,
Class
A
(a)
.....
9,760
375,272
Dycom
Industries,
Inc.
(a)
..............
6,538
556,907
Fluor
Corp.
(a)
......................
20,775
691,600
Granite
Construction,
Inc.
.............
4,404
178,274
IES
Holdings,
Inc.
(a)
.................
1,189
73,992
MasTec,
Inc.
(a)(b)
....................
8,962
532,701
MYR
Group,
Inc.
(a)(b)
.................
3,759
435,405
Primoris
Services
Corp.
..............
4,787
143,897
Sterling
Infrastructure,
Inc.
(a)
...........
3,364
245,067
Valmont
Industries,
Inc.
...............
4,712
927,840
7,122,472
Construction
Materials
—
0.4%
Eagle
Materials,
Inc.
.................
3,523
542,225
Summit
Materials,
Inc.,
Class
A
(a)
........
26,661
877,147
United
States
Lime
&
Minerals,
Inc.
.......
460
91,075
1,510,447
Consumer
Finance
—
0.9%
FirstCash
Holdings,
Inc.
..............
8,310
905,125
LendingClub
Corp.
(a)
.................
24,248
125,847
Nelnet,
Inc.,
Class
A
.................
1,593
135,103
NerdWallet,
Inc.,
Class
A
(a)
.............
8,905
95,996
SoFi
Technologies,
Inc.
(a)(b)
............
213,062
1,608,618
Security
Shares
Shares
Value
Consumer
Finance
(continued)
Upstart
Holdings,
Inc.
(a)(b)
..............
16,233
$
390,079
3,260,768
Consumer
Staples
Distribution
&
Retail
—
0.2%
Chefs'
Warehouse,
Inc.
(The)
(a)(b)
........
3,554
67,632
Grocery
Outlet
Holding
Corp.
(a)(b)
.........
14,490
400,938
Ingles
Markets,
Inc.,
Class
A
...........
1,376
110,383
PriceSmart,
Inc.
....................
2,638
164,849
Weis
Markets,
Inc.
..................
1,262
82,156
825,958
Containers
&
Packaging
—
0.7%
AptarGroup,
Inc.
...................
9,116
1,114,613
Graphic
Packaging
Holding
Co.
.........
68,760
1,479,028
Myers
Industries,
Inc.
................
4,974
83,414
2,677,055
Diversified
Consumer
Services
—
1.6%
Adtalem
Global
Education,
Inc.
(a)
........
5,669
293,654
Bright
Horizons
Family
Solutions,
Inc.
(a)(b)
...
12,954
959,373
Carriage
Services,
Inc.
...............
1,280
27,648
Chegg,
Inc.
(a)
......................
25,726
193,717
Coursera,
Inc.
(a)
....................
23,251
403,172
Duolingo,
Inc.,
Class
A
(a)(b)
.............
7,934
1,158,761
European
Wax
Center,
Inc.,
Class
A
(a)
.....
3,857
56,968
Grand
Canyon
Education,
Inc.
(a)
.........
6,655
787,486
H&R
Block,
Inc.
....................
17,387
713,736
Laureate
Education,
Inc.
..............
16,143
228,262
Mister
Car
Wash,
Inc.
(a)
...............
12,362
64,283
OneSpaWorld
Holdings
Ltd.
(a)
..........
19,522
204,591
Rover
Group,
Inc.,
Class
A
(a)
...........
25,331
163,385
Strategic
Education,
Inc.
(b)
.............
3,018
248,412
Stride,
Inc.
(a)(b)
.....................
5,630
309,537
Udemy,
Inc.
(a)
.....................
19,116
170,706
WW
International,
Inc.
(a)(b)
.............
7,870
61,543
6,045,234
Diversified
REITs
—
0.2%
Alexander
&
Baldwin,
Inc.
.............
7,553
119,338
American
Assets
Trust,
Inc.
............
4,305
76,414
Broadstone
Net
Lease,
Inc.
............
22,513
318,559
Essential
Properties
Realty
Trust,
Inc.
.....
16,992
372,974
887,285
Diversified
Telecommunication
Services
—
0.5%
Anterix,
Inc.
(a)(b)
....................
4,269
130,162
Cogent
Communications
Holdings,
Inc.
....
5,222
339,325
Globalstar,
Inc.
(a)(b)
..................
160,377
226,132
IDT
Corp.,
Class
B
(a)
.................
4,616
129,479
Iridium
Communications,
Inc.
...........
28,049
1,039,215
Liberty
Latin
America
Ltd.,
Class
A
(a)
......
4,571
31,220
Liberty
Latin
America
Ltd.,
Class
C,
NVS
(a)
..
16,209
111,032
2,006,565
Electric
Utilities
—
0.3%
IDACORP,
Inc.
....................
4,553
431,215
MGE
Energy,
Inc.
...................
4,112
294,542
Otter
Tail
Corp.
....................
5,298
407,628
1,133,385
Electrical
Equipment
—
2.9%
Acuity
Brands,
Inc.
..................
3,315
536,931
Allient,
Inc.
.......................
3,278
90,473
Amprius
Technologies,
Inc.
(a)(b)
..........
4,155
12,091
Array
Technologies,
Inc.
(a)
.............
31,892
552,688
Atkore,
Inc.
(a)
......................
3,053
379,427
Babcock
&
Wilcox
Enterprises,
Inc.
(a)
......
8,804
23,155
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electrical
Equipment
(continued)
Blink
Charging
Co.
(a)(b)
................
6,086
$
14,485
Bloom
Energy
Corp.,
Class
A
(a)(b)
........
47,094
489,778
ChargePoint
Holdings,
Inc.,
Class
A
(a)(b)
....
66,212
168,178
Encore
Wire
Corp.
(b)
.................
1,522
272,179
EnerSys
.........................
5,638
482,500
Enovix
Corp.
(a)(b)
....................
29,652
264,199
Fluence
Energy,
Inc.,
Class
A
(a)(b)
........
8,989
155,689
FuelCell
Energy,
Inc.
(a)(b)
..............
92,019
100,301
Generac
Holdings,
Inc.
(a)
..............
6,195
520,814
NEXTracker,
Inc.,
Class
A
(a)(b)
...........
11,044
383,889
NuScale
Power
Corp.,
Class
A
(a)(b)
........
10,298
34,807
nVent
Electric
plc
...................
20,554
989,264
Plug
Power,
Inc.
(a)(b)
.................
121,483
715,535
Powell
Industries,
Inc.
................
1,298
99,492
Preformed
Line
Products
Co.
...........
398
53,869
Sensata
Technologies
Holding
plc
........
16,220
517,094
Shoals
Technologies
Group,
Inc.,
Class
A
(a)
.
38,175
586,368
Stem,
Inc.
(a)(b)
.....................
33,800
114,244
SunPower
Corp.
(a)(b)
.................
19,444
83,026
Thermon
Group
Holdings,
Inc.
(a)
.........
2,950
78,736
TPI
Composites,
Inc.
(a)
...............
5,455
12,601
Vertiv
Holdings
Co.,
Class
A
...........
78,464
3,081,280
Vicor
Corp.
(a)(b)
.....................
5,006
193,932
11,007,025
Electronic
Equipment,
Instruments
&
Components
—
2.4%
Advanced
Energy
Industries,
Inc.
........
5,218
455,323
Badger
Meter,
Inc.
..................
6,567
909,858
Bel
Fuse,
Inc.,
Class
B,
NVS
...........
1,348
73,035
Belden,
Inc.
......................
6,179
438,091
Benchmark
Electronics,
Inc.
...........
3,094
74,906
CTS
Corp.
.......................
6,988
261,421
Evolv
Technologies
Holdings,
Inc.,
Class
A
(a)(b)
17,397
73,937
Fabrinet
(a)
........................
8,139
1,261,545
FARO
Technologies,
Inc.
(a)
.............
2,585
33,269
Insight
Enterprises,
Inc.
(a)(b)
............
2,483
355,814
IPG
Photonics
Corp.
(a)
...............
2,925
251,258
Itron,
Inc.
(a)
.......................
10,148
581,277
Knowles
Corp.
(a)
...................
7,379
95,853
Lightwave
Logic,
Inc.
(a)(b)
..............
25,946
117,535
Littelfuse,
Inc.
.....................
5,585
1,210,102
Methode
Electronics,
Inc.
.............
3,462
79,176
Mirion
Technologies,
Inc.,
Class
A
(a)(b)
.....
21,098
146,209
Napco
Security
Technologies,
Inc.
.......
6,599
121,224
nLight,
Inc.
(a)
......................
4,613
38,426
Novanta,
Inc.
(a)
....................
8,023
1,059,517
OSI
Systems,
Inc.
(a)
.................
2,102
219,176
PAR
Technology
Corp.
(a)
..............
6,222
181,620
PC
Connection,
Inc.
.................
843
45,168
Plexus
Corp.
(a)
.....................
3,959
389,249
Rogers
Corp.
(a)
....................
3,768
463,050
SmartRent,
Inc.,
Class
A
(a)
.............
41,257
99,429
TTM
Technologies,
Inc.
(a)
..............
7,052
81,027
Vishay
Precision
Group,
Inc.
(a)
..........
2,041
61,067
9,177,562
Energy
Equipment
&
Services
—
2.1%
Cactus,
Inc.,
Class
A
................
14,491
680,208
ChampionX
Corp.
..................
44,167
1,360,344
Core
Laboratories,
Inc.
...............
10,416
223,111
Diamond
Offshore
Drilling,
Inc.
(a)
.........
13,726
170,340
Dril-Quip,
Inc.
(a)
....................
7,775
168,406
Helix
Energy
Solutions
Group,
Inc.
(a)
......
21,334
209,073
Liberty
Energy,
Inc.,
Class
A
...........
19,045
375,186
Nabors
Industries
Ltd.
(a)
..............
1,157
112,969
Security
Shares
Shares
Value
Energy
Equipment
&
Services
(continued)
NOV,
Inc.
........................
48,687
$
971,792
Oceaneering
International,
Inc.
(a)(b)
.......
22,642
497,898
Oil
States
International,
Inc.
(a)
...........
7,300
52,998
Patterson-UTI
Energy,
Inc.
............
31,481
399,809
ProFrac
Holding
Corp.,
Class
A
(a)
........
1,994
18,783
RPC,
Inc.
........................
11,207
93,242
Select
Water
Solutions,
Inc.,
Class
A
......
9,770
72,689
Tidewater,
Inc.
(a)(b)
..................
6,466
441,951
Valaris
Ltd.
(a)
......................
5,247
346,512
Weatherford
International
plc
(a)
..........
16,155
1,503,869
7,699,180
Entertainment
—
1.7%
AMC
Entertainment
Holdings,
Inc.,
Class
A
(a)(b)
5,765
61,570
Atlanta
Braves
Holdings,
Inc.,
Class
A
(a)
....
2,394
90,756
Atlanta
Braves
Holdings,
Inc.,
Class
C,
NVS
(a)
8,655
301,021
Cinemark
Holdings,
Inc.
(a)
.............
9,833
162,146
Endeavor
Group
Holdings,
Inc.,
Class
A
....
42,209
960,677
IMAX
Corp.
(a)
.....................
9,995
182,009
Madison
Square
Garden
Entertainment
Corp.
(a)
9,485
289,103
Madison
Square
Garden
Sports
Corp.
(a)
....
3,739
628,675
Marcus
Corp.
(The)
.................
5,585
86,791
Playstudios,
Inc.,
Class
A
(a)(b)
...........
13,921
39,396
Reservoir
Media,
Inc.
(a)
...............
7,739
43,571
Roku,
Inc.,
Class
A
(a)(b)
...............
27,826
1,657,595
TKO
Group
Holdings,
Inc.
.............
11,738
962,281
Vivid
Seats,
Inc.,
Class
A
(a)
............
8,170
48,040
Warner
Music
Group
Corp.,
Class
A
......
31,013
970,707
6,484,338
Financial
Services
—
1.8%
AvidXchange
Holdings,
Inc.
(a)(b)
..........
37,878
327,266
Cantaloupe,
Inc.
(a)
..................
12,674
83,395
Cass
Information
Systems,
Inc.
.........
1,109
41,931
Euronet
Worldwide,
Inc.
(a)
.............
10,586
813,428
EVERTEC,
Inc.
....................
8,146
258,880
Flywire
Corp.
(a)
....................
23,642
635,733
I3
Verticals,
Inc.,
Class
A
(a)
.............
2,910
54,563
International
Money
Express,
Inc.
(a)
.......
7,904
126,148
Marqeta,
Inc.,
Class
A
(a)
..............
97,315
503,119
Merchants
Bancorp
.................
2,897
86,591
NMI
Holdings,
Inc.,
Class
A
(a)
...........
8,279
226,431
Payoneer
Global,
Inc.
(a)
...............
42,994
248,935
Remitly
Global,
Inc.
(a)(b)
...............
29,684
799,390
Repay
Holdings
Corp.,
Class
A
(a)
........
9,288
55,635
Shift4
Payments,
Inc.,
Class
A
(a)
.........
12,677
564,380
Toast,
Inc.,
Class
A
(a)(b)
...............
81,088
1,296,597
Voya
Financial,
Inc.
.................
8,523
569,081
6,691,503
Food
Products
—
1.5%
Beyond
Meat,
Inc.
(a)(b)
................
14,617
87,263
Calavo
Growers,
Inc.
................
1,951
49,438
Cal-Maine
Foods,
Inc.
................
2,925
132,532
Fresh
Del
Monte
Produce,
Inc.
..........
2,378
59,450
Freshpet,
Inc.
(a)
....................
10,823
621,240
Hostess
Brands,
Inc.,
Class
A
(a)
.........
29,774
994,452
Ingredion,
Inc.
.....................
7,826
732,357
J
&
J
Snack
Foods
Corp.
..............
2,339
366,311
John
B
Sanfilippo
&
Son,
Inc.
...........
1,028
105,123
Lancaster
Colony
Corp.
..............
2,763
467,417
Mission
Produce,
Inc.
(a)
...............
6,764
63,649
Post
Holdings,
Inc.
(a)(b)
................
5,403
433,753
Seaboard
Corp.
....................
18
63,125
Simply
Good
Foods
Co.
(The)
(a)(b)
........
20,324
757,882
Sovos
Brands,
Inc.
(a)
.................
7,605
165,105
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
Tootsie
Roll
Industries,
Inc.
............
3,890
$
121,018
Utz
Brands,
Inc.,
Class
A
..............
8,903
108,528
Vital
Farms,
Inc.
(a)
..................
6,109
67,565
Westrock
Coffee
Co.
(a)(b)
..............
6,452
53,164
5,449,372
Gas
Utilities
—
0.2%
Chesapeake
Utilities
Corp.
............
2,426
214,968
New
Jersey
Resources
Corp.
...........
10,961
444,797
659,765
Ground
Transportation
—
1.1%
Heartland
Express,
Inc.
...............
4,765
55,560
Hertz
Global
Holdings,
Inc.
(a)
...........
13,052
110,028
Landstar
System,
Inc.
................
4,554
750,408
Lyft,
Inc.,
Class
A
(a)
..................
34,139
313,055
Marten
Transport
Ltd.
................
12,883
226,483
PAM
Transportation
Services,
Inc.
(a)
......
612
10,569
RXO,
Inc.
(a)
.......................
10,214
178,847
Ryder
System,
Inc.
..................
4,485
437,467
Saia,
Inc.
(a)
.......................
5,945
2,131,223
4,213,640
Health
Care
Equipment
&
Supplies
—
4.0%
Alphatec
Holdings,
Inc.
(a)(b)
.............
18,276
167,774
AtriCure,
Inc.
(a)
....................
10,570
366,145
Atrion
Corp.
......................
160
54,717
Avanos
Medical,
Inc.
(a)
...............
6,280
115,301
Axonics,
Inc.
(a)(b)
....................
11,323
579,851
Cerus
Corp.
(a)(b)
....................
42,300
59,220
CONMED
Corp.
....................
6,898
672,279
Cutera,
Inc.
(a)(b)
....................
2,481
7,716
Envista
Holdings
Corp.
(a)(b)
.............
19,661
457,511
Establishment
Labs
Holdings,
Inc.
(a)(b)
.....
5,111
149,650
Glaukos
Corp.
(a)(b)
...................
10,906
743,789
Globus
Medical,
Inc.,
Class
A
(a)(b)
........
26,296
1,201,990
Haemonetics
Corp.
(a)
................
11,353
967,616
ICU
Medical,
Inc.
(a)(b)
.................
4,528
444,016
Inari
Medical,
Inc.
(a)
.................
11,380
690,880
Inspire
Medical
Systems,
Inc.
(a)
.........
6,569
966,694
Integer
Holdings
Corp.
(a)(b)
.............
4,065
329,956
Integra
LifeSciences
Holdings
Corp.
(a)
.....
9,401
338,060
iRadimed
Corp.
....................
1,633
66,528
iRhythm
Technologies,
Inc.
(a)
...........
6,872
539,589
Lantheus
Holdings,
Inc.
(a)(b)
............
15,333
990,512
LeMaitre
Vascular,
Inc.
...............
4,418
214,626
LivaNova
plc
(a)
.....................
12,102
593,603
Merit
Medical
Systems,
Inc.
(a)
...........
12,920
888,121
Neogen
Corp.
(a)(b)
...................
25,154
374,543
Nevro
Corp.
(a)
.....................
8,127
117,273
Novocure
Ltd.
(a)
....................
21,920
291,536
Omnicell,
Inc.
(a)
....................
10,181
361,833
OraSure
Technologies,
Inc.
(a)
...........
10,088
52,054
Orthofix
Medical,
Inc.
(a)
...............
3,345
36,929
OrthoPediatrics
Corp.
(a)
...............
3,495
85,488
Outset
Medical,
Inc.
(a)
................
6,554
23,201
Paragon
28,
Inc.
(a)
..................
8,292
71,560
PROCEPT
BioRobotics
Corp.
(a)(b)
........
9,900
265,221
Pulmonx
Corp.
(a)
...................
8,806
77,405
RxSight,
Inc.
(a)
.....................
5,010
110,921
SI-BONE,
Inc.
(a)
....................
8,160
138,802
Sight
Sciences,
Inc.
(a)
................
6,874
10,895
Silk
Road
Medical,
Inc.
(a)(b)
.............
8,784
65,968
STAAR
Surgical
Co.
(a)
................
10,823
452,618
Tandem
Diabetes
Care,
Inc.
(a)
..........
14,512
251,057
TransMedics
Group,
Inc.
(a)(b)
............
7,282
272,929
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Treace
Medical
Concepts,
Inc.
(a)
.........
9,611
$
96,398
UFP
Technologies,
Inc.
(a)
..............
1,582
246,665
Varex
Imaging
Corp.
(a)
...............
5,556
100,286
Zynex,
Inc.
(a)
......................
4,820
42,802
15,152,528
Health
Care
Providers
&
Services
—
3.2%
Acadia
Healthcare
Co.,
Inc.
(a)
...........
20,651
1,518,055
Accolade,
Inc.
(a)
....................
9,573
62,224
AdaptHealth
Corp.
(a)
.................
8,504
62,334
Addus
HomeCare
Corp.
(a)
.............
3,613
285,066
Agiliti,
Inc.
(a)
......................
7,614
42,867
Alignment
Healthcare,
Inc.
(a)
...........
21,862
150,410
Amedisys,
Inc.
(a)(b)
..................
3,955
361,843
Apollo
Medical
Holdings,
Inc.
(a)
..........
9,415
293,842
Castle
Biosciences,
Inc.
(a)
.............
6,151
96,079
CorVel
Corp.
(a)
.....................
2,028
393,310
DocGo,
Inc.
(a)
.....................
19,674
116,863
Encompass
Health
Corp.
.............
9,776
611,587
Ensign
Group,
Inc.
(The)
..............
12,578
1,215,035
Guardant
Health,
Inc.
(a)
...............
26,377
682,637
HealthEquity,
Inc.
(a)
..................
19,170
1,374,106
Hims
&
Hers
Health,
Inc.,
Class
A
(a)
.......
32,553
194,667
LifeStance
Health
Group,
Inc.
(a)(b)
........
20,241
118,005
ModivCare,
Inc.
(a)
...................
956
40,381
National
HealthCare
Corp.
.............
1,241
83,594
National
Research
Corp.
..............
3,273
138,317
Option
Care
Health,
Inc.
(a)
.............
40,306
1,117,685
Pennant
Group,
Inc.
(The)
(a)
............
4,402
47,850
Premier,
Inc.,
Class
A
................
8,140
156,451
Privia
Health
Group,
Inc.
(a)(b)
............
22,953
482,472
Progyny,
Inc.
(a)
.....................
18,523
571,620
R1
RCM,
Inc.
(a)
....................
44,223
521,389
RadNet,
Inc.
(a)
.....................
13,451
362,639
Select
Medical
Holdings
Corp.
..........
14,368
326,585
Surgery
Partners,
Inc.
(a)(b)
.............
14,672
339,363
US
Physical
Therapy,
Inc.
.............
3,374
283,787
12,051,063
Health
Care
REITs
—
0.1%
Community
Healthcare
Trust,
Inc.
........
3,005
86,153
Global
Medical
REIT,
Inc.
.............
6,442
55,788
Physicians
Realty
Trust
...............
17,827
193,601
Universal
Health
Realty
Income
Trust
.....
1,417
54,470
390,012
Health
Care
Technology
—
0.7%
Certara,
Inc.
(a)
.....................
24,166
294,584
Definitive
Healthcare
Corp.,
Class
A
(a)
.....
10,321
59,449
Doximity,
Inc.,
Class
A
(a)(b)
.............
28,185
575,820
Evolent
Health,
Inc.,
Class
A
(a)(b)
.........
25,065
612,338
Health
Catalyst,
Inc.
(a)
................
5,395
40,409
HealthStream,
Inc.
..................
5,491
139,471
Phreesia,
Inc.
(a)
....................
11,399
155,710
Schrodinger,
Inc.
(a)(b)
.................
12,255
265,933
Simulations
Plus,
Inc.
(b)
...............
3,580
126,267
Teladoc
Health,
Inc.
(a)(b)
...............
15,006
248,199
2,518,180
Hotel
&
Resort
REITs
—
0.8%
Apple
Hospitality
REIT,
Inc.
............
47,849
750,272
Chatham
Lodging
Trust
...............
11,080
102,490
DiamondRock
Hospitality
Co.
...........
46,769
361,524
Pebblebrook
Hotel
Trust
(b)
.............
12,674
151,201
RLJ
Lodging
Trust
..................
35,131
330,232
Ryman
Hospitality
Properties,
Inc.
.......
7,264
621,798
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotel
&
Resort
REITs
(continued)
Sunstone
Hotel
Investors,
Inc.
..........
23,622
$
219,685
Xenia
Hotels
&
Resorts,
Inc.
...........
23,922
278,213
2,815,415
Hotels,
Restaurants
&
Leisure
—
3.4%
Bally's
Corp.
(a)(b)
....................
3,372
30,753
BJ's
Restaurants,
Inc.
(a)
...............
5,349
137,576
Bowlero
Corp.,
Class
A
(a)(b)
.............
10,302
103,947
Boyd
Gaming
Corp.
.................
6,097
336,859
Choice
Hotels
International,
Inc.
(b)
........
5,621
621,121
Chuy's
Holdings,
Inc.
(a)
...............
2,768
93,171
Dave
&
Buster's
Entertainment,
Inc.
(a)
.....
2,549
89,062
Denny's
Corp.
(a)
....................
5,449
46,970
Dutch
Bros,
Inc.,
Class
A
(a)
............
11,617
282,758
Everi
Holdings,
Inc.
(a)
................
19,631
211,819
First
Watch
Restaurant
Group,
Inc.
(a)
......
5,306
88,663
Global
Business
Travel
Group
I
(a)
........
10,379
51,169
Hilton
Grand
Vacations,
Inc.
(a)
..........
9,839
353,712
Hyatt
Hotels
Corp.,
Class
A
............
10,314
1,056,566
Jack
in
the
Box,
Inc.
.................
3,150
199,017
Krispy
Kreme,
Inc.
..................
18,765
242,632
Kura
Sushi
USA,
Inc.,
Class
A
(a)(b)
........
1,241
70,911
Life
Time
Group
Holdings,
Inc.
(a)
.........
13,399
158,376
Light
&
Wonder,
Inc.,
Class
A
(a)
..........
13,349
975,945
Lindblad
Expeditions
Holdings,
Inc.
(a)(b)
....
8,424
52,397
Marriott
Vacations
Worldwide
Corp.
.......
5,080
456,489
Monarch
Casino
&
Resort,
Inc.
..........
3,048
183,459
Papa
John's
International,
Inc.
..........
3,820
248,376
Penn
Entertainment,
Inc.
(a)(b)
...........
16,811
331,681
Planet
Fitness,
Inc.,
Class
A
(a)(b)
.........
18,952
1,047,477
Portillo's,
Inc.,
Class
A
(a)(b)
.............
10,692
159,845
RCI
Hospitality
Holdings,
Inc.
...........
1,930
105,204
Red
Rock
Resorts,
Inc.,
Class
A
.........
4,874
192,767
SeaWorld
Entertainment,
Inc.
(a)
.........
2,451
105,589
Shake
Shack,
Inc.,
Class
A
(a)
...........
8,430
472,417
Sweetgreen,
Inc.,
Class
A
(a)(b)
...........
20,265
209,337
Target
Hospitality
Corp.
(a)
.............
3,912
53,712
Texas
Roadhouse,
Inc.
...............
15,015
1,524,623
Wendy's
Co.
(The)
..................
21,738
413,457
Wingstop,
Inc.
.....................
6,718
1,227,849
Wyndham
Hotels
&
Resorts,
Inc.
........
8,290
600,196
Xponential
Fitness,
Inc.,
Class
A
(a)
.......
5,740
81,910
12,617,812
Household
Durables
—
1.8%
Cavco
Industries,
Inc.
(a)
...............
1,806
450,615
Century
Communities,
Inc.
............
3,565
219,247
Cricut,
Inc.,
Class
A
.................
5,439
46,395
GoPro,
Inc.,
Class
A
(a)
................
11,464
28,775
Installed
Building
Products,
Inc.
.........
5,289
590,623
iRobot
Corp.
(a)
.....................
2,490
81,996
Legacy
Housing
Corp.
(a)
..............
823
15,234
Leggett
&
Platt,
Inc.
.................
11,258
263,775
Lovesac
Co.
(The)
(a)(b)
................
2,118
34,862
Meritage
Homes
Corp.
...............
3,800
433,276
Skyline
Champion
Corp.
(a)(b)
............
11,918
698,752
Sonos,
Inc.
(a)
......................
19,311
208,173
Taylor
Morrison
Home
Corp.
(a)
..........
10,517
403,011
Tempur
Sealy
International,
Inc.
.........
22,900
914,397
Toll
Brothers,
Inc.
...................
8,423
595,590
TopBuild
Corp.
(a)
...................
7,116
1,627,856
TRI
Pointe
Homes,
Inc.
(a)
..............
7,405
185,569
Vizio
Holding
Corp.,
Class
A
(a)(b)
.........
22,242
113,212
6,911,358
Security
Shares
Shares
Value
Household
Products
—
0.2%
Energizer
Holdings,
Inc.
..............
10,432
$
329,443
WD-40
Co.
(b)
......................
2,103
444,574
774,017
Independent
Power
and
Renewable
Electricity
Producers
—
0.5%
Altus
Power,
Inc.,
Class
A
(a)
............
13,471
71,531
Clearway
Energy,
Inc.,
Class
A
..........
7,861
160,128
Clearway
Energy,
Inc.,
Class
C
.........
18,380
399,030
Montauk
Renewables,
Inc.
(a)
...........
14,346
144,321
Ormat
Technologies,
Inc.
..............
12,044
741,188
Sunnova
Energy
International,
Inc.
(a)(b)
.....
22,906
209,132
1,725,330
Industrial
REITs
—
1.3%
EastGroup
Properties,
Inc.
............
10,179
1,661,722
First
Industrial
Realty
Trust,
Inc.
.........
29,595
1,251,869
Innovative
Industrial
Properties,
Inc.
......
2,508
180,150
LXP
Industrial
Trust
.................
23,801
188,266
Plymouth
Industrial
REIT,
Inc.
..........
3,761
74,994
STAG
Industrial,
Inc.
................
18,438
612,510
Terreno
Realty
Corp.
................
18,791
1,001,184
4,970,695
Insurance
—
1.4%
BRP
Group,
Inc.,
Class
A
(a)(b)
...........
14,225
297,729
Goosehead
Insurance,
Inc.,
Class
A
(a)
.....
5,338
346,276
Hagerty,
Inc.,
Class
A
(a)
...............
5,274
40,715
Hanover
Insurance
Group,
Inc.
(The)
.....
3,767
441,530
HCI
Group,
Inc.
....................
801
47,235
Hippo
Holdings,
Inc.
(a)
................
3,551
25,567
Lemonade,
Inc.
(a)(b)
..................
7,666
83,866
Oscar
Health,
Inc.,
Class
A
(a)
...........
31,197
159,729
Palomar
Holdings,
Inc.
(a)
..............
5,514
276,141
Primerica,
Inc.
.....................
4,012
766,934
RLI
Corp.
........................
8,995
1,198,494
Ryan
Specialty
Holdings,
Inc.,
Class
A
(a)(b)
..
22,441
969,451
Skyward
Specialty
Insurance
Group,
Inc.
(a)
..
6,052
170,364
Trupanion,
Inc.
(a)(b)
..................
3,783
77,930
White
Mountains
Insurance
Group
Ltd.
(b)
...
295
422,071
5,324,032
Interactive
Media
&
Services
—
0.6%
Bumble,
Inc.,
Class
A
(a)
...............
22,227
298,731
Cargurus,
Inc.,
Class
A
(a)
..............
19,591
337,553
Cars.com,
Inc.
(a)
....................
6,654
101,340
Eventbrite,
Inc.,
Class
A
(a)(b)
............
10,122
83,810
Grindr,
Inc.
(a)
......................
4,260
25,347
QuinStreet,
Inc.
(a)
...................
11,915
134,759
Rumble,
Inc.,
Class
A
(a)(b)
..............
16,911
75,930
Shutterstock,
Inc.
...................
2,927
119,070
TripAdvisor,
Inc.
(a)(b)
.................
24,019
354,521
Vimeo,
Inc.
(a)
......................
16,810
51,775
Yelp,
Inc.
(a)
.......................
9,470
399,539
Ziff
Davis,
Inc.
(a)
....................
3,365
203,448
ZipRecruiter,
Inc.,
Class
A
(a)(b)
...........
16,388
174,532
2,360,355
IT
Services
—
0.4%
BigBear.ai
Holdings,
Inc.
(a)(b)
............
11,048
14,031
BigCommerce
Holdings,
Inc.
(a)(b)
.........
6,805
60,496
DigitalOcean
Holdings,
Inc.
(a)(b)
..........
11,869
242,840
Fastly,
Inc.,
Class
A
(a)
................
14,932
219,052
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)
....
12,577
127,531
Hackett
Group,
Inc.
(The)
.............
2,657
59,225
Perficient,
Inc.
(a)(b)
...................
7,826
455,395
Squarespace,
Inc.,
Class
A
(a)
...........
9,984
283,645
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
IT
Services
(continued)
Thoughtworks
Holding,
Inc.
(a)(b)
..........
20,551
$
69,668
1,531,883
Leisure
Products
—
0.7%
Acushnet
Holdings
Corp.
(b)
............
3,696
188,348
Brunswick
Corp.
...................
6,610
459,197
Johnson
Outdoors,
Inc.,
Class
A
.........
615
29,243
Mattel,
Inc.
(a)
......................
32,331
616,875
Polaris,
Inc.
.......................
4,730
408,767
Smith
&
Wesson
Brands,
Inc.
...........
4,816
70,940
Solo
Brands,
Inc.,
Class
A
(a)
............
2,912
11,211
Topgolf
Callaway
Brands
Corp.
(a)(b)
.......
32,041
391,541
YETI
Holdings,
Inc.
(a)(b)
...............
12,319
523,804
2,699,926
Life
Sciences
Tools
&
Services
—
1.0%
10X
Genomics,
Inc.,
Class
A
(a)(b)
.........
23,175
817,614
Adaptive
Biotechnologies
Corp.
(a)
........
24,520
108,869
Azenta,
Inc.
(a)
.....................
13,504
613,757
BioLife
Solutions,
Inc.
(a)
...............
5,473
55,277
CryoPort,
Inc.
(a)
....................
7,595
73,672
Cytek
Biosciences,
Inc.
(a)
..............
7,955
33,491
Medpace
Holdings,
Inc.
(a)
.............
5,210
1,264,311
Mesa
Laboratories,
Inc.
..............
1,130
106,028
NanoString
Technologies,
Inc.
(a)(b)
........
4,559
6,291
OmniAb,
Inc.
(a)
.....................
21,256
96,715
OmniAb,
Inc.,
12.50
Earnout
Shares,
NVS
(a)(d)
1,386
—
OmniAb,
Inc.,
15.00
Earnout
Shares,
NVS
(a)(d)
1,386
—
Pacific
Biosciences
of
California,
Inc.
(a)(b)
...
52,447
324,122
Quanterix
Corp.
(a)
...................
2,890
62,771
SomaLogic,
Inc.,
Class
A
(a)
............
34,941
77,918
Sotera
Health
Co.
(a)
.................
22,073
279,444
3,920,280
Machinery
—
4.6%
Alamo
Group,
Inc.
..................
2,325
372,697
Albany
International
Corp.,
Class
A
.......
3,773
307,915
Barnes
Group,
Inc.
..................
5,008
104,116
Blue
Bird
Corp.
(a)
...................
3,842
69,963
Chart
Industries,
Inc.
(a)
...............
9,408
1,093,492
Columbus
McKinnon
Corp.
............
3,043
93,025
Crane
Co.
........................
4,971
483,827
Desktop
Metal,
Inc.,
Class
A
(a)(b)
.........
57,069
49,445
Donaldson
Co.,
Inc.
.................
27,156
1,565,815
Douglas
Dynamics,
Inc.
..............
2,104
51,085
Energy
Recovery,
Inc.
(a)
..............
12,581
191,231
Enerpac
Tool
Group
Corp.,
Class
A
.......
12,518
354,259
EnPro
Industries,
Inc.
................
2,644
293,643
ESCO
Technologies,
Inc.
.............
5,759
559,890
Federal
Signal
Corp.
................
13,605
789,634
Flowserve
Corp.
...................
15,309
562,146
Franklin
Electric
Co.,
Inc.
.............
8,894
771,288
Gorman-Rupp
Co.
(The)
..............
3,488
103,070
Helios
Technologies,
Inc.
..............
7,366
380,970
Hillenbrand,
Inc.
...................
9,261
352,196
Hillman
Solutions
Corp.
(a)
.............
17,112
112,255
ITT,
Inc.
.........................
11,684
1,090,701
John
Bean
Technologies
Corp.
..........
7,139
742,599
Kadant,
Inc.
(b)
.....................
1,685
370,700
Lindsay
Corp.
.....................
2,459
307,178
Manitowoc
Co.,
Inc.
(The)
(a)
............
4,320
55,296
Mueller
Industries,
Inc.
...............
14,274
538,273
Mueller
Water
Products,
Inc.,
Class
A
.....
19,803
244,963
Omega
Flex,
Inc.
...................
713
52,099
Oshkosh
Corp.
....................
6,983
612,619
Proto
Labs,
Inc.
(a)
...................
5,934
140,102
Security
Shares
Shares
Value
Machinery
(continued)
RBC
Bearings,
Inc.
(a)(b)
...............
6,511
$
1,431,378
Shyft
Group,
Inc.
(The)
...............
7,289
80,033
SPX
Technologies,
Inc.
(a)
..............
10,221
818,907
Standex
International
Corp.
............
1,595
228,994
Symbotic,
Inc.,
Class
A
(a)(b)
.............
3,627
123,427
Tennant
Co.
......................
2,314
171,745
Terex
Corp.
.......................
9,367
429,009
Titan
International,
Inc.
(a)
..............
5,700
64,752
Trinity
Industries,
Inc.
................
18,256
380,272
Velo3D,
Inc.
(a)(b)
....................
20,633
27,236
Wabash
National
Corp.
...............
4,931
102,022
Watts
Water
Technologies,
Inc.,
Class
A
....
4,345
751,728
17,425,995
Marine
Transportation
—
0.3%
Eagle
Bulk
Shipping,
Inc.
.............
547
22,318
Kirby
Corp.
(a)
......................
7,167
535,375
Matson,
Inc.
......................
4,422
384,935
942,628
Media
—
0.7%
Boston
Omaha
Corp.,
Class
A
(a)
.........
4,719
67,151
Cable
One,
Inc.
....................
357
196,304
EW
Scripps
Co.
(The),
Class
A,
NVS
(a)(b)
...
9,182
50,226
Gray
Television,
Inc.
.................
7,958
51,886
Integral
Ad
Science
Holding
Corp.
(a)
......
12,238
140,492
Magnite,
Inc.
(a)
.....................
27,352
181,617
New
York
Times
Co.
(The),
Class
A
.......
36,664
1,477,926
PubMatic,
Inc.,
Class
A
(a)
..............
9,794
110,378
Scholastic
Corp.,
NVS
...............
2,175
80,258
TechTarget,
Inc.
(a)
...................
2,742
69,044
TEGNA,
Inc.
......................
21,516
312,197
WideOpenWest,
Inc.
(a)
...............
6,131
43,162
2,780,641
Metals
&
Mining
—
1.1%
Alpha
Metallurgical
Resources,
Inc.
......
1,512
332,580
Arch
Resources,
Inc.,
Class
A
..........
2,157
325,340
ATI,
Inc.
(a)(b)
.......................
28,682
1,083,319
Carpenter
Technology
Corp.
...........
10,834
679,508
Century
Aluminum
Co.
(a)
..............
6,755
44,651
Compass
Minerals
International,
Inc.
......
3,224
79,439
Gatos
Silver,
Inc.
(a)(b)
.................
6,610
32,191
Haynes
International,
Inc.
.............
1,861
80,070
Hecla
Mining
Co.
...................
56,689
230,724
Ivanhoe
Electric,
Inc.
(a)
...............
9,316
95,396
Materion
Corp.
....................
4,642
450,181
MP
Materials
Corp.,
Class
A
(a)(b)
.........
32,107
526,555
Piedmont
Lithium,
Inc.
(a)(b)
.............
4,022
110,484
4,070,438
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Ellington
Financial,
Inc.
...............
5,671
68,222
Franklin
BSP
Realty
Trust,
Inc.
..........
9,221
116,277
184,499
Office
REITs
—
0.1%
COPT
Defense
Properties
.............
17,061
388,991
Easterly
Government
Properties,
Inc.
.....
9,838
105,857
494,848
Oil,
Gas
&
Consumable
Fuels
—
2.0%
Centrus
Energy
Corp.,
Class
A
(a)
.........
1,092
57,952
Clean
Energy
Fuels
Corp.
(a)
............
39,296
137,143
CNX
Resources
Corp.
(a)(b)
.............
18,430
400,300
Comstock
Resources,
Inc.
.............
10,597
133,522
CONSOL
Energy,
Inc.
................
2,943
270,432
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Denbury,
Inc.
(a)
....................
11,458
$
1,018,502
Enviva,
Inc.
.......................
7,264
26,296
Green
Plains,
Inc.
(a)
.................
7,267
213,504
HighPeak
Energy,
Inc.
(b)
..............
2,786
49,340
International
Seaways,
Inc.
............
3,932
189,090
Kinetik
Holdings,
Inc.,
Class
A
..........
1,576
55,853
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
19,439
436,406
Matador
Resources
Co.
..............
9,670
596,542
New
Fortress
Energy,
Inc.,
Class
A
.......
14,764
447,349
NextDecade
Corp.
(a)
.................
17,556
77,071
Northern
Oil
&
Gas,
Inc.
..............
9,582
367,374
Range
Resources
Corp.
..............
54,168
1,941,381
REX
American
Resources
Corp.
(a)
.......
1,815
68,988
Riley
Exploration
Permian,
Inc.
..........
572
18,104
SM
Energy
Co.
....................
12,830
517,306
Uranium
Energy
Corp.
(a)
..............
84,223
501,127
Vertex
Energy,
Inc.
(a)(b)
...............
19,222
82,847
Vitesse
Energy,
Inc.
.................
2,521
59,722
7,666,151
Paper
&
Forest
Products
—
0.1%
Mercer
International,
Inc.
..............
6,592
52,340
Sylvamo
Corp.
....................
3,375
149,513
201,853
Passenger
Airlines
—
0.3%
Allegiant
Travel
Co.
.................
3,373
224,709
Frontier
Group
Holdings,
Inc.
(a)
..........
8,713
29,537
Hawaiian
Holdings,
Inc.
(a)
.............
6,266
26,380
JetBlue
Airways
Corp.
(a)(b)
.............
27,467
103,276
Joby
Aviation,
Inc.,
Class
A
(a)(b)
..........
82,643
435,529
Sun
Country
Airlines
Holdings,
Inc.
(a)(b)
.....
8,996
117,128
936,559
Personal
Care
Products
—
0.8%
Beauty
Health
Co.
(The),
Class
A
(a)(b)
......
18,381
74,443
BellRing
Brands,
Inc.
(a)
...............
29,455
1,288,067
elf
Beauty,
Inc.
(a)
...................
12,199
1,129,993
Inter
Parfums,
Inc.
..................
4,017
510,601
Medifast,
Inc.
.....................
1,028
71,097
Olaplex
Holdings,
Inc.
(a)
..............
8,758
12,436
USANA
Health
Sciences,
Inc.
(a)
.........
1,540
70,147
3,156,784
Pharmaceuticals
—
1.3%
Aclaris
Therapeutics,
Inc.
(a)
............
12,381
61,657
Amphastar
Pharmaceuticals,
Inc.
(a)
.......
8,585
388,643
Amylyx
Pharmaceuticals,
Inc.
(a)
.........
9,148
149,204
ANI
Pharmaceuticals,
Inc.
(a)
............
3,573
220,597
Arvinas,
Inc.
(a)
.....................
11,931
192,328
Axsome
Therapeutics,
Inc.
(a)
...........
8,695
541,525
Cassava
Sciences,
Inc.
(a)(b)
............
8,910
179,537
Corcept
Therapeutics,
Inc.
(a)
...........
10,756
302,028
Cymabay
Therapeutics,
Inc.
(a)
..........
10,572
173,169
Evolus,
Inc.
(a)(b)
....................
9,789
74,396
Harmony
Biosciences
Holdings,
Inc.
(a)
.....
7,498
176,503
Harrow,
Inc.
(a)(b)
....................
6,891
98,782
Intra-Cellular
Therapies,
Inc.
(a)
..........
20,043
997,340
Ligand
Pharmaceuticals,
Inc.
(a)
..........
3,634
190,022
Liquidia
Corp.
(a)
....................
10,863
70,718
Marinus
Pharmaceuticals,
Inc.
(a)
.........
11,290
78,353
Ocular
Therapeutix,
Inc.
(a)
.............
17,581
50,106
Pacira
BioSciences,
Inc.
(a)(b)
............
10,362
292,830
Pliant
Therapeutics,
Inc.
(a)
.............
11,851
173,854
Revance
Therapeutics,
Inc.
(a)
...........
19,622
154,818
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Scilex
Holding
Co.,
(Acquired
01/06/23,
cost
$157,754)
(a)(e)
...................
15,053
$
27,906
SIGA
Technologies,
Inc.
..............
2,697
13,755
Supernus
Pharmaceuticals,
Inc.
(a)
........
5,859
139,737
Tarsus
Pharmaceuticals,
Inc.
(a)(b)
.........
2,012
28,651
Theravance
Biopharma,
Inc.
(a)(b)
.........
4,128
38,968
Tilray
Brands,
Inc.,
Class
2
(a)(b)
..........
90,136
162,245
Ventyx
Biosciences,
Inc.
(a)(b)
............
4,214
60,766
5,038,438
Professional
Services
—
3.0%
Alight,
Inc.,
Class
A
(a)
................
43,964
291,921
ASGN,
Inc.
(a)
......................
6,262
522,626
Barrett
Business
Services,
Inc.
..........
793
72,528
CACI
International,
Inc.,
Class
A
(a)
.......
1,939
629,710
CBIZ,
Inc.
(a)
.......................
11,112
577,380
Clarivate
plc
(a)(b)
....................
44,970
286,909
CRA
International,
Inc.
...............
1,602
155,570
CSG
Systems
International,
Inc.
.........
2,674
125,304
ExlService
Holdings,
Inc.
(a)
............
37,158
970,195
Exponent,
Inc.
.....................
11,398
835,359
First
Advantage
Corp.
................
4,554
59,248
Forrester
Research,
Inc.
(a)
.............
1,113
25,822
Franklin
Covey
Co.
(a)
................
2,532
99,786
FTI
Consulting,
Inc.
(a)
................
7,635
1,620,605
Heidrick
&
Struggles
International,
Inc.
....
1,465
35,658
HireRight
Holdings
Corp.
(a)
............
886
8,160
Huron
Consulting
Group,
Inc.
(a)
..........
4,240
421,286
ICF
International,
Inc.
................
2,219
281,214
Insperity,
Inc.
......................
8,126
860,056
Kforce,
Inc.
.......................
2,282
139,293
Korn
Ferry
.......................
5,494
250,087
Legalzoom.com,
Inc.
(a)
...............
23,893
238,213
Maximus,
Inc.
.....................
7,341
548,520
NV5
Global,
Inc.
(a)
..................
2,842
268,143
Paycor
HCM,
Inc.
(a)(b)
................
14,180
306,004
Planet
Labs
PBC,
Class
A
(a)
............
42,072
90,876
Resources
Connection,
Inc.
............
2,266
30,523
Sterling
Check
Corp.
(a)(b)
..............
2,667
29,817
TriNet
Group,
Inc.
(a)
.................
2,923
300,338
Upwork,
Inc.
(a)
.....................
27,843
290,959
Verra
Mobility
Corp.,
Class
A
(a)
..........
38,055
752,347
11,124,457
Real
Estate
Management
&
Development
—
0.4%
DigitalBridge
Group,
Inc.,
Class
A
........
17,905
283,794
eXp
World
Holdings,
Inc.
(b)
.............
17,132
227,342
Forestar
Group,
Inc.
(a)
................
1,797
42,679
FRP
Holdings,
Inc.
(a)
.................
1,534
82,514
Howard
Hughes
Holdings,
Inc.
(a)(b)
........
4,816
319,445
Marcus
&
Millichap,
Inc.
..............
2,632
75,538
St.
Joe
Co.
(The)
...................
7,943
370,462
Tejon
Ranch
Co.
(a)
..................
5,635
87,455
1,489,229
Residential
REITs
—
0.3%
Apartment
Income
REIT
Corp.
..........
13,881
405,464
Apartment
Investment
&
Management
Co.,
Class
A
(a)
......................
13,501
79,116
Independence
Realty
Trust,
Inc.
.........
25,285
313,281
NexPoint
Residential
Trust,
Inc.
.........
2,597
70,093
Veris
Residential,
Inc.
................
11,301
151,320
1,019,274
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Retail
REITs
—
1.1%
Acadia
Realty
Trust
.................
9,242
$
132,345
Agree
Realty
Corp.
.................
10,923
611,033
Brixmor
Property
Group,
Inc.
...........
32,873
683,430
Getty
Realty
Corp.
..................
3,685
98,095
InvenTrust
Properties
Corp.
............
5,933
148,918
Kite
Realty
Group
Trust
...............
20,459
436,186
NETSTREIT
Corp.
..................
14,952
213,066
Phillips
Edison
&
Co.,
Inc.
.............
13,142
464,044
Retail
Opportunity
Investments
Corp.
.....
9,806
115,122
SITE
Centers
Corp.
.................
16,155
188,367
Spirit
Realty
Capital,
Inc.
..............
11,625
418,384
Tanger
Factory
Outlet
Centers,
Inc.
.......
10,272
231,634
Urban
Edge
Properties
...............
11,997
190,272
Whitestone
REIT
...................
4,583
45,601
3,976,497
Semiconductors
&
Semiconductor
Equipment
—
3.6%
ACM
Research,
Inc.,
Class
A
(a)
..........
5,653
76,881
Aehr
Test
Systems
(a)
.................
5,819
137,096
Allegro
MicroSystems,
Inc.
(a)
...........
16,016
415,775
Ambarella,
Inc.
(a)
...................
8,308
373,777
Amkor
Technology,
Inc.
...............
10,513
219,301
Axcelis
Technologies,
Inc.
(a)
............
7,351
937,253
CEVA,
Inc.
(a)
......................
5,302
91,035
Cirrus
Logic,
Inc.
(a)
..................
4,195
280,771
Cohu,
Inc.
(a)
......................
10,622
320,147
Credo
Technology
Group
Holding
Ltd.
(a)
....
25,853
367,630
Diodes,
Inc.
(a)
.....................
5,255
341,995
FormFactor,
Inc.
(a)
..................
17,435
590,698
Ichor
Holdings
Ltd.
(a)
.................
4,366
105,919
Impinj,
Inc.
(a)
......................
5,073
327,767
indie
Semiconductor,
Inc.,
Class
A
(a)
......
27,325
133,619
Kulicke
&
Soffa
Industries,
Inc.
..........
12,595
524,078
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
12,088
852,688
Magnachip
Semiconductor
Corp.
(a)(b)
......
4,537
33,528
MaxLinear,
Inc.
(a)
...................
5,471
83,159
MKS
Instruments,
Inc.
...............
4,512
296,258
Navitas
Semiconductor
Corp.
(a)
.........
26,930
141,113
Onto
Innovation,
Inc.
(a)
...............
11,000
1,236,070
PDF
Solutions,
Inc.
(a)
................
6,882
182,579
Power
Integrations,
Inc.
..............
5,621
389,704
Rambus,
Inc.
(a)
....................
24,492
1,330,650
Semtech
Corp.
(a)
...................
8,954
124,998
Silicon
Laboratories,
Inc.
(a)
.............
7,141
658,257
SiTime
Corp.
(a)(b)
...................
3,845
383,731
SkyWater
Technology,
Inc.
(a)
...........
4,230
20,854
Synaptics,
Inc.
(a)
...................
4,267
356,977
Ultra
Clean
Holdings,
Inc.
(a)
............
6,260
149,364
Universal
Display
Corp.
..............
9,766
1,359,232
Veeco
Instruments,
Inc.
(a)
.............
7,032
168,346
Wolfspeed,
Inc.
(a)
...................
13,772
466,045
13,477,295
Software
—
11.3%
A10
Networks,
Inc.
..................
15,536
168,876
ACI
Worldwide,
Inc.
(a)
................
14,685
299,133
Agilysys,
Inc.
(a)
....................
4,582
393,090
Alarm.com
Holdings,
Inc.
(a)
............
11,205
572,912
Alkami
Technology,
Inc.
(a)(b)
............
8,924
160,186
Altair
Engineering,
Inc.,
Class
A
(a)
........
12,148
754,634
Alteryx,
Inc.,
Class
A
(a)
...............
8,847
283,192
Amplitude,
Inc.,
Class
A
(a)
.............
16,174
161,093
Appfolio,
Inc.,
Class
A
(a)
..............
4,413
827,746
Appian
Corp.,
Class
A
(a)(b)
.............
9,380
370,135
AppLovin
Corp.,
Class
A
(a)(b)
............
30,396
1,107,630
Security
Shares
Shares
Value
Software
(continued)
Asana,
Inc.,
Class
A
(a)
................
17,580
$
324,703
AvePoint,
Inc.,
Class
A
(a)
..............
20,944
156,871
Blackbaud,
Inc.
(a)
...................
6,153
402,406
BlackLine,
Inc.
(a)
...................
11,360
557,776
Box,
Inc.,
Class
A
(a)(b)
................
32,469
807,179
Braze,
Inc.,
Class
A
(a)
................
10,534
448,538
C3.ai,
Inc.,
Class
A
(a)(b)
...............
20,507
500,371
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
...
27,631
297,586
Cerence,
Inc.
(a)(b)
...................
6,190
94,769
Clear
Secure,
Inc.,
Class
A
............
18,773
315,762
Clearwater
Analytics
Holdings,
Inc.,
Class
A
(a)(b)
19,634
354,983
CommVault
Systems,
Inc.
(a)
............
4,181
273,228
Confluent,
Inc.,
Class
A
(a)(b)
............
47,518
1,373,745
Couchbase,
Inc.
(a)
..................
6,520
101,451
Digital
Turbine,
Inc.
(a)
................
7,512
35,607
Dolby
Laboratories,
Inc.,
Class
A
........
13,366
1,081,844
Domo,
Inc.,
Class
B
(a)(b)
...............
6,878
56,124
DoubleVerify
Holdings,
Inc.
(a)
...........
28,155
783,554
Dropbox,
Inc.,
Class
A
(a)
..............
32,184
846,439
E2open
Parent
Holdings,
Inc.,
Class
A
(a)(b)
..
39,095
112,985
Elastic
NV
(a)
......................
17,914
1,344,267
Enfusion,
Inc.,
Class
A
(a)(b)
.............
7,706
63,960
EngageSmart,
Inc.
(a)
.................
10,078
228,267
Envestnet,
Inc.
(a)
...................
10,329
382,173
Everbridge,
Inc.
(a)
...................
9,271
191,075
EverCommerce,
Inc.
(a)
...............
4,629
44,346
Expensify,
Inc.,
Class
A
(a)
.............
9,317
24,876
Five9,
Inc.
(a)
......................
16,182
936,452
Freshworks,
Inc.,
Class
A
(a)(b)
...........
35,696
640,386
Gitlab,
Inc.,
Class
A
(a)(b)
...............
17,920
775,578
Guidewire
Software,
Inc.
(a)
.............
10,526
948,708
HashiCorp,
Inc.,
Class
A
(a)
.............
22,585
444,699
Informatica,
Inc.,
Class
A
(a)
............
4,355
83,529
Instructure
Holdings,
Inc.
(a)
............
4,176
102,855
Intapp,
Inc.
(a)
......................
5,695
194,769
InterDigital,
Inc.
....................
5,936
446,684
Jamf
Holding
Corp.
(a)
................
11,697
187,854
JFrog
Ltd.
(a)
.......................
17,595
395,712
LiveRamp
Holdings,
Inc.
(a)
.............
14,831
410,225
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
39,350
346,673
Matterport,
Inc.,
Class
A
(a)
.............
15,719
32,067
MeridianLink,
Inc.
(a)(b)
................
4,760
78,159
MicroStrategy,
Inc.,
Class
A
(a)(b)
..........
2,718
1,150,774
Mitek
Systems,
Inc.
(a)
................
5,037
53,795
Model
N,
Inc.
(a)
....................
7,736
186,438
N-able,
Inc.
(a)
......................
15,580
201,917
nCino,
Inc.
(a)(b)
.....................
13,652
383,621
New
Relic,
Inc.
(a)
...................
12,133
1,051,567
Nutanix,
Inc.,
Class
A
(a)
...............
35,059
1,268,785
Olo,
Inc.,
Class
A
(a)
..................
24,390
124,633
OneSpan,
Inc.
(a)
....................
8,074
63,785
PagerDuty,
Inc.
(a)
...................
20,748
418,487
Pegasystems,
Inc.
..................
9,481
405,218
PowerSchool
Holdings,
Inc.,
Class
A
(a)(b)
...
12,768
254,339
Progress
Software
Corp.
..............
9,754
501,161
PROS
Holdings,
Inc.
(a)(b)
..............
3,696
115,130
Q2
Holdings,
Inc.
(a)
..................
13,162
395,255
Qualys,
Inc.
(a)(b)
....................
8,227
1,258,320
Rapid7,
Inc.
(a)
.....................
13,600
632,264
RingCentral,
Inc.,
Class
A
(a)(b)
...........
8,715
231,645
Riot
Platforms,
Inc.
(a)(b)
...............
39,668
387,953
Samsara,
Inc.,
Class
A
(a)(b)
.............
34,330
791,993
SEMrush
Holdings,
Inc.,
Class
A
(a)
.......
6,645
53,692
SentinelOne,
Inc.,
Class
A
(a)
............
53,508
836,330
Smartsheet,
Inc.,
Class
A
(a)
............
29,961
1,184,658
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
SolarWinds
Corp.
(a)
.................
4,834
$
44,521
SoundHound
AI,
Inc.,
Class
A
(a)(b)
........
45,337
72,086
Sprinklr,
Inc.,
Class
A
(a)
...............
23,229
315,682
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
10,887
471,189
SPS
Commerce,
Inc.
(a)
...............
8,211
1,316,552
Tenable
Holdings,
Inc.
(a)
..............
25,931
1,091,954
Teradata
Corp.
(a)
...................
22,414
957,526
UiPath,
Inc.,
Class
A
(a)(b)
..............
90,198
1,400,775
Varonis
Systems,
Inc.
(a)
...............
24,605
827,712
Verint
Systems,
Inc.
(a)(b)
...............
4,798
90,250
Vertex,
Inc.,
Class
A
(a)(b)
...............
9,407
227,743
Workiva,
Inc.,
Class
A
(a)
...............
10,612
924,199
Yext,
Inc.
(a)
.......................
15,817
95,377
Zeta
Global
Holdings
Corp.,
Class
A
(a)(b)
....
33,833
263,897
Zuora,
Inc.,
Class
A
(a)
................
28,868
213,912
42,592,997
Specialized
REITs
—
0.5%
EPR
Properties
....................
6,222
265,680
Farmland
Partners,
Inc.
..............
9,908
103,241
Four
Corners
Property
Trust,
Inc.
........
10,271
218,772
Gladstone
Land
Corp.
...............
3,126
42,701
National
Storage
Affiliates
Trust
.........
10,706
305,335
Outfront
Media,
Inc.
.................
18,765
183,147
PotlatchDeltic
Corp.
.................
7,363
315,505
Rayonier,
Inc.
.....................
15,072
380,417
Safehold,
Inc.
(b)
....................
4,726
76,892
1,891,690
Specialty
Retail
—
1.4%
Abercrombie
&
Fitch
Co.,
Class
A
(a)
.......
4,725
287,374
Academy
Sports
&
Outdoors,
Inc.
........
8,563
383,965
Arko
Corp.
.......................
6,016
45,421
Boot
Barn
Holdings,
Inc.
(a)
.............
3,363
233,729
Camping
World
Holdings,
Inc.,
Class
A
....
5,042
84,453
Chewy,
Inc.,
Class
A
(a)(b)
..............
26,148
505,441
EVgo,
Inc.,
Class
A
(a)(b)
...............
21,455
44,305
GameStop
Corp.,
Class
A
(a)(b)
...........
26,202
360,802
Monro,
Inc.
(b)
......................
4,332
107,520
Murphy
USA,
Inc.
..................
4,373
1,586,043
National
Vision
Holdings,
Inc.
(a)
.........
8,105
125,952
Overstock.com,
Inc.
(a)(b)
...............
3,287
51,277
Revolve
Group,
Inc.,
Class
A
(a)(b)
.........
6,217
85,484
RH
(a)(b)
..........................
2,201
479,730
Valvoline,
Inc.
.....................
16,650
494,005
Warby
Parker,
Inc.,
Class
A
(a)
...........
16,729
217,142
Winmark
Corp.
....................
647
260,948
5,353,591
Technology
Hardware,
Storage
&
Peripherals
—
1.1%
(a)
Avid
Technology,
Inc.
................
3,223
87,085
Corsair
Gaming,
Inc.
................
5,316
67,992
CPI
Card
Group,
Inc.
................
487
8,060
IonQ,
Inc.
(b)
.......................
38,239
368,624
Pure
Storage,
Inc.,
Class
A
............
64,839
2,192,207
Super
Micro
Computer,
Inc.
(b)
...........
5,769
1,381,502
4,105,470
Textiles,
Apparel
&
Luxury
Goods
—
0.8%
Columbia
Sportswear
Co.
.............
5,019
370,402
Crocs,
Inc.
(a)
......................
9,489
847,558
Figs,
Inc.,
Class
A
(a)(b)
................
27,244
150,114
Oxford
Industries,
Inc.
...............
1,170
98,748
Skechers
USA,
Inc.,
Class
A
(a)
..........
30,081
1,450,506
Steven
Madden
Ltd.
.................
5,669
185,887
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
Wolverine
World
Wide,
Inc.
............
7,506
$
60,423
3,163,638
Tobacco
—
0.0%
Turning
Point
Brands,
Inc.
.............
1,698
34,045
Trading
Companies
&
Distributors
—
1.9%
Alta
Equipment
Group,
Inc.,
Class
A
......
3,431
31,531
Applied
Industrial
Technologies,
Inc.
......
8,660
1,329,397
Beacon
Roofing
Supply,
Inc.
(a)(b)
.........
6,593
469,224
BlueLinx
Holdings,
Inc.
(a)
..............
669
47,573
Core
&
Main,
Inc.,
Class
A
(a)(b)
..........
23,590
709,587
Custom
Truck
One
Source,
Inc.
(a)
........
13,959
80,543
Distribution
Solutions
Group,
Inc.
(a)
.......
2,450
73,868
DXP
Enterprises,
Inc.
(a)
...............
1,489
48,541
FTAI
Aviation
Ltd.
...................
14,786
556,101
GATX
Corp.
......................
3,293
344,382
Global
Industrial
Co.
.................
1,583
50,577
H&E
Equipment
Services,
Inc.
..........
3,581
145,818
Herc
Holdings,
Inc.
..................
3,539
377,930
McGrath
RentCorp
..................
5,460
549,276
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
4,729
448,073
Rush
Enterprises,
Inc.,
Class
A
.........
7,051
250,875
Rush
Enterprises,
Inc.,
Class
B
.........
1,026
41,491
SiteOne
Landscape
Supply,
Inc.
(a)
........
10,104
1,392,028
Titan
Machinery,
Inc.
(a)
...............
1,943
48,264
Transcat,
Inc.
(a)
....................
1,769
159,245
Xometry,
Inc.,
Class
A
(a)(b)
.............
9,101
132,420
7,286,744
Water
Utilities
—
0.4%
American
States
Water
Co.
............
5,258
410,387
Artesian
Resources
Corp.,
Class
A,
NVS
...
1,034
40,636
California
Water
Service
Group
.........
6,672
324,793
Middlesex
Water
Co.
................
3,960
251,579
SJW
Group
.......................
4,001
249,982
York
Water
Co.
(The)
................
2,098
75,675
1,353,052
Wireless
Telecommunication
Services
—
0.1%
Gogo,
Inc.
(a)(b)
.....................
13,782
144,711
Shenandoah
Telecommunications
Co.
.....
6,518
154,216
298,927
Total
Long-Term
Investments
—
99.7%
(Cost:
$425,836,178)
.............................
375,193,262
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
41
(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,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
14.4%
(f)(g)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(h)
............
53,584,390
$
53,605,823
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.33%
..................
792,862
792,862
Total
Short-Term
Securities
—
14.4%
(Cost:
$54,364,230)
..............................
54,398,685
Total
Investments
—
114.1%
(Cost:
$480,200,408
)
.............................
429,591,947
Liabilities
in
Excess
of
Other
Assets
—
(14.1)%
...........
(53,235,685)
Net
Assets
—
100.0%
..............................
$
376,356,262
(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
$27,906,
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
04/30/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/23
Shares
Held
at
10/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
...............
$
62,391,598
$
—
$
(8,791,748)
(a)
$
4,788
$
1,185
$
53,605,823
53,584,390
$
436,837
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
808,997
—
(16,135)
(a)
—
—
792,862
792,862
23,545
—
$
4,788
$
1,185
$
54,398,685
$
460,382
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
42
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
....................................................
10
12/15/23
$
834
$
(51,196)
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)
......
$
—
$
—
$
51,196
$
—
$
—
$
—
$
51,196
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
October
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
12,793
$
—
$
—
$
—
$
12,793
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(49,449)
$
—
$
—
$
—
$
(49,449)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,079,075
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
43
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
375,165,356
$
27,906
$
—
$
375,193,262
Short-Term
Securities
Money
Market
Funds
......................................
54,398,685
—
—
54,398,685
$
429,564,041
$
27,906
$
—
$
429,591,947
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(51,196)
$
—
$
—
$
(51,196)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.3%
AAR
Corp.
(a)
......................
6,814
$
404,479
AerSale
Corp.
(a)
....................
5,801
88,697
BWX
Technologies,
Inc.
..............
8,669
643,933
Curtiss-Wright
Corp.
.................
2,605
517,900
Ducommun,
Inc.
(a)
..................
1,177
56,308
Kaman
Corp.
.....................
3,103
57,747
Mercury
Systems,
Inc.
(a)
..............
10,464
376,495
Moog,
Inc.,
Class
A
.................
3,378
392,017
National
Presto
Industries,
Inc.
..........
1,093
81,702
Parsons
Corp.
(a)
....................
3,612
204,259
Spirit
AeroSystems
Holdings,
Inc.,
Class
A
(a)
.
21,515
486,239
Triumph
Group,
Inc.
(a)
................
8,420
62,813
V2X,
Inc.
(a)
.......................
2,418
123,487
Woodward,
Inc.
....................
6,317
787,730
4,283,806
Air
Freight
&
Logistics
—
0.4%
Air
Transport
Services
Group,
Inc.
(a)(b)
.....
7,731
151,296
Forward
Air
Corp.
..................
1,955
125,921
GXO
Logistics,
Inc.
(a)
................
11,540
582,885
Hub
Group,
Inc.,
Class
A
(a)
.............
6,417
441,169
1,301,271
Automobile
Components
—
1.0%
Adient
plc
(a)
.......................
6,228
209,821
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
23,740
160,245
Autoliv,
Inc.
.......................
7,389
677,202
Dana,
Inc.
........................
9,151
105,053
Garrett
Motion,
Inc.
(a)(b)
...............
30,644
216,347
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
......
58,057
690,878
LCI
Industries
.....................
2,940
318,961
Modine
Manufacturing
Co.
(a)
...........
4,962
195,999
Patrick
Industries,
Inc.
...............
4,296
322,844
QuantumScape
Corp.,
Class
A
(a)(b)
.......
21,885
114,240
Standard
Motor
Products,
Inc.
..........
3,774
131,826
Stoneridge,
Inc.
(a)
...................
5,709
92,885
3,236,301
Automobiles
—
0.4%
Harley-Davidson,
Inc.
................
26,352
707,551
Thor
Industries,
Inc.
.................
5,529
486,165
Winnebago
Industries,
Inc.
............
3,707
214,821
1,408,537
Banks
—
13.6%
1st
Source
Corp.
...................
3,580
163,320
Amalgamated
Financial
Corp.
..........
3,911
71,337
Amerant
Bancorp,
Inc.,
Class
A
.........
5,676
103,473
Ameris
Bancorp
....................
13,410
500,193
Associated
Banc-Corp.
...............
31,288
507,178
Atlantic
Union
Bankshares
Corp.
........
15,490
446,267
Axos
Financial,
Inc.
(a)(b)
...............
4,778
172,151
Banc
of
California,
Inc.
...............
11,301
126,684
BancFirst
Corp.
....................
1,535
124,504
Bank
First
Corp.
...................
1,086
85,761
Bank
of
Hawaii
Corp.
................
8,204
405,196
Bank
OZK
.......................
21,506
770,130
BankUnited,
Inc.
...................
15,412
336,136
Banner
Corp.
.....................
7,225
304,967
Berkshire
Hills
Bancorp,
Inc.
...........
9,149
179,412
BOK
Financial
Corp.
.................
5,713
374,316
Brookline
Bancorp,
Inc.
...............
17,625
143,468
Byline
Bancorp,
Inc.
.................
6,072
115,186
Cadence
Bank
....................
37,801
800,625
Cambridge
Bancorp
.................
1,530
82,176
Security
Shares
Shares
Value
Banks
(continued)
Camden
National
Corp.
..............
3,119
$
90,950
Capital
City
Bank
Group,
Inc.
...........
1,787
51,055
Capitol
Federal
Financial,
Inc.
..........
25,991
135,153
Cathay
General
Bancorp
..............
15,239
516,755
Central
Pacific
Financial
Corp.
..........
3,937
62,126
City
Holding
Co.
...................
1,945
176,567
CNB
Financial
Corp.
.................
4,716
85,737
Coastal
Financial
Corp.
(a)
.............
1,354
50,328
Columbia
Banking
System,
Inc.
.........
42,564
837,234
Columbia
Financial,
Inc.
(a)
.............
2,957
47,608
Comerica,
Inc.
.....................
26,925
1,060,845
Commerce
Bancshares,
Inc.
...........
23,166
1,016,061
Community
Bank
System,
Inc.
..........
11,044
441,208
Community
Trust
Bancorp,
Inc.
.........
3,231
121,356
ConnectOne
Bancorp,
Inc.
............
7,594
123,706
CrossFirst
Bankshares,
Inc.
(a)
...........
6,402
67,733
Cullen/Frost
Bankers,
Inc.
.............
8,395
763,861
Customers
Bancorp,
Inc.
(a)(b)
...........
5,801
233,258
CVB
Financial
Corp.
.................
26,983
421,474
Dime
Community
Bancshares,
Inc.
.......
7,154
131,562
Eagle
Bancorp,
Inc.
.................
6,181
120,406
Eastern
Bankshares,
Inc.
.............
31,959
351,869
Enterprise
Financial
Services
Corp.
......
7,687
267,277
Farmers
National
Banc
Corp.
...........
7,162
80,859
FB
Financial
Corp.
..................
7,175
210,730
First
Bancorp
.....................
44,254
724,393
First
Bancshares,
Inc.
(The)
............
5,942
143,915
First
Busey
Corp.
...................
10,814
214,766
First
Commonwealth
Financial
Corp.
......
21,255
258,886
First
Financial
Bancorp
...............
19,821
366,689
First
Financial
Bankshares,
Inc.
.........
16,893
406,277
First
Financial
Corp.
.................
2,323
79,934
First
Hawaiian,
Inc.
.................
26,245
470,573
First
Interstate
BancSystem,
Inc.,
Class
A
..
17,013
392,490
First
Merchants
Corp.
................
12,355
337,415
First
Mid
Bancshares,
Inc.
.............
4,078
111,411
FNB
Corp.
.......................
74,217
793,380
Fulton
Financial
Corp.
................
34,185
444,063
German
American
Bancorp,
Inc.
.........
4,100
112,053
Glacier
Bancorp,
Inc.
................
22,671
684,438
Great
Southern
Bancorp,
Inc.
...........
1,901
94,518
Hancock
Whitney
Corp.
..............
17,623
606,760
Hanmi
Financial
Corp.
...............
6,196
90,957
HarborOne
Bancorp,
Inc.
.............
8,534
83,975
HBT
Financial,
Inc.
..................
2,812
50,616
Heartland
Financial
USA,
Inc.
..........
8,073
221,200
Heritage
Commerce
Corp.
.............
13,040
106,667
Heritage
Financial
Corp.
..............
7,698
125,246
Hilltop
Holdings,
Inc.
.................
9,524
263,053
Hingham
Institution
for
Savings
(The)
.....
372
55,272
Home
BancShares,
Inc.
..............
38,612
789,615
Hope
Bancorp,
Inc.
.................
25,728
225,377
Horizon
Bancorp,
Inc.
................
8,431
80,010
Independent
Bank
Corp.
..............
9,130
445,544
Independent
Bank
Group,
Inc.
..........
7,386
261,095
International
Bancshares
Corp.
.........
10,920
478,624
Kearny
Financial
Corp.
...............
13,571
94,183
Lakeland
Bancorp,
Inc.
...............
13,920
157,018
Lakeland
Financial
Corp.
..............
3,469
170,848
Luther
Burbank
Corp.
................
3,227
26,268
Mercantile
Bank
Corp.
...............
3,155
103,926
Metrocity
Bankshares,
Inc.
............
3,884
77,835
Midland
States
Bancorp,
Inc.
...........
4,677
102,052
National
Bank
Holdings
Corp.,
Class
A
....
6,807
212,242
NBT
Bancorp,
Inc.
..................
9,705
324,826
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
New
York
Community
Bancorp,
Inc.
......
147,486
$
1,398,167
Nicolet
Bankshares,
Inc.
..............
2,636
191,954
Northfield
Bancorp,
Inc.
..............
8,281
71,217
Northwest
Bancshares,
Inc.
............
26,753
278,766
OceanFirst
Financial
Corp.
............
12,469
157,858
OFG
Bancorp
.....................
9,828
291,105
Old
National
Bancorp
................
59,803
819,301
Old
Second
Bancorp,
Inc.
.............
8,425
114,243
Origin
Bancorp,
Inc.
.................
5,977
176,859
Pacific
Premier
Bancorp,
Inc.
...........
19,961
379,259
PacWest
Bancorp
..................
24,420
172,894
Park
National
Corp.
.................
2,942
298,289
Pathward
Financial,
Inc.
..............
3,628
164,312
Peapack-Gladstone
Financial
Corp.
(b)
.....
2,019
47,184
Peoples
Bancorp,
Inc.
...............
7,065
194,853
Pinnacle
Financial
Partners,
Inc.
.........
15,688
978,304
Popular,
Inc.
......................
14,768
960,511
Preferred
Bank
....................
1,297
77,262
Premier
Financial
Corp.
..............
7,519
130,455
Prosperity
Bancshares,
Inc.
............
19,140
1,043,896
Provident
Financial
Services,
Inc.
........
15,592
219,068
QCR
Holdings,
Inc.
.................
3,494
165,790
Renasant
Corp.
....................
11,626
283,558
Republic
Bancorp,
Inc.,
Class
A
.........
1,875
82,856
S&T
Bancorp,
Inc.
..................
7,951
204,818
Sandy
Spring
Bancorp,
Inc.
............
9,448
193,212
Seacoast
Banking
Corp.
of
Florida
.......
7,706
155,738
Simmons
First
National
Corp.,
Class
A
....
23,992
340,926
Southern
Missouri
Bancorp,
Inc.
.........
2,015
81,507
Southside
Bancshares,
Inc.
............
6,071
162,096
SouthState
Corp.
...................
15,523
1,026,070
Stellar
Bancorp,
Inc.
.................
9,596
208,617
Synovus
Financial
Corp.
..............
29,949
780,770
Texas
Capital
Bancshares,
Inc.
(a)
........
9,856
542,671
Tompkins
Financial
Corp.
.............
2,685
134,465
Towne
Bank
......................
14,342
343,347
TriCo
Bancshares
..................
6,809
220,271
Triumph
Financial,
Inc.
(a)(b)
.............
2,155
134,149
TrustCo
Bank
Corp.
.................
3,711
94,742
Trustmark
Corp.
...................
12,646
254,311
UMB
Financial
Corp.
................
8,920
559,462
United
Bankshares,
Inc.
..............
27,529
782,925
United
Community
Banks,
Inc.
..........
24,170
533,915
Univest
Financial
Corp.
...............
6,229
103,775
Valley
National
Bancorp
..............
87,058
677,311
Veritex
Holdings,
Inc.
................
10,594
182,429
WaFd,
Inc.
.......................
13,490
332,933
Washington
Trust
Bancorp,
Inc.
.........
3,652
84,690
Webster
Financial
Corp.
..............
35,305
1,340,531
WesBanco,
Inc.
....................
12,278
299,460
Westamerica
Bancorp
...............
5,639
266,386
Western
Alliance
Bancorp
.............
22,385
920,024
Wintrust
Financial
Corp.
..............
12,615
942,214
WSFS
Financial
Corp.
...............
12,357
437,438
Zions
Bancorp
NA
..................
30,237
932,811
46,038,583
Beverages
—
0.0%
(a)
Duckhorn
Portfolio,
Inc.
(The)
..........
4,174
43,535
National
Beverage
Corp.
..............
2,366
109,735
153,270
Biotechnology
—
2.0%
(a)
4D
Molecular
Therapeutics,
Inc.
(b)
........
6,125
65,783
Agenus,
Inc.
......................
39,518
31,614
Security
Shares
Shares
Value
Biotechnology
(continued)
Agios
Pharmaceuticals,
Inc.
............
3,903
$
82,002
Alector,
Inc.
......................
6,587
34,252
Allogene
Therapeutics,
Inc.
(b)
...........
10,983
30,972
Amicus
Therapeutics,
Inc.
.............
20,664
226,684
AnaptysBio,
Inc.
...................
2,448
39,927
Arcturus
Therapeutics
Holdings,
Inc.
......
2,708
51,723
Arcus
Biosciences,
Inc.
...............
4,525
71,088
ARS
Pharmaceuticals,
Inc.
(b)
...........
5,727
20,445
Beam
Therapeutics,
Inc.
(b)
.............
4,178
88,323
Biohaven
Ltd.
.....................
7,302
193,576
Bluebird
Bio,
Inc.
...................
9,711
28,648
CareDx,
Inc.
......................
5,433
29,393
Catalyst
Pharmaceuticals,
Inc.
(b)
.........
10,876
134,971
Coherus
Biosciences,
Inc.
.............
12,966
43,436
CRISPR
Therapeutics
AG
(b)
............
16,223
631,561
Dyne
Therapeutics,
Inc.
..............
7,858
55,399
Editas
Medicine,
Inc.
(b)
...............
7,642
51,049
Emergent
BioSolutions,
Inc.
(b)
..........
10,636
22,229
Enanta
Pharmaceuticals,
Inc.
...........
3,985
35,945
EQRx,
Inc.
.......................
36,092
78,681
FibroGen,
Inc.
.....................
10,292
5,568
Geron
Corp.
......................
44,244
84,064
Inhibrx,
Inc.
.......................
2,273
35,163
Intercept
Pharmaceuticals,
Inc.
.........
2,818
53,345
Ionis
Pharmaceuticals,
Inc.
............
16,868
746,746
Iovance
Biotherapeutics,
Inc.
...........
43,406
165,811
Ironwood
Pharmaceuticals,
Inc.,
Class
A
...
28,190
252,864
iTeos
Therapeutics,
Inc.
..............
5,544
55,773
Karyopharm
Therapeutics,
Inc.
(b)
........
14,172
12,330
Krystal
Biotech,
Inc.
.................
1,754
204,990
Kura
Oncology,
Inc.
.................
10,420
88,049
Lexicon
Pharmaceuticals,
Inc.
(b)
.........
14,610
18,116
Lyell
Immunopharma,
Inc.
.............
21,549
35,664
Madrigal
Pharmaceuticals,
Inc.
..........
1,509
198,252
MiMedx
Group,
Inc.
.................
23,959
157,171
Mirati
Therapeutics,
Inc.
(b)
.............
4,186
232,449
Myriad
Genetics,
Inc.
................
16,661
259,578
Novavax,
Inc.
(b)
....................
19,361
128,944
Nurix
Therapeutics,
Inc.
..............
5,070
28,341
Protagonist
Therapeutics,
Inc.
..........
5,172
75,201
PTC
Therapeutics,
Inc.
...............
5,817
109,069
REGENXBIO,
Inc.
..................
8,277
106,691
REVOLUTION
Medicines,
Inc.
..........
8,916
176,537
Sage
Therapeutics,
Inc.
..............
6,825
127,832
Seres
Therapeutics,
Inc.
..............
9,712
14,859
SpringWorks
Therapeutics,
Inc.
.........
5,419
124,095
Travere
Therapeutics,
Inc.
.............
6,449
41,790
Ultragenyx
Pharmaceutical,
Inc.
.........
5,388
190,735
uniQure
NV
.......................
3,702
21,101
Vaxcyte,
Inc.
......................
11,654
560,557
Vir
Biotechnology,
Inc.
...............
17,654
139,996
Viridian
Therapeutics,
Inc.
.............
4,569
57,113
Zymeworks,
Inc.
(b)
..................
9,621
67,539
6,624,034
Broadline
Retail
—
0.6%
Dillard's,
Inc.,
Class
A
................
715
221,972
Kohl's
Corp.
......................
22,782
513,734
Macy's,
Inc.
(b)
.....................
56,051
682,701
Nordstrom,
Inc.
....................
19,811
276,958
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)(b)
....
5,808
448,610
2,143,975
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Building
Products
—
1.2%
American
Woodmark
Corp.
(a)
...........
1,948
$
130,964
Apogee
Enterprises,
Inc.
..............
2,691
115,498
Armstrong
World
Industries,
Inc.
.........
4,004
303,864
AZZ,
Inc.
........................
3,299
155,944
Griffon
Corp.
......................
5,724
228,616
Hayward
Holdings,
Inc.
(a)(b)
.............
25,669
269,524
Insteel
Industries,
Inc.
(b)
..............
2,053
57,299
Janus
International
Group,
Inc.
(a)
........
7,167
67,083
JELD-WEN
Holding,
Inc.
(a)(b)
............
17,309
196,111
Masonite
International
Corp.
(a)
..........
2,904
229,823
Masterbrand,
Inc.
(a)
.................
26,164
290,682
PGT
Innovations,
Inc.
(a)
...............
6,257
187,335
Quanex
Building
Products
Corp.
.........
4,087
109,736
Resideo
Technologies,
Inc.
(a)
...........
14,841
214,898
Trex
Co.,
Inc.
(a)
....................
7,323
411,626
UFP
Industries,
Inc.
.................
6,090
579,585
Zurn
Elkay
Water
Solutions
Corp.
........
16,903
447,253
3,995,841
Capital
Markets
—
2.9%
Affiliated
Managers
Group,
Inc.
.........
4,192
514,610
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
6,880
227,040
B
Riley
Financial,
Inc.
................
3,393
122,861
BGC
Group,
Inc.,
Class
A
.............
79,908
469,060
Diamond
Hill
Investment
Group,
Inc.
......
642
100,858
Donnelley
Financial
Solutions,
Inc.
(a)
......
5,152
280,423
Evercore,
Inc.,
Class
A
...............
7,131
928,314
Federated
Hermes,
Inc.,
Class
B
........
8,167
258,894
Hamilton
Lane,
Inc.,
Class
A
...........
3,197
268,932
Houlihan
Lokey,
Inc.,
Class
A
...........
5,330
535,772
Janus
Henderson
Group
plc
...........
27,172
626,858
Jefferies
Financial
Group,
Inc.
..........
36,224
1,165,688
Moelis
&
Co.,
Class
A
................
13,799
574,590
Open
Lending
Corp.,
Class
A
(a)
..........
11,612
69,556
Oppenheimer
Holdings,
Inc.,
Class
A,
NVS
(b)
1,521
53,341
Piper
Sandler
Cos.
..................
3,064
428,500
Runway
Growth
Finance
Corp.
..........
3,592
43,751
StepStone
Group,
Inc.,
Class
A
.........
10,364
293,301
Stifel
Financial
Corp.
................
21,430
1,221,510
StoneX
Group,
Inc.
(a)
................
3,678
350,587
TPG,
Inc.,
Class
A
..................
12,407
342,930
Victory
Capital
Holdings,
Inc.,
Class
A
.....
7,653
225,457
Virtu
Financial,
Inc.,
Class
A
............
19,332
357,449
Virtus
Investment
Partners,
Inc.
.........
845
155,674
WisdomTree,
Inc.
...................
13,085
81,127
9,697,083
Chemicals
—
1.9%
AdvanSix,
Inc.
.....................
5,659
155,905
American
Vanguard
Corp.
.............
5,555
51,995
Avient
Corp.
......................
9,707
306,935
Axalta
Coating
Systems
Ltd.
(a)
..........
22,181
581,808
Cabot
Corp.
......................
6,482
430,923
Chemours
Co.
(The)
.................
30,290
730,292
Element
Solutions,
Inc.
...............
29,211
532,516
HB
Fuller
Co.
.....................
4,993
330,287
Huntsman
Corp.
...................
33,925
791,470
Ingevity
Corp.
(a)
....................
3,810
153,467
Innospec,
Inc.
.....................
1,573
154,154
Koppers
Holdings,
Inc.
...............
2,910
106,419
Kronos
Worldwide,
Inc.
...............
4,642
32,030
LSB
Industries,
Inc.
(a)
................
11,015
100,347
Mativ
Holdings,
Inc.
.................
11,256
147,454
Minerals
Technologies,
Inc.
............
6,631
358,472
Security
Shares
Shares
Value
Chemicals
(continued)
NewMarket
Corp.
...................
753
$
363,059
Origin
Materials,
Inc.,
Class
A
(a)(b)
........
25,196
24,906
Scotts
Miracle-Gro
Co.
(The)
...........
8,492
377,384
Sensient
Technologies
Corp.
...........
3,887
219,305
Stepan
Co.
.......................
2,040
152,592
Trinseo
plc
.......................
7,631
47,236
Tronox
Holdings
plc
.................
23,876
255,234
6,404,190
Commercial
Services
&
Supplies
—
1.4%
ABM
Industries,
Inc.
.................
9,011
354,493
ACCO
Brands
Corp.
.................
19,527
98,807
Brady
Corp.,
Class
A,
NVS
............
5,266
270,988
BrightView
Holdings,
Inc.
(a)
............
7,995
53,886
Brink's
Co.
(The)
...................
3,525
235,681
Cimpress
plc
(a)
.....................
3,609
215,349
CoreCivic,
Inc.
(a)
...................
23,243
295,186
Deluxe
Corp.
......................
9,113
155,377
Ennis,
Inc.
.......................
5,206
111,200
Enviri
Corp.
(a)
.....................
16,116
92,506
GEO
Group,
Inc.
(The)
(a)
..............
26,166
228,691
Healthcare
Services
Group,
Inc.
.........
15,323
145,568
HNI
Corp.
........................
9,556
331,498
Interface,
Inc.
.....................
8,278
73,591
Matthews
International
Corp.,
Class
A
.....
6,280
222,563
MillerKnoll,
Inc.
....................
15,514
364,579
OPENLANE,
Inc.
(a)
..................
22,346
300,107
Pitney
Bowes,
Inc.
..................
4,409
14,241
SP
Plus
Corp.
(a)(b)
...................
2,607
131,732
Steelcase,
Inc.,
Class
A
..............
19,102
208,403
Stericycle,
Inc.
(a)
...................
8,580
353,839
UniFirst
Corp.
.....................
1,528
251,249
VSE
Corp.
.......................
1,177
63,323
4,572,857
Communications
Equipment
—
0.5%
ADTRAN
Holdings,
Inc.
..............
14,472
95,081
Ciena
Corp.
(a)
.....................
14,238
600,844
Clearfield,
Inc.
(a)
....................
1,539
36,967
CommScope
Holding
Co.,
Inc.
(a)
.........
43,369
64,186
Infinera
Corp.
(a)(b)
...................
13,679
40,079
Lumentum
Holdings,
Inc.
(a)
............
8,304
325,600
NETGEAR,
Inc.
(a)
...................
5,877
74,285
NetScout
Systems,
Inc.
(a)
.............
10,050
219,392
Ribbon
Communications,
Inc.
(a)(b)
........
18,459
34,703
Viasat,
Inc.
(a)(b)
.....................
8,660
159,690
Viavi
Solutions,
Inc.
(a)(b)
...............
23,224
180,683
1,831,510
Construction
&
Engineering
—
0.8%
API
Group
Corp.
(a)(b)
.................
14,475
374,468
Arcosa,
Inc.
......................
4,374
302,112
Argan,
Inc.
.......................
1,527
69,845
Fluor
Corp.
(a)
......................
10,421
346,915
Granite
Construction,
Inc.
.............
5,004
202,562
IES
Holdings,
Inc.
(a)
.................
644
40,076
MasTec,
Inc.
(a)
.....................
4,216
250,599
MDU
Resources
Group,
Inc.
...........
41,832
778,494
Primoris
Services
Corp.
..............
6,619
198,967
Sterling
Infrastructure,
Inc.
(a)
...........
3,235
235,670
2,799,708
Construction
Materials
—
0.2%
Eagle
Materials,
Inc.
.................
4,015
617,949
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Finance
—
1.1%
Atlanticus
Holdings
Corp.
(a)
............
966
$
28,265
Bread
Financial
Holdings,
Inc.
..........
10,330
279,220
Credit
Acceptance
Corp.
(a)(b)
............
1,311
527,586
Encore
Capital
Group,
Inc.
(a)(b)
..........
4,820
181,617
Enova
International,
Inc.
(a)
.............
6,344
252,999
EZCORP,
Inc.,
Class
A,
NVS
(a)
..........
10,719
87,896
Green
Dot
Corp.,
Class
A
(a)
............
5,076
56,750
Navient
Corp.
.....................
17,981
286,078
Nelnet,
Inc.,
Class
A
.................
2,221
188,363
OneMain
Holdings,
Inc.
...............
24,682
886,824
PRA
Group,
Inc.
(a)
..................
8,119
99,945
PROG
Holdings,
Inc.
(a)
...............
9,355
256,233
SLM
Corp.
.......................
46,081
599,053
World
Acceptance
Corp.
(a)
.............
708
69,823
3,800,652
Consumer
Staples
Distribution
&
Retail
—
0.7%
Andersons,
Inc.
(The)
................
6,446
323,138
Chefs'
Warehouse,
Inc.
(The)
(a)(b)
........
3,955
75,264
Grocery
Outlet
Holding
Corp.
(a)
..........
6,831
189,014
Ingles
Markets,
Inc.,
Class
A
...........
1,770
141,989
PriceSmart,
Inc.
....................
2,849
178,034
SpartanNash
Co.
...................
7,289
163,930
Sprouts
Farmers
Market,
Inc.
(a)(b)
........
20,825
875,066
United
Natural
Foods,
Inc.
(a)
............
12,023
175,295
Weis
Markets,
Inc.
..................
2,226
144,913
2,266,643
Containers
&
Packaging
—
1.7%
AptarGroup,
Inc.
...................
5,075
620,520
Berry
Global
Group,
Inc.
..............
24,149
1,328,195
Greif,
Inc.,
Class
A,
NVS
..............
5,193
329,755
Greif,
Inc.,
Class
B
..................
1,064
68,160
Myers
Industries,
Inc.
................
3,026
50,746
O-I
Glass,
Inc.
(a)
....................
31,683
489,503
Pactiv
Evergreen,
Inc.
...............
8,568
73,856
Sealed
Air
Corp.
...................
29,504
908,428
Silgan
Holdings,
Inc.
.................
17,111
685,467
Sonoco
Products
Co.
................
19,962
1,034,231
TriMas
Corp.
......................
8,420
203,848
5,792,709
Diversified
Consumer
Services
—
0.9%
2U,
Inc.
(a)
........................
16,441
34,855
ADT,
Inc.
........................
46,742
264,560
Adtalem
Global
Education,
Inc.
(a)
........
3,304
171,147
Carriage
Services,
Inc.
...............
1,530
33,048
European
Wax
Center,
Inc.,
Class
A
(a)
.....
3,651
53,925
Frontdoor,
Inc.
(a)
....................
16,445
475,754
Graham
Holdings
Co.,
Class
B
..........
748
432,883
H&R
Block,
Inc.
....................
15,332
629,379
Laureate
Education,
Inc.
..............
12,999
183,806
Mister
Car
Wash,
Inc.
(a)(b)
..............
7,206
37,471
Perdoceo
Education
Corp.
.............
13,460
243,491
Strategic
Education,
Inc.
(b)
.............
1,791
147,417
Stride,
Inc.
(a)
......................
3,113
171,153
WW
International,
Inc.
(a)(b)
.............
8,933
69,856
2,948,745
Diversified
REITs
—
0.5%
Alexander
&
Baldwin,
Inc.
.............
8,135
128,533
American
Assets
Trust,
Inc.
............
6,087
108,044
Armada
Hoffler
Properties,
Inc.
.........
14,032
139,759
Broadstone
Net
Lease,
Inc.
............
17,753
251,205
Empire
State
Realty
Trust,
Inc.,
Class
A
....
26,652
215,615
Essential
Properties
Realty
Trust,
Inc.
.....
16,308
357,960
Security
Shares
Shares
Value
Diversified
REITs
(continued)
Gladstone
Commercial
Corp.
...........
8,158
$
97,488
Global
Net
Lease,
Inc.
...............
39,918
316,949
One
Liberty
Properties,
Inc.
............
3,353
61,695
1,677,248
Diversified
Telecommunication
Services
—
0.5%
ATN
International,
Inc.
...............
2,145
66,388
Cogent
Communications
Holdings,
Inc.
....
4,145
269,342
Consolidated
Communications
Holdings,
Inc.
(a)
15,334
63,943
EchoStar
Corp.,
Class
A
(a)
.............
6,887
95,454
Frontier
Communications
Parent,
Inc.
(a)
....
45,323
812,188
Liberty
Latin
America
Ltd.,
Class
A
(a)
......
3,603
24,608
Liberty
Latin
America
Ltd.,
Class
C,
NVS
(a)(b)
.
11,381
77,960
Lumen
Technologies,
Inc.
(a)
............
206,696
301,776
1,711,659
Electric
Utilities
—
1.1%
ALLETE,
Inc.
.....................
11,723
627,650
Hawaiian
Electric
Industries,
Inc.
........
22,535
292,504
IDACORP,
Inc.
....................
6,271
593,926
MGE
Energy,
Inc.
...................
3,627
259,802
Otter
Tail
Corp.
....................
3,712
285,601
PNM
Resources,
Inc.
................
17,547
741,536
Portland
General
Electric
Co.
...........
20,686
827,854
3,628,873
Electrical
Equipment
—
1.3%
Acuity
Brands,
Inc.
(b)
.................
3,369
545,677
Atkore,
Inc.
(a)(b)
.....................
4,944
614,440
Babcock
&
Wilcox
Enterprises,
Inc.
(a)
......
4,035
10,612
Blink
Charging
Co.
(a)(b)
................
6,237
14,844
Encore
Wire
Corp.
(b)
.................
2,040
364,813
EnerSys
.........................
3,217
275,311
FREYR
Battery
SA
(a)(b)
...............
24,221
77,749
Generac
Holdings,
Inc.
(a)(b)
.............
7,095
596,477
GrafTech
International
Ltd.
............
39,077
134,816
nVent
Electric
plc
...................
15,098
726,667
Powell
Industries,
Inc.
................
690
52,889
Preformed
Line
Products
Co.
...........
252
34,108
Sensata
Technologies
Holding
plc
........
16,451
524,458
Sunrun,
Inc.
(a)(b)
....................
44,611
430,496
Thermon
Group
Holdings,
Inc.
(a)
.........
4,200
112,098
TPI
Composites,
Inc.
(a)(b)
..............
3,695
8,535
4,523,990
Electronic
Equipment,
Instruments
&
Components
—
2.6%
Advanced
Energy
Industries,
Inc.
(b)
.......
2,888
252,007
Arlo
Technologies,
Inc.
(a)
..............
19,206
163,059
Arrow
Electronics,
Inc.
(a)
..............
11,375
1,290,039
Avnet,
Inc.
.......................
18,771
869,660
Bel
Fuse,
Inc.,
Class
B,
NVS
...........
847
45,890
Belden,
Inc.
......................
3,033
215,040
Benchmark
Electronics,
Inc.
...........
4,601
111,390
Coherent
Corp.
(a)
...................
26,700
790,320
Crane
NXT
Co.
....................
9,865
512,980
ePlus,
Inc.
(a)
......................
5,522
345,125
FARO
Technologies,
Inc.
(a)
.............
1,459
18,777
Insight
Enterprises,
Inc.
(a)
.............
3,975
569,618
IPG
Photonics
Corp.
(a)
...............
3,461
297,300
Kimball
Electronics,
Inc.
(a)
.............
5,002
131,052
Knowles
Corp.
(a)
...................
12,295
159,712
Methode
Electronics,
Inc.
.............
4,320
98,798
Mirion
Technologies,
Inc.,
Class
A
(a)
......
17,626
122,148
nLight,
Inc.
(a)(b)
.....................
5,151
42,908
OSI
Systems,
Inc.
(a)
.................
1,226
127,835
PC
Connection,
Inc.
.................
1,657
88,782
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Plexus
Corp.
(a)
.....................
2,053
$
201,851
Sanmina
Corp.
(a)
...................
11,704
595,382
ScanSource,
Inc.
(a)
..................
5,274
160,330
TTM
Technologies,
Inc.
(a)
..............
14,792
169,960
Vishay
Intertechnology,
Inc.
............
25,923
576,528
Vishay
Precision
Group,
Inc.
(a)
..........
778
23,278
Vontier
Corp.
......................
31,682
936,520
8,916,289
Energy
Equipment
&
Services
—
1.6%
Archrock,
Inc.
.....................
28,088
355,875
Atlas
Energy
Solutions,
Inc.
............
3,664
66,721
Bristow
Group,
Inc.
(a)
................
4,930
128,870
Diamond
Offshore
Drilling,
Inc.
(a)
.........
8,561
106,242
Helix
Energy
Solutions
Group,
Inc.
(a)
......
9,625
94,325
Helmerich
&
Payne,
Inc.
..............
20,385
806,634
Liberty
Energy,
Inc.,
Class
A
...........
14,548
286,596
Nabors
Industries
Ltd.
(a)
..............
813
79,381
NOV,
Inc.
........................
36,395
726,444
Oil
States
International,
Inc.
(a)
...........
6,225
45,194
Patterson-UTI
Energy,
Inc.
............
36,953
469,303
ProFrac
Holding
Corp.,
Class
A
(a)(b)
.......
2,536
23,889
ProPetro
Holding
Corp.
(a)
..............
17,921
187,812
RPC,
Inc.
........................
7,547
62,791
Select
Water
Solutions,
Inc.,
Class
A
......
7,749
57,653
Tidewater,
Inc.
(a)
...................
3,962
270,803
Transocean
Ltd.
(a)(b)
.................
138,133
914,441
US
Silica
Holdings,
Inc.
(a)
.............
15,655
188,956
Valaris
Ltd.
(a)
......................
8,201
541,594
5,413,524
Entertainment
—
0.3%
(a)
AMC
Entertainment
Holdings,
Inc.,
Class
A
(b)
5,384
57,501
Cinemark
Holdings,
Inc.
(b)
.............
13,288
219,119
Lions
Gate
Entertainment
Corp.,
Class
A
...
12,380
97,307
Lions
Gate
Entertainment
Corp.,
Class
B,
NVS
26,995
201,383
Playstudios,
Inc.,
Class
A
.............
5,768
16,323
Playtika
Holding
Corp.
...............
14,513
121,909
Sphere
Entertainment
Co.,
Class
A
.......
5,313
174,851
888,393
Financial
Services
—
2.8%
Affirm
Holdings,
Inc.,
Class
A
(a)(b)
.........
43,885
772,815
A-Mark
Precious
Metals,
Inc.
...........
3,632
98,355
Cannae
Holdings,
Inc.
(a)
..............
13,974
228,475
Cass
Information
Systems,
Inc.
.........
1,519
57,433
Compass
Diversified
Holdings
..........
12,834
220,488
Enact
Holdings,
Inc.
.................
6,370
175,557
Essent
Group
Ltd.
..................
21,865
1,032,903
EVERTEC,
Inc.
....................
5,708
181,400
Federal
Agricultural
Mortgage
Corp.,
Class
C,
NVS
.........................
1,913
284,195
I3
Verticals,
Inc.,
Class
A
(a)
.............
2,101
39,394
Jackson
Financial,
Inc.,
Class
A
.........
12,164
446,541
Merchants
Bancorp
.................
2,715
81,151
MGIC
Investment
Corp.
..............
57,553
969,193
Mr
Cooper
Group,
Inc.
(a)
..............
13,676
773,104
NMI
Holdings,
Inc.,
Class
A
(a)
...........
9,396
256,981
PennyMac
Financial
Services,
Inc.
.......
5,938
399,034
Radian
Group,
Inc.
..................
32,515
823,930
Repay
Holdings
Corp.,
Class
A
(a)
........
6,981
41,816
Rocket
Cos.,
Inc.,
Class
A
(a)
............
25,041
185,053
TFS
Financial
Corp.
.................
10,272
121,826
UWM
Holdings
Corp.,
Class
A
..........
19,032
92,305
Voya
Financial,
Inc.
.................
13,916
929,171
Walker
&
Dunlop,
Inc.
................
6,778
439,214
Security
Shares
Shares
Value
Financial
Services
(continued)
Western
Union
Co.
(The)
.............
69,818
$
788,245
9,438,579
Food
Products
—
1.2%
B&G
Foods,
Inc.
...................
14,840
119,759
Calavo
Growers,
Inc.
................
1,937
49,084
Cal-Maine
Foods,
Inc.
(b)
..............
5,663
256,591
Flowers
Foods,
Inc.
.................
39,256
860,884
Fresh
Del
Monte
Produce,
Inc.
..........
4,764
119,100
Hain
Celestial
Group,
Inc.
(The)
(a)
........
18,527
204,723
Ingredion,
Inc.
.....................
6,411
599,941
J
&
J
Snack
Foods
Corp.
..............
1,023
160,212
John
B
Sanfilippo
&
Son,
Inc.
...........
879
89,887
Lancaster
Colony
Corp.
..............
1,655
279,976
Mission
Produce,
Inc.
(a)
...............
2,564
24,127
Pilgrim's
Pride
Corp.
(a)
...............
8,235
209,992
Post
Holdings,
Inc.
(a)(b)
................
5,385
432,308
Seaboard
Corp.
....................
28
98,195
Sovos
Brands,
Inc.
(a)(b)
...............
5,842
126,830
TreeHouse
Foods,
Inc.
(a)
..............
10,443
435,369
Utz
Brands,
Inc.,
Class
A
..............
5,534
67,459
4,134,437
Gas
Utilities
—
1.4%
Chesapeake
Utilities
Corp.
............
1,439
127,510
National
Fuel
Gas
Co.
...............
18,852
960,509
New
Jersey
Resources
Corp.
...........
10,063
408,357
Northwest
Natural
Holding
Co.
..........
7,440
273,122
ONE
Gas,
Inc.
.....................
11,305
682,822
Southwest
Gas
Holdings,
Inc.
..........
12,287
720,141
Spire,
Inc.
........................
10,812
601,472
UGI
Corp.
........................
42,920
892,736
4,666,669
Ground
Transportation
—
1.5%
ArcBest
Corp.
.....................
4,927
536,452
Covenant
Logistics
Group,
Inc.,
Class
A
....
1,565
61,794
Daseke,
Inc.
(a)
.....................
8,785
39,005
Heartland
Express,
Inc.
...............
5,073
59,151
Hertz
Global
Holdings,
Inc.
(a)(b)
..........
15,391
129,746
Landstar
System,
Inc.
................
3,194
526,307
Lyft,
Inc.,
Class
A
(a)
..................
38,395
352,082
PAM
Transportation
Services,
Inc.
(a)
......
599
10,345
RXO,
Inc.
(a)
.......................
14,692
257,257
Ryder
System,
Inc.
..................
5,212
508,379
Schneider
National,
Inc.,
Class
B
........
7,657
193,952
Universal
Logistics
Holdings,
Inc.
........
1,444
32,317
Werner
Enterprises,
Inc.
..............
12,845
466,530
XPO,
Inc.
(a)
.......................
23,721
1,798,290
4,971,607
Health
Care
Equipment
&
Supplies
—
0.8%
Artivion,
Inc.
(a)
.....................
7,981
101,678
Atrion
Corp.
......................
133
45,483
Avanos
Medical,
Inc.
(a)
...............
3,815
70,043
Cutera,
Inc.
(a)
.....................
1,390
4,323
Embecta
Corp.
....................
11,763
177,857
Enovis
Corp.
(a)(b)
....................
10,093
463,269
Envista
Holdings
Corp.
(a)
..............
15,391
358,149
Integer
Holdings
Corp.
(a)
..............
3,056
248,055
Integra
LifeSciences
Holdings
Corp.
(a)(b)
....
5,853
210,474
Neogen
Corp.
(a)
....................
17,333
258,088
OraSure
Technologies,
Inc.
(a)
...........
5,848
30,176
Orthofix
Medical,
Inc.
(a)
...............
4,443
49,051
Outset
Medical,
Inc.
(a)
................
4,091
14,482
QuidelOrtho
Corp.
(a)
.................
10,106
617,274
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Varex
Imaging
Corp.
(a)
...............
3,223
$
58,175
2,706,577
Health
Care
Providers
&
Services
—
1.6%
23andMe
Holding
Co.,
Class
A
(a)(b)
.......
62,153
52,650
Accolade,
Inc.
(a)
....................
5,275
34,288
AdaptHealth
Corp.
(a)(b)
................
9,036
66,234
Amedisys,
Inc.
(a)(b)
..................
3,029
277,123
AMN
Healthcare
Services,
Inc.
(a)(b)
.......
7,783
590,418
Brookdale
Senior
Living,
Inc.
(a)(b)
.........
38,817
151,775
Community
Health
Systems,
Inc.
(a)
.......
25,921
55,471
Cross
Country
Healthcare,
Inc.
(a)(b)
.......
6,934
160,591
Encompass
Health
Corp.
.............
11,519
720,629
Enhabit,
Inc.
(a)
.....................
10,113
74,533
Fulgent
Genetics,
Inc.
(a)
..............
4,192
100,357
ModivCare,
Inc.
(a)
...................
1,675
70,752
National
HealthCare
Corp.
.............
1,598
107,641
NeoGenomics,
Inc.
(a)
................
25,987
364,338
OPKO
Health,
Inc.
(a)(b)
................
90,149
112,686
Owens
&
Minor,
Inc.
(a)
................
15,640
224,121
Patterson
Cos.,
Inc.
.................
17,472
532,197
Pediatrix
Medical
Group,
Inc.
(a)
..........
16,714
191,542
Pennant
Group,
Inc.
(The)
(a)
............
2,400
26,088
Premier,
Inc.,
Class
A
................
16,989
326,529
Select
Medical
Holdings
Corp.
..........
8,102
184,158
Tenet
Healthcare
Corp.
(a)
..............
20,782
1,115,993
5,540,114
Health
Care
REITs
—
1.4%
CareTrust
REIT,
Inc.
.................
20,463
440,364
Community
Healthcare
Trust,
Inc.
........
2,374
68,062
Global
Medical
REIT,
Inc.
.............
7,133
61,772
LTC
Properties,
Inc.
.................
8,498
268,622
Medical
Properties
Trust,
Inc.
...........
122,919
587,553
National
Health
Investors,
Inc.
..........
8,966
448,659
Omega
Healthcare
Investors,
Inc.
........
50,083
1,657,747
Physicians
Realty
Trust
...............
32,542
353,406
Sabra
Health
Care
REIT,
Inc.
...........
47,530
648,309
Universal
Health
Realty
Income
Trust
.....
1,333
51,240
4,585,734
Health
Care
Technology
—
0.3%
(a)
American
Well
Corp.,
Class
A
..........
52,689
61,646
Health
Catalyst,
Inc.
.................
6,921
51,838
Multiplan
Corp.,
Class
A
(b)
.............
56,014
94,664
NextGen
Healthcare,
Inc.
.............
11,146
266,612
Sharecare,
Inc.,
Class
A
..............
65,442
68,714
Teladoc
Health,
Inc.
(b)
................
20,026
331,230
Veradigm,
Inc.
.....................
22,303
294,177
1,168,881
Hotel
&
Resort
REITs
—
0.5%
Park
Hotels
&
Resorts,
Inc.
............
44,057
507,977
Pebblebrook
Hotel
Trust
(b)
.............
13,124
156,569
Ryman
Hospitality
Properties,
Inc.
.......
5,588
478,333
Service
Properties
Trust
..............
33,953
246,159
Summit
Hotel
Properties,
Inc.
...........
22,317
125,868
Sunstone
Hotel
Investors,
Inc.
..........
20,838
193,794
1,708,700
Hotels,
Restaurants
&
Leisure
—
2.3%
Accel
Entertainment,
Inc.,
Class
A
(a)
......
11,424
112,527
Bally's
Corp.
(a)
.....................
2,710
24,715
Bloomin'
Brands,
Inc.
................
17,773
414,822
Boyd
Gaming
Corp.
.................
8,979
496,090
Brinker
International,
Inc.
(a)
............
9,053
307,078
Cheesecake
Factory,
Inc.
(The)
.........
9,640
299,515
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Chuy's
Holdings,
Inc.
(a)(b)
..............
1,193
$
40,156
Cracker
Barrel
Old
Country
Store,
Inc.
.....
4,537
301,075
Dave
&
Buster's
Entertainment,
Inc.
(a)
.....
4,696
164,078
Denny's
Corp.
(a)
....................
6,354
54,772
Dine
Brands
Global,
Inc.
..............
3,177
156,594
Golden
Entertainment,
Inc.
............
4,389
137,639
Hilton
Grand
Vacations,
Inc.
(a)(b)
.........
5,798
208,438
Jack
in
the
Box,
Inc.
.................
1,202
75,942
Light
&
Wonder,
Inc.,
Class
A
(a)
..........
6,400
467,904
Marriott
Vacations
Worldwide
Corp.
.......
2,354
211,531
Norwegian
Cruise
Line
Holdings
Ltd.
(a)(b)
...
87,034
1,183,662
Papa
John's
International,
Inc.
..........
3,153
205,008
Penn
Entertainment,
Inc.
(a)(b)
...........
15,685
309,465
Red
Rock
Resorts,
Inc.,
Class
A
.........
5,483
216,853
Sabre
Corp.
(a)
.....................
68,186
238,651
SeaWorld
Entertainment,
Inc.
(a)(b)
........
5,073
218,545
Six
Flags
Entertainment
Corp.
(a)
.........
14,651
291,555
Target
Hospitality
Corp.
(a)
.............
2,109
28,957
Travel
+
Leisure
Co.
.................
15,205
517,426
Wendy's
Co.
(The)
..................
14,917
283,721
Wyndham
Hotels
&
Resorts,
Inc.
........
9,586
694,026
7,660,745
Household
Durables
—
2.5%
Beazer
Homes
USA,
Inc.
(a)
............
6,014
145,479
Century
Communities,
Inc.
............
2,543
156,394
Cricut,
Inc.,
Class
A
(b)
................
5,414
46,181
Dream
Finders
Homes,
Inc.,
Class
A
(a)
.....
4,609
90,751
Ethan
Allen
Interiors,
Inc.
.............
4,622
121,374
GoPro,
Inc.,
Class
A
(a)
................
15,465
38,817
Green
Brick
Partners,
Inc.
(a)
............
5,176
200,311
Helen
of
Troy
Ltd.
(a)
.................
4,911
482,850
Hovnanian
Enterprises,
Inc.,
Class
A
(a)
.....
988
68,646
iRobot
Corp.
(a)
.....................
3,373
111,073
KB
Home
........................
15,951
705,034
La-Z-Boy,
Inc.
.....................
8,905
260,382
Legacy
Housing
Corp.
(a)(b)
.............
670
12,402
Leggett
&
Platt,
Inc.
.................
16,999
398,287
LGI
Homes,
Inc.
(a)(b)
.................
4,166
393,729
Lovesac
Co.
(The)
(a)
.................
1,181
19,439
M/I
Homes,
Inc.
(a)
...................
5,649
463,613
MDC
Holdings,
Inc.
.................
12,243
464,622
Meritage
Homes
Corp.
...............
4,051
461,895
Mohawk
Industries,
Inc.
(a)
.............
10,799
868,024
Newell
Brands,
Inc.
.................
77,821
522,957
Sonos,
Inc.
(a)
......................
8,424
90,811
Taylor
Morrison
Home
Corp.
(a)
..........
12,777
489,615
Tempur
Sealy
International,
Inc.
.........
14,289
570,560
Toll
Brothers,
Inc.
...................
14,748
1,042,831
TRI
Pointe
Homes,
Inc.
(a)(b)
............
13,437
336,731
8,562,808
Household
Products
—
0.5%
Central
Garden
&
Pet
Co.
(a)
............
2,025
88,350
Central
Garden
&
Pet
Co.,
Class
A,
NVS
(a)
..
8,265
328,038
Energizer
Holdings,
Inc.
..............
4,169
131,657
Reynolds
Consumer
Products,
Inc.
.......
11,084
281,866
Spectrum
Brands
Holdings,
Inc.
.........
7,318
551,192
WD-40
Co.
.......................
855
180,747
1,561,850
Industrial
REITs
—
0.4%
Innovative
Industrial
Properties,
Inc.
......
3,491
250,758
LXP
Industrial
Trust
.................
37,856
299,441
Plymouth
Industrial
REIT,
Inc.
..........
3,884
77,447
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Industrial
REITs
(continued)
STAG
Industrial,
Inc.
................
19,940
$
662,407
1,290,053
Insurance
—
4.2%
Ambac
Financial
Group,
Inc.
(a)
..........
9,455
114,689
American
Equity
Investment
Life
Holding
Co.
12,755
675,505
AMERISAFE,
Inc.
..................
3,989
203,319
Argo
Group
International
Holdings
Ltd.
....
7,292
217,593
Assurant,
Inc.
.....................
10,876
1,619,436
Assured
Guaranty
Ltd.
...............
11,497
717,413
Axis
Capital
Holdings
Ltd.
.............
16,238
927,190
Brighthouse
Financial,
Inc.
(a)
...........
13,697
620,474
CNO
Financial
Group,
Inc.
.............
23,926
554,605
Donegal
Group,
Inc.,
Class
A
...........
3,540
49,985
Employers
Holdings,
Inc.
..............
4,848
184,224
Enstar
Group
Ltd.
(a)
.................
2,721
644,795
F&G
Annuities
&
Life,
Inc.
.............
3,685
113,093
First
American
Financial
Corp.
..........
20,993
1,079,880
Genworth
Financial,
Inc.,
Class
A
(a)
.......
88,039
527,354
Hanover
Insurance
Group,
Inc.
(The)
.....
3,995
468,254
HCI
Group,
Inc.
....................
565
33,318
Horace
Mann
Educators
Corp.
..........
8,145
258,441
James
River
Group
Holdings
Ltd.
........
7,675
105,531
Kemper
Corp.
.....................
12,345
492,319
Lemonade,
Inc.
(a)(b)
..................
5,692
62,270
Lincoln
National
Corp.
...............
33,562
730,645
MBIA,
Inc.
(a)
......................
9,193
63,248
Mercury
General
Corp.
...............
5,621
173,576
National
Western
Life
Group,
Inc.,
Class
A
..
461
220,773
Primerica,
Inc.
.....................
3,735
713,983
ProAssurance
Corp.
.................
9,267
157,539
Safety
Insurance
Group,
Inc.
...........
3,099
232,952
Selective
Insurance
Group,
Inc.
.........
12,430
1,294,087
SiriusPoint
Ltd.
(a)
...................
18,156
178,836
Stewart
Information
Services
Corp.
.......
5,685
248,264
Tiptree,
Inc.
......................
4,285
64,746
Trupanion,
Inc.
(a)(b)
..................
3,913
80,608
United
Fire
Group,
Inc.
...............
4,422
89,059
Universal
Insurance
Holdings,
Inc.
.......
5,779
90,499
White
Mountains
Insurance
Group
Ltd.
....
240
343,380
14,351,883
Interactive
Media
&
Services
—
0.5%
Cars.com,
Inc.
(a)
....................
6,566
100,000
Eventbrite,
Inc.,
Class
A
(a)
.............
7,672
63,524
IAC,
Inc.
(a)
........................
14,310
608,891
Shutterstock,
Inc.
...................
2,371
96,452
Taboola.com
Ltd.
(a)(b)
.................
31,770
116,596
Yelp,
Inc.
(a)
.......................
5,416
228,501
Ziff
Davis,
Inc.
(a)
....................
6,430
388,758
1,602,722
IT
Services
—
0.5%
BigCommerce
Holdings,
Inc.
(a)
..........
7,480
66,497
DXC
Technology
Co.
(a)
...............
42,055
848,249
Fastly,
Inc.,
Class
A
(a)(b)
...............
10,664
156,441
Hackett
Group,
Inc.
(The)
.............
2,530
56,394
Kyndryl
Holdings,
Inc.
(a)
...............
46,915
686,367
1,813,948
Leisure
Products
—
1.1%
Acushnet
Holdings
Corp.
..............
2,838
144,625
Brunswick
Corp.
...................
8,237
572,224
Funko,
Inc.,
Class
A
(a)
................
7,371
56,831
Johnson
Outdoors,
Inc.,
Class
A
.........
788
37,469
Malibu
Boats,
Inc.,
Class
A
(a)(b)
..........
4,204
183,379
Security
Shares
Shares
Value
Leisure
Products
(continued)
MasterCraft
Boat
Holdings,
Inc.
(a)
........
3,120
$
63,773
Mattel,
Inc.
(a)
......................
42,716
815,021
Peloton
Interactive,
Inc.,
Class
A
(a)(b)
......
68,692
326,974
Polaris,
Inc.
.......................
6,548
565,878
Smith
&
Wesson
Brands,
Inc.
...........
5,166
76,095
Solo
Brands,
Inc.,
Class
A
(a)(b)
...........
2,966
11,419
Sturm
Ruger
&
Co.,
Inc.
..............
3,597
199,094
Vista
Outdoor,
Inc.
(a)
.................
11,869
298,149
YETI
Holdings,
Inc.
(a)(b)
...............
6,414
272,723
3,623,654
Life
Sciences
Tools
&
Services
—
0.1%
(a)
BioLife
Solutions,
Inc.
(b)
...............
2,145
21,664
CryoPort,
Inc.
.....................
3,057
29,653
Cytek
Biosciences,
Inc.
...............
13,056
54,966
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
22,430
153,870
NanoString
Technologies,
Inc.
(b)
.........
5,083
7,014
Quanterix
Corp.
....................
4,462
96,915
364,082
Machinery
—
2.7%
3D
Systems
Corp.
(a)
.................
27,314
101,881
Albany
International
Corp.,
Class
A
.......
2,916
237,975
Allison
Transmission
Holdings,
Inc.
.......
18,277
921,526
Astec
Industries,
Inc.
................
4,653
186,306
Barnes
Group,
Inc.
..................
5,793
120,436
Columbus
McKinnon
Corp.
............
3,149
96,265
Crane
Co.
........................
5,488
534,147
Douglas
Dynamics,
Inc.
..............
2,850
69,198
EnPro
Industries,
Inc.
................
1,849
205,350
Esab
Corp.
.......................
11,579
732,951
Flowserve
Corp.
...................
12,880
472,954
Gates
Industrial
Corp.
plc
(a)
............
27,080
295,714
Gorman-Rupp
Co.
(The)
..............
1,782
52,658
Greenbrier
Cos.,
Inc.
(The)
............
6,314
218,401
Hillenbrand,
Inc.
...................
5,761
219,091
Hillman
Solutions
Corp.
(a)(b)
............
23,885
156,686
Hyster-Yale
Materials
Handling,
Inc.
......
2,200
88,022
ITT,
Inc.
.........................
6,066
566,261
Kadant,
Inc.
(b)
.....................
843
185,460
Kennametal,
Inc.
...................
16,285
376,346
Luxfer
Holdings
plc
.................
5,497
45,460
Manitowoc
Co.,
Inc.
(The)
(a)
............
3,266
41,805
Mueller
Industries,
Inc.
...............
10,144
382,530
Mueller
Water
Products,
Inc.,
Class
A
.....
13,641
168,739
Nikola
Corp.
(a)(b)
....................
144,613
156,182
Oshkosh
Corp.
....................
6,971
611,566
REV
Group,
Inc.
...................
6,283
89,470
Standex
International
Corp.
............
988
141,847
Tennant
Co.
......................
1,695
125,803
Terex
Corp.
.......................
5,271
241,412
Timken
Co.
(The)
...................
13,394
925,793
Titan
International,
Inc.
(a)
..............
5,366
60,958
Wabash
National
Corp.
...............
5,246
108,540
Watts
Water
Technologies,
Inc.,
Class
A
....
1,632
282,352
9,220,085
Marine
Transportation
—
0.3%
Eagle
Bulk
Shipping,
Inc.
.............
924
37,699
Genco
Shipping
&
Trading
Ltd.
..........
8,821
116,172
Kirby
Corp.
(a)
......................
5,608
418,918
Matson,
Inc.
......................
3,182
276,993
849,782
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Media
—
0.9%
Advantage
Solutions,
Inc.,
Class
A
(a)
......
20,251
$
46,577
Altice
USA,
Inc.,
Class
A
(a)(b)
............
47,242
136,529
AMC
Networks,
Inc.,
Class
A
(a)
..........
6,258
73,844
Cable
One,
Inc.
....................
612
336,520
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
....
72,429
79,672
DISH
Network
Corp.,
Class
A
(a)(b)
........
50,925
249,533
EW
Scripps
Co.
(The),
Class
A,
NVS
(a)
....
3,608
19,736
Gray
Television,
Inc.
.................
9,195
59,951
iHeartMedia,
Inc.,
Class
A
(a)
............
21,108
49,604
John
Wiley
&
Sons,
Inc.,
Class
A
........
8,722
264,015
Nexstar
Media
Group,
Inc.
.............
6,825
956,046
Scholastic
Corp.,
NVS
...............
3,702
136,604
Sinclair,
Inc.,
Class
A
(b)
...............
7,599
82,601
Stagwell,
Inc.,
Class
A
(a)
..............
21,158
87,171
TechTarget,
Inc.
(a)
...................
2,783
70,076
TEGNA,
Inc.
......................
21,515
312,183
Thryv
Holdings,
Inc.
(a)
................
6,264
109,182
WideOpenWest,
Inc.
(a)
...............
4,424
31,145
3,100,989
Metals
&
Mining
—
1.9%
Alcoa
Corp.
.......................
36,576
937,809
Alpha
Metallurgical
Resources,
Inc.
......
1,119
246,135
Arch
Resources,
Inc.,
Class
A
..........
1,749
263,802
Century
Aluminum
Co.
(a)
..............
4,367
28,866
Coeur
Mining,
Inc.
(a)
.................
71,836
180,308
Commercial
Metals
Co.
...............
23,844
1,008,363
Compass
Minerals
International,
Inc.
......
4,086
100,679
Gatos
Silver,
Inc.
(a)(b)
.................
3,686
17,951
Haynes
International,
Inc.
.............
914
39,325
Hecla
Mining
Co.
(b)
..................
65,959
268,453
Ivanhoe
Electric,
Inc.
(a)(b)
..............
8,001
81,930
Kaiser
Aluminum
Corp.
...............
3,272
185,850
Olympic
Steel,
Inc.
..................
2,025
102,809
Ryerson
Holding
Corp.
...............
5,988
173,951
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
5,296
120,272
SunCoke
Energy,
Inc.
................
17,348
164,980
TimkenSteel
Corp.
(a)
.................
7,911
160,831
United
States
Steel
Corp.
.............
45,627
1,546,299
Warrior
Met
Coal,
Inc.
................
10,600
516,538
Worthington
Industries,
Inc.
............
6,233
384,077
6,529,228
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
2.3%
AGNC
Investment
Corp.
..............
124,453
918,463
Apollo
Commercial
Real
Estate
Finance,
Inc.
26,664
265,573
Arbor
Realty
Trust,
Inc.
...............
37,242
469,622
Ares
Commercial
Real
Estate
Corp.
......
11,320
103,804
ARMOUR
Residential
REIT,
Inc.
.........
9,350
136,229
Blackstone
Mortgage
Trust,
Inc.,
Class
A
...
35,372
705,671
BrightSpire
Capital,
Inc.,
Class
A
........
26,473
149,837
Chimera
Investment
Corp.
.............
46,597
223,666
Claros
Mortgage
Trust,
Inc.
............
24,697
257,590
Dynex
Capital,
Inc.
..................
11,409
114,546
Ellington
Financial,
Inc.
...............
8,338
100,306
Franklin
BSP
Realty
Trust,
Inc.
..........
8,211
103,541
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
....................
21,915
375,623
KKR
Real
Estate
Finance
Trust,
Inc.
......
11,957
124,831
Ladder
Capital
Corp.,
Class
A
..........
23,213
234,683
MFA
Financial,
Inc.
..................
20,828
185,161
New
York
Mortgage
Trust,
Inc.
..........
18,832
146,701
Orchid
Island
Capital,
Inc.
.............
9,002
56,533
PennyMac
Mortgage
Investment
Trust
.....
17,795
225,107
Ready
Capital
Corp.
.................
32,772
309,040
Security
Shares
Shares
Value
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(continued)
Redwood
Trust,
Inc.
.................
23,331
$
146,519
Rithm
Capital
Corp.
.................
99,311
926,572
Starwood
Property
Trust,
Inc.
...........
60,929
1,081,490
TPG
RE
Finance
Trust,
Inc.
............
12,213
67,294
Two
Harbors
Investment
Corp.
..........
19,612
227,695
7,656,097
Multi-Utilities
—
0.6%
Avista
Corp.
......................
15,539
492,431
Black
Hills
Corp.
...................
13,786
666,553
Northwestern
Energy
Group,
Inc.
........
12,303
590,667
Unitil
Corp.
.......................
3,296
150,528
1,900,179
Office
REITs
—
1.3%
Brandywine
Realty
Trust
..............
35,814
133,944
COPT
Defense
Properties
.............
7,375
168,150
Cousins
Properties,
Inc.
..............
31,227
558,027
Douglas
Emmett,
Inc.
................
27,024
302,939
Easterly
Government
Properties,
Inc.
.....
10,064
108,289
Equity
Commonwealth
...............
22,350
423,309
Highwoods
Properties,
Inc.
............
21,778
389,608
Hudson
Pacific
Properties,
Inc.
..........
25,976
115,853
JBG
SMITH
Properties
...............
19,321
248,661
Kilroy
Realty
Corp.
..................
21,877
625,245
Paramount
Group,
Inc.
...............
34,439
147,399
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
..
25,532
133,022
SL
Green
Realty
Corp.
...............
13,277
388,883
Vornado
Realty
Trust
................
32,849
630,701
4,374,030
Oil,
Gas
&
Consumable
Fuels
—
6.3%
Antero
Midstream
Corp.
..............
69,781
861,098
Antero
Resources
Corp.
(a)
.............
57,811
1,701,956
Berry
Corp.
.......................
14,149
118,144
California
Resources
Corp.
............
13,253
696,975
Callon
Petroleum
Co.
(a)(b)
..............
11,446
427,508
Centrus
Energy
Corp.,
Class
A
(a)(b)
.......
1,704
90,431
Chord
Energy
Corp.
.................
8,515
1,407,700
Civitas
Resources,
Inc.
...............
17,473
1,317,988
CNX
Resources
Corp.
(a)
..............
16,058
348,780
Comstock
Resources,
Inc.
.............
9,306
117,256
CONSOL
Energy,
Inc.
................
3,186
292,762
Crescent
Energy,
Inc.,
Class
A
..........
16,813
204,782
CVR
Energy,
Inc.
...................
5,953
194,961
Delek
US
Holdings,
Inc.
..............
12,204
321,575
Dorian
LPG
Ltd.
....................
6,919
221,200
DT
Midstream,
Inc.
..................
19,801
1,068,660
Earthstone
Energy,
Inc.,
Class
A
(a)
.......
13,070
276,692
Equitrans
Midstream
Corp.
............
88,602
785,900
Excelerate
Energy,
Inc.,
Class
A
.........
3,579
50,893
Gulfport
Energy
Corp.
(a)(b)
.............
2,023
250,063
HighPeak
Energy,
Inc.
(b)
..............
1,138
20,154
International
Seaways,
Inc.
............
4,160
200,054
Kinetik
Holdings,
Inc.,
Class
A
..........
1,857
65,812
Kosmos
Energy
Ltd.
(a)(b)
...............
94,120
681,429
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
21,230
476,613
Matador
Resources
Co.
..............
13,935
859,650
Murphy
Oil
Corp.
...................
30,400
1,364,048
Northern
Oil
&
Gas,
Inc.
..............
9,747
373,700
Par
Pacific
Holdings,
Inc.
(a)
............
11,491
377,135
PBF
Energy,
Inc.,
Class
A
.............
22,466
1,067,809
Peabody
Energy
Corp.
...............
22,801
537,876
Permian
Resources
Corp.,
Class
A
.......
56,768
827,110
REX
American
Resources
Corp.
(a)
.......
2,183
82,976
Riley
Exploration
Permian,
Inc.
..........
427
13,515
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
SandRidge
Energy,
Inc.
..............
4,047
$
64,145
SilverBow
Resources,
Inc.
(a)
............
2,556
87,160
Sitio
Royalties
Corp.,
Class
A
...........
16,809
415,518
SM
Energy
Co.
....................
12,625
509,040
Southwestern
Energy
Co.
(a)
............
225,477
1,607,651
Talos
Energy,
Inc.
(a)
.................
20,563
318,726
Tellurian,
Inc.
(a)(b)
...................
118,819
81,985
VAALCO
Energy,
Inc.
................
22,032
98,483
Vital
Energy,
Inc.
(a)
..................
3,441
172,188
Vitesse
Energy,
Inc.
.................
2,296
54,392
W&T
Offshore,
Inc.
(a)
................
19,890
82,543
World
Kinect
Corp.
..................
12,342
228,327
21,423,363
Paper
&
Forest
Products
—
0.3%
Clearwater
Paper
Corp.
(a)
.............
3,410
115,292
Louisiana-Pacific
Corp.
...............
13,082
670,845
Mercer
International,
Inc.
..............
3,340
26,519
Sylvamo
Corp.
....................
4,179
185,130
997,786
Passenger
Airlines
—
0.5%
Alaska
Air
Group,
Inc.
(a)
...............
26,044
823,772
Hawaiian
Holdings,
Inc.
(a)(b)
............
5,042
21,227
JetBlue
Airways
Corp.
(a)(b)
.............
43,439
163,331
SkyWest,
Inc.
(a)
....................
8,619
363,463
Spirit
Airlines,
Inc.
..................
22,234
255,246
1,627,039
Personal
Care
Products
—
0.3%
Edgewell
Personal
Care
Co.
...........
10,355
361,390
Herbalife
Ltd.
(a)
....................
20,225
288,206
Medifast,
Inc.
.....................
1,322
91,430
Nu
Skin
Enterprises,
Inc.,
Class
A
........
10,293
195,464
Olaplex
Holdings,
Inc.
(a)
..............
15,122
21,473
USANA
Health
Sciences,
Inc.
(a)
.........
899
40,949
998,912
Pharmaceuticals
—
1.2%
Collegium
Pharmaceutical,
Inc.
(a)
........
7,074
153,930
Corcept
Therapeutics,
Inc.
(a)(b)
..........
8,560
240,365
Cymabay
Therapeutics,
Inc.
(a)
..........
11,800
193,284
Elanco
Animal
Health,
Inc.
(a)
............
100,911
889,026
Innoviva,
Inc.
(a)(b)
...................
11,771
146,078
Organon
&
Co.
....................
52,379
774,685
Perrigo
Co.
plc
....................
27,650
764,246
Prestige
Consumer
Healthcare,
Inc.
(a)
.....
10,104
599,774
SIGA
Technologies,
Inc.
..............
5,996
30,580
Supernus
Pharmaceuticals,
Inc.
(a)
........
5,796
138,235
Tarsus
Pharmaceuticals,
Inc.
(a)(b)
.........
3,464
49,327
Theravance
Biopharma,
Inc.
(a)(b)
.........
3,789
35,768
Tilray
Brands,
Inc.,
Class
2
(a)(b)
..........
61,319
110,374
Ventyx
Biosciences,
Inc.
(a)(b)
............
5,771
83,218
4,208,890
Professional
Services
—
2.1%
Alight,
Inc.,
Class
A
(a)(b)
...............
33,794
224,392
ASGN,
Inc.
(a)
......................
4,251
354,788
Barrett
Business
Services,
Inc.
..........
686
62,742
CACI
International,
Inc.,
Class
A
(a)
.......
2,910
945,052
Clarivate
plc
(a)(b)
....................
49,179
313,762
Concentrix
Corp.
...................
8,860
675,221
Conduent,
Inc.
(a)
...................
34,754
110,865
CSG
Systems
International,
Inc.
.........
3,831
179,521
Dun
&
Bradstreet
Holdings,
Inc.
.........
47,429
415,478
First
Advantage
Corp.
................
6,287
81,794
Forrester
Research,
Inc.
(a)
.............
1,377
31,946
Security
Shares
Shares
Value
Professional
Services
(continued)
Heidrick
&
Struggles
International,
Inc.
....
2,834
$
68,980
HireRight
Holdings
Corp.
(a)
............
1,688
15,546
ICF
International,
Inc.
................
1,517
192,249
Kelly
Services,
Inc.,
Class
A,
NVS
.......
6,688
119,381
Kforce,
Inc.
.......................
1,874
114,389
Korn
Ferry
.......................
5,978
272,119
ManpowerGroup,
Inc.
................
10,120
708,096
Maximus,
Inc.
.....................
5,707
426,427
Resources
Connection,
Inc.
............
4,612
62,124
Science
Applications
International
Corp.
...
11,020
1,203,825
Sterling
Check
Corp.
(a)(b)
..............
3,702
41,388
TriNet
Group,
Inc.
(a)(b)
................
3,704
380,586
TrueBlue,
Inc.
(a)
....................
6,363
70,438
TTEC
Holdings,
Inc.
.................
4,052
83,390
7,154,499
Real
Estate
Management
&
Development
—
0.9%
Anywhere
Real
Estate,
Inc.
(a)
...........
22,874
106,821
Compass,
Inc.,
Class
A
(a)(b)
............
64,643
127,993
Cushman
&
Wakefield
plc
(a)
............
34,367
253,285
DigitalBridge
Group,
Inc.,
Class
A
(b)
.......
12,851
203,688
Forestar
Group,
Inc.
(a)
................
2,116
50,255
Howard
Hughes
Holdings,
Inc.
(a)(b)
........
2,243
148,778
Jones
Lang
LaSalle,
Inc.
(a)
.............
9,762
1,248,755
Kennedy-Wilson
Holdings,
Inc.
..........
24,116
310,373
Marcus
&
Millichap,
Inc.
..............
2,621
75,223
Newmark
Group,
Inc.,
Class
A
..........
25,055
142,062
Opendoor
Technologies,
Inc.
(a)(b)
.........
115,960
220,324
Redfin
Corp.
(a)(b)
....................
23,279
108,480
Seritage
Growth
Properties,
Class
A
(a)
.....
7,924
57,370
3,053,407
Residential
REITs
—
0.5%
Apartment
Income
REIT
Corp.
..........
17,050
498,030
Apartment
Investment
&
Management
Co.,
Class
A
(a)
......................
15,371
90,074
Centerspace
......................
3,070
149,140
Elme
Communities
..................
17,685
225,661
Independence
Realty
Trust,
Inc.
.........
22,566
279,593
NexPoint
Residential
Trust,
Inc.
.........
2,392
64,560
UMH
Properties,
Inc.
................
11,969
165,292
Veris
Residential,
Inc.
................
6,087
81,505
1,553,855
Retail
REITs
—
1.6%
Acadia
Realty
Trust
.................
10,698
153,195
Agree
Realty
Corp.
.................
9,641
539,318
Alexander's,
Inc.
...................
448
84,220
Brixmor
Property
Group,
Inc.
...........
31,923
663,679
CBL
&
Associates
Properties,
Inc.
........
5,180
107,381
Getty
Realty
Corp.
..................
5,974
159,028
InvenTrust
Properties
Corp.
............
8,494
213,199
Kite
Realty
Group
Trust
...............
26,144
557,390
Macerich
Co.
(The)
.................
44,338
430,965
Phillips
Edison
&
Co.,
Inc.
.............
12,085
426,721
Retail
Opportunity
Investments
Corp.
.....
16,977
199,310
RPT
Realty
.......................
16,512
178,165
Saul
Centers,
Inc.
..................
2,656
92,349
SITE
Centers
Corp.
.................
22,160
258,386
Spirit
Realty
Capital,
Inc.
..............
18,613
669,882
Tanger
Factory
Outlet
Centers,
Inc.
.......
12,076
272,314
Urban
Edge
Properties
...............
13,112
207,956
Whitestone
REIT
...................
5,627
55,989
5,269,447
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
—
1.2%
ACM
Research,
Inc.,
Class
A
(a)
..........
4,296
$
58,426
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.....
4,561
108,187
Amkor
Technology,
Inc.
...............
11,552
240,975
Cirrus
Logic,
Inc.
(a)(b)
.................
7,322
490,061
Diodes,
Inc.
(a)
.....................
4,536
295,203
Ichor
Holdings
Ltd.
(a)
.................
2,016
48,908
Magnachip
Semiconductor
Corp.
(a)
.......
4,523
33,425
MaxLinear,
Inc.
(a)
...................
10,085
153,292
MKS
Instruments,
Inc.
...............
8,712
572,030
Photronics,
Inc.
(a)
...................
12,794
234,898
Power
Integrations,
Inc.
..............
6,593
457,093
Semtech
Corp.
(a)
...................
4,921
68,697
SMART
Global
Holdings,
Inc.
(a)
..........
10,309
141,233
Synaptics,
Inc.
(a)
...................
4,166
348,528
Ultra
Clean
Holdings,
Inc.
(a)
............
3,377
80,575
Veeco
Instruments,
Inc.
(a)
.............
5,069
121,352
Wolfspeed,
Inc.
(a)(b)
..................
12,798
433,084
3,885,967
Software
—
1.5%
ACI
Worldwide,
Inc.
(a)
................
8,861
180,499
Adeia,
Inc.
.......................
21,901
184,625
Alteryx,
Inc.,
Class
A
(a)
...............
4,825
154,448
Aurora
Innovation,
Inc.,
Class
A
(a)(b)
.......
153,042
267,823
Blackbaud,
Inc.
(a)
...................
3,246
212,288
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)(b)
..
16,719
180,064
Cerence,
Inc.
(a)(b)
...................
2,710
41,490
CommVault
Systems,
Inc.
(a)
............
5,172
337,990
Consensus
Cloud
Solutions,
Inc.
(a)(b)
......
3,762
81,222
Digital
Turbine,
Inc.
(a)
................
11,685
55,387
Dropbox,
Inc.,
Class
A
(a)(b)
.............
23,425
616,077
Ebix,
Inc.
........................
5,081
30,943
Guidewire
Software,
Inc.
(a)
.............
7,109
640,734
Informatica,
Inc.,
Class
A
(a)(b)
...........
4,093
78,504
Matterport,
Inc.,
Class
A
(a)
.............
32,789
66,890
Mitek
Systems,
Inc.
(a)
................
4,748
50,709
NCR
Voyix
Corp.
(a)(b)
.................
27,681
423,242
Nutanix,
Inc.,
Class
A
(a)
...............
16,308
590,186
ON24,
Inc.
.......................
8,884
54,637
PROS
Holdings,
Inc.
(a)(b)
..............
5,411
168,553
RingCentral,
Inc.,
Class
A
(a)
............
9,512
252,829
SolarWinds
Corp.
(a)
.................
6,360
58,576
Verint
Systems,
Inc.
(a)
................
8,854
166,544
Xperi,
Inc.
(a)
.......................
9,040
76,750
Yext,
Inc.
(a)(b)
......................
7,350
44,320
5,015,330
Specialized
REITs
—
0.6%
EPR
Properties
....................
9,919
423,541
Four
Corners
Property
Trust,
Inc.
........
9,042
192,595
Gladstone
Land
Corp.
...............
3,859
52,714
National
Storage
Affiliates
Trust
.........
7,147
203,832
Outfront
Media,
Inc.
.................
12,903
125,933
PotlatchDeltic
Corp.
.................
9,676
414,617
Rayonier,
Inc.
.....................
14,257
359,847
Safehold,
Inc.
(b)
....................
4,955
80,618
Uniti
Group,
Inc.
...................
48,967
225,248
2,078,945
Specialty
Retail
—
3.8%
Aaron's
Co.,
Inc.
(The)
...............
6,574
48,713
Abercrombie
&
Fitch
Co.,
Class
A
(a)
.......
5,985
364,008
Academy
Sports
&
Outdoors,
Inc.
........
7,759
347,914
American
Eagle
Outfitters,
Inc.
..........
38,046
664,664
America's
Car-Mart,
Inc.
(a)
.............
1,224
81,984
Arhaus,
Inc.,
Class
A
(a)(b)
..............
8,364
72,098
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Arko
Corp.
.......................
9,363
$
70,691
Asbury
Automotive
Group,
Inc.
(a)
.........
4,204
804,519
AutoNation,
Inc.
(a)
...................
5,494
714,660
Boot
Barn
Holdings,
Inc.
(a)(b)
............
3,019
209,821
Buckle,
Inc.
(The)
..................
6,032
203,701
Caleres,
Inc.
......................
6,995
178,932
Camping
World
Holdings,
Inc.,
Class
A
....
4,053
67,888
Carvana
Co.,
Class
A
(a)(b)
..............
19,663
530,901
Chico's
FAS,
Inc.
(a)
..................
25,604
191,518
Designer
Brands,
Inc.,
Class
A
..........
10,149
102,606
Foot
Locker,
Inc.
...................
16,715
350,848
GameStop
Corp.,
Class
A
(a)(b)
...........
31,220
429,899
Gap,
Inc.
(The)
....................
43,968
562,790
Genesco,
Inc.
(a)
....................
2,366
64,852
Group
1
Automotive,
Inc.
..............
2,881
726,963
Guess?,
Inc.
......................
5,655
121,582
Haverty
Furniture
Cos.,
Inc.
............
2,710
70,596
Hibbett,
Inc.
......................
2,607
120,104
Leslie's,
Inc.
(a)
.....................
37,538
185,438
Lithia
Motors,
Inc.,
Class
A
............
5,637
1,365,338
MarineMax,
Inc.
(a)
...................
4,085
111,847
Monro,
Inc.
.......................
2,525
62,671
National
Vision
Holdings,
Inc.
(a)
.........
8,762
136,161
ODP
Corp.
(The)
(a)
..................
6,920
310,846
Overstock.com,
Inc.
(a)
................
6,279
97,952
Petco
Health
&
Wellness
Co.,
Inc.
(a)(b)
.....
17,081
59,100
Revolve
Group,
Inc.,
Class
A
(a)(b)
.........
2,678
36,822
RH
(a)
...........................
1,157
252,180
Sally
Beauty
Holdings,
Inc.
(a)
...........
21,734
184,739
Shoe
Carnival,
Inc.
..................
3,700
84,656
Signet
Jewelers
Ltd.
.................
9,313
650,327
Sleep
Number
Corp.
(a)
...............
4,323
70,335
Sonic
Automotive,
Inc.,
Class
A
.........
3,292
157,522
Upbound
Group,
Inc.
................
9,388
244,651
Urban
Outfitters,
Inc.
(a)
...............
11,528
399,099
Valvoline,
Inc.
.....................
13,130
389,567
Victoria's
Secret
&
Co.
(a)
..............
15,835
283,130
Wayfair,
Inc.,
Class
A
(a)
...............
18,484
787,603
12,972,236
Technology
Hardware,
Storage
&
Peripherals
—
0.4%
Avid
Technology,
Inc.
(a)
...............
4,049
109,404
Corsair
Gaming,
Inc.
(a)
...............
4,298
54,971
CPI
Card
Group,
Inc.
(a)
...............
507
8,391
Super
Micro
Computer,
Inc.
(a)(b)
..........
4,090
979,432
Xerox
Holdings
Corp.
................
23,578
302,742
1,454,940
Textiles,
Apparel
&
Luxury
Goods
—
1.9%
Capri
Holdings
Ltd.
(a)
................
23,752
1,215,627
Carter's,
Inc.
......................
7,658
514,311
Columbia
Sportswear
Co.
.............
2,492
183,910
Crocs,
Inc.
(a)(b)
.....................
3,939
351,832
G-III
Apparel
Group
Ltd.
(a)
.............
8,270
211,299
Hanesbrands,
Inc.
..................
71,812
300,892
Kontoor
Brands,
Inc.
.................
10,236
475,462
Levi
Strauss
&
Co.,
Class
A
............
20,637
282,108
Movado
Group,
Inc.
.................
3,289
91,632
Oxford
Industries,
Inc.
...............
1,975
166,690
PVH
Corp.
(b)
......................
12,834
954,208
Ralph
Lauren
Corp.,
Class
A
...........
8,251
928,485
Steven
Madden
Ltd.
.................
9,241
303,012
Under
Armour,
Inc.,
Class
A
(a)
...........
37,972
260,108
Under
Armour,
Inc.,
Class
C,
NVS
(a)
......
41,463
266,607
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
Wolverine
World
Wide,
Inc.
............
9,799
$
78,882
6,585,065
Tobacco
—
0.2%
Turning
Point
Brands,
Inc.
.............
2,027
40,641
Universal
Corp.
....................
5,089
229,005
Vector
Group
Ltd.
..................
27,459
282,279
551,925
Trading
Companies
&
Distributors
—
1.9%
Air
Lease
Corp.,
Class
A
..............
21,127
731,628
Alta
Equipment
Group,
Inc.,
Class
A
......
1,737
15,963
Beacon
Roofing
Supply,
Inc.
(a)(b)
.........
4,837
344,249
BlueLinx
Holdings,
Inc.
(a)
..............
1,258
89,456
Boise
Cascade
Co.
.................
8,108
760,125
DXP
Enterprises,
Inc.
(a)
...............
1,418
46,227
FTAI
Aviation
Ltd.
...................
6,993
263,007
GATX
Corp.
......................
4,184
437,563
Global
Industrial
Co.
.................
1,206
38,532
GMS,
Inc.
(a)
.......................
8,321
486,612
H&E
Equipment
Services,
Inc.
..........
3,271
133,195
Herc
Holdings,
Inc.
..................
2,544
271,674
MRC
Global,
Inc.
(a)
..................
17,029
178,975
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
5,360
507,860
NOW,
Inc.
(a)
......................
21,773
239,938
Rush
Enterprises,
Inc.,
Class
A
.........
6,195
220,418
Rush
Enterprises,
Inc.,
Class
B
.........
990
40,036
Titan
Machinery,
Inc.
(a)
...............
2,360
58,622
Veritiv
Corp.
......................
2,789
472,485
WESCO
International,
Inc.
.............
9,042
1,159,184
6,495,749
Water
Utilities
—
0.2%
American
States
Water
Co.
............
2,728
212,920
Artesian
Resources
Corp.,
Class
A,
NVS
...
943
37,060
California
Water
Service
Group
.........
5,697
277,330
SJW
Group
.......................
2,256
140,955
York
Water
Co.
(The)
................
967
34,880
703,145
Wireless
Telecommunication
Services
—
0.2%
Shenandoah
Telecommunications
Co.
.....
4,462
105,571
Telephone
&
Data
Systems,
Inc.
.........
19,978
363,400
United
States
Cellular
Corp.
(a)
..........
2,870
120,626
589,597
Total
Long-Term
Investments
—
99.7%
(Cost:
$382,674,477)
.............................
336,681,170
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
7.4%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(e)
............
24,255,646
$
24,265,349
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.33%
..................
878,860
878,860
Total
Short-Term
Securities
—
7.4%
(Cost:
$25,131,174)
..............................
25,144,209
Total
Investments
—
107.1%
(Cost:
$407,805,651
)
.............................
361,825,379
Liabilities
in
Excess
of
Other
Assets
—
(7.1)%
............
(23,953,138)
Net
Assets
—
100.0%
..............................
$
337,872,241
(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,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
55
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
October
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/23
Shares
Held
at
10/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
...............
$
31,694,311
$
—
$
(7,431,662)
(a)
$
404
$
2,296
$
24,265,349
24,255,646
$
254,913
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,090,401
—
(211,541)
(a)
—
—
878,860
878,860
20,092
—
$
404
$
2,296
$
25,144,209
$
275,005
$
—
—
—
(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
....................................................
10
12/15/23
$
834
$
(41,959)
S&P
Midcap
400
E-Mini
Index
.................................................
1
12/15/23
238
(13,939)
$
(55,898)
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)
......
$
—
$
—
$
55,898
$
—
$
—
$
—
$
55,898
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
October
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(23,973)
$
—
$
—
$
—
$
(23,973)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(58,629)
$
—
$
—
$
—
$
(58,629)
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
56
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,061,895
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
336,049,609
$
631,561
$
—
$
336,681,170
Short-Term
Securities
Money
Market
Funds
......................................
25,144,209
—
—
25,144,209
$
361,193,818
$
631,561
$
—
$
361,825,379
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(55,898)
$
—
$
—
$
(55,898)
(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,
2023
57
Financial
Statements
See
notes
to
financial
statements.
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
1,626,983,744‌
$
687,457,140‌
$
1,443,125,618‌
$
375,193,262‌
Investments,
at
value
—
affiliated
(c)
............................................
32,574,150‌
23,337,397‌
82,161,954‌
54,398,685‌
Cash  
...............................................................
—‌
—‌
—‌
2‌
Cash
pledged:
Futures
contracts
......................................................
112,000‌
59,000‌
187,000‌
69,000‌
Receivables:
–‌
–‌
–‌
–‌
Securities
lending
income
—
affiliated
........................................
8,231‌
9,488‌
22,946‌
46,961‌
Capital
shares
sold
.....................................................
—‌
—‌
—‌
207,826‌
Dividends
—
unaffiliated
.................................................
303,528‌
420,056‌
302,239‌
42,880‌
Dividends
—
affiliated
...................................................
17,867‌
5,848‌
10,433‌
3,700‌
Variation
margin
on
futures
contracts
.........................................
9,734‌
8,701‌
18,438‌
7,361‌
Total
assets
...........................................................
1,660,009,254‌
711,297,630‌
1,525,828,628‌
429,969,677‌
LIABILITIES
Collateral
on
securities
loaned
...............................................
30,799,397‌
22,511,670‌
79,744,651‌
53,594,831‌
Payables:
–‌
–‌
–‌
–‌
Investment
advisory
fees
.................................................
56,806‌
23,891‌
76,504‌
18,584‌
Total
liabilities
..........................................................
30,856,203‌
22,535,561‌
79,821,155‌
53,613,415‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
—‌
NET
ASSETS
..........................................................
$
1,629,153,051‌
$
688,762,069‌
$
1,446,007,473‌
$
376,356,262‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
1,532,312,469‌
$
782,823,207‌
$
1,763,053,287‌
$
564,401,073‌
Accumulated
earnings
(loss)
................................................
96,840,582‌
(94,061,138‌)
(317,045,814‌)
(188,044,811‌)
NET
ASSETS
..........................................................
$
1,629,153,051‌
$
688,762,069‌
$
1,446,007,473‌
$
376,356,262‌
NET
ASSET
VALUE
Shares
outstanding
......................................................
27,800,000‌
12,100,000‌
26,800,000‌
10,450,000‌
Net
asset
value
.........................................................
$
58.60‌
$
56.92‌
$
53.96‌
$
36.01‌
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
  Investments,
at
cost
—
unaffiliated
.......................................
$
1,335,119,568‌
$
695,471,477‌
$
1,486,894,649‌
$
425,836,178‌
(b)
  Securities
loaned,
at
value
............................................
$
30,648,038‌
$
21,949,208‌
$
79,215,118‌
$
52,847,779‌
(c)
  Investments,
at
cost
—
affiliated
.........................................
$
32,566,835‌
$
23,326,862‌
$
82,122,178‌
$
54,364,230‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
October
31,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
58
See
notes
to
financial
statements.
iShares
Morningstar
Small-Cap
Value
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
336,681,170‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
25,144,209‌
Cash
pledged:
Futures
contracts
....................................................................................................
85,000‌
Receivables:
–‌
Investments
sold
....................................................................................................
19,007‌
Securities
lending
income
—
affiliated
......................................................................................
11,001‌
Dividends
—
unaffiliated
...............................................................................................
197,994‌
Dividends
—
affiliated
.................................................................................................
3,994‌
Variation
margin
on
futures
contracts
.......................................................................................
9,490‌
Total
assets
.........................................................................................................
362,151,865‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
24,261,635‌
Payables:
–‌
Investment
advisory
fees
...............................................................................................
17,682‌
Other
accrued
expenses
...............................................................................................
307‌
Total
liabilities
........................................................................................................
24,279,624‌
Commitments
and
contingent
liabilities
—‌
NET
ASSETS
........................................................................................................
$
337,872,241‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
428,117,567‌
Accumulated
loss
.....................................................................................................
(90,245,326‌)
NET
ASSETS
........................................................................................................
$
337,872,241‌
NET
ASSET
VALUE
Shares
outstanding
....................................................................................................
6,950,000‌
Net
asset
value
.......................................................................................................
$
48.61‌
Shares
authorized
.....................................................................................................
Unlimited
Par
value
...........................................................................................................
None
(a)
  Investments,
at
cost
—
unaffiliated
.................................................................................
$
382,674,477‌
(b)
  Securities
loaned,
at
value
......................................................................................
$
23,828,971‌
(c)
  Investments,
at
cost
—
affiliated
...................................................................................
$
25,131,174‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
October
31,
2023
59
Financial
Statements
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
.................................................
$
6,426,943‌
$
6,531,989‌
$
7,230,015‌
$
1,277,923‌
Dividends
—
affiliated
...................................................
85,516‌
35,983‌
79,459‌
23,545‌
Interest
—
unaffiliated
...................................................
—‌
—‌
6,063‌
3,336‌
Securities
lending
income
—
affiliated
—
net
...................................
41,819‌
69,094‌
145,435‌
436,837‌
Foreign
taxes
withheld
..................................................
(1,405‌)
(3,526‌)
(6,361‌)
—‌
Total
investment
income
...................................................
6,552,873‌
6,633,540‌
7,454,611‌
1,741,641‌
EXPENSES
Investment
advisory
....................................................
343,687‌
147,914‌
463,658‌
116,066‌
Total
expenses
.........................................................
343,687‌
147,914‌
463,658‌
116,066‌
Net
investment
income
....................................................
6,209,186‌
6,485,626‌
6,990,953‌
1,625,575‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
76,562,131‌
$
(39,461,003‌)
$
(73,839,542‌)
$
(24,094,270‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................
$
(11,765,578‌)
$
(11,747,575‌)
$
(14,191,445‌)
$
(8,246,737‌)
Investments
—
affiliated
...............................................
7,618‌
3,412‌
961‌
4,788‌
Foreign
currency
transactions
...........................................
256‌
—‌
—‌
—‌
Futures
contracts
....................................................
334,476‌
(17,357‌)
58,231‌
12,793‌
In-kind
redemptions
—
unaffiliated
(a)
.......................................
49,002,086‌
1,699,648‌
9,764,137‌
7,973,785‌
37,578,858‌
(10,061,872‌)
(4,368,116‌)
(255,371‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................
39,203,820‌
(29,326,541‌)
(69,226,873‌)
(23,790,634‌)
Investments
—
affiliated
...............................................
(5,829‌)
(2,252‌)
3,185‌
1,185‌
Futures
contracts
....................................................
(214,717‌)
(70,337‌)
(247,738‌)
(49,449‌)
38,983,274‌
(29,399,130‌)
(69,471,426‌)
(23,838,898‌)
Net
realized
and
unrealized
gain
(loss)
.........................................
76,562,132‌
(39,461,002‌)
(73,839,542‌)
(24,094,269‌)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..........
$
82,771,318‌
$
(32,975,376‌)
$
(66,848,589‌)
$
(22,468,694‌)
(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,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
60
iShares
Morningstar
Small-Cap
Value
ETF
INVESTMENT
INCOME
–
Dividends
—
unaffiliated
...............................................................................................
$
4,671,685‌
Dividends
—
affiliated
.................................................................................................
20,092‌
Interest
—
unaffiliated
.................................................................................................
2,696‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
254,913‌
Foreign
taxes
withheld
................................................................................................
(2,947‌)
Total
investment
income
.................................................................................................
4,946,439‌
EXPENSES
Investment
advisory
..................................................................................................
113,240‌
Total
expenses
.......................................................................................................
113,240‌
Net
investment
income
..................................................................................................
4,833,199‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(19,344,365‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
...........................................................................................
$
(4,269,801‌)
Investments
—
affiliated
.............................................................................................
404‌
Futures
contracts
..................................................................................................
(23,973‌)
In-kind
redemptions
—
unaffiliated
(a)
.....................................................................................
3,350,073‌
(943,297‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
(18,344,736‌)
Investments
—
affiliated
.............................................................................................
2,296‌
Futures
contracts
..................................................................................................
(58,629‌)
(18,401,069‌)
Net
realized
and
unrealized
loss
............................................................................................
(19,344,366‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(14,511,167‌)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

61
Financial
Statements
See
notes
to
financial
statements.
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
Six
Months
Ended
10/31/23
(unaudited)
Year
Ended
04/30/23
Six
Months
Ended
10/31/23
(unaudited)
Year
Ended
04/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
6,209,186‌
$
11,870,073‌
$
6,485,626‌
$
12,771,284‌
Net
realized
gain
(loss)
............................................
37,578,858‌
(106,758,696‌)
(10,061,872‌)
(28,520,129‌)
Net
change
in
unrealized
appreciation
(depreciation)
........................
38,983,274‌
86,303,003‌
(29,399,130‌)
(318,487‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
82,771,318‌
(8,585,620‌)
(32,975,376‌)
(16,067,332‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(5,768,596‌)
(12,112,028‌)
(5,832,013‌)
(b)
(12,616,997‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
(57,492,846‌)
(81,276,183‌)
2,942,425‌
(29,684,689‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
19,509,876‌
(101,973,831‌)
(35,864,964‌)
(58,369,018‌)
Beginning
of
period
................................................
1,609,643,175‌
1,711,617,006‌
724,627,033‌
782,996,051‌
End
of
period
....................................................
$
1,629,153,051‌
$
1,609,643,175‌
$
688,762,069‌
$
724,627,033‌
(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)
2023
iShares
Semi-Annual
Report
to
Shareholders
62
See
notes
to
financial
statements.
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
Six
Months
Ended
10/31/23
(unaudited)
Year
Ended
04/30/23
Six
Months
Ended
10/31/23
(unaudited)
Year
Ended
04/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
6,990,953‌
$
11,208,146‌
$
1,625,575‌
$
3,489,981‌
Net
realized
loss
................................................
(4,368,116‌)
(171,297,960‌)
(255,371‌)
(70,668,090‌)
Net
change
in
unrealized
appreciation
(depreciation)
........................
(69,471,426‌)
145,253,643‌
(23,838,898‌)
64,605,629‌
Net
decrease
in
net
assets
resulting
from
operations
..........................
(66,848,589‌)
(14,836,171‌)
(22,468,694‌)
(2,572,480‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(6,243,662‌)
(b)
(11,519,624‌)
(1,679,568‌)
(b)
(3,674,642‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
119,628,211‌
338,545,817‌
(1,782,960‌)
90,416,313‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
46,535,960‌
312,190,022‌
(25,931,222‌)
84,169,191‌
Beginning
of
period
................................................
1,399,471,513‌
1,087,281,491‌
402,287,484‌
318,118,293‌
End
of
period
....................................................
$
1,446,007,473‌
$
1,399,471,513‌
$
376,356,262‌
$
402,287,484‌
(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)
63
Financial
Statements
See
notes
to
financial
statements.
iShares
Morningstar
Small-Cap
Value
ETF
Six
Months
Ended
10/31/23
(unaudited)
Year
Ended
04/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
4,833,199‌
$
8,977,551‌
Net
realized
loss
..................................................................................
(943,297‌)
(3,473,253‌)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(18,401,069‌)
(22,604,189‌)
Net
decrease
in
net
assets
resulting
from
operations
............................................................
(14,511,167‌)
(17,099,891‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(4,559,105‌)
(b)
(8,550,267‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
(30,583,879‌)
45,853,900‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
(49,654,151‌)
20,203,742‌
Beginning
of
period
..................................................................................
387,526,392‌
367,322,650‌
End
of
period
......................................................................................
$
337,872,241‌
$
387,526,392‌
(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)
2023
iShares
Semi-Annual
Report
to
Shareholders
64
iShares
Morningstar
Growth
ETF
Six
Months
Ended
10/31/23
(unaudited)
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
period
.................
$
55.89
‌
$
56.30
‌
$
61.87
‌
$
42.80
‌
$
38.08
‌
$
33.00
‌
Net
investment
income
(b)
.........................
0.22
‌
0.40
‌
0.29
‌
0.14
‌
0.21
‌
0.23
‌
Net
realized
and
unrealized
gain
(loss)
(c)
...............
2.70
‌
(0.40
)
(5.56
)
19.07
‌
4.73
‌
5.10
‌
Net
increase
(decrease)
from
investment
operations
........
2.92
‌
0.00
‌
(5.27
)
19.21
‌
4.94
‌
5.33
‌
Distributions
from
net
investment
income
(d)
...............
(0.21
)
(0.41
)
(0.30
)
(0.14
)
(0.22
)
(0.25
)
Net
asset
value,
end
of
period
......................
$
58.60
‌
$
55.89
‌
$
56.30
‌
$
61.87
‌
$
42.80
‌
$
38.08
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
5.22
%
(f)
0.05
%
(8.59
)%
44.94
%
13.04
%
16.21
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.................................
0.04
%
(h)
0.04
%
0.04
%
0.23
%
0.25
%
0.25
%
Net
investment
income
............................
0.72
%
(h)
0.76
%
0.45
%
0.27
%
0.54
%
0.66
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
1,629,153
‌
$
1,609,643
‌
$
1,711,617
‌
$
1,887,051
‌
$
1,519,374
‌
$
1,104,273
‌
Portfolio
turnover
rate
(i)
............................
10
%
28
%
22
%
97
%
28
%
23
%
(a)
Per
share
amounts
reflect
a
five-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
65
Financial
Highlights
iShares
Morningstar
Mid-Cap
ETF
Six
Months
Ended
10/31/23
(unaudited)
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
period
...............
$
60.14
‌
$
62.39
‌
$
65.81
‌
$
43.02
‌
$
49.08
‌
$
45.05
‌
Net
investment
income
(b)
.......................
0.54
‌
1.03
‌
0.82
‌
0.57
‌
0.67
‌
0.75
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.............
(3.27
)
(2.26
)
(3.38
)
22.83
‌
(6.03
)
4.05
‌
Net
increase
(decrease)
from
investment
operations
......
(2.73
)
(1.23
)
(2.56
)
23.40
‌
(5.36
)
4.80
‌
Distributions
from
net
investment
income
(d)
.............
(0.49
)
(e)
(1.02
)
(0.86
)
(0.61
)
(0.70
)
(0.77
)
Net
asset
value,
end
of
period
....................
$
56.92
‌
$
60.14
‌
$
62.39
‌
$
65.81
‌
$
43.02
‌
$
49.08
‌
Total
Return
(f)
—
—
—
—
—
—
Based
on
net
asset
value
........................
(4.57
)%
(g)
(1.91
)%
(3.99
)%
54.74
%
(10.99
)%
10.79
%
Ratios
to
Average
Net
Assets
(h)
Total
expenses
...............................
0.04
%
(i)
0.04
%
0.04
%
0.22
%
0.25
%
0.25
%
Net
investment
income
..........................
1.75
%
(i)
1.72
%
1.22
%
1.06
%
1.39
%
1.63
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
688,762
‌
$
724,627
‌
$
782,996
‌
$
881,917
‌
$
567,905
‌
$
716,534
‌
Portfolio
turnover
rate
(j)
..........................
13
%
24
%
27
%
133
%
55
%
60
%
(a)
Per
share
amounts
reflect
a
four-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Semi-Annual
Report
to
Shareholders
66
iShares
Morningstar
Mid-Cap
Growth
ETF
Six
Months
Ended
10/31/23
(unaudited)
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
period
................
$
56.43
‌
$
57.83
‌
$
66.52
‌
$
42.27
‌
$
40.66
‌
$
34.55
‌
Net
investment
income
(b)
........................
0.27
‌
0.52
‌
0.35
‌
0.07
‌
0.13
‌
0.09
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............
(2.50
)
(1.40
)
(8.65
)
24.23
‌
1.61
‌
6.13
‌
Net
increase
(decrease)
from
investment
operations
.......
(2.23
)
(0.88
)
(8.30
)
24.30
‌
1.74
‌
6.22
‌
Distributions
from
net
investment
income
(d)
..............
(0.24
)
(e)
(0.52
)
(0.39
)
(0.05
)
(0.13
)
(0.11
)
Net
asset
value,
end
of
period
.....................
$
53.96
‌
$
56.43
‌
$
57.83
‌
$
66.52
‌
$
42.27
‌
$
40.66
‌
Total
Return
(f)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
(3.99
)%
(g)
(1.49
)%
(12.56
)%
57.51
%
4.29
%
18.03
%
Ratios
to
Average
Net
Assets
(h)
Total
expenses
................................
0.06
%
(i)
0.06
%
0.06
%
0.27
%
0.30
%
0.30
%
Net
investment
income
...........................
0.90
%
(i)
0.93
%
0.51
%
0.12
%
0.31
%
0.25
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
1,446,007
‌
$
1,399,472
‌
$
1,087,281
‌
$
1,519,880
‌
$
532,633
‌
$
475,724
‌
Portfolio
turnover
rate
(j)
...........................
19
%
43
%
43
%
90
%
26
%
30
%
(a)
Per
share
amounts
reflect
a
six-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
67
Financial
Highlights
iShares
Morningstar
Small-Cap
Growth
ETF
Six
Months
Ended
10/31/23
(unaudited)
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
period
...............
$
38.31
‌
$
39.27
‌
$
51.60
‌
$
31.92
‌
$
34.17
‌
$
30.51
‌
Net
investment
income
(b)
.......................
0.17
‌
0.35
‌
0.31
‌
0.05
‌
0.08
‌
0.04
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.............
(2.29
)
(0.94
)
(12.30
)
19.68
‌
(2.24
)
3.72
‌
Net
increase
(decrease)
from
investment
operations
......
(2.12
)
(0.59
)
(11.99
)
19.73
‌
(2.16
)
3.76
‌
Distributions
from
net
investment
income
(d)
.............
(0.18
)
(e)
(0.37
)
(0.34
)
(0.05
)
(0.09
)
(0.10
)
Net
asset
value,
end
of
period
....................
$
36.01
‌
$
38.31
‌
$
39.27
‌
$
51.60
‌
$
31.92
‌
$
34.17
‌
Total
Return
(f)
—
—
—
—
—
—
Based
on
net
asset
value
........................
(5.58
)%
(g)
(1.45
)%
(23.36
)%
61.86
%
(6.32
)%
12.35
%
Ratios
to
Average
Net
Assets
(h)
Total
expenses
...............................
0.06
%
(i)
0.06
%
0.06
%
0.26
%
0.30
%
0.30
%
Net
investment
income
..........................
0.84
%
(i)
0.94
%
0.65
%
0.11
%
0.24
%
0.12
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
376,356
‌
$
402,287
‌
$
318,118
‌
$
766,315
‌
$
191,512
‌
$
215,251
‌
Portfolio
turnover
rate
(j)
..........................
24
%
52
%
58
%
156
%
57
%
55
%
(a)
Per
share
amounts
reflect
a
six-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Semi-Annual
Report
to
Shareholders
68
iShares
Morningstar
Small-Cap
Value
ETF
Six
Months
Ended
10/31/23
(unaudited)
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
period
...............
$
51.33
‌
$
54.82
‌
$
58.31
‌
$
32.95
‌
$
47.85
‌
$
48.08
‌
Net
investment
income
(b)
.......................
0.68
‌
1.24
‌
1.03
‌
0.89
‌
1.02
‌
1.08
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.............
(2.76
)
(3.55
)
(3.43
)
25.39
‌
(14.74
)
(0.23
)
Net
increase
(decrease)
from
investment
operations
......
(2.08
)
(2.31
)
(2.40
)
26.28
‌
(13.72
)
0.85
‌
Distributions
from
net
investment
income
(d)
.............
(0.64
)
(e)
(1.18
)
(1.09
)
(0.92
)
(1.18
)
(1.08
)
Net
asset
value,
end
of
period
....................
$
48.61
‌
$
51.33
‌
$
54.82
‌
$
58.31
‌
$
32.95
‌
$
47.85
‌
Total
Return
(f)
—
—
—
—
—
—
Based
on
net
asset
value
........................
(4.11
)%
(g)
(4.20
)%
(4.19
)%
80.90
%
(29.05
)%
1.83
%
Ratios
to
Average
Net
Assets
(h)
Total
expenses
...............................
0.06
%
(i)
0.06
%
0.06
%
0.26
%
0.30
%
0.30
%
Net
investment
income
..........................
2.56
%
(i)
2.33
%
1.76
%
2.07
%
2.34
%
2.24
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
337,872
‌
$
387,526
‌
$
367,323
‌
$
446,078
‌
$
257,012
‌
$
430,681
‌
Portfolio
turnover
rate
(j)
..........................
24
%
41
%
47
%
145
%
65
%
48
%
(a)
Per
share
amounts
reflect
a
three-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
69
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:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of 
October
31,
2023
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
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)
2023
iShares
Semi-Annual
Report
to
Shareholders
70
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
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
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
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
 Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
Notes
to
Financial
Statements
(unaudited)
(continued)
71
Notes
to
Financial
Statements
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
Barclays
Bank
PLC
.....................................
$
373,630‌
$
(373,630‌)
$
–‌
$
–‌
BNP
Paribas
SA
.......................................
2,565,258‌
(2,543,586‌)
–‌
21,672‌
(b)
BofA
Securities,
Inc.
....................................
8,629,694‌
(8,629,694‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
202,032‌
(201,557‌)
–‌
475‌
(b)
Citigroup
Global
Markets,
Inc.
..............................
6,029,419‌
(6,029,419‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
2,696,155‌
(2,696,155‌)
–‌
–‌
HSBC
Bank
PLC
......................................
1,769,603‌
(1,769,603‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
23,838‌
(23,838‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
1,815,303‌
(1,815,303‌)
–‌
–‌
Morgan
Stanley
.......................................
1,088,681‌
(1,079,162‌)
–‌
9,519‌
(b)
SG
Americas
Securities
LLC
..............................
1,354,860‌
(1,354,860‌)
–‌
–‌
UBS
AG
............................................
2,930,064‌
(2,930,064‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
902,013‌
(902,013‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
267,488‌
(267,488‌)
–‌
–‌
$
30,648,038‌
$
(30,616,372‌)
$
–‌
$
31,666‌
Morningstar
Mid-Cap
Barclays
Bank
PLC
.....................................
$
1,002,884‌
$
(1,002,884‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
4,038‌
(4,038‌)
–‌
–‌
BNP
Paribas
SA
.......................................
8,233,348‌
(8,233,348‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
259,664‌
(259,664‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
2,444,641‌
(2,444,641‌)
–‌
–‌
HSBC
Bank
PLC
......................................
341,954‌
(341,954‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
3,507,113‌
(3,507,113‌)
–‌
–‌
Jefferies
LLC
.........................................
9,781‌
(9,781‌)
–‌
–‌
Morgan
Stanley
.......................................
1,191,873‌
(1,177,549‌)
–‌
14,324‌
(b)
National
Financial
Services
LLC
............................
352,444‌
(344,096‌)
–‌
8,348‌
(b)
RBC
Capital
Markets
LLC
................................
821,451‌
(821,451‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
201,626‌
(200,843‌)
–‌
783‌
(b)
Toronto-Dominion
Bank
..................................
2,436,751‌
(2,436,751‌)
–‌
–‌
UBS
AG
............................................
529,682‌
(529,682‌)
–‌
–‌
UBS
Securities
LLC
....................................
20,474‌
(20,474‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
399,470‌
(399,470‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
192,014‌
(189,239‌)
–‌
2,775‌
(b)
$
21,949,208‌
$
(21,922,978‌)
$
–‌
$
26,230‌
Morningstar
Mid-Cap
Growth
Barclays
Bank
PLC
.....................................
$
5,894,460‌
$
(5,894,460‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
5,117‌
(5,117‌)
–‌
–‌
BNP
Paribas
SA
.......................................
4,831,658‌
(4,831,658‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
2,311,063‌
(2,311,063‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
6,079,391‌
(6,079,391‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
1,816,916‌
(1,816,916‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
10,426,828‌
(10,426,828‌)
–‌
–‌
HSBC
Bank
PLC
......................................
13,014,069‌
(12,618,090‌)
–‌
395,979‌
J.P.
Morgan
Securities
LLC
...............................
8,204,831‌
(8,204,831‌)
–‌
–‌
Jefferies
LLC
.........................................
637,688‌
(637,688‌)
–‌
–‌
Morgan
Stanley
.......................................
2,140,519‌
(2,140,519‌)
–‌
–‌
Natixis
SA
...........................................
161,632‌
(161,632‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
14,843,595‌
(14,843,595‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
294,320‌
(294,320‌)
–‌
–‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
72
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)
Toronto-Dominion
Bank
..................................
2,777,948‌
(2,777,948‌)
–‌
–‌
UBS
AG
............................................
4,992,212‌
(4,992,212‌)
–‌
–‌
UBS
Securities
LLC
....................................
4,429‌
(4,429‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
778,442‌
(778,442‌)
–‌
–‌
$
79,215,118‌
$
(78,819,139‌)
$
–‌
$
395,979‌
Morningstar
Small-Cap
Growth
Barclays
Bank
PLC
.....................................
$
3,560,077‌
$
(3,560,077‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
396,355‌
(386,634‌)
–‌
9,721‌
(b)
BNP
Paribas
SA
.......................................
4,442,535‌
(4,442,535‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
2,961,444‌
(2,961,444‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
816,653‌
(816,653‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
2,890,174‌
(2,890,174‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
140,248‌
(140,248‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
9,246,904‌
(9,246,904‌)
–‌
–‌
HSBC
Bank
PLC
......................................
106,559‌
(106,559‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
7,005,096‌
(7,005,096‌)
–‌
–‌
Jefferies
LLC
.........................................
267,900‌
(267,900‌)
–‌
–‌
Mizuho
Securities
USA
LLC
...............................
71,792‌
(70,581‌)
–‌
1,211‌
(b)
Morgan
Stanley
.......................................
10,268,391‌
(10,268,391‌)
–‌
–‌
National
Financial
Services
LLC
............................
1,204,242‌
(1,204,242‌)
–‌
–‌
Natixis
SA
...........................................
1,362,243‌
(1,362,243‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
2,918,589‌
(2,918,589‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
348,002‌
(348,002‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
507,091‌
(507,091‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
248,272‌
(248,272‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
1,537,037‌
(1,521,545‌)
–‌
15,492‌
(b)
UBS
AG
............................................
1,988,507‌
(1,970,642‌)
–‌
17,865‌
(b)
UBS
Securities
LLC
....................................
56,107‌
(56,107‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
52,387‌
(52,387‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
451,174‌
(451,174‌)
–‌
–‌
$
52,847,779‌
$
(52,803,490‌)
$
–‌
$
44,289‌
Morningstar
Small-Cap
Value
Barclays
Bank
PLC
.....................................
$
2,540,700‌
$
(2,540,700‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
4,985‌
(4,985‌)
–‌
–‌
BNP
Paribas
SA
.......................................
1,995,981‌
(1,946,356‌)
–‌
49,625‌
(b)
BofA
Securities,
Inc.
....................................
2,814,332‌
(2,814,332‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
1,080,234‌
(1,080,234‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
2,037,459‌
(2,031,989‌)
–‌
5,470‌
(b)
Credit
Suisse
Securities
(USA)
LLC
..........................
9,087‌
(9,087‌)
–‌
–‌
Deutsche
Bank
Securities,
Inc.
.............................
343,872‌
(343,872‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
2,020,437‌
(2,020,437‌)
–‌
–‌
HSBC
Bank
PLC
......................................
17,806‌
(17,806‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
6,660‌
(6,660‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
1,334,100‌
(1,334,100‌)
–‌
–‌
Jefferies
LLC
.........................................
900,588‌
(900,588‌)
–‌
–‌
Morgan
Stanley
.......................................
3,090,437‌
(3,090,437‌)
–‌
–‌
National
Financial
Services
LLC
............................
685,508‌
(685,508‌)
–‌
–‌
Natixis
SA
...........................................
201,989‌
(201,989‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
250,675‌
(250,675‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
649,173‌
(649,173‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
1,000,892‌
(1,000,892‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
776,497‌
(776,497‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
132,233‌
(132,233‌)
–‌
–‌
UBS
AG
............................................
1,449,254‌
(1,449,254‌)
–‌
–‌
UBS
Securities
LLC
....................................
121,320‌
(121,320‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
46,508‌
(42,907‌)
–‌
3,601‌
(b)
Wells
Fargo
Bank
N.A.
..................................
252,859‌
(252,859‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
65,385‌
(65,385‌)
–‌
–‌
$
23,828,971‌
$
(23,770,275‌)
$
–‌
$
58,696‌
(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,
2023.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(unaudited)
(continued)
73
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
 Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the 
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
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)
2023
iShares
Semi-Annual
Report
to
Shareholders
74
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the six
months ended
October
31,
2023,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the six
months ended October
31,
2023,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the six
months ended
October
31,
2023,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
October
31,
2023,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
October
31,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
iShares
ETF
Amounts
Morningstar
Growth
.......................................................................................................
$
14,484‌
Morningstar
Mid-Cap
......................................................................................................
20,402‌
Morningstar
Mid-Cap
Growth
.................................................................................................
48,978‌
Morningstar
Small-Cap
Growth
...............................................................................................
113,286‌
Morningstar
Small-Cap
Value
.................................................................................................
62,642‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Morningstar
Growth
....................................................................
$
99,987,157‌
$
71,883,136‌
$
(4,517,828‌)
Morningstar
Mid-Cap
...................................................................
27,085,708‌
43,075,798‌
(5,941,370‌)
Morningstar
Mid-Cap
Growth
..............................................................
88,992,945‌
149,640,583‌
(3,562,121‌)
Morningstar
Small-Cap
Growth
............................................................
41,909,333‌
31,781,121‌
(1,100,432‌)
Morningstar
Small-Cap
Value
..............................................................
56,153,518‌
19,810,925‌
212,015‌
iShares
ETF
Purchases
Sales
Morningstar
Growth
....................................................................................
$
164,339,591‌
$
163,126,476‌
Morningstar
Mid-Cap
...................................................................................
99,583,872‌
97,638,115‌
Morningstar
Mid-Cap
Growth
..............................................................................
289,734,774‌
288,648,951‌
Morningstar
Small-Cap
Growth
............................................................................
93,094,643‌
93,108,093‌
Morningstar
Small-Cap
Value
..............................................................................
90,508,116‌
92,217,669‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Morningstar
Growth
....................................................................................
$
78,460,161‌
$
135,899,114‌
Morningstar
Mid-Cap
...................................................................................
15,010,022‌
12,108,465‌
Morningstar
Mid-Cap
Growth
..............................................................................
167,656,665‌
48,382,670‌
Morningstar
Small-Cap
Growth
............................................................................
47,626,173‌
49,247,706‌
Morningstar
Small-Cap
Value
..............................................................................
—‌
28,507,170‌
Notes
to
Financial
Statements
(unaudited)
(continued)
75
Notes
to
Financial
Statements
As
of
April
30,
2023,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
and
qualified
late-year
losses 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,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
each
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
each
Fund,
and
each
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Each
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
Counterparty
Credit
Risk:
 The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
Morningstar
Growth
...................................................................................................
$
232,239,410‌
Morningstar
Mid-Cap
..................................................................................................
74,974,942‌
Morningstar
Mid-Cap
Growth
.............................................................................................
264,462,054‌
Morningstar
Small-Cap
Growth
...........................................................................................
133,971,700‌
Morningstar
Small-Cap
Value
.............................................................................................
41,270,853‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Morningstar
Growth
................................................
$
1,368,471,990‌
$
401,894,503‌
$
(110,846,053‌)
$
291,048,450‌
Morningstar
Mid-Cap
...............................................
720,439,165‌
93,593,372‌
(103,290,932‌)
(9,697,560‌)
Morningstar
Mid-Cap
Growth
.........................................
1,574,226,541‌
134,371,177‌
(183,500,817‌)
(49,129,640‌)
Morningstar
Small-Cap
Growth
........................................
483,349,435‌
34,377,207‌
(88,185,891‌)
(53,808,684‌)
Morningstar
Small-Cap
Value
.........................................
410,220,222‌
29,410,741‌
(77,861,482‌)
(48,450,741‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
76
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest. 
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
Six
Months
Ended
10/31/23
Year
Ended
04/30/23
iShares
ETF
Shares
Amount
Shares
Amount
Morningstar
Growth
Shares
sold
1,300,000‌
$
78,838,662‌
1,750,000‌
$
92,244,933‌
Shares
redeemed
(2,300,000‌)
(136,331,508‌)
(3,350,000‌)
(173,521,116‌)
(1,000,000‌)
$
(57,492,846‌)
(1,600,000‌)
$
(81,276,183‌)
Morningstar
Mid-Cap
Shares
sold
250,000‌
$
15,117,236‌
400,000‌
$
24,432,366‌
Shares
redeemed
(200,000‌)
(12,174,811‌)
(900,000‌)
(54,117,055‌)
50,000‌
$
2,942,425‌
(500,000‌)
$
(29,684,689‌)
Morningstar
Mid-Cap
Growth
Shares
sold
2,850,000‌
$
168,259,145‌
7,600,000‌
$
424,829,525‌
Shares
redeemed
(850,000‌)
(48,630,934‌)
(1,600,000‌)
(86,283,708‌)
2,000,000‌
$
119,628,211‌
6,000,000‌
$
338,545,817‌
Morningstar
Small-Cap
Growth
Shares
sold
1,250,000‌
$
48,234,573‌
3,350,000‌
$
124,624,087‌
Shares
redeemed
(1,300,000‌)
(50,017,533‌)
(950,000‌)
(34,207,774‌)
(50,000‌)
$
(1,782,960‌)
2,400,000‌
$
90,416,313‌
Morningstar
Small-Cap
Value
Shares
sold
—‌
$
—‌
1,500,000‌
$
79,185,476‌
Shares
redeemed
(600,000‌)
(30,583,879‌)
(650,000‌)
(33,331,576‌)
(600,000‌)
$
(30,583,879‌)
850,000‌
$
45,853,900‌
Notes
to
Financial
Statements
(unaudited)
(continued)
77
Notes
to
Financial
Statements
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Board
Review
and
Approval
of
Investment
Advisory
Contract
2023
iShares
Semi-Annual
Report
to
Shareholders
78
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;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
2,
2023
and
May
15,
2023,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
7-8,
2023,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2022,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
79
Board
Review
and
Approval
of
Investment
Advisory
Contract
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
2023
iShares
Semi-Annual
Report
to
Shareholders
80
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
October
31,
2023
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Morningstar
Mid-Cap
(a)
..................
$
0.465778‌
$
—‌
$
0.019754‌
$
0.485532‌
96‌%
—‌%
4‌%
100‌%
Morningstar
Mid-Cap
Growth
(a)
.............
0.234216‌
—‌
0.004929‌
0.239145‌
98‌
—‌
2‌
100‌
Morningstar
Small-Cap
Growth
(a)
...........
0.162081‌
—‌
0.013141‌
0.175222‌
93‌
—‌
7‌
100‌
Morningstar
Small-Cap
Value
(a)
............
0.600610‌
—‌
0.042258‌
0.642868‌
93‌
—‌
7‌
100‌
(a)
The
Fund
estimates
that
it
has
distributed
more
than
its
net
investment
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distribution
may
be
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
shareholder’s
investment
in
the
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
the
Fund’s
net
asset
value
per
share.
General
Information
81
General
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
2023
iShares
Annual
Report
to
Shareholders
82
Portfolio
Abbreviation
MSCI
Morgan
Stanley
Capital
International
NASDAQ
National
Association
of
Securities
Dealers
Automated
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
iS-SAR-404-1023
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by Morningstar,
Inc.,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
(b) Not Applicable
 
Item 2.      Code of Ethics
 
Not applicable to this semi-annual report.
 
Item 3.      Audit Committee Financial Expert.
 
Not applicable to this semi-annual report.
 
Item 4.      Principal Accountant Fees and Services.
 
Not applicable to this semi-annual report.
 

Item 5.      Audit Committee of Listed Registrants.

 
Not applicable to this semi-annual report.
 

Item 6.      Investments.

 
(a)
    
Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.
 
(b)
   
Not applicable.
 
Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
      Not applicable to the registrant.
 

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

 
      Not applicable to the registrant.

 

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

 
      Not applicable to the registrant.
 
Item 10.    Submission of Matters to a Vote of Security Holders.
 
      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.
 
Item 11.    Controls and Procedures.
 
(a)
    
The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.
 
(b)
   
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
 
     
Not applicable to the registrant.
 
Item 13.   Recovery of Erroneously Awarded Compensation.
 
     
Not applicable
 
 
 
 
 
 
 
 
 
 
Item 14.    Exhibits.
 
(a) (1) Not applicable to this semi-annual report.
 
 
(a)
 
(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
 
      (a) (4) Change in Registrant’s independent public accountant – Not Applicable
 

SIGNATURES

 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
iShares Trust
 
 
 
By: /s/ Dominik Rohe
 
Dominik Rohe, President (Principal Executive Officer)
 
 
Date:
December 21, 2023
 
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By: /s/ Dominik Rohe
 
Dominik Rohe, President (Principal Executive Officer)
 
 
Date:
December 21, 2023
 
 
 
By: /s/
Trent Walker
 
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)