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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway, Wilmington, DE 19809

(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: March 31, 2023

Date of reporting period: March 31, 2023

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

MARCH 31, 2023

2023 Annual Report

iShares Trust

· iShares S&P 100 ETF | OEF | NYSE Arca

· iShares S&P 500 Growth ETF | IVW | NYSE Arca

· iShares S&P 500 Value ETF | IVE | NYSE Arca

· iShares S&P Small-Cap 600 Value ETF | IJS | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		15.62	%		(7.73	)%
U.S. small cap equities (Russell 2000® Index)		9.14			(11.61	)
International equities (MSCI Europe, Australasia, Far East Index)		27.27			(1.38	)
Emerging market equities (MSCI Emerging Markets Index)		14.04			(10.70	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.93			2.52
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		4.38			(6.90	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		4.89			(4.78	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.00			0.26
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		7.88			(3.35	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		40
Statements of Operations		41
Statements of Changes in Net Assets		42
Financial Highlights		44
Notes to Financial Statements		48
Report of Independent Registered Public Accounting Firm		57
Important Tax Information		58
Statement Regarding Liquidity Risk Management Program		60
Supplemental Information		61
Trustee and Officer Information		62
General Information		66
Glossary of Terms Used in this Report		67

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks declined for the 12 months ended March 31, 2023 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned -8.58%. Elevated inflation and rapid tightening of monetary policy dampened growth and weighed on equities. Higher interest rates drove bond yields higher and increased borrowing costs for businesses and consumers. Equities began to recover in the second half of the reporting period, as the broader economy remained resilient and the pace of inflation declined. In March 2023, two banks suddenly failed, representing the second and third largest bank failures in U.S. history by asset value. This drove concern among investors about the resiliency of the financial system in the face of rapidly rising interest rates. However, government agencies acted swiftly to organize a sale of the failed banks’ assets and inject liquidity, and equity prices recovered.

Inflation was a significant driver of the economic outlook. As the reporting period began, the consumer price index, a widely followed measure of inflation, stood at multi-decade highs. Strong consumer spending and a tight labor market, along with continued supply chain disruptions in Asia, combined to drive prices higher. But the rate of inflation began to decline as the reporting period wore on, decelerating for nine consecutive months beginning in July 2022. Nonetheless, inflation remained elevated by historic standards, and higher prices negatively impacted both consumers and businesses.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

To contain inflation, the U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates eight times over the course of the reporting period. The pace of tightening accelerated as the Fed twice stepped up the increment of increase before reducing it again as inflation began to subside. The Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

Despite economic headwinds, corporate profits remained robust, and many companies were able to sufficiently raise prices to preserve profit margins even in the face of rising labor and input costs. Nonetheless, profits declined overall in the fourth quarter of 2022, and the yield curve (a graphical representation of U.S. Treasury rates at different maturities) inverted, a sign that markets were concerned about the impact of higher borrowing costs on the economy. Furthermore, dwindling personal savings and rising household debt raised questions about the sustainability of consumer spending as an engine of economic growth.

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Fund Summary as of March 31, 2023 iShares^® S&P 100 ETF

Investment Objective

The iShares S&P100 ETF(the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization U.S. equities, as represented by the S&P 100^® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(8.80	)%		11.88	%		12.31	%		(8.80	)%		75.32	%		219.40	%
Fund Market		(8.93	)		11.87			12.32			(8.93	)		75.21			219.64
Index		(8.62	)		12.11			12.53			(8.62	)		77.14			225.73

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,161.80	$	1.08		$	1,000.00	$	1,023.93	$	1.01		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 5

Fund Summary as of March 31, 2023 (continued) iShares^® S&P 100 ETF

Portfolio Management Commentary

Mega-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The consumer discretionary sector detracted the most from the Index’s return for the reporting period. While consumer spending continued to grow, rising inflation drove up companies’ costs, and consumers increasingly sought bargains as higher prices eroded personal spending power.

Within the sector, the internet and direct marketing retail industry detracted significantly from the Index’s performance. The sharp rise in e-commerce, which boosted the industry early in the pandemic, waned as more workers returned to the office and brick-and-mortar retailers gained market share. Overbuilding of warehouses during the online shopping surge created excess capacity, which weighed on industry cash flow. Slowing revenue growth from data cloud services further pressured the industry’s profitability. The automobiles industry also declined amid concerns about the market for electric vehicles (“EVs”) in the weakening economy. While EV sales continued to grow, production did not meet analysts’ expectations, and price discounts on some new models negatively impacted revenues. Increased competition from both domestic and international manufacturers also weighed on the industry, as more automakers expanded their EV offerings.

The communication services sector also detracted, as the rising interest rate environment negatively impacted the interactive media and services industry, particularly high-valuation stocks with growth prospects. Demand for online advertisements slowed during the reporting period, as businesses cut back on marketing expenditures in a more challenging economic environment. Stiff competition among companies producing disruptive new artificial intelligence products also pressured the industry.

On the upside, energy sector stocks contributed to the Index’s return. Relatively high average prices of energy commodities following Russia’s invasion of Ukraine supported profitability in the oil, gas, and consumable fuels industry.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	31.6	%
Health Care	13.4
Financials	12.4
Consumer Discretionary	11.4
Communication Services	11.2
Consumer Staples	7.9
Industrials	5.3
Energy	3.8
Utilities	1.5
Other (each representing less than 1%)	1.5

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	10.8	%
Microsoft Corp.	9.4
Amazon.com, Inc.	4.1
NVIDIA Corp.	3.0
Alphabet, Inc., Class A	2.7
Tesla, Inc.	2.5
Berkshire Hathaway, Inc., Class B	2.4
Alphabet, Inc., Class C, NVS	2.4
Meta Platforms, Inc., Class A	2.1
Exxon Mobil Corp.	2.0

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Fund Summary as of March 31, 2023  iShares^® S&P 500 Growth ETF

Investment Objective

The iShares S&P 500 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 500 Growth Index^™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(15.48	)%		11.70	%		13.42	%		(15.48	)%		73.89	%		252.19	%
Fund Market		(15.56	)		11.68			13.42			(15.56	)		73.72			252.36
Index		(15.33	)		11.90			13.62			(15.33	)		75.42			258.57

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,111.20	$	0.95		$	1,000.00	$	1,024.03	$	0.91		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 7

Fund Summary as of March 31, 2023 (continued) iShares^® S&P 500 Growth ETF

Portfolio Management Commentary

Growth-oriented large-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. Large-capitalization growth stocks, which derive a significant portion of their price from investors’ expectations of future growth, faced significant headwinds relative to other equities. Growth stocks are particularly sensitive to interest rates, which rose notably as the Fed sharply tightened monetary policy.

The consumer discretionary sector detracted the most from the Index’s return, particularly the internet and direct marketing retail industry. The sharp rise in e-commerce, which boosted the industry early in the pandemic, waned as more workers returned to the office and brick-and-mortar retailers gained market share. Excess warehouse capacity weighed on industry cash flow, and slowing revenue growth from data cloud services pressured profitability. The automobiles industry also declined amid concerns about the market for electric vehicles (“EVs”) in the weakening economy. While EV sales increased, production did not meet analysts expectations.

The information technology sector also detracted significantly from the Index’s return, as sharply higher interest rates reduced the current value of future earnings. Furthermore, increased concerns about economic growth tempered investors’ growth expectations for information technology stocks. The software and services industry declined notably amid high inflation and slow growth, as cuts to corporate information technology budgets reduced revenue growth. Slowing growth in cloud-based software sales further constrained earnings.

The communication services sector also detracted, as the rising interest rate environment negatively impacted the interactive media and services industry, particularly high-valuation stocks with growth prospects. Demand for online advertisements slowed, as businesses cut back on marketing expenditures in a more challenging economic environment. Stiff competition among companies producing disruptive new artificial intelligence products also pressured the industry.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	33.9	%
Health Care	18.7
Consumer Discretionary	9.8
Financials	7.3
Energy	7.3
Consumer Staples	7.1
Communication Services	7.0
Industrials	5.4
Materials	2.2
Other (each representing less than 1%)	1.3

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Apple Inc.	13.4	%
Microsoft Corp.	6.8
NVIDIA Corp.	3.7
Alphabet, Inc., Class A	3.4
Tesla, Inc.	3.1
Alphabet, Inc., Class C, NVS	3.0
Exxon Mobil Corp.	2.5
UnitedHealth Group, Inc.	2.4
Amazon.com, Inc.	2.3
Visa, Inc., Class A	2.0

^(a) Excludes money market funds.

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Fund Summary as of March 31, 2023  iShares^® S&P 500 Value ETF

Investment Objective

The iShares S&P 500 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 500 Value Index^™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.35	)%		9.29	%		9.98	%		(0.35	)%		55.90	%		159.00	%
Fund Market		(0.43	)		9.28			9.99			(0.43	)		55.87			159.15
Index		(0.16	)		9.47			10.17			(0.16	)		57.19			163.36

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,193.70	$	0.98		$	1,000.00	$	1,024.03	$	0.91		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 9

Fund Summary as of March 31, 2023 (continued) iShares^® S&P 500 Value ETF

Portfolio Management Commentary

Value-oriented large-capitalization U.S. stocks declined marginally for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The financials sector detracted the most from the Index’s performance amid tightening financial conditions. The banking industry faced significant challenges, as the potential impact of a slowing economy outweighed the benefits of being able to charge more for loans. As the Fed raised interest rates to fight persistently high inflation, investors became concerned about the long-term effect on loan growth and credit losses. Bank stocks were further pressured late in the reporting period after the sudden failure of two regional banks. The financial services industry also faced headwinds, as inflationary pressure and high interest rates reduced the value of many of the industry’s equity holdings. The impact of a large hurricane in 2022 further dented earnings in the industry.

The real estate sector also detracted significantly from the Index’s return, as higher interest rates weighed on the equity real estate investment trusts (“REITs”) industry. REITs typically take on substantial debt in order to finance the purchase of the properties they manage, and higher interest rates make financing more expensive.

On the upside, stocks in the energy sector contributed to the Index’s return despite lower oil prices and a sharp decline in the price of natural gas. The price of oil and natural gas surged in the aftermath of Russia’s invasion of Ukraine. While prices subsequently fell as markets stabilized, the relatively high average prices of energy commodities supported profitability in the oil, gas, and consumable fuels industry. The information technology and consumer discretionary sectors also contributed, as a software company and an internet retailer were added to the Index upon rebalancing in December 2022 and advanced thereafter.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	19.3	%
Information Technology	17.2
Industrials	12.3
Consumer Discretionary	10.5
Communication Services	9.4
Health Care	9.1
Consumer Staples	7.4
Utilities	5.5
Real Estate	4.6
Materials	3.1
Energy	1.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	5.6	%
Berkshire Hathaway, Inc., Class B	3.5
Amazon.com, Inc.	3.1
Meta Platforms, Inc., Class A	2.9
JPMorgan Chase & Co.	2.4
Cisco Systems, Inc.	1.3
Walmart, Inc.	1.3
Salesforce, Inc.	1.2
Bank of America Corp.	1.2
Walt Disney Co.	1.1

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Fund Summary as of March 31, 2023  iShares^® S&P Small-Cap 600 Value ETF

Investment Objective

The iShares S&P Small-Cap 600 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 S&P SmallCap 600 Value Index^™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(7.08	)%		6.05	%		9.24	%		(7.08	)%		34.13	%		141.90	%
Fund Market		(7.17	)		6.04			9.23			(7.17	)		34.08			141.73
Index		(6.81	)		6.30			9.45			(6.81	)		35.70			146.65

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,143.80	$	0.96		$	1,000.00	$	1,024.03	$	0.91		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 11

Fund Summary as of March 31, 2023 (continued) iShares^® S&P Small-Cap 600 Value ETF

Portfolio Management Commentary

Value-oriented small-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The financials sector detracted the most from the Index’s performance amid tightening financial conditions. The banking industry faced significant challenges, as the potential impact of a slowing economy outweighed the benefits of being able to charge more for loans. While bank profitability is typically supported by higher interest rates, persistently high inflation led to significant tightening from the Fed, and investors became concerned about the long-term effect of this tightening on loan growth and credit losses. Bank stocks were further pressured late in the reporting period after the sudden failure of two regional banks led to government intervention to cover depositors and prevent a contagion effect. Despite government actions to contain the impact, these bank failures weighed heavily on the industry, as markets digested the long-term implications of the disruption.

The real estate sector detracted significantly from the Index’s return, as higher interest rates and changing usage patterns weighed on equity real estate investment trusts (“REITs”). REITs typically take on substantial debt to finance the purchase of the properties they manage, and higher interest rates make financing more expensive. Furthermore, higher interest rates also meant increased bond yields, making dividend yields from REITs comparatively less attractive to income-oriented investors. An ongoing oversupply of office space due to the shift toward remote work and more stringent lending standards after the failure of two prominent banks late in the reporting period negatively affected office REITs.

On the upside, industrials stocks contributed to the Index’s return. The capital goods industry benefited from government incentives that encouraged investments in additional industrial capacity.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Consumer Discretionary	19.8	%
Financials	16.7
Industrials	16.3
Real Estate	11.3
Information Technology	8.8
Health Care	8.8
Materials	5.4
Consumer Staples	4.4
Energy	3.7
Communication Services	3.0
Utilities	1.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Insight Enterprises, Inc.	1.0	%
Meritage Homes Corp.	1.0
Essential Properties Realty Trust, Inc.	0.8
Signet Jewelers Ltd.	0.8
John Bean Technologies Corp.	0.8
Group 1 Automotive, Inc.	0.7
Rogers Corp.	0.7
ABM Industries, Inc.	0.7
LXP Industrial Trust	0.6
Avista Corp.	0.6

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, 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.

A B O U T    F U N D    P E R F O  R M A N C E    /    D I S C L O S U R E    O F    E X  P E N S E S 13

Schedule of Investments March 31, 2023 iShares^® S&P 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.8%
Boeing Co.(a)		186,200	$	39,554,466
General Dynamics Corp.		74,510		17,003,927
Lockheed Martin Corp.		75,232		35,564,423
Raytheon Technologies Corp.		485,063		47,502,220
				139,625,036
Air Freight & Logistics — 0.9%
FedEx Corp.		76,790		17,545,747
United Parcel Service, Inc., Class B		241,653		46,878,266
				64,424,013
Automobiles — 2.9%
Ford Motor Co.		1,296,398		16,334,615
General Motors Co.		461,124		16,914,028
Tesla, Inc.(a)		890,519		184,747,072
				217,995,715
Banks — 3.8%
Bank of America Corp.		2,310,994		66,094,428
Citigroup, Inc.		641,314		30,071,213
JPMorgan Chase & Co.		971,217		126,559,287
U.S. Bancorp		460,756		16,610,254
Wells Fargo & Co.		1,261,696		47,162,197
				286,497,379
Beverages — 2.2%
Coca-Cola Co.		1,288,705		79,938,371
PepsiCo, Inc.		456,023		83,132,993
				163,071,364
Biotechnology — 2.3%
AbbVie, Inc.		585,563		93,321,175
Amgen, Inc.		176,805		42,742,609
Gilead Sciences, Inc.		412,896		34,257,981
				170,321,765
Broadline Retail — 4.0%
Amazon.com, Inc.(a)		2,951,894		304,901,131
Capital Markets — 1.9%
Bank of New York Mellon Corp.		244,295		11,100,765
BlackRock, Inc.(b)		49,586		33,178,984
Charles Schwab Corp.		505,047		26,454,362
Goldman Sachs Group, Inc.		112,127		36,677,863
Morgan Stanley		432,596		37,981,929
				145,393,903
Chemicals — 0.9%
Dow, Inc.		233,278		12,788,300
Linde PLC		163,083		57,966,221
				70,754,521
Communications Equipment — 0.9%
Cisco Systems, Inc.		1,360,238		71,106,441
Consumer Finance — 0.6%
American Express Co.		197,129		32,516,429
Capital One Financial Corp.		126,482		12,162,509
				44,678,938
Consumer Staples Distribution & Retail — 2.3%
Costco Wholesale Corp.		146,923		73,001,631
Target Corp.		152,415		25,244,496
Walgreens Boots Alliance, Inc.		237,624		8,217,038
Walmart, Inc.		464,329		68,465,311
				174,928,476

Security	Shares		Value
Diversified Telecommunication Services — 1.3%
AT&T Inc.		2,360,159	$	45,433,061
Verizon Communications, Inc.		1,390,627		54,081,484
				99,514,545
Electric Utilities — 1.5%
Duke Energy Corp.		254,955		24,595,509
Exelon Corp.		329,359		13,796,848
NextEra Energy, Inc.		657,972		50,716,482
Southern Co.		360,472		25,081,642
				114,190,481
Electrical Equipment — 0.2%
Emerson Electric Co.		188,915		16,462,053
Entertainment — 1.5%
Netflix, Inc.(a)		147,460		50,944,481
Walt Disney Co.(a)		604,876		60,566,234
				111,510,715
Financial Services — 5.8%
Berkshire Hathaway, Inc., Class B(a)		596,569		184,202,610
Mastercard, Inc., Class A		279,366		101,524,398
PayPal Holdings, Inc.(a)		374,609		28,447,808
Visa, Inc., Class A		538,040		121,306,498
				435,481,314
Food Products — 0.6%
Kraft Heinz Co.		264,650		10,234,015
Mondelez International, Inc., Class A		450,990		31,443,023
				41,677,038
Ground Transportation — 0.5%
Union Pacific Corp.		202,598		40,774,873
Health Care Equipment & Supplies — 1.2%
Abbott Laboratories		577,316		58,459,018
Medtronic PLC		440,438		35,508,112
				93,967,130
Health Care Providers & Services — 2.4%
CVS Health Corp.		425,183		31,595,349
UnitedHealth Group, Inc.		309,372		146,206,113
				177,801,462
Hotels, Restaurants & Leisure — 1.9%
Booking Holdings, Inc.(a)		12,843		34,064,902
McDonald’s Corp.		242,515		67,809,619
Starbucks Corp.		380,546		39,626,255
				141,500,776
Household Products — 1.8%
Colgate-Palmolive Co.		276,386		20,770,408
Procter & Gamble Co.		781,139		116,147,558
				136,917,966
Industrial Conglomerates — 1.3%
3M Co.		182,545		19,187,305
General Electric Co.		360,676		34,480,626
Honeywell International, Inc.		221,229		42,281,286
				95,949,217
Insurance — 0.3%
American International Group, Inc.		246,147		12,395,963
MetLife, Inc.		218,299		12,648,244
				25,044,207
Interactive Media & Services — 7.1%
Alphabet, Inc., Class A(a)		1,972,098		204,565,726

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Schedule of Investments   (continued) March 31, 2023 iShares^® S&P 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
Alphabet, Inc., Class C, NVS(a)		1,719,182	$	178,794,928
Meta Platforms, Inc., Class A(a)		736,975		156,194,481
				539,555,135
IT Services — 1.3%
Accenture PLC, Class A		208,514		59,595,386
International Business Machines Corp.		299,366		39,243,889
				98,839,275
Life Sciences Tools & Services — 1.7%
Danaher Corp.		217,033		54,700,997
Thermo Fisher Scientific, Inc.		129,861		74,847,985
				129,548,982
Machinery — 0.5%
Caterpillar, Inc.		172,314		39,432,336
Media — 0.9%
Charter Communications, Inc., Class A(a)		34,985		12,510,986
Comcast Corp., Class A		1,392,857		52,803,209
				65,314,195
Oil, Gas & Consumable Fuels — 3.8%
Chevron Corp.		589,030		96,106,135
ConocoPhillips		405,232		40,203,066
Exxon Mobil Corp.		1,363,515		149,523,055
				285,832,256
Pharmaceuticals — 5.8%
Bristol-Myers Squibb Co.		703,995		48,793,893
Eli Lilly & Co.		261,129		89,676,921
Johnson & Johnson		865,685		134,181,175
Merck & Co., Inc.		839,499		89,314,299
Pfizer, Inc.		1,858,632		75,832,186
				437,798,474
Retail REITs — 0.2%
Simon Property Group, Inc.		107,983		12,090,857
Semiconductors & Semiconductor Equipment — 6.8%
Advanced Micro Devices, Inc.(a)		533,868		52,324,403
Broadcom, Inc.		138,367		88,767,965
Intel Corp.		1,369,806		44,751,562
NVIDIA Corp.		814,534		226,253,109
QUALCOMM, Inc.		369,189		47,101,133
Texas Instruments, Inc.		300,055		55,813,230
				515,011,402
Software — 11.7%
Adobe, Inc.(a)		151,584		58,415,926

Security	Shares		Value
Software (continued)
Microsoft Corp.		2,464,726	$	710,580,506
Oracle Corp.		508,872		47,284,386
Salesforce, Inc.(a)		331,110		66,149,156
				882,429,974
Specialized REITs — 0.4%
American Tower Corp.		154,167		31,502,485
Specialty Retail — 1.8%
Home Depot, Inc.		337,463		99,592,081
Lowe’s Cos., Inc.		200,224		40,038,793
				139,630,874
Technology Hardware, Storage & Peripherals — 10.8%
Apple Inc.		4,924,493		812,048,896
Textiles, Apparel & Luxury Goods — 0.7%
NIKE, Inc., Class B		412,453		50,583,236
Tobacco — 1.0%
Altria Group, Inc.		591,210		26,379,790
Philip Morris International, Inc.		513,299		49,918,328
				76,298,118
Wireless Telecommunication Services — 0.4%
T-Mobile U.S., Inc.(a)		196,117		28,405,586
Total Long-Term Investments — 99.7% (Cost: $6,642,321,886)				7,528,812,540
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(b)(c)(d)		14,929,868		14,929,868
Total Short-Term Securities — 0.2% (Cost: $14,929,868)			14,929,868
Total Investments — 99.9% (Cost: $6,657,251,754)			7,543,742,408
Other Assets Less Liabilities — 0.1%				4,285,132
Net Assets — 100.0%			$	7,548,027,540

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

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

S C H E D U L E S    O F    I N V E S  T M E N T S 15

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P 100 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	9,415,762	$	—	$	(9,448,345	)(b)	$	32,574	$	9		$	—		—	$	133,167	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		16,943,000		—		(2,013,132	)(b)		—		—			14,929,868		14,929,868		471,122			10
BlackRock, Inc.		37,188,333		7,561,373		(7,250,310	)		2,166,228		(6,486,640	)		33,178,984		49,586		497,404			—
								$	2,198,802	$	(6,486,631	)	$	48,108,852			$	1,101,693		$	10

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-mini Index		92		06/16/23	$	19,034	$	1,013,158

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,013,158	$	—	$	—	$	—	$	1,013,158

^(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 March 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	$	—	$	—	$	(1,457,413	)	$	—	$	—	$	—	$	(1,457,413	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(112,487	)	$	—	$	—	$	—	$	(112,487	)

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Schedule of Investments   (continued) March 31, 2023 iShares^® S&P 100 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	19,070,550

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	7,528,812,540	$	—	$	—	$	7,528,812,540
Short-Term Securities
Money Market Funds		14,929,868		—		—		14,929,868
	$	7,543,742,408	$	—	$	—	$	7,543,742,408
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,013,158	$	—	$	—	$	1,013,158

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

See notes to financial statements.

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

Schedule of Investments   March 31, 2023 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
General Dynamics Corp.		196,450	$	44,831,854
L3Harris Technologies, Inc.		156,703		30,751,397
Lockheed Martin Corp.		265,930		125,713,089
Northrop Grumman Corp.		170,732		78,830,379
TransDigm Group, Inc.		40,094		29,551,283
				309,678,002
Air Freight & Logistics — 0.1%
CH Robinson Worldwide, Inc.		104,022		10,336,666
Expeditors International of Washington, Inc.		262,202		28,873,684
				39,210,350
Automobiles — 3.0%
Tesla, Inc.(a)		4,433,837		919,843,824
Beverages — 2.7%
Brown-Forman Corp., Class B, NVS		164,649		10,581,991
Coca-Cola Co.		4,170,633		258,704,365
Constellation Brands, Inc., Class A		149,685		33,812,345
Keurig Dr Pepper, Inc.		700,791		24,723,906
Monster Beverage Corp.(a)		1,258,178		67,954,194
PepsiCo, Inc.		2,270,549		413,921,083
				809,697,884
Biotechnology — 4.2%
AbbVie, Inc.		2,915,476		464,639,410
Amgen, Inc.		880,262		212,803,339
Biogen, Inc.(a)		111,439		30,983,385
Gilead Sciences, Inc.		2,055,791		170,568,979
Incyte Corp.(a)		304,623		22,015,104
Moderna, Inc.(a)		544,184		83,575,779
Regeneron Pharmaceuticals, Inc.(a)		177,259		145,648,403
Vertex Pharmaceuticals, Inc.(a)		423,844		133,540,529
				1,263,774,928
Broadline Retail — 2.4%
Amazon.com, Inc.(a)		6,760,671		698,309,708
Etsy, Inc.(a)(b)		120,900		13,459,797
				711,769,505
Building Products — 0.0%
Masco Corp.		261,921		13,022,712
Capital Markets — 1.0%
Ameriprise Financial, Inc.		173,976		53,323,644
Cboe Global Markets, Inc.		117,204		15,733,465
Charles Schwab Corp.		1,484,445		77,755,229
FactSet Research Systems, Inc.		37,897		15,730,666
MarketAxess Holdings, Inc.		30,211		11,821,262
Moody’s Corp.		121,946		37,317,915
MSCI, Inc., Class A		75,073		42,017,607
Nasdaq, Inc.		358,272		19,586,730
Raymond James Financial, Inc.		318,972		29,750,519
				303,037,037
Chemicals — 1.5%
Air Products & Chemicals, Inc.		366,145		105,160,505
Albemarle Corp.		193,012		42,663,373
CF Industries Holdings, Inc.		323,165		23,426,231
Corteva, Inc.		810,857		48,902,786
FMC Corp.		207,725		25,369,454
Linde PLC		495,244		176,029,527
Mosaic Co.		561,631		25,767,630
				447,319,506

Security	Shares		Value
Commercial Services & Supplies — 0.6%
Cintas Corp.		83,852	$	38,796,643
Copart, Inc.(a)		705,812		53,084,121
Republic Services, Inc.		186,330		25,195,543
Rollins, Inc.		384,115		14,415,836
Waste Management, Inc.		361,230		58,941,899
				190,434,042
Communications Equipment — 0.4%
Arista Networks, Inc.(a)		407,827		68,457,840
Motorola Solutions, Inc.		151,494		43,346,978
				111,804,818
Construction & Engineering — 0.1%
Quanta Services, Inc.		235,378		39,223,390
Construction Materials — 0.1%
Vulcan Materials Co.		129,391		22,198,320
Consumer Finance — 0.3%
American Express Co.		480,933		79,329,899
Discover Financial Services		255,917		25,294,836
				104,624,735
Consumer Staples Distribution & Retail — 1.2%
Costco Wholesale Corp.		482,784		239,880,886
Dollar General Corp.		368,524		77,559,561
Dollar Tree, Inc.(a)(b)		343,563		49,318,469
				366,758,916
Distributors — 0.1%
Genuine Parts Co.		167,160		27,967,539
Pool Corp.		40,286		13,795,538
				41,763,077
Electric Utilities — 0.2%
NRG Energy, Inc.		177,163		6,074,919
PG&E Corp.(a)(b)		2,651,589		42,876,194
				48,951,113
Electrical Equipment — 0.1%
AMETEK, Inc.		189,360		27,519,689
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		980,011		80,086,499
CDW Corp.		140,657		27,412,642
Keysight Technologies, Inc.(a)(b)		159,112		25,693,406
				133,192,547
Energy Equipment & Services — 0.2%
Schlumberger NV		1,241,604		60,962,756
Entertainment — 0.3%
Activision Blizzard, Inc.		692,056		59,233,073
Electronic Arts, Inc.		291,995		35,170,798
				94,403,871
Financial Services — 4.1%
Fiserv, Inc.(a)(b)		721,664		81,569,682
FleetCor Technologies, Inc.(a)		64,865		13,676,785
Jack Henry & Associates, Inc.		120,447		18,153,772
Mastercard, Inc., Class A		1,390,885		505,461,518
Visa, Inc., Class A		2,678,870		603,978,030
				1,222,839,787
Food Products — 1.1%
Archer-Daniels-Midland Co.		440,714		35,107,277
Bunge Ltd.		101,294		9,675,603
Campbell Soup Co.		193,842		10,657,433
General Mills, Inc.		660,967		56,486,240
Hershey Co.		242,818		61,775,327

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Schedule of Investments   (continued) March 31, 2023 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Hormel Foods Corp.		345,212	$	13,767,055
Kellogg Co.		233,078		15,606,903
Lamb Weston Holdings, Inc.		237,666		24,840,850
McCormick & Co., Inc., NVS		211,575		17,605,156
Mondelez International, Inc., Class A		1,213,704		84,619,443
				330,141,287
Gas Utilities — 0.1%
Atmos Energy Corp.		144,293		16,212,762
Ground Transportation — 0.8%
CSX Corp.		1,662,035		49,761,328
JB Hunt Transport Services, Inc.		136,724		23,989,593
Old Dominion Freight Line, Inc.(b)		149,756		51,042,835
Union Pacific Corp.		504,302		101,495,821
				226,289,577
Health Care Equipment & Supplies — 1.6%
Abbott Laboratories		1,494,644		151,347,651
Boston Scientific Corp.(a)(b)		1,250,361		62,555,561
Dexcom, Inc.(a)		637,751		74,093,911
Hologic, Inc.(a)		406,450		32,800,515
IDEXX Laboratories, Inc.(a)(b)		66,905		33,457,852
Insulet Corp.(a)(b)		114,312		36,460,956
Intuitive Surgical, Inc.(a)(b)		282,928		72,279,616
ResMed, Inc.		131,319		28,757,548
				491,753,610
Health Care Providers & Services — 3.9%
Cigna Group		241,187		61,630,514
Elevance Health, Inc.		393,759		181,054,326
HCA Healthcare, Inc.		188,601		49,730,312
Humana, Inc.		131,785		63,976,346
McKesson Corp.		104,101		37,065,161
Molina Healthcare, Inc.(a)		96,210		25,735,213
Quest Diagnostics, Inc.		121,093		17,132,237
UnitedHealth Group, Inc.		1,540,313		727,936,521
				1,164,260,630
Hotels, Restaurants & Leisure — 1.7%
Chipotle Mexican Grill, Inc.(a)		45,558		77,826,276
Domino’s Pizza, Inc.		26,620		8,781,139
Hilton Worldwide Holdings, Inc.		211,325		29,769,353
Marriott International, Inc., Class A		225,963		37,518,897
McDonald’s Corp.		748,579		209,310,174
Starbucks Corp.		966,249		100,615,508
Yum! Brands, Inc.		295,388		39,014,847
				502,836,194
Household Durables — 0.1%
DR Horton, Inc.		258,365		25,239,677
Household Products — 1.4%
Clorox Co.		92,190		14,588,146
Colgate-Palmolive Co.		756,525		56,852,854
Kimberly-Clark Corp.		266,833		35,814,325
Procter & Gamble Co.		2,139,113		318,064,712
				425,320,037
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		651,856		15,696,692
Insurance — 1.9%
Aon PLC, Class A		223,413		70,439,885
Arch Capital Group Ltd.(a)(b)		609,054		41,336,495
Arthur J. Gallagher & Co.		223,270		42,713,783
Brown & Brown, Inc.		230,376		13,228,190

Security	Shares		Value
Insurance (continued)
Chubb Ltd.		389,905	$	75,711,753
Everest Re Group Ltd.		37,168		13,306,887
Globe Life, Inc.		105,245		11,579,055
Marsh & McLennan Cos., Inc.		522,224		86,976,407
Principal Financial Group, Inc.		229,537		17,059,190
Progressive Corp.		964,230		137,942,744
Travelers Cos., Inc.		206,258		35,354,684
W R Berkley Corp.		337,195		20,993,761
				566,642,834
Interactive Media & Services — 6.3%
Alphabet, Inc., Class A(a)		9,818,842		1,018,508,481
Alphabet, Inc., Class C, NVS(a)		8,559,651		890,203,704
				1,908,712,185
IT Services — 0.7%
Accenture PLC, Class A		508,716		145,396,120
EPAM Systems, Inc.(a)		64,568		19,305,832
Gartner, Inc.(a)		130,080		42,376,161
VeriSign, Inc.(a)		73,911		15,619,612
				222,697,725
Life Sciences Tools & Services — 2.6%
Agilent Technologies, Inc.		292,473		40,460,715
Bio-Techne Corp.		123,311		9,148,443
Danaher Corp.		1,080,527		272,336,025
IQVIA Holdings, Inc.(a)		146,781		29,193,273
Mettler-Toledo International, Inc.(a)		23,746		36,336,367
Thermo Fisher Scientific, Inc.		646,622		372,693,522
Waters Corp.(a)		97,900		30,312,777
				790,481,122
Machinery — 1.4%
Caterpillar, Inc.		514,814		117,810,036
Cummins, Inc.		119,315		28,501,967
Deere & Co.		445,767		184,048,279
IDEX Corp.		71,128		16,432,702
Illinois Tool Works, Inc.		233,159		56,762,558
Snap-on, Inc.		49,622		12,251,176
				415,806,718
Metals & Mining — 0.6%
Freeport-McMoRan, Inc.		2,358,556		96,488,526
Nucor Corp.		416,773		64,378,925
Steel Dynamics, Inc.		274,702		31,057,808
				191,925,259
Multi-Utilities — 0.2%
Sempra Energy		310,584		46,947,877
WEC Energy Group, Inc.		270,424		25,633,491
				72,581,368
Oil, Gas & Consumable Fuels — 7.0%
APA Corp.		530,674		19,136,104
Chevron Corp.		2,932,752		478,507,816
ConocoPhillips		2,017,642		200,170,263
Coterra Energy, Inc.		1,298,911		31,875,276
Devon Energy Corp.		1,079,838		54,650,601
Diamondback Energy, Inc.		302,171		40,844,454
EOG Resources, Inc.		968,401		111,007,807
EQT Corp.		605,976		19,336,694
Exxon Mobil Corp.		6,788,776		744,457,176
Hess Corp.		457,156		60,500,025
Marathon Oil Corp.		1,046,435		25,072,583
Marathon Petroleum Corp.		360,129		48,556,193
Occidental Petroleum Corp.(b)		1,200,608		74,953,957

S C H E D U L E S    O F    I N V E S  T M E N T S 19

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
ONEOK, Inc.		736,127	$	46,773,510
Pioneer Natural Resources Co.		391,357		79,930,754
Targa Resources Corp.		373,177		27,223,262
Williams Cos., Inc.		2,005,481		59,883,663
				2,122,880,138
Pharmaceuticals — 6.4%
Bristol-Myers Squibb Co.		3,505,079		242,937,026
Eli Lilly & Co.		1,300,172		446,505,068
Johnson & Johnson		2,672,282		414,203,710
Merck & Co., Inc.		4,179,795		444,688,390
Pfizer, Inc.		9,253,884		377,558,467
				1,925,892,661
Professional Services — 1.0%
Automatic Data Processing, Inc.		683,044		152,066,086
Broadridge Financial Solutions, Inc.		93,375		13,685,974
CoStar Group, Inc.(a)		669,760		46,112,976
Equifax, Inc.(b)		99,169		20,115,440
Leidos Holdings, Inc.		147,205		13,551,692
Paychex, Inc.		301,082		34,500,986
Verisk Analytics, Inc.		118,770		22,787,212
				302,820,366
Semiconductors & Semiconductor Equipment — 9.0%
Advanced Micro Devices, Inc.(a)		1,435,356		140,679,242
Analog Devices, Inc.		392,670		77,442,377
Applied Materials, Inc.		1,389,840		170,714,047
Broadcom, Inc.		413,373		265,195,314
Enphase Energy, Inc.(a)		223,787		47,057,930
First Solar, Inc.(a)		163,565		35,575,388
KLA Corp.		228,272		91,119,334
Lam Research Corp.		222,503		117,953,290
Microchip Technology, Inc.		441,413		36,981,581
Monolithic Power Systems, Inc.		73,977		37,028,448
NVIDIA Corp.		4,055,520		1,126,501,790
NXP Semiconductors NV		252,880		47,155,798
ON Semiconductor Corp.(a)(b)		712,225		58,630,362
QUALCOMM, Inc.		1,838,187		234,515,898
SolarEdge Technologies, Inc.(a)		92,047		27,977,686
Teradyne, Inc.		125,029		13,441,868
Texas Instruments, Inc.		941,219		175,076,146
				2,703,046,499
Software — 9.9%
Adobe, Inc.(a)		354,766		136,716,173
Autodesk, Inc.(a)		195,513		40,697,986
Cadence Design Systems, Inc.(a)(b)		452,030		94,966,983
Fair Isaac Corp.(a)(b)		41,527		29,180,608
Fortinet, Inc.(a)		1,068,070		70,983,932
Gen Digital, Inc.		502,843		8,628,786
Intuit, Inc.		245,455		109,431,203
Microsoft Corp.		7,117,532		2,051,984,476
Oracle Corp.		1,494,793		138,896,166
Paycom Software, Inc.(a)(b)		79,436		24,149,338
PTC, Inc.(a)		176,375		22,616,566
ServiceNow, Inc.(a)(b)		334,602		155,496,241
Synopsys, Inc.(a)		251,315		97,070,419
Tyler Technologies, Inc.(a)		32,088		11,379,688
				2,992,198,565

Security	Shares		Value
Specialized REITs — 0.8%
American Tower Corp.		406,412	$	83,046,228
Extra Space Storage, Inc.		110,908		18,070,240
Iron Mountain, Inc.		303,628		16,064,958
Public Storage		161,421		48,771,741
SBA Communications Corp.		99,560		25,992,129
VICI Properties, Inc.		945,471		30,841,264
Weyerhaeuser Co.		686,101		20,672,223
				243,458,783
Specialty Retail — 2.5%
AutoZone, Inc.(a)		30,898		75,951,919
Home Depot, Inc.		890,461		262,792,850
Lowe’s Cos., Inc.		687,873		137,553,964
O’Reilly Automotive, Inc.(a)		102,806		87,280,238
TJX Cos., Inc.		1,219,136		95,531,497
Tractor Supply Co.		181,966		42,769,289
Ulta Beauty, Inc.(a)		84,099		45,890,301
				747,770,058
Technology Hardware, Storage & Peripherals — 13.4%
Apple Inc.		24,518,598		4,043,116,810
Tobacco — 0.7%
Altria Group, Inc.		1,530,637		68,297,023
Philip Morris International, Inc.		1,380,032		134,208,112
				202,505,135
Trading Companies & Distributors — 0.3%
Fastenal Co.		459,642		24,793,090
WW Grainger, Inc.		74,335		51,202,691
				75,995,781
Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.(a)(b)		663,941		96,165,214
Total Long-Term Investments — 99.8% (Cost: $22,700,936,556)				30,104,478,496
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(d)(e)		237,619,273		237,690,559
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(d)		41,154,407		41,154,407
Total Short-Term Securities — 0.9% (Cost: $278,820,244)				278,844,966
Total Investments — 100.7% (Cost: $22,979,756,800)				30,383,323,462
Liabilities in Excess of Other Assets — (0.7)%				(219,231,977	)
Net Assets — 100.0%			$	30,164,091,485

^(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.

20 2 0 2 3    I S H A R E S    A N N U A L    R E P O R T     T O    S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P 500 Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	67,653,659	$	169,841,502	(a)	$	—		$	186,798	$	8,600	$	237,690,559		237,619,273	$	513,312	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		48,780,000		—			(7,625,593)	(a)		—		—		41,154,407		41,154,407		1,128,251			33
BlackRock Inc.		107,435,424		16,523,814			(115,599,167)			18,390,580		(26,750,651)		—		—		—			—
									$	18,577,378	$	(26,742,051)	$	278,844,966			$	1,641,563		$	33

^(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
S&P 500 E-mini Index		251		06/16/23	$	51,929	$	2,541,292

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	2,541,292	$	—	$	—	$	—	$	2,541,292

^(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 March 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	$	—	$	—	$	(5,359,505	)	$	—	$	—	$	—	$	(5,359,505	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(342,514	)	$	—	$	—	$	—	$	(342,514	)

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

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P 500 Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	59,189,666

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	30,104,478,496	$	—	$	—	$	30,104,478,496
Short-Term Securities
Money Market Funds		278,844,966		—		—		278,844,966
	$	30,383,323,462	$	—	$	—	$	30,383,323,462
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	2,541,292	$	—	$	—	$	2,541,292

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

See notes to financial statements.

22 2 0 2 3    I S H A R E S    A N N U A L    R E P O R T     T O    S H A R E H O L D E R S

Schedule of Investments   March 31, 2023 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.6%
Boeing Co.(a)(b)		853,705	$	181,352,553
General Dynamics Corp.		160,996		36,740,897
Howmet Aerospace, Inc.		559,665		23,713,006
Huntington Ingalls Industries, Inc.		60,062		12,434,035
L3Harris Technologies, Inc.		144,272		28,311,937
Lockheed Martin Corp.		100,034		47,289,073
Northrop Grumman Corp.		61,155		28,236,487
Raytheon Technologies Corp.		2,223,974		217,793,774
Textron, Inc.(b)		317,310		22,411,605
TransDigm Group, Inc.		41,630		30,683,392
				628,966,759
Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		81,620		8,110,579
FedEx Corp.		352,520		80,547,295
United Parcel Service, Inc., Class B		1,107,952		214,931,609
				303,589,483
Automobile Components — 0.3%
Aptiv PLC(a)		411,893		46,210,276
BorgWarner, Inc.		356,675		17,516,309
				63,726,585
Automobiles — 0.6%
Ford Motor Co.		5,943,963		74,893,934
General Motors Co.		2,117,228		77,659,923
				152,553,857
Banks — 6.7%
Bank of America Corp.		10,595,776		303,039,194
Citigroup, Inc.		2,940,378		137,874,324
Citizens Financial Group, Inc.		747,124		22,690,156
Comerica, Inc.		197,314		8,567,374
Fifth Third Bancorp		1,037,452		27,637,721
First Republic Bank(b)		285,111		3,988,703
Huntington Bancshares, Inc.		2,183,344		24,453,453
JPMorgan Chase & Co.		4,452,965		580,265,869
KeyCorp		1,417,129		17,742,455
M&T Bank Corp.		256,517		30,671,738
PNC Financial Services Group, Inc.		608,760		77,373,396
Regions Financial Corp.		1,417,140		26,302,118
Truist Financial Corp.		2,014,287		68,687,187
U.S. Bancorp		2,115,061		76,247,949
Wells Fargo & Co.		5,784,802		216,235,899
Zions Bancorp N.A.		225,392		6,745,982
				1,628,523,518
Beverages — 0.8%
Brown-Forman Corp., Class B, NVS		124,035		7,971,729
Coca-Cola Co.		2,068,027		128,279,715
Constellation Brands, Inc., Class A		108,377		24,481,281
Keurig Dr Pepper, Inc.		645,417		22,770,312
Molson Coors Beverage Co., Class B		286,889		14,826,423
				198,329,460
Biotechnology — 0.1%
Biogen, Inc.(a)		115,634		32,149,721
Broadline Retail — 3.3%
Amazon.com, Inc.(a)		7,308,505		754,895,482
eBay, Inc.		826,646		36,678,283
Etsy, Inc.(a)(b)		79,477		8,848,174
				800,421,939

Security	Shares		Value
Building Products — 0.9%
A O Smith Corp.		191,159	$	13,218,645
Allegion PLC		134,013		14,303,208
Carrier Global Corp.		1,265,915		57,915,611
Johnson Controls International PLC		1,043,293		62,827,104
Masco Corp.		98,465		4,895,680
Trane Technologies PLC		347,764		63,981,621
				217,141,869
Capital Markets — 4.9%
Bank of New York Mellon Corp.		1,116,636		50,739,940
BlackRock, Inc.(c)		227,356		152,128,447
Cboe Global Markets, Inc.		52,667		7,070,018
Charles Schwab Corp.		951,452		49,837,056
CME Group, Inc., Class A		546,114		104,591,753
FactSet Research Systems, Inc.		23,472		9,742,992
Franklin Resources, Inc.		434,792		11,713,296
Goldman Sachs Group, Inc.		514,098		168,166,597
Intercontinental Exchange, Inc.		848,409		88,480,575
Invesco Ltd.		685,134		11,236,198
MarketAxess Holdings, Inc.		28,919		11,315,716
Moody’s Corp.		126,521		38,717,956
Morgan Stanley		1,983,428		174,144,978
MSCI, Inc., Class A		52,233		29,234,288
Nasdaq, Inc.		183,852		10,051,189
Northern Trust Corp.		315,982		27,847,494
S&P Global, Inc.		499,763		172,303,289
State Street Corp.		529,517		40,079,142
T Rowe Price Group, Inc.		340,166		38,404,741
				1,195,805,665
Chemicals — 2.1%
Celanese Corp., Class A		152,193		16,572,296
Corteva, Inc.		333,558		20,116,883
Dow, Inc.		1,070,095		58,662,608
DuPont de Nemours, Inc.		695,480		49,914,599
Eastman Chemical Co.		180,344		15,210,213
Ecolab, Inc.		376,187		62,270,234
International Flavors & Fragrances, Inc.		388,055		35,685,538
Linde PLC		291,619		103,653,057
LyondellBasell Industries NV, Class A		387,049		36,340,031
PPG Industries, Inc.		357,321		47,730,939
Sherwin-Williams Co.		357,791		80,420,683
				526,577,081
Commercial Services & Supplies — 0.3%
Cintas Corp.		53,692		24,842,214
Republic Services, Inc.		140,649		19,018,558
Waste Management, Inc.		231,177		37,721,151
				81,581,923
Communications Equipment — 1.6%
Cisco Systems, Inc.		6,236,613		326,018,944
F5, Inc.(a)		91,678		13,356,568
Juniper Networks, Inc.		493,902		17,000,107
Motorola Solutions, Inc.		114,179		32,670,037
				389,045,656
Construction Materials — 0.2%
Martin Marietta Materials, Inc.		94,084		33,405,465
Vulcan Materials Co.		83,347		14,299,011
				47,704,476
Consumer Finance — 0.7%
American Express Co.		460,944		76,032,713
Capital One Financial Corp.		578,872		55,664,331

S C H E D U L E S    O F    I N V E S  T M E N T S 23

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance (continued)
Discover Financial Services		170,964	$	16,898,082
Synchrony Financial		666,265		19,374,986
				167,970,112
Consumer Staples Distribution & Retail — 2.8%
Costco Wholesale Corp.		229,040		113,803,105
Kroger Co.		990,424		48,897,233
Sysco Corp.		770,605		59,513,824
Target Corp.		698,799		115,742,078
Walgreens Boots Alliance, Inc.		1,086,341		37,565,672
Walmart, Inc.		2,128,924		313,909,844
				689,431,756
Containers & Packaging — 0.5%
Amcor PLC		2,259,553		25,713,713
Avery Dennison Corp.		123,073		22,021,452
Ball Corp.		476,620		26,266,528
International Paper Co.		541,018		19,509,109
Packaging Corp. of America		140,831		19,551,568
Sealed Air Corp.		217,860		10,001,953
Westrock Co.		388,249		11,829,947
				134,894,270
Distributors — 0.2%
Genuine Parts Co.		59,522		9,958,626
LKQ Corp.		385,972		21,907,770
Pool Corp.		21,729		7,440,879
				39,307,275
Diversified Telecommunication Services — 1.9%
AT&T Inc.		10,821,202		208,308,139
Verizon Communications, Inc.		6,375,954		247,960,851
				456,268,990
Electric Utilities — 3.8%
Alliant Energy Corp.		381,732		20,384,489
American Electric Power Co., Inc.		780,107		70,981,936
Constellation Energy Corp.		497,461		39,050,688
Duke Energy Corp.		1,168,965		112,770,053
Edison International		578,236		40,817,679
Entergy Corp.		310,031		33,402,740
Evergy, Inc.		348,925		21,326,296
Eversource Energy		528,770		41,381,540
Exelon Corp.		1,508,619		63,196,050
FirstEnergy Corp.		822,697		32,957,242
NextEra Energy, Inc.		3,016,775		232,533,017
NRG Energy, Inc.		183,962		6,308,057
Pinnacle West Capital Corp.		172,939		13,703,686
PPL Corp.		1,115,673		31,004,553
Southern Co.		1,652,748		114,998,206
Xcel Energy, Inc.		830,781		56,027,871
				930,844,103
Electrical Equipment — 1.1%
AMETEK, Inc.		174,401		25,345,697
Eaton Corp. PLC		603,762		103,448,581
Emerson Electric Co.		867,458		75,590,290
Generac Holdings, Inc.(a)(b)		95,406		10,304,802
Rockwell Automation, Inc.		174,559		51,224,339
				265,913,709
Electronic Equipment, Instruments & Components — 0.9%
CDW Corp.		76,437		14,896,807
Corning, Inc.		1,152,520		40,660,906
Keysight Technologies, Inc.(a)		124,974		20,180,801
TE Connectivity Ltd.		480,417		63,006,690

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Teledyne Technologies, Inc.(a)		71,125	$	31,818,480
Trimble, Inc.(a)(b)		374,998		19,657,395
Zebra Technologies Corp., Class A(a)(b)		78,606		24,996,708
				215,217,787
Energy Equipment & Services — 0.6%
Baker Hughes Co., Class A		1,526,603		44,057,762
Halliburton Co.		1,372,495		43,425,742
Schlumberger NV		1,013,331		49,754,552
				137,238,056
Entertainment — 2.7%
Activision Blizzard, Inc.		442,457		37,869,895
Electronic Arts, Inc.		126,475		15,233,914
Live Nation Entertainment, Inc.(a)(b)		217,716		15,240,120
Netflix, Inc.(a)(b)		676,082		233,572,809
Take-Two Interactive Software, Inc.(a)		240,054		28,638,442
Walt Disney Co.(a)(b)		2,773,317		277,692,231
Warner Bros Discovery, Inc., Class A(a)		3,361,675		50,761,293
				659,008,704
Financial Services — 4.5%
Berkshire Hathaway, Inc., Class B(a)		2,735,238		844,559,437
Fidelity National Information Services, Inc.		900,825		48,941,822
Fiserv, Inc.(a)		298,387		33,726,683
FleetCor Technologies, Inc.(a)(b)		52,329		11,033,570
Global Payments, Inc.		399,148		42,006,335
PayPal Holdings, Inc.(a)		1,717,557		130,431,279
				1,110,699,126
Food Products — 1.2%
Archer-Daniels-Midland Co.		423,571		33,741,666
Bunge Ltd.		134,165		12,815,441
Campbell Soup Co.		124,128		6,824,557
Conagra Brands, Inc.		721,644		27,104,949
General Mills, Inc.		285,924		24,435,065
Hormel Foods Corp.		122,094		4,869,109
J M Smucker Co.		161,788		25,460,578
Kellogg Co.		176,516		11,819,511
Kraft Heinz Co.		1,210,017		46,791,357
McCormick & Co., Inc., NVS		187,726		15,620,680
Mondelez International, Inc., Class A		952,048		66,376,787
Tyson Foods, Inc., Class A		433,600		25,721,152
				301,580,852
Gas Utilities — 0.0%
Atmos Energy Corp.		85,140		9,566,330
Ground Transportation — 0.9%
CSX Corp.		1,659,686		49,690,999
Norfolk Southern Corp.		345,803		73,310,236
Union Pacific Corp.		464,447		93,474,603
				��
				216,475,838
Health Care Equipment & Supplies — 4.2%
Abbott Laboratories		1,270,539		128,654,779
Align Technology, Inc.(a)(b)		110,443		36,903,424
Baxter International, Inc.		768,098		31,154,055
Becton Dickinson & Co.		430,994		106,688,255
Boston Scientific Corp.(a)(b)		1,021,972		51,129,259
Cooper Cos., Inc.		74,981		27,994,906
DENTSPLY SIRONA, Inc.		327,626		12,869,149
Edwards Lifesciences Corp.(a)		938,428		77,636,149
GE HealthCare Technologies, Inc.(a)		551,221		45,216,659
IDEXX Laboratories, Inc.(a)		64,108		32,059,129
Intuitive Surgical, Inc.(a)		271,294		69,307,478

24 2 0 2 3    I S H A R E S    A N N U A L    R E P O R T     T O    S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Medtronic PLC		2,019,381	$	162,802,496
ResMed, Inc.		102,419		22,428,737
STERIS PLC		150,330		28,755,122
Stryker Corp.		511,849		146,117,534
Teleflex, Inc.		71,482		18,107,105
Zimmer Biomet Holdings, Inc.		319,243		41,246,196
				1,039,070,432
Health Care Providers & Services — 2.1%
AmerisourceBergen Corp.		245,195		39,258,171
Cardinal Health, Inc.		392,775		29,654,513
Centene Corp.(a)		836,122		52,851,272
Cigna Group		231,243		59,089,524
CVS Health Corp.		1,949,452		144,863,778
DaVita, Inc.(a)(b)		83,790		6,796,207
HCA Healthcare, Inc.		147,757		38,960,566
Henry Schein, Inc.(a)(b)		206,598		16,846,001
Humana, Inc.		68,204		33,110,314
Laboratory Corp. of America Holdings		134,281		30,806,747
McKesson Corp.		112,158		39,933,856
Quest Diagnostics, Inc.		56,878		8,047,099
Universal Health Services, Inc., Class B(b)		96,763		12,298,577
				512,516,625
Health Care REITs — 0.4%
Healthpeak Properties, Inc.		833,624		18,314,719
Ventas, Inc.		606,233		26,280,201
Welltower, Inc.		717,348		51,426,678
				96,021,598
Hotel & Resort REITs — 0.1%
Host Hotels & Resorts, Inc.		1,087,838		17,938,449
Hotels, Restaurants & Leisure — 2.6%
Booking Holdings, Inc.(a)(b)		58,894		156,211,034
Caesars Entertainment, Inc.(a)		326,989		15,960,333
Carnival Corp.(a)(b)		1,527,793		15,507,099
Darden Restaurants, Inc.		184,386		28,609,332
Domino’s Pizza, Inc.		28,788		9,496,298
Expedia Group, Inc.(a)		225,362		21,866,875
Hilton Worldwide Holdings, Inc.		209,825		29,558,048
Las Vegas Sands Corp.(a)		499,026		28,669,044
Marriott International, Inc., Class A		199,931		33,196,543
McDonald’s Corp.		422,523		118,141,656
MGM Resorts International		477,658		21,217,568
Norwegian Cruise Line Holdings Ltd.(a)(b)		642,451		8,640,966
Royal Caribbean Cruises Ltd.(a)(b)		333,675		21,788,977
Starbucks Corp.		854,947		89,025,631
Wynn Resorts Ltd.(a)		157,044		17,574,794
Yum! Brands, Inc.		152,683		20,166,371
				635,630,569
Household Durables — 0.6%
DR Horton, Inc.		236,982		23,150,772
Garmin Ltd.		233,113		23,525,764
Lennar Corp., Class A		384,909		40,457,785
Mohawk Industries, Inc.(a)		80,391		8,056,786
Newell Brands, Inc.		567,005		7,053,542
NVR, Inc.(a)		4,594		25,598,641
PulteGroup, Inc.		342,476		19,959,501
Whirlpool Corp.		82,141		10,844,255
				158,647,046
Household Products — 1.5%
Church & Dwight Co., Inc.		369,690		32,684,293
Clorox Co.		103,508		16,379,106

Security	Shares		Value
Household Products (continued)
Colgate-Palmolive Co.		571,394	$	42,940,259
Kimberly-Clark Corp.		267,315		35,879,019
Procter & Gamble Co.		1,611,658		239,637,428
				367,520,105
Independent Power and Renewable Electricity Producers — 0.0%
AES Corp.		412,575		9,934,806
Industrial Conglomerates — 1.8%
3M Co.		835,733		87,843,896
General Electric Co.(b)		1,653,670		158,090,852
Honeywell International, Inc.		1,014,310		193,854,927
				439,789,675
Industrial REITs — 0.7%
Prologis, Inc.		1,401,344		174,845,691
Insurance — 2.5%
Aflac, Inc.		849,962		54,839,548
Allstate Corp.		399,257		44,241,668
American International Group, Inc.		1,127,137		56,762,619
Aon PLC, Class A		106,018		33,426,415
Arthur J. Gallagher & Co.		116,475		22,282,832
Assurant, Inc.		75,135		9,021,460
Brown & Brown, Inc.		145,092		8,331,183
Chubb Ltd.		270,946		52,612,294
Cincinnati Financial Corp.		238,679		26,751,142
Everest Re Group Ltd.		24,786		8,873,884
Globe Life, Inc.		40,836		4,492,777
Hartford Financial Services Group, Inc.		477,527		33,278,857
Lincoln National Corp.		233,749		5,252,340
Loews Corp.		296,097		17,179,548
Marsh & McLennan Cos., Inc.		270,195		45,000,977
MetLife, Inc.		1,003,152		58,122,627
Principal Financial Group, Inc.		134,715		10,012,019
Prudential Financial, Inc.		559,537		46,296,091
Travelers Cos., Inc.		162,082		27,782,476
Willis Towers Watson PLC		161,907		37,623,949
				602,184,706
Interactive Media & Services — 3.0%
Match Group, Inc.(a)		425,332		16,328,495
Meta Platforms, Inc., Class A(a)		3,378,985		716,142,081
				732,470,576
IT Services — 1.7%
Accenture PLC, Class A		487,574		139,353,525
Akamai Technologies, Inc.(a)		239,168		18,726,854
Cognizant Technology Solutions Corp., Class A		772,618		47,075,615
DXC Technology Co.(a)		347,096		8,871,774
EPAM Systems, Inc.(a)		27,665		8,271,835
International Business Machines Corp.		1,372,573		179,930,594
VeriSign, Inc.(a)		70,863		14,975,478
				417,205,675
Leisure Products — 0.0%
Hasbro, Inc.		196,504		10,550,300
Life Sciences Tools & Services — 0.9%
Agilent Technologies, Inc.		179,639		24,851,259
Bio-Rad Laboratories, Inc., Class A(a)		32,857		15,739,160
Bio-Techne Corp.		123,002		9,125,518
Charles River Laboratories International, Inc.(a)(b)		77,438		15,628,537
Illumina, Inc.(a)(b)		238,805		55,534,103
IQVIA Holdings, Inc.(a)(b)		146,511		29,139,573
Mettler-Toledo International, Inc.(a)		11,698		17,900,397

S C H E D U L E S    O F    I N V E S  T M E N T S 25

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
PerkinElmer, Inc.		191,621	$	25,535,414
West Pharmaceutical Services, Inc.		112,374		38,934,220
				232,388,181
Machinery — 2.3%
Caterpillar, Inc.		316,022		72,318,474
Cummins, Inc.		104,860		25,048,957
Dover Corp.		212,883		32,345,443
Fortive Corp.		535,747		36,521,873
IDEX Corp.		48,910		11,299,677
Illinois Tool Works, Inc.		206,505		50,273,642
Ingersoll Rand, Inc.		613,665		35,703,030
Nordson Corp.		81,886		18,199,982
Otis Worldwide Corp.		629,830		53,157,652
PACCAR, Inc.		792,454		58,007,633
Parker-Hannifin Corp.		194,727		65,449,692
Pentair PLC		247,802		13,696,017
Snap-on, Inc.		34,385		8,489,313
Stanley Black & Decker, Inc.		225,040		18,133,723
Westinghouse Air Brake Technologies Corp.		275,853		27,877,704
Xylem, Inc.		273,140		28,597,758
				555,120,570
Media — 1.7%
Charter Communications, Inc., Class A(a)(b)		159,894		57,179,693
Comcast Corp., Class A		6,386,165		242,099,515
DISH Network Corp., Class A(a)		378,055		3,527,253
Fox Corp., Class A, NVS		449,849		15,317,359
Fox Corp., Class B		210,142		6,579,546
Interpublic Group of Cos., Inc.		590,637		21,995,322
News Corp., Class A, NVS		575,974		9,947,071
News Corp., Class B		176,666		3,079,289
Omnicom Group, Inc.		307,321		28,992,663
Paramount Global, Class B, NVS		769,856		17,175,487
				405,893,198
Metals & Mining — 0.2%
Newmont Corp.		1,204,991		59,068,659
Multi-Utilities — 1.5%
Ameren Corp.		393,944		34,032,822
CenterPoint Energy, Inc.		954,542		28,120,807
CMS Energy Corp.		444,033		27,254,745
Consolidated Edison, Inc.		538,725		51,539,821
Dominion Energy, Inc.		1,264,424		70,693,946
DTE Energy Co.		293,452		32,144,732
NiSource, Inc.		618,857		17,303,242
Public Service Enterprise Group, Inc.		757,465		47,303,689
Sempra Energy		190,618		28,813,817
WEC Energy Group, Inc.		230,167		21,817,530
				359,025,151
Office REITs — 0.2%
Alexandria Real Estate Equities, Inc.		238,527		29,956,606
Boston Properties, Inc.		214,728		11,621,079
				41,577,685
Oil, Gas & Consumable Fuels — 1.0%
Kinder Morgan, Inc.		3,003,226		52,586,487
Marathon Petroleum Corp.		358,357		48,317,275
Phillips 66		707,456		71,721,889
Valero Energy Corp.		585,475		81,732,310
				254,357,961
Passenger Airlines — 0.4%
Alaska Air Group, Inc.(a)		193,596		8,123,288

Security	Shares		Value
Passenger Airlines (continued)
American Airlines Group, Inc.(a)(b)		985,114	$	14,530,432
Delta Air Lines, Inc.(a)		971,861		33,937,386
Southwest Airlines Co.		905,436		29,462,887
United Airlines Holdings, Inc.(a)	��	496,407		21,966,010
				108,020,003
Personal Care Products — 0.4%
Estee Lauder Cos., Inc., Class A		351,713		86,683,186
Pharmaceuticals — 1.6%
Catalent, Inc.(a)		273,947		18,001,057
Johnson & Johnson		1,508,255		233,779,525
Organon & Co.		387,804		9,121,150
Viatris, Inc.		1,843,998		17,739,261
Zoetis, Inc., Class A		707,566		117,767,285
				396,408,278
Professional Services — 0.5%
Broadridge Financial Solutions, Inc.		93,576		13,715,434
Equifax, Inc.		95,006		19,271,017
Jacobs Solutions, Inc.		192,125		22,576,609
Leidos Holdings, Inc.		72,130		6,640,288
Paychex, Inc.		209,415		23,996,865
Robert Half International, Inc.(b)		163,411		13,166,024
Verisk Analytics, Inc.		128,290		24,613,719
				123,979,956
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		480,882		35,013,018
Residential REITs — 0.7%
AvalonBay Communities, Inc.		213,036		35,802,830
Camden Property Trust		167,910		17,603,684
Equity Residential		518,712		31,122,720
Essex Property Trust, Inc.		98,386		20,576,448
Invitation Homes, Inc.		881,076		27,516,004
Mid-America Apartment Communities, Inc.		175,234		26,467,343
UDR, Inc.		471,483		19,359,092
				178,448,121
Retail REITs — 0.7%
Federal Realty Investment Trust		112,144		11,083,191
Kimco Realty Corp.		940,652		18,370,934
Realty Income Corp.		952,107		60,287,415
Regency Centers Corp.		235,178		14,388,190
Simon Property Group, Inc.		496,339		55,575,078
				159,704,808
Semiconductors & Semiconductor Equipment — 3.6%
Advanced Micro Devices, Inc.(a)		1,125,968		110,356,124
Analog Devices, Inc.		407,828		80,431,838
Broadcom, Inc.		253,756		162,794,624
Intel Corp.		6,280,490		205,183,608
Microchip Technology, Inc.		424,111		35,532,020
Micron Technology, Inc.		1,656,536		99,955,382
NXP Semiconductors NV		161,274		30,073,569
Qorvo, Inc.(a)		151,637		15,401,770
Skyworks Solutions, Inc.		241,332		28,472,350
Teradyne, Inc.		119,729		12,872,065
Texas Instruments, Inc.		509,023		94,683,368
				875,756,718
Software — 8.9%
Adobe, Inc.(a)		368,350		141,951,039
ANSYS, Inc.(a)		132,132		43,973,530
Autodesk, Inc.(a)		147,345		30,671,335
Ceridian HCM Holding, Inc.(a)(b)		233,973		17,131,503

26 2 0 2 3    I S H A R E S    A N N U A L    R E P O R T     T O    S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Gen Digital, Inc.		410,526	$	7,044,626
Intuit, Inc.		200,443		89,363,503
Microsoft Corp.		4,746,258		1,368,346,181
Oracle Corp.		956,154		88,845,830
Roper Technologies, Inc.		160,968		70,936,988
Salesforce, Inc.(a)		1,518,118		303,289,614
Tyler Technologies, Inc.(a)		33,270		11,798,873
				2,173,353,022
Specialized REITs — 1.7%
American Tower Corp.		332,212		67,884,200
Crown Castle, Inc.		657,342		87,978,653
Digital Realty Trust, Inc.		436,500		42,912,315
Equinix, Inc.		140,474		101,287,373
Extra Space Storage, Inc.		102,083		16,632,383
Iron Mountain, Inc.		162,090		8,576,182
Public Storage		91,205		27,556,679
SBA Communications Corp.		72,313		18,878,755
VICI Properties, Inc.		657,980		21,463,308
Weyerhaeuser Co.		476,517		14,357,457
				407,527,305
Specialty Retail — 1.8%
Advance Auto Parts, Inc.		90,584		11,015,920
Bath & Body Works, Inc.		344,085		12,586,629
Best Buy Co., Inc.		300,227		23,498,767
CarMax, Inc.(a)(b)		240,843		15,481,388
Home Depot, Inc.		727,221		214,617,462
Lowe’s Cos., Inc.		284,586		56,908,663
Ross Stores, Inc.		522,798		55,484,552
TJX Cos., Inc.		631,506		49,484,810
				439,078,191
Technology Hardware, Storage & Peripherals — 0.5%
Hewlett Packard Enterprise Co.		1,950,686		31,074,428
HP, Inc.		1,310,698		38,468,986
NetApp, Inc.		327,275		20,896,509
Seagate Technology Holdings PLC		292,750		19,356,630
Western Digital Corp.(a)		484,758		18,260,834
				128,057,387
Textiles, Apparel & Luxury Goods — 1.1%
NIKE, Inc., Class B		1,891,083		231,922,419
Ralph Lauren Corp., Class A		61,936		7,226,073

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Tapestry, Inc.		359,892	$	15,514,944
VF Corp.		497,664		11,401,483
				266,064,919
Tobacco — 0.7%
Altria Group, Inc.		1,301,128		58,056,332
Philip Morris International, Inc.		1,082,581		105,281,002
				163,337,334
Trading Companies & Distributors — 0.3%
Fastenal Co.		440,278		23,748,595
United Rentals, Inc.		105,289		41,669,175
				65,417,770
Water Utilities — 0.2%
American Water Works Co., Inc.		292,947		42,913,806
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.(a)(b)		287,574		41,652,218
Total Long-Term Investments — 99.8% (Cost: $23,909,649,804)				24,413,708,598
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(d)(e)		210,041,981		210,104,994
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(d)		39,913,921		39,913,921
Total Short-Term Securities — 1.0% (Cost: $249,960,919)				250,018,915
Total Investments — 100.8% (Cost: $24,159,610,723)				24,663,727,513
Liabilities in Excess of Other Assets — (0.8)%				(187,452,265	)
Net Assets — 100.0%			$ 24,476,275,248

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

S C H E D U L E S    O F    I N V E S  T M E N T S 27

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P 500 Value ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	121,421,682	$	88,575,988	(a)	$	—		$	65,722	$	41,602		$	210,104,994		210,041,981	$	611,881	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		38,340,000		1,573,921	(a)		—			—		—			39,913,921		39,913,921		1,081,962			26
BlackRock, Inc.		71,414,743		119,884,466			(26,276,624	)		10,063,198		(22,957,336	)		152,128,447		227,356		2,607,235			—
									$	10,128,920	$	(22,915,734	)	$	402,147,362			$	4,301,078		$	26

^(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
S&P 500 E-mini Index		290		06/16/23	$	59,997	$	3,170,929

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	3,170,929	$	—	$	—	$	—	$	3,170,929

^(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 March 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	$	—	$	—	$	(11,438,758)	$	—	$	—	$	—	$	(11,438,758)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(125,415)	$	—	$	—	$	—	$	(125,415)

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Schedule of Investments   (continued) March 31, 2023 iShares^® S&P 500 Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	56,745,800

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	24,413,708,598	$	—	$	—	$	24,413,708,598
Short-Term Securities
Money Market Funds		250,018,915		—		—		250,018,915
	$	24,663,727,513	$	—	$	—	$	24,663,727,513
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	3,170,929	$	—	$	—	$	3,170,929

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

See notes to financial statements.

S C H E D U L E S    O F    I N V E S  T M E N T S 29

Schedule of Investments   March 31, 2023 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
AAR Corp.(a)		502,160	$	27,392,828
Kaman Corp.		427,639		9,775,828
Moog, Inc., Class A		171,083		17,236,612
National Presto Industries, Inc.		77,659		5,598,437
Triumph Group, Inc.(a)		995,973		11,543,327
				71,547,032
Air Freight & Logistics — 0.3%
Hub Group, Inc., Class A(a)		274,485		23,040,271
Automobile Components — 1.1%
American Axle & Manufacturing Holdings, Inc.(a)		1,749,183		13,661,119
Gentherm, Inc.(a)		198,114		11,970,048
LCI Industries		194,306		21,348,400
Patrick Industries, Inc.		329,053		22,642,137
Standard Motor Products, Inc.		287,495		10,611,441
				80,233,145
Automobiles — 0.2%
Winnebago Industries, Inc.(b)		252,669		14,579,001
Banks — 7.9%
Ameris Bancorp		395,790		14,477,998
Atlantic Union Bankshares Corp.		614,592		21,541,450
Axos Financial, Inc.(a)(b)		380,837		14,060,502
Banc of California, Inc.		725,381		9,089,024
BankUnited, Inc.		1,061,859		23,976,776
Berkshire Hills Bancorp, Inc.		297,000		7,442,820
Brookline Bancorp, Inc.		1,362,600		14,307,300
Capitol Federal Financial, Inc.		1,809,597		12,178,588
Central Pacific Financial Corp.		306,136		5,479,834
Community Bank System, Inc.		358,240		18,804,018
Customers Bancorp, Inc.(a)		234,869		4,349,774
Eagle Bancorp, Inc.		377,077		12,620,767
FB Financial Corp.		266,657		8,287,699
First Bancorp/Southern Pines NC		257,134		9,133,400
First Commonwealth Financial Corp.		711,699		8,846,419
First Financial Bancorp		661,663		14,404,403
First Hawaiian, Inc.		936,581		19,321,666
Hilltop Holdings, Inc.		703,595		20,875,664
HomeStreet, Inc.		264,517		4,758,661
Hope Bancorp, Inc.		1,784,024		17,519,116
Independent Bank Corp.		339,855		22,301,285
Independent Bank Group, Inc.		542,702		25,154,238
National Bank Holdings Corp., Class A		196,029		6,559,130
Northfield Bancorp, Inc.		306,132		3,606,235
Northwest Bancshares, Inc.		945,315		11,372,139
Pacific Premier Bancorp, Inc.		1,232,118		29,595,474
Pathward Financial, Inc.		80,744		3,350,069
Provident Financial Services, Inc.		975,615		18,712,296
Renasant Corp.		784,030		23,975,637
S&T Bancorp, Inc.		192,722		6,061,107
Seacoast Banking Corp. of Florida		584,661		13,856,466
Simmons First National Corp., Class A		1,798,159		31,449,801
Southside Bancshares, Inc.		168,758		5,602,766
Tompkins Financial Corp.		68,240		4,518,170
Triumph Financial, Inc.(a)(b)		140,568		8,161,378
TrustCo Bank Corp.		104,735		3,345,236
Trustmark Corp.		301,329		7,442,826
United Community Banks, Inc.		625,109		17,578,065
Veritex Holdings, Inc.		356,356		6,507,060

Security	Shares		Value
Banks (continued)
Washington Federal, Inc.		416,706	$	12,551,185
WSFS Financial Corp.		736,523		27,700,630
				550,877,072
Beverages — 0.1%
National Beverage Corp.(a)		114,277		6,024,683
Biotechnology — 1.1%
Anika Therapeutics, Inc.(a)(b)		105,839		3,039,696
Avid Bioservices, Inc.(a)		295,162		5,537,239
Coherus Biosciences, Inc.(a)(b)		477,295		3,264,698
Eagle Pharmaceuticals, Inc.(a)(b)		51,884		1,471,949
Emergent BioSolutions, Inc.(a)(b)		679,404		7,038,626
Enanta Pharmaceuticals, Inc.(a)(b)		182,785		7,391,825
Ironwood Pharmaceuticals, Inc., Class A(a)		753,627		7,928,156
Myriad Genetics, Inc.(a)(b)		1,241,844		28,848,036
Progenics Pharmaceuticals, Inc., CVR(a)(b)(c)		181,178		2
Vanda Pharmaceuticals, Inc.(a)		868,910		5,899,899
Vericel Corp.(a)(b)		308,681		9,050,527
				79,470,653
Broadline Retail — 0.1%
Big Lots, Inc.		436,987		4,789,378
Building Products — 1.8%
American Woodmark Corp.(a)(b)		253,873		13,219,167
Apogee Enterprises, Inc.		145,787		6,305,288
AZZ, Inc.		380,257		15,681,799
Gibraltar Industries, Inc.(a)		473,327		22,956,359
Insteel Industries, Inc.		158,483		4,408,997
Masterbrand, Inc.(a)		1,958,654		15,747,578
Quanex Building Products Corp.		218,971		4,714,446
Resideo Technologies, Inc.(a)(b)		2,233,584		40,829,915
				123,863,549
Capital Markets — 0.4%
B Riley Financial, Inc.(b)		123,158		3,496,456
Brightsphere Investment Group, Inc.		234,093		5,519,913
Donnelley Financial Solutions, Inc.(a)(b)		190,695		7,791,798
Virtus Investment Partners, Inc.		52,426		9,981,386
WisdomTree, Inc.		789,156		4,624,454
				31,414,007
Chemicals — 1.8%
AdvanSix, Inc.		421,845		16,144,008
FutureFuel Corp.		167,515		1,236,261
HB Fuller Co.		295,442		20,223,005
Koppers Holdings, Inc.		319,071		11,157,913
Mativ Holdings, Inc.		840,778		18,051,504
Minerals Technologies, Inc.		496,949		30,025,658
Rayonier Advanced Materials, Inc.(a)		976,604		6,123,307
Stepan Co.		113,228		11,665,881
Trinseo PLC		535,804		11,171,513
				125,799,050
Commercial Services & Supplies — 3.5%
ABM Industries, Inc.		1,011,323		45,448,856
Brady Corp., Class A, NVS		247,008		13,271,740
CoreCivic, Inc.(a)		1,756,391		16,158,797
Deluxe Corp.		655,469		10,487,504
GEO Group, Inc.(a)		1,899,788		14,989,327
Harsco Corp.(a)(b)		1,212,982		8,284,667
Healthcare Services Group, Inc.		1,131,590		15,695,153
HNI Corp.		631,880		17,591,539
Interface, Inc., Class A		886,324		7,196,951
KAR Auction Services, Inc.(a)(b)		1,664,318		22,767,870

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Schedule of Investments   (continued) March 31, 2023 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Liquidity Services, Inc.(a)(b)		162,854	$	2,144,787
Matthews International Corp., Class A		465,505		16,786,110
MillerKnoll, Inc.		1,155,752		23,635,129
Pitney Bowes, Inc.		2,083,630		8,105,321
UniFirst Corp.		94,834		16,712,596
Viad Corp.(a)		315,311		6,571,081
				245,847,428
Communications Equipment — 1.1%
ADTRAN Holdings, Inc.		334,867		5,310,991
Comtech Telecommunications Corp.		425,007		5,304,087
NETGEAR, Inc.(a)		441,080		8,164,391
Viasat, Inc.(a)		1,170,039		39,594,120
Viavi Solutions, Inc.(a)		1,648,220		17,850,222
				76,223,811
Construction & Engineering — 1.0%
Arcosa, Inc.		251,106		15,847,300
Dycom Industries, Inc.(a)(b)		144,436		13,526,431
Granite Construction, Inc.(b)		670,428		27,541,182
MYR Group, Inc.(a)		127,164		16,023,936
				72,938,849
Consumer Finance — 1.6%
Bread Financial Holdings, Inc.		431,035		13,068,981
Encore Capital Group, Inc.(a)(b)		357,236		18,022,556
Enova International, Inc.(a)		477,097		21,197,420
EZCORP, Inc., Class A, NVS(a)(b)		804,045		6,914,787
LendingTree, Inc.(a)		164,018		4,372,720
PRA Group, Inc.(a)		595,476		23,199,745
PROG Holdings, Inc.(a)(b)		764,355		18,184,005
World Acceptance Corp.(a)(b)		50,506		4,206,645
				109,166,859
Consumer Staples Distribution & Retail — 1.2%
Andersons, Inc.		267,055		11,034,712
Chefs’ Warehouse, Inc.(a)(b)		197,374		6,720,585
PriceSmart, Inc.		385,631		27,564,904
SpartanNash Co.		538,800		13,362,240
United Natural Foods, Inc.(a)		917,045		24,164,136
				82,846,577
Containers & Packaging — 0.4%
O-I Glass, Inc.(a)		1,274,661		28,947,551
Diversified Consumer Services — 0.6%
Frontdoor, Inc.(a)(b)		597,500		16,658,300
Mister Car Wash, Inc.(a)(b)		595,278		5,131,296
Perdoceo Education Corp.(a)		380,748		5,113,446
Strategic Education, Inc.		146,139		13,127,666
				40,030,708
Diversified REITs — 1.6%
Alexander & Baldwin, Inc.		1,107,816		20,948,801
American Assets Trust, Inc.		799,975		14,871,535
Armada Hoffler Properties, Inc.		357,708		4,224,531
Essential Properties Realty Trust, Inc.		2,178,948		54,146,858
Global Net Lease, Inc.		1,585,955		20,395,381
				114,587,106
Diversified Telecommunication Services — 0.8%
Cogent Communications Holdings, Inc.		268,084		17,082,312
Consolidated Communications Holdings, Inc.(a)		1,114,438		2,875,250
Lumen Technologies, Inc.(b)		14,116,772		37,409,446
				57,367,008

Security	Shares		Value
Electric Utilities — 0.3%
Otter Tail Corp.		248,456	$	17,955,915
Electrical Equipment — 0.1%
Powell Industries, Inc.		139,445		5,938,963
Electronic Equipment, Instruments & Components — 4.3%
Arlo Technologies, Inc.(a)(b)		667,511		4,045,117
Benchmark Electronics, Inc.		537,247		12,727,381
ePlus, Inc.(a)		212,518		10,421,883
FARO Technologies, Inc.(a)		286,192		7,043,185
Insight Enterprises, Inc.(a)(b)		463,899		66,319,001
Itron, Inc.(a)(b)		691,392		38,337,686
Knowles Corp.(a)(b)		1,393,930		23,696,810
Methode Electronics, Inc.		265,090		11,632,149
OSI Systems, Inc.(a)		117,657		12,043,371
PC Connection, Inc.		172,206		7,742,382
Rogers Corp.(a)		289,539		47,319,359
Sanmina Corp.(a)		482,884		29,451,095
ScanSource, Inc.(a)		395,001		12,023,830
TTM Technologies, Inc.(a)(b)		1,561,722		21,067,630
				303,870,879
Energy Equipment & Services — 2.2%
Archrock, Inc.		2,051,859		20,046,662
Bristow Group, Inc.(a)		359,181		8,045,654
Core Laboratories NV(b)		370,124		8,161,234
DMC Global, Inc.(a)		283,227		6,222,497
Dril-Quip, Inc.(a)		243,013		6,972,043
Helix Energy Solutions Group, Inc.(a)		2,179,968		16,872,952
Helmerich & Payne, Inc.		673,006		24,059,965
Nabors Industries Ltd.(a)(b)		44,039		5,368,795
NexTier Oilfield Solutions, Inc.(a)(b)		1,339,688		10,650,520
Oceaneering International, Inc.(a)		427,555		7,537,795
Oil States International, Inc.(a)		975,306		8,124,299
Patterson-UTI Energy, Inc.		1,061,696		12,421,843
ProPetro Holding Corp.(a)		1,474,179		10,599,347
U.S. Silica Holdings, Inc.(a)		486,562		5,809,550
				150,893,156
Entertainment — 0.4%
Cinemark Holdings, Inc.(a)(b)		1,642,654		24,294,853
Marcus Corp.(b)		372,657		5,962,512
				30,257,365
Financial Services — 1.2%
EVERTEC, Inc.		349,615		11,799,506
NMI Holdings, Inc., Class A(a)(b)		627,429		14,010,490
Payoneer Global, Inc.(a)		1,736,069		10,902,513
Radian Group, Inc.		650,066		14,366,459
Star Holdings(a)		10,710		186,242
Walker & Dunlop, Inc.		469,567		35,766,919
				87,032,129
Food Products — 1.3%
B&G Foods, Inc.		1,094,789		17,002,073
Calavo Growers, Inc.		270,421		7,780,012
Fresh Del Monte Produce, Inc.		469,132		14,125,565
Hain Celestial Group, Inc.(a)(b)		1,366,062		23,427,963
John B Sanfilippo & Son, Inc.		53,452		5,180,568
Seneca Foods Corp., Class A(a)		81,306		4,249,865
TreeHouse Foods, Inc.(a)(b)		409,372		20,644,630
				92,410,676

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Schedule of Investments   (continued) March 31, 2023 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Gas Utilities — 0.3%
Chesapeake Utilities Corp.		90,440	$	11,575,416
Northwest Natural Holding Co.		192,075		9,135,087
				20,710,503
Ground Transportation — 1.0%
ArcBest Corp.		370,548		34,246,046
Heartland Express, Inc.		246,106		3,918,008
RXO, Inc.(a)		1,783,668		35,031,239
				73,195,293
Health Care Equipment & Supplies — 3.5%
AngioDynamics, Inc.(a)		597,278		6,175,855
Artivion, Inc.(a)		614,065		8,044,252
Avanos Medical, Inc.(a)		710,530		21,131,162
Cardiovascular Systems, Inc.(a)		642,056		12,751,232
CONMED Corp.		238,276		24,747,345
Cutera, Inc.(a)(b)		78,152		1,845,950
Embecta Corp.		463,000		13,019,560
Glaukos Corp.(a)(b)		240,460		12,047,046
Heska Corp.(a)		155,446		15,174,639
Inogen, Inc.(a)		351,463		4,386,258
Integer Holdings Corp.(a)(b)		507,727		39,348,843
LeMaitre Vascular, Inc.		91,915		4,730,865
Mesa Laboratories, Inc.(b)		29,182		5,098,971
NuVasive, Inc.(a)		797,872		32,960,092
OraSure Technologies, Inc.(a)		1,106,128		6,692,074
Orthofix Medical, Inc.(a)		519,726		8,705,411
Tandem Diabetes Care, Inc.(a)(b)		392,872		15,954,532
Varex Imaging Corp.(a)		612,018		11,132,607
				243,946,694
Health Care Providers & Services — 3.1%
Agiliti, Inc.(a)(b)		280,918		4,489,070
Apollo Medical Holdings, Inc.(a)(b)		601,072		21,921,096
Community Health Systems, Inc.(a)		1,903,500		9,327,150
CorVel Corp.(a)		48,413		9,212,025
Enhabit, Inc.(a)(b)		760,151		10,573,700
Fulgent Genetics, Inc.(a)(b)		165,859		5,178,118
ModivCare, Inc.(a)		194,371		16,342,714
NeoGenomics, Inc.(a)		1,935,505		33,697,142
Owens & Minor, Inc.(a)		1,164,314		16,940,769
Pediatrix Medical Group, Inc.(a)		1,251,635		18,661,878
RadNet, Inc.(a)		747,632		18,713,229
Select Medical Holdings Corp.		1,595,231		41,236,721
U.S. Physical Therapy, Inc.		77,275		7,565,995
				213,859,607
Health Care REITs — 0.4%
CareTrust REIT, Inc.		576,950		11,296,681
Community Healthcare Trust, Inc.		144,009		5,270,730
LTC Properties, Inc.		215,872		7,583,583
Universal Health Realty Income Trust		67,073		3,226,882
				27,377,876
Health Care Technology — 0.4%
Certara, Inc.(a)(b)		678,432		16,356,996
Computer Programs & Systems, Inc.(a)		100,950		3,048,690
HealthStream, Inc.(a)		131,242		3,556,658
Simulations Plus, Inc.(b)		79,994		3,514,936
				26,477,280
Hotel & Resort REITs — 2.2%
Chatham Lodging Trust		747,780		7,844,212
DiamondRock Hospitality Co.		3,205,530		26,060,959
Pebblebrook Hotel Trust		1,844,384		25,895,151
Service Properties Trust		2,535,851		25,257,076

Security	Shares		Value
Hotel & Resort REITs (continued)
Summit Hotel Properties, Inc.		1,631,504	$	11,420,528
Sunstone Hotel Investors, Inc.		3,219,858		31,812,197
Xenia Hotels & Resorts, Inc.		1,765,054		23,104,557
				151,394,680
Hotels, Restaurants & Leisure — 2.8%
BJ’s Restaurants, Inc.(a)		357,937		10,430,284
Bloomin’ Brands, Inc.		563,188		14,445,772
Brinker International, Inc.(a)(b)		675,088		25,653,344
Cheesecake Factory, Inc.		733,766		25,718,498
Chuy’s Holdings, Inc.(a)(b)		126,843		4,547,321
Cracker Barrel Old Country Store, Inc.		340,121		38,637,746
Dave & Buster’s Entertainment, Inc.(a)		283,198		10,418,854
Dine Brands Global, Inc.		95,681		6,471,863
El Pollo Loco Holdings, Inc.		296,312		2,841,632
Golden Entertainment, Inc.(a)		130,708		5,687,105
Ruth’s Hospitality Group, Inc.		219,561		3,605,192
Sabre Corp.(a)(b)		3,108,444		13,335,225
Shake Shack, Inc., Class A(a)(b)		267,910		14,866,326
Six Flags Entertainment Corp.(a)		644,353		17,210,669
				193,869,831
Household Durables — 4.6%
Century Communities, Inc.		433,936		27,737,189
Installed Building Products, Inc.		121,829		13,892,161
iRobot Corp.(a)		416,019		18,155,069
La-Z-Boy, Inc.		659,088		19,166,279
LGI Homes, Inc.(a)(b)		313,652		35,765,738
M/I Homes, Inc.(a)		420,205		26,510,733
MDC Holdings, Inc.		888,665		34,542,409
Meritage Homes Corp.		559,807		65,363,065
Sonos, Inc.(a)(b)		1,947,885		38,217,504
Tri Pointe Homes, Inc.(a)		1,546,374		39,154,190
				318,504,337
Household Products — 0.4%
Central Garden & Pet Co.(a)(b)		75,866		3,115,058
Central Garden & Pet Co., Class A, NVS(a)(b)		327,946		12,812,850
WD-40 Co.(b)		72,774		12,957,411
				28,885,319
Industrial REITs — 0.6%
LXP Industrial Trust		4,221,975		43,528,562
Insurance — 3.1%
Ambac Financial Group, Inc.(a)		683,090		10,574,233
American Equity Investment Life Holding Co.		509,075		18,576,147
AMERISAFE, Inc.		131,457		6,434,820
Assured Guaranty Ltd.		448,985		22,570,476
Employers Holdings, Inc.		210,433		8,772,952
Genworth Financial, Inc., Class A(a)		7,058,725		35,434,799
HCI Group, Inc.		102,477		5,492,767
Horace Mann Educators Corp.		573,102		19,187,455
James River Group Holdings Ltd.		527,798		10,899,029
Mercury General Corp.		406,698		12,908,594
ProAssurance Corp.		770,888		14,246,010
Safety Insurance Group, Inc.		101,021		7,528,085
SiriusPoint Ltd.(a)		1,296,496		10,540,512
Stewart Information Services Corp.		395,033		15,939,582
United Fire Group, Inc.		340,112		9,029,974
Universal Insurance Holdings, Inc.		437,757		7,975,933
				216,111,368
Interactive Media & Services — 0.5%
QuinStreet, Inc.(a)		370,821		5,884,929

32 2 0 2 3    I S H A R E S    A N N U A L    R E P O R T     T O    S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
Shutterstock, Inc.		190,681	$	13,843,441
Yelp, Inc.(a)(b)		447,153		13,727,597
				33,455,967
IT Services — 0.2%
Perficient, Inc.(a)		227,855		16,448,852
Leisure Products — 0.3%
Sturm Ruger & Co., Inc.		105,431		6,055,957
Vista Outdoor, Inc.(a)(b)		475,310		13,170,840
				19,226,797
Machinery — 4.1%
3D Systems Corp.(a)(b)		2,004,181		21,484,820
Alamo Group, Inc.		42,418		7,811,699
Astec Industries, Inc.		346,475		14,292,094
Barnes Group, Inc.		774,176		31,183,809
CIRCOR International, Inc.(a)		309,626		9,635,561
Enerpac Tool Group Corp.		295,645		7,538,947
ESCO Technologies, Inc.(b)		126,152		12,041,208
Greenbrier Cos., Inc.		501,664		16,138,531
John Bean Technologies Corp.		487,539		53,283,137
Kennametal, Inc.		1,233,679		34,024,867
Proto Labs, Inc.(a)(b)		414,224		13,731,526
SPX Technologies, Inc.(a)(b)		263,302		18,583,855
Standex International Corp.		58,231		7,129,804
Tennant Co.		284,572		19,501,719
Trinity Industries, Inc.		509,769		12,417,973
Wabash National Corp.		305,008		7,500,147
				286,299,697
Media — 0.7%
AMC Networks, Inc., Class A(a)		427,054		7,507,609
EW Scripps Co., Class A, NVS(a)(b)		884,665		8,324,698
Gannett Co., Inc.(a)(b)		2,204,370		4,122,172
Scholastic Corp., NVS		452,065		15,469,664
Thryv Holdings, Inc.(a)(b)		470,062		10,839,630
				46,263,773
Metals & Mining — 2.7%
Arconic Corp.(a)(b)		1,560,563		40,933,568
ATI, Inc.(a)(b)		752,607		29,697,872
Carpenter Technology Corp.		743,203		33,265,766
Century Aluminum Co.(a)(b)		779,460		7,794,600
Compass Minerals International, Inc.		521,075		17,867,662
Haynes International, Inc.		62,859		3,148,607
Materion Corp.(b)		135,075		15,668,700
Olympic Steel, Inc.		146,092		7,627,464
SunCoke Energy, Inc.		1,274,186		11,442,190
TimkenSteel Corp.(a)		344,318		6,314,792
Tredegar Corp.		379,687		3,466,542
Warrior Met Coal, Inc.		347,102		12,742,115
				189,969,878
Mortgage Real Estate Investment Trusts (REITs) — 2.0%
Apollo Commercial Real Estate Finance, Inc.		1,993,126		18,556,003
Ellington Financial, Inc.		967,383		11,811,746
Franklin BSP Realty Trust, Inc.		1,263,599		15,074,736
Invesco Mortgage Capital, Inc.		294,610		3,267,225
KKR Real Estate Finance Trust, Inc.		889,174		10,127,692
New York Mortgage Trust, Inc.(b)		1,419,517		14,138,389
PennyMac Mortgage Investment Trust		1,360,826		16,778,985
Ready Capital Corp.		1,502,362		15,279,021
Redwood Trust, Inc.		1,732,067		11,674,132
Two Harbors Investment Corp.		1,475,369		21,702,678
				138,410,607

Security	Shares		Value
Multi-Utilities — 0.6%
Avista Corp.		1,021,610	$	43,367,345
Office REITs — 1.5%
Brandywine Realty Trust		2,637,824		12,476,908
Easterly Government Properties, Inc.(b)		1,387,431		19,063,302
Hudson Pacific Properties, Inc.		1,966,596		13,077,863
JBG SMITH Properties		1,511,257		22,759,530
Office Properties Income Trust		741,233		9,117,166
Orion Office REIT, Inc.		854,526		5,725,324
SL Green Realty Corp.		867,821		20,411,150
				102,631,243
Oil, Gas & Consumable Fuels — 1.5%
Callon Petroleum Co.(a)(b)		390,491		13,058,019
CVR Energy, Inc.		200,988		6,588,387
Green Plains, Inc.(a)(b)		882,757		27,356,639
Par Pacific Holdings, Inc.(a)		850,268		24,827,826
Talos Energy, Inc.(a)(b)		457,961		6,796,141
World Fuel Services Corp.		949,056		24,248,381
				102,875,393
Paper & Forest Products — 0.3%
Clearwater Paper Corp.(a)		255,829		8,549,805
Mercer International, Inc.		347,176		3,393,646
Sylvamo Corp.		208,766		9,657,515
				21,600,966
Passenger Airlines — 0.7%
Allegiant Travel Co.(a)(b)		238,982		21,981,564
Hawaiian Holdings, Inc.(a)(b)		784,261		7,183,831
SkyWest, Inc.(a)		774,278		17,165,743
				46,331,138
Personal Care Products — 0.8%
Edgewell Personal Care Co.		408,468		17,327,213
Nu Skin Enterprises, Inc., Class A		756,299		29,730,114
USANA Health Sciences, Inc.(a)		170,658		10,734,388
				57,791,715
Pharmaceuticals — 0.5%
ANI Pharmaceuticals, Inc.(a)(b)		88,498		3,515,141
Ligand Pharmaceuticals, Inc.(a)(b)		112,361		8,265,275
Nektar Therapeutics(a)		1,474,705		1,036,570
Phibro Animal Health Corp., Class A		311,439		4,771,246
Prestige Consumer Healthcare, Inc.(a)		228,367		14,302,625
				31,890,857
Professional Services — 1.0%
Forrester Research, Inc.(a)		171,785		5,557,245
Heidrick & Struggles International, Inc.		301,929		9,166,564
Kelly Services, Inc., Class A, NVS(b)		527,950		8,758,691
Korn Ferry		418,864		21,672,023
Resources Connection, Inc.		487,678		8,319,787
TrueBlue, Inc.(a)(b)		497,773		8,860,359
TTEC Holdings, Inc.		144,510		5,380,107
				67,714,776
Real Estate Management & Development — 0.9%
Anywhere Real Estate, Inc.(a)(b)		1,678,661		8,863,330
Cushman & Wakefield PLC(a)(b)		2,309,667		24,343,890
Douglas Elliman, Inc.		1,059,430		3,294,828
Kennedy-Wilson Holdings, Inc.		1,148,366		19,051,392
Marcus & Millichap, Inc.(b)		0		—
RE/MAX Holdings, Inc., Class A		286,524		5,375,190
				60,928,630

S C H E D U L E S    O F    I N V E S  T M E N T S 33

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Residential REITs — 0.7%
Centerspace		230,114	$	12,571,128
Elme Communities		1,356,828		24,232,948
NexPoint Residential Trust, Inc.		162,814		7,110,087
Veris Residential, Inc.(a)		532,159		7,790,808
				51,704,971
Retail REITs — 2.0%
Acadia Realty Trust		1,359,767		18,968,750
Getty Realty Corp.		234,357		8,443,883
Retail Opportunity Investments Corp.		1,909,616		26,658,239
RPT Realty		1,321,666		12,569,044
Saul Centers, Inc.		83,725		3,265,275
SITE Centers Corp.		2,805,290		34,448,961
Tanger Factory Outlet Centers, Inc.		718,530		14,104,744
Urban Edge Properties		880,546		13,261,023
Urstadt Biddle Properties, Inc., Class A		187,953		3,302,334
Whitestone REIT		708,532		6,518,494
				141,540,747
Semiconductors & Semiconductor Equipment — 1.6%
CEVA, Inc.(a)(b)		136,469		4,152,752
Cohu, Inc.(a)		246,244		9,453,307
FormFactor, Inc.(a)(b)		1,178,767		37,543,729
Ichor Holdings Ltd.(a)(b)		440,820		14,432,447
Semtech Corp.(a)		976,948		23,583,525
SMART Global Holdings, Inc.(a)(b)		751,493		12,955,739
Ultra Clean Holdings, Inc.(a)(b)		313,658		10,400,899
				112,522,398
Software — 1.1%
8x8, Inc.(a)(b)		933,738		3,893,687
Adeia, Inc.		1,604,553		14,216,340
Cerence, Inc.(a)(b)		614,433		17,259,423
Consensus Cloud Solutions, Inc.(a)(b)		85,219		2,905,116
Digital Turbine, Inc.(a)(b)		496,475		6,136,431
Ebix, Inc.		359,088		4,736,371
LivePerson, Inc.(a)		507,460		2,237,899
LiveRamp Holdings, Inc.(a)		442,498		9,703,981
N-able, Inc.(a)		327,156		4,318,459
OneSpan, Inc.(a)		275,801		4,826,517
Xperi, Inc.(a)(b)		640,280		6,998,260
				77,232,484
Specialized REITs — 1.0%
Four Corners Property Trust, Inc.		422,953		11,360,518
Outfront Media, Inc.		2,236,363		36,296,171
Safehold, Inc.(b)		614,653		18,052,348
Uniti Group, Inc.		1,987,376		7,055,185
				72,764,222
Specialty Retail — 7.5%
Aaron’s Co., Inc.		466,123		4,502,748
Abercrombie & Fitch Co., Class A(a)		748,719		20,776,952
Academy Sports & Outdoors, Inc.(b)		633,601		41,342,465
American Eagle Outfitters, Inc.		2,670,585		35,892,662
America’s Car-Mart, Inc.(a)(b)		88,475		7,008,105
Asbury Automotive Group, Inc.(a)(b)		186,493		39,163,530
Boot Barn Holdings, Inc.(a)(b)		177,580		13,609,731
Buckle, Inc.		140,193		5,003,488
Caleres, Inc.		543,891		11,764,362
Chico’s FAS, Inc.(a)		1,908,811		10,498,461
Children’s Place, Inc.(a)		186,272		7,497,448
Designer Brands, Inc., Class A		766,226		6,696,815
Genesco, Inc.(a)		182,667		6,736,759
Group 1 Automotive, Inc.		223,367		50,574,756

Security	Shares		Value
Specialty Retail (continued)
Guess?, Inc.		465,382	$	9,056,334
Haverty Furniture Cos., Inc.		97,872		3,123,096
Hibbett, Inc.		91,384		5,389,828
Leslie’s, Inc.(a)(b)		791,567		8,715,153
MarineMax, Inc.(a)(b)		332,352		9,555,120
Monro, Inc.(b)		481,064		23,778,994
National Vision Holdings, Inc.(a)(b)		504,099		9,497,225
ODP Corp.(a)(b)		616,937		27,749,826
PetMed Express, Inc.		322,107		5,231,018
Sally Beauty Holdings, Inc.(a)(b)		1,645,821		25,641,891
Shoe Carnival, Inc.		257,109		6,594,846
Signet Jewelers Ltd.		695,376		54,086,345
Sleep Number Corp.(a)(b)		334,334		10,167,097
Sonic Automotive, Inc., Class A		254,999		13,856,646
Upbound Group, Inc.		765,446		18,761,081
Urban Outfitters, Inc.(a)(b)		918,154		25,451,229
Zumiez, Inc.(a)(b)		239,054		4,408,156
				522,132,167
Technology Hardware, Storage & Peripherals — 0.2%
Avid Technology, Inc.(a)(b)		207,784		6,644,933
Corsair Gaming, Inc.(a)		270,198		4,958,133
				11,603,066
Textiles, Apparel & Luxury Goods — 2.1%
G-III Apparel Group Ltd.(a)(b)		654,781		10,181,844
Hanesbrands, Inc.		5,349,489		28,138,312
Kontoor Brands, Inc.		755,100		36,539,289
Movado Group, Inc.		239,719		6,896,716
Oxford Industries, Inc.		67,875		7,166,921
Steven Madden Ltd.		1,119,930		40,317,480
Wolverine World Wide, Inc.		1,203,354		20,517,186
				149,757,748
Tobacco — 0.5%
Universal Corp.		375,191		19,843,852
Vector Group Ltd.		1,127,504		13,541,323
				33,385,175
Trading Companies & Distributors — 1.3%
DXP Enterprises, Inc.(a)		240,557		6,475,794
GMS, Inc.(a)(b)		636,550		36,849,880
NOW, Inc.(a)(b)		1,687,262		18,812,971
Veritiv Corp.		206,756		27,941,006
				90,079,651
Water Utilities — 0.6%
American States Water Co.		175,536		15,603,395
California Water Service Group		318,805		18,554,451
Middlesex Water Co.		76,500		5,976,180
				40,134,026
Wireless Telecommunication Services — 0.5%
Gogo, Inc.(a)		347,706		5,041,737
Shenandoah Telecommunications Co.(b)		767,505		14,597,945
Telephone & Data Systems, Inc.		1,524,716		16,024,765
				35,664,447
Total Long-Term Investments — 97.2% (Cost: $7,459,997,670)				6,789,542,907

34 2 0 2 3    I S H A R E S    A N N U A L    R E P O R T     T O    S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 8.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		417,171,709	$	417,296,861
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		198,053,688		198,053,688
Total Short-Term Securities — 8.8% (Cost: $ 615,220,595)				615,350,549
Total Investments — 106.0% (Cost: $ 8,075,218,265)				7,404,893,456
Liabilities in Excess of Other Assets — (6.0)%				(421,545,404	)
Net Assets — 100.0%			$  6,983,348,052

^(a) Non-income producing security.

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

^(c) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	274,022,994	$	143,172,251	(a)	$	—	$	(18,084	)	$	119,700	$	417,296,861		417,171,709	$	1,465,715	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		68,870,000		129,183,688	(a)		—		—			—		198,053,688		198,053,688		3,886,356			219
								$	(18,084	)	$	119,700	$	615,350,549			$	5,352,071		$	219

^(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
Russel 2000 E-Mini Index		676		06/16/23	$	61,296	$	1,355,348

S C H E D U L E S    O F    I N V E S  T M E N T S 35

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P Small-Cap 600 Value ETF

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short		Goldman Sachs Bank USA(b)		08/19/26	$	24,139,889	$	(956,614	)(c)	$	23,198,577		0.3	%
		HSBC Bank PLC(d)		02/10/28		49,875,811		(4,630,017	)(e)		45,382,191		0.7
		JPMorgan Chase Bank NA(f)		02/08/24		62,222,550		(889,425	)(g)		61,534,200		0.9
							$	(6,476,056	)	$	130,114,968

^(a) The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c) Amount includes $(15,302) of net dividends, payable for referenced securities purchased and financing fees.

^(e) Amount includes $(136,397) of net dividends, payable for referenced securities purchased and financing fees.

^(g) Amount includes $(201,075) of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	40 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023.

	Shares		Value		% of         Basket Value
Reference Entity — Long
Common Stocks
Banks
Atlantic Union Bankshares Corp.		1,979	$	69,364		0.3	%
BankUnited, Inc.		96,527		2,179,580		9.4
HomeStreet, Inc.		8,784		158,024		0.7
Pacific Premier Bancorp, Inc.		60,456		1,452,153		6.2
Pathward Financial, Inc.		6,074		252,010		1.1
Provident Financial Services, Inc.		191,418		3,671,397		15.8
Renasant Corp.		14,749		451,025		1.9
Simmons First National Corp., Class A		152,214		2,662,223		11.5
Southside Bancshares, Inc.		5,520		183,264		0.8
TrustCo Bank Corp.		571		18,238		0.1
United Community Banks, Inc.		1,409		39,621		0.2
Washington Federal, Inc.		1,295		39,005		0.2
WSFS Financial Corp.		71,016		2,670,912		11.5
				13,846,816
Capital Markets
WisdomTree, Inc.		8,140		47,700		0.2
Commercial Services & Supplies
Pitney Bowes, Inc.		2,851		11,090		0.1
Consumer Finance
Bread Financial Holdings, Inc.		271,545		8,233,245		35.5
Green Dot Corp.		24,813		426,287		1.8
				8,659,532

	Shares		Value		% of         Basket Value
Hotel & Resort REITs
Pebblebrook Hotel Trust		5,238	$	73,542		0.3	%
Insurance
Horace Mann Educators Corp.		1,749		58,556		0.2
James River Group Holdings Ltd.		24,278		501,341		2.2
				559,897
Net Value of Reference Entity — Goldman Sachs Bank USA			$	23,198,577

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023.

	Shares		Value		% of         Basket Value
Reference Entity — Long
Common Stocks
Banks
Ameris Bancorp		1,620	$	59,259		0.1	%
Atlantic Union Bankshares Corp.		89,995		3,154,325		6.9
Banc of California, Inc.		129,235		1,619,314		3.6
Capitol Federal Financial, Inc.		153,389		1,032,308		2.3
Central Pacific		27,781		497,280		1.1
Eagle Bancorp., Inc.		62,534		2,093,013		4.6
HomeStreet, Inc.		10,339		185,999		0.4
Hope Bancorp, Inc.		68,578		673,436		1.5
Independent Bank Corp.		200		13,124		0.0
Pacific Premier Bancorp, Inc.		140,751		3,380,839		7.4
Pathward Financial, Inc.		9,594		398,055		0.9
Renasant Corp.		57,715		1,764,925		3.9

36 2 0 2 3    I S H A R E S    A N N U A L    R E P O R T     T O    S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P Small-Cap 600 Value ETF

	Shares		Value		% of         Basket Value
Banks (continued)
Southside Bancshares, Inc.		13,095	$	434,754		1.0	%
TrustCo Bank Corp.		571		18,238		0.0
Washington Federal, Inc.		58,658		1,766,779		3.9
WSFS Financial Corp.		78,216		2,941,704		6.5
				20,033,352
Commercial Services & Supplies
Pitney Bowes, Inc.		401,926		1,563,492		3.5
Consumer Finance
Green Dot Corp., Class A		212,348		3,648,139		8.0
Electronic Equipment, Instruments & Components
Rogers Corp.		262		42,819		0.1
Financial Services
Radian Group, Inc.		1,395		30,829		0.1
Hotel & Resort REITs
Pebblebrook Hotel Trust		162,870		2,286,695		5.0
Insurance
Genworth Financial, Inc., Class A		546,450		2,743,179		6.0
Horace Mann Educators Corp.		45,640		1,528,027		3.4
James River Group Holdings Ltd.		28,689		592,428		1.3
ProAssurance Corp.		65,748		1,215,023		2.7
Stewart Information Services Corp.		25,580		1,032,153		2.3
				7,110,810
Multi-Utilities
Avista Corp.		111,584		4,736,741		10.4
Office REITs
Brandywine Realty Trust		34,494		163,157		0.4
SL Green Realty Corp.		130,301		3,064,679		6.7
				3,227,836
Oil, Gas & Consumable Fuels
Green Plains, Inc.		24,848		770,039		1.7
Water Utilities
Middlesex Water Co.		24,724		1,931,439		4.3
Net Value of Reference Entity — HSBC Bank PLC			$	45,382,191

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Banc of California, Inc.		3,616	$	45,309		0.1	%

	Shares		Value		% of         Basket Value
Banks (continued)
Central Pacific Financial Corp.		96,879	$	1,734,134		2.8	%
Customers Bancorp, Inc.		7,680		142,234		0.2
Eagle Bancorp, Inc.		46,380		1,552,339		2.5
National Bank Holdings Corp., Class A		7,805		261,155		0.4
Pacific Premier Bancorp, Inc.		25,413		610,420		1.0
Pathward Financial, Inc.		26,603		1,103,758		1.8
Seacoast Banking Corp. of Florida		11,867		281,248		0.5
Southside Bancshares, Inc.		13,276		440,763		0.7
Veritex Holdings, Inc.		82,893		1,513,626		2.5
WSFS Financial Corp.		60,087		2,259,872		3.7
				9,944,858
Consumer Finance
Bread Financial Holdings, Inc.		70,321		2,132,133		3.5
Green Dot Corp., Class A		485,589		8,342,419		13.5
				10,474,552
Financial Services
Radian Group, Inc.		1,763,632		38,976,267		63.3
Insurance
Horace Mann Educators Corp.		13,668		457,605		0.7
Multi-Utilities
Avista Corp.		1,280		54,336		0.1
Office REITs
Brandywine Realty Trust		12,366		58,491		0.1
Retail REITs
Acadia Realty Trust		112,408		1,568,092		2.6
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	61,534,201

S C H E D U L E S    O F    I N V E S  T M E N T S 37

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P Small-Cap 600 Value ETF

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	—	$	(6,476,056	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,355,348	$	—	$	—	$	—	$	1,355,348
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	6,476,056	$	—	$	—	$	—	$	6,476,056

^(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 March 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	$	—	$	—	$	(2,830,468	)	$	—	$	—	$	—	$	(2,830,468	)
Swaps		—		—		(31,019,565	)		—		—		—		(31,019,565	)
	$	—	$	—	$	(33,850,033	)	$	—	$	—	$	—	$	(33,850,033	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	928,022		$	—	$	—	$	—	$	928,022
Swaps		—		—		(10,501,868	)		—		—		—		(10,501,868	)
	$	—	$	—	$	(9,573,846	)	$	—	$	—	$	—	$	(9,573,846	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$33,340,970
Total return swaps
Average notional amount	$168,696,908

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

38 2 0 2 3    I S H A R E S    A N N U A L    R E P O R T     T O    S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® S&P Small-Cap 600 Value ETF

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments
Futures contracts	$	1,279,285	$	—
Swaps — OTC(a)		—		6,476,056
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	1,279,285	$	6,476,056
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	1,279,285	$	6,476,056

^(a) Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Pledged(b)		Cash Collateral Pledged(b)			Net Amount of Derivative Liabilities(c)
Goldman Sachs Bank USA	$	956,614	$	—	$	—	$	(956,614	)	$	—
HSBC Bank PLC		4,630,017		—		—		(4,630,017	)		—
JPMorgan Chase Bank N.A		889,425		—		—		(889,425	)		—
	$	6,476,056	$	—	$	—	$	(6,476,056	)	$	—

^(a) The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b) Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c) Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	6,789,542,905	$	—		$	2	$	6,789,542,907
Short-Term Securities
Money Market Funds		615,350,549		—			—		615,350,549
	$	7,404,893,454	$	—		$	2	$	7,404,893,456
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,355,348	$	—		$	—	$	1,355,348
Liabilities
Equity Contracts		—		(6,476,056	)		—		(6,476,056	)
	$	1,355,348	$	(6,476,056	)	$	—	$	(5,120,708	)

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

See notes to financial statements.

S C H E D U L E S    O F    I N V E S  T M E N T S 39

Statements of Assets and Liabilities

March 31, 2023

	iShares S&P 100 ETF		iShares S&P 500 Growth ETF		iShares S&P 500 Value ETF			iShares S&P Small-Cap 600 Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	7,495,633,556	$	30,104,478,496	$	24,261,580,151		$	6,789,542,907
Investments, at value — affiliated(c)		48,108,852		278,844,966		402,147,362			615,350,549
Cash		389		1,408,519		110,889			6,344,986
Cash pledged:
Collateral — OTC derivatives		—		—		—			31,690,000
Futures contracts		1,157,640		3,123,340		3,273,360			5,270,000
Receivables:
Investments sold		—		22,950,212		58,185,671			38,331,325
Securities lending income — affiliated		32,648		37,603		72,854			219,837
Swaps		—		—		—			845,612
Capital shares sold		—		15,885,969		22,768,585			—
Dividends — unaffiliated		3,989,803		17,168,975		21,965,895			10,990,447
Dividends — affiliated		68,714		160,051		151,227			898,614
Variation margin on futures contracts		268,538		724,763		799,824			1,279,285
Total assets		7,549,260,140		30,444,782,894		24,771,055,818			7,500,763,562
LIABILITIES
Bank overdraft		—		—		110,441			—
Collateral on securities loaned		—		237,519,455		209,976,583			417,275,974
Payables:
Investments purchased		—		38,809,211		50,616,144			60,865,296
Swaps		—		—		—			27,076,128
Capital shares redeemed		—		—		30,358,113			4,589,926
Investment advisory fees		1,230,998		4,362,743		3,719,289			1,132,130
Variation margin on futures contracts		1,602		—		—			—
Unrealized depreciation on OTC swaps		—		—		—			6,476,056
Total liabilities		1,232,600		280,691,409		294,780,570			517,415,510
NET ASSETS	$	7,548,027,540	$	30,164,091,485	$	24,476,275,248		$	6,983,348,052
NET ASSETS CONSIST OF:
Paid-in capital	$	7,052,102,523	$	25,952,679,526	$	25,611,306,419		$	8,580,648,621
Accumulated earnings (loss)		495,925,017		4,211,411,959		(1,135,031,171	)		(1,597,300,569	)
NET ASSETS	$	7,548,027,540	$	30,164,091,485	$	24,476,275,248		$	6,983,348,052
NET ASSET VALUE
Shares outstanding		40,350,000		471,900,000		161,250,000			74,550,000
Net asset value	$	187.06	$	63.92	$	151.79		$	93.67
Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited
Par value		None		None		None			None
(a) Investments, at cost — unaffiliated	$	6,611,617,487	$	22,700,936,556	$	23,745,040,402		$	7,459,997,670
(b) Securities loaned, at value	$	—	$	235,845,800	$	208,394,131		$	416,044,262
(c) Investments, at cost — affiliated	$	45,634,267	$	278,820,244	$	414,570,321		$	615,220,595

See notes to financial statements.

40 2 0 2 3    I S H A R E S    A N N U A L    R E P O R T     T O    S H A R E H O L D E R S

Statements of Operations

Year Ended March 31, 2023

	iShares S&P 100 ETF			iShares S&P 500 Growth ETF			iShares S&P 500 Value ETF			iShares S&P Small-Cap 600 Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	127,474,233		$	332,017,578		$	543,087,200		$	134,577,557
Dividends — affiliated		968,526			1,128,251			3,689,197			3,886,356
Securities lending income — affiliated — net		133,167			513,312			611,881			1,465,715
Foreign taxes withheld		—			(154,613	)		(76,567	)		(14,433	)
Total investment income		128,575,926			333,504,528			547,311,711			139,915,195
EXPENSES
Investment advisory		15,351,016			53,418,961			44,024,320			13,345,671
Total expenses		15,351,016			53,418,961			44,024,320			13,345,671
Net investment income		113,224,910			280,085,567			503,287,391			126,569,524
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(77,197,960	)		(2,203,769,845	)		(397,856,262	)		(398,010,389	)
Investments — affiliated		(47,073	)		15,818,525			(154,825	)		(18,084	)
Capital gain distributions from underlying funds — affiliated		10			33			26			219
Futures contracts		(1,457,413	)		(5,359,505	)		(11,438,758	)		(2,830,468	)
In-kind redemptions — unaffiliated(a)		483,936,002			2,382,262,771			2,759,205,407			472,884,728
In-kind redemptions — affiliated(a)		2,245,875			2,758,853			10,283,745			—
Swaps		—			—			—			(31,019,565	)
		407,479,441			191,710,832			2,360,039,333			41,006,441
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(1,338,733,330	)		(5,966,998,840	)		(3,109,292,037	)		(876,381,435	)
Investments — affiliated		(6,486,631	)		(26,742,051	)		(22,915,734	)		119,700
Futures contracts		(112,487	)		(342,514	)		(125,415	)		928,022
Swaps		—			—			—			(10,501,868	)
		(1,345,332,448	)		(5,994,083,405	)		(3,132,333,186	)		(885,835,581	)
Net realized and unrealized loss		(937,853,007	)		(5,802,372,573	)		(772,293,853	)		(844,829,140	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(824,628,097	)	$	(5,522,287,006	)	$	(269,006,462	)	$	(718,259,616	)

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 41

Statements of Changes in Net Assets

	iShares S&P 100 ETF						iShares S&P 500 Growth ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	113,224,910		$	98,468,954		$	280,085,567		$	196,796,622
Net realized gain		407,479,441			462,070,579			191,710,832			3,911,096,585
Net change in unrealized appreciation (depreciation)		(1,345,332,448	)		623,310,831			(5,994,083,405	)		1,270,127,992
Net increase (decrease) in net assets resulting from operations		(824,628,097	)		1,183,850,364			(5,522,287,006	)		5,378,021,199
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(113,384,492	)		(96,979,731	)		(273,353,269	)		(197,299,111	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(291,408,168	)		713,344,619			(798,680,236	)		402,934,188
NET ASSETS
Total increase (decrease) in net assets		(1,229,420,757	)		1,800,215,252			(6,594,320,511	)		5,583,656,276
Beginning of year		8,777,448,297			6,977,233,045			36,758,411,996			31,174,755,720
End of year	$	7,548,027,540		$	8,777,448,297		$	30,164,091,485		$	36,758,411,996

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

See notes to financial statements.

42 2 0 2 3    I S H A R E S    A N N U A L    R E P O R T     T O    S H A R E H O L D E R S

Statements of Changes in Net Assets   (continued)

	iShares S&P 500 Value ETF						iShares S&P Small-Cap 600 Value ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	503,287,391		$	444,658,089		$	126,569,524		$	93,472,980
Net realized gain		2,360,039,333			1,639,867,069			41,006,441			1,376,936,932
Net change in unrealized appreciation (depreciation)		(3,132,333,186	)		559,126,265			(885,835,581	)		(1,236,361,719	)
Net increase (decrease) in net assets resulting from operations		(269,006,462	)		2,643,651,423			(718,259,616	)		234,048,193
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(505,414,298	)		(441,547,200	)		(106,591,690	)		(131,583,294	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(635,658,997	)		2,259,799,358			(741,070,327	)		(359,336,301	)
NET ASSETS
Total increase (decrease) in net assets		(1,410,079,757	)		4,461,903,581			(1,565,921,633	)		(256,871,402	)
Beginning of year		25,886,355,005			21,424,451,424			8,549,269,685			8,806,141,087
End of year	$	24,476,275,248		$	25,886,355,005		$	6,983,348,052		$	8,549,269,685

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 43

Financial Highlights  

(For a share outstanding throughout each period)

	iShares S&P 100 ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	208.24		$	179.83		$	118.50		$	125.31		$	115.89
Net investment income(a)		2.66			2.41			2.37			2.48			2.35
Net realized and unrealized gain(b)		(21.16	)		28.36			61.39			(6.58	)		9.45
Net increase from investment operations		(18.50	)		30.77			63.76			(4.10	)		11.80
Distributions from net investment income(c)		(2.68	)		(2.36	)		(2.43	)		(2.71	)		(2.38	)
Net asset value, end of year	$	187.06		$	208.24		$	179.83		$	118.50		$	125.31
Total Return(d)
Based on net asset value		(8.80	)%		17.14	%		54.11	%		(3.42	)%		10.25	%
Ratios to Average Net Assets(e)
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.48	%		1.19	%		1.52	%		1.86	%		1.94	%
Supplemental Data
Net assets, end of year (000)	$	7,548,028		$	8,777,448		$	6,977,233		$	4,852,686		$	4,824,336
Portfolio turnover rate(f)		3	%		2	%		8	%		4	%		7	%

^(a) Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

44 2 0 2 3    I S H A R E S    A N N U A L    R E P O R T     T O    S H A R E H O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares S&P 500 Growth ETF
		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)
Net asset value, beginning of year	$	76.34		$	65.08		$	41.25		$	43.10		$	38.76
Net investment income(b)		0.60			0.41			0.47			0.60			0.52
Net realized and unrealized gain(c)		(12.44	)		11.27			23.85			(1.68	)		4.33
Net increase from investment operations		(11.84	)		11.68			24.32			(1.08	)		4.85
Distributions from net investment income(d)		(0.58	)		(0.42	)		(0.49	)		(0.77	)		(0.51	)
Net asset value, end of year	$	63.92		$	76.34		$	65.08		$	41.25		$	43.10
Total Return(e)
Based on net asset value		(15.48	)%		17.94	%		59.13	%		(2.65	)%		12.59	%
Ratios to Average Net Assets(f)
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		0.94	%		0.55	%		0.82	%		1.30	%		1.27	%
Supplemental Data
Net assets, end of year (000)	$	30,164,091		$	36,758,412		$	31,174,756		$	22,307,379		$	22,550,900
Portfolio turnover rate(g)		34	%		14	%		13	%		27	%		27	%

^(a) Per share amounts reflect a four-for-one stock split effective after the close of trading on October 16, 2020.

^(b) Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 45

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares S&P 500 Value ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	155.61		$	141.09		$	96.29		$	112.76		$	109.32
Net investment income(a)		3.00			2.89			2.83			2.86			2.69
Net realized and unrealized gain(b)		(3.78	)		14.48			44.86			(16.41	)		3.53
Net increase from investment operations		(0.78	)		17.37			47.69			(13.55	)		6.22
Distributions from net investment income(c)		(3.04	)		(2.85	)		(2.89	)		(2.92	)		(2.78	)
Net asset value, end of year	$	151.79		$	155.61		$	141.09		$	96.29		$	112.76
Total Return(d)
Based on net asset value		(0.35	)%		12.39	%		50.10	%		(12.34	)%		5.79	%
Ratios to Average Net Assets(e)
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		2.06	%		1.92	%		2.39	%		2.40	%		2.43	%
Supplemental Data
Net assets, end of year (000)	$	24,476,275		$	25,886,355		$	21,424,451		$	14,187,829		$	15,234,432
Portfolio turnover rate(f)		29	%		18	%		26	%		32	%		31	%

^(a) Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares S&P Small-Cap 600 Value ETF
		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)
Net asset value, beginning of year	$	102.39		$	100.53		$	50.14		$	73.81		$	75.49
Net investment income(b)		1.62			1.07			1.12			1.10			1.20
Net realized and unrealized gain(c)		(8.96	)		2.32			50.16			(23.45	)		(1.71	)
Net increase from investment operations		(7.34	)		3.39			51.28			(22.35	)		(0.51	)
Distributions from net investment income(d)		(1.38	)		(1.53	)		(0.89	)		(1.32	)		(1.17	)
Net asset value, end of year	$	93.67		$	102.39		$	100.53		$	50.14		$	73.81
Total Return(e)
Based on net asset value		(7.08	)%		3.38	%		103.08	%(f)		(30.75	)%		(0.71	)%
Ratios to Average Net Assets(g)
Total expenses		0.18	%		0.18	%		0.21	%		0.25	%		0.25	%
Net investment income		1.71	%		1.04	%		1.56	%		1.48	%		1.54	%
Supplemental Data
Net assets, end of year (000)	$	6,983,348		$	8,549,270		$	8,806,141		$	4,120,917		$	6,155,204
Portfolio turnover rate(h)		54	%		42	%		52	%		53	%		38	%

^(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on October 16, 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) Includes a payment received from an affiliate, which had no impact on the Fund’s total return.

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

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 47

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
S&P 100	Diversified
S&P 500 Growth	Diversified
S&P 500 Value	Diversified
S&P Small-Cap 600 Value	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdiction 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 March 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 includes 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.

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

48 2 0 2 3    I S H A R E S     A N N U A L    R E P O R  T    T O    S H A R E H O L D E R S

Notes to Financial Statements   (continued)

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

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

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

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses 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 the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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Notes to Financial Statements   (continued)

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	(b)
S&P 500 Growth
Barclays Bank PLC	$	953,371	$	(953,371	)	$	—		$	—
BNP Paribas SA		1,820,016		(1,820,016	)		—			—
Citadel Clearing LLC		9,568,555		(9,568,555	)		—			—
Citigroup Global Markets, Inc.		61,947,606		(61,542,354	)		—			405,252
Credit Suisse Securities (USA) LLC		3,054		(3,054	)		—			—
Goldman Sachs & Co. LLC		92,471,629		(92,471,629	)		—			—
J.P. Morgan Securities LLC		9,362,720		(9,362,720	)		—			—
Jefferies LLC		255,069		(255,069	)		—			—
Morgan Stanley		26,497		(26,418	)		—			79
RBC Capital Market LLC		51,154,802		(51,154,802	)		—			—
Scotia Capital (USA), Inc.		19,428		(19,409	)		—			19
TD Prime Services LLC		89,899		(89,899	)		—			—
UBS AG		7,695,978		(7,695,978	)		—			—
UBS Securities LLC		477,176		(476,420	)		—			756
	$	235,845,800	$	(235,439,694	)	$	—		$	406,106
S&P 500 Value
Barclays Bank PLC	$	2,697,387	$	(2,697,387	)	$	—		$	—
BofA Securities, Inc.		2,992,988		(2,991,402	)		—			1,586
Citadel Clearing LLC		2,046,619		(2,046,619	)		—			—
Citigroup Global Markets, Inc.		22,230,282		(22,230,282	)		—			—
Credit Suisse Securities (USA) LLC		19,798		(19,204	)		—			594
Goldman Sachs & Co. LLC		26,244,638		(26,244,638	)		—			—
J.P. Morgan Securities LLC		100,067,101		(100,067,101	)		—			—
Jefferies LLC		10,156,124		(10,117,500	)		—			38,624
Morgan Stanley		14,201,370		(14,201,370	)		—			—
Natixis SA		5,371,305		(5,371,305	)		—			—
RBC Capital Market LLC		169,138		(169,025	)		—			113
Scotia Capital (USA), Inc.		4,082,831		(4,042,380	)		—			40,451
TD Prime Services LLC		11,450,325		(11,133,250	)		—			317,075
UBS AG		1,856,172		(1,856,172	)		—			—
Virtu Americas LLC		2,886,495		(2,883,150	)		—			3,345
Wells Fargo Securities LLC		1,921,558		(1,918,093	)		—			3,465
	$	208,394,131	$	(207,988,878	)	$	—		$	405,253
S&P Small-Cap 600 Value
Barclays Bank PLC	$	5,917,406	$	(5,917,406	)	$	—		$	—
Barclays Capital, Inc.		1,853,197		(1,851,200	)		—			1,997
BNP Paribas SA		67,861,578		(67,602,297	)		—			259,281
BofA Securities, Inc.		40,798,142		(40,798,142	)		—			—
Citadel Clearing LLC		566,020		(562,375	)		—			3,645
Citigroup Global Markets, Inc.		2,563,079		(2,544,879	)		—			18,200
Credit Suisse Securities (USA) LLC		199,174		(199,174	)		—			—
Goldman Sachs & Co. LLC		64,882,315		(64,882,315	)		—			—
HSBC Bank PLC		5,020,916		(5,007,375	)		—			13,541
J.P. Morgan Securities LLC		79,509,693		(79,509,693	)		—			—
Jefferies LLC		1,117,467		(1,117,467	)		—			—
Morgan Stanley		73,903,401		(73,887,666	)		—			15,735
National Financial Services LLC		170,578		(170,578	)		—			—
Natixis SA		8,814,095		(8,814,095	)		—			—
Nomura Securities International, Inc.		2,420,422		(2,420,422	)		—			—
Scotia Capital (USA), Inc.		5,987,728		(5,987,728	)		—			—
SG Americas Securities LLC		277,269		(277,269	)		—			—
State Street Bank & Trust Co.		29,701,705		(29,701,705	)		—			—
TD Prime Services LLC		8,557,942		(8,557,942	)		—			—
UBS AG		11,058,628		(11,045,592	)		—			13,036

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Notes to Financial Statements   (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
S&P Small-Cap 600 Value (continued)
UBS Securities LLC	$	470,116	$	(470,116	)	$	—		$	—
Virtu Americas LLC		65,696		(65,696	)		—			—
Wells Fargo Bank N.A.		1,017,542		(1,017,542	)		—			—
Wells Fargo Securities LLC		3,310,153		(3,310,153	)		—			—
	$	416,044,262	$	(415,718,827	)	$	—		$	325,435

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of March 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.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

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

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

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded on the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares EGS Screened S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

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Notes to Financial Statements   (continued)

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of the agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
S&P 100		0.20	%
S&P 500 Growth		0.18
S&P 500 Value		0.18
S&P Small-Cap 600 Value		0.18

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.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

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.

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Notes to Financial Statements   (continued)

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
S&P 100	$	43,471
S&P 500 Growth		206,679
S&P 500 Value		219,463
S&P Small-Cap 600 Value		474,954

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

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

For the year ended March 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
S&P 100	$	41,851,425	$	36,786,241	$	(19,665,381	)
S&P 500 Growth		6,709,318,546		7,474,526,018		(1,731,596,705	)
S&P 500 Value		6,229,418,684		5,555,035,930		(190,503,385	)
S&P Small-Cap 600 Value		1,390,431,185		1,569,691,056		15,820,837

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

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

7. PURCHASES AND SALES

For the year ended March 31, 2023, purchases and sales of investments, excluding short-term securities, were as follows:

iShares ETF	Purchases		Sales
S&P 100	$	235,776,630	$	235,903,077
S&P 500 Growth		10,268,502,679		10,270,817,853
S&P 500 Value		7,241,816,576		7,189,092,927
S&P Small-Cap 600 Value		3,947,874,629		4,081,472,673

For the year ended March 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
S&P 100	$	1,220,226,145	$	1,511,748,081
S&P 500 Growth		4,127,856,805		4,931,930,719
S&P 500 Value		9,821,369,364		10,520,294,992
S&P Small-Cap 600 Value		3,863,111,989		4,602,532,910

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Notes to Financial Statements   (continued)

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 March 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions and distributions paid in excess of taxable income were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
S&P 100	$	481,586,929	$	(481,586,929	)
S&P 500 Growth		2,381,019,333		(2,381,019,333	)
S&P 500 Value		2,745,576,484		(2,745,576,484	)
S&P Small-Cap 600 Value		386,322,454		(386,322,454	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2023		Year Ended March 31, 2022
S&P 100
Ordinary income	$	113,384,492	$	96,979,731
S&P 500 Growth
Ordinary income	$	273,353,269	$	197,299,111
S&P 500 Value
Ordinary income	$	505,414,298	$	441,547,200
S&P Small-Cap 600 Value
Ordinary income	$	106,591,690	$	131,583,294

As of March 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)			Qualified late-year  losses(c)			Total
S&P 100	$	1,817,826	$	(362,360,219	)	$	856,467,410		$	—		$	495,925,017
S&P 500 Growth		6,732,298		(3,160,067,414	)		7,364,747,075			—			4,211,411,959
S&P 500 Value		983,982		(1,566,023,135	)		430,007,982			—			(1,135,031,171	)
S&P Small-Cap 600 Value		—		(854,325,126	)		(716,456,219	)		(26,519,224	)		(1,597,300,569	)

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

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

^(c)  The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of March 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
S&P 100	$	6,687,274,998	$	1,358,149,467	$	(501,682,057	)	$	856,467,410
S&P 500 Growth		23,018,576,387		8,162,926,490		(798,179,415	)		7,364,747,075
S&P 500 Value		24,233,719,531		2,320,592,756		(1,890,584,774	)		430,007,982
S&P Small-Cap 600 Value		8,121,349,674		443,112,876		(1,159,569,094	)		(716,456,218	)

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;

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Notes to Financial Statements   (continued)

(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.

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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

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

The Funds invest a significant portion of their assets in securities 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.

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Notes to Financial Statements   (continued)

Transactions in capital shares were as follows:

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
S&P 100
Shares sold		6,650,000		$	1,223,360,035			9,000,000		$	1,852,545,063
Shares redeemed		(8,450,000	)		(1,514,768,203	)		(5,650,000	)		(1,139,200,444	)
		(1,800,000	)	$	(291,408,168	)		3,350,000		$	713,344,619
S&P 500 Growth
Shares sold		65,500,000		$	4,123,265,045			97,500,000		$	7,705,816,385
Shares redeemed		(75,100,000	)		(4,921,945,281	)		(95,050,000	)		(7,302,882,197	)
		(9,600,000	)	$	(798,680,236	)		2,450,000		$	402,934,188
S&P 500 Value
Shares sold		67,300,000		$	9,872,676,861			46,050,000		$	7,005,954,291
Shares redeemed		(72,400,000	)		(10,508,335,858	)		(31,550,000	)		(4,746,154,933	)
		(5,100,000	)	$	(635,658,997	)		14,500,000		$	2,259,799,358
S&P Small-Cap 600 Value
Shares sold		39,800,000		$	3,828,377,839			36,350,000		$	3,774,747,013
Shares redeemed		(48,750,000	)		(4,569,448,166	)		(40,450,000	)		(4,134,083,314	)
		(8,950,000	)	$	(741,070,327	)		(4,100,000	)	$	(359,336,301	)

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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2023, the related statements of operations for the year ended March 31, 2023, the statements of changes in net assets for each of the two years in the period ended March 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2023 and each of the financial highlights for each of the five years in the period ended March 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

iShares S&P 100 ETF

iShares S&P 500 Growth ETF

iShares S&P 500 Value ETF

iShares S&P Small-Cap 600 Value ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2023

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

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Important Tax Information  (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Dividend Income
S&P 100	$	126,077,587
S&P 500 Growth		315,687,175
S&P 500 Value		513,848,045
S&P Small-Cap 600 Value		94,233,144

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Business Income
S&P 100	$	1,131,497
S&P 500 Growth		9,780,525
S&P 500 Value		13,455,367
S&P Small-Cap 600 Value		17,296,558

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
S&P 100		100.00	%
S&P 500 Growth		100.00
S&P 500 Value		97.94
S&P Small-Cap 600 Value		87.57

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Statement Regarding Liquidity Risk Management Program  (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares S&P 100 ETF, iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF and iShares S&P Small-Cap 600 Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

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

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

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

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

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

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

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

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

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Supplemental Information  (unaudited)

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.

March 31, 2023

	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
S&P 100	$	2.684663	$	—	$	—	$	2.684663		100	%		—	%		—	%		100	%
S&P 500 Value		3.036629		—		—		3.036629		100			—			—			100
S&P Small-Cap 600 Value		1.381547		—		—		1.381547		100			—			—			100

Premium/Discount Information

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

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Trustee and Officer Information

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

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

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

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

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Trustee and Officer Information  (continued)

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015- 2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019- 2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

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Trustee and Officer Information  (continued)

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviation
CVR	Contingent Value Rights
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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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 S&P Dow Jones Indices LLC, nor does this company make any representations regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-301-0323

MARCH 31, 2023

2023 Annual Report

iShares Trust

·  iShares Preferred and Income Securities ETF | PFF | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	15.62%	(7.73)%
U.S. small cap equities (Russell 2000® Index)	9.14	(11.61)
International equities (MSCI Europe, Australasia, Far East Index)	27.27	(1.38)
Emerging market equities (MSCI Emerging Markets Index)	14.04	(10.70)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.93	2.52
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.38	(6.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	4.89	(4.78)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.00	0.26
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.88	(3.35)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		7
Disclosure of Expenses		7
Schedule of Investments		8
Financial Statements:
Statement of Assets and Liabilities		17
Statement of Operations		18
Statements of Changes in Net Assets		19
Financial Highlights		20
Notes to Financial Statements		21
Report of Independent Registered Public Accounting Firm		27
Important Tax Information		28
Statement Regarding Liquidity Risk Management Program		29
Supplemental Information		30
Trustee and Officer Information		32
General Information		35
Glossary of Terms Used in this Report		36

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks declined for the 12 months ended March 31, 2023 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned -8.58%. Elevated inflation and rapid tightening of monetary policy dampened growth and weighed on equities. Higher interest rates drove bond yields higher and increased borrowing costs for businesses and consumers. Equities began to recover in the second half of the reporting period, as the broader economy remained resilient and the pace of inflation declined. In March 2023, two banks suddenly failed, representing the second and third largest bank failures in U.S. history by asset value. This drove concern among investors about the resiliency of the financial system in the face of rapidly rising interest rates. However, government agencies acted swiftly to organize a sale of the failed banks’ assets and inject liquidity, and equity prices recovered.

Inflation was a significant driver of the economic outlook. As the reporting period began, the consumer price index, a widely followed measure of inflation, stood at multi-decade highs. Strong consumer spending and a tight labor market, along with continued supply chain disruptions in Asia, combined to drive prices higher. But the rate of inflation began to decline as the reporting period wore on, decelerating for nine consecutive months beginning in July 2022. Nonetheless, inflation remained elevated by historic standards, and higher prices negatively impacted both consumers and businesses.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

To contain inflation, the U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates eight times over the course of the reporting period. The pace of tightening accelerated as the Fed twice stepped up the increment of increase before reducing it again as inflation began to subside. The Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

Despite economic headwinds, corporate profits remained robust, and many companies were able to sufficiently raise prices to preserve profit margins even in the face of rising labor and input costs. Nonetheless, profits declined overall in the fourth quarter of 2022, and the yield curve (a graphical representation of U.S. Treasury rates at different maturities) inverted, a sign that markets were concerned about the impact of higher borrowing costs on the economy. Furthermore, dwindling personal savings and rising household debt raised questions about the sustainability of consumer spending as an engine of economic growth.

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Fund Summary as of March 31, 2023 iShares^® Preferred and Income Securities ETF

Investment Objective

The iShares Preferred and Income Securities ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated preferred and hybrid securities, as represented by the ICE Exchange-Listed Preferred & Hybrid Securities Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment portfolio similar to the index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(8.99	)%		1.64	%		3.09	%		(8.99	)%		8.48	%		35.53	%
Fund Market		(8.96	)		1.65			3.08			(8.96	)		8.51			35.40
Index		(8.66	)		2.28			3.73			(8.66	)		11.93			44.17

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 31, 2019 reflects the performance of the S&P U.S. Preferred Stock Index^™. Index performance beginning on February 1, 2019 through October 31, 2019 reflects the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index, which terminated on October 31, 2019. Index performance beginning on November 1, 2019 reflects the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Index.

Past performance is no guarantee 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” on page 7 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/22)	Ending         Account Value (03/31/23)	Expenses       Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending         Account Value (03/31/23)	Expenses       Paid During the Period	(a)	Annualized     Expense     Ratio
	$        1,000.00	$       1,017.30	$          2.31			$       1,000.00	$        1,022.65	$          2.32		0.46%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2023 (continued) iShares^® Preferred and Income Securities ETF

Portfolio Management Commentary

U.S. dollar-denominated preferred stocks posted a notable decline for the reporting period. Preferred stock typically pays a steady stream of dividends; therefore, its value is sensitive to prevailing interest rates. When interest rates rise, the dividends paid on preferred stock become relatively less attractive to investors, which weighs on its value. During the reporting period, the Fed raised short-term interest rates eight times and bond yields rose substantially. The value of preferred and hybrid securities is also influenced by the financial conditions of the issuing company, and the negative performance of some companies represented in the Index during the reporting period also negatively impacted the Index’s return.

The financials sector, representing approximately 58% of the Index on average for the reporting period, detracted the most from the Index’s return. In particular, preferred stock issued by banks, which tend to issue high levels of preferred stock due to regulatory capital requirements, declined. Because preferred stock is classified as equity rather than debt on balance sheets, it can be a useful tool to meet target capital ratios.

Late in the reporting period, the failure of two banks represented in the Index negatively impacted the Index’s performance. The banks were unable to meet a surge in customer deposit withdrawals and the government intervened to help depositors and provide liquidity in order to maintain the stability of the financial system. While the government arranged for the sale of both banks’ assets to other institutions, the disruption created by the failures led to increased scrutiny of the industry by investors. The information technology sector also declined, primarily due to weakness in the semiconductors and semiconductor equipment industry.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials	60.4%
Utilities	13.1
Real Estate	7.2
Communication Services	4.6
Consumer Discretionary	3.3
Health Care	3.0
Industrials	2.9
Energy	2.6
Consumer Staples	1.4
Materials	1.1
Other (each representing less than 1%)	0.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Wells Fargo & Co., Series L, NVS	1.9%
Citigroup Capital XIII, (3-mo. USD LIBOR + 6.370%), NVS	1.5
PG&E Corp.	1.3
Danaher Corp., Series B, NVS	1.3
Bank of America Corp., Series L, NVS	1.3
NextEra Energy, Inc.	1.1
NextEra Energy, Inc.	1.1
ArcelorMittal SA	1.0
JPMorgan Chase & Co., Series EE, NVS	1.0
JPMorgan Chase & Co., Series DD, NVS	0.9

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of 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 shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T   F U N D   P E R F O R M A N C E  /  D I S C L O S U R E  O F   E X P E N S E S 7

Schedule of Investments March 31, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Securities
Preferred Stocks — 98.8%
Automobile Components — 0.8%
Aptiv PLC, Series A, 5.50%, NVS(a)		869,844	$	106,764,653
Automobiles — 1.2%
Ford Motor Co.
6.00%		2,420,405		59,566,167
6.50%, NVS		1,815,445		44,387,630
6.20%		2,269,113		56,841,281
				160,795,078
Banks — 25.3%
Associated Banc-Corp (5 year CMT + 2.812%), 6.63%(b)		907,901		21,553,570
Series E, 5.88%, NVS(c)(d)		308,000		5,753,440
Series F, 5.63%, NVS(c)		308,354		6,000,569
Atlantic Union Bankshares Corp., Series A, 6.88%, NVS(c)		515,337		11,172,506
Bank of America Corp.
Series 02, (3-mo. USD LIBOR + 0.650%), 5.60%, NVS(b)(c)		539,808		11,325,172
Series 4, (3-mo. USD LIBOR + 0.750%), 5.70%, NVS(b)(c)		375,126		8,173,996
Series 5, (3-mo. USD LIBOR + 0.500%), 5.42%, NVS(b)(c)(d)		756,493		15,417,327
Series E, (3-mo. USD LIBOR + 0.350%), 5.21%, NVS(b)(c)		565,988		12,010,265
Series GG, 6.00%(c)		2,460,018		60,541,043
Series HH, 5.88%, NVS(c)(d)		1,546,906		37,032,930
Series K*, (3-mo. USD LIBOR + 1.327%), 6.45%(b)		1,912,332		47,827,423
Series KK, 5.38%, NVS(c)		2,539,023		58,321,358
Series L, 7.25%, NVS(a)(c)		140,486		164,053,931
Series LL, 5.00%, NVS(c)		2,377,046		50,654,850
Series NN, 4.38%, NVS(c)		1,961,127		36,418,128
Series PP, 4.13%, NVS(c)		1,656,337		29,002,461
Series QQ, 4.25%, NVS(c)		2,361,354		42,929,416
Series SS, 4.75%, NVS(c)(d)		1,247,508		25,848,366
Bank of Hawaii Corp., Series A, 4.38%, NVS(c)		547,620		9,052,159
Bank OZK, Series A, 4.63%, NVS(c)		1,058,891		16,878,723
Cadence Bank, Series A, 5.50%, NVS(c)		525,808		11,057,742
Citigroup, Inc.
Series J, (3-mo. USD LIBOR + 4.040%), 7.13%(b)(c)(d)		2,874,236		71,942,127
Series K, (3-mo. USD LIBOR + 4.130%), 6.88%, NVS(b)(c)(d)		4,523,227		112,130,797
Citizens Financial Group, Inc.
Series D, (3-mo. USD LIBOR + 3.642%), 6.35%, NVS(b)(c)		907,685		21,366,905
Series E, 5.00%, NVS(c)		1,361,467		26,888,973
ConnectOne Bancorp, Inc., Series A, (5 year CMT + 4.420%), 5.25%, NVS(b)(c)		354,466		5,685,635
Cullen/Frost Bankers, Inc., Series B, 4.45%, NVS(c)		456,773		8,765,474
Dime Community Bancshares, Inc., 5.50%, NVS(c)		400,847		7,014,823
Fifth Third Bancorp
Series A, 6.00%, NVS(c)(d)		605,538		13,975,817
Series I, (3-mo. USD LIBOR + 3.710%), 6.63%, NVS(b)(c)		1,361,466		32,280,359
Series K, 4.95%, NVS(c)		756,360		16,420,576
First Citizens BancShares, Inc.
Series A, 5.38%, NVS(c)		1,043,773		22,722,938

Security	Shares		Value
Banks (continued)
First Citizens BancShares, Inc.
Series C, 5.63%, NVS(c)		605,857	$	13,038,043
First Horizon Corp. 6.50%, NVS(c)		449,995		9,940,390
Series D, (3-mo. USD LIBOR + 3.859%), 6.10%(b)(c)		302,580		6,596,244
Series F, 4.70%(c)		449,995		8,635,404
First Republic Bank
Series H, 5.13%, NVS(c)(d)		596,244		3,708,638
Series I, 5.50%, NVS(c)(d)		900,383		5,654,405
Series J, 4.70%, NVS(c)		1,208,629		6,889,185
Series K, 4.13%(c)(d)		1,524,903		8,127,733
Series L, 4.25%(c)		2,266,498		12,080,434
Series M, 4.00%(c)(d)		2,274,773		12,147,288
Series N, 4.50%(c)		2,243,500		12,496,295
FNB Corp., (3-mo. USD LIBOR + 4.600%), 7.25%, NVS(b)(c)(d)		335,478		8,115,213
Fulton Financial Corp., Series A, 5.13%, NVS(c)		607,412		10,101,262
Hancock Whitney Corp., 6.25%		517,444		12,573,889
Heartland Financial U.S.A., Inc., Series E, (5 year CMT + 6.675%), 7.00%, NVS(b)(c)		350,469		8,463,826
Huntington Bancshares, Inc.
Series C, 5.70%, NVS(c)		531,235		11,628,734
Series H, 4.50%, NVS(c)(d)		1,512,791		27,668,947
Series J, 6.88%, NVS(b)(c)		983,521		23,929,066
JPMorgan Chase & Co.
Series DD, 5.75%, NVS(c)		4,534,083		112,944,008
Series EE, 6.00%, NVS(c)(d)		5,121,594		128,961,737
Series GG, 4.75%, NVS(c)		2,395,315		51,762,757
Series JJ, 4.55%, NVS(c)		4,149,524		87,637,947
Series LL, 4.63%, NVS(c)		5,119,984		108,134,062
Series MM, 4.20%, NVS(c)(d)		5,535,196		109,430,825
KeyCorp
(5 year CMT + 3.132%), 6.20%, NVS(b)(c)		1,815,298		40,535,604
Series E, (3-mo. USD LIBOR + 3.892%), 6.13%, NVS(b)(c)		1,512,791		35,414,437
Series F, 5.65%, NVS(c)		1,285,853		26,501,430
Series G, 5.63%, NVS(c)		1,361,466		29,870,564
M&T Bank Corp., Series H, (3-mo. USD LIBOR + 4.020%), 5.63%, NVS(b)(c)		756,360		18,500,566
Midland States Bancorp, Inc., (5 year CMT + 4.713%), 7.75%, NVS(b)(c)		350,463		7,829,343
New York Community Bancorp, Inc., Series A., (3-mo. USD LIBOR + 3.821%), 6.38%, NVS(b)(c)(d)		1,558,122		36,054,943
New York Community Capital Trust V, 6.00%, NVS(a)		220,626		8,538,226
Old National Bancorp
Series A, 7.00%, NVS(c)		329,722		8,015,542
Series C, 7.00%, NVS(c)		372,696		9,093,782
PacWest Bancorp, Series A, (5 year CMT + 4.820%), 7.75%, NVS(b)(c)		1,552,844		22,997,620
Pinnacle Financial Partners, Inc., Series B, 6.75%, NVS(c)		680,769		16,440,571
Popular Capital Trust II, 6.13%		303,068		7,867,645
Regions Financial Corp.
Series B, (3-mo. USD LIBOR + 3.536%), 6.38%, NVS(b)(c)		1,512,791		35,626,228
Series C, (3-mo. USD LIBOR + 3.148%), 5.70%, NVS(b)(c)		1,512,791		32,403,983
Series E, 4.45%, NVS(c)		1,210,191		21,359,871

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Schedule of Investments  (continued) March 31, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Synovus Financial Corp.
Series D, (3-mo. USD LIBOR + 3.352%), 6.30%, NVS(b)(c)(d)		605,498	$	13,750,860
Series E, (5 year CMT + 4.127%), 5.88%, NVS(b)(c)		1,058,938		22,978,955
Texas Capital Bancshares, Inc., Series B, 5.75%, NVS(c)		907,685		17,200,631
Truist Financial Corp.
Series I, (3-mo. USD LIBOR + 0.530%), 5.40%, NVS(b)(c)		523,733		10,893,646
Series O, 5.25%, NVS(c)		1,739,636		40,133,403
Series R, 4.75%, NVS(c)		2,798,576		59,301,825
U.S. Bancorp
Series A, (3-mo. USD LIBOR + 1.020%), 5.85%, NVS(b)(c)		43,477		32,607,750
Series B*, (3-mo. USD LIBOR + 0.600%), 5.39%, NVS(b)(c)		3,025,489		57,847,350
Series K, 5.50%, NVS(c)		1,739,635		42,916,795
Series L, 3.75%, NVS(c)		1,512,791		26,927,680
Series M, 4.00%, NVS(c)(d)		2,269,152		42,206,227
Series O, 4.50%, NVS(c)		1,361,467		28,781,412
United Community Banks, Inc., Series I, 6.88%, NVS(c)		304,694		6,767,254
Valley National Bancorp
Series A, (3-mo. USD LIBOR + 3.850%), 6.25%, NVS(b)(c)		351,039		7,435,006
Series B, (3-mo. USD LIBOR + 3.578%), 8.83%, NVS(b)(c)(d)		306,328		7,057,797
Washington Federal, Inc., Series A, 4.88%, NVS(c)		896,223		14,518,813
Webster Financial Corp.
Series F, 5.25%, NVS(c)(d)		449,995		7,784,914
Series G, 6.50%(c)		411,345		8,457,253
Wells Fargo & Co.
Series AA, 4.70%, NVS(c)		2,344,503		44,287,662
Series CC, 4.38%, NVS(c)		2,099,236		36,925,561
Series DD, 4.25%, NVS(c)		2,504,013		43,069,024
Series L, 7.50%, NVS(a)(c)		204,342		240,357,277
Series Q, (3-mo. USD LIBOR + 3.090%), 5.85%, NVS(b)(c)		3,546,392		82,489,078
Series R, (3-mo. USD LIBOR + 3.690%), 6.63%, NVS(b)(c)(d)		1,721,765		41,838,889
Series Y, 5.63%, NVS(c)(d)		1,411,929		32,191,981
Series Z, 4.75%, NVS(c)		4,136,893		79,469,715
WesBanco, Inc., Series A, (5 year CMT + 6.557%), 6.75%, NVS(b)(c)		449,995		10,390,385
Western Alliance Bancorp, Series A, (5 year CMT + 3.452%), 4.25%, NVS(b)(c)		909,997		12,375,959
Wintrust Financial Corp.
Series D, (3-mo. USD LIBOR + 4.060%), 6.50%, NVS(b)(c)		380,452		8,963,449
Series E, (5 year CMT + 6.507%), 6.88%, NVS(b)(c)(d)		869,842		19,762,810
Zions Bancorp N.A., Series G, (3-mo. USD LIBOR + 4.240%), 9.11%, NVS(b)(c)		420,749		10,262,068
				3,287,887,915
Broadline Retail — 0.5%
Dillard’s Capital Trust I, 7.50%(d)		605,107		15,599,658
Qurate Retail, Inc., 8.00%(d)		958,602		28,096,625

Security	Shares		Value
Broadline Retail (continued)
QVC, Inc.
6.25%		1,517,797	$	12,840,563
6.38%		688,003		5,813,625
				62,350,471
Capital Markets — 11.4%
Affiliated Managers Group, Inc. 4.20%		608,349		9,715,334
4.75%		832,403		14,949,958
5.88%		907,672		20,994,453
B Riley Financial, Inc. 6.50%		508,197		9,579,513
6.00%		718,971		12,121,851
5.50%(d)		647,196		12,335,556
5.25%		956,905		15,530,568
5.00%(d)		997,988		17,574,569
6.75%		336,405		7,989,619
6.38%		433,640		9,383,970
Brookfield Finance I UK PLC, 4.50%(c)		698,556		10,275,759
Brookfield Finance, Inc., Series 50, 4.63%, NVS		1,210,191		18,624,839
Carlyle Finance LLC, 4.63%, NVS		1,512,791		27,835,354
Charles Schwab Corp.
Series D, 5.95%, NVS(c)(d)		2,269,151		52,258,548
Series J, 4.45%, NVS(c)		1,815,298		35,071,557
Cowen, Inc., 7.75%		294,707		7,432,511
Crescent Capital BDC, Inc., 5.00%		340,611		7,823,835
Gladstone Investment Corp. 5.00%, NVS		389,477		9,250,079
4.88%		409,082		9,682,971
Goldman Sachs Group, Inc.
Series A, (3-mo. USD LIBOR + 0.750%), 5.61%, NVS(b)(c)		2,269,082		47,015,379
Series C, (3-mo. USD LIBOR + 0.750%), 6.01%, NVS(b)(c)		599,993		12,131,858
Series D, (3-mo. USD LIBOR + 0.670%), 5.53%, NVS(b)(c)		4,084,378		84,914,219
Series J, (3-mo. USD LIBOR + 3.640%), 5.50%, NVS(b)(c)		3,025,489		75,092,637
Series K, (3-mo. USD LIBOR + 3.550%), 6.38%(b)(c)(d)		2,117,775		53,177,330
KKR & Co., Inc., Series C, 6.00%, NVS(a)(d)		1,739,636		110,379,904
KKR Group Finance Co. IX LLC, 4.63%, NVS		1,512,654		27,984,099
Morgan Stanley
Series A, (3-mo. USD LIBOR + 0.700%), 5.49%(b)(c)		3,328,089		68,991,285
Series E, (3-mo. USD LIBOR + 4.320%), 7.13%, NVS(b)(c)		2,609,479		65,497,923
Series F, (3-mo. USD LIBOR + 3.940%), 6.88%, NVS(b)(c)		2,571,658		63,519,953
Series I, (3-mo. USD LIBOR + 3.708%), 6.38%, NVS(b)(c)		3,025,489		74,517,794
Series K, (3-mo. USD LIBOR + 3.491%), 5.85%, NVS(b)(c)		3,025,489		74,971,617
Series L, 4.88%, NVS(c)		1,512,791		33,644,472
Series O, 4.25%, NVS(c)		3,933,174		74,533,647
Series P, 6.50%, NVS(c)		3,025,490		76,817,191
NewtekOne, Inc., 5.50%		306,424		7,544,159
Northern Trust Corp., Series E, 4.70%, NVS(c)		1,210,191		27,846,495
Oaktree Capital Group LLC
Series A, 6.63%, NVS(c)		539,986		11,431,504
Series B, 6.55%, NVS(c)		710,992		14,802,853
Prospect Capital Corp., Series A, 5.35%(c)		459,664		7,354,624

S C H E D U L E  O F  I N V E S T M E N T S 9

Schedule of Investments  (continued) March 31, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
State Street Corp.
Series D, (3-mo. USD LIBOR + 3.108%), 5.90%, NVS(b)(c)(d)		2,269,151	$	52,939,293
Series G, (3-mo. USD LIBOR + 3.709%), 5.35%, NVS(b)(c)(d)		1,512,791		37,925,670
Stifel Financial Corp. 5.20%		573,277		11,826,704
Series B, 6.25%, NVS(c)		479,978		11,394,678
Series C, 6.13%, NVS(c)		680,769		16,372,494
Series D, 4.50%, NVS(c)		907,858		14,770,850
Trinity Capital, Inc., 7.00%		529,655		13,368,492
				1,479,197,968
Chemicals — 0.1%
EIDP, Inc., Series B, 4.50%, NVS(c)(d)		126,887		11,904,538
Commercial Services & Supplies — 0.2%
Charah Solutions, Inc., 8.50%		408,894		3,843,604
Pitney Bowes, Inc., 6.70%		1,288,379		20,343,504
				24,187,108
Consumer Finance — 2.4%
Atlanticus Holdings Corp., 6.13%		455,858		10,498,410
Capital One Financial Corp.
Series I, 5.00%, NVS(c)		4,538,281		91,446,362
Series J, 4.80%, NVS(c)		3,781,850		72,384,609
Series K, 4.63%, NVS(c)		382,228		6,845,703
Series L, 4.38%, NVS(c)		2,042,214		34,860,593
Series N, 4.25%, NVS(c)		1,285,846		21,370,761
Navient Corp., 6.00%		907,685		17,954,009
SLM Corp., Series B, (3-mo. USD LIBOR + 1.700%), 6.57%(b)(c)		302,578		18,911,125
Synchrony Financial, Series A, 5.63%, NVS(c)		2,269,154		38,666,384
				312,937,956
Diversified REITs — 0.4%
Armada Hoffler Properties, Inc., Series A, 6.75%, NVS(c)		513,199		10,720,727
EPR Properties
Series C, 5.75%, NVS(a)(c)		410,834		7,312,845
Series E, 9.00%, NVS(a)(c)		264,029		6,983,567
Gladstone Commercial Corp., Series G, 6.00%, NVS(c)(d)		302,631		5,598,674
Global Net Lease, Inc.
Series A, 7.25%, NVS(c)		516,138		10,658,250
Series B, 6.88%(c)		358,834		7,506,807
LXP Industrial Trust, Series C, 6.50%, NVS(a)(c)(d)		146,307		7,100,279
				55,881,149
Diversified Telecommunication Services — 3.3%
AT&T Inc. 5.35%		4,001,276		93,989,973
5.63%		2,496,067		62,177,029
Series A, 5.00%, NVS(c)		3,630,596		82,269,305
Series C, 4.75%, NVS(c)		5,294,641		112,617,014
Qwest Corp. 6.75%		1,996,810		29,652,629
6.50%, NVS		2,957,412		42,172,695
				422,878,645
Electric Utilities — 8.4%
American Electric Power Co., Inc., 6.13%, NVS(a)		1,285,854		64,742,749
BIP Bermuda Holdings I Ltd., 5.13%(c)		907,671		16,637,609
Brookfield BRP Holdings Canada, Inc. 4.63%, NVS(c)		1,058,894		16,254,023
4.88%(c)		788,348		11,746,385

Security	Shares		Value
Electric Utilities (continued)
Brookfield Infrastructure Finance ULC, 5.00%		757,373	$	13,822,057
Duke Energy Corp. 5.63%		1,512,791		37,895,415
Series A, 5.75%, NVS(c)		3,025,490		76,998,721
Entergy Arkansas LLC, 4.88%		1,240,450		27,872,912
Entergy Louisiana LLC, 4.88%(d)		816,857		19,106,285
Entergy Mississippi LLC, 4.90%		786,597		18,154,659
Georgia Power Co., Series 2017, 5.00%		816,857		20,494,942
NextEra Energy Capital Holdings, Inc., Series N, 5.65%		2,080,057		53,457,465
NextEra Energy, Inc. 6.22%(a)		3,025,496		147,765,225
6.93%(a)		3,025,490		140,231,461
Pacific Gas & Electric Co., Series A, 6.00%(c)(d)		321,618		7,197,811
PG&E Corp., 5.50%(a)		1,210,191		172,246,485
SCE Trust II, 5.10%, NVS(c)		666,157		13,829,419
SCE Trust III, Series H, (3-mo. USD LIBOR + 2.990%), 5.75%, NVS(b)(c)(d)		832,022		17,064,771
SCE Trust IV, Series J, (3-mo. USD LIBOR + 3.132%), 5.38%, NVS(b)(c)(d)		983,276		19,960,503
SCE Trust V, Series K, (3-mo. USD LIBOR + 3.790%), 5.45%, NVS(b)(c)		907,685		20,332,144
SCE Trust VI, 5.00%, NVS(c)		1,437,129		28,713,837
Southern Co. 5.25%		1,361,467		33,247,024
Series 2020, 4.95%		3,025,490		68,376,074
Series C, 4.20%		2,269,152		45,383,040
				1,091,531,016
Electrical Equipment — 0.2%
Babcock & Wilcox Enterprises, Inc. 6.50%		460,444		9,977,822
8.13%		485,413		11,955,722
Series A, 7.75%, NVS(c)		582,414		10,623,231
				32,556,775
Electronic Equipment, Instruments & Components — 0.2%
Coherent Corp., Series A, 6.00%, NVS(a)		174,001		30,448,435
Entertainment — 0.0%
Chicken Soup For The Soul Entertainment, Inc., Series A, NVS, 9.75%(c)(d)		310,146		4,894,104
Financial Services — 3.5%
Apollo Asset Management, Inc.
Series A, 6.38%, NVS(c)(d)		832,022		17,555,664
Series B, 6.38%, NVS(c)		907,685		20,332,144
Citigroup Capital XIII, (3-mo. USD LIBOR + 6.370%), 11.17%, NVS(b)		6,795,264		193,936,834
Compass Diversified Holdings
Series A, 7.25%, NVS(c)		306,844		7,051,275
Series B, (3-mo. USD LIBOR + 4.985%), 7.88%, NVS(b)(c)		306,378		7,598,174
Series C, 7.88%, NVS(c)		350,304		8,459,842
Equitable Holdings, Inc.
Series A, 5.25%, NVS(c)		2,420,404		52,982,644
Series C, 4.30%(c)		907,487		16,879,258
Federal Agricultural Mortgage Corp.
Series D, 5.70%, NVS(c)		301,738		7,458,963
Series F, 5.25%, NVS(c)(d)		366,800		7,999,908
Series G, 4.88%, NVS(c)(d)		382,594		7,908,218
Jackson Financial, Inc., (5 year CMT + 3.728%), 8.00%(b)(c)		1,472,115		36,508,452
Merchants Bancorp (5 year CMT + 4.340%), 8.25%, NVS(c)		432,722		11,294,044

10 2 0 2 3   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) March 31, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Financial Services (continued)
Merchants Bancorp
Series B, (3-mo. USD LIBOR + 4.569%), 6.00%, NVS(b)(c)		381,329	$	8,015,536
Series C, 6.00%, NVS(c)		595,181		11,594,126
National Rural Utilities Cooperative Finance Corp., Series US, 5.50%(d)		756,360		17,683,697
Voya Financial, Inc., Series B, (5 year CMT + 3.210%), 5.35%, NVS(b)(c)		907,685		21,058,292
				454,317,071
Food Products — 1.4%
CHS, Inc. 8.00%, NVS(c)(d)		928,199		27,465,408
Series 1, 7.88%, NVS(c)		1,623,136		43,321,500
Series 2, (3-mo. USD LIBOR + 4.298%), 7.10%, NVS(b)(c)		1,270,711		31,856,725
Series 3, (3-mo. USD LIBOR + 4.155%), 6.75%, NVS(b)(c)		1,490,044		37,251,100
Series 4, 7.50%(c)		1,565,706		41,131,097
				181,025,830
Gas Utilities — 0.3%
Entergy New Orleans LLC, 5.50%		335,850		8,231,684
Spire, Inc., Series A, 5.90%, NVS(c)		756,360		18,190,458
UGI Corp., 7.25%(a)(d)		166,541		13,251,667
				39,673,809
Health Care Equipment & Supplies — 1.6%
Becton Dickinson & Co., Series B, 6.00%, NVS(a)		2,269,152		112,822,237
Boston Scientific Corp., Series A, 5.50%, NVS(a)		761,069		92,119,792
				204,942,029
Health Care REITs — 0.2%
Diversified Healthcare Trust 6.25%, NVS		762,389		10,200,765
5.63%		1,060,177		13,527,858
				23,728,623
Health Care Technology — 0.1%
CareCloud, Inc., Series A, 11.00%, NVS(c)		344,153		9,522,713
Hotel & Resort REITs — 1.0%
Braemar Hotels & Resorts, Inc., Series B, 5.50%, NVS(a)(c)		238,864		3,826,601
Chatham Lodging Trust, Series A, 6.63%, NVS(c)		359,152		7,362,616
DiamondRock Hospitality Co., 8.25%, NVS(c)		360,007		9,367,382
Hersha Hospitality Trust
Series D, 6.50%, NVS(c)		584,304		11,341,341
Series E, 6.50%, NVS(c)		304,486		6,031,868
Pebblebrook Hotel Trust
Series E, 6.38%, NVS(c)		330,164		6,213,686
Series F, 6.30%, NVS(c)		448,168		8,425,558
Series G, 6.38%, NVS(c)		687,163		12,794,975
Series H, 5.70%, NVS(c)		701,620		11,436,406
RLJ Lodging Trust, Series A, 1.95%(a)(c)		974,197		24,413,377
Summit Hotel Properties, Inc.
Series E, 6.25%, NVS(c)		487,008		9,223,932
Series F, 5.88%, NVS(c)		303,314		5,371,691
Sunstone Hotel Investors, Inc.
Series H, 6.13%(c)		341,879		6,919,631
Series I, 5.70%, NVS(c)		298,317		5,715,754
				128,444,818
Hotels, Restaurants & Leisure — 0.1%
FAT Brands, Inc., Series B, NVS, 8.25%(d)		558,370		9,101,431

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.9%
AES Corp., 6.88%(a)		788,976	$	70,621,242
Brookfield Renewable Partners LP, Series 17, 5.25%, NVS(c)		606,750		11,977,245
Tennessee Valley Authority
Series A, (30 yr. CMT + 0.840%), 2.22%(b)(d)		629,826		13,327,118
Series D, (30 yr. CMT + 0.940%), 2.13%(b)		774,522		16,737,420
				112,663,025
Industrial Conglomerates — 0.1%
Steel Partners Holdings LP, Series A, 6.00%, NVS		487,119		11,281,676
Insurance — 11.7%
AEGON Funding Co. LLC, 5.10%, NVS		2,798,576		60,421,256
Allstate Corp.
(3-mo. USD LIBOR + 3.165%), 8.00%, NVS(b)		1,512,791		38,606,426
Series G, 5.63%, NVS(c)		1,739,636		43,386,522
Series H, 5.10%, NVS(c)		3,479,343		78,180,837
Series I, 4.75%, NVS(c)		907,685		20,096,146
American Equity Investment Life Holding Co.
Series A, (5 year CMT + 4.322%), 5.95%, NVS(b)(c)		1,207,878		28,348,897
Series B, (5 year CMT + 6.297%), 6.63%, NVS(b)(c)		907,689		22,628,687
American Financial Group, Inc.
5.88%		371,878		8,006,533
4.50%		596,688		11,044,695
5.63%		446,921		9,841,200
5.13%		597,412		11,553,948
American International Group, Inc., Series A, 5.85%, NVS(c)		1,512,793		35,338,844
Arch Capital Group Ltd.
Series F, 5.45%, NVS(c)		998,441		22,974,127
Series G, 4.55%(c)		1,512,791		29,121,227
Argo Group International Holdings Ltd., (5 year CMT + 6.712%), 7.00%, NVS(b)(c)		454,450		10,943,156
Argo Group U.S., Inc., 6.50%		437,096		9,690,418
Aspen Insurance Holdings Ltd. 5.63%, NVS(c)		778,146		14,255,635
5.63%, NVS(c)		734,869		14,013,952
(3-mo. USD LIBOR + 4.060%), 5.95%, NVS(b)(c)(d)		832,022		19,136,506
Assurant, Inc., 5.25%		758,991		14,815,504
Athene Holding Ltd.
Series A, (3-mo. USD LIBOR + 4.253%), 6.35%, NVS(b)(c)		2,609,479		56,756,168
Series B, 5.63%, NVS(c)(d)		1,043,773		21,000,713
Series C, (5 year CMT + 5.970%), 6.38%, NVS(b)(c)		1,812,757		43,669,316
Series D, 4.88%(c)		1,739,636		27,381,871
Series E, (5 year CMT + 3.962%), 7.75%, NVS(b)(c)(d)		1,512,641		36,136,994
Axis Capital Holdings Ltd., Series E, 5.50%, NVS(c)		1,664,047		35,261,156
Brighthouse Financial, Inc.
6.25%		1,134,529		24,868,876
Series A, 6.60%, NVS(c)		1,285,854		29,214,603
Series B, 6.75%, NVS(c)		1,217,774		29,043,910
Series C, 5.38%(c)		1,739,636		29,138,903
Series D, 4.63%, NVS(c)		1,058,938		16,900,650
CNO Financial Group, Inc., 5.13%		459,664		7,469,540
Enstar Group Ltd.
Series D, (3-mo. USD LIBOR + 4.015%), 7.00%, NVS(b)(c)		1,210,191		26,987,259

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

Schedule of Investments  (continued) March 31, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares			Value
Insurance (continued)
Enstar Group Ltd.
Series E, 7.00%, NVS(c)		335,570		$	7,714,754
Globe Life, Inc., 4.25%, NVS		983,276			18,780,572
Hartford Financial Services Group, Inc., Series G, 6.00%, NVS(c)		1,043,775			26,407,508
Kemper Corp., (5 year CMT + 4.140%), 5.88%(b)		457,029			8,793,238
Lincoln National Corp., Series D, 9.00%(c)		1,512,791			38,576,171
Maiden Holdings Ltd., 6.63%		333,095			4,796,568
Maiden Holdings North America Ltd., 7.75%		465,839			7,779,511
MetLife, Inc.
Series A, (3-mo. USD LIBOR + 1.000%), 5.87%, NVS(b)(c)		1,815,258			43,293,903
Series E, 5.63%, NVS(c)(d)		2,435,572			60,743,166
Series F, 4.75%, NVS(c)		3,025,490			65,864,917
PartnerRe Ltd., Series J, 4.88%, NVS(c)		606,125			12,383,134
Prudential Financial, Inc. 5.95%		907,684			23,009,789
5.63%		1,709,375			42,734,375
4.13%, NVS(d)		1,512,791			30,346,587
Reinsurance Group of America, Inc.
(3-mo. USD LIBOR + 4.040%), 5.75%, NVS(b)(d)		1,210,191			30,980,890
(5 year CMT + 3.456%), 7.13%(b)		2,117,876			55,700,139
RenaissanceRe Holdings Ltd.
Series F, 5.75%, NVS(c)		756,360			17,487,043
Series G, 4.20%, NVS(c)		1,512,791			26,125,901
Selective Insurance Group, Inc., Series B, 4.60%(c)(d)		607,238			10,444,494
SiriusPoint Ltd., Series B, (5 year CMT + 7.298%), 8.00%, NVS(b)(c)		599,933			13,198,526
Unum Group, 6.25%		905,937			22,766,197
W R Berkley Corp. 5.70%		560,580			13,700,575
5.10%		907,685			19,215,691
4.13%		907,685			15,748,335
4.25%(d)		756,630			14,655,923
					1,517,482,382
IT Services — 0.1%
Exela Technologies, Inc., Series B, 6.00%(a)(c)(d)		263,903			786,431
Sabre Corp., 6.50%, NVS(a)		248,907			15,606,469
					16,392,900
Leisure Products — 0.3%
Brunswick Corp. 6.50%		559,954			14,194,834
6.63%		379,966	��		9,711,931
6.38%		695,863			17,709,713
					41,616,478
Life Sciences Tools & Services — 1.3%
Danaher Corp., Series B, 5.00%, NVS(a)(d)		130,097			165,789,112
Machinery — 0.6%
Chart Industries, Inc., Series B, 6.75%, NVS(a)		608,888			32,569,419
RBC Bearings, Inc., Series A, 5.00%, NVS(a)		347,932			39,211,937
					71,781,356
Marine Transportation — 0.1%
Global Ship Lease, Inc., 8.75%, NVS(c)		331,485			8,283,810
Media — 0.3%
Liberty Broadband Corp., Series A, 7.00%(c)		544,914			12,473,082
Paramount Global, Series A, 5.75%, NVS(a)(d)		756,360			22,645,418
					35,118,500

Security	Shares		Value
Metals & Mining — 1.0%
ArcelorMittal SA, 5.50%(a)(d)		1,839,544	$	131,067,510
Mortgage Real Estate Investment Trusts (REITs) — 5.3%
ACRES Commercial Realty Corp.
Series C, (3-mo. USD LIBOR + 5.927%), 8.63%(b)(c)		366,580		7,698,180
Series D, 7.88%, NVS(c)		353,760		6,880,632
AGNC Investment Corp.
Series C, (3-mo. USD LIBOR + 5.111%), 9.90%, NVS(b)(c)(d)		983,276		23,126,652
Series D, (3-mo. USD LIBOR + 4.332%), 6.88%, NVS(b)(c)		711,020		14,618,571
Series E, (3-mo. USD LIBOR + 4.993%), 6.50%, NVS(b)(c)		1,217,774		24,611,213
Series F, (3-mo. USD LIBOR + 4.697%), 6.13%, NVS(b)(c)		1,739,636		33,940,298
Series G, (5 year CMT + 4.390%), 7.75%, NVS(b)(c)		455,663		9,938,010
Annaly Capital Management, Inc.
Series F, (3-mo. USD LIBOR + 4.993%), 10.16%, NVS(b)(c)(d)		2,178,396		51,431,930
Series G, (3-mo. USD LIBOR + 4.172%), 6.50%, NVS(b)(c)(d)		1,285,854		30,616,184
Series I, (3-mo. USD LIBOR + 4.989%), 6.75%, NVS(b)(c)		1,338,791		30,055,858
Arbor Realty Trust, Inc.
Series D, 6.38%, NVS(c)(d)		697,363		12,168,984
Series E, 6.25%, NVS(c)		434,887		7,393,079
Series F, (SOFR + 5.440%), 6.25%, NVS(b)(c)		857,909		14,584,453
ARMOUR Residential REIT, Inc., Series C, 7.00%(c)		520,042		10,400,840
Chimera Investment Corp.
Series A, 8.00%, NVS(c)		441,780		8,521,936
Series B, (3-mo. USD LIBOR + 5.791%), 8.00%, NVS(b)(c)		983,276		18,839,568
Series C, (3-mo. USD LIBOR + 4.743%), 7.75%, NVS(b)(c)		785,288		15,101,088
Series D, (3-mo. USD LIBOR + 5.379%), 8.00%, NVS(b)(c)		606,682		11,466,290
Dynex Capital, Inc., Series C, (3-mo. USD LIBOR + 5.461%), 6.90%, NVS(b)(c)		337,529		7,364,883
Ellington Financial, Inc.
(3-mo. USD LIBOR + 5.196%), 6.75%, NVS(b)(c)		352,174		7,321,697
Series B, (5 year CMT + 4.990%), 6.25%, NVS(b)(c)		367,972		7,841,483
Series C, (5 year CMT + 5.130%), 8.63%(b)(c)		305,822		6,514,009
Franklin BSP Realty Trust, Inc., Series E, 7.50%, NVS(c)(d)		774,620		14,981,151
Granite Point Mortgage Trust, Inc., Series A,
(SOFR + 5.830%), 7.00%, NVS(b)(c)		617,180		10,183,470
Great Ajax Corp., 7.25%, NVS(a)(d)		353,068		8,540,715
Invesco Mortgage Capital, Inc.
Series B, (3-mo. USD LIBOR + 5.180%), 7.75%, NVS(b)(c)		343,204		6,901,832
Series C, (3-mo. USD LIBOR + 5.289%), 7.50%, NVS(b)(c)		592,904		10,737,491
KKR Real Estate Finance Trust, Inc., Series A, 6.50%, NVS(c)		991,643		15,836,539
MFA Financial, Inc.
Series B, 7.50%, NVS(c)		606,914		11,677,025
Series C, (3-mo. USD LIBOR + 5.345%), 6.50%, NVS(b)(c)		832,425		14,184,522

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Schedule of Investments  (continued) March 31, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
New York Mortgage Trust, Inc.
Series D, (3-mo. USD LIBOR + 5.695%), 8.00%, NVS(b)(c)		459,236	$	8,913,771
Series E, (3-mo. USD LIBOR + 6.429%), 7.88%, NVS(b)(c)		555,805		11,360,654
Series F, (SOFR + 6.130%), 6.88%, NVS(b)(c)		434,887		7,571,383
PennyMac Mortgage Investment Trust
Series A, (3-mo. USD LIBOR + 5.831%), 8.13%, NVS(b)(c)(d)		347,932		8,291,220
Series B, (3-mo. USD LIBOR + 5.990%), 8.00%, NVS(b)(c)		584,942		13,453,666
Series C, 6.75%, NVS(c)		749,920		13,873,520
Ready Capital Corp. 7.00%(a)		350,084		8,741,598
6.20%		315,391		7,443,228
5.75%		609,335		14,106,105
Series E, 6.50%, NVS(c)		347,932		6,415,866
Rithm Capital Corp.
Series A, (3-mo. USD LIBOR + 5.802%), 7.50%, NVS(b)(c)		471,915		10,457,636
Series B, (3-mo. USD LIBOR + 5.640%), 7.13%(b)(c)		854,699		18,410,216
Series C, (3-mo. USD LIBOR + 4.969%), 6.38%, NVS(b)(c)		1,204,771		22,794,267
Series D, (5 year CMT + 6.223%), 7.00%, NVS(b)(c)		1,406,861		27,715,162
TPG RE Finance Trust, Inc., Series C, 6.25%, NVS(c)(d)		610,672		10,601,266
Two Harbors Investment Corp.
Series A, (3-mo. USD LIBOR + 5.660%), 8.13%, NVS(b)(c)		431,226		9,336,043
Series B, (3-mo. USD LIBOR + 5.352%), 7.63%, NVS(b)(c)		869,832		17,727,176
Series C, (3-mo. USD LIBOR + 5.011%), 7.25%, NVS(b)(c)(d)		892,519		18,519,769
				689,211,129
Multi-Utilities — 3.3%
Algonquin Power & Utilities Corp. 7.75%(a)		1,739,636		51,962,927
(3-mo. USD LIBOR + 3.677%), 6.88%(b)		869,757		19,969,621
Series 19-A, (3-mo. USD LIBOR + 4.010%), 6.20%, NVS(b)		1,058,938		24,588,540
Brookfield Infrastructure Partners LP
Series 13, 5.13%, NVS(c)		607,030		11,357,531
Series 14, 5.00%, NVS(c)		607,313		11,283,876
CMS Energy Corp. 5.88%		1,906,056		46,298,100
5.88%, NVS		847,116		20,440,909
5.63%		605,304		14,678,622
Series C, 4.20%, NVS(c)		696,424		13,824,016
DTE Energy Co. 4.38%(d)		847,116		16,815,253
Series E, 5.25%(d)		1,210,191		27,870,699
Series G, 4.38%		696,288		14,886,638
NiSource, Inc. 7.75%(a)		652,363		68,145,839
Series B, (5 year CMT + 3.632%), 6.50%(b)(c)		1,512,791		36,306,984
Sempra Energy, 5.75%		2,291,808		56,699,330
				435,128,885
Office REITs — 0.8%
Brookfield DTLA Fund Office Trust Investor, Inc., Series A, 7.63%(c)		747,534		1,315,660

Security	Shares		Value
Office REITs (continued)
City Office REIT, Inc., Series A, 6.63%, NVS(c)		344,925	$	6,094,825
Equity Commonwealth, Series D, 6.50%, NVS(a)(c)		374,309		9,353,982
Hudson Pacific Properties, Inc., Series C, 4.75%, NVS(c)		1,285,856		12,858,560
Office Properties Income Trust, 6.38%		485,926		8,294,757
SL Green Realty Corp., Series I, 6.50%, NVS(c)		687,163		12,801,847
Vornado Realty Trust
Series L, 5.40%, NVS(c)		909,967		12,721,338
Series M, 5.25%, NVS(c)(d)		968,341		13,091,970
Series N, 5.25%, NVS(c)		910,945		11,842,285
Series O, 4.45%, NVS(c)		915,205		10,424,185
				98,799,409
Oil, Gas & Consumable Fuels — 2.6%
DCP Midstream LP
Series B, (3-mo. USD LIBOR + 4.919%), 7.88%, NVS(b)(c)		488,831		12,259,881
Series C, (3-mo. USD LIBOR + 4.882%), 7.95%, NVS(b)(c)		335,102		8,404,358
El Paso Energy Capital Trust I, 4.75%(a)		334,335		15,369,380
Enbridge, Inc., Series B, (3-mo. USD LIBOR + 3.593%), 6.38%(b)		1,815,298		46,090,416
Energy Transfer LP
Series C, (3-mo. USD LIBOR + 4.530%), 7.38%, NVS(b)(c)		1,361,449		32,633,933
Series D, (3-mo. USD LIBOR + 4.738%), 7.63%, NVS(b)(c)		1,346,373		31,410,882
Series E, (3-mo. USD LIBOR + 5.161%), 7.60%, NVS(b)(c)		2,414,532		58,383,384
NGL Energy Partners LP, Series B, (3-mo. USD LIBOR + 7.213%), 12.47%, NVS(b)(c)		951,947		20,800,042
NuStar Energy LP
Series A, (3-mo. USD LIBOR + 6.766%), 12.02%, NVS(b)(c)		685,262		15,939,194
Series B, (3-mo. USD LIBOR + 5.643%), 10.90%, NVS(b)(c)		1,162,330		27,721,571
Series C, (3-mo. USD LIBOR + 6.880%), 11.75%, NVS(b)(c)		521,345		14,780,131
NuStar Logistics LP, (3-mo. USD LIBOR + 6.734%), 11.53%(b)		1,217,864		30,811,959
Seapeak LLC
9.00%, NVS(c)		376,732		9,067,939
Series B, (3-mo. USD LIBOR + 6.241%), 8.50%, NVS(b)(c)		514,587		12,514,756
				336,187,826
Professional Services — 0.3%
Clarivate PLC, Series A, 5.25%(a)		1,087,272		44,654,261
Real Estate Management & Development — 0.9%
Brookfield Property Partners LP
Series A, 5.75%, NVS(c)		871,726		10,852,989
Series A-1, 6.50%, NVS(c)		559,616		8,903,491
Series A2, 6.38%, NVS(c)		753,281		11,359,478
Brookfield Property Preferred LP, 6.25%		2,030,495		32,894,019
DigitalBridge Group, Inc.
Series H, 7.13%, NVS(c)		640,193		12,035,628
Series I, 7.15%, NVS(c)		982,491		18,844,177
Series J, 7.13%, NVS(c)		884,235		16,605,933
				111,495,715
Residential REITs — 0.2%
American Homes 4 Rent
Series G, 5.88%, NVS(c)		350,751		8,246,156

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

Schedule of Investments  (continued) March 31, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Residential REITs (continued)
American Homes 4 Rent
Series H, 6.25%, NVS(c)		351,818	$	8,545,659
UMH Properties, Inc., Series D, 6.38%, NVS(c)(d)		689,954		15,096,194
				31,888,009
Retail REITs — 0.9%
Agree Realty Corp., Series A, 4.25%, NVS(c)(d)		532,297		9,368,427
Cedar Realty Trust, Inc., Series C, 6.50%, NVS(c)		387,054		4,559,496
Federal Realty Investment Trust, Series C, 5.00%, NVS(c)(d)		456,117		9,701,608
Kimco Realty Corp.
Series L, 5.13%, NVS(c)		677,232		13,294,064
Series M, 5.25%, NVS(c)		793,325		16,104,497
Necessity Retail REIT, Inc., Series A, 7.50%, NVS(c)		601,038		12,621,798
Saul Centers, Inc., Series E, 6.00%, NVS(c)		336,964		7,463,753
SITE Centers Corp., Series A, 6.38%, NVS(c)		530,640		12,438,202
Spirit Realty Capital, Inc., Series A, 6.00%, NVS(c)		523,097		12,094,003
Urstadt Biddle Properties, Inc.
Series H, 6.25%, NVS(c)		335,703		7,298,183
Series K, 5.88%, NVS(c)		321,632		6,651,350
				111,595,381
Software — 0.0%
Synchronoss Technologies, Inc., 8.38%		382,766		6,633,335
Specialized REITs — 2.7%
CorEnergy Infrastructure Trust, Inc., Series A, 7.38%, NVS(c)		403,077		2,982,770
Digital Realty Trust, Inc.
Series J, 5.25%, NVS(c)(d)		606,047		13,023,950
Series K, 5.85%, NVS(c)		635,474		14,749,352
Series L, 5.20%, NVS(c)		1,043,773		22,441,119
EPR Properties, Series G, 5.75%, NVS(c)		458,427		7,674,068
Gladstone Land Corp., Series B, 6.00%(c)(d)		452,158		10,512,673
National Storage Affiliates Trust, Series A, 6.00%, NVS(c)		682,053		15,694,040
Public Storage
Series F, 5.15%, NVS(c)		847,116		20,305,371
Series G, 5.05%, NVS(c)(d)		907,685		21,375,982
Series H, 5.60%(c)(d)		862,281		21,945,051
Series I, 4.88%, NVS(c)(d)		956,818		20,858,632
Series J, 4.70%, NVS(c)		782,817		16,885,363
Series K, 4.75%, NVS(c)		695,875		15,142,240
Series L, 4.63%, NVS(c)		1,709,377		35,725,979
Series M, 4.13%, NVS(c)(d)		696,774		12,932,125
Series N, 3.88%, NVS(c)(d)		854,699		15,555,522
Series O, 3.90%, NVS(c)		517,136		9,427,389
Series P, 4.00%, NVS(c)		1,826,660		33,738,410
Series Q, 3.95%, NVS(c)		440,163		7,962,549
Series R, 4.00%, NVS(c)		1,316,112		24,348,072
Series S, 4.10%, NVS(c)(d)		756,761		14,007,646
				357,288,303
Specialty Retail — 0.3%
Franchise Group, Inc., Series A, 7.50%, NVS(c)		347,295		7,821,084
TravelCenters of America, Inc. 8.25%		334,989		8,424,973
8.00%		364,968		9,332,232
8.00%		305,822		7,691,423
				33,269,712
Textiles, Apparel & Luxury Goods — 0.1%
Fossil Group, Inc., 7.00%		457,361		8,259,940

Security	Shares		Value
Trading Companies & Distributors — 1.1%
Air Lease Corp., Series A, (3-mo. USD LIBOR + 3.650%), 6.15%, NVS(b)(c)(d)		756,360	$	15,626,398
FTAI Aviation Ltd.
Series A, NVS, (3-mo. USD LIBOR + 6.886%), 8.25%(b)(c)		316,690		7,511,887
Series B, NVS, (3-mo. USD LIBOR + 6.447%), 8.00%(b)(c)		373,946		8,458,658
Series C, NVS, (5 year CMT + 7.378%), 8.25%(b)(c)		319,542		7,442,133
Textainer Group Holdings Ltd.
(5 year CMT + 6.134%), 7.00%, NVS(b)(c)		455,314		11,018,599
Series B, 6.25%, NVS(c)		456,463		9,503,560
Triton International Ltd. 8.00%, NVS(c)		436,523		10,825,770
7.38%, NVS(c)		530,416		12,348,084
6.88%, NVS(c)(d)		455,793		9,749,412
Series E, 5.75%, NVS(c)		529,446		11,308,967
WESCO International, Inc., Series A, (5 year CMT + 10.325%), 10.63%, NVS(b)(c)		1,634,642		44,315,145
				148,108,613
Transportation Infrastructure — 0.3%
Atlas Corp.
Series D, 7.95%(c)		387,518		9,133,799
Series H, 7.88%, NVS(c)		682,624		15,256,647
Series I, (3-mo. USD LIBOR + 5.008%), 8.00%(b)(c)		455,230		11,144,030
				35,534,476
Wireless Telecommunication Services — 1.0%
Telephone & Data Systems, Inc.
Series UU, 6.63%, NVS(c)(d)		1,270,711		18,056,803
Series VV, 6.00%, NVS(c)		2,087,638		29,247,809
United States Cellular Corp. 6.25%		1,512,791		29,060,715
5.50%		1,512,791		25,414,889
5.50%		1,512,791		25,823,342
				127,603,558
Total Long-Term Investments — 98.8% (Cost: $15,453,358,302)				12,822,107,436

14 2 0 2 3   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) March 31, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 3.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(e)(f)(g)		175,052,647	$	175,105,163
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(e)(f)		231,214,441		231,214,441
Total Short-Term Securities — 3.1% (Cost: $406,234,362)				406,319,604
Total Investments — 101.9% (Cost: $15,859,592,664)				13,228,427,040
Liabilities in Excess of Other Assets — (1.9)%				(246,458,175	)
Net Assets — 100.0%			$	12,981,968,865

^(a)  Convertible security.

^(b)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(c)  Perpetual security with no stated maturity date.

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	275,720,624	$	—			$ (100,791,979	)(a)	$	21,896	$	154,622	$	175,105,163		175,052,647	$	3,820,403	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		190,910,000		40,304,441	(a)		—			—		—		231,214,441		231,214,441		2,693,104			55
									$	21,896	$	154,622	$	406,319,604			$	6,513,507		$	55

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

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

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments  (continued) March 31, 2023 iShares^® Preferred and Income Securities ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Preferred Securities
Preferred Stocks	$	12,648,885,813	$	173,221,623	$	—	$	12,822,107,436
Short-Term Securities
Money Market Funds		406,319,604		—		—		406,319,604
	$	13,055,205,417	$	173,221,623	$	—	$	13,228,427,040

See notes to financial statements.

16 2 0 2 3   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statement of Assets and Liabilities

March 31, 2023

	iShares Preferred and Income Securities ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	12,822,107,436
Investments, at value — affiliated(c)		406,319,604
Cash		391,323
Receivables:
Investments sold		81,140,469
Securities lending income — affiliated		232,684
Capital shares sold		34,320,962
Dividends — unaffiliated		45,737,434
Dividends — affiliated		523,952
Total assets		13,390,773,864
LIABILITIES
Collateral on securities loaned		174,977,132
Payables:
Investments purchased		225,700,938
Capital shares redeemed		3,089,986
Investment advisory fees		5,036,943
Total liabilities		408,804,999
NET ASSETS	$	12,981,968,865
NET ASSETS CONSIST OF:
Paid-in capital	$	17,531,749,265
Accumulated loss		(4,549,780,400	)
NET ASSETS	$	12,981,968,865
NET ASSET VALUE
Shares outstanding		416,300,000
Net asset value	$	31.18
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	15,453,358,302
(b) Securities loaned, at value	$	171,053,209
(c)  Investments, at cost — affiliated	$	406,234,362

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 17

Statement of Operations

Year Ended March 31, 2023

	iShares Preferred and Income Securities ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	913,775,841
Dividends — affiliated		2,693,104
Securities lending income — affiliated — net		3,820,403
Foreign taxes withheld		(1,260,997	)
Total investment income		919,028,351
EXPENSES
Investment advisory		67,252,112
Total expenses		67,252,112
Net investment income		851,776,239
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(150,884,797	)
Investments — affiliated		21,896
Capital gain distributions from underlying funds — affiliated		55
In-kind redemptions — unaffiliated		(98,544,993	)
		(249,407,839	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,167,369,030	)
Investments — affiliated		154,622
		(2,167,214,408	)
Net realized and unrealized loss		(2,416,622,247	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,564,846,008	)

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Preferred and Income Securities ETF
	Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	851,776,239		$	888,159,729
Net realized gain (loss)		(249,407,839	)		122,946,775
Net change in unrealized appreciation (depreciation)		(2,167,214,408	)		(1,182,583,024	)
Net decrease in net assets resulting from operations		(1,564,846,008	)		(171,476,520	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(887,370,473	)		(853,841,960	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,277,562,637	)		372,726,191
NET ASSETS
Total decrease in net assets		(4,729,779,118	)		(652,592,289	)
Beginning of year		17,711,747,983			18,364,340,272
End of year	$	12,981,968,865		$	17,711,747,983

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 19

Financial Highlights

(For a share outstanding throughout each period)

	iShares Preferred and Income Securities ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	36.39		$	38.27		$	31.50		$	36.47		$	37.54
Net investment income(a)		1.90			1.75			1.81			1.93			2.10
Net realized and unrealized gain (loss)(b)		(5.13	)		(1.94	)		6.78			(4.93	)		(1.02	)
Net increase (decrease) from investment operations		(3.23	)		(0.19	)		8.59			(3.00	)		1.08
Distributions from net investment income(c)		(1.98	)		(1.69	)		(1.82	)		(1.97	)		(2.15	)
Net asset value, end of year	$	31.18		$	36.39		$	38.27		$	31.50		$	36.47
Total Return(d)
Based on net asset value		(8.99	)%		(0.67	)%		27.88	%		(8.90	)%		3.01	%
Ratios to Average Net Assets(e)
Total expenses		0.46	%		0.45	%		0.46	%		0.46	%		0.46	%
Net investment income		5.80	%		4.56	%		4.97	%		5.25	%		5.73	%
Supplemental Data
Net assets, end of year (000)	$	12,981,969		$	17,711,748		$	18,364,340		$	13,816,631		$	14,370,721
Portfolio turnover rate(f)		16	%		21	%		28	%		46	%		28	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

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Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Preferred and Income Securities		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Foreign Taxes: The Fund 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 the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement 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 dividend 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 March 31, 2023, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable tax laws, payment history and market convention. The Statement 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 Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividend and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 21

Notes to Financial Statements  (continued)

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.

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.

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 Global 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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Notes to Financial Statements  (continued)

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Barclays Bank PLC	$	449,816	$	(449,816	)	$	—		$	—
Barclays Capital, Inc.		2,566,625		(2,566,625	)		—			—
BMO Capital Markets Corp.		23,163		(23,163	)		—			—
BNP Paribas SA		30,605,667		(30,605,667	)		—			—
BofA Securities, Inc.		16,948,467		(16,948,467	)		—			—
Deutsche Bank Securities, Inc.		1,889,609		(1,889,609	)		—			—
Goldman Sachs & Co. LLC		4,175,339		(4,175,339	)		—			—
J.P. Morgan Securities LLC		88,657,876		(88,657,876	)		—			—
Morgan Stanley		2,231,015		(2,231,015	)		—			—
National Financial Services LLC		3,450,576		(3,450,576	)		—			—
RBC Capital Market LLC		5,632,000		(5,632,000	)		—			—
SG Americas Securities LLC		14,655		(14,125	)		—			530
Toronto-Dominion Bank		2,967,778		(2,967,778	)		—			—
UBS Securities LLC		2,303		(2,303	)		—			—
Wells Fargo Bank N.A		9,724,516		(9,724,516	)		—			—
Wells Fargo Securities LLC		1,713,804		(1,713,804	)		—			—
	$	171,053,209	$	(171,052,679	)	$	—		$	530

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statement of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of March 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.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

5. 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:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $46 billion		0.4800	%
Over $46 billion, up to and including $81 billion		0.4560
Over $81 billion, up to and including $111 billion		0.4332
Over $111 billion, up to and including $141 billion		0.4116
Over $141 billion, up to and including $171 billion		0.3910
Over $171 billion		0.3714

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.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury,

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 23

Notes to Financial Statements  (continued)

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

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

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

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

The share of securities lending income earned by the Fund is shown as securities lending income - affiliated - net in its Statement of Operations. For the year ended March 31, 2023, the Fund paid BTC $988,273 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.

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 year ended March 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Preferred and Income Securities	$	2,387,166,905	$	2,460,144,621

For the year ended March 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Preferred and Income Securities	$	754,564,310	$	3,009,244,301

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 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 March 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital			Accumulated earnings (loss)
Preferred and Income Securities	$	(125,784,518	)	$	125,784,518

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2023		Year Ended March 31, 2022
Preferred and Income Securities Ordinary income	$	887,370,473	$	853,841,960

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Notes to Financial Statements  (continued)

As of March 31, 2023, the tax components of accumulated earnings (loss) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)			Total
Preferred and Income Securities	$	52,616,651	$	(1,946,804,348	)	$	(2,655,592,703	)	$	(4,549,780,400	)

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

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the amortization methods for premiums and discounts on fixed income securities, tax deferral of losses on wash sales, dividends deemed recognized for tax purposes, the classification of investments, the timing and recognition of partnership income and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

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 March 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Preferred and Income Securities	$	15,884,019,743		$    146,910,198	$	(2,802,502,901	)	$	(2,655,592,703	)

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.

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 the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The 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 manage counterparty credit risk by entering into transactions only with counterparties that the Manager 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.

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 25

Notes to Financial Statements  (continued)

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.

The Fund invests a significant portion of its assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted, but may negatively impact the Fund.

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.

LIBOR Transition Risk: The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

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:

iShares ETF	Year Ended 03/31/23						Year Ended 03/31/22
	Shares			Amount			Shares			Amount
Preferred and Income Securities
Shares sold		19,150,000		$	629,044,759			85,800,000		$	3,332,513,336
Shares redeemed		(89,600,000	)		(2,906,607,396	)		(78,850,000	)		(2,959,787,145	)
		(70,450,000	)	$	(2,277,562,637	)		6,950,000		$	372,726,191

The consideration of 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 shared 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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Preferred and Income Securities ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Preferred and Income Securities ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of March 31, 2023, the related statement of operations for the year ended March 31, 2023, the statements of changes in net assets for each of the two years in the period ended March 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2023 and the financial highlights for each of the five years in the period ended March 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2023

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

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Important Tax Information  (unaudited)

The following amount, or maximum amount allowable by law, is hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Dividend Income
Preferred and Income Securities	$	547,277,340

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Business Income
Preferred and Income Securities	$	47,050,581

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Preferred and Income Securities		60.45	%

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended March 31, 2023:

Fund Name	Interest Dividends
Preferred and Income Securities	$	194,645,509

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended March 31, 2023:

iShares ETF	Interest-Related Dividends
Preferred and Income Securities	$	177,617,483

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Statement Regarding Liquidity Risk Management Program

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

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

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

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

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

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

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

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

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

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Supplemental Information (unaudited)

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.

March 31, 2023

	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
Preferred and Income Securities(a)	$	1.844478	$	—	$	0.132570	$	1.977048		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.

Premium/Discount Information

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

Regulation under the Alternative Investment Fund Managers Directive

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

The Company has registered the iShares Preferred and Income Securities ETF (the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

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

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

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

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

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

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

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

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Supplemental Information (unaudited)

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

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

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4,121 million. This figure is comprised of fixed remuneration of USD 685 million and variable remuneration of USD 3,436 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2,958 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 million. These figures relate to the entire Company and not to the Fund.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

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

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

SUPPLEMENTAL  INFORMATION 31

Trustee and Officer Information

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). The Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of         Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Year of         Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees
Name (Year of         Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015- 2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

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Trustee and Officer Information  (continued)

Officers
Name (Year of         Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019- 2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).
Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary. Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The 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 their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O N 35

Glossary of Terms Used in this Report

Portfolio Abbreviation
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
LP	Limited Partnership
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

36 2 0 2 3   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

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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 ICE Data Indices, LLC, 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.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-309-0323

MARCH 31, 2023

2023 Annual Report

iShares Trust

·  iShares Core S&P Mid-Cap ETF | IJH | NYSE Arca

·  iShares Core S&P Small-Cap ETF | IJR | NYSE Arca

·  iShares Core S&P U.S. Growth ETF | IUSG | NASDAQ

·  iShares Core S&P U.S. Value ETF | IUSV | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		15.62	%		(7.73	)%
U.S. small cap equities (Russell 2000® Index)		9.14			(11.61	)
International equities (MSCI Europe, Australasia, Far East Index)		27.27			(1.38	)
Emerging market equities (MSCI Emerging Markets Index)		14.04			(10.70	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.93			2.52
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		4.38			(6.90	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		4.89			(4.78	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.00			0.26
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		7.88			(3.35	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		65
Statements of Operations		66
Statements of Changes in Net Assets		67
Financial Highlights		69
Notes to Financial Statements		73
Report of Independent Registered Public Accounting Firm		83
Important Tax Information		84
Statement Regarding Liquidity Risk Management Program		85
Supplemental Information		86
Trustee and Officer Information		88
General Information		91
Glossary of Terms Used in this Report		92

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks declined for the 12 months ended March 31, 2023 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned -8.58%. Elevated inflation and rapid tightening of monetary policy dampened growth and weighed on equities. Higher interest rates drove bond yields higher and increased borrowing costs for businesses and consumers. Equities began to recover in the second half of the reporting period, as the broader economy remained resilient and the pace of inflation declined. In March 2023, two banks suddenly failed, representing the second and third largest bank failures in U.S. history by asset value. This drove concern among investors about the resiliency of the financial system in the face of rapidly rising interest rates. However, government agencies acted swiftly to organize a sale of the failed banks’ assets and inject liquidity, and equity prices recovered.

Inflation was a significant driver of the economic outlook. As the reporting period began, the consumer price index, a widely followed measure of inflation, stood at multi-decade highs. Strong consumer spending and a tight labor market, along with continued supply chain disruptions in Asia, combined to drive prices higher. But the rate of inflation began to decline as the reporting period wore on, decelerating for nine consecutive months beginning in July 2022. Nonetheless, inflation remained elevated by historic standards, and higher prices negatively impacted both consumers and businesses.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

To contain inflation, the U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates eight times over the course of the reporting period. The pace of tightening accelerated as the Fed twice stepped up the increment of increase before reducing it again as inflation began to subside. The Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

Despite economic headwinds, corporate profits remained robust, and many companies were able to sufficiently raise prices to preserve profit margins even in the face of rising labor and input costs. Nonetheless, profits declined overall in the fourth quarter of 2022, and the yield curve (a graphical representation of U.S. Treasury rates at different maturities) inverted, a sign that markets were concerned about the impact of higher borrowing costs on the economy. Furthermore, dwindling personal savings and rising household debt raised questions about the sustainability of consumer spending as an engine of economic growth.

4 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of March 31, 2023 iShares^® Core S&P Mid-Cap ETF

Investment Objective

The iShares Core S&P 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 S&P MidCap 400^® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(5.13	)%		7.62	%		9.73	%		(5.13	)%		44.36	%		153.14	%
Fund Market		(5.11	)		7.61			9.74			(5.11	)		44.31			153.31
Index		(5.12	)		7.67			9.80			(5.12	)		44.72			154.67

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/22)	Ending         Account Value (03/31/23)	Expenses       Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending         Account Value (03/31/23)	Expenses       Paid During the Period	(a)	Annualized     Expense     Ratio
	$        1,000.00	$       1,150.00	$          0.27			$       1,000.00	$        1,024.68	$          0.25		0.05%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND   SUMMARY 5

Fund Summary as of March 31, 2023  (continued) iShares^® Core S&P Mid-Cap ETF

Portfolio Management Commentary

Mid-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The real estate sector detracted the most from the Index’s return, amid higher interest rates. Equity real estate investment trusts (“REITs”) were the largest source of weakness. REITs typically take on substantial debt to finance the purchase of the properties they manage, and higher interest rates make financing more expensive for REITs. An ongoing oversupply of office space due to the shift toward remote work and more stringent lending standards after the failure of two prominent banks late in the reporting period negatively affected office REITs. In addition, analysts’ concerns about the solvency of several large tenants of medical facilities negatively impacted the healthcare REIT industry.

The financials sector also detracted significantly from the Index’s performance amid tightening financial conditions. The banking industry faced significant challenges, as the potential impact of a slowing economy outweighed the benefits of being able to charge more for loans. Bank stocks were further pressured late in the reporting period after the sudden failure of two regional banks.

The healthcare sector also weighed on performance, primarily due to weakness in the healthcare equipment and supplies industry. Medical device manufacturers faced challenges in meeting demand, as high inflation, supply chain disruptions, and a tight labor market constrained the industry. Healthcare providers also declined amid labor market tightness and higher financing costs.

On the upside, the industrials sector contributed to the Index’s return, as the capital goods industry benefited from government incentives that encouraged investments in additional industrial capacity. Investments in prefabrication capabilities boosted construction and engineering companies, while the machinery industry benefited from increased efficiency and supply chain improvements.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Industrials	21.9%
Consumer Discretionary	15.2
Financials	14.5
Information Technology	10.4
Health Care	9.4
Real Estate	7.6
Materials	6.9
Consumer Staples	4.4
Energy	3.8
Utilities	3.8
Communication Services	2.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Axon Enterprise, Inc.	0.7%
Reliance Steel & Aluminum Co.	0.7
Lattice Semiconductor Corp.	0.6
Builders FirstSource, Inc.	0.6
Hubbell, Inc.	0.6
Graco, Inc.	0.6
Deckers Outdoor Corp.	0.6
Jabil, Inc.	0.5
AECOM	0.5
Carlisle Cos., Inc.	0.5

6 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of March 31, 2023 iShares^® Core S&P Small-Cap ETF

Investment Objective

The iShares Core S&P Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the S&P SmallCap 600^® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(8.90	)%		6.24	%		9.83	%		(8.90	)%		35.32	%		155.34	%
Fund Market		(8.92	)		6.23			9.82			(8.92	)		35.30			155.28
Index		(8.82	)		6.30			9.87			(8.82	)		35.71			156.25

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/22)	Ending         Account Value (03/31/23)	Expenses       Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending         Account Value (03/31/23)	Expenses       Paid During the Period	(a)	Annualized     Expense     Ratio
	$        1,000.00	$       1,119.50	$          0.32			$       1,000.00	$        1,024.63	$          0.30		0.06%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND   SUMMARY 7

Fund Summary as of March 31, 2023  (continued) iShares^® Core S&P Small-Cap ETF

Portfolio Management Commentary

Small-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The financials sector detracted the most from the Index’s performance amid tightening financial conditions. The banking industry faced significant challenges as the potential impact of a slowing economy outweighed the benefits of being able to charge more for loans. Persistently high inflation led to significant tightening from the Fed, and investors became concerned about the long-term effect on loan growth and credit losses. Bank stocks were further pressured late in the reporting period after the sudden failure of two regional banks.

The real estate sector detracted significantly from the Index’s return, as higher interest rates and changing usage patterns weighed on equity real estate investment trusts (“REITs”). REITs typically take on substantial debt to finance the purchase of the properties they manage. Higher interest rates made financing more expensive for REITs, and increased bond yields made dividend yields from REITs comparatively less attractive to income-oriented investors.

Stocks in the healthcare sector also detracted, primarily due to weakness in the healthcare equipment industry. Staffing shortages, higher financing costs, and significant debt weighed on healthcare providers. Meanwhile, medical device makers faced challenges meeting high demand amid supply chain issues and the tight labor market. The biotechnology industry also declined, constrained by higher interest rates and challenging market conditions. Companies shut down less promising development projects and engaged in layoffs to conserve cash.

On the upside, industrials stocks contributed to the Index’s return, as the capital goods industry benefited from government incentives that encouraged investments in additional industrial capacity. Consumer staples stocks also advanced, as the beverages industry gained amid consumers’ increasing purchases of packaged products relative to fresh foods.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Industrials	17.8%
Financials	15.8
Consumer Discretionary	14.3
Information Technology	13.5
Health Care	11.1
Real Estate	7.1
Materials	5.8
Consumer Staples	5.5
Energy	4.6
Utilities	2.3
Communication Services	2.2

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Rambus, Inc.	0.6%
SPS Commerce, Inc.	0.6
Applied Industrial Technologies, Inc.	0.6
Ensign Group, Inc.	0.6
Comfort Systems U.S.A., Inc.	0.6
ATI, Inc.	0.6
Academy Sports & Outdoors, Inc.	0.6
Asbury Automotive Group, Inc.	0.5
Axcelis Technologies, Inc.	0.5
Fabrinet	0.5

8 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of March 31, 2023 iShares^® Core S&P U.S. Growth ETF

Investment Objective

The iShares Core S&P U.S. 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 S&P 900 Growth Index^™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(14.86	)%		11.52	%		13.18	%		(14.86	)%		72.52	%		244.85	%
Fund Market		(15.06	)		11.49			13.18			(15.06	)		72.27			244.83
Index		(14.83	)		11.59			13.26			(14.83	)		73.02			247.28

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 22, 2017 reflects the performance of the Russell 3000^® Growth Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Growth Index^TM.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/22)	Ending         Account Value (03/31/23)	Expenses       Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending         Account Value (03/31/23)	Expenses       Paid During the Period	(a)	Annualized     Expense     Ratio
	$        1,000.00	$       1,113.90	$          0.21			$        1,000.00	$       1,024.73	$          0.20		0.04%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summary as of March 31, 2023  (continued) iShares^® Core S&P U.S. Growth ETF

Portfolio Management Commentary

Growth-oriented large- and mid-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. Large- and mid-capitalization growth stocks, which derive a significant portion of their price from investors’ expectations of future growth, faced significant headwinds relative to other equities. Growth stocks are particularly sensitive to interest rates, which rose notably as the Fed sharply tightened monetary policy.

The consumer discretionary sector detracted the most from the Index’s return, primarily due to weakness in the internet and direct marketing retail industry. The pandemic-related rise in e-commerce waned, as more workers returned to the office and brick-and-mortar retailers gained market share. In addition, excess warehouse capacity weighed on industry cash flow. Slowing revenue growth from data cloud services further pressured industry profitability, as business customers reduced expenditures amid economic uncertainty. The automobiles industry also declined amid concerns about the market for electric vehicles (“EVs”) in the weakening economy. While EV sales grew, production did not meet analysts’ expectations.

The information technology sector detracted significantly from the Index’s return, as rising interest rates reduced the current value of future earnings. The software and services industry declined amid high inflation and slow economic growth, as cuts to corporate information technology budgets reduced revenue growth. Slowing growth in cloud-based software sales, which provide software companies with steady revenue streams, further constrained earnings.

The communication services sector also declined amid rising interest rates, particularly high-valuation stocks with growth prospects in the interactive media and services industry. Demand for online advertisements slowed, as businesses cut back on marketing expenditures in a more challenging economic environment. Heightened competition also worked against large companies in the industry, which lost market share to new players.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Information Technology	32.5%
Health Care	18.3
Consumer Discretionary	10.0
Financials	7.5
Energy	7.2
Consumer Staples	6.9
Communication Services	6.7
Industrials	6.5
Materials	2.6
Real Estate	1.1
Other (each representing less than 1%)	0.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.	12.7%
Microsoft Corp.	6.4
NVIDIA Corp.	3.5
Alphabet, Inc., Class A	3.2
Tesla, Inc.	2.9
Alphabet, Inc., Class C, NVS	2.8
Exxon Mobil Corp.	2.3
UnitedHealth Group, Inc.	2.3
Amazon.com, Inc.	2.2
Visa, Inc., Class A	1.9

10 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of March 31, 2023 iShares^® Core S&P U.S. Value ETF

Investment Objective

The iShares Core S&PU.S.Value ETF(the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 900 Value Index^™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.46	)%		9.37	%		10.09	%		(0.46	)%		56.48	%		161.61	%
Fund Market		(0.55	)		9.36			10.10			(0.55	)		56.44			161.68
Index		(0.39	)		9.39			10.15			(0.39	)		56.60			162.92

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 22, 2017 reflects the performance of the Russell 3000^® Value Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Value Index^TM.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/22)	Ending         Account Value (03/31/23)	Expenses       Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending         Account Value (03/31/23)	Expenses       Paid During the Period	(a)	Annualized     Expense     Ratio
	$        1,000.00	$       1,192.00	$          0.22			$        1,000.00	$       1,024.73	$          0.20		0.04%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 11

Fund Summary as of March 31, 2023  (continued) iShares^® Core S&P U.S. Value ETF

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The financials sector detracted the most from the Index’s performance amid tightening financial conditions. The banking industry faced significant challenges, as the potential impact of a slowing economy outweighed the benefits of being able to charge more for loans. While bank profitability is typically supported by higher interest rates, persistently high inflation led to significant tightening from the Fed, and investors became concerned about the long-term effect of this tightening on loan growth and credit losses. Bank stocks were further pressured late in the reporting period after the sudden failure of two regional banks led to government intervention to cover depositors and prevent a contagion effect.

The real estate sector detracted significantly from the Index’s return, as higher interest rates weighed on equity real estate investment trusts (“REITs”). REITs typically take on substantial debt to finance property purchases, and higher interest rates make financing more expensive. Utilities stocks also declined, as tighter financing and a rise in borrowing costs negatively impacted the highly indebted sector.

On the upside, stocks in the energy sector contributed to the Index’s return, as the price of oil and natural gas surged in the aftermath of Russia’s invasion of Ukraine. While prices subsequently fell as markets stabilized, the relatively high average prices of energy commodities supported profitability in the oil, gas, and consumable fuels industry. The information technology and consumer discretionary sectors also contributed to the Index’s return, as a software company and an internet retailer were added to the Index upon rebalancing in December 2022 and advanced thereafter.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials	19.2%
Information Technology	16.8
Industrials	12.7
Consumer Discretionary	10.9
Communication Services	9.0
Health Care	9.0
Consumer Staples	7.2
Utilities	5.4
Real Estate	4.9
Materials	3.3
Energy	1.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Microsoft Corp.	5.3%
Berkshire Hathaway, Inc., Class B	3.3
Amazon.com, Inc.	2.9
Meta Platforms, Inc., Class A	2.8
JPMorgan Chase & Co.	2.2
Cisco Systems, Inc.	1.3
Walmart, Inc.	1.2
Salesforce, Inc.	1.2
Bank of America Corp.	1.2
Walt Disney Co.	1.1

12 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of 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.

ABOUT   FUND   PERFORMANCE   /   DISCLOSURE   OF   EXPENSES 13

Schedule of Investments March 31, 2023 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.7%
Axon Enterprise, Inc.(a)(b)		2,088,426	$	469,582,586
Curtiss-Wright Corp.(b)		1,183,368		208,580,444
Hexcel Corp.(b)		2,603,648		177,698,976
Mercury Systems, Inc.(a)(b)		1,794,956		91,758,151
Woodward, Inc.		1,845,038		179,651,350
				1,127,271,507
Air Freight & Logistics — 0.3%
GXO Logistics, Inc.(a)(b)		3,664,874		184,929,542
Automobile Components — 1.9%
Adient PLC(a)(b)		2,946,445		120,686,387
Autoliv, Inc.		2,396,254		223,714,274
Dana, Inc.		3,940,927		59,310,951
Fox Factory Holding Corp.(a)(b)		1,305,669		158,469,047
Gentex Corp.		7,246,461		203,118,302
Goodyear Tire & Rubber Co.(a)(b)		8,737,821		96,290,787
Lear Corp.		1,826,598		254,792,155
Visteon Corp.(a)(b)		869,387		136,345,963
				1,252,727,866
Automobiles — 0.4%
Harley-Davidson, Inc.		4,109,358		156,032,323
Thor Industries, Inc.		1,653,265		131,666,025
				287,698,348
Banks — 6.1%
Associated Banc-Corp.		4,644,725		83,512,155
Bank of Hawaii Corp.(b)		1,230,540		64,086,523
Bank OZK		3,402,520		116,366,184
Cadence Bank		4,677,987		97,115,010
Cathay General Bancorp		2,247,063		77,568,615
Columbia Banking System, Inc.		6,424,245		137,607,328
Commerce Bancshares, Inc.		3,513,814		205,031,047
Cullen/Frost Bankers, Inc.		1,988,129		209,429,509
East West Bancorp, Inc.		4,353,973		241,645,501
First Financial Bankshares, Inc.(b)		4,009,753		127,911,121
First Horizon Corp.		16,576,382		294,728,072
FNB Corp.		11,135,235		129,168,726
Fulton Financial Corp.		5,177,301		71,550,300
Glacier Bancorp, Inc.		3,422,030		143,759,480
Hancock Whitney Corp.		2,647,144		96,356,042
Home BancShares, Inc.		5,844,366		126,881,186
International Bancshares Corp.		1,630,957		69,837,579
New York Community Bancorp, Inc., Class A		21,043,420		190,232,517
Old National Bancorp		9,048,033		130,472,636
PacWest Bancorp(b)		3,636,269		35,380,897
Pinnacle Financial Partners, Inc.		2,363,124		130,349,920
Prosperity Bancshares, Inc.		2,820,786		173,534,755
SouthState Corp.		2,338,388		166,633,529
Synovus Financial Corp.		4,494,223		138,556,895
Texas Capital Bancshares, Inc.(a)(b)		1,489,783		72,939,776
UMB Financial Corp.		1,343,360		77,538,739
United Bankshares, Inc.		4,151,687		146,139,382
Valley National Bancorp		12,983,161		119,964,408
Webster Financial Corp.		5,375,253		211,892,473
Wintrust Financial Corp.		1,877,073		136,932,475
				4,023,122,780
Beverages — 0.4%
Boston Beer Co., Inc., Class A, NVS(a)(b)		291,200		95,717,440

Security		Shares		Value
Beverages (continued)
Celsius Holdings, Inc.(a)(b)			1,247,971	$	115,986,425
Coca-Cola Consolidated, Inc.			142,192		76,084,095
					287,787,960
Biotechnology — 1.6%
Arrowhead Pharmaceuticals, Inc.(a)(b)			3,345,792		84,983,117
Exelixis, Inc.(a)(b)			10,011,330		194,319,915
Halozyme Therapeutics, Inc.(a)(b)			4,176,872		159,514,742
Neurocrine Biosciences, Inc.(a)			2,983,677		302,007,786
United Therapeutics Corp.(a)			1,407,922		315,318,211
					1,056,143,771
Broadline Retail — 0.6%
Kohl’s Corp.			3,412,949		80,340,819
Macy’s, Inc.			8,374,906		146,477,106
Nordstrom, Inc.(b)			3,461,429		56,317,450
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)			1,788,022		103,597,995
					386,733,370
Building Products — 3.2%
Advanced Drainage Systems, Inc.(b)			1,932,234		162,713,425
Builders FirstSource, Inc.(a)(b)			4,546,399		403,629,303
Carlisle Cos., Inc.			1,597,535		361,154,738
Fortune Brands Innovations, Inc.			3,961,523		232,660,246
Lennox International, Inc.			997,115		250,555,057
Owens Corning			2,886,958		276,570,577
Simpson Manufacturing Co., Inc.			1,315,863		144,271,219
Trex Co., Inc.(a)(b)			3,389,902		164,986,530
UFP Industries, Inc.			1,904,042		151,314,218
					2,147,855,313
Capital Markets — 2.0%
Affiliated Managers Group, Inc.			1,163,629		165,724,042
Evercore, Inc., Class A			1,103,758		127,351,598
Federated Hermes, Inc., Class B			2,611,426		104,822,640
Interactive Brokers Group, Inc., Class A			3,177,834		262,361,975
Janus Henderson Group PLC			4,093,845		109,060,031
Jefferies Financial Group, Inc.			5,589,075		177,397,241
SEI Investments Co.			3,149,726		181,266,731
Stifel Financial Corp.			3,254,290		192,295,996
					1,320,280,254
Chemicals — 2.9%
Ashland, Inc.			1,542,403		158,420,212
Avient Corp.			2,640,791		108,694,958
Axalta Coating Systems Ltd.(a)(b)			6,814,705		206,417,414
Cabot Corp.			1,739,884		133,344,710
Chemours Co.			4,582,232		137,192,026
Ingevity Corp.(a)(b)			1,085,186		77,612,503
NewMarket Corp.			206,801		75,478,229
Olin Corp.			3,800,796		210,944,178
RPM International, Inc.			3,987,723		347,888,955
Scotts Miracle-Gro Co.			1,261,833		88,000,233
Sensient Technologies Corp.			1,298,598		99,420,663
Valvoline, Inc.			5,311,245		185,574,900
Westlake Corp.(b)			1,063,734		123,371,869
					1,952,360,850
Commercial Services & Supplies — 1.3%
Brink’s Co.(b)	��		1,434,891		95,850,719
Clean Harbors, Inc.(a)(b)			1,553,445		221,459,119
MSA Safety, Inc.			1,138,210		151,951,035
Stericycle, Inc.(a)(b)			2,847,662		124,186,540
Tetra Tech, Inc.(b)			1,644,181		241,546,630
					834,994,043

14 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment — 0.7%
Calix, Inc.(a)(b)		1,758,750	$	94,251,412
Ciena Corp.(a)(b)		4,584,675		240,787,131
Lumentum Holdings, Inc.(a)(b)		2,115,951		114,282,514
				449,321,057
Construction & Engineering — 2.0%
AECOM		4,292,283		361,925,303
EMCOR Group, Inc.(b)		1,472,115		239,351,178
Fluor Corp.(a)(b)		4,389,253		135,671,810
MasTec, Inc.(a)(b)		1,830,296		172,853,154
MDU Resources Group, Inc.		6,281,680		191,465,606
Valmont Industries, Inc.		658,980		210,399,135
				1,311,666,186
Construction Materials — 0.2%
Eagle Materials, Inc.		1,113,680		163,432,540
Consumer Finance — 0.4%
FirstCash Holdings, Inc.		1,158,326		110,469,550
Navient Corp.		3,132,329		50,085,941
SLM Corp.		7,435,425		92,124,916
				252,680,407
Consumer Staples Distribution & Retail — 1.9%
BJ’s Wholesale Club Holdings, Inc.(a)(b)		4,152,775		315,901,594
Casey’s General Stores, Inc.		1,150,967		249,138,317
Grocery Outlet Holding Corp.(a)(b)		2,734,563		77,278,750
Performance Food Group Co.(a)(b)		4,823,314		291,038,767
Sprouts Farmers Market, Inc.(a)(b)		3,269,859		114,543,161
U.S. Foods Holding Corp.(a)(b)		6,321,971		233,533,609
				1,281,434,198
Containers & Packaging — 0.9%
AptarGroup, Inc.(b)		2,016,675		238,350,818
Greif, Inc., Class A, NVS		790,945		50,122,185
Silgan Holdings, Inc.		2,584,343		138,701,689
Sonoco Products Co.		3,012,253		183,747,433
				610,922,125
Diversified Consumer Services — 1.0%
Graham Holdings Co., Class B(b)		118,564		70,645,174
Grand Canyon Education, Inc.(a)(b)		947,450		107,914,555
H&R Block, Inc.(b)		4,703,976		165,815,154
Service Corp. International		4,751,209		326,788,155
				671,163,038
Diversified Telecommunication Services — 0.6%
Frontier Communications Parent, Inc.(a)(b)		6,887,241		156,822,478
Iridium Communications, Inc.(b)		3,881,239		240,365,131
				397,187,609
Electric Utilities — 1.4%
ALLETE, Inc.		1,765,770		113,662,615
Hawaiian Electric Industries, Inc.		3,381,625		129,854,400
IDACORP, Inc.		1,561,917		169,202,469
OGE Energy Corp.		6,184,431		232,905,671
PNM Resources, Inc.		2,651,530		129,076,480
Portland General Electric Co.		2,757,736		134,825,713
				909,527,348
Electrical Equipment — 2.1%
Acuity Brands, Inc.(b)		990,081		180,917,501
EnerSys		1,261,930		109,636,478
Hubbell, Inc.		1,655,766		402,864,425
nVent Electric PLC		5,146,039		220,970,915
Regal Rexnord Corp.		2,043,458		287,575,844
SunPower Corp.(a)(b)		2,636,328		36,486,780

Security	Shares		Value
Electrical Equipment (continued)
Sunrun, Inc.(a)(b)		6,582,967	$	132,646,785
Vicor Corp.(a)(b)		688,491		32,317,768
				1,403,416,496
Electronic Equipment, Instruments & Components — 3.5%
Arrow Electronics, Inc.(a)(b)		1,800,463		224,823,815
Avnet, Inc.		2,822,796		127,590,379
Belden, Inc.(b)		1,322,320		114,737,706
Cognex Corp.(b)		5,341,986		264,695,406
Coherent Corp.(a)(b)		4,292,685		163,465,445
IPG Photonics Corp.(a)(b)		993,175		122,468,409
Jabil, Inc.(b)		4,116,972		362,952,252
Littelfuse, Inc.		764,758		205,023,972
National Instruments Corp.		4,033,410		211,391,018
Novanta, Inc.(a)(b)		1,102,497		175,396,248
TD SYNNEX Corp.		1,296,259		125,464,909
Vishay Intertechnology, Inc.		4,002,489		90,536,301
Vontier Corp.(b)		4,880,555		133,434,374
				2,321,980,234
Energy Equipment & Services — 0.8%
ChampionX Corp.		6,136,089		166,472,094
NOV, Inc.		12,134,088		224,601,969
Valaris Ltd.(a)(b)		1,857,363		120,840,037
				511,914,100
Entertainment — 0.2%
World Wrestling Entertainment, Inc., Class A(b)		1,339,033		122,200,152
Financial Services — 1.5%
Essent Group Ltd.		3,326,420		133,223,121
Euronet Worldwide, Inc.(a)(b)		1,455,411		162,860,491
MGIC Investment Corp.		9,085,174		121,923,035
Voya Financial, Inc.		2,996,437		214,125,388
Western Union Co.		9,027,770		100,659,636
WEX, Inc.(a)(b)		1,346,635		247,632,710
				980,424,381
Food Products — 1.5%
Darling Ingredients, Inc.(a)(b)		4,950,928		289,134,195
Flowers Foods, Inc.		5,935,109		162,681,338
Ingredion, Inc.		2,029,372		206,448,014
Lancaster Colony Corp.		613,204		124,406,827
Pilgrim’s Pride Corp.(a)(b)		1,387,803		32,169,273
Post Holdings, Inc.(a)(b)		1,656,269		148,848,895
				963,688,542
Gas Utilities — 1.4%
National Fuel Gas Co.		2,835,614		163,728,353
New Jersey Resources Corp.		2,992,909		159,222,759
ONE Gas, Inc.		1,672,478		132,510,432
Southwest Gas Holdings, Inc.		2,007,385		125,361,193
Spire, Inc.		1,623,174		113,849,424
UGI Corp.		6,473,395		225,015,210
				919,687,371
Ground Transportation — 1.9%
Avis Budget Group, Inc.(a)(b)		768,575		149,718,410
Hertz Global Holdings, Inc.(a)(b)		4,986,731		81,233,848
Knight-Swift Transportation Holdings, Inc.(b)		4,964,054		280,866,175
Landstar System, Inc.(b)		1,109,815		198,945,437
Ryder System, Inc.		1,552,311		138,528,234
Saia, Inc.(a)(b)		817,459		222,414,245
Werner Enterprises, Inc.		1,816,323		82,624,533
XPO, Inc.(a)(b)		3,552,458		113,323,410
				1,267,654,292

SCHEDULES   OF   INVESTMENTS 15

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies — 3.6%
Enovis Corp.(a)(b)		1,471,968	$	78,735,568
Envista Holdings Corp.(a)(b)		5,041,375		206,091,410
Globus Medical, Inc., Class A(a)(b)		2,405,039		136,221,409
Haemonetics Corp.(a)(b)		1,558,397		128,957,352
ICU Medical, Inc.(a)(b)		622,278		102,650,979
Inari Medical, Inc.(a)(b)		1,491,659		92,095,027
Integra LifeSciences Holdings Corp.(a)(b)		2,244,553		128,859,788
Lantheus Holdings, Inc.(a)(b)		2,126,277		175,545,429
LivaNova PLC(a)		1,653,284		72,050,117
Masimo Corp.(a)(b)		1,493,888		275,682,092
Neogen Corp.(a)(b)		6,677,185		123,661,466
Omnicell, Inc.(a)(b)		1,379,253		80,920,773
Penumbra, Inc.(a)(b)		1,173,205		326,960,501
QuidelOrtho Corp.(a)(b)		1,652,568		147,227,283
Shockwave Medical, Inc.(a)(b)		1,116,458		242,081,588
STAAR Surgical Co.(a)(b)		1,489,138		95,230,375
				2,412,971,157
Health Care Providers & Services — 2.1%
Acadia Healthcare Co., Inc.(a)(b)		2,810,375		203,049,594
Amedisys, Inc.(a)(b)		1,003,702		73,822,282
Chemed Corp.		459,329		247,004,170
Encompass Health Corp.		3,082,564		166,766,712
HealthEquity, Inc.(a)(b)		2,614,615		153,504,047
Option Care Health, Inc.(a)(b)		5,169,544		164,236,413
Patterson Cos., Inc.		2,668,692		71,440,885
Progyny, Inc.(a)(b)		2,324,086		74,649,642
R1 RCM, Inc.(a)(b)		4,245,655		63,684,825
Tenet Healthcare Corp.(a)(b)		3,340,015		198,463,691
				1,416,622,261
Health Care REITs — 1.2%
Healthcare Realty Trust, Inc.		11,756,222		227,247,771
Medical Properties Trust, Inc.		18,503,131		152,095,737
Omega Healthcare Investors, Inc.		7,236,267		198,346,079
Physicians Realty Trust		7,051,195		105,274,341
Sabra Health Care REIT, Inc.		7,135,096		82,053,604
				765,017,532
Hotel & Resort REITs — 0.1%
Park Hotels & Resorts, Inc.		6,945,607		85,847,702
Hotels, Restaurants & Leisure — 3.4%
Aramark		8,047,655		288,106,049
Boyd Gaming Corp.		2,450,425		157,121,251
Choice Hotels International, Inc.(b)		856,147		100,331,867
Churchill Downs, Inc.(b)		1,016,760		261,358,158
Hilton Grand Vacations, Inc.(a)		2,451,325		108,912,370
Light & Wonder, Inc., Class A(a)(b)		2,893,659		173,764,223
Marriott Vacations Worldwide Corp.		1,183,739		159,639,042
Papa John’s International, Inc.(b)		993,090		74,412,234
Penn Entertainment, Inc.(a)(b)		4,791,743		142,123,097
Texas Roadhouse, Inc.		2,067,057		223,366,179
Travel + Leisure Co.		2,510,851		98,425,359
Wendy’s Co.		5,264,464		114,660,026
Wingstop, Inc.(b)		924,125		169,650,867
Wyndham Hotels & Resorts, Inc.		2,728,387		185,121,058
				2,256,991,780
Household Durables — 1.6%
Helen of Troy Ltd.(a)(b)		741,124		70,532,771
KB Home		2,521,521		101,314,714
Leggett & Platt, Inc.		4,096,121		130,584,338
Taylor Morrison Home Corp., Class A(a)(b)		3,346,936		128,053,771
Tempur Sealy International, Inc.		5,263,796		207,867,304

Security	Shares		Value
Household Durables (continued)
Toll Brothers, Inc.		3,176,538	$	190,687,576
TopBuild Corp.(a)(b)		987,638		205,566,973
				1,034,607,447
Household Products — 0.1%
Energizer Holdings, Inc.		2,051,881		71,200,271
Independent Power and Renewable Electricity Producers — 0.2%
Ormat Technologies, Inc.(b)		1,621,222		137,430,989
Industrial REITs — 1.2%
EastGroup Properties, Inc.		1,346,109		222,538,740
First Industrial Realty Trust, Inc.		4,081,788		217,151,122
Rexford Industrial Realty, Inc.		5,841,904		348,469,573
				788,159,435
Insurance — 3.9%
American Financial Group, Inc.		2,146,383		260,785,535
Brighthouse Financial, Inc.(a)(b)		2,109,162		93,035,136
CNO Financial Group, Inc.		3,532,163		78,378,697
First American Financial Corp.		3,201,611		178,201,668
Hanover Insurance Group, Inc.		1,099,714		141,313,249
Kemper Corp.		1,975,806		107,997,556
Kinsale Capital Group, Inc.(b)		670,170		201,151,526
Old Republic International Corp.		8,521,013		212,769,695
Primerica, Inc.(b)		1,139,814		196,321,563
Reinsurance Group of America, Inc.(b)		2,059,677		273,442,719
RenaissanceRe Holdings Ltd.(b)		1,350,557		270,570,589
RLI Corp.		1,250,106		166,151,588
Selective Insurance Group, Inc.(b)		1,863,946		177,689,972
Unum Group		5,776,743		228,527,953
				2,586,337,446
Interactive Media & Services — 0.3%
TripAdvisor, Inc.(a)(b)		3,236,671		64,280,286
Ziff Davis, Inc.(a)(b)		1,457,814		113,782,383
				178,062,669
IT Services — 0.1%
Kyndryl Holdings, Inc.(a)(b)		6,324,823		93,354,387
Leisure Products — 1.2%
Brunswick Corp.(b)		2,239,806		183,664,092
Mattel, Inc.(a)(b)		10,947,782		201,548,667
Polaris, Inc.(b)		1,682,996		186,189,847
Topgolf Callaway Brands Corp.(a)(b)		4,282,584		92,589,466
YETI Holdings, Inc.(a)(b)		2,664,290		106,571,600
				770,563,672
Life Sciences Tools & Services — 1.4%
Azenta, Inc.(a)		2,134,652		95,248,172
Bruker Corp.		3,089,588		243,583,118
Medpace Holdings, Inc.(a)(b)		778,163		146,333,552
Repligen Corp.(a)(b)		1,595,137		268,557,266
Sotera Health Co.(a)(b)		3,050,000		54,625,500
Syneos Health, Inc.(a)		3,178,789		113,228,464
				921,576,072
Machinery — 4.7%
AGCO Corp.		1,912,674		258,593,525
Chart Industries, Inc.(a)(b)		1,314,661		164,858,489
Crane NXT Co.		1,474,164		167,317,614
Donaldson Co., Inc.		3,759,031		245,615,085
Esab Corp.(b)		1,595,996		94,275,484
Flowserve Corp.		4,037,302		137,268,268
Graco, Inc.		5,205,998		380,089,914
ITT, Inc.(b)		2,554,653		220,466,554

16 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Lincoln Electric Holdings, Inc.		1,783,566	$	301,601,011
Middleby Corp.(a)(b)		1,664,507		244,033,371
Oshkosh Corp.		2,020,071		168,029,506
Terex Corp.		2,085,130		100,878,589
Timken Co.		2,044,912		167,110,209
Toro Co.		3,233,593		359,446,198
Watts Water Technologies, Inc., Class A		843,809		142,029,931
				3,151,613,748
Marine Transportation — 0.2%
Kirby Corp.(a)(b)		1,850,228		128,960,892
Media — 1.0%
Cable One, Inc.		148,944		104,558,688
John Wiley & Sons, Inc., Class A		1,322,369		51,268,246
New York Times Co., Class A(b)		5,085,799		197,735,865
Nexstar Media Group, Inc., Class A(b)		1,164,835		201,120,411
TEGNA, Inc.		6,892,102		116,545,445
				671,228,655
Metals & Mining — 2.6%
Alcoa Corp.		5,466,725		232,663,816
Cleveland-Cliffs, Inc.(a)(b)		15,918,139		291,779,488
Commercial Metals Co.		3,618,008		176,920,591
MP Materials Corp., Class A(a)(b)		2,851,905		80,395,202
Reliance Steel & Aluminum Co.		1,813,003		465,470,390
Royal Gold, Inc.(b)		2,027,796		263,025,419
United States Steel Corp.		7,000,004		182,700,104
Worthington Industries, Inc.		936,595		60,550,867
				1,753,505,877
Mortgage Real Estate Investment Trusts (REITs) — 0.6%
Annaly Capital Management, Inc.		14,466,540		276,455,579
Starwood Property Trust, Inc.		8,681,247		153,571,260
				430,026,839
Multi-Utilities — 0.3%
Black Hills Corp.		2,010,310		126,850,561
NorthWestern Corp.		1,784,863		103,272,173
				230,122,734
Office REITs — 0.8%
Corporate Office Properties Trust		3,472,850		82,341,274
Cousins Properties, Inc.		4,486,240		95,915,811
Douglas Emmett, Inc.		5,429,958		66,951,382
Highwoods Properties, Inc.		3,250,058		75,368,845
Kilroy Realty Corp.		3,255,226		105,469,322
Vornado Realty Trust		4,977,349		76,501,854
				502,548,488
Oil, Gas & Consumable Fuels — 3.0%
Antero Midstream Corp.		10,346,584		108,535,666
Antero Resources Corp.(a)(b)		8,529,736		196,951,604
Chord Energy Corp.		1,285,285		172,999,361
CNX Resources Corp.(a)(b)		5,255,364		84,190,931
DT Midstream, Inc.		2,988,713		147,552,761
Equitrans Midstream Corp.		13,368,986		77,272,739
HF Sinclair Corp.		4,154,499		200,994,662
Matador Resources Co.(b)		3,467,626		165,232,379
Murphy Oil Corp.		4,514,014		166,928,238
PBF Energy, Inc., Class A		3,530,664		153,089,591
PDC Energy, Inc.		2,846,426		182,683,621
Range Resources Corp.		7,464,341		197,581,106
Southwestern Energy Co.(a)(b)		34,090,576		170,452,880
				2,024,465,539

Security	Shares		Value
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		2,214,754	$	120,061,814
Passenger Airlines — 0.1%
JetBlue Airways Corp.(a)(b)		10,004,908		72,835,730
Personal Care Products — 0.4%
BellRing Brands, Inc.(a)(b)		4,126,177		140,290,018
Coty, Inc., Class A(a)(b)		11,325,104		136,580,754
				276,870,772
Pharmaceuticals — 0.7%
Jazz Pharmaceuticals PLC(a)(b)		1,945,065		284,621,361
Perrigo Co. PLC		4,159,139		149,188,316
				433,809,677
Professional Services — 3.2%
ASGN, Inc.(a)(b)		1,541,468		127,433,159
CACI International, Inc., Class A(a)(b)		726,203		215,159,425
Concentrix Corp.(b)		1,318,907		160,313,146
ExlService Holdings, Inc.(a)		1,021,404		165,293,809
Exponent, Inc.		1,564,232		155,938,288
FTI Consulting, Inc.(a)(b)		1,063,355		209,853,109
Genpact Ltd.		5,198,650		240,281,603
Insperity, Inc.		1,099,123		133,598,401
KBR, Inc.		4,238,098		233,307,295
ManpowerGroup, Inc.		1,561,763		128,892,300
Maximus, Inc.		1,877,321		147,745,163
Science Applications International Corp.		1,687,523		181,341,222
				2,099,156,920
Real Estate Management & Development — 0.3%
Jones Lang LaSalle, Inc.(a)(b)		1,466,183		213,314,965
Residential REITs — 0.4%
Apartment Income REIT Corp.		4,570,275		163,661,548
Independence Realty Trust, Inc.		6,914,619		110,841,342
				274,502,890
Retail REITs — 1.5%
Agree Realty Corp.		2,736,112		187,724,644
Brixmor Property Group, Inc.		9,264,554		199,373,202
Kite Realty Group Trust		6,768,162		141,589,949
Macerich Co.		6,693,215		70,948,079
National Retail Properties, Inc.(b)		5,605,492		247,482,472
Spirit Realty Capital, Inc.		4,314,217		171,878,405
				1,018,996,751
Semiconductors & Semiconductor Equipment — 3.0%
Allegro MicroSystems, Inc.(a)(b)		2,011,384		96,526,318
Amkor Technology, Inc.		3,102,697		80,732,176
Cirrus Logic, Inc.(a)(b)		1,706,921		186,703,019
Lattice Semiconductor Corp.(a)(b)		4,233,867		404,334,298
MACOM Technology Solutions Holdings, Inc.(a)(b)		1,595,113		112,997,805
MKS Instruments, Inc.(b)		1,766,822		156,575,766
Power Integrations, Inc.		1,760,364		148,997,209
Silicon Laboratories, Inc.(a)(b)		985,386		172,531,235
SiTime Corp.(a)(b)		496,685		70,643,507
Synaptics, Inc.(a)(b)		1,216,980		135,267,327
Universal Display Corp.		1,342,432		208,251,476
Wolfspeed, Inc.(a)(b)		3,843,365		249,626,557
				2,023,186,693
Software — 2.6%
ACI Worldwide, Inc.(a)		3,471,335		93,656,618
Aspen Technology, Inc.(a)(b)		900,370		206,067,682
Blackbaud, Inc.(a)(b)		1,377,788		95,480,709

SCHEDULES   OF   INVESTMENTS 17

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
CommVault Systems, Inc.(a)		1,376,289	$	78,090,638
Dynatrace, Inc.(a)(b)		6,696,835		283,276,121
Envestnet, Inc.(a)(b)		1,406,051		82,493,012
Manhattan Associates, Inc.(a)(b)		1,930,547		298,945,203
NCR Corp.(a)(b)		4,262,829		100,560,136
Paylocity Holding Corp.(a)		1,274,864		253,417,466
Qualys, Inc.(a)(b)		1,067,867		138,844,067
Teradata Corp.(a)(b)		3,144,687		126,667,992
				1,757,499,644
Specialized REITs — 2.1%
CubeSmart		6,937,325		320,643,161
EPR Properties		2,317,467		88,295,493
Lamar Advertising Co., Class A		2,695,645		269,267,979
Life Storage, Inc.		2,625,674		344,199,605
National Storage Affiliates Trust		2,610,428		109,063,682
PotlatchDeltic Corp.		2,495,282		123,516,459
Rayonier, Inc.		4,549,597		151,319,596
				1,406,305,975
Specialty Retail — 2.9%
AutoNation, Inc.(a)(b)		1,056,609		141,965,985
Dick’s Sporting Goods, Inc.		1,848,562		262,292,462
Five Below, Inc.(a)(b)		1,714,893		353,216,511
Foot Locker, Inc.		2,450,332		97,253,677
GameStop Corp., Class A(a)(b)		7,809,204		179,767,876
Gap, Inc.		6,540,227		65,663,879
Lithia Motors, Inc., Class A(b)		844,485		193,327,951
Murphy U.S.A., Inc.(b)		618,112		159,503,802
RH(a)(b)		577,114		140,556,115
Victoria’s Secret & Co.(a)(b)		2,496,823		85,266,506
Williams-Sonoma, Inc.(b)		2,056,306		250,170,188
				1,928,984,952
Technology Hardware, Storage & Peripherals — 0.3%
Super Micro Computer, Inc.(a)(b)		1,442,780		153,728,209
Xerox Holdings Corp.		3,464,584		53,354,594
				207,082,803
Textiles, Apparel & Luxury Goods — 2.2%
Capri Holdings Ltd.(a)(b)		3,883,276		182,513,972
Carter’s, Inc.		1,178,858		84,783,467
Columbia Sportswear Co.(b)		1,093,689		98,694,495

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Crocs, Inc.(a)(b)		1,907,381	$	241,169,254
Deckers Outdoor Corp.(a)(b)		814,244		366,043,390
PVH Corp.(b)		1,957,578		174,537,655
Skechers U.S.A., Inc., Class A(a)(b)		4,145,950		197,015,544
Under Armour, Inc., Class A(a)(b)		5,828,822		55,315,521
Under Armour, Inc., Class C, NVS(a)(b)		5,856,059		49,952,183
				1,450,025,481
Trading Companies & Distributors — 1.1%
GATX Corp.(b)		1,087,391		119,634,758
MSC Industrial Direct Co., Inc., Class A		1,461,705		122,783,220
Univar Solutions, Inc.(a)(b)		5,040,390		176,564,862
Watsco, Inc.(b)		1,027,522		326,916,399
				745,899,239
Water Utilities — 0.5%
Essential Utilities, Inc.		7,373,203		321,840,311
Total Long-Term Investments — 99.5% (Cost: $59,478,123,663)				66,161,795,889
Short-Term Securities
Money Market Funds — 6.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(d)(e)		4,067,483,080		4,068,703,325
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(d)		225,712,057		225,712,057
Total Short-Term Securities — 6.4% (Cost: $4,292,393,953)				4,294,415,382
Total Investments — 105.9% (Cost: $63,770,517,616)				70,456,211,271
Liabilities in Excess of Other Assets — (5.9)%				(3,947,934,669	)
Net Assets — 100.0%			$	66,508,276,602

^(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.

18 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Mid-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,422,524,094	$	1,644,458,653	(a)	$	—	$	(212,973	)	$	1,933,551	$	4,068,703,325		4,067,483,080	$	30,583,184	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		169,480,000		56,232,057	(a)		—		—			—		225,712,057		225,712,057		4,594,053			117
								$	(212,973	)	$	1,933,551	$	4,294,415,382			$	35,177,237		$	117

^(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
S&P MidCap 400 E-Mini Index		949		06/16/23	$	240,068	$	7,511,324

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA(b)		08/19/26	$	12,877,006	$	773,580	(c)	$	13,623,093		0.0	% (d)
	Monthly	HSBC Bank PLC(e)		02/10/28		25,832,160		(310,055	)(f)		25,121,269		0.0	(d)
	Monthly	JPMorgan Chase Bank NA(g)		02/08/24		49,451,405		(2,864,266	)(h)		46,510,806		0.1
							$	(2,400,741	)	$	85,255,168

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $27,493 of net dividends, payable for referenced securities purchased and financing fees.

^(d)  Rounds to less than 0.1%.

^(f)  Amount includes $400,836 of net dividends, payable for referenced securities purchased and financing fees.

^(h)  Amount includes $76,333 of net dividends, payable for referenced securities purchased and financing fees.

    The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(e)	(g)
Range:	40 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

SCHEDULES   OF   INVESTMENTS 19

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Mid-Cap ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Cadence Bank		233,735	$	4,852,339		35.6	%
Software
Envestnet, Inc.		149,493		8,770,754		64.4
Net Value of Reference Entity — Goldman Sachs Bank USA			$	13,623,093

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Cadence Bank		163,096	$	3,385,873		13.5	%
Mortgage Real Estate Investment Trusts (REITs)
Starwood Property Trust, Inc.		891,368		15,768,300		62.8

	Shares		Value		% of Basket Value
Office REITs
Cousins Properties, Inc.		199,234	$	4,259,623		16.9	%
Software
Envestnet, Inc.		29,103		1,707,473		6.8
Net Value of Reference Entity — HSBC Bank PLC			$	25,121,269

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Cadence Bank		566,297	$	11,756,325		25.3	%
Financial Services
Western Union Co.		2,453,565		27,357,250		58.8
Software
Envestnet, Inc.		126,082		7,397,231		15.9
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	46,510,806

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	773,580	$	(3,174,321	)

20 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Mid-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	7,511,324	$	—	$	—	$	—	$	7,511,324
Swaps — OTC
Unrealized appreciation on OTC swaps;
Swap premiums paid		—		—		773,580		—		—		—		773,580
	$	—	$	—	$	8,284,904	$	—	$	—	$	—	$	8,284,904
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps;
Swap premiums received	$	—	$	—	$	3,174,321	$	—	$	—	$	—	$	3,174,321

^(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 March 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	$	—	$	—	$	(10,172,728	)	$	—	$	—	$	—	$	(10,172,728	)
Swaps		—		—		(11,115,927	)		—		—		—		(11,115,927	)
	$	—	$	—	$	(21,288,655	)	$	—	$	—	$	—	$	(21,288,655	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,487,803		$	—	$	—	$	—	$	1,487,803
Swaps		—		—		(3,883,244	)		—		—		—		(3,883,244	)
	$	—	$	—	$	(2,395,441	)	$	—	$	—	$	—	$	(2,395,441	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$174,717,858
Total return swaps
Average notional amount	$63,687,022

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

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	4,223,050		$	—
Swaps — OTC(a)		773,580			3,174,321
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	4,996,630		$	3,174,321
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(4,223,050	)		—
Total derivative assets and liabilities subject to an MNA	$	773,580		$	3,174,321

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

SCHEDULES  OF  INVESTMENTS 21

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Mid-Cap ETF

The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Received		Cash Collateral Received(b)			Net Amount of Derivative Assets(c)
Goldman Sachs Bank USA	$	773,580	$	—	$	—	$	(560,000	)	$	213,580
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Pledged		Cash Collateral Pledged(b)			Net Amount of Derivative Liabilities(d)
HSBC Bank PLC	$	310,055	$	—	$	—	$	(310,055	)	$	—
JPMorgan Chase Bank N.A		2,864,266		—		—		(2,864,266	)		—
	$	3,174,321	$	—	$	—	$	(3,174,321	)	$	—

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	66,161,795,889	$	—		$	—	$	66,161,795,889
Short-Term Securities
Money Market Funds		4,294,415,382		—			—		4,294,415,382
	$	70,456,211,271	$	—		$	—	$	70,456,211,271
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	7,511,324	$	773,580		$	—	$	8,284,904
Liabilities
Equity Contracts		—		(3,174,321	)		—		(3,174,321	)
	$	7,511,324	$	(2,400,741	)	$	—	$	5,110,583

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

See notes to financial statements.

22 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments March 31, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
AAR Corp.(a)(b)		2,385,521	$	130,130,171
Aerojet Rocketdyne Holdings, Inc.(a)(b)(c)		5,517,723		309,930,501
AeroVironment, Inc.(a)(b)(c)		1,829,332		167,676,570
Kaman Corp.(a)		2,053,147		46,934,940
Moog, Inc., Class A(a)		2,090,257		210,593,393
National Presto Industries, Inc.(a)		367,786		26,513,693
Triumph Group, Inc.(a)(b)(c)		4,076,599		47,247,782
				939,027,050
Air Freight & Logistics — 0.6%
Forward Air Corp.(a)		1,938,160		208,856,122
Hub Group, Inc., Class A(a)(b)(c)		2,380,144		199,789,287
				408,645,409
Automobile Components — 1.3%
American Axle & Manufacturing Holdings, Inc.(a)(b)(c)		8,346,915		65,189,406
Dorman Products, Inc.(a)(b)(c)		2,061,039		177,785,224
Gentherm, Inc.(a)(b)		2,413,674		145,834,183
LCI Industries(a)		1,853,604		203,655,472
Patrick Industries, Inc.(a)		1,564,952		107,684,347
Standard Motor Products, Inc.(a)		1,363,712		50,334,610
XPEL, Inc.(a)(b)(c)		1,424,895		96,821,615
				847,304,857
Automobiles — 0.2%
Winnebago Industries, Inc.(a)(c)		2,225,893		128,434,026
Banks — 9.0%
Ameris Bancorp(a)		4,751,617		173,814,150
Atlantic Union Bankshares Corp.(a)		4,585,955		160,737,723
Axos Financial, Inc.(a)(b)		3,889,355		143,594,987
Banc of California, Inc.(a)		4,000,843		50,130,563
BancFirst Corp.		1,269,801		105,520,463
Bancorp, Inc.(a)(b)(c)		3,982,366		110,908,893
BankUnited, Inc.(a)		5,257,459		118,713,424
Banner Corp.(a)		2,410,436		131,055,405
Berkshire Hills Bancorp, Inc.(a)		3,091,585		77,475,120
Brookline Bancorp, Inc.(a)		5,881,816		61,759,068
Capitol Federal Financial, Inc.(a)		9,228,673		62,108,969
Central Pacific Financial Corp.(a)		1,597,517		28,595,554
City Holding Co.(a)		1,022,399		92,915,621
Community Bank System, Inc.(a)		3,701,570		194,295,409
Customers Bancorp, Inc.(a)(b)(c)		2,147,637		39,774,237
CVB Financial Corp.(a)		9,579,628		159,788,194
Dime Community Bancshares, Inc.(a)		2,344,663		53,270,743
Eagle Bancorp, Inc.(a)		2,228,316		74,581,737
FB Financial Corp.(a)		2,554,185		79,384,070
First BanCorp/Puerto Rico(a)		12,859,298		146,853,183
First Bancorp/Southern Pines NC(a)		2,863,783		101,721,572
First Commonwealth Financial Corp.(a)		7,130,256		88,629,082
First Financial Bancorp(a)		6,560,881		142,830,379
First Hawaiian, Inc.(a)		9,270,753		191,255,634
Hanmi Financial Corp.(a)		2,085,047		38,719,323
Heritage Financial Corp.(a)		2,518,770		53,901,678
Hilltop Holdings, Inc.(a)		3,324,324		98,632,693
HomeStreet, Inc.(a)		1,312,088		23,604,463
Hope Bancorp, Inc.(a)		8,142,201		79,956,414
Independent Bank Corp.(a)		3,141,549		206,148,445
Independent Bank Group, Inc.(a)		2,581,671		119,660,451
Lakeland Financial Corp.(a)(c)		1,848,058		115,762,353
National Bank Holdings Corp., Class A(a)		2,715,233		90,851,696
NBT Bancorp, Inc.(a)		2,973,455		100,235,168

Security	Shares		Value
Banks (continued)
Northfield Bancorp, Inc.(a)		3,067,289	$	36,132,664
Northwest Bancshares, Inc.(a)		8,711,034		104,793,739
OFG Bancorp(a)		3,329,311		83,033,016
Pacific Premier Bancorp, Inc.(a)		6,649,873		159,729,950
Park National Corp.(a)		1,052,330		124,774,768
Pathward Financial, Inc.(a)		1,974,466		81,920,594
Preferred Bank		615,879		33,756,328
Provident Financial Services, Inc.(a)		5,217,018		100,062,405
Renasant Corp.(a)		3,912,785		119,652,965
S&T Bancorp, Inc.(a)		2,759,695		86,792,408
Seacoast Banking Corp. of Florida(a)		5,690,776		134,871,391
ServisFirst Bancshares, Inc.(a)		3,559,028		194,429,700
Simmons First National Corp., Class A(a)		8,787,556		153,694,354
Southside Bancshares, Inc.(a)		2,184,421		72,522,777
Stellar Bancorp, Inc.(a)		3,279,825		80,716,493
Tompkins Financial Corp.(a)(c)		908,368		60,143,045
Triumph Financial, Inc.(a)(b)(c)		1,648,474		95,710,400
TrustCo Bank Corp.(a)		1,282,267		40,955,608
Trustmark Corp.(a)		4,016,549		99,208,760
United Community Banks, Inc.(a)		7,956,991		223,750,587
Veritex Holdings, Inc.(a)		3,748,074		68,439,831
Washington Federal, Inc.(a)		3,946,748		118,876,050
Westamerica BanCorp(a)		1,929,762		85,488,457
WSFS Financial Corp.(a)		4,251,315		159,891,957
				6,036,535,111
Beverages — 0.3%
MGP Ingredients, Inc.(a)(c)		1,118,994		108,229,100
National Beverage Corp.(b)		1,700,608		89,656,054
				197,885,154
Biotechnology — 2.3%
Anika Therapeutics, Inc.(a)(b)(c)		1,064,684		30,577,724
Arcus Biosciences, Inc.(a)(b)(c)		3,800,085		69,313,550
Avid Bioservices, Inc.(a)(b)(c)		4,527,474		84,935,412
Catalyst Pharmaceuticals, Inc.(a)(b)(c)		6,977,592		115,688,475
Coherus Biosciences, Inc.(a)(b)(c)		4,703,384		32,171,147
Cytokinetics, Inc.(a)(b)(c)		6,887,293		242,363,841
Dynavax Technologies Corp.(a)(b)(c)		8,621,686		84,578,740
Eagle Pharmaceuticals, Inc.(a)(b)(c)		761,001		21,589,598
Emergent BioSolutions, Inc.(a)(b)(c)		3,237,688		33,542,448
Enanta Pharmaceuticals, Inc.(a)(b)(c)		1,426,595		57,691,502
Ironwood Pharmaceuticals, Inc., Class A(a)(b)(c)		9,699,220		102,035,794
iTeos Therapeutics, Inc.(a)(b)(c)		1,790,601		24,370,080
Myriad Genetics, Inc.(a)(b)(c)		5,905,915		137,194,406
REGENXBIO, Inc.(a)(b)(c)		2,736,802		51,752,926
uniQure NV(a)(b)(c)		2,993,447		60,288,023
Vanda Pharmaceuticals, Inc.(a)(b)(c)		4,139,500		28,107,205
Vericel Corp.(a)(b)(c)		3,441,268		100,897,978
Vir Biotechnology, Inc.(b)(c)		5,529,864		128,679,935
Xencor, Inc.(a)(b)(c)		4,367,211		121,801,515
				1,527,580,299
Broadline Retail — 0.0%
Big Lots, Inc.(a)		2,095,645		22,968,269
Building Products — 1.8%
AAON, Inc.(a)		3,063,656		296,224,899
American Woodmark Corp.(a)(b)(c)		1,211,154		63,064,789
Apogee Enterprises, Inc.(a)		1,614,042		69,807,317
AZZ, Inc.(a)		1,808,865		74,597,593
Gibraltar Industries, Inc.(a)(b)(c)		2,256,992		109,464,112
Griffon Corp.(a)		3,449,806		110,428,290
Insteel Industries, Inc.(a)(c)		1,417,298		39,429,230
Masterbrand, Inc.(a)(b)		9,344,343		75,128,518

SCHEDULES  OF  INVESTMENTS 23

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
PGT Innovations, Inc.(a)(b)(c)		4,360,171	$	109,483,894
Quanex Building Products Corp.(a)		2,415,167		51,998,546
Resideo Technologies, Inc.(a)(b)(c)		10,630,351		194,322,816
				1,193,950,004
Capital Markets — 1.0%
Avantax, Inc.(a)(b)(c)		2,900,816		76,349,477
B Riley Financial, Inc.(c)		1,158,264		32,883,115
Brightsphere Investment Group, Inc.(a)(c)		2,354,855		55,527,481
Donnelley Financial Solutions, Inc.(a)(b)(c)		1,823,772		74,519,324
Piper Sandler Cos.(a)		998,498		138,401,808
StoneX Group, Inc.(a)(b)(c)		1,279,161		132,431,538
Virtus Investment Partners, Inc.(a)		495,497		94,337,674
WisdomTree, Inc.(a)		8,181,079		47,941,123
				652,391,540
Chemicals — 2.9%
AdvanSix, Inc.(a)		2,003,039		76,656,303
American Vanguard Corp.(a)		2,026,144		44,332,031
Balchem Corp.(a)(c)		2,338,858		295,818,759
FutureFuel Corp.(c)		1,929,365		14,238,714
Hawkins, Inc.(a)(c)		1,380,556		60,440,742
HB Fuller Co.(a)		3,909,578		267,610,614
Innospec, Inc.(a)		1,802,353		185,047,583
Koppers Holdings, Inc.(a)		1,518,472		53,100,966
Livent Corp.(a)(b)(c)		13,057,295		283,604,447
Mativ Holdings, Inc.(a)		3,992,232		85,713,221
Minerals Technologies, Inc.(a)		2,365,017		142,894,327
Quaker Chemical Corp.(a)(c)		991,851		196,336,906
Rayonier Advanced Materials, Inc.(a)(b)(c)		4,629,024		29,023,980
Stepan Co.(a)		1,535,383		158,190,511
Trinseo PLC(a)		2,541,250		52,985,063
				1,945,994,167
Commercial Services & Supplies — 2.1%
ABM Industries, Inc.(a)		4,810,506		216,184,140
Brady Corp., Class A, NVS		3,367,483		180,934,862
CoreCivic, Inc.(a)(b)		8,355,107		76,866,984
Deluxe Corp.(a)		3,143,083		50,289,328
GEO Group, Inc.(a)(b)(c)		9,046,095		71,373,690
Harsco Corp.(a)(b)(c)		5,790,875		39,551,676
Healthcare Services Group, Inc.(a)		5,383,256		74,665,761
HNI Corp.(a)		3,014,047		83,911,068
Interface, Inc., Class A(a)		4,209,358		34,179,987
KAR Auction Services, Inc.(a)(b)(c)		7,936,472		108,570,937
Liquidity Services, Inc.(a)(b)(c)		1,736,364		22,867,914
Matthews International Corp., Class A(a)		2,210,318		79,704,067
MillerKnoll, Inc.(a)		5,494,367		112,359,805
Pitney Bowes, Inc.		7,894,604		30,710,010
UniFirst Corp.(a)(c)		1,100,519		193,944,463
Viad Corp.(a)(b)		1,506,129		31,387,728
				1,407,502,420
Communications Equipment — 1.5%
ADTRAN Holdings, Inc.(a)		5,134,740		81,436,976
Clearfield, Inc.(a)(b)(c)		920,469		42,875,446
Comtech Telecommunications Corp.(a)		2,009,964		25,084,350
Digi International, Inc.(a)(b)(c)		2,604,545		87,721,076
Extreme Networks, Inc.(b)(c)		5,838,562		111,633,305
Harmonic, Inc.(a)(b)(c)		7,985,438		116,507,540
NETGEAR, Inc.(a)(b)(c)		2,091,242		38,708,889
NetScout Systems, Inc.(a)(b)(c)		4,913,285		140,765,615

Security	Shares		Value
Communications Equipment (continued)
Viasat, Inc.(a)(b)(c)		5,566,713	$	188,377,568
Viavi Solutions, Inc.(a)(b)		16,383,443		177,432,688
				1,010,543,453
Construction & Engineering — 1.6%
Arcosa, Inc.(a)		3,519,193		222,096,270
Comfort Systems U.S.A., Inc.(a)		2,603,262		379,972,122
Dycom Industries, Inc.(a)(b)(c)		2,154,435		201,762,838
Granite Construction, Inc.(a)(c)		3,187,054		130,924,178
MYR Group, Inc.(a)(b)		1,207,052		152,100,623
				1,086,856,031
Consumer Finance — 0.9%
Bread Financial Holdings, Inc.		1,729,161		52,428,162
Encore Capital Group, Inc.(a)(b)(c)		1,699,308		85,730,089
Enova International, Inc.(a)(b)(c)		2,268,948		100,809,360
EZCORP, Inc., Class A, NVS(b)(c)		3,812,056		32,783,682
Green Dot Corp., Class A(a)(b)(c)		3,437,389		59,054,343
LendingTree, Inc.(a)(b)(c)		786,477		20,967,477
PRA Group, Inc.(a)(b)(c)		2,833,129		110,378,706
PROG Holdings, Inc.(a)(b)(c)		3,645,701		86,731,227
World Acceptance Corp.(b)(c)		242,063		20,161,427
				569,044,473
Consumer Staples Distribution & Retail — 0.7%
Andersons, Inc.(a)		2,261,919		93,462,493
Chefs’ Warehouse, Inc.(a)(b)(c)		2,474,982		84,273,137
PriceSmart, Inc.(a)		1,833,024		131,024,556
SpartanNash Co.(a)		2,563,109		63,565,103
United Natural Foods, Inc.(a)(b)		4,360,234		114,892,166
				487,217,455
Containers & Packaging — 0.5%
Myers Industries, Inc.(a)		2,651,952		56,831,331
O-I Glass, Inc.(a)(b)(c)		11,251,777		255,527,856
				312,359,187
Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc.(a)(b)(c)		3,312,437		127,926,317
Frontdoor, Inc.(a)(b)(c)		5,925,476		165,202,271
Mister Car Wash, Inc.(b)(c)		5,761,725		49,666,070
Perdoceo Education Corp.(a)(b)(c)		4,894,320		65,730,718
Strategic Education, Inc.(a)(c)		1,621,888		145,694,199
Stride, Inc.(a)(b)(c)		2,977,003		116,847,368
				671,066,943
Diversified REITs — 0.9%
Alexander & Baldwin, Inc.(a)		5,268,673		99,630,606
American Assets Trust, Inc.(a)		3,806,082		70,755,064
Armada Hoffler Properties, Inc.(a)		4,932,109		58,248,207
Essential Properties Realty Trust, Inc.(a)		10,378,407		257,903,414
Global Net Lease, Inc.(a)		7,542,835		97,000,858
				583,538,149
Diversified Telecommunication Services — 0.6%
ATN International, Inc.		775,829		31,746,923
Cogent Communications Holdings, Inc.(a)		3,114,495		198,455,621
Consolidated Communications Holdings, Inc.(b)(c)		5,518,369		14,237,392
Lumen Technologies, Inc.(c)		47,061,267		124,712,358
				369,152,294
Electric Utilities — 0.3%
Otter Tail Corp.(a)		3,029,898		218,970,729

24 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment — 0.4%
Encore Wire Corp.(a)(c)		1,337,086	$	247,802,148
Powell Industries, Inc.(a)		659,477		28,087,125
				275,889,273
Electronic Equipment, Instruments & Components — 4.4%
Advanced Energy Industries, Inc.(a)(c)		2,721,235		266,681,030
Arlo Technologies, Inc.(a)(b)		6,446,461		39,065,554
Badger Meter, Inc.(a)(c)		2,130,665		259,557,610
Benchmark Electronics, Inc.(a)		2,563,077		60,719,294
CTS Corp.(a)(c)		2,317,106		114,604,063
ePlus, Inc.(a)(b)(c)		1,957,811		96,011,051
Fabrinet(a)(b)		2,668,674		316,931,724
FARO Technologies, Inc.(a)(b)(c)		1,358,997		33,444,916
Insight Enterprises, Inc.(a)(b)(c)		2,205,528		315,302,283
Itron, Inc.(a)(b)(c)		3,292,907		182,591,693
Knowles Corp.(a)(b)(c)		6,631,181		112,730,077
Methode Electronics, Inc.(a)(c)		2,623,342		115,112,247
OSI Systems, Inc.(a)(b)		1,142,222		116,917,844
PC Connection, Inc.		818,155		36,784,249
Plexus Corp.(a)(b)(c)		2,019,198		197,013,149
Rogers Corp.(a)(b)(c)		1,370,184		223,929,171
Sanmina Corp.(a)(b)(c)		4,247,353		259,046,060
ScanSource, Inc.(a)(b)(c)		1,852,381		56,386,478
TTM Technologies, Inc.(a)(b)(c)		7,427,237		100,193,427
				2,903,021,920
Energy Equipment & Services — 2.0%
Archrock, Inc.(a)		9,725,232		95,015,517
Bristow Group, Inc.(a)(b)(c)		1,714,769		38,410,826
Core Laboratories NV(a)(c)		3,388,493		74,716,271
DMC Global, Inc.(a)(b)(c)		1,351,898		29,701,199
Dril-Quip, Inc.(a)(b)(c)		2,464,709		70,712,501
Helix Energy Solutions Group, Inc.(a)(b)(c)		10,398,737		80,486,224
Helmerich & Payne, Inc.(a)		7,606,317		271,925,833
Nabors Industries Ltd.(a)(b)(c)		652,751		79,576,874
NexTier Oilfield Solutions, Inc.(b)(c)		11,629,421		92,453,897
Oceaneering International, Inc.(a)(b)(c)		7,306,891		128,820,488
Oil States International, Inc.(a)(b)(c)		4,656,170		38,785,896
Patterson-UTI Energy, Inc.(a)		15,803,836		184,904,881
ProPetro Holding Corp.(a)(b)(c)		6,991,709		50,270,388
RPC, Inc.(c)		6,047,329		46,503,960
U.S. Silica Holdings, Inc.(a)(b)(c)		5,500,971		65,681,594
				1,347,966,349
Entertainment — 0.2%
Cinemark Holdings, Inc.(a)(b)(c)		7,789,339		115,204,324
Marcus Corp.(a)(c)		1,765,497		28,247,952
				143,452,276
Financial Services — 1.2%
EVERTEC, Inc.(a)		4,740,969		160,007,704
Mr. Cooper Group, Inc.(a)(b)(c)		4,710,088		192,972,305
NMI Holdings, Inc., Class A(a)(b)(c)		6,091,444		136,021,945
Payoneer Global, Inc.(b)		14,524,817		91,215,851
Radian Group, Inc.		2,539,714		56,127,679
Star Holdings(b)		51,320		892,450
Walker & Dunlop, Inc.(a)		2,232,515		170,050,668
				807,288,602
Food Products — 2.2%
B&G Foods, Inc.(a)(c)		5,207,551		80,873,267
Calavo Growers, Inc.(a)		1,283,291		36,920,281
Cal-Maine Foods, Inc.(a)		2,759,453		168,023,093
Fresh Del Monte Produce, Inc.		2,231,256		67,183,118
Hain Celestial Group, Inc.(a)(b)(c)		6,499,264		111,462,378

Security	Shares		Value
Food Products (continued)
Hostess Brands, Inc., Class A(a)(b)(c)		9,745,961	$	242,479,510
J & J Snack Foods Corp.(a)(c)		1,090,581		161,645,916
John B Sanfilippo & Son, Inc.(a)		652,728		63,262,398
Seneca Foods Corp., Class A(a)(b)(c)		383,559		20,048,629
Simply Good Foods Co.(a)(b)(c)		6,155,847		244,818,035
Tootsie Roll Industries, Inc.(c)		1,377,770		61,875,651
TreeHouse Foods, Inc.(a)(b)(c)		3,673,376		185,248,352
				1,443,840,628
Gas Utilities — 0.4%
Chesapeake Utilities Corp.(a)(c)		1,160,005		148,469,039
Northwest Natural Holding Co.(a)		2,559,166		121,713,935
				270,182,974
Ground Transportation — 0.7%
ArcBest Corp.(a)(c)		1,761,754		162,821,305
Heartland Express, Inc.(c)		3,386,063		53,906,123
Marten Transport Ltd.(a)		4,196,504		87,916,759
RXO, Inc.(a)(b)(c)		8,483,909		166,623,973
				471,268,160
Health Care Equipment & Supplies — 3.0%
AngioDynamics, Inc.(a)(b)(c)		2,851,478		29,484,283
Artivion, Inc.(a)(b)(c)		2,938,557		38,495,097
Avanos Medical, Inc.(a)(b)(c)		3,379,152		100,495,981
Cardiovascular Systems, Inc.(a)(b)(c)		3,057,311		60,718,195
CONMED Corp.(a)(c)		2,218,834		230,448,099
Cutera, Inc.(a)(b)(c)		1,300,608		30,720,361
Embecta Corp.(a)		4,169,266		117,239,760
Glaukos Corp.(a)(b)(c)		3,476,948		174,195,095
Heska Corp.(a)(b)(c)		739,469		72,186,964
Inogen, Inc.(a)(b)		1,658,604		20,699,378
Integer Holdings Corp.(a)(b)(c)		2,411,218		186,869,395
LeMaitre Vascular, Inc.(a)(c)		1,406,772		72,406,555
Merit Medical Systems, Inc.(a)(b)		4,149,178		306,831,713
Mesa Laboratories, Inc.(a)(c)		366,162		63,979,486
NuVasive, Inc.(a)(b)(c)		3,799,710		156,966,020
OraSure Technologies, Inc.(a)(b)		5,255,125		31,793,506
Orthofix Medical, Inc.(a)(b)(c)		2,485,421		41,630,802
Tandem Diabetes Care, Inc.(a)(b)(c)		4,686,729		190,328,065
Varex Imaging Corp.(a)(b)(c)		2,913,645		52,999,203
Zynex, Inc.(b)(c)		1,623,150		19,477,800
				1,997,965,758
Health Care Providers & Services — 3.1%
AdaptHealth Corp.(b)(c)		5,580,124		69,360,941
Addus HomeCare Corp.(a)(b)(c)		1,171,034		125,019,590
Agiliti, Inc.(b)(c)		2,428,911		38,813,998
AMN Healthcare Services, Inc.(a)(b)(c)		3,154,567		261,702,877
Apollo Medical Holdings, Inc.(b)(c)		2,858,424		104,246,723
Community Health Systems, Inc.(a)(b)(c)		9,105,358		44,616,254
CorVel Corp.(b)(c)		662,801		126,117,774
Cross Country Healthcare, Inc.(a)(b)(c)		2,581,607		57,621,468
Enhabit, Inc.(a)(b)(c)		3,605,221		50,148,624
Ensign Group, Inc.(a)(c)		4,057,063		387,611,799
Fulgent Genetics, Inc.(b)(c)		1,437,155		44,867,979
ModivCare, Inc.(a)(b)(c)		924,539		77,735,239
NeoGenomics, Inc.(a)(b)(c)		9,205,740		160,271,933
Owens & Minor, Inc.(a)(b)		5,539,213		80,595,549
Pediatrix Medical Group, Inc.(a)(b)(c)		5,952,910		88,757,888
RadNet, Inc.(b)(c)		2,484,582		62,189,087
Select Medical Holdings Corp.(a)(c)		7,589,754		196,195,141
U.S. Physical Therapy, Inc.(a)(c)		947,448		92,764,634
				2,068,637,498

SCHEDULES  OF  INVESTMENTS 25

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care REITs — 0.5%
CareTrust REIT, Inc.(a)		7,252,619	$	142,006,280
Community Healthcare Trust, Inc.(a)		1,714,377		62,746,198
LTC Properties, Inc.(a)		2,943,742		103,413,657
Universal Health Realty Income Trust(a)		922,933		44,402,307
				352,568,442
Health Care Technology — 0.7%
Certara, Inc.(b)(c)		7,670,848		184,944,145
Computer Programs & Systems, Inc.(a)(b)(c)		1,029,591		31,093,648
HealthStream, Inc.(a)(b)(c)		1,759,859		47,692,179
NextGen Healthcare, Inc.(a)(b)		3,885,672		67,649,550
Simulations Plus, Inc.(a)(c)		1,166,987		51,277,409
Veradigm, Inc.(a)(b)(c)		7,941,138		103,631,851
				486,288,782
Hotel & Resort REITs — 1.1%
Chatham Lodging Trust(a)		3,536,599		37,098,924
DiamondRock Hospitality Co.(a)		15,238,713		123,890,737
Pebblebrook Hotel Trust(a)(c)		7,891,706		110,799,552
Service Properties Trust(a)		12,057,714		120,094,831
Summit Hotel Properties, Inc.(a)		7,788,908		54,522,356
Sunstone Hotel Investors, Inc.(a)		15,314,048		151,302,794
Xenia Hotels & Resorts, Inc.(a)		8,364,392		109,489,891
				707,199,085
Hotels, Restaurants & Leisure — 2.4%
BJ’s Restaurants, Inc.(a)(b)(c)		1,699,711		49,529,579
Bloomin’ Brands, Inc.(a)		6,398,965		164,133,452
Brinker International, Inc.(a)(b)(c)		3,211,202		122,025,676
Cheesecake Factory, Inc.(a)(c)		3,485,092		122,152,475
Chuy’s Holdings, Inc.(a)(b)(c)		1,311,281		47,009,424
Cracker Barrel Old Country Store, Inc.(a)		1,615,744		183,548,518
Dave & Buster’s Entertainment, Inc.(a)(b)(c)		3,053,603		112,342,054
Dine Brands Global, Inc.(a)		1,139,217		77,056,638
El Pollo Loco Holdings, Inc.(c)		1,421,057		13,627,937
Golden Entertainment, Inc.(a)(b)		1,599,305		69,585,761
Jack in the Box, Inc.(a)		1,501,183		131,488,619
Monarch Casino & Resort, Inc.(a)		964,416		71,511,446
Ruth’s Hospitality Group, Inc.(a)		2,208,544		36,264,292
Sabre Corp.(a)(b)(c)		23,862,103		102,368,422
Shake Shack, Inc., Class A(a)(b)(c)		2,719,732		150,917,929
Six Flags Entertainment Corp.(a)(b)		5,393,932		144,071,924
				1,597,634,146
Household Durables — 2.9%
Cavco Industries, Inc.(a)(b)(c)		589,341		187,257,209
Century Communities, Inc.(a)(c)		2,060,874		131,731,066
Ethan Allen Interiors, Inc.(a)		1,662,264		45,645,769
Green Brick Partners, Inc.(b)(c)		1,988,191		69,705,976
Installed Building Products, Inc.(a)		1,709,574		194,942,723
iRobot Corp.(a)(b)(c)		1,978,690		86,350,032
La-Z-Boy, Inc.(a)		3,134,583		91,153,674
LGI Homes, Inc.(a)(b)(c)		1,490,285		169,937,199
M/I Homes, Inc.(a)(b)(c)		1,993,911		125,795,845
MDC Holdings, Inc.(a)		4,222,321		164,121,617
Meritage Homes Corp.(a)		2,663,289		310,965,624
Sonos, Inc.(a)(b)(c)		9,282,137		182,115,528
Tri Pointe Homes, Inc.(a)(b)(c)		7,344,307		185,957,853
				1,945,680,115
Household Products — 0.5%
Central Garden & Pet Co.(a)(b)(c)		706,087		28,991,932
Central Garden & Pet Co., Class A, NVS(b)(c)		3,000,883		117,244,499
WD-40 Co.(a)(c)		990,404		176,341,432
				322,577,863

Security	Shares		Value
Industrial REITs — 0.5%
Innovative Industrial Properties, Inc.(a)		2,033,597	$	154,533,036
LXP Industrial Trust(a)		20,097,481		207,205,029
				361,738,065
Insurance — 2.3%
Ambac Financial Group, Inc.(b)(c)		2,217,455		34,326,203
American Equity Investment Life Holding Co.(a)		5,059,804		184,632,248
AMERISAFE, Inc.(a)		1,395,793		68,324,067
Assured Guaranty Ltd.(a)		4,364,410		219,398,891
Employers Holdings, Inc.(a)		1,733,257		72,259,484
Genworth Financial, Inc., Class A(a)(b)(c)		31,035,879		155,800,113
HCI Group, Inc.(a)		491,626		26,351,154
Horace Mann Educators Corp.(a)		2,732,195		91,473,889
James River Group Holdings Ltd.(a)		2,635,146		54,415,765
Mercury General Corp.		1,936,611		61,468,033
Palomar Holdings, Inc.(a)(b)(c)		1,838,781		101,500,711
ProAssurance Corp.(a)		3,525,618		65,153,421
Safety Insurance Group, Inc.(a)		1,005,684		74,943,572
SiriusPoint Ltd.(b)(c)		6,189,635		50,321,733
Stewart Information Services Corp.(a)		1,886,670		76,127,135
Trupanion, Inc.(a)(b)(c)		2,556,251		109,637,605
United Fire Group, Inc.(a)		1,609,372		42,728,827
Universal Insurance Holdings, Inc.(a)		1,999,930		36,438,725
				1,525,301,576
Interactive Media & Services — 0.6%
Cars.com, Inc.(a)(b)(c)		4,501,303		86,875,148
QuinStreet, Inc.(a)(b)(c)		3,674,970		58,321,774
Shutterstock, Inc.		1,749,501		127,013,773
Yelp, Inc.(a)(b)(c)		5,068,002		155,587,661
				427,798,356
IT Services — 0.3%
Perficient, Inc.(a)(b)(c)		2,523,946		182,203,662
Leisure Products — 0.3%
Sturm Ruger & Co., Inc.(a)		1,283,727		73,737,279
Vista Outdoor, Inc.(a)(b)(c)		4,112,693		113,962,723
				187,700,002
Life Sciences Tools & Services — 0.1%
BioLife Solutions, Inc.(a)(b)(c)		2,485,868		54,067,629
OmniAb, Inc., 12.50 Earnout Shares(d)		450,637		—
OmniAb, Inc., 15.00 Earnout Shares(d)		450,637		—
				54,067,629
Machinery — 5.4%
3D Systems Corp.(a)(b)(c)		9,531,942		102,182,418
Alamo Group, Inc.(a)		750,019		138,123,499
Albany International Corp., Class A(a)(c)		2,263,875		202,299,869
Astec Industries, Inc.(a)		1,654,898		68,264,543
Barnes Group, Inc.(a)		3,685,618		148,456,693
CIRCOR International, Inc.(a)(b)(c)		1,483,729		46,173,646
Enerpac Tool Group Corp.(a)(c)		4,151,927		105,874,139
EnPro Industries, Inc.(a)		1,512,570		157,140,897
ESCO Technologies, Inc.(a)(c)		1,880,857		179,527,801
Federal Signal Corp.(a)		4,419,990		239,607,658
Franklin Electric Co., Inc.(a)		2,832,236		266,513,408
Greenbrier Cos., Inc.(a)		2,382,067		76,631,095
Hillenbrand, Inc.(a)		5,050,735		240,061,435
John Bean Technologies Corp.(a)		2,319,037		253,447,554
Kennametal, Inc.(a)		5,869,193		161,872,343
Lindsay Corp.(a)(c)		800,100		120,919,113
Mueller Industries, Inc.(a)(c)		4,139,447		304,166,566
Proto Labs, Inc.(a)(b)(c)		1,975,889		65,500,720
SPX Technologies, Inc.(a)(b)(c)		3,288,717		232,117,646

26 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Standex International Corp.(a)		868,067	$	106,286,124
Tennant Co.(a)(c)		1,351,295		92,604,246
Titan International, Inc.(a)(b)(c)		3,709,063		38,870,980
Trinity Industries, Inc.(a)		5,932,852		144,524,275
Wabash National Corp.(a)		3,473,963		85,424,750
				3,576,591,418
Marine Transportation — 0.3%
Matson, Inc.(a)(c)		2,753,727		164,314,890
Media — 0.4%
AMC Networks, Inc., Class A(a)(b)		2,028,379		35,658,903
EW Scripps Co., Class A, NVS(a)(b)(c)		4,223,432		39,742,495
Gannett Co., Inc.(a)(b)(c)		10,708,383		20,024,676
Scholastic Corp., NVS(a)		2,156,368		73,790,913
TechTarget, Inc.(a)(b)(c)		1,940,097		70,076,304
Thryv Holdings, Inc.(a)(b)(c)		2,229,412		51,410,241
				290,703,532
Metals & Mining — 2.1%
Arconic Corp.(a)(b)(c)		7,403,233		194,186,802
ATI, Inc.(a)(b)(c)		9,421,069		371,755,383
Carpenter Technology Corp.(a)		3,526,815		157,860,239
Century Aluminum Co.(b)(c)		3,701,693		37,016,930
Compass Minerals International, Inc.(a)		2,485,628		85,232,184
Haynes International, Inc.(a)(c)		919,330		46,049,240
Kaiser Aluminum Corp.(a)		1,161,561		86,687,297
Materion Corp.(a)(c)		1,492,687		173,151,692
Olympic Steel, Inc.(a)		692,690		36,165,345
SunCoke Energy, Inc.(a)		6,077,667		54,577,450
TimkenSteel Corp.(a)(b)(c)		2,883,789		52,888,690
Tredegar Corp.(a)		1,820,805		16,623,950
Warrior Met Coal, Inc.		2,470,246		90,682,731
				1,402,877,933
Mortgage Real Estate Investment Trusts (REITs) — 1.1%
Apollo Commercial Real Estate Finance, Inc.(a)		9,470,207		88,167,627
ARMOUR Residential REIT, Inc.(a)		11,870,452		62,319,873
Ellington Financial, Inc.(a)		4,606,520		56,245,609
Franklin BSP Realty Trust, Inc.(a)		6,006,880		71,662,078
Invesco Mortgage Capital, Inc.(a)		2,568,921		28,489,334
KKR Real Estate Finance Trust, Inc.(a)		4,229,012		48,168,447
New York Mortgage Trust, Inc.(a)(c)		6,967,441		69,395,712
PennyMac Mortgage Investment Trust(a)		6,461,543		79,670,825
Ready Capital Corp.(a)		7,166,679		72,885,125
Redwood Trust, Inc.(a)		8,245,868		55,577,150
Two Harbors Investment Corp.(a)		7,016,686		103,215,451
				735,797,231
Multi-Utilities — 0.4%
Avista Corp.(a)		5,307,363		225,297,559
Unitil Corp.(a)		1,168,382		66,644,509
				291,942,068
Office REITs — 0.7%
Brandywine Realty Trust(a)		12,505,353		59,150,320
Easterly Government Properties, Inc.(a)(c)		6,284,213		86,345,087
Hudson Pacific Properties, Inc.(a)		9,353,401		62,200,117
JBG SMITH Properties(a)		7,214,172		108,645,430
Office Properties Income Trust(a)		3,538,732		43,526,404
Orion Office REIT, Inc.(a)		4,098,401		27,459,287
SL Green Realty Corp.(a)		3,526,164		82,935,377
				470,262,022
Oil, Gas & Consumable Fuels — 2.5%
Callon Petroleum Co.(a)(b)(c)		3,726,637		124,618,741

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Civitas Resources, Inc.		3,778,628	$	258,231,438
Comstock Resources, Inc.(c)		6,654,000		71,796,660
CONSOL Energy, Inc.(a)		2,380,446		138,708,588
CVR Energy, Inc.		2,127,057		69,724,928
Dorian LPG Ltd.(a)		2,322,733		46,315,296
Green Plains, Inc.(a)(b)(c)		3,655,598		113,286,982
Northern Oil & Gas, Inc.(a)		5,392,658		163,667,170
Par Pacific Holdings, Inc.(b)(c)		2,888,579		84,346,507
Ranger Oil Corp., Class A(a)(c)		1,389,341		56,740,686
REX American Resources Corp.(a)(b)(c)		1,107,355		31,659,279
SM Energy Co.(a)(c)		8,951,013		252,060,526
Talos Energy, Inc.(b)(c)		4,752,977		70,534,179
Vital Energy, Inc.(a)(b)(c)		1,221,732		55,637,675
World Fuel Services Corp.(a)		4,500,543		114,988,874
				1,652,317,529
Paper & Forest Products — 0.3%
Clearwater Paper Corp.(a)(b)(c)		1,221,354		40,817,651
Mercer International, Inc.		2,920,751		28,550,341
Sylvamo Corp.(a)		2,322,212		107,425,527
				176,793,519
Passenger Airlines — 0.4%
Allegiant Travel Co.(a)(b)(c)		1,136,531		104,538,121
Hawaiian Holdings, Inc.(a)(b)(c)		3,720,289		34,077,847
SkyWest, Inc.(a)(b)		3,676,480		81,507,562
Sun Country Airlines Holdings, Inc.(b)(c)		2,373,457		48,655,869
				268,779,399
Personal Care Products — 1.4%
Edgewell Personal Care Co.(a)		3,738,555		158,589,503
elf Beauty, Inc.(a)(b)		3,685,577		303,507,266
Inter Parfums, Inc.		1,301,113		185,070,313
Medifast, Inc.(a)		796,210		82,543,091
Nu Skin Enterprises, Inc., Class A(a)		3,601,878		141,589,824
USANA Health Sciences, Inc.(b)(c)		809,397		50,911,071
				922,211,068
Pharmaceuticals — 1.7%
Amphastar Pharmaceuticals, Inc.(a)(b)(c)		2,739,841		102,744,038
ANI Pharmaceuticals, Inc.(a)(b)(c)		890,241		35,360,373
Cara Therapeutics, Inc.(a)(b)(c)		3,266,135		16,036,723
Collegium Pharmaceutical, Inc.(a)(b)(c)		2,446,234		58,685,154
Corcept Therapeutics, Inc.(a)(b)(c)		6,965,943		150,882,325
Harmony Biosciences Holdings, Inc.(b)(c)		2,155,200		70,367,280
Innoviva, Inc.(a)(b)(c)		4,563,339		51,337,564
Ligand Pharmaceuticals, Inc.(a)(b)(c)		1,169,457		86,025,257
Nektar Therapeutics(a)(b)(c)		14,092,889		9,905,892
Pacira BioSciences, Inc.(a)(b)(c)		3,343,934		136,465,947
Phibro Animal Health Corp., Class A(a)		1,471,681		22,546,153
Prestige Consumer Healthcare, Inc.(a)(b)(c)		3,621,865		226,837,405
Supernus Pharmaceuticals, Inc.(a)(b)(c)		3,939,911		142,742,976
				1,109,937,087
Professional Services — 1.2%
CSG Systems International, Inc.(a)		2,186,343		117,406,619
Forrester Research, Inc.(b)(c)		813,515		26,317,210
Heidrick & Struggles International, Inc.(a)		1,447,167		43,935,990
Kelly Services, Inc., Class A, NVS		2,520,454		41,814,332
Korn Ferry(a)		3,842,025		198,786,374
NV5 Global, Inc.(a)(b)(c)		904,619		94,053,237
Resources Connection, Inc.(a)		2,328,185		39,718,836
TrueBlue, Inc.(a)(b)(c)		2,384,057		42,436,215

SCHEDULES  OF  INVESTMENTS 27

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
TTEC Holdings, Inc.		1,372,533	$	51,099,404
Verra Mobility Corp., Class A(a)(b)(c)		10,159,371		171,896,557
				827,464,774
Real Estate Management & Development — 0.7%
Anywhere Real Estate, Inc.(a)(b)(c)		8,313,853		43,897,144
Cushman & Wakefield PLC(b)(c)		8,981,723		94,667,360
Douglas Elliman, Inc.(a)		5,044,597		15,688,697
Kennedy-Wilson Holdings, Inc.(a)		8,536,148		141,614,695
Marcus & Millichap, Inc.(c)		1,858,376		59,672,453
RE/MAX Holdings, Inc., Class A(a)		1,367,991		25,663,511
St. Joe Co.(c)		2,458,996		102,318,824
				483,522,684
Residential REITs — 0.5%
Centerspace(a)		1,097,987		59,983,030
Elme Communities(a)		6,373,950		113,838,747
NexPoint Residential Trust, Inc.(a)		1,370,673		59,857,290
Veris Residential, Inc.(a)(b)		5,774,150		84,533,556
				318,212,623
Retail REITs — 1.3%
Acadia Realty Trust(a)		6,879,130		95,963,864
Getty Realty Corp.(a)(c)		2,962,711		106,746,477
Retail Opportunity Investments Corp.(a)		9,116,025		127,259,709
RPT Realty(a)		6,257,928		59,512,895
Saul Centers, Inc.		933,729		36,415,431
SITE Centers Corp.		9,273,175		113,874,589
Tanger Factory Outlet Centers, Inc.(a)		7,605,109		149,288,290
Urban Edge Properties(a)(c)		8,536,716		128,562,943
Urstadt Biddle Properties, Inc., Class A(a)(c)		1,947,702		34,221,124
Whitestone REIT(a)		3,359,402		30,906,498
				882,751,820
Semiconductors & Semiconductor Equipment — 4.1%
Alpha & Omega Semiconductor Ltd.(a)(b)(c)		1,630,800		43,950,060
Axcelis Technologies, Inc.(a)(b)(c)		2,385,852		317,914,779
CEVA, Inc.(a)(b)(c)		1,689,596		51,414,406
Cohu, Inc.(a)(b)(c)		3,471,278		133,262,362
Diodes, Inc.(a)(b)(c)		3,311,198		307,146,726
FormFactor, Inc.(a)(b)(c)		5,614,111		178,809,435
Ichor Holdings Ltd.(a)(b)(c)		2,103,036		68,853,399
Kulicke & Soffa Industries, Inc.(a)(c)		4,125,732		217,384,819
MaxLinear, Inc.(a)(b)(c)		5,272,494		185,644,514
Onto Innovation, Inc.(a)(b)(c)		3,604,573		316,769,875
PDF Solutions, Inc.(a)(b)(c)		2,151,966		91,243,358
Photronics, Inc.(a)(b)(c)		4,485,956		74,377,150
Rambus, Inc.(a)(b)(c)		7,824,230		401,070,030
Semtech Corp.(a)(b)(c)		4,646,651		112,170,155
SMART Global Holdings, Inc.(a)(b)(c)		3,575,268		61,637,620
Ultra Clean Holdings, Inc.(a)(b)(c)		3,306,718		109,650,769
Veeco Instruments, Inc.(a)(b)(c)		3,736,621		78,954,802
				2,750,254,259
Software — 2.8%
8x8, Inc.(a)(b)(c)		8,237,171		34,349,003
A10 Networks, Inc.(a)		4,674,392		72,406,332
Adeia, Inc.(a)		7,007,031		62,082,295
Agilysys, Inc.(a)(b)(c)		1,451,355		119,751,301
Alarm.com Holdings, Inc.(a)(b)(c)		3,637,926		182,914,919
Cerence, Inc.(a)(b)(c)		2,922,879		82,103,671
Consensus Cloud Solutions, Inc.(a)(b)(c)		1,283,344		43,749,197
Digital Turbine, Inc.(a)(b)(c)		6,559,083		81,070,266
DoubleVerify Holdings, Inc.(b)(c)		6,358,731		191,715,740
Ebix, Inc.(a)(c)		1,714,112		22,609,137

Security	Shares		Value
Software (continued)
InterDigital, Inc.(a)(c)		1,957,466	$	142,699,271
LivePerson, Inc.(a)(b)(c)		5,069,307		22,355,644
LiveRamp Holdings, Inc.(a)(b)		4,715,966		103,421,134
N-able, Inc.(b)		4,864,706		64,214,119
OneSpan, Inc.(a)(b)(c)		2,565,332		44,893,310
Progress Software Corp.(a)(c)		3,159,351		181,504,715
SPS Commerce, Inc.(a)(b)(c)		2,623,723		399,593,013
Xperi, Inc.(a)(b)(c)		3,040,967		33,237,769
				1,884,670,836
Specialized REITs — 0.7%
Four Corners Property Trust, Inc.(a)		6,099,726		163,838,640
Outfront Media, Inc.(a)		9,887,688		160,477,176
Safehold, Inc.(c)		2,923,529		85,864,036
Uniti Group, Inc.(a)		17,283,393		61,356,045
				471,535,897
Specialty Retail — 4.7%
Aaron’s Co., Inc.(a)		2,309,643		22,311,151
Abercrombie & Fitch Co., Class A(a)(b)(c)		3,561,007		98,817,944
Academy Sports & Outdoors, Inc.(a)(c)		5,688,621		371,182,519
American Eagle Outfitters, Inc.(a)		12,703,197		170,730,968
America’s Car-Mart, Inc.(a)(b)(c)		419,486		33,227,486
Asbury Automotive Group, Inc.(a)(b)(c)		1,610,911		338,291,310
Boot Barn Holdings, Inc.(a)(b)(c)		2,173,103		166,546,614
Buckle, Inc.		2,147,447		76,642,383
Caleres, Inc.(a)(c)		2,595,140		56,132,878
Chico’s FAS, Inc.(a)(b)(c)		9,089,694		49,993,317
Children’s Place, Inc.(a)(b)(c)		890,986		35,862,187
Designer Brands, Inc., Class A(a)(c)		3,665,806		32,039,144
Genesco, Inc.(a)(b)(c)		872,907		32,192,810
Group 1 Automotive, Inc.(a)(c)		1,061,213		240,279,848
Guess?, Inc.(c)		2,216,815		43,139,220
Haverty Furniture Cos., Inc.(a)		957,319		30,548,049
Hibbett, Inc.(a)(c)		927,421		54,699,291
Leslie’s, Inc.(a)(b)(c)		10,821,303		119,142,546
MarineMax, Inc.(a)(b)(c)		1,592,394		45,781,328
Monro, Inc.(a)(c)		2,282,040		112,801,237
National Vision Holdings, Inc.(a)(b)(c)		5,735,145		108,050,132
ODP Corp.(a)(b)(c)		2,938,114		132,156,368
PetMed Express, Inc.(a)		1,525,680		24,777,043
Sally Beauty Holdings, Inc.(a)(b)(c)		7,801,684		121,550,237
Shoe Carnival, Inc.(c)		1,227,489		31,485,093
Signet Jewelers Ltd.(a)(c)		3,312,064		257,612,338
Sleep Number Corp.(a)(b)(c)		1,603,114		48,750,697
Sonic Automotive, Inc., Class A(a)		1,216,306		66,094,068
Upbound Group, Inc.(a)		3,650,830		89,481,843
Urban Outfitters, Inc.(b)(c)		4,366,392		121,036,386
Zumiez, Inc.(a)(b)(c)		1,128,386		20,807,438
				3,152,163,873
Technology Hardware, Storage & Peripherals — 0.2%
Avid Technology, Inc.(a)(b)(c)		2,412,724		77,158,914
Corsair Gaming, Inc.(b)(c)		2,930,154		53,768,326
				130,927,240
Textiles, Apparel & Luxury Goods — 1.2%
G-III Apparel Group Ltd.(a)(b)(c)		3,114,235		48,426,354
Hanesbrands, Inc.(a)		25,466,137		133,951,881
Kontoor Brands, Inc.(a)		3,598,072		174,110,704
Movado Group, Inc.(a)		1,144,431		32,925,280
Oxford Industries, Inc.(a)		1,080,262		114,064,865

28 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Steven Madden Ltd.(a)		5,336,227	$	192,104,172
Wolverine World Wide, Inc.(a)		5,723,277		97,581,873
				793,165,129
Tobacco — 0.3%
Universal Corp.(a)		1,784,417		94,377,815
Vector Group Ltd.(a)		9,563,830		114,861,598
				209,239,413
Trading Companies & Distributors — 1.5%
Applied Industrial Technologies, Inc.(a)		2,809,934		399,375,919
Boise Cascade Co.(a)		2,875,284		181,861,713
DXP Enterprises, Inc.(a)(b)(c)		1,140,717		30,708,102
GMS, Inc.(a)(b)(c)		3,033,684		175,619,967
NOW, Inc.(a)(b)		8,047,443		89,728,989
Veritiv Corp.(a)(c)		980,143		132,456,525
				1,009,751,215
Water Utilities — 1.1%
American States Water Co.(a)(c)		2,694,199		239,487,349
California Water Service Group(a)(c)		3,996,261		232,582,390
Middlesex Water Co.(a)		1,154,264		90,171,104
SJW Group(a)(c)		1,939,932		147,687,023
				709,927,866
Wireless Telecommunication Services — 0.3%
Gogo, Inc.(b)(c)		4,716,168		68,384,436
Shenandoah Telecommunications Co.(a)(c)		3,638,133		69,197,290
Telephone & Data Systems, Inc.(a)		7,252,345		76,222,146
				213,803,872
Total Long-Term Investments — 98.0% (Cost: $62,632,365,862)				65,397,157,378

Security	Shares		Value
Short-Term Securities
Money Market Funds — 8.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(a)(e)(f)		4,008,224,675	$	4,009,427,142
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(a)(e)		1,360,595,186		1,360,595,186
Total Short-Term Securities — 8.0% (Cost: $5,368,330,986)				5,370,022,328
Total Investments — 106.0% (Cost: $68,000,696,848)				70,767,179,706
Liabilities in Excess of Other Assets — (6.0)%				(4,010,353,638	)
Net Assets — 100.0%			$	66,756,826,068

^(a)  Affiliate of the Fund.

^(b)  Non-income producing security.

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

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
3D Systems Corp.	$	152,404,409	$	24,662,984	$	(19,480,285	)	$	(11,227,169	)	$	(44,177,521	)	$	102,182,418		9,531,942	$	—	$	—
8x8, Inc.		106,604,327		11,767,591		(12,723,576	)		(30,574,050	)		(40,725,289	)		34,349,003		8,237,171		—		—
A10 Networks, Inc.		—		86,781,273		(38,928,595	)		21,173,542			3,380,112			72,406,332		4,674,392		585,505		—
AAON, Inc.		165,097,728		44,845,794		(40,417,189	)		9,842,014			116,856,552			296,224,899		3,063,656		1,687,373		—
AAR Corp.		115,530,346		25,837,586		(26,266,391	)		4,598,418			10,430,212			130,130,171		2,385,521		—		—
Aaron’s Co., Inc.		45,249,919		6,443,087		(5,879,674	)		(1,132,941	)		(22,369,240	)		22,311,151		2,309,643		1,055,697		—
Abercrombie & Fitch Co., Class A		129,296,574		19,848,577		(30,567,385	)		(2,198,429	)		(17,561,393	)		98,817,944		3,561,007		—		—
ABM Industries, Inc.		222,000,552		48,632,477		(47,797,854	)		4,298,724			(10,949,759	)		216,184,140		4,810,506		3,888,432		—
Academy Sports & Outdoors, Inc.		247,233,030		61,399,958		(92,958,501	)		11,206,490			144,301,542			371,182,519		5,688,621		1,891,899		—
Acadia Realty Trust		137,120,154		15,195,178		(7,019,605	)		1,222,829			(50,554,692	)		95,963,864		6,879,130		4,879,964		—
Addus HomeCare Corp.		106,333,341		25,381,144		(21,779,949	)		1,671,593			13,413,461			125,019,590		1,171,034		—		—
Adeia, Inc.(a)		115,255,905		82,872,361		(160,716,178	)		721,219			23,948,988			62,082,295		7,007,031		1,356,882		—
Adtalem Global Education, Inc.		105,883,558		28,909,504		(34,876,964	)		(1,070,211	)		29,080,430			127,926,317		3,312,437		—		—
ADTRAN Holdings, Inc.		64,475,720		62,658,835		(27,099,355	)		(810,701	)		(17,787,523	)		81,436,976		5,134,740		1,787,579		—
Advanced Energy Industries, Inc.		232,148,377		51,281,270		(48,584,909	)		9,017,805			22,818,487			266,681,030		2,721,235		1,103,075		—
AdvanSix, Inc.		103,129,764		18,373,211		(18,753,755	)		3,805,480			(29,898,397	)		76,656,303		2,003,039		1,159,906		—

SCHEDULES  OF  INVESTMENTS 29

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
Aerojet Rocketdyne Holdings, Inc.	$	210,898,884	$	62,588,133	$	(56,504,377	)	$	13,578,054		$	79,369,807		$	309,930,501		5,517,723	$	—	$	—
AeroVironment, Inc.		155,389,744		44,558,234		(28,421,745	)		9,246,380			(13,096,043	)		167,676,570		1,829,332		—		—
Agilysys, Inc.		55,832,998		19,684,622		(16,669,235	)		7,384,983			53,517,933			119,751,301		1,451,355		—		—
Agree Realty Corp.(b)		338,698,786		154,634,325		(539,404,770	)		55,502,755			(9,431,096	)		—		—		12,347,293		—
Alamo Group, Inc.		102,110,887		25,382,731		(20,752,847	)		5,282,379			26,100,349			138,123,499		750,019		558,384		—
Alarm.com Holdings, Inc.		219,126,130		61,863,054		(36,756,730	)		421,277			(61,738,812	)		182,914,919		3,637,926		—		—
Albany International Corp., Class A		195,263,787		45,802,941		(48,114,029	)		7,680,594			1,666,576			202,299,869		2,263,875		2,137,028		—
Alexander & Baldwin, Inc.		120,333,884		22,078,056		(20,280,445	)		(990,277	)		(21,510,612	)		99,630,606		5,268,673		4,595,907		—
Allegiance Bancshares, Inc.(c)		59,587,214		1,191,015		(1,714,036	)		(240,815	)		(14,481,640	)		N/A		N/A		374,576		—
Allegiant Travel Co.		176,482,366		28,135,547		(22,500,888	)		(8,585,147	)		(68,993,757	)		104,538,121		1,136,531		—		—
Alpha & Omega Semiconductor Ltd.		—		74,656,037		(20,008,320	)		9,499,187			(20,196,844	)		43,950,060		1,630,800		—		—
AMC Networks, Inc., Class A		84,999,626		15,358,452		(15,557,823	)		(6,543,847	)		(42,597,505	)		35,658,903		2,028,379		—		—
American Assets Trust, Inc.		143,001,293		11,882,786		(12,371,095	)		(569,277	)		(71,188,643	)		70,755,064		3,806,082		4,952,409		—
American Axle & Manufacturing Holdings, Inc.		63,354,402		17,679,019		(14,898,379	)		(6,193,534	)		5,247,898			65,189,406		8,346,915		—		—
American Eagle Outfitters, Inc.		—		161,173,977		(16,807,269	)		(313,181	)		26,677,441			170,730,968		12,703,197		—		—
American Equity Investment Life Holding Co.		235,483,048		49,749,323		(77,744,401	)		5,623,606			(28,479,328	)		184,632,248		5,059,804		1,902,706		—
American Public Education, Inc.(b)		28,333,714		2,755,480		(13,022,878	)		(30,408,883	)		12,342,567			—		—		—		—
American States Water Co.		235,397,633		52,600,483		(47,081,714	)		10,480,384			(11,909,437	)		239,487,349		2,694,199		4,247,935		—
American Vanguard Corp.		38,992,028		13,351,380		(11,014,973	)		1,431,252			1,572,344			44,332,031		2,026,144		222,639		—
American Woodmark Corp.		58,267,437		15,250,232		(13,999,614	)		(4,704,625	)		8,251,359			63,064,789		1,211,154		—		—
America’s Car-Mart, Inc.		34,900,525		9,448,035		(9,269,577	)		(3,056,013	)		1,204,516			33,227,486		419,486		—		—
Ameris Bancorp		205,685,482		12,353,637		(8,951,488	)		(1,988,069	)		(33,285,412	)		173,814,150		4,751,617		2,828,491		—
AMERISAFE, Inc.		68,577,780		18,761,911		(17,388,388	)		(1,269,439	)		(357,797	)		68,324,067		1,395,793		7,682,001		—
AMN Healthcare Services, Inc.		353,146,095		76,971,591		(92,599,911	)		12,930,004			(88,744,902	)		261,702,877		3,154,567		—		—
Amphastar Pharmaceuticals, Inc.		94,656,884		22,616,892		(19,129,884	)		4,145,405			454,741			102,744,038		2,739,841		—		—
Andersons, Inc.		109,438,184		21,830,262		(19,021,154	)		2,476,072			(21,260,871	)		93,462,493		2,261,919		1,662,052		—
AngioDynamics, Inc.		59,765,035		12,919,169		(10,674,241	)		(1,369,948	)		(31,155,732	)		29,484,283		2,851,478		—		—
ANI Pharmaceuticals, Inc.		25,597,584		7,637,563		(8,360,800	)		(2,415,811	)		12,901,837			35,360,373		890,241		—		—
Anika Therapeutics, Inc.		26,046,427		6,425,293		(5,779,803	)		(1,642,180	)		5,527,987			30,577,724		1,064,684		—		—
Anywhere Real Estate, Inc.(d)		130,770,667		20,489,257		(19,048,491	)		(7,300,539	)		(81,013,750	)		43,897,144		8,313,853		—		—
Apogee Enterprises, Inc.		84,458,297		17,698,554		(23,069,440	)		(575,155	)		(8,704,939	)		69,807,317		1,614,042		1,491,824		—
Apollo Commercial Real Estate Finance, Inc.		131,414,687		23,099,636		(33,427,342	)		(6,668,246	)		(26,251,108	)		88,167,627		9,470,207		13,212,500		—
Apollo Medical Holdings, Inc.(c)		—		28,747,362		(41,852,212	)		9,472,847			—			N/A		N/A		—		—
Applied Industrial Technologies, Inc.		282,658,706		69,869,998		(64,089,898	)		16,236,890			94,700,223			399,375,919		2,809,934		3,888,544		—
ArcBest Corp.		143,182,130		33,295,412		(33,239,385	)		7,562,075			12,021,073			162,821,305		1,761,754		870,197		—
Archrock, Inc.		88,793,680		24,175,239		(31,321,180	)	��	661,753			12,706,025			95,015,517		9,725,232		2,836,469		—

30 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
Arconic Corp.	$	195,119,102	$	32,892,803		$	(35,328,069	)	$	1,597,707		$	(94,741	)	$	194,186,802		7,403,233	$	—		$	—
Arcosa, Inc.		198,075,840		42,982,430			(40,189,854	)		9,612,960			11,614,894			222,096,270		3,519,193		701,072			—
Arcus Biosciences, Inc.		—		146,007,948			(22,995,254	)		2,951,290			(56,650,434	)		69,313,550		3,800,085		—			—
Arlo Technologies, Inc.		53,460,460		10,117,741			(7,510,145	)		(242,606	)		(16,759,896	)		39,065,554		6,446,461		—			—
Armada Hoffler Properties, Inc.		70,086,380		16,197,943			(16,629,053	)		(1,230,678	)		(10,176,385	)		58,248,207		4,932,109		2,953,496			—
ARMOUR Residential REIT, Inc.		53,925,690		47,282,573			(32,735,236	)		(5,681,406	)		(471,748	)		62,319,873		11,870,452		5,282,344			—
Artivion, Inc.		60,418,875		12,329,107			(9,951,756	)		(2,773,688	)		(21,527,441	)		38,495,097		2,938,557		—			—
Asbury Automotive Group, Inc.		265,364,091		62,255,621			(68,435,225	)		16,639,812			62,467,011			338,291,310		1,610,911		—			—
Assured Guaranty Ltd.		318,170,834		41,988,544			(90,349,449	)		9,683,149			(60,094,187	)		219,398,891		4,364,410		4,863,472			—
Astec Industries, Inc.		69,718,136		18,126,708			(15,704,104	)		(4,055,621	)		179,424			68,264,543		1,654,898		846,534			—
ATI, Inc.(e)		244,513,581		69,679,893			(60,450,699	)		17,173,459			100,839,149			371,755,383		9,421,069		—			—
Atlantic Union Bankshares Corp.		—		160,269,742			—			—			467,981			160,737,723		4,585,955		—			—
Atlas Air Worldwide Holdings, Inc.(b)		166,773,819		42,122,389			(240,052,009	)		89,824,991			(58,669,190	)		—		—		—			—
ATN International, Inc.(c)		—		8,028,245			(24,607,848	)		15,176,156			—			N/A		N/A		463,707			—
Avanos Medical, Inc.		115,498,754		22,157,026			(23,245,733	)		(5,842,420	)		(8,071,646	)		100,495,981		3,379,152		—			—
Avantax, Inc.(f)		68,374,913		20,435,701			(36,525,939	)		2,829,652			21,235,150			76,349,477		2,900,816		—			—
Avid Bioservices, Inc.		89,677,316		18,495,816			(15,476,258	)		(5,171,043	)		(2,590,419	)		84,935,412		4,527,474		—			—
Avid Technology, Inc.		—		79,174,939			(12,573,677	)		(555,562	)		11,113,214			77,158,914		2,412,724		—			—
Avista Corp.		227,402,896		17,823,617			(6,971,692	)		(1,248,856	)		(11,708,406	)		225,297,559		5,307,363		9,214,387			—
Axcelis Technologies, Inc.		179,950,376		41,442,034			(43,908,344	)		13,793,707			126,637,006			317,914,779		2,385,852		—			—
Axos Financial, Inc.		173,668,573		25,618,459			(18,541,445	)		157,102			(37,307,702	)		143,594,987		3,889,355		—			—
AZZ, Inc.		85,248,715		18,653,608			(16,496,162	)		(1,588,271	)		(11,220,297	)		74,597,593		1,808,865		1,225,359			—
B&G Foods, Inc.		125,617,072		38,558,129			(36,640,710	)		(3,011,858	)		(43,649,366	)		80,873,267		5,207,551		2,283,632			—
Badger Meter, Inc.		208,791,145		46,765,888			(42,683,031	)		12,677,695			34,005,913			259,557,610		2,130,665		1,886,157			—
Balchem Corp.		316,937,446		64,726,216			(58,953,764	)		5,878,853			(32,769,992	)		295,818,759		2,338,858		1,691,144			—
Banc of California, Inc.		75,436,879		11,424,864			(9,106,841	)		(140,271	)		(27,484,068	)		50,130,563		4,000,843		1,122,541			—
Bancorp, Inc.		112,651,582		1,191,754			(783,852	)		(491,079	)		(1,659,512	)		110,908,893		3,982,366		—			—
BankUnited, Inc.		243,143,815		9,501,842			(19,441,242	)		3,516,486			(118,007,477	)		118,713,424		5,257,459		5,457,772			—
Banner Corp.		130,580,723		11,143,078			—			—			(10,668,396	)		131,055,405		2,410,436		4,175,687			—
Barnes Group, Inc.		133,984,216		36,726,133			(24,863,435	)		(2,935,009	)		5,544,788			148,456,693		3,685,618		2,291,250			—
Bed Bath & Beyond, Inc.(b)		155,271,105		8,995,978			(25,699,438	)		(53,283,154	)		(85,284,491	)		—		—		—			—
Benchmark Electronics, Inc.		63,315,343		16,420,802			(15,033,162	)		(390,181	)		(3,593,508	)		60,719,294		2,563,077		1,682,249			—
Berkshire Hills Bancorp, Inc.		92,929,531		—			(3,082,907	)		(1,914,274	)		(10,457,230	)		77,475,120		3,091,585		1,868,895			—
Big Lots, Inc.		75,631,586		10,841,890			(12,433,659	)		(7,830,164	)		(43,241,384	)		22,968,269		2,095,645		2,590,058			—
BioLife Solutions, Inc.		48,785,285		16,629,644			(8,660,439	)		(4,683,407	)		1,996,546			54,067,629		2,485,868		—			—
BJ’s Restaurants, Inc.		47,205,475		11,207,975			(10,375,001	)		(2,597,118	)		4,088,248			49,529,579		1,699,711		—			—
BlackRock Cash Funds: Institutional, SL Agency Shares		2,943,104,221		1,064,562,774	(g)		—			(66,802	)		1,826,949			4,009,427,142		4,008,224,675		12,809,798	(h)		—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,155,360,000		205,235,186	(g)		—			—			—			1,360,595,186		1,360,595,186		29,490,764			976
Bloomin’ Brands, Inc.		127,477,631		42,790,274			(31,124,369	)		354,190			24,635,726			164,133,452		6,398,965		4,176,864			—
Boise Cascade Co.		195,603,483		44,434,679			(39,554,565	)		9,440,188			(28,062,072	)		181,861,713		2,875,284		11,387,967			—
Boot Barn Holdings, Inc.		201,268,176		35,619,541			(31,897,503	)		3,946,378			(42,389,978	)		166,546,614		2,173,103		—			—
Bottomline Technologies DE, Inc.(b)		156,807,601		2,758,945			(160,448,424	)		42,629,208			(41,747,330	)		—		—		—			—
Brandywine Realty Trust		173,075,481		20,383,894			(17,326,310	)		(4,632,236	)		(112,350,509	)		59,150,320		12,505,353		9,453,974			—
Brightsphere Investment Group, Inc.		60,793,028		12,640,074			(15,100,322	)		2,003,073			(4,808,372	)		55,527,481		2,354,855		97,722			—

SCHEDULES  OF  INVESTMENTS 31

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
Brinker International, Inc.	$	121,764,897	$	24,129,039	$	(23,516,968	)	$	(2,984,702	)	$	2,633,410		$	122,025,676		3,211,202	$	—	$	—
Bristow Group, Inc.		61,342,705		10,639,395		(8,759,598	)		(400,902	)		(24,410,774	)		38,410,826		1,714,769		—		—
Brookline Bancorp, Inc.		80,283,225		11,029,944		—			—			(29,554,101	)		61,759,068		5,881,816		2,830,623		—
CalAmp Corp.(b)		18,844,288		1,530,954		(14,677,731	)		(23,125,724	)		17,428,213			—		—		—		—
Calavo Growers, Inc.		46,121,825		11,709,534		(9,401,590	)		(6,203,977	)		(5,305,511	)		36,920,281		1,283,291		508,739		—
Caleres, Inc.		52,700,056		17,669,337		(19,414,433	)		(725,532	)		5,903,450			56,132,878		2,595,140		756,468		—
California Water Service Group		223,030,745		52,461,448		(38,052,521	)		7,379,000			(12,236,282	)		232,582,390		3,996,261		3,997,865		—
Callon Petroleum Co.		199,652,943		45,949,801		(29,272,331	)		(2,057,202	)		(89,654,470	)		124,618,741		3,726,637		—		—
Cal-Maine Foods, Inc.		147,935,153		36,158,991		(31,387,217	)		4,379,393			10,936,773			168,023,093		2,759,453		8,586,110		—
Capitol Federal Financial, Inc.		98,848,924		6,782,221		(4,730,341	)		(1,615,961	)		(37,175,874	)		62,108,969		9,228,673		7,634,868		—
Cara Therapeutics, Inc.		36,412,748		9,277,738		(5,789,751	)		(3,614,887	)		(20,249,125	)		16,036,723		3,266,135		—		—
Cardiovascular Systems, Inc.		65,640,819		12,589,768		(10,332,173	)		(5,494,751	)		(1,685,468	)		60,718,195		3,057,311		—		—
CareTrust REIT, Inc.		133,977,821		32,375,443		(30,360,845	)		3,632,025			2,381,836			142,006,280		7,252,619		4,542,833		—
Carpenter Technology Corp.		144,959,501		29,528,811		(26,465,769	)		3,396,814			6,440,882			157,860,239		3,526,815		2,841,067		—
Cars.com, Inc.		67,090,063		14,642,775		(16,593,949	)		(1,967,302	)		23,703,561			86,875,148		4,501,303		—		—
Catalyst Pharmaceuticals, Inc.		—		121,608,719		(13,113,755	)		(114,886	)		7,308,397			115,688,475		6,977,592		—		—
Cato Corp., Class A(b)		19,984,703		2,789,239		(14,592,353	)		(11,952,833	)		3,771,244			—		—		450,518		—
Cavco Industries, Inc.		146,793,258		32,518,145		(37,894,751	)		7,145,157			38,695,400			187,257,209		589,341		—		—
Centerspace		105,322,106		23,129,705		(22,351,283	)		(2,841,661	)		(43,275,837	)		59,983,030		1,097,987		1,868,148		—
Central Garden & Pet Co.		30,929,728		6,637,986		(6,298,255	)		716,729			(2,994,256	)		28,991,932		706,087		—		—
Central Pacific Financial Corp.		44,570,724		—		—			—			(15,975,170	)		28,595,554		1,597,517		1,661,418		—
Century Communities, Inc.		113,868,713		25,418,290		(28,344,920	)		1,278,517			19,510,466			131,731,066		2,060,874		1,770,687		—
Cerence, Inc.		101,172,885		17,320,760		(14,095,234	)		(1,793,628	)		(20,501,112	)		82,103,671		2,922,879		—		—
CEVA, Inc.		67,094,410		13,618,939		(11,446,635	)		(1,759,948	)		(16,092,360	)		51,414,406		1,689,596		—		—
Chatham Lodging Trust		48,136,215		10,249,999		(10,699,705	)		(2,614,330	)		(7,973,255	)		37,098,924		3,536,599		502,609		—
Cheesecake Factory, Inc.		138,105,122		27,990,648		(27,822,161	)		(3,089,212	)		(13,031,922	)		122,152,475		3,485,092		3,886,467		—
Chefs’ Warehouse, Inc.		76,019,288		23,356,212		(17,308,764	)		3,670,008			(1,463,607	)		84,273,137		2,474,982		—		—
Chesapeake Utilities Corp.		159,802,289		—		—			—			(11,333,250	)		148,469,039		1,160,005		2,482,411		—
Chico’s FAS, Inc.		42,101,966		10,641,552		(8,590,421	)		1,280,044			4,560,176			49,993,317		9,089,694		—		—
Children’s Place, Inc.		48,144,408		10,408,160		(13,423,256	)		(10,359,055	)		1,091,930			35,862,187		890,986		—		—
Chuy’s Holdings, Inc.		38,410,416		8,301,583		(11,287,162	)		(860,937	)		12,445,524			47,009,424		1,311,281		—		—
Cinemark Holdings, Inc.		131,621,622		26,167,179		(21,642,612	)		(3,595,105	)		(17,346,760	)		115,204,324		7,789,339		—		—
CIRCOR International, Inc.		38,868,368		7,254,637		(7,478,710	)		(3,281,510	)		10,810,861			46,173,646		1,483,729		—		—
City Holding Co.		77,952,035		2,923,573		—			—			12,040,013			92,915,621		1,022,399		2,476,903		—
Civitas Resources, Inc.(c)		308,128,260		59,164,817		(145,572,223	)		25,443,471			(70,286,984	)		N/A		N/A		32,346,766		—
Clearfield, Inc.		—		107,326,557		(7,097,010	)		(200,130	)		(57,153,971	)		42,875,446		920,469		—		—
Clearwater Paper Corp.		33,601,467		10,985,514		(9,729,228	)		147,864			5,812,034			40,817,651		1,221,354		—		—
Cogent Communications Holdings, Inc.		201,346,904		47,527,534		(59,329,294	)		7,701,664			1,208,813			198,455,621		3,114,495		5,528,743		—
Coherus Biosciences, Inc.		59,117,394		9,614,736		(8,220,138	)		(4,439,144	)		(23,901,701	)		32,171,147		4,703,384		—		—
Cohu, Inc.		103,114,057		24,414,264		(24,857,247	)		3,460,686			27,130,602			133,262,362		3,471,278		—		—
Collegium Pharmaceutical, Inc.		50,377,440		11,718,696		(12,110,084	)		(1,119,421	)		9,818,523			58,685,154		2,446,234		—		—
Columbia Banking
System, Inc.(b)		169,115,195		10,183,552		(165,475,980	)		(37,652,919	)		23,830,152			—		—		6,562,672		—
Comfort Systems U.S.A., Inc.		229,414,018		61,123,173		(59,595,472	)		19,307,551			129,722,852			379,972,122		2,603,262		1,610,062		—

32 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
Community Bank System, Inc.	$	251,364,076	$	7,381,735	$	—		$	—		$	(64,450,402	)	$	194,295,409		3,701,570	$	6,426,012	$	—
Community Health Systems, Inc.		105,476,808		10,552,850		(9,947,332	)		(4,919,684	)		(56,546,388	)		44,616,254		9,105,358		—		—
Community Healthcare Trust, Inc.		70,949,649		15,215,811		(15,189,012	)		514,535			(8,744,785	)		62,746,198		1,714,377		2,845,969		—
Compass Minerals International, Inc.		153,003,847		24,701,894		(22,095,599	)		(4,560,191	)		(65,817,767	)		85,232,184		2,485,628		1,513,731		—
Computer Programs & Systems, Inc.		36,313,263		7,673,914		(7,919,233	)		(708,439	)		(4,265,857	)		31,093,648		1,029,591		—		—
Comtech Telecommunications Corp.		29,701,641		5,191,502		(3,925,696	)		(1,131,720	)		(4,751,377	)		25,084,350		2,009,964		784,087		—
CONMED Corp.		311,068,602		54,123,580		(41,909,953	)		5,319,254			(98,153,384	)		230,448,099		2,218,834		1,764,178		—
Conn’s, Inc.(b)		21,217,289		2,068,769		(11,358,214	)		(19,041,743	)		7,113,899			—		—		—		—
Consensus Cloud Solutions, Inc.		68,526,794		20,266,303		(11,443,027	)		(2,383,468	)		(31,217,405	)		43,749,197		1,283,344		—		—
CONSOL Energy, Inc.		85,687,461		32,392,344		(25,127,720	)		11,565,676			34,190,827			138,708,588		2,380,446		7,645,868		—
Corcept Therapeutics, Inc.		153,670,670		37,665,270		(30,907,627	)		4,044,409			(13,590,397	)		150,882,325		6,965,943		—		—
Core Laboratories NV		104,744,833		17,336,189		(15,432,350	)		(2,358,129	)		(29,574,272	)		74,716,271		3,388,493		136,466		—
CoreCivic, Inc.		96,164,194		22,626,812		(24,345,043	)		171,471			(17,750,450	)		76,866,984		8,355,107		—		—
Covetrus, Inc.(b)		124,128,789		22,527,877		(177,176,728	)		43,957,134			(13,437,072	)		—		—		—		—
Cracker Barrel Old Country Store, Inc.		—		181,739,606		(2,862,059	)		23,171			4,647,800			183,548,518		1,615,744		—		—
Cross Country Healthcare, Inc.		54,819,683		17,909,447		(14,692,065	)		2,597,050			(3,012,647	)		57,621,468		2,581,607		—		—
CSG Systems International, Inc.		147,766,049		34,220,822		(40,004,801	)		2,670,843			(27,246,294	)		117,406,619		2,186,343		2,496,713		—
CTS Corp.		81,370,986		21,564,260		(21,250,590	)		5,433,912			27,485,495			114,604,063		2,317,106		371,367		—
Customers Bancorp, Inc.		111,384,075		3,407,654		(2,789,620	)		(2,654,213	)		(69,573,659	)		39,774,237		2,147,637		—		—
Cutera, Inc.		80,707,782		17,424,903		(10,716,638	)		2,393,038			(59,088,724	)		30,720,361		1,300,608		—		—
CVB Financial Corp.		214,747,136		18,492,300		(9,171,606	)		(444,909	)		(63,834,727	)		159,788,194		9,579,628		7,253,683		—
Cytokinetics, Inc.		220,819,914		93,335,286		(47,152,807	)		16,525,396			(41,163,948	)		242,363,841		6,887,293		—		—
Dave & Buster’s Entertainment, Inc.		136,001,746		35,619,218		(23,900,938	)		5,466,103			(40,844,075	)		112,342,054		3,053,603		—		—
Deluxe Corp.		92,194,563		16,622,439		(13,297,060	)		(6,335,823	)		(38,894,791	)		50,289,328		3,143,083		3,807,168		—
Designer Brands, Inc., Class A		59,732,195		14,253,783		(22,819,298	)		(7,945,571	)		(11,181,965	)		32,039,144		3,665,806		1,033,628		—
DiamondRock Hospitality Co.		152,168,570		28,690,405		(26,678,626	)		(1,257,554	)		(29,032,058	)		123,890,737		15,238,713		1,851,060		—
Diebold Nixdorf, Inc.(b)		35,237,668		3,054,439		(11,406,395	)		(46,947,307	)		20,061,595			—		—		—		—
Digi International, Inc.		53,901,058		18,923,432		(15,649,237	)		5,232,216			25,313,607			87,721,076		2,604,545		—		—
Digital Turbine, Inc.		—		127,192,250		(16,615,225	)		706,781			(30,213,540	)		81,070,266		6,559,083		—		—
Dime Community Bancshares, Inc.		80,909,910		17,848,268		(16,206,117	)		165,300			(29,446,618	)		53,270,743		2,344,663		2,261,868		—
Dine Brands Global, Inc.		96,314,786		20,889,710		(26,968,442	)		(2,073,189	)		(11,106,227	)		77,056,638		1,139,217		2,411,060		—
Diodes, Inc.		280,383,123		56,274,742		(48,945,007	)		13,621,000			5,812,868			307,146,726		3,311,198		—		—
Diversified Healthcare Trust(b)		54,951,898		5,350,724		(17,433,181	)		(65,405,814	)		22,536,373			—		—		344,671		—
DMC Global, Inc.		42,079,172		7,424,049		(7,748,067	)		(9,083,218	)		(2,970,737	)		29,701,199		1,351,898		—		—
Donnelley Financial Solutions, Inc.		69,434,773		18,450,072		(26,867,484	)		3,315,927			10,186,036			74,519,324		1,823,772		—		—
Dorian LPG Ltd.(i)		N/A		9,133,531		(5,471,022	)		870,142			12,162,250			46,315,296		2,322,733		4,745,964		—
Dorman Products, Inc.		193,436,796		44,453,726		(38,849,049	)		2,544,167			(23,800,416	)		177,785,224		2,061,039		—		—
Douglas Elliman, Inc.		34,298,451		6,903,546		(4,650,205	)		(1,754,488	)		(19,108,607	)		15,688,697		5,044,597		994,743		—
Dril-Quip, Inc.		94,584,206		16,254,384		(17,577,508	)		(2,747,493	)		(19,801,088	)		70,712,501		2,464,709		—		—
DXP Enterprises, Inc.		33,255,223		8,528,233		(10,214,163	)		(2,284,923	)		1,423,732			30,708,102		1,140,717		—		—

SCHEDULES  OF  INVESTMENTS 33

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
Dycom Industries, Inc.	$	—	$	208,426,936	$	(2,896,680	)	$	(1,135	)	$	(3,766,283	)	$	201,762,838		2,154,435	$	—	$	—
Dynavax Technologies Corp.		—		105,129,901		(25,124,329	)		6,619,436			(2,046,268	)		84,578,740		8,621,686		—		—
Eagle Bancorp, Inc.		124,915,124		4,226,482		(2,621,675	)		(772,938	)		(51,165,256	)		74,581,737		2,228,316		3,922,326		—
Eagle Pharmaceuticals, Inc.		40,256,354		7,631,017		(8,707,393	)		(3,890,995	)		(13,699,385	)		21,589,598		761,001		—		—
Easterly Government Properties, Inc.		125,341,047		22,507,895		(23,272,478	)		(1,116,758	)		(37,114,619	)		86,345,087		6,284,213		3,883,735		—
Ebix, Inc.		56,751,142		9,324,876		(9,088,725	)		(5,477,929	)		(28,900,227	)		22,609,137		1,714,112		389,237		—
Edgewell Personal Care Co.		141,845,574		34,874,409		(38,441,996	)		(2,280,860	)		22,592,376			158,589,503		3,738,555		2,329,466		—
eHealth, Inc.(b)		21,176,573		1,910,217		(11,057,983	)		(79,595,216	)		67,566,409			—		—		—		—
elf Beauty, Inc.		88,757,898		39,561,801		(30,413,617	)		6,284,962			199,316,222			303,507,266		3,685,577		—		—
Ellington Financial, Inc.		69,516,047		20,451,884		(13,439,598	)		(990,184	)		(19,292,540	)		56,245,609		4,606,520		5,213,069		—
Elme Communities(j)		154,813,024		33,728,265		(34,107,815	)		(3,327,770	)		(37,266,957	)		113,838,747		6,373,950		2,888,304		—
Embecta Corp.		—		152,676,182		(42,245,220	)		16,010,035			(9,201,237	)		117,239,760		4,169,266		1,298,433		—
Emergent BioSolutions, Inc.		140,635,920		19,460,106		(22,142,283	)		(13,455,412	)		(90,955,883	)		33,542,448		3,237,688		—		—
Employers Holdings, Inc.		70,663,431		446,514		—			—			1,149,539			72,259,484		1,733,257		5,670,300		—
Enanta Pharmaceuticals, Inc.		92,972,184		20,704,764		(13,530,090	)		(1,473,692	)		(40,981,664	)		57,691,502		1,426,595		—		—
Encore Capital Group, Inc.		111,610,910		27,314,026		(28,822,289	)		(49,960	)		(24,322,598	)		85,730,089		1,699,308		—		—
Encore Wire Corp.		165,403,097		41,876,681		(57,003,606	)		13,106,501			84,419,475			247,802,148		1,337,086		82,515		—
Endo International PLC(b)		38,829,938		757,788		(6,841,898	)		(106,485,147	)		73,739,319			—		—		—		—
Enerpac Tool Group Corp.		94,213,093		23,451,047		(26,145,994	)		(908,365	)		15,264,358			105,874,139		4,151,927		170,039		—
Enhabit, Inc.		—		91,130,457		(9,437,408	)		(2,133,165	)		(29,411,260	)		50,148,624		3,605,221		—		—
Enova International, Inc.		92,782,239		21,442,532		(26,428,284	)		4,140,213			8,872,660			100,809,360		2,268,948		—		—
EnPro Industries, Inc.		144,434,581		33,861,312		(29,668,964	)		4,395,011			4,118,957			157,140,897		1,512,570		1,727,643		—
Ensign Group, Inc.		337,254,869		84,055,484		(58,109,264	)		26,065,121			(1,654,411	)		387,611,799		4,057,063		894,575		—
ePlus, Inc.		107,854,675		23,543,849		(21,115,266	)		4,252,775			(18,524,982	)		96,011,051		1,957,811		—		—
ESCO Technologies, Inc.		130,009,877		33,428,795		(30,932,332	)		2,648,933			44,372,528			179,527,801		1,880,857		750,020		—
Essential Properties Realty Trust, Inc.		220,199,764		79,119,740		(45,142,321	)		(664,614	)		4,390,845			257,903,414		10,378,407		9,597,829		—
Ethan Allen Interiors, Inc.		41,074,589		10,422,985		(8,184,333	)		783,857			1,548,671			45,645,769		1,662,264		2,944,550		—
EVERTEC, Inc.		175,019,955		51,884,844		(33,860,424	)		5,365,482			(38,402,153	)		160,007,704		4,740,969		924,349		—
EW Scripps Co., Class A, NVS(i)		N/A		14,716,323		(61,448,764	)		47,148,440			(30,883,909	)		39,742,495		4,223,432		—		—
ExlService Holdings, Inc.(b)		341,620,008		45,177,268		(395,926,948	)		182,593,664			(173,463,992	)		—		—		—		—
Exponent, Inc.(b)		403,165,884		75,084,866		(438,543,442	)		135,033,657			(174,740,965	)		—		—		3,716,803		—
Fabrinet		278,453,731		59,706,708		(56,448,124	)		14,772,043			20,447,366			316,931,724		2,668,674		—		—
FARO Technologies, Inc.		67,909,750		10,982,364		(8,852,849	)		(5,742,074	)		(30,852,275	)		33,444,916		1,358,997		—		—
FB Financial Corp.		113,334,609		24,889,366		(22,955,572	)		414,395			(36,298,728	)		79,384,070		2,554,185		1,406,987		—
Federal Signal Corp.		147,847,950		42,709,350		(40,030,477	)		10,708,564			78,372,271			239,607,658		4,419,990		1,612,854		—
Ferro Corp.(b)		129,049,292		1,038,682		(131,634,077	)		11,490,943			(9,944,840	)		—		—		—		—
First BanCorp/Puerto Rico		178,203,187		2,104,640		(12,881,361	)		2,831,780			(23,405,063	)		146,853,183		12,859,298		6,576,488		—
First Bancorp/Southern Pines NC		102,724,794		19,233,581		(3,252,654	)		(873,412	)		(16,110,737	)		101,721,572		2,863,783		2,244,755		—
First Commonwealth Financial Corp.		93,056,143		15,668,002		—			—			(20,095,063	)		88,629,082		7,130,256		2,946,368		—
First Financial Bancorp		140,160,135		10,828,867		—			—			(8,158,623	)		142,830,379		6,560,881		5,926,827		—
First Hawaiian, Inc.		254,293,155		55,904,432		(49,549,348	)		1,832,828			(71,225,433	)		191,255,634		9,270,753		9,808,037		—
Flagstar Bancorp, Inc.(b)		152,382,971		5,672,270		(140,533,253	)		12,825,099			(30,347,087	)		—		—		10,017,050		—
FormFactor, Inc.		235,326,769		40,940,451		(38,314,853	)		3,669,006			(62,811,938	)		178,809,435		5,614,111		—		—
Forward Air Corp.		188,702,200		44,541,227		(42,631,291	)		8,799,063			9,444,923			208,856,122		1,938,160		1,892,643		—

34 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
Fossil Group, Inc.(b)	$	32,867,927	$	2,886,111	$	(16,614,395	)	$	(34,896,506	)	$	15,756,863		$	—		—	$	—	$	—
Four Corners Property Trust, Inc.		149,620,540		44,382,916		(32,210,609	)		3,987,541			(1,941,748	)		163,838,640		6,099,726		7,791,988		—
Franklin BSP Realty Trust, Inc.		44,145,890		57,254,090		(15,888,429	)		(2,300,851	)		(11,548,622	)		71,662,078		6,006,880		8,563,780		—
Franklin Electric Co., Inc.		231,867,527		53,222,416		(48,440,567	)		10,661,351			19,202,681			266,513,408		2,832,236		2,316,077		—
Franklin Street Properties Corp.(b)		40,000,513		5,091,167		(19,177,186	)		(45,625,243	)		19,710,749			—		—		682,012		—
Frontdoor, Inc.		—		168,532,858		(22,470,095	)		(716,554	)		19,856,062			165,202,271		5,925,476		—		—
Gannett Co., Inc.		45,945,323		6,026,718		(7,812,889	)		(5,913,630	)		(18,220,846	)		20,024,676		10,708,383		—		—
GCP Applied Technologies, Inc.(b)		120,964,078		17,487,257		(140,670,193	)		36,471,313			(34,252,455	)		—		—		—		—
Genesco, Inc.		62,518,516		12,409,991		(16,255,350	)		(1,028,304	)		(25,452,043	)		32,192,810		872,907		—		—
Gentherm, Inc.		173,591,392		34,666,127		(31,200,844	)		2,995,033			(34,217,525	)		145,834,183		2,413,674		—		—
Genworth Financial, Inc., Class A		114,343,065		2,980,583		—			—			38,476,465			155,800,113		31,035,879		—		—
GEO Group, Inc.		53,377,997		9,825,006		(2,946,703	)		61,811			11,055,579			71,373,690		9,046,095		—		—
Getty Realty Corp.		80,332,906		9,556,019		(5,991,199	)		584,685			22,264,066			106,746,477		2,962,711		4,432,345		—
Gibraltar Industries, Inc.		100,423,328		25,566,318		(27,846,271	)		(7,362,607	)		18,683,344			109,464,112		2,256,992		—		—
G-III Apparel Group Ltd.		84,612,968		16,004,532		(15,107,924	)		(7,200,899	)		(29,882,323	)		48,426,354		3,114,235		—		—
Glatfelter Corp.(b)		39,207,113		3,243,120		(16,125,248	)		(46,153,571	)		19,828,586			—		—		436,862		—
Glaukos Corp.		193,909,720		38,819,395		(31,093,647	)		(4,149,628	)		(23,290,745	)		174,195,095		3,476,948		—		—
Global Net Lease, Inc.		116,604,068		30,325,060		(53,312,287	)		(1,805,677	)		5,189,694			97,000,858		7,542,835		7,724,170		—
GMS, Inc.		153,272,040		36,335,112		(37,767,786	)		7,712,065			16,068,536			175,619,967		3,033,684		—		—
Golden Entertainment, Inc.		84,531,744		20,129,633		(14,314,319	)		(2,086,265	)		(18,675,032	)		69,585,761		1,599,305		—		—
Granite Construction, Inc.		107,549,527		26,544,824		(29,190,474	)		(1,023,173	)		27,043,474			130,924,178		3,187,054		1,665,712		—
Granite Point Mortgage Trust, Inc.(b)		43,005,744		7,762,222		(28,851,319	)		(45,002,051	)		23,085,404			—		—		947,147		—
Green Dot Corp., Class A		99,087,274		—		(3,246,864	)		(6,427,421	)		(30,358,646	)		59,054,343		3,437,389		—		—
Green Plains, Inc.		85,196,657		31,531,616		—			—			(3,441,291	)		113,286,982		3,655,598		—		—
Greenbrier Cos., Inc.		120,280,486		19,229,383		(17,444,525	)		(2,385,427	)		(43,048,822	)		76,631,095		2,382,067		2,586,489		—
Greenhill & Co., Inc.(b)		14,881,274		305,652		(9,420,284	)		(8,620,414	)		2,853,772			—		—		92,690		—
Griffon Corp.		67,803,473		26,355,810		(23,599,285	)		3,716,888			36,151,404			110,428,290		3,449,806		8,089,530		—
Group 1 Automotive, Inc.		206,661,331		46,707,732		(75,475,246	)		12,109,504			50,276,527			240,279,848		1,061,213		1,867,082		—
Hain Celestial Group, Inc.		—		122,355,739		(11,569,621	)		(949,859	)		1,626,119			111,462,378		6,499,264		—		—
Hanesbrands, Inc.		—		131,690,219		(1,952,200	)		823			4,213,039			133,951,881		25,466,137		—		—
Hanger, Inc.(b)		48,111,118		8,795,805		(58,401,501	)		(6,919,847	)		8,414,425			—		—		—		—
Hanmi Financial Corp.		48,873,245		2,216,853		—			—			(12,370,775	)		38,719,323		2,085,047		1,985,605		—
Harmonic, Inc.		68,730,495		22,052,312		(14,589,719	)		5,298,593			35,015,859			116,507,540		7,985,438		—		—
Harsco Corp.		69,390,518		9,230,774		(8,553,211	)		(8,193,874	)		(22,322,531	)		39,551,676		5,790,875		—		—
Haverty Furniture Cos., Inc.		29,103,177		5,132,232		(7,892,455	)		(133,733	)		4,338,828			30,548,049		957,319		2,150,974		—
Hawaiian Holdings, Inc.		72,214,172		13,310,273		(11,239,602	)		(9,723,097	)		(30,483,899	)		34,077,847		3,720,289		—		—
Hawkins, Inc.		61,618,363		12,958,801		(11,432,387	)		2,881,229			(5,585,264	)		60,440,742		1,380,556		795,251		—
Haynes International, Inc.		37,978,922		6,948,567		(5,895,368	)		941,592			6,075,527			46,049,240		919,330		802,938		—
HB Fuller Co.		249,889,293		61,539,518		(52,076,013	)		5,989,340			2,268,476			267,610,614		3,909,578		2,940,298		—
HCI Group, Inc.		39,375,177		7,378,769		(11,252,775	)		(5,128,187	)		(4,021,830	)		26,351,154		491,626		890,214		—
Healthcare Services Group, Inc.		99,054,646		19,863,501		(18,886,860	)		(6,348,564	)		(19,016,962	)		74,665,761		5,383,256		3,470,319		—
HealthStream, Inc.		35,773,989		10,002,386		(10,507,239	)		(873,014	)		13,296,057			47,692,179		1,759,859		—		—
Heidrick & Struggles International, Inc.		55,504,301		10,959,322		(9,232,780	)		(224,516	)		(13,070,337	)		43,935,990		1,447,167		875,092		—
Helix Energy Solutions Group, Inc.		48,527,827		12,674,268		(12,218,580	)		625,191			30,877,518			80,486,224		10,398,737		—		—
Helmerich & Payne, Inc.		323,158,452		73,284,835		(66,450,841	)		13,915,911			(71,982,524	)		271,925,833		7,606,317		11,467,826		—
Heritage Financial Corp.		56,793,829		6,552,595		—			—			(9,444,746	)		53,901,678		2,518,770		2,000,816		—

SCHEDULES  OF  INVESTMENTS 35

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
Hersha Hospitality Trust, Class A(b)	$	21,546,077	$	4,860,492	$	(21,849,608	)	$	(20,879,320	)	$	16,322,359		$	—		—	$	1,478,352	$	—
Heska Corp.		105,969,219		15,926,768		(18,255,476	)		(13,336,860	)		(18,116,687	)		72,186,964		739,469		—		—
Hibbett, Inc.		40,842,195		14,863,143		(14,009,786	)		3,236,329			9,767,410			54,699,291		927,421		938,903		—
Hillenbrand, Inc.		230,251,717		50,060,400		(54,656,813	)		3,271,901			11,134,230			240,061,435		5,050,735		4,569,774		—
Hilltop Holdings, Inc.		115,984,411		—		(18,052,430	)		(2,866,813	)		3,567,525			98,632,693		3,324,324		2,141,627		—
HNI Corp.		115,782,139		24,101,628		(26,453,181	)		(4,854,343	)		(24,665,175	)		83,911,068		3,014,047		3,971,896		—
HomeStreet, Inc.		61,438,925		1,520,308		(1,787,123	)		581,023			(38,148,670	)		23,604,463		1,312,088		1,778,794		—
Hope Bancorp, Inc.		125,113,560		4,714,717		—			—			(49,871,863	)		79,956,414		8,142,201		4,470,518		—
Horace Mann Educators Corp.		112,526,716		1,652,019		—			—			(22,704,846	)		91,473,889		2,732,195		3,524,531		—
Hostess Brands, Inc., Class A		217,127,718		54,051,465		(57,983,154	)		1,945,616			27,337,865			242,479,510		9,745,961		—		—
Hub Group, Inc., Class A		187,277,719		36,712,307		(39,739,192	)		6,652,425			8,886,028			199,789,287		2,380,144		—		—
Hudson Pacific Properties, Inc.		—		135,185,842		(12,198,801	)		(4,347,030	)		(56,439,894	)		62,200,117		9,353,401		3,474,359		—
Ichor Holdings Ltd.		72,429,744		14,865,523		(12,386,641	)		(1,437,398	)		(4,617,829	)		68,853,399		2,103,036		—		—
Independence Realty Trust, Inc.(b)		417,778,942		5,945,068		(359,190,702	)		42,448,439			(106,981,747	)		—		—		—		—
Independent Bank Corp.		258,508,413		4,536,977		(6,894,262	)		280,439			(50,283,122	)		206,148,445		3,141,549		6,700,629		—
Independent Bank Group, Inc.		187,312,547		38,876,803		(39,678,651	)		2,162,521			(69,012,769	)		119,660,451		2,581,671		4,014,978		—
Industrial Logistics Properties Trust(b)		106,399,151		10,069,032		(25,949,740	)		(88,148,726	)		(2,369,717	)		—		—		1,595,544		—
Innospec, Inc.		163,608,317		39,362,163		(35,246,004	)		6,611,990			10,711,117			185,047,583		1,802,353		2,307,991		—
Innovative Industrial Properties, Inc.		376,860,731		73,740,167		(40,205,830	)		(11,547,915	)		(244,314,117	)		154,533,036		2,033,597		14,489,670		—
Innoviva, Inc.		86,614,896		16,213,464		(14,408,778	)		(312,901	)		(36,769,117	)		51,337,564		4,563,339		—		—
Inogen, Inc.		47,300,748		13,215,527		(6,620,363	)		(4,293,171	)		(28,903,363	)		20,699,378		1,658,604		—		—
Insight Enterprises, Inc.		267,725,516		54,650,687		(81,828,430	)		13,463,987			61,290,523			315,302,283		2,205,528		—		—
Installed Building Products, Inc.		141,821,788		37,593,588		(33,962,168	)		5,466,501			44,023,014			194,942,723		1,709,574		3,813,816		—
Insteel Industries, Inc.		51,401,526		11,156,972		(10,163,994	)		612,600			(13,577,874	)		39,429,230		1,417,298		3,093,528		—
Integer Holdings Corp.		190,269,761		38,441,205		(35,037,769	)		4,584,140			(11,387,942	)		186,869,395		2,411,218		—		—
InterDigital, Inc.		140,008,526		29,808,461		(45,209,094	)		(3,170,927	)		21,262,305			142,699,271		1,957,466		3,066,943		—
Interface, Inc., Class A		57,147,545		12,388,180		(10,676,758	)		(4,085,533	)		(20,593,447	)		34,179,987		4,209,358		171,870		—
Invesco Mortgage Capital, Inc.		51,136,777		16,709,929		(27,431,127	)		(24,299,932	)		12,373,687			28,489,334		2,568,921		7,750,384		—
Investors Bancorp., Inc.(b)		241,223,189		1,159,138		(225,120,862	)		8,155,739			(25,417,204	)		—		—		—		—
iRobot Corp.		122,285,983		23,549,332		(21,386,735	)		(2,866,880	)		(35,231,668	)		86,350,032		1,978,690		—		—
Ironwood Pharmaceuticals, Inc., Class A		—		146,439,681		(38,208,627	)		2,590,929			(8,786,189	)		102,035,794		9,699,220		—		—
iStar, Inc.(c)		116,402,831		31,668,354		(14,364,100	)		(1,813,963	)		(52,211,116	)		N/A		N/A		32,661,562		—
iTeos Therapeutics, Inc.(i)		N/A		14,964,262		(22,567,971	)		11,936,489			(40,142,120	)		24,370,080		1,790,601		—		—
Itron, Inc.		170,586,111		38,128,911		(33,741,363	)		(11,142,967	)		18,761,001			182,591,693		3,292,907		—		—
J & J Snack Foods Corp.		165,416,632		35,087,691		(31,148,833	)		1,187,336			(8,896,910	)		161,645,916		1,090,581		2,985,371		—
Jack in the Box, Inc.		141,010,428		27,668,619		(29,032,749	)		(1,505,589	)		(6,652,090	)		131,488,619		1,501,183		2,746,443		—
James River Group Holdings Ltd.		62,174,341		2,859,759		(3,941,024	)		—			(6,677,311	)		54,415,765		2,635,146		266,596		—
JBG SMITH Properties		—		104,973,625		(1,620,949	)		7,302			5,285,452			108,645,430		7,214,172		—		—
John B Sanfilippo & Son, Inc.		53,243,648		12,549,205		(11,686,116	)		735,277			8,420,384			63,262,398		652,728		2,166,849		—
John Bean Technologies Corp.		269,450,300		54,702,888		(47,936,707	)		(1,754,290	)		(21,014,637	)		253,447,554		2,319,037		938,572		—
Joint Corp.(b)		36,767,591		3,642,888		(17,635,834	)		(60,128,738	)		37,354,093			—		—		—		—
Kaiser Aluminum Corp.		106,874,519		21,892,614		(19,084,885	)		(2,293,647	)		(20,701,304	)		86,687,297		1,161,561		3,580,419		—
Kaman Corp.		86,916,564		13,827,163		(11,794,914	)		(5,785,690	)		(36,228,183	)		46,934,940		2,053,147		1,632,603		—

36 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
KAR Auction Services, Inc.	$	156,418,231	$	29,550,205	$	(36,679,994	)	$	(4,681,981	)	$	(36,035,524	)	$	108,570,937		7,936,472	$	—	$	—
Kennametal, Inc.		—		147,697,167		(2,185,181	)		49,217			16,311,140			161,872,343		5,869,193		—		—
Kennedy-Wilson Holdings, Inc.		—		141,799,813		(2,062,085	)		(4,642	)		1,881,609			141,614,695		8,536,148		2,049,868		—
KKR Real Estate Finance Trust, Inc.(i)		N/A		34,235,834		(62,438,089	)		46,393,097			(35,288,307	)		48,168,447		4,229,012		5,469,231		—
Knowles Corp.		141,406,715		27,199,104		(25,034,348	)		(69,844	)		(30,771,550	)		112,730,077		6,631,181		—		—
Kontoor Brands, Inc.		140,711,238		38,109,806		(31,229,627	)		(2,235,679	)		28,754,966			174,110,704		3,598,072		6,707,335		—
Koppers Holdings, Inc.		42,128,249		9,573,447		(10,057,338	)		(1,730,404	)		13,187,012			53,100,966		1,518,472		327,489		—
Korn Ferry		252,987,602		52,510,668		(50,719,703	)		2,643,187			(58,635,380	)		198,786,374		3,842,025		2,344,354		—
Kulicke & Soffa Industries, Inc.		249,869,703		46,054,568		(60,415,340	)		9,295,877			(27,419,989	)		217,384,819		4,125,732		3,028,827		—
Lakeland Financial Corp.		131,628,490		5,881,534		(2,732,340	)		(680,473	)		(18,334,858	)		115,762,353		1,848,058		3,004,808		—
Lantheus Holdings, Inc.(b)		268,045,866		46,794,992		(370,513,319	)		235,299,311			(179,626,850	)		—		—		—		—
La-Z-Boy, Inc.		82,855,859		21,251,889		(20,737,741	)		(3,555,464	)		11,339,131			91,153,674		3,134,583		2,230,380		—
LCI Industries		187,813,675		47,452,581		(39,726,352	)		(105,943	)		8,221,511			203,655,472		1,853,604		7,882,843		—
LeMaitre Vascular, Inc.		63,919,764		16,288,245		(14,681,086	)		1,693,241			5,186,391			72,406,555		1,406,772		741,429		—
LendingTree, Inc.		98,208,861		8,869,450		(9,787,670	)		(14,059,595	)		(62,263,569	)		20,967,477		786,477		—		—
Leslie’s, Inc.		—		168,951,077		(12,648,530	)		(2,109,981	)		(35,050,020	)		119,142,546		10,821,303		—		—
LGI Homes, Inc.		149,225,443		33,692,150		(35,282,785	)		1,680,301			20,622,090			169,937,199		1,490,285		—		—
Ligand Pharmaceuticals, Inc.		134,490,007		24,319,061		(71,980,877	)		(6,885,428	)		6,082,494			86,025,257		1,169,457		—		—
Lindsay Corp.		123,302,622		27,590,513		(24,381,581	)		4,658,386			(10,250,827	)		120,919,113		800,100		1,093,847		—
Liquidity Services, Inc.		32,694,355		7,518,862		(8,863,584	)		(597,484	)		(7,884,235	)		22,867,914		1,736,364		—		—
Livent Corp.		301,581,149		107,583,869		(56,943,807	)		8,962,403			(77,579,167	)		283,604,447		13,057,295		—		—
LivePerson, Inc.		117,865,230		17,880,667		(11,684,031	)		(18,741,230	)		(82,964,992	)		22,355,644		5,069,307		—		—
LiveRamp Holdings, Inc.		—		149,226,007		(24,834,059	)		(155,578	)		(20,815,236	)		103,421,134		4,715,966		—		—
LL Flooring Holdings, Inc.(b)		29,300,033		3,663,587		(15,993,753	)		(23,292,592	)		6,322,725			—		—		—		—
Loyalty Ventures, Inc.(b)		23,666,877		540,221		(5,925,178	)		(62,381,063	)		44,099,143			—		—		—		—
LTC Properties, Inc.		108,384,839		31,935,335		(26,006,040	)		(714,109	)		(10,186,368	)		103,413,657		2,943,742		7,178,309		—
LXP Industrial Trust		317,911,153		54,326,344		(59,188,686	)		(8,596,537	)		(97,247,245	)		207,205,029		20,097,481		9,383,348		—
M/I Homes, Inc.		92,345,659		22,250,550		(26,004,146	)		1,723,037			35,480,745			125,795,845		1,993,911		—		—
ManTech International Corp./VA, Class A(b)		169,913,587		22,709,117		(211,831,058	)		67,898,210			(48,689,856	)		—		—		796,350		—
Marcus Corp.		27,951,362		8,519,448		(5,357,452	)		(2,412,561	)		(452,845	)		28,247,952		1,765,497		268,552		—
MarineMax, Inc.		63,060,808		13,341,053		(11,821,619	)		928,826			(19,727,740	)		45,781,328		1,592,394		—		—
Marten Transport Ltd.		76,128,648		20,569,407		(21,393,222	)		4,308,413			8,303,513			87,916,759		4,196,504		1,037,444		—
Masterbrand, Inc.		—		93,508,443		(6,331,087	)		(703,538	)		(11,345,300	)		75,128,518		9,344,343		—		—
Matador Resources Co.(b)		418,406,106		—		(440,317,505	)		319,326,556			(297,415,157	)		—		—		—		—
Materion Corp.		125,367,742		28,894,185		(27,455,533	)		8,259,549			38,085,749			173,151,692		1,492,687		754,235		—
Mativ Holdings, Inc.(k)		62,022,758		97,866,424		(17,467,146	)		(10,311,107	)		(46,397,708	)		85,713,221		3,992,232		5,918,483		—
Matson, Inc.		363,006,855		49,042,386		(62,823,644	)		1,869,700			(186,780,407	)		164,314,890		2,753,727		3,605,485		—
Matthews International Corp., Class A		73,073,863		16,823,271		(18,148,499	)		(6,288,982	)		14,244,414			79,704,067		2,210,318		2,062,174		—
MaxLinear, Inc.		295,124,147		45,018,528		(35,831,180	)		(2,291,912	)		(116,375,069	)		185,644,514		5,272,494		—		—
MDC Holdings, Inc.		153,007,137		34,035,574		(27,291,638	)		1,635,645			2,734,899			164,121,617		4,222,321		8,394,918		—
Medifast, Inc.		141,901,102		27,031,248		(29,285,387	)		(76,275	)		(57,027,597	)		82,543,091		796,210		5,285,592		—
Meridian Bioscience, Inc.(b)		80,791,829		20,202,371		(125,870,510	)		49,625,851			(24,749,541	)		—		—		—		—
Merit Medical Systems, Inc.		241,720,177		75,891,868		(46,731,546	)		14,406,550			21,544,664			306,831,713		4,149,178		—		—
Meritage Homes Corp.		211,633,392		50,085,483		(50,714,122	)		8,776,250			91,184,621			310,965,624		2,663,289		755,268		—
Meritor, Inc.(b)		180,216,010		18,416,851		(203,316,665	)		49,989,966			(45,306,162	)		—		—		—		—
Mesa Laboratories, Inc.		95,859,603		16,681,342		(17,380,764	)		(7,261,536	)		(23,919,159	)		63,979,486		366,162		241,562		—
Methode Electronics, Inc.		115,328,504		26,141,134		(27,501,689	)		2,141,609			(997,311	)		115,112,247		2,623,342		1,497,737		—

SCHEDULES  OF  INVESTMENTS 37

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
MGP Ingredients, Inc.(i)	$	N/A	$	46,141,344	$	(48,029,283	)	$	31,881,116		$	9,621,954		$	108,229,100		1,118,994	$	278,429	$	—
Middlesex Water Co.		121,393,945		—		—			—			(31,222,841	)		90,171,104		1,154,264		1,390,888		—
MillerKnoll, Inc.		—		110,106,707		(11,356,468	)		(271,372	)		13,880,938			112,359,805		5,494,367		2,142,420		—
Minerals Technologies, Inc.		—		146,721,004		(15,693,223	)		(411,406	)		12,277,952			142,894,327		2,365,017		243,053		—
ModivCare, Inc.		101,725,170		22,034,762		(16,912,296	)		1,603,652			(30,716,049	)		77,735,239		924,539		—		—
Monarch Casino & Resort, Inc.(i)		N/A		16,120,988		(42,968,837	)		33,017,591			21,864,476			71,511,446		964,416		5,018,330		—
Monro, Inc.		106,431,874		25,875,536		(30,322,464	)		(7,407,992	)		18,224,283			112,801,237		2,282,040		2,704,062		—
Moog, Inc., Class A		182,438,303		35,022,720		(33,779,904	)		3,564,616			23,347,658			210,593,393		2,090,257		2,245,141		—
Motorcar Parts of America, Inc.(b)		24,415,724		4,706,169		(14,842,369	)		(22,381,118	)		8,101,594			—		—		—		—
Movado Group, Inc.		45,775,699		9,726,177		(10,285,988	)		1,285,723			(13,576,331	)		32,925,280		1,144,431		1,655,236		—
Mr. Cooper Group, Inc.		191,220,336		20,671,352		—			—			(18,919,383	)		192,972,305		4,710,088		—		—
Mueller Industries, Inc.		222,475,811		57,874,727		(54,373,814	)		12,482,670			65,707,172			304,166,566		4,139,447		4,422,507		—
Myers Industries, Inc.		55,670,695		14,266,618		(12,051,495	)		1,372,791			(2,427,278	)		56,831,331		2,651,952		1,454,130		—
MYR Group, Inc.		113,820,468		26,828,026		(27,739,676	)		8,471,346			30,720,459			152,100,623		1,207,052		—		—
Myriad Genetics, Inc.		143,948,675		28,381,301		(23,712,646	)		(502,834	)		(10,920,090	)		137,194,406		5,905,915		—		—
Nabors Industries Ltd.		84,919,956		30,594,033		(16,341,301	)		1,710,959			(21,306,773	)		79,576,874		652,751		—		—
National Bank Holdings Corp., Class A		81,266,914		29,848,426		(2,093,559	)		191,493			(18,361,578	)		90,851,696		2,715,233		2,149,698		—
National Presto Industries, Inc.		27,917,614		5,864,782		(5,553,619	)		(932,982	)		(782,102	)		26,513,693		367,786		1,539,404		—
National Vision Holdings, Inc.		—		197,435,664		(38,388,123	)		1,255,544			(52,252,953	)		108,050,132		5,735,145		—		—
Natus Medical, Inc.(b)		64,241,145		7,114,910		(89,136,027	)		6,525,152			11,254,820			—		—		—		—
NBT Bancorp, Inc.		103,252,531		4,894,521		—			—			(7,911,884	)		100,235,168		2,973,455		3,445,871		—
Neenah, Inc.(b)		47,271,785		3,013,196		(80,307,882	)		(93,409	)		30,116,310			—		—		568,538		—
Nektar Therapeutics		71,195,578		11,878,719		(8,016,054	)		(8,040,501	)		(57,111,850	)		9,905,892		14,092,889		—		—
NeoGenomics, Inc.		107,000,980		22,645,804		(21,263,926	)		(17,988,040	)		69,877,115			160,271,933		9,205,740		—		—
NETGEAR, Inc.		51,698,232		9,889,168		(9,501,777	)		(3,416,264	)		(9,960,470	)		38,708,889		2,091,242		—		—
NetScout Systems, Inc.		169,405,690		39,996,977		(50,124,291	)		(1,960,618	)		(16,552,143	)		140,765,615		4,913,285		—		—
New York Mortgage Trust, Inc.		99,064,584		25,931,735		(34,187,990	)		11,069,655			(32,482,272	)		69,395,712		6,967,441		7,319,082		—
NexPoint Residential Trust, Inc.		122,018,834		2,882,939		(4,671,555	)		—			(60,372,928	)		59,857,290		1,370,673		1,267,504		—
NextGen Healthcare, Inc.		84,060,458		18,803,378		(20,528,622	)		2,084,943			(16,770,607	)		67,649,550		3,885,672		—		—
NMI Holdings, Inc., Class A		126,486,977		28,866,679		(29,492,787	)		2,296,270			7,864,806			136,021,945		6,091,444		—		—
Northern Oil & Gas, Inc.		—		179,190,353		(3,081,971	)		65,442			(12,506,654	)		163,667,170		5,392,658		1,835,013		—
Northfield Bancorp, Inc.		44,128,998		2,694,249		(2,729,839	)		331,332			(8,292,076	)		36,132,664		3,067,289		1,597,878		—
Northwest Bancshares, Inc.		110,620,029		7,083,947		—			—			(12,910,237	)		104,793,739		8,711,034		6,834,576		—
Northwest Natural Holding Co.		114,034,325		40,959,851		(22,192,145	)		(1,132,943	)		(9,955,153	)		121,713,935		2,559,166		4,775,245		—
NOW, Inc.		87,533,937		21,199,002		(19,141,693	)		953,346			(815,603	)		89,728,989		8,047,443		—		—
Nu Skin Enterprises, Inc., Class A		—		164,841,602		(13,782,498	)		(808,533	)		(8,660,747	)		141,589,824		3,601,878		1,455,687		—
NuVasive, Inc.		—		165,195,640		(10,422,933	)		(1,372,821	)		3,566,134			156,966,020		3,799,710		—		—
NV5 Global, Inc.		113,096,919		29,213,058		(20,111,202	)		(1,553,801	)		(26,591,737	)		94,053,237		904,619		—		—
Oceaneering International, Inc.		108,248,797		21,856,842		(19,813,118	)		(75,338	)		18,603,305			128,820,488		7,306,891		—		—
ODP Corp.		150,472,218		29,858,248		(43,678,744	)		3,993,808			(8,489,162	)		132,156,368		2,938,114		—		—
Office Properties Income Trust		89,434,675		15,924,420		(18,607,101	)		(10,768,779	)		(32,456,811	)		43,526,404		3,538,732		3,840,941		—
OFG Bancorp		86,662,184		2,839,418		(781,787	)		(83,288	)		(5,603,511	)		83,033,016		3,329,311		2,514,855		—
O-I Glass, Inc.		146,725,678		40,741,881		(39,788,997	)		2,760,460			105,088,834			255,527,856		11,251,777		—		—

38 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
Oil States International, Inc.	$	30,532,455	$	7,343,354	$	(6,139,661	)	$	(2,695,961	)	$	9,745,709		$	38,785,896		4,656,170	$	—	$	—
Olympic Steel, Inc.		25,713,971		4,892,715		(4,813,727	)		1,912,210			8,460,176			36,165,345		692,690		277,914		—
Omnicell, Inc.(b)		407,429,926		17,797,448		(380,212,794	)		105,673,887			(150,688,467	)		—		—		—		—
OneSpan, Inc.		35,579,568		7,349,635		(6,768,569	)		(289,557	)		9,022,233			44,893,310		2,565,332		—		—
Onto Innovation, Inc.		306,564,777		59,392,830		(52,812,493	)		16,634,023			(13,009,262	)		316,769,875		3,604,573		—		—
OptimizeRx Corp.(b)		47,963,311		7,062,437		(22,238,030	)		(91,339,044	)		58,551,326			—		—		—		—
OraSure Technologies, Inc.		35,093,429		4,979,402		(5,639,196	)		(3,523,709	)		883,580			31,793,506		5,255,125		—		—
Orion Office REIT, Inc.		56,739,102		10,372,603		(10,235,957	)		(5,601,020	)		(23,815,441	)		27,459,287		4,098,401		430,871		—
Orthofix Medical, Inc.		46,236,230		29,783,981		(7,278,725	)		(5,285,645	)		(21,825,039	)		41,630,802		2,485,421		—		—
OSI Systems, Inc.		99,778,004		14,933,646		(16,877,929	)		75,135			19,008,988			116,917,844		1,142,222		—		—
Otter Tail Corp.		—		230,555,251		(12,122,431	)		(290,270	)		828,179			218,970,729		3,029,898		—		—
Outfront Media, Inc.		—		176,700,590		(211,802	)		7,465			(16,019,077	)		160,477,176		9,887,688		5,171,334		—
Owens & Minor, Inc.		237,798,945		33,829,638		(25,999,905	)		3,029,336			(168,062,465	)		80,595,549		5,539,213		—		—
Oxford Industries, Inc.		102,821,032		25,688,454		(30,404,478	)		3,700,019			12,259,838			114,064,865		1,080,262		2,442,390		—
Pacific Premier Bancorp, Inc.		228,019,766		8,067,514		(1,293,032	)		(640,946	)		(74,423,352	)		159,729,950		6,649,873		8,759,187		—
Pacira BioSciences, Inc.		243,118,352		41,581,012		(31,280,389	)		(490,334	)		(116,462,694	)		136,465,947		3,343,934		—		—
Palomar Holdings, Inc.		110,545,925		33,007,717		(22,645,558	)		(5,366,726	)		(14,040,647	)		101,500,711		1,838,781		—		—
Park Aerospace Corp.(b)		18,232,507		3,943,441		(21,125,740	)		(6,958,260	)		5,908,052			—		—		1,900,963		—
Park National Corp.		135,674,418		29,368,106		(26,121,146	)		3,696,901			(17,843,511	)		124,774,768		1,052,330		4,972,532		—
Pathward Financial, Inc.(l)		112,957,040		1,486,571		(5,525,322	)		326,736			(27,324,431	)		81,920,594		1,974,466		407,393		—
Patrick Industries, Inc.		96,958,481		22,597,535		(24,968,379	)		(1,430,234	)		14,526,944			107,684,347		1,564,952		2,518,104		—
Patterson-UTI Energy, Inc.		238,134,784		52,482,472		(42,887,636	)		14,213,194			(77,037,933	)		184,904,881		15,803,836		3,847,848		—
PBF Energy, Inc., Class A(b)		166,060,470		58,685,185		(341,045,680	)		225,806,605			(109,506,580	)		—		—		1,588,171		—
PDF Solutions, Inc.		59,598,908		14,139,898		(14,297,236	)		3,494,887			28,306,901			91,243,358		2,151,966		—		—
Pebblebrook Hotel Trust		—		104,223,030		—			—			6,576,522			110,799,552		7,891,706		78,338		—
Pediatrix Medical Group, Inc.(m)		143,173,761		27,431,751		(26,690,229	)		(8,043,584	)		(47,113,811	)		88,757,888		5,952,910		—		—
Pennant Group, Inc.(b)		35,999,327		6,705,850		(29,173,124	)		(8,875,497	)		(4,656,556	)		—		—		—		—
PennyMac Mortgage Investment Trust(i)		N/A		23,240,323		(30,846,025	)		(7,863,188	)		(31,795,772	)		79,670,825		6,461,543		10,687,138		—
Perdoceo Education Corp.		57,606,112		15,743,868		(16,376,972	)		(40,962	)		8,798,672			65,730,718		4,894,320		—		—
Perficient, Inc.		259,611,926		54,675,656		(37,298,875	)		8,573,899			(103,358,944	)		182,203,662		2,523,946		—		—
PetMed Express, Inc.		38,966,720		7,241,666		(6,597,905	)		(1,425,252	)		(13,408,186	)		24,777,043		1,525,680		1,858,621		—
PGT Innovations, Inc.		76,723,141		21,108,658		(19,029,718	)		3,798,872			26,882,941			109,483,894		4,360,171		—		—
Phibro Animal Health Corp., Class A		29,130,392		5,716,235		(4,986,552	)		(2,609,609	)		(4,704,313	)		22,546,153		1,471,681		726,302		—
Photronics, Inc.		74,493,294		21,350,933		(17,364,994	)		2,300,749			(6,402,832	)		74,377,150		4,485,956		—		—
Piper Sandler Cos		132,389,775		33,433,183		(33,697,731	)		4,755,881			1,520,700			138,401,808		998,498		3,827,756		—
Plantronics, Inc.(b)		120,668,371		15,230,749		(137,743,925	)		39,460,421			(37,615,616	)		—		—		—		—
Plexus Corp.		164,407,748		42,193,932		(40,372,906	)		7,824,316			22,960,059			197,013,149		2,019,198		—		—
Powell Industries, Inc.		12,559,186		4,018,765		(4,225,818	)		596,496			15,138,496			28,087,125		659,477		703,306		—
PRA Group, Inc.		141,038,099		26,558,994		(36,973,511	)		(1,228,469	)		(19,016,407	)		110,378,706		2,833,129		—		—
Prestige Consumer Healthcare, Inc.		190,225,543		46,563,085		(44,167,832	)		5,338,613			28,877,996			226,837,405		3,621,865		—		—
PriceSmart, Inc.		135,818,557		31,608,226		(24,374,664	)		(2,027,924	)		(9,999,639	)		131,024,556		1,833,024		1,636,731		—
ProAssurance Corp.		92,923,542		1,499,669		—			—			(29,269,790	)		65,153,421		3,525,618		705,124		—
PROG Holdings, Inc.		—		131,002,792		(68,671,536	)		34,733,470			(10,333,499	)		86,731,227		3,645,701		—		—
Progress Software Corp.		148,916,992		36,160,182		(36,284,478	)		7,233,576			25,478,443			181,504,715		3,159,351		2,250,759		—
ProPetro Holding Corp.		84,754,257		22,490,824		(13,058,917	)		(3,377,382	)		(40,538,394	)		50,270,388		6,991,709		—		—
Proto Labs, Inc.		104,431,636		19,486,501		(17,594,033	)		(19,393,828	)		(21,429,556	)		65,500,720		1,975,889		—		—
Provident Financial Services, Inc.		119,936,396		1,846,195		—			—			(21,720,186	)		100,062,405		5,217,018		4,964,403		—

SCHEDULES  OF  INVESTMENTS 39

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
Quaker Chemical Corp.	$	165,876,863	$	37,263,721	$	(30,774,772	)	$	(1,019,302	)	$	24,990,396		$	196,336,906		991,851	$	1,669,251	$	—
Quanex Building Products Corp.		50,273,695		13,566,722		(11,861,539	)		(178,593	)		198,261			51,998,546		2,415,167		788,827		—
QuinStreet, Inc.		41,592,937		10,703,393		(9,804,165	)		45,715			15,783,894			58,321,774		3,674,970		—		—
Rambus, Inc.		249,695,511		52,623,816		(57,502,714	)		16,247,757			140,005,660			401,070,030		7,824,230		—		—
Ranger Oil Corp., Class A		52,271,514		12,961,565		(17,221,132	)		(7,770,491	)		16,499,230			56,740,686		1,389,341		334,993		—
Rayonier Advanced Materials, Inc.		30,075,292		5,169,682		(6,101,188	)		(3,313,053	)		3,193,247			29,023,980		4,629,024		—		—
RE/MAX Holdings, Inc., Class A		37,066,442		8,856,862		(8,633,377	)		(4,342,548	)		(7,283,868	)		25,663,511		1,367,991		641,897		—
Ready Capital Corp.(i)		N/A		52,063,839		(72,854,545	)		46,053,877			(24,279,157	)		72,885,125		7,166,679		5,719,096		—
Red Robin Gourmet Burgers, Inc.(b)		19,037,149		344,178		(9,882,769	)		(29,592,094	)		20,093,536			—		—		—		—
Redwood Trust, Inc.		86,418,394		18,915,781		(23,994,407	)		(9,775,012	)		(15,987,606	)		55,577,150		8,245,868		7,731,381		—
REGENXBIO, Inc.		89,410,873		17,633,899		(14,830,980	)		(7,666,443	)		(32,794,423	)		51,752,926		2,736,802		—		—
Renasant Corp.		122,659,043		8,141,752		—			—			(11,147,830	)		119,652,965		3,912,785		3,383,868		—
Renewable Energy Group, Inc.(b)		218,275,772		2,502,921		(223,831,696	)		101,187,403			(98,134,400	)		—		—		—		—
Resideo Technologies, Inc.		246,333,903		47,478,809		(39,391,885	)		3,300,331			(63,398,342	)		194,322,816		10,630,351		—		—
Resources Connection, Inc.		37,511,987		10,756,772		(7,631,853	)		944,391			(1,862,461	)		39,718,836		2,328,185		1,303,888		—
Retail Opportunity Investments Corp.		165,489,597		8,298,042		(2,111,609	)		(69,849	)		(44,346,472	)		127,259,709		9,116,025		4,935,471		—
REX American Resources Corp.		37,138,350		8,075,407		(8,191,639	)		803,625			(6,166,464	)		31,659,279		1,107,355		—		—
Rogers Corp.		364,370,893		54,797,830		(45,428,804	)		13,376,353			(163,187,101	)		223,929,171		1,370,184		—		—
RPT Realty		83,319,640		13,874,332		(12,255,260	)		(812,334	)		(24,613,483	)		59,512,895		6,257,928		3,851,288		—
Ruth’s Hospitality Group, Inc.		51,970,044		10,101,050		(10,945,367	)		(811,884	)		(14,049,551	)		36,264,292		2,208,544		1,335,424		—
RXO, Inc.		—		153,631,057		(9,266,147	)		200,128			22,058,935			166,623,973		8,483,909		—		—
S&T Bancorp, Inc.		70,123,531		11,199,187		(111,592	)		(57,690	)		5,638,972			86,792,408		2,759,695		3,362,984		—
Sabre Corp.		—		157,734,917		(8,913,371	)		(3,105,337	)		(43,347,787	)		102,368,422		23,862,103		—		—
Safety Insurance Group, Inc.		86,228,006		4,711,761		—			—			(15,996,195	)		74,943,572		1,005,684		3,529,361		—
Sally Beauty Holdings, Inc.		123,084,093		25,316,360		(25,838,890	)		906,573			(1,917,899	)		121,550,237		7,801,684		—		—
Sanmina Corp.		183,729,393		49,444,273		(60,969,623	)		10,390,500			76,451,517			259,046,060		4,247,353		—		—
ScanSource, Inc.		63,970,113		7,113,446		(6,748,847	)		118,805			(8,067,039	)		56,386,478		1,852,381		—		—
Scholastic Corp.(i)		N/A		21,308,776		(75,516,942	)		55,209,281			(9,150,273	)		73,790,913		2,156,368		886,736		—
Seacoast Banking Corp. of Florida		146,555,548		44,235,823		(7,459,523	)		1,916,537			(50,376,994	)		134,871,391		5,690,776		2,885,616		—
Select Medical Holdings Corp.		181,828,319		43,481,046		(40,613,528	)		3,764,808			7,734,496			196,195,141		7,589,754		3,844,996		—
Selectquote, Inc.(b)		24,980,028		2,574,999		(8,975,536	)		(136,659,483	)		118,079,992			—		—		—		—
Semtech Corp.		—		142,291,192		(5,283,192	)		(167,989	)		(24,669,856	)		112,170,155		4,646,651		—		—
Seneca Foods Corp., Class A		22,360,474		5,642,445		(8,044,144	)		1,038,687			(948,833	)		20,048,629		383,559		—		—
Service Properties Trust		103,192,254		19,838,183		(19,865,936	)		(5,119,656	)		22,049,986			120,094,831		12,057,714		2,459,705		—
ServisFirst Bancshares, Inc.		332,974,896		58,827,538		(49,457,927	)		11,962,932			(159,877,739	)		194,429,700		3,559,028		3,617,536		—
Shake Shack, Inc., Class A		190,071,451		33,152,769		(36,362,664	)		(13,574,266	)		(22,369,361	)		150,917,929		2,719,732		—		—
Shenandoah Telecommunications Co.		84,576,037		17,312,927		(15,790,113	)		(8,583,628	)		(8,317,933	)		69,197,290		3,638,133		299,742		—
Signet Jewelers Ltd.		273,905,174		49,569,749		(77,061,842	)		7,957,772			3,241,485			257,612,338		3,312,064		2,820,953		—

40 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
Simmons First National Corp., Class A	$	190,104,518	$	39,195,347	$	—		$	—		$	(75,605,511	)	$	153,694,354		8,787,556	$	6,766,418	$	—
Simply Good Foods Co.		229,837,648		58,087,000		(52,815,524	)		464,274			9,244,637			244,818,035		6,155,847		—		—
Simulations Plus, Inc.		57,561,518		14,282,217		(11,377,236	)		(1,383,038	)		(7,806,052	)		51,277,409		1,166,987		278,588		—
Six Flags Entertainment Corp.		—		149,861,643		(23,611,982	)		225,892			17,596,371			144,071,924		5,393,932		—		—
SJW Group		—		160,696,833		(11,664,214	)		(221,291	)		(1,124,305	)		147,687,023		1,939,932		755,252		—
SkyWest, Inc.		104,003,904		18,856,615		(16,824,781	)		(9,666,487	)		(14,861,689	)		81,507,562		3,676,480		—		—
SL Green Realty Corp.		—		83,121,044		—			—			(185,667	)		82,935,377		3,526,164		954,344		—
Sleep Number Corp.		82,168,963		15,218,284		(15,131,234	)		(3,375,383	)		(30,129,933	)		48,750,697		1,603,114		—		—
SM Energy Co.		338,768,910		72,439,718		(57,667,894	)		16,645,392			(118,125,600	)		252,060,526		8,951,013		2,802,285		—
SMART Global Holdings, Inc.		86,032,317		19,304,439		(14,620,466	)		(1,903,098	)		(27,175,572	)		61,637,620		3,575,268		—		—
Sonic Automotive, Inc., Class A		63,134,619		16,269,249		(28,219,260	)		2,886,031			12,023,429			66,094,068		1,216,306		1,474,422		—
Sonos, Inc.		258,040,886		40,930,830		(37,270,603	)		(12,520,550	)		(67,065,035	)		182,115,528		9,282,137		—		—
South Jersey Industries, Inc.(b)		277,815,513		75,956,173		(367,243,329	)		61,567,197			(48,095,554	)		—		—		9,457,553		—
Southside Bancshares, Inc.		88,968,366		1,414,741		(1,116,311	)		(371,640	)		(16,372,379	)		72,522,777		2,184,421		3,100,859		—
Southwestern Energy Co.(b)		572,104,123		29,177,779		(502,896,112	)		177,290,495			(275,676,285	)		—		—		—		—
SpartanNash Co.		85,110,307		20,603,298		(20,029,122	)		3,165,362			(25,284,742	)		63,565,103		2,563,109		2,247,942		—
SPS Commerce, Inc.		337,838,163		69,127,442		(62,543,572	)		21,825,173			33,345,807			399,593,013		2,623,723		—		—
SPX FLOW, Inc.(b)		259,082,047		1,269,690		(261,195,167	)		118,154,523			(117,311,093	)		—		—		—		—
SPX Technologies, Inc.(n)		160,498,750		45,002,518		(41,217,106	)		10,545,856			57,287,628			232,117,646		3,288,717		—		—
Standard Motor Products, Inc.		59,270,564		14,312,117		(13,553,381	)		(2,199,953	)		(7,494,737	)		50,334,610		1,363,712		1,536,444		—
Standex International Corp.		87,658,417		21,211,840		(22,001,908	)		1,499,475			17,918,300			106,286,124		868,067		962,784		—
Stellar Bancorp, Inc.		—		95,243,875		(9,083,657	)		438,385			(5,882,110	)		80,716,493		3,279,825		881,144		—
Stepan Co.		150,510,653		36,492,540		(33,832,941	)		1,742,542			3,277,717			158,190,511		1,535,383		2,189,690		—
Steven Madden Ltd.		211,645,113		42,562,983		(46,877,537	)		4,451			(15,230,838	)		192,104,172		5,336,227		4,638,895		—
Stewart Information Services Corp.		108,673,669		4,637,916		—			—			(37,184,450	)		76,127,135		1,886,670		3,228,834		—
StoneX Group, Inc.		90,898,940		26,702,567		(21,242,313	)		6,327,301			29,745,043			132,431,538		1,279,161		—		—
Strategic Education, Inc.		107,496,569		28,479,430		(27,943,347	)		574,145			37,087,402			145,694,199		1,621,888		3,993,026		—
Stride, Inc.		—		146,780,897		(26,227,466	)		2,442,404			(6,148,467	)		116,847,368		2,977,003		—		—
Sturm Ruger & Co., Inc.		87,670,726		18,962,007		(17,033,945	)		(568,014	)		(15,293,495	)		73,737,279		1,283,727		9,178,361		—
Summit Hotel Properties, Inc.		75,886,774		15,576,032		(14,009,996	)		(4,888,927	)		(18,041,527	)		54,522,356		7,788,908		963,386		—
SunCoke Energy, Inc.		52,991,824		11,855,423		(10,820,087	)		(498,579	)		1,048,869			54,577,450		6,077,667		1,854,478		—
Sunstone Hotel Investors, Inc.		—		179,538,776		(16,384,497	)		(1,108,668	)		(10,742,817	)		151,302,794		15,314,048		2,199,949		—
Supernus
Pharmaceuticals, Inc.		122,972,590		30,155,156		(25,094,039	)		3,098,711			11,610,558			142,742,976		3,939,911		—		—
Surmodics, Inc.(b)		45,178,643		8,039,725		(24,068,595	)		(22,894,213	)		(6,255,560	)		—		—		—		—
Sylvamo Corp.		84,035,262		24,938,333		(33,524,445	)		2,957,112			29,019,265			107,425,527		2,322,212		1,164,246		—
Tactile Systems Technology, Inc.(b)		28,711,529		493,892		(10,817,864	)		(48,778,697	)		30,391,140			—		—		—		—
Talos Energy, Inc.(c)		—		51,443,117		(50,711,173	)		38,326,136			—			N/A		N/A		—		—
Tandem Diabetes Care, Inc.		—		195,611,489		(2,756,601	)		11,506			(2,538,329	)		190,328,065		4,686,729		—		—
Tanger Factory Outlet Centers, Inc.		127,881,154		35,137,544		(31,196,564	)		1,735,900			15,730,256			149,288,290		7,605,109		7,709,789		—
TechTarget, Inc.		155,056,230		27,787,119		(22,821,568	)		395,852			(90,341,329	)		70,076,304		1,940,097		—		—
Telephone & Data Systems, Inc.		133,432,927		28,828,471		(24,631,147	)		(4,846,811	)		(56,561,294	)		76,222,146		7,252,345		5,325,298		—

SCHEDULES  OF  INVESTMENTS 41

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
Tennant Co.	$	104,301,650	$	21,142,973	$	(19,038,473	)	$	(1,707,063	)	$	(12,094,841	)	$	92,604,246		1,351,295	$	1,417,304	$	—
Thryv Holdings, Inc.(i)		N/A		32,796,605		(21,970,716	)		11,827,775			(15,870,566	)		51,410,241		2,229,412		—		—
TimkenSteel Corp.		64,404,568		13,886,868		(14,283,329	)		3,617,098			(14,736,515	)		52,888,690		2,883,789		—		—
Titan International, Inc.		53,931,214		13,436,093		(11,709,938	)		3,751,975			(20,538,364	)		38,870,980		3,709,063		—		—
Tivity Health, Inc.(b)		102,231,306		4,597,360		(107,819,062	)		34,087,411			(33,097,015	)		—		—		—		—
Tompkins Financial Corp.		66,250,624		14,508,818		(9,528,856	)		351,376			(11,438,917	)		60,143,045		908,368		2,099,018		—
Tredegar Corp.		22,063,926		4,501,562		(4,505,789	)		(2,275,958	)		(3,159,791	)		16,623,950		1,820,805		950,482		—
TreeHouse Foods, Inc.		128,739,659		39,402,801		(52,317,978	)		1,789,594			67,634,276			185,248,352		3,673,376		—		—
Tri Pointe Homes, Inc.		—		196,025,680		(132,557,714	)		87,582,240			34,907,647			185,957,853		7,344,307		—		—
Trinity Industries, Inc.		—		159,185,507		(23,674,356	)		1,742,149			7,270,975			144,524,275		5,932,852		2,951,755		—
Trinseo PLC		133,136,232		20,529,052		(26,469,130	)		(11,501,329	)		(62,709,762	)		52,985,063		2,541,250		3,339,896		—
Triumph Financial, Inc.(o)		159,258,692		14,724,392		(16,889,700	)		(2,868,649	)		(58,514,335	)		95,710,400		1,648,474		—		—
Triumph Group, Inc.		93,800,075		10,248,971		(6,323,685	)		450,914			(50,928,493	)		47,247,782		4,076,599		—		—
TrueBlue, Inc.		73,580,548		12,150,898		(14,668,709	)		(3,211,860	)		(25,414,662	)		42,436,215		2,384,057		—		—
Trupanion, Inc.		218,695,578		35,773,134		(27,808,258	)		(7,871,783	)		(109,151,066	)		109,637,605		2,556,251		—		—
TrustCo Bank Corp.		38,574,952		2,504,040		—			—			(123,384	)		40,955,608		1,282,267		1,742,513		—
Trustmark Corp.		114,546,413		8,087,875		—			—			(23,425,528	)		99,208,760		4,016,549		3,559,217		—
TTM Technologies, Inc.		110,982,608		24,831,416		(24,567,598	)		484,645			(11,537,644	)		100,193,427		7,427,237		—		—
Tupperware Brands Corp.(b)		68,309,820		4,974,081		(22,557,661	)		(43,292,638	)		(7,433,602	)		—		—		—		—
Two Harbors Investment Corp.		136,053,578		46,393,515		(29,783,958	)		(2,715,454	)		(46,732,230	)		103,215,451		7,016,686		12,187,345		—
U.S. Ecology, Inc.(b)		107,128,388		1,442,682		(108,839,944	)		7,170,326			(6,901,452	)		—		—		—		—
U.S. Physical Therapy, Inc.		91,860,274		22,565,365		(18,837,678	)		2,159,044			(4,982,371	)		92,764,634		947,448		1,597,619		—
U.S. Silica Holdings, Inc.		99,876,624		17,069,625		(15,317,185	)		1,911,488			(37,858,958	)		65,681,594		5,500,971		—		—
UFP Industries, Inc.(b)		341,909,849		72,972,500		(442,401,368	)		169,131,979			(141,612,960	)		—		—		3,389,361		—
Ultra Clean Holdings, Inc.		136,152,483		24,833,741		(20,585,082	)		70,788			(30,821,161	)		109,650,769		3,306,718		—		—
Unifi, Inc.(b)		17,937,480		2,060,898		(10,886,912	)		(17,680,113	)		8,568,647			—		—		—		—
UniFirst Corp.		200,629,322		47,100,291		(43,061,273	)		2,279,886			(13,003,763	)		193,944,463		1,100,519		1,370,191		—
uniQure NV		46,786,302		20,367,318		(11,260,036	)		(2,808,874	)		7,203,313			60,288,023		2,993,447		—		—
Unisys Corp.(b)		103,901,420		12,319,330		(25,990,263	)		(73,165,092	)		(17,065,395	)		—		—		—		—
United Community Banks, Inc.		254,860,619		22,185,561		(903,310	)		(178,300	)		(52,213,983	)		223,750,587		7,956,991		6,612,346		—
United Fire Group, Inc.		47,725,571		6,382,954		(3,875,392	)		482,584			(7,986,890	)		42,728,827		1,609,372		1,013,765		—
United Natural Foods, Inc.		171,786,549		39,836,675		(28,628,633	)		8,817,275			(76,919,700	)		114,892,166		4,360,234		—		—
Uniti Group, Inc.		232,300,985		33,809,755		(26,272,503	)		(8,818,464	)		(169,663,728	)		61,356,045		17,283,393		10,369,710		—
Unitil Corp.		57,003,513		15,481,457		(13,788,798	)		435,706			7,512,631			66,644,509		1,168,382		1,874,082		—
Universal Corp.		102,545,813		23,717,081		(22,385,585	)		316,064			(9,815,558	)		94,377,815		1,784,417		5,606,451		—
Universal Electronics, Inc.(b)		29,321,395		4,891,866		(13,740,005	)		(34,947,730	)		14,474,474			—		—		—		—
Universal Health Realty Income Trust		53,217,155		11,581,297		(11,465,604	)		(2,691,196	)		(6,239,345	)		44,402,307		922,933		2,166,960		—
Universal Insurance Holdings, Inc.		27,029,508		2,487,530		(2,824,035	)		(248,554	)		9,994,276			36,438,725		1,999,930		1,555,855		—
Upbound Group, Inc.(p)		108,999,473		22,204,922		(36,131,597	)		(28,007,390	)		22,416,435			89,481,843		3,650,830		5,502,930		—
Urban Edge Properties		150,439,087		37,957,688		(26,915,287	)		(2,831,421	)		(30,087,124	)		128,562,943		8,536,716		5,400,486		—
Urstadt Biddle Properties, Inc., Class A		36,636,275		—		(1,789,196	)		—			(625,955	)		34,221,124		1,947,702		1,871,469		—
Vanda Pharmaceuticals, Inc.		45,100,344		10,158,713		(7,896,451	)		(4,351,277	)		(14,904,124	)		28,107,205		4,139,500		—		—
Varex Imaging Corp.		60,217,722		15,237,886		(12,815,665	)		(2,702,106	)		(6,938,634	)		52,999,203		2,913,645		—		—
Vector Group Ltd.		112,743,909		25,347,711		(22,727,383	)		2,406,935			(2,909,574	)		114,861,598		9,563,830		7,796,398		—
Veeco Instruments, Inc.		98,540,068		18,755,842		(16,408,187	)		3,907,694			(25,840,615	)		78,954,802		3,736,621		—		—
Vera Bradley, Inc.(b)		13,955,166		240,570		(8,795,020	)		(11,624,937	)		6,224,221			—		—		—		—
Veradigm, Inc.(q)		195,223,043		24,105,308		(34,898,271	)		1,495,983			(82,294,212	)		103,631,851		7,941,138		—		—
Vericel Corp.		128,020,145		22,439,169		(19,542,724	)		(8,853,466	)		(21,165,146	)		100,897,978		3,441,268		—		—

42 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
Veris Residential, Inc.	$	99,880,230	$	21,573,190	$	(20,817,999	)	$	(1,066,328	)	$	(15,035,537	)	$	84,533,556		5,774,150	$	—	$	—
Veritex Holdings, Inc.		134,887,513		12,960,548		(6,357,625	)		2,894,692			(75,945,297	)		68,439,831		3,748,074		2,954,516		—
Veritiv Corp.		132,495,898		29,238,992		(30,697,680	)		11,130,778			(9,711,463	)		132,456,525		980,143		1,302,773		—
Verra Mobility Corp., Class A		—		184,793,832		(9,512,510	)		(155,584	)		(3,229,181	)		171,896,557		10,159,371		—		—
Viad Corp.		52,372,980		11,372,852		(9,519,449	)		(3,178,061	)		(19,660,594	)		31,387,728		1,506,129		—		—
Viasat, Inc.		—		195,637,282		(2,702,204	)		(27,035	)		(4,530,475	)		188,377,568		5,566,713		—		—
Viavi Solutions, Inc.		264,487,828		48,804,324		(46,274,314	)		1,339,169			(90,924,319	)		177,432,688		16,383,443		—		—
Virtus Investment Partners, Inc.		122,805,763		22,793,773		(24,150,802	)		(2,566,100	)		(24,544,960	)		94,337,674		495,497		3,206,873		—
Vista Outdoor, Inc.		143,628,159		28,258,918		(25,543,833	)		4,042,176			(36,422,697	)		113,962,723		4,112,693		—		—
Vital Energy, Inc.(r)		81,468,140		30,844,673		(15,507,944	)		(8,845,432	)		(32,321,762	)		55,637,675		1,221,732		—		—
Wabash National Corp.		51,999,241		17,010,510		(17,301,526	)		720,644			32,995,881			85,424,750		3,473,963		1,125,156		—
Walker & Dunlop, Inc.		273,111,920		53,363,616		(38,541,845	)		6,217,118			(124,100,141	)		170,050,668		2,232,515		5,474,779		—
Washington Federal, Inc.		—		118,912,720		—			—			(36,670	)		118,876,050		3,946,748		—		—
WD-40 Co.		179,528,754		39,793,978		(37,281,150	)		1,322,289			(7,022,439	)		176,341,432		990,404		3,138,174		—
Westamerica BanCorp		106,501,356		9,241,555		—			—			(30,254,454	)		85,488,457		1,929,762		3,080,108		—
Whitestone REIT		43,783,817		8,446,309		(9,110,027	)		(251,724	)		(11,961,877	)		30,906,498		3,359,402		1,700,308		—
Winnebago Industries, Inc.		128,875,490		31,281,228		(38,161,921	)		1,727,411			4,711,818			128,434,026		2,225,893		2,117,910		—
WisdomTree, Inc.(s)		45,910,215		6,961,322		(5,269,862	)		(396,308	)		735,756			47,941,123		8,181,079		975,158		—
Wolverine World Wide, Inc.		132,926,995		25,531,032		(27,188,598	)		(10,643,473	)		(23,044,083	)		97,581,873		5,723,277		2,300,647		—
World Fuel Services Corp.		122,548,498		26,729,131		(26,802,178	)		(3,855,268	)		(3,631,309	)		114,988,874		4,500,543		1,808,531		—
WSFS Financial Corp.		193,477,522		8,533,208		(5,287,841	)		(1,056,555	)		(35,774,377	)		159,891,957		4,251,315		2,470,845		—
WW International, Inc.(b)		39,112,420		5,586,527		(21,698,487	)		(62,699,326	)		39,698,866			—		—		—		—
Xencor, Inc.		111,628,239		29,445,208		(22,795,961	)		(5,050,959	)		8,574,988			121,801,515		4,367,211		—		—
Xenia Hotels & Resorts, Inc.		157,588,903		26,937,658		(26,886,987	)		(1,976,755	)		(46,172,928	)		109,489,891		8,364,392		2,516,512		—
XPEL, Inc.(i)		N/A		32,972,288		(38,245,351	)		20,818,367			7,023,811			96,821,615		1,424,895		—		—
Xperi, Inc.		—		166,538,459		(79,914,749	)		(4,466,522	)		(48,919,419	)		33,237,769		3,040,967		—		—
Yelp, Inc.		—		169,862,275		(25,340,087	)		1,561,593			9,503,880			155,587,661		5,068,002		—		—
Zimvie, Inc.(b)		34,275,851		5,279,127		(14,277,169	)		(29,294,344	)		4,016,535			—		—		—		—
Zumiez, Inc.		53,421,286		8,504,169		(15,075,791	)		(4,423,193	)		(21,619,033	)		20,807,438		1,128,386		—		—
								$	1,554,758,817		$	(7,948,624,486	)	$	65,754,443,738			$	1,078,629,250	$	976

^(a)  Formerly the Xperi Holding Corp.

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

^(c)  As of period end, the entity was not considered an affiliate.

^(d)  Formerly the Realogy Holdings Corp.

^(e)  Formerly the Allegheny Technologies, Inc.

^(f)  Formerly the Blucora, Inc.

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

^(h)  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.

⁽ⁱ⁾  As of the beginning of the period, the entity was not considered an affiliate.

^(j)  Formerly the Washington Real Estate Investment Trust.

^(k)  Formerly the Schweitzer-Mauduit International, Inc.

^(l)  Formerly the Meta Financial Group, Inc.

^(m)  Formerly the MEDNAX, Inc.

⁽ⁿ⁾  Formerly the SPX Corp.

^(o)  Formerly the Triumph Bancorp, Inc.

^(p)  Formerly the Rent-A-Center, Inc.

^(q)  Formerly the Allscripts Healthcare Solutions, Inc.

^(r)  Formerly the Laredo Petroleum, Inc.

^(s)  Formerly the WisdomTree Investments, Inc.

SCHEDULES  OF  INVESTMENTS 43

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russel 2000 E-Mini Index		3,160		06/16/23	$	286,533	$	7,097,042

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional    Amount    Net Asset    Percentage
Equity Securities Long/Short	Monthly		Goldman Sachs Bank USA(b)		08/19/26	$	229,671,549	$	6,460,668	(c)	$	236,226,572		0.3%
	Monthly		HSBC Bank PLC(d)		02/10/28		472,657,434		(29,074,107	)(e)		444,493,468		0.7
	Monthly		JPMorgan Chase Bank NA(f)		02/08/24		380,751,642		(1,233,424	)(g)		380,300,874		0.6
								$	(23,846,863	)	$	1,061,020,914

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $(94,355) of net dividends, payable for referenced securities purchased and financing fees.

^(e)  Amount includes $(910,141) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $(782,656) of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	40 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.

	Shares		Value		% of     Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Triumph Group, Inc.		541,664	$	6,277,886		2.7	%
Banks
Bancorp, Inc.		82,356		2,293,615		1.0
BankUnited, Inc.		202,957		4,582,769		1.9
Banner Corp.		35,433		1,926,492		0.8
Berkshire Hills Bancorp, Inc.		71,046		1,780,413		0.8
Brookline Bancorp, Inc.		223,843		2,350,352		1.0
Central Pacific Financial Corp.		108,720		1,946,088		0.8
City Holding Co.		62,561		5,685,544		2.4
Community Bank System, Inc.		153,971		8,081,938		3.4
First Financial Bancorp		148,909		3,241,749		1.4
Hanmi Financial Corp.		54,391		1,010,041		0.4
Hilltop Holdings, Inc.		23,821		706,769		0.3

	Shares		Value		% of     Basket Value
Banks (continued)
Hope Bancorp, Inc.		211,207	$	2,074,053		0.9	%
NBT Bancorp, Inc.		20,084		677,032		0.3
Northwest Bancshares, Inc.		543,185		6,534,516		2.8
Pacific Premier Bancorp, Inc.		277,468		6,664,781		2.8
Pathward Financial, Inc.		34,800		1,443,852		0.6
Preferred Bank		32,639		1,788,944		0.8
Provident Financial Services, Inc.		201,258		3,860,128		1.6
Renasant Corp.		3,211		98,192		0.0
S&T Bancorp, Inc.		37,801		1,188,841		0.5
Simmons First National Corp., Class A		206,805		3,617,019		1.5
TrustCo Bank Corp.		54,564		1,742,774		0.7
Trustmark Corp.		170,656		4,215,203		1.8
United Community Banks, Inc.		45,836		1,288,908		0.6
Westamerica BanCorp		14,418		638,717		0.3
WSFS Financial Corp.		162,245		6,102,035		2.6
				75,540,765
Commercial Services & Supplies
Pitney Bowes, Inc.		3,524,141		13,708,908		5.8
Communications Equipment
Extreme Networks, Inc.		2,371,399		45,341,149		19.2

44 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

	Shares		Value		% of Basket Value
Health Care Providers & Services
RadNet, Inc.		754,117	$	18,875,548		8.0	%
Insurance
Ambac Financial Group, Inc.		141,562		2,191,380		0.9
Employers Holdings, Inc.		32,977		1,374,811		0.6
Genworth Financial, Inc., Class A		688,711		3,457,329		1.4
Horace Mann Educators Corp.		34,203		1,145,117		0.5
ProAssurance Corp.		141,836		2,621,129		1.1
Safety Insurance Group, Inc.		28,186		2,100,421		0.9
United Fire Group, Inc.		7,057		187,363		0.1
				13,077,550
Metals & Mining
Warrior Met Coal, Inc.		44,878		1,647,471		0.7
Oil, Gas & Consumable Fuels
Par Pacific Holdings, Inc.		474,661		13,860,101		5.9
Residential REITs
NexPoint Residential Trust, Inc.		172,880		7,549,670		3.2
Retail REITs
Getty Realty Corp.		127,605		4,597,608		1.9
SITE Centers Corp.		1,468,747		18,036,213		7.6
Urstadt Biddle Properties, Inc., Class A		76,778		1,348,990		0.6
				23,982,811
Software
Adeia, Inc.		123,069		1,090,391		0.5
Specialized REITs
Outfront Media, Inc.		745,908		12,106,087		5.1
Water Utilities
Middlesex Water Co.		40,556		3,168,235		1.3
Net Value of Reference Entity — Goldman Sachs Bank USA			$	236,226,572

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Triumph Group, Inc.		119,676	$	1,387,045		0.3	%
Banks
Atlantic Union Bankshares Corp.		860,736		30,168,797		6.8
BankUnited, Inc.		56,480		1,275,318		0.3
Banner Corp.		42,334		2,301,700		0.5
Berkshire Hills Bancorp, Inc.		71,396		1,789,184		0.4
Brookline Bancorp, Inc.		293,602		3,082,821		0.7
City Holding Co.		1,848		167,946		0.0
Community Bank System, Inc.		22,002		1,154,885		0.3
Customers Bancorp, Inc.		26,537		491,465		0.1
First Bancorp/Southern Pines NC		104,588		3,714,966		0.8

	Shares		Value		% of Basket Value
Banks (continued)
First Commonwealth Financial Corp.		367,765	$	4,571,319		1.0	%
First Financial Bancorp		218,057		4,747,101		1.1
Hanmi Financial Corp.		82,618		1,534,216		0.3
Heritage Financial Corp.		40,618		869,225		0.2
Hope Bancorp, Inc.		230,536		2,263,864		0.5
NBT Bancorp, Inc.		129,604		4,368,951		1.0
Northwest Bancshares, Inc.		6,512		78,339		0.0
OFG Bancorp		139,463		3,478,207		0.8
Preferred Bank		264,460		14,495,053		3.3
Provident Financial Services, Inc.		69,459		1,332,224		0.3
Renasant Corp.		180,804		5,528,986		1.2
S&T Bancorp, Inc.		45,701		1,437,297		0.3
Simmons First National Corp., Class A		267,682		4,681,758		1.1
TrustCo Bank Corp.		38,026		1,214,550		0.3
Trustmark Corp.		258,243		6,378,602		1.4
United Community Banks, Inc.		376,658		10,591,623		2.4
Washington Federal, Inc.		822,169		24,763,730		5.6
Westamerica BanCorp		17,845		790,534		0.2
WSFS Financial Corp.		76,512		2,877,616		0.6
				140,150,277
Commercial Services & Supplies
Pitney Bowes, Inc.		470,415		1,829,914		0.4
Consumer Finance
Bread Financial Holdings, Inc.		1,905,247		57,767,089		13.0
Diversified Telecommunication Services
Lumen Technologies, Inc.		20,115,198		53,305,275		12.0
Financial Services
Mr. Cooper Group, Inc.		342,055		14,013,993		3.2
Gas Utilities
Chesapeake Utilities Corp.		133,358		17,068,491		3.8
Hotel & Resort REITs
Pebblebrook Hotel Trust		1,692,931		23,768,751		5.3
Insurance
Ambac Financial Group, Inc.		229,674		3,555,353		0.8
Employers Holdings, Inc.		216,495		9,025,677		2.0
Genworth Financial, Inc., Class A		1,849,410		9,284,038		2.1
Horace Mann Educators Corp.		215,606		7,218,489		1.6
James River Group Holdings Ltd.		118,051		2,437,753		0.6
ProAssurance Corp.		266,656		4,927,803		1.1
Safety Insurance Group, Inc.		40,567		3,023,053		0.7
Stewart Information Services Corp.		91,175		3,678,911		0.8
				43,151,077
Metals & Mining
Arconic Corp.		6,219		163,124		0.0
Warrior Met Coal, Inc.		138,442		5,082,206		1.2
				5,245,330
Multi-Utilities
Avista Corp.		71,091		3,017,813		0.7
Office REITs
Easterly Government Properties, Inc.		209,620		2,880,179		0.6
SL Green Realty Corp.		1,167,298		27,454,849		6.2
				30,335,028

SCHEDULES   OF   INVESTMENTS 45

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

	Shares		Value		% of Basket Value
Oil, Gas & Consumable Fuels
Green Plains, Inc.		666,937	$	20,668,378		4.7	%
Par Pacific Holdings, Inc.		229,278		6,694,917		1.5
				27,363,295
Retail REITs
SITE Centers Corp.		1,052,703		12,927,193		2.9
Urstadt Biddle Properties, Inc., Class A		103,941		1,826,243		0.4
				14,753,436
Software
Adeia, Inc.		435,896		3,862,039		0.9
Specialized REITs
Outfront Media, Inc.		22,017		357,336		0.1
Water Utilities
Middlesex Water Co.		91,107		7,117,279		1.6
Net Value of Reference Entity — HSBC Bank PLC			$	444,493,468

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Banner Corp.		4,625	$	251,461		0.1	%
Central Pacific Financial Corp.		279,285		4,999,202		1.3
Community Bank System, Inc.		40,018		2,100,545		0.6
Customers Bancorp, Inc.		43,914		813,287		0.2
Eagle Bancorp, Inc.		56,958		1,906,384		0.5
First BanCorp/Puerto Rico		460,644		5,260,554		1.4
Hope Bancorp, Inc.		127,539		1,252,433		0.3
Independent Bank Corp.		185,867		12,196,593		3.2
National Bank Holdings Corp., Class A		26,557		888,597		0.2
Preferred Bank		49,950		2,737,760		0.7
Seacoast Banking Corp. of Florida		407,507		9,657,916		2.6
TrustCo Bank Corp.		11,760		375,614		0.1

	Shares		Value		% of Basket Value
Banks (continued)
Veritex Holdings, Inc.		190,848	$	3,484,884		0.9	%
WSFS Financial Corp.		1,596		60,026		0.0
				45,985,256
Communications Equipment
Extreme Networks, Inc.		1,207,729		23,091,778		6.1
Electronic Equipment, Instruments & Components
ScanSource, Inc.		20,000		608,800		0.2
Financial Services
Radian Group, Inc.		8,910,060		196,912,326		51.8
Health Care Providers & Services
RadNet, Inc.		322,653		8,076,004		2.1
Insurance
Ambac Financial Group, Inc.		688,752		10,661,881		2.8
Genworth Financial, Inc., Class A		2,541,895		12,760,313		3.4
				23,422,194
Metals & Mining
Warrior Met Coal, Inc.		1,112,139		40,826,623		10.7
Office REITs
Easterly Government Properties, Inc.		124,603		1,712,045		0.4
Oil, Gas & Consumable Fuels
Par Pacific Holdings, Inc.		453,028		13,228,418		3.5
Residential REITs
NexPoint Residential Trust, Inc.		114,148		4,984,843		1.3
Retail REITs
Acadia Realty Trust		43,472		606,435		0.1
Getty Realty Corp.		10,077		363,074		0.1
SITE Centers Corp.		1,578,762		19,387,197		5.1
				20,356,706
Software
Adeia, Inc.		100,602		891,334		0.2
Specialized REITs
Outfront Media, Inc.		12,603		204,547		0.1
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	380,300,874

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	6,460,668	$	(30,307,531	)

46 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	7,097,042	$	—	$	—	$	—	$	7,097,042
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		6,460,668		—		—		—		6,460,668
	$	—	$	—	$	13,557,710	$	—	$	—	$	—	$	13,557,710
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	30,307,531	$	—	$	—	$	—	$	30,307,531

^(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 March 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	$	—	$	—	$	(12,826,306	)	$	—	$	—	$	—	$	(12,826,306	)
Swaps		—		—		(144,078,571	)		—		—		—		(144,078,571	)
	$	—	$	—	$	(156,904,877	)	$	—	$	—	$	—	$	(156,904,877	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	5,839,004		$	—	$	—	$	—	$	5,839,004
Swaps		—		—		(34,438,561	)		—		—		—		(34,438,561	)
	$	—	$	—	$	(28,599,557	)	$	—	$	—	$	—	$	(28,599,557	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	226,670,576
Total return swaps
Average notional amount	$	926,318,975

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

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	6,184,460		$	—
Swaps — OTC(a)		6,460,668			30,307,531
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	12,645,128		$	30,307,531
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(6,184,460	)		—
Total derivative assets and liabilities subject to an MNA	$	6,460,668		$	30,307,531

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

SCHEDULES   OF   INVESTMENTS 47

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P Small-Cap ETF

The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Received		Cash Collateral Received(b)			Net Amount of Derivative Assets(c)
Goldman Sachs Bank USA	$	6,460,668	$	—	$	—	$	—		$	6,460,668
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged(b)			Net Amount of Derivative Liabilities(d)
HSBC Bank PLC	$	29,074,107	$	—	$	—	$	(29,074,107	)	$	—
JPMorgan Chase Bank N.A		1,233,424		—		—		(1,233,424	)		—
	$	30,307,531	$	—	$	—	$	(30,307,531	)	$	—

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	65,397,157,378	$	—		$	—	$	65,397,157,378
Short-Term Securities
Money Market Funds		5,370,022,328		—			—		5,370,022,328
	$	70,767,179,706	$	—		$	—	$	70,767,179,706
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	7,097,042	$	6,460,668		$	—	$	13,557,710
Liabilities
Equity Contracts		—		(30,307,531	)		—		(30,307,531	)
	$	7,097,042	$	(23,846,863	)	$	—	$	(16,749,821	)

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

See notes to financial statements.

48 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments March 31, 2023 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
Axon Enterprise, Inc.(a)		42,920	$	9,650,562
Curtiss-Wright Corp.		24,275		4,278,711
General Dynamics Corp.		75,541		17,239,212
L3Harris Technologies, Inc.		60,443		11,861,334
Lockheed Martin Corp.		102,459		48,435,443
Mercury Systems, Inc.(a)		21,312		1,089,469
Northrop Grumman Corp.		65,791		30,377,021
TransDigm Group, Inc.		15,594		11,493,558
				134,425,310
Air Freight & Logistics — 0.1%
CH Robinson Worldwide, Inc.		40,279		4,002,524
Expeditors International of Washington, Inc.		101,057		11,128,397
				15,130,921
Automobile Components — 0.1%
Autoliv, Inc.		15,771		1,472,380
Fox Factory Holding Corp.(a)(b)		26,851		3,258,906
Gentex Corp.		68,561		1,921,765
Visteon Corp.(a)		17,818		2,794,397
				9,447,448
Automobiles — 2.9%
Harley-Davidson, Inc.		53,089		2,015,789
Tesla, Inc.(a)		1,708,150		354,372,799
				356,388,588
Banks — 0.2%
Bank of Hawaii Corp.		13,545		705,424
Cathay General Bancorp		24,407		842,530
Columbia Banking System, Inc.		68,643		1,470,333
Commerce Bancshares, Inc.		49,224		2,872,220
Cullen/Frost Bankers, Inc.		27,350		2,881,049
East West Bancorp, Inc.		45,744		2,538,792
First Financial Bankshares, Inc.		43,788		1,396,837
First Horizon Corp.		224,366		3,989,227
Fulton Financial Corp.		51,999		718,626
Glacier Bancorp, Inc.		38,075		1,599,531
Hancock Whitney Corp.		27,813		1,012,393
International Bancshares Corp.		20,394		873,271
SouthState Corp.		27,408		1,953,094
United Bankshares, Inc.		40,578		1,428,346
				24,281,673
Beverages — 2.6%
Boston Beer Co., Inc., Class A, NVS(a)		4,207		1,382,841
Brown-Forman Corp., Class B, NVS		63,712		4,094,770
Celsius Holdings, Inc.(a)(b)		25,647		2,383,632
Coca-Cola Co.		1,606,752		99,666,827
Constellation Brands, Inc., Class A		57,594		13,009,909
Keurig Dr Pepper, Inc.		269,459		9,506,513
Monster Beverage Corp.(a)		483,202		26,097,740
PepsiCo, Inc.		874,720		159,461,456
				315,603,688
Biotechnology — 4.1%
AbbVie, Inc.		1,123,200		179,004,384
Amgen, Inc.		339,139		81,986,853
Arrowhead Pharmaceuticals, Inc.(a)		32,359		821,919
Biogen, Inc.(a)		42,869		11,918,868
Exelixis, Inc.(a)		204,610		3,971,480
Gilead Sciences, Inc.		791,994		65,711,742
Halozyme Therapeutics, Inc.(a)		85,871		3,279,414
Incyte Corp.(a)(b)		118,631		8,573,463

Security	Shares		Value
Biotechnology (continued)
Moderna, Inc.(a)(b)		209,842	$	32,227,534
Neurocrine Biosciences, Inc.(a)		61,038		6,178,266
Regeneron Pharmaceuticals, Inc.(a)		68,282		56,105,271
United Therapeutics Corp.(a)		28,899		6,472,220
Vertex Pharmaceuticals, Inc.(a)		163,284		51,445,890
				507,697,304
Broadline Retail — 2.2%
Amazon.com, Inc.(a)		2,604,601		269,029,237
Etsy, Inc.(a)(b)		46,389		5,164,488
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		18,081		1,047,613
				275,241,338
Building Products — 0.3%
Advanced Drainage Systems, Inc.(b)		30,593		2,576,236
Builders FirstSource, Inc.(a)		93,486		8,299,687
Carlisle Cos., Inc.		32,845		7,425,269
Lennox International, Inc.		12,708		3,193,266
Masco Corp.		101,619		5,052,497
Owens Corning		31,982		3,063,876
Simpson Manufacturing Co., Inc.		27,059		2,966,749
Trex Co., Inc.(a)(b)		37,006		1,801,082
UFP Industries, Inc.		39,145		3,110,853
				37,489,515
Capital Markets — 1.1%
Affiliated Managers Group, Inc.		15,818		2,252,800
Ameriprise Financial, Inc.		67,053		20,551,744
Cboe Global Markets, Inc.		44,636		5,991,937
Charles Schwab Corp.		571,262		29,922,703
Evercore, Inc., Class A		11,370		1,311,871
FactSet Research Systems, Inc.		14,512		6,023,786
Federated Hermes, Inc., Class B		37,004		1,485,341
Interactive Brokers Group, Inc., Class A		36,587		3,020,623
Jefferies Financial Group, Inc.		117,311		3,723,451
MarketAxess Holdings, Inc.		11,708		4,581,223
Moody’s Corp.		47,075		14,405,891
MSCI, Inc., Class A		28,988		16,224,294
Nasdaq, Inc.		137,857		7,536,642
Raymond James Financial, Inc.		122,815		11,454,955
SEI Investments Co.		64,995		3,740,462
				132,227,723
Chemicals — 1.6%
Air Products & Chemicals, Inc.		141,280		40,577,029
Albemarle Corp.		74,343		16,432,777
Ashland, Inc.		21,180		2,175,398
Axalta Coating Systems Ltd.(a)		63,059		1,910,057
Cabot Corp.		35,638		2,731,296
CF Industries Holdings, Inc.		124,214		9,004,273
Chemours Co.		54,505		1,631,880
Corteva, Inc.		312,183		18,827,757
FMC Corp.		79,724		9,736,692
Ingevity Corp.(a)(b)		22,284		1,593,752
Linde PLC		190,820		67,825,061
Mosaic Co.		215,495		9,886,910
NewMarket Corp.		2,334		851,863
Olin Corp.		78,356		4,348,758
RPM International, Inc.		81,900		7,144,956
Valvoline, Inc.		51,872		1,812,408
Westlake Corp.(b)		21,818		2,530,451
				199,021,318
Commercial Services & Supplies — 0.7%
Brink’s Co.		13,831		923,911

SCHEDULES   OF   INVESTMENTS 49

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Cintas Corp.		32,330	$	14,958,444
Clean Harbors, Inc.(a)		31,950		4,554,792
Copart, Inc.(a)		271,946		20,453,059
MSA Safety, Inc.		13,323		1,778,621
Republic Services, Inc.		71,710		9,696,626
Rollins, Inc.		146,791		5,509,066
Tetra Tech, Inc.		19,218		2,823,316
Waste Management, Inc.		139,125		22,701,026
				83,398,861
Communications Equipment — 0.4%
Arista Networks, Inc.(a)		157,203		26,388,096
Calix, Inc.(a)		36,158		1,937,707
Motorola Solutions, Inc.		58,408		16,712,281
				45,038,084
Construction & Engineering — 0.2%
AECOM		47,768		4,027,798
EMCOR Group, Inc.		30,193		4,909,080
Quanta Services, Inc.		90,657		15,107,082
Valmont Industries, Inc.		13,554		4,327,521
				28,371,481
Construction Materials — 0.1%
Eagle Materials, Inc.		23,391		3,432,629
Vulcan Materials Co.		49,775		8,539,399
				11,972,028
Consumer Finance — 0.4%
American Express Co.		185,046		30,523,338
Discover Financial Services		98,625		9,748,095
FirstCash Holdings, Inc.		23,778		2,267,708
SLM Corp.		158,887		1,968,610
				44,507,751
Consumer Staples Distribution & Retail — 1.3%
BJ’s Wholesale Club Holdings, Inc.(a)		48,783		3,710,923
Casey’s General Stores, Inc.		23,620		5,112,785
Costco Wholesale Corp.		186,002		92,418,814
Dollar General Corp.		141,807		29,844,701
Dollar Tree, Inc.(a)		132,407		19,007,025
Fresh Market, Inc. Escrow(a)(c)		3,194		—
Performance Food Group Co.(a)		44,379		2,677,829
Sprouts Farmers Market, Inc.(a)(b)		36,210		1,268,436
U.S. Foods Holding Corp.(a)		36,397		1,344,505
				155,385,018
Containers & Packaging — 0.1%
AptarGroup, Inc.		19,486		2,303,051
Silgan Holdings, Inc.		52,996		2,844,295
Sonoco Products Co.		31,496		1,921,256
				7,068,602
Distributors — 0.1%
Genuine Parts Co.		64,285		10,755,524
Pool Corp.		15,655		5,360,898
				16,116,422
Diversified Consumer Services — 0.1%
Grand Canyon Education, Inc.(a)		19,430		2,213,077
H&R Block, Inc.		98,616		3,476,214
Service Corp. International		97,679		6,718,362
				12,407,653
Diversified Telecommunication Services — 0.0%
Iridium Communications, Inc.		79,705		4,936,131

Security	Shares		Value
Electric Utilities — 0.2%
IDACORP, Inc.		16,974	$	1,838,793
NRG Energy, Inc.		68,969		2,364,947
OGE Energy Corp.		126,950		4,780,937
PG&E Corp.(a)(b)		1,019,912		16,491,977
PNM Resources, Inc.		33,710		1,641,003
				27,117,657
Electrical Equipment — 0.2%
Acuity Brands, Inc.(b)		10,242		1,871,521
AMETEK, Inc.		72,717		10,567,961
Hubbell, Inc.		34,058		8,286,652
nVent Electric PLC		105,682		4,537,985
SunPower Corp.(a)(b)		30,413		420,916
Vicor Corp.(a)		6,097		286,193
				25,971,228
Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		377,460		30,846,031
Belden, Inc.		27,123		2,353,463
CDW Corp.		54,174		10,557,971
Cognex Corp.		57,152		2,831,882
Keysight Technologies, Inc.(a)		61,373		9,910,512
Littelfuse, Inc.		9,760		2,616,558
National Instruments Corp.		47,457		2,487,221
Novanta, Inc.(a)		22,642		3,602,116
				65,205,754
Energy Equipment & Services — 0.3%
ChampionX Corp.		126,451		3,430,616
NOV, Inc.		248,851		4,606,232
Schlumberger NV		478,443		23,491,551
Valaris Ltd.(a)		38,206		2,485,682
				34,014,081
Entertainment — 0.3%
Activision Blizzard, Inc.		266,218		22,785,599
Electronic Arts, Inc.		112,991		13,609,766
World Wrestling Entertainment, Inc., Class A		27,475		2,507,368
				38,902,733
Financial Services — 3.9%
Euronet Worldwide, Inc.(a)		14,642		1,638,440
Fiserv, Inc.(a)		278,692		31,500,557
FleetCor Technologies, Inc.(a)		24,744		5,217,272
Jack Henry & Associates, Inc.		46,869		7,064,096
Mastercard, Inc., Class A		535,864		194,738,336
Visa, Inc., Class A(b)		1,032,042		232,684,189
WEX, Inc.(a)		27,647		5,084,007
				477,926,897
Food Products — 1.1%
Archer-Daniels-Midland Co.		170,253		13,562,354
Bunge Ltd.		39,045		3,729,578
Campbell Soup Co.		75,065		4,127,074
Darling Ingredients, Inc.(a)		101,794		5,944,770
Flowers Foods, Inc.		76,690		2,102,073
General Mills, Inc.		255,328		21,820,331
Hershey Co.		93,214		23,714,574
Hormel Foods Corp.		132,051		5,266,194
Kellogg Co.		89,180		5,971,493
Lamb Weston Holdings, Inc.		91,118		9,523,653
Lancaster Colony Corp.		12,591		2,554,462
McCormick & Co., Inc., NVS		80,961		6,736,765
Mondelez International, Inc., Class A		467,220		32,574,578
				137,627,899

50 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Gas Utilities — 0.1%
Atmos Energy Corp.		56,130	$	6,306,767
National Fuel Gas Co.		40,648		2,347,016
New Jersey Resources Corp.		39,617		2,107,624
ONE Gas, Inc.		34,289		2,716,717
Spire, Inc.		16,298		1,143,142
				14,621,266
Ground Transportation — 0.8%
Avis Budget Group, Inc.(a)(b)		15,811		3,079,983
CSX Corp.		638,852		19,127,229
JB Hunt Transport Services, Inc.		53,180		9,330,963
Knight-Swift Transportation Holdings, Inc.		50,892		2,879,469
Landstar System, Inc.		22,789		4,085,156
Old Dominion Freight Line, Inc.(b)		57,544		19,613,297
Saia, Inc.(a)(b)		9,586		2,608,159
Union Pacific Corp.		194,196		39,083,887
				99,808,143
Health Care Equipment & Supplies — 1.7%
Abbott Laboratories		575,765		58,301,964
Boston Scientific Corp.(a)(b)		483,415		24,185,252
Dexcom, Inc.(a)		245,296		28,498,489
Globus Medical, Inc., Class A(a)		49,121		2,782,213
Haemonetics Corp.(a)		32,071		2,653,875
Hologic, Inc.(a)		156,591		12,636,894
IDEXX Laboratories, Inc.(a)		25,791		12,897,563
Inari Medical, Inc.(a)		30,662		1,893,072
Insulet Corp.(a)		44,060		14,053,378
Intuitive Surgical, Inc.(a)		108,849		27,807,654
Lantheus Holdings, Inc.(a)		43,678		3,606,056
Masimo Corp.(a)		19,374		3,575,278
Penumbra, Inc.(a)(b)		15,206		4,237,760
QuidelOrtho Corp.(a)		18,731		1,668,745
ResMed, Inc.		50,236		11,001,182
Shockwave Medical, Inc.(a)(b)		22,944		4,974,948
STAAR Surgical Co.(a)(b)		20,851		1,333,421
				216,107,744
Health Care Providers & Services — 3.8%
Acadia Healthcare Co., Inc.(a)		33,427		2,415,101
Chemed Corp.		6,410		3,446,977
Cigna Group		93,206		23,816,929
Elevance Health, Inc.		151,623		69,717,772
Encompass Health Corp.		29,067		1,572,525
HCA Healthcare, Inc.		72,725		19,176,128
HealthEquity, Inc.(a)		53,627		3,148,441
Humana, Inc.		50,696		24,610,880
McKesson Corp.		40,113		14,282,234
Molina Healthcare, Inc.(a)		36,999		9,896,862
Option Care Health, Inc.(a)		106,451		3,381,948
Progyny, Inc.(a)(b)		17,698		568,460
Quest Diagnostics, Inc.		46,656		6,600,891
UnitedHealth Group, Inc.		593,424		280,446,248
				463,081,396
Health Care REITs — 0.0%
Omega Healthcare Investors, Inc.		72,689		1,992,406
Hotels, Restaurants & Leisure — 1.8%
Aramark		67,841		2,428,708
Boyd Gaming Corp.		29,783		1,909,686
Chipotle Mexican Grill, Inc.(a)		17,510		29,912,158
Choice Hotels International, Inc.		10,396		1,218,307
Churchill Downs, Inc.		20,918		5,376,972
Domino’s Pizza, Inc.		10,359		3,417,123

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Hilton Grand Vacations, Inc.(a)(b)		25,716	$	1,142,562
Hilton Worldwide Holdings, Inc.		81,447		11,473,439
Light & Wonder, Inc., Class A(a)		27,446		1,648,132
Marriott International, Inc., Class A		86,922		14,432,529
McDonald’s Corp.		288,410		80,642,320
Papa John’s International, Inc.		9,205		689,731
Starbucks Corp.		372,909		38,831,014
Texas Roadhouse, Inc.		42,444		4,586,499
Wendy’s Co.		108,103		2,354,484
Wingstop, Inc.		19,004		3,488,754
Wyndham Hotels & Resorts, Inc.		29,199		1,981,152
Yum! Brands, Inc.		113,477		14,988,042
				220,521,612
Household Durables — 0.1%
DR Horton, Inc.		99,407		9,711,070
Tempur Sealy International, Inc.		108,588		4,288,140
TopBuild Corp.(a)		10,786		2,244,998
				16,244,208
Household Products — 1.3%
Clorox Co.		35,182		5,567,200
Colgate-Palmolive Co.		292,495		21,980,999
Kimberly-Clark Corp.		102,609		13,772,180
Procter & Gamble Co.		824,088		122,533,645
				163,854,024
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		254,003		6,116,392
Ormat Technologies, Inc.(b)		19,669		1,667,341
				7,783,733
Industrial REITs — 0.1%
EastGroup Properties, Inc.		15,230		2,517,823
First Industrial Realty Trust, Inc.		42,819		2,277,971
Rexford Industrial Realty, Inc.		68,643		4,094,555
				8,890,349
Insurance — 1.9%
American Financial Group, Inc.		19,900		2,417,850
Aon PLC, Class A		86,099		27,146,154
Arch Capital Group Ltd.(a)		234,581		15,921,012
Arthur J. Gallagher & Co.		86,438		16,536,454
Brown & Brown, Inc.		88,117		5,059,678
Chubb Ltd.		150,417		29,207,973
Everest Re Group Ltd.		14,386		5,150,476
Globe Life, Inc.		40,104		4,412,242
Hanover Insurance Group, Inc.		13,297		1,708,664
Kinsale Capital Group, Inc.		13,690		4,109,053
Marsh & McLennan Cos., Inc.		201,208		33,511,192
Primerica, Inc.		16,498		2,841,616
Principal Financial Group, Inc.		87,298		6,487,987
Progressive Corp.		371,482		53,144,215
RenaissanceRe Holdings Ltd.		15,514		3,108,075
RLI Corp.		25,615		3,404,490
Selective Insurance Group, Inc.		38,190		3,640,653
Travelers Cos., Inc.		79,477		13,623,153
W R Berkley Corp.		129,246		8,046,856
				239,477,793
Interactive Media & Services — 6.0%
Alphabet, Inc., Class A(a)		3,782,778		392,387,562
Alphabet, Inc., Class C, NVS(a)		3,297,647		342,955,288
				735,342,850

SCHEDULES   OF   INVESTMENTS 51

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services — 0.7%
Accenture PLC, Class A		195,982	$	56,013,616
EPAM Systems, Inc.(a)		24,867		7,435,233
Gartner, Inc.(a)		50,181		16,347,464
VeriSign, Inc.(a)		28,689		6,062,846
				85,859,159
Leisure Products — 0.0%
Brunswick Corp.		27,220		2,232,040
Polaris, Inc.(b)		18,476		2,044,000
YETI Holdings, Inc.(a)		30,187		1,207,480
				5,483,520
Life Sciences Tools & Services — 2.6%
Agilent Technologies, Inc.		112,813		15,606,550
Bio-Techne Corp.		48,247		3,579,445
Bruker Corp.		37,552		2,960,600
Danaher Corp.		416,302		104,924,756
IQVIA Holdings, Inc.(a)		56,681		11,273,284
Medpace Holdings, Inc.(a)		16,001		3,008,988
Mettler-Toledo International, Inc.(a)		9,116		13,949,394
Repligen Corp.(a)(b)		32,796		5,521,535
Thermo Fisher Scientific, Inc.		249,092		143,569,156
Waters Corp.(a)		37,712		11,676,767
				316,070,475
Machinery — 1.6%
AGCO Corp.		20,388		2,756,458
Caterpillar, Inc.		198,253		45,368,216
Chart Industries, Inc.(a)(b)		11,949		1,498,405
Crane NXT Co.		15,141		1,718,503
Cummins, Inc.		46,068		11,004,724
Deere & Co.		171,745		70,910,076
Donaldson Co., Inc.		49,749		3,250,600
Graco, Inc.		69,552		5,077,991
IDEX Corp.		27,287		6,304,116
Illinois Tool Works, Inc.		89,921		21,891,267
ITT, Inc.		24,180		2,086,734
Lincoln Electric Holdings, Inc.		36,627		6,193,626
Middleby Corp.(a)		16,441		2,410,415
Snap-on, Inc.		19,196		4,739,300
Timken Co.		20,538		1,678,365
Toro Co.		66,177		7,356,235
Watts Water Technologies, Inc., Class A		9,024		1,518,920
				195,763,951
Media — 0.0%
New York Times Co., Class A		52,304		2,033,580
Nexstar Media Group, Inc., Class A		23,934		4,132,444
				6,166,024
Metals & Mining — 0.8%
Commercial Metals Co.		41,629		2,035,658
Freeport-McMoRan, Inc.		909,041		37,188,867
MP Materials Corp., Class A(a)(b)		58,628		1,652,723
Nucor Corp.		160,333		24,766,639
Reliance Steel & Aluminum Co.		37,252		9,564,078
Royal Gold, Inc.		41,646		5,401,903
Steel Dynamics, Inc.		105,931		11,976,559
Worthington Industries, Inc.		9,403		607,904
				93,194,331
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.		295,822		5,653,158
Multi-Utilities — 0.2%
Black Hills Corp.		21,445		1,353,179

Security	Shares		Value
Multi-Utilities (continued)
Sempra Energy		120,210	$	18,170,944
WEC Energy Group, Inc.		103,863		9,845,174
				29,369,297
Office REITs — 0.0%
Corporate Office Properties Trust		37,026		877,887
Oil, Gas & Consumable Fuels — 6.9%
Antero Midstream Corp.		212,720		2,231,433
Antero Resources Corp.(a)		175,171		4,044,698
APA Corp.		204,000		7,356,240
Chevron Corp.		1,129,845		184,345,510
Chord Energy Corp.		20,083		2,703,172
CNX Resources Corp.(a)(b)		106,899		1,712,522
ConocoPhillips		777,296		77,115,536
Coterra Energy, Inc.		499,495		12,257,607
Devon Energy Corp.		415,147		21,010,590
Diamondback Energy, Inc.		117,016		15,817,053
DT Midstream, Inc.		61,350		3,028,850
EOG Resources, Inc.		373,426		42,805,822
EQT Corp.		232,097		7,406,215
Equitrans Midstream Corp.		126,106		728,893
Exxon Mobil Corp.		2,615,425		286,807,506
Hess Corp.		176,126		23,308,515
HF Sinclair Corp.		37,500		1,814,250
Marathon Oil Corp.		401,428		9,618,215
Marathon Petroleum Corp.		138,788		18,712,786
Matador Resources Co.(b)		71,296		3,397,255
Murphy Oil Corp.		92,785		3,431,189
Occidental Petroleum Corp.(b)		462,866		28,896,724
ONEOK, Inc.		283,271		17,999,039
PBF Energy, Inc., Class A		72,403		3,139,394
PDC Energy, Inc.		58,523		3,756,006
Pioneer Natural Resources Co.		151,201		30,881,292
Range Resources Corp.		153,337		4,058,830
Southwestern Energy Co.(a)		700,224		3,501,120
Targa Resources Corp.		143,765		10,487,657
Williams Cos., Inc.		775,114		23,144,904
				855,518,823
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		45,524		2,467,856
Personal Care Products — 0.0%
BellRing Brands, Inc.(a)(b)		35,188		1,196,392
Pharmaceuticals — 6.1%
Bristol-Myers Squibb Co.		1,350,369		93,594,075
Eli Lilly & Co.		500,885		172,013,927
Jazz Pharmaceuticals PLC(a)		39,880		5,835,640
Johnson & Johnson		1,029,518		159,575,290
Merck & Co., Inc.		1,610,281		171,317,796
Pfizer, Inc.		3,565,132		145,457,386
				747,794,114
Professional Services — 1.2%
Automatic Data Processing, Inc.		263,164		58,588,201
Broadridge Financial Solutions, Inc.		35,857		5,255,561
CACI International, Inc., Class A(a)(b)		9,516		2,819,400
Concentrix Corp.		26,915		3,271,518
CoStar Group, Inc.(a)(b)		257,840		17,752,284
Equifax, Inc.		38,208		7,750,111
ExlService Holdings, Inc.(a)		21,012		3,400,372
Exponent, Inc.		22,246		2,217,704
FTI Consulting, Inc.(a)(b)		21,865		4,315,058
Genpact Ltd.		61,055		2,821,962

52 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
Insperity, Inc.		22,640	$	2,751,892
KBR, Inc.		87,044		4,791,772
Leidos Holdings, Inc.		56,279		5,181,045
Paychex, Inc.		116,094		13,303,211
Science Applications International Corp.		23,388		2,513,274
Verisk Analytics, Inc.(b)		45,689		8,765,892
				145,499,257
Retail REITs — 0.1%
Agree Realty Corp.		38,891		2,668,312
Brixmor Property Group, Inc.		93,361		2,009,129
National Retail Properties, Inc.		62,809		2,773,017
				7,450,458
Semiconductors & Semiconductor Equipment — 8.7%
Advanced Micro Devices, Inc.(a)		552,842		54,184,044
Allegro MicroSystems, Inc.(a)(b)		16,076		771,487
Amkor Technology, Inc.		63,696		1,657,370
Analog Devices, Inc.		151,070		29,794,025
Applied Materials, Inc.		535,455		65,769,938
Broadcom, Inc.		159,245		102,162,037
Cirrus Logic, Inc.(a)(b)		34,934		3,821,081
Enphase Energy, Inc.(a)		86,317		18,150,739
First Solar, Inc.(a)		62,907		13,682,272
KLA Corp.		87,886		35,081,455
Lam Research Corp.		85,694		45,428,103
Lattice Semiconductor Corp.(a)		87,030		8,311,365
MACOM Technology Solutions Holdings, Inc.(a)(b)		32,439		2,297,979
Microchip Technology, Inc.		171,151		14,339,031
Monolithic Power Systems, Inc.		28,555		14,292,920
NVIDIA Corp.		1,562,397		433,987,015
NXP Semiconductors NV(b)		97,116		18,109,706
ON Semiconductor Corp.(a)		274,352		22,584,657
Power Integrations, Inc.		36,324		3,074,463
QUALCOMM, Inc.		708,159		90,346,925
Silicon Laboratories, Inc.(a)		10,549		1,847,024
SiTime Corp.(a)(b)		5,525		785,821
SolarEdge Technologies, Inc.(a)(b)		35,482		10,784,754
Teradyne, Inc.		48,609		5,225,954
Texas Instruments, Inc.		362,597		67,446,668
Universal Display Corp.		17,404		2,699,883
Wolfspeed, Inc.(a)		35,518		2,306,894
				1,068,943,610
Software — 9.5%
Adobe, Inc.(a)		136,655		52,662,737
Autodesk, Inc.(a)		75,424		15,700,260
Blackbaud, Inc.(a)		13,053		904,573
Cadence Design Systems, Inc.(a)		174,224		36,602,720
CommVault Systems, Inc.(a)		18,954		1,075,450
Dynatrace, Inc.(a)		137,303		5,807,917
Envestnet, Inc.(a)(b)		9,413		552,261
Fair Isaac Corp.(a)		16,024		11,259,905
Fortinet, Inc.(a)		411,786		27,367,297
Gen Digital, Inc.		194,637		3,339,971
Intuit, Inc.		94,563		42,159,022
Manhattan Associates, Inc.(a)		23,016		3,564,028
Microsoft Corp.		2,742,073		790,539,646
Oracle Corp.		575,897		53,512,349
Paycom Software, Inc.(a)(b)		30,704		9,334,323
Paylocity Holding Corp.(a)		26,155		5,199,091
PTC, Inc.(a)		67,944		8,712,459
Qualys, Inc.(a)(b)		21,956		2,854,719
ServiceNow, Inc.(a)		128,929		59,915,885

Security	Shares		Value
Software (continued)
Synopsys, Inc.(a)		96,804	$	37,390,545
Teradata Corp.(a)		29,829		1,201,512
Tyler Technologies, Inc.(a)		12,428		4,407,466
				1,174,064,136
Specialized REITs — 0.9%
American Tower Corp.		156,662		32,012,313
CubeSmart		76,833		3,551,221
Extra Space Storage, Inc.		42,617		6,943,588
Iron Mountain, Inc.		116,306		6,153,751
Lamar Advertising Co., Class A		31,044		3,100,985
Life Storage, Inc.		32,982		4,323,610
National Storage Affiliates Trust		25,291		1,056,658
PotlatchDeltic Corp.		29,234		1,447,083
Public Storage		62,222		18,799,755
Rayonier, Inc.		51,140		1,700,916
SBA Communications Corp.		38,403		10,025,871
VICI Properties, Inc.		364,290		11,883,140
Weyerhaeuser Co.		266,228		8,021,450
				109,020,341
Specialty Retail — 2.5%
AutoNation, Inc.(a)		10,008		1,344,675
AutoZone, Inc.(a)		11,945		29,362,602
Dick’s Sporting Goods, Inc.		19,049		2,702,863
Five Below, Inc.(a)(b)		24,353		5,015,987
Home Depot, Inc.		343,073		101,247,704
Lowe’s Cos., Inc.		265,000		52,992,050
Murphy U.S.A., Inc.		12,691		3,274,912
O’Reilly Automotive, Inc.(a)		39,556		33,582,253
TJX Cos., Inc.		469,686		36,804,595
Tractor Supply Co.		70,147		16,487,351
Ulta Beauty, Inc.(a)		32,266		17,606,588
Williams-Sonoma, Inc.		20,386		2,480,161
				302,901,741
Technology Hardware, Storage & Peripherals — 12.7%
Apple Inc.		9,445,912		1,557,630,889
Super Micro Computer, Inc.(a)		23,464		2,500,089
				1,560,130,978
Textiles, Apparel & Luxury Goods — 0.1%
Crocs, Inc.(a)		39,209		4,957,586
Deckers Outdoor Corp.(a)		16,808		7,556,036
				12,513,622
Tobacco — 0.6%
Altria Group, Inc.		589,699		26,312,369
Philip Morris International, Inc.		531,392		51,677,872
				77,990,241
Trading Companies & Distributors — 0.3%
Fastenal Co.		178,218		9,613,079
GATX Corp.		11,591		1,275,242
MSC Industrial Direct Co., Inc., Class A		14,947		1,255,548
Watsco, Inc.		21,118		6,718,903
WW Grainger, Inc.		28,513		19,640,039
				38,502,811
Water Utilities — 0.1%
Essential Utilities, Inc.		151,454		6,610,967
Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.(a)(b)		255,657		37,029,360
Total Long-Term Investments — 99.8% (Cost: $9,927,871,648)				12,296,721,139

SCHEDULES   OF   INVESTMENTS 53

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		113,471,356	$	113,505,398
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		17,496,613		17,496,613
Total Short-Term Securities — 1.0% (Cost: $130,976,315)				131,002,011
Total Investments — 100.8% (Cost: $10,058,847,963)				12,427,723,150
Liabilities in Excess of Other Assets — (0.8)%				(104,260,702	)
Net Assets — 100.0%			$	12,323,462,448

^(a)  Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	58,826,169	$	54,610,758	(a)	$	—		$	56,324	$	12,147		$	113,505,398		113,471,356	$	663,645	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		18,116,000		—			(619,387	)(a)		—		—			17,496,613		17,496,613		442,612			4
BlackRock, Inc.(c)		35,500,282		7,890,408			(40,836,980	)		4,263,812		(6,817,522	)		—		—		733,537			—
									$	4,320,136	$	(6,805,375	)	$	131,002,011			$	1,839,794		$	4

^(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.

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-mini Technology Select Sector Index		26		06/16/23	$	3,993	$	332,338
S&P 500 E-mini Index		93		06/16/23		19,241		1,057,845
							$	1,390,183

54 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,390,183	$	—	$	—	$	—	$	1,390,183

^(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 March 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	$	—	$	—	$	(4,567,797	)	$	—	$	—	$	—	$	(4,567,797	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(46,777	)	$	—	$	—	$	—	$	(46,777	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	19,560,256

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	12,296,721,139	$	—	$	—	$	12,296,721,139
Short-Term Securities
Money Market Funds		131,002,011		—		—		131,002,011
	$	12,427,723,150	$	—	$	—	$	12,427,723,150
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,390,183	$	—	$	—	$	1,390,183

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

See notes to financial statements.

SCHEDULES   OF   INVESTMENTS 55

Schedule of Investments March 31, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.5%
Boeing Co.(a)		434,935	$	92,393,242
General Dynamics Corp.		82,099		18,735,813
Hexcel Corp.		66,040		4,507,230
Howmet Aerospace, Inc.		284,374		12,048,926
Huntington Ingalls Industries, Inc.		31,003		6,418,241
L3Harris Technologies, Inc.		73,378		14,399,699
Lockheed Martin Corp.		50,905		24,064,321
Mercury Systems, Inc.(a)		18,586		950,116
Northrop Grumman Corp.		31,162		14,388,119
Raytheon Technologies Corp.		1,133,040		110,958,607
Textron, Inc.		161,166		11,383,155
TransDigm Group, Inc.		21,309		15,705,798
Woodward, Inc.		45,935		4,472,691
				330,425,958
Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		41,322		4,106,167
FedEx Corp.		179,595		41,035,662
GXO Logistics, Inc.(a)(b)		93,162		4,700,955
United Parcel Service, Inc., Class B		564,465		109,500,565
				159,343,349
Automobile Components — 0.4%
Adient PLC(a)(b)		73,038		2,991,636
Aptiv PLC(a)		210,042		23,564,612
Autoliv, Inc.		40,962		3,824,212
BorgWarner, Inc.		181,879		8,932,078
Dana, Inc.		104,482		1,572,454
Gentex Corp.		96,706		2,710,669
Goodyear Tire & Rubber Co.(a)		226,984		2,501,364
Lear Corp.		46,136		6,435,511
				52,532,536
Automobiles — 0.6%
Ford Motor Co.		3,028,228		38,155,673
General Motors Co.		1,078,656		39,565,102
Harley-Davidson, Inc.		37,563		1,426,267
Thor Industries, Inc.		40,971		3,262,930
				82,409,972
Banks — 6.8%
Associated Banc-Corp.		121,001		2,175,598
Bank of America Corp.		5,398,138		154,386,747
Bank of Hawaii Corp.		14,963		779,273
Bank OZK		87,688		2,998,930
Cadence Bank		42,877		890,127
Cathay General Bancorp		27,842		961,106
Citigroup, Inc.		1,498,013		70,241,830
Citizens Financial Group, Inc.		382,913		11,629,068
Columbia Banking System, Inc.		78,840		1,688,753
Comerica, Inc.		101,936		4,426,061
Commerce Bancshares, Inc.		27,866		1,625,981
Cullen/Frost Bankers, Inc.		16,176		1,703,980
East West Bancorp, Inc.		54,718		3,036,849
Fifth Third Bancorp		528,393		14,076,390
First Financial Bankshares, Inc.		46,575		1,485,742
First Horizon Corp.		139,288		2,476,541
First Republic Bank(b)		146,182		2,045,086
FNB Corp.		287,999		3,340,788
Fulton Financial Corp.		65,208		901,175
Glacier Bancorp, Inc.		38,902		1,634,273
Hancock Whitney Corp.		33,800		1,230,320
Home BancShares, Inc.		150,424		3,265,705

Security	Shares		Value
Banks (continued)
Huntington Bancshares, Inc.		1,121,488	$	12,560,666
International Bancshares Corp.		15,709		672,659
JPMorgan Chase & Co.		2,268,618		295,623,612
KeyCorp		726,757		9,098,998
M&T Bank Corp.		130,925		15,654,702
New York Community Bancorp, Inc., Class A		533,708		4,824,720
Old National Bancorp		226,546		3,266,793
PacWest Bancorp(b)		94,780		922,209
Pinnacle Financial Partners, Inc.		60,140		3,317,322
PNC Financial Services Group, Inc.		310,143		39,419,175
Prosperity Bancshares, Inc.		71,537		4,400,956
Regions Financial Corp.		726,415		13,482,262
SouthState Corp.		25,282		1,801,595
Synovus Financial Corp.		114,547		3,531,484
Texas Capital Bancshares, Inc.(a)		37,297		1,826,061
Truist Financial Corp.		1,029,037		35,090,162
U.S. Bancorp		1,077,543		38,845,425
UMB Financial Corp.		34,808		2,009,118
United Bankshares, Inc.		53,069		1,868,029
Valley National Bancorp		325,069		3,003,638
Webster Financial Corp.		135,662		5,347,796
Wells Fargo & Co.		2,947,128		110,163,645
Wintrust Financial Corp.		47,950		3,497,952
Zions Bancorp N.A		116,939		3,499,984
				900,729,286
Beverages — 0.8%
Boston Beer Co., Inc., Class A, NVS(a)		2,241		736,617
Brown-Forman Corp., Class B, NVS		64,831		4,166,688
Coca-Cola Co.		1,053,582		65,353,692
Coca-Cola Consolidated, Inc.		3,514		1,880,271
Constellation Brands, Inc., Class A		55,072		12,440,214
Keurig Dr Pepper, Inc.		327,823		11,565,595
Molson Coors Beverage Co., Class B		145,976		7,544,040
				103,687,117
Biotechnology — 0.1%
Arrowhead Pharmaceuticals, Inc.(a)		42,027		1,067,486
Biogen, Inc.(a)		58,846		16,360,953
				17,428,439
Broadline Retail — 3.1%
Amazon.com, Inc.(a)		3,723,399		384,589,883
eBay, Inc.		418,222		18,556,510
Etsy, Inc.(a)(b)		41,380		4,606,835
Kohl’s Corp.		89,048		2,096,190
Macy’s, Inc.		212,809		3,722,030
Nordstrom, Inc.		90,223		1,467,928
Ollie’s Bargain Outlet Holdings, Inc.(a)		22,655		1,312,631
				416,352,007
Building Products — 0.9%
A O Smith Corp.		99,097		6,852,558
Advanced Drainage Systems, Inc.(b)		11,172		940,794
Allegion PLC		68,274		7,286,884
Carrier Global Corp.		645,035		29,510,351
Fortune Brands Innovations, Inc.		100,096		5,878,638
Johnson Controls International PLC		530,869		31,968,931
Lennox International, Inc.		9,366		2,353,489
Masco Corp.		49,932		2,482,619
Owens Corning		32,815		3,143,677
Trane Technologies PLC		177,171		32,595,921
Trex Co., Inc.(a)(b)		39,375		1,916,381
				124,930,243

56 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets — 4.7%
Affiliated Managers Group, Inc.		9,785	$	1,393,580
Bank of New York Mellon Corp.		569,940		25,898,074
BlackRock, Inc.(c)		115,823		77,499,486
Cboe Global Markets, Inc.		26,413		3,545,681
Charles Schwab Corp.		483,679		25,335,106
CME Group, Inc., Class A		278,148		53,270,905
Evercore, Inc., Class A		13,643		1,574,129
FactSet Research Systems, Inc.		11,919		4,947,458
Federated Hermes, Inc., Class B		20,017		803,482
Franklin Resources, Inc.		221,728		5,973,352
Goldman Sachs Group, Inc.		261,913		85,674,362
Interactive Brokers Group, Inc., Class A		34,804		2,873,418
Intercontinental Exchange, Inc.		433,246		45,183,225
Invesco Ltd.		354,004		5,805,666
Janus Henderson Group PLC		106,410		2,834,762
MarketAxess Holdings, Inc.		15,100		5,908,479
Moody’s Corp.		64,406		19,709,524
Morgan Stanley		1,010,487		88,720,759
MSCI, Inc., Class A		26,506		14,835,143
Nasdaq, Inc.		95,226		5,206,006
Northern Trust Corp.		160,640		14,157,203
S&P Global, Inc.		254,616		87,783,958
State Street Corp.		269,421		20,392,476
Stifel Financial Corp.		81,180		4,796,926
T Rowe Price Group, Inc.		173,457		19,583,295
				623,706,455
Chemicals — 2.1%
Ashland, Inc.		12,535		1,287,470
Avient Corp.		65,257		2,685,978
Axalta Coating Systems Ltd.(a)(b)		94,238		2,854,469
Celanese Corp., Class A		77,379		8,425,799
Chemours Co.		49,546		1,483,407
Corteva, Inc.		171,191		10,324,529
Dow, Inc.		545,101		29,882,437
DuPont de Nemours, Inc.		353,992		25,406,006
Eastman Chemical Co.		93,119		7,853,656
Ecolab, Inc.		191,963		31,775,635
International Flavors & Fragrances, Inc.		197,830		18,192,447
Linde PLC		148,563		52,805,233
LyondellBasell Industries NV, Class A		195,850		18,388,356
NewMarket Corp.		2,400		875,952
PPG Industries, Inc.		182,308		24,352,703
Scotts Miracle-Gro Co.		30,888		2,154,129
Sensient Technologies Corp.		32,094		2,457,117
Sherwin-Williams Co.		182,345		40,985,686
Valvoline, Inc.		72,966		2,549,432
				284,740,441
Commercial Services & Supplies — 0.4%
Brink’s Co.		18,788		1,255,039
Cintas Corp.		27,309		12,635,328
MSA Safety, Inc.		12,670		1,691,445
Republic Services, Inc.		71,522		9,671,205
Stericycle, Inc.(a)		73,912		3,223,302
Tetra Tech, Inc.		17,396		2,555,646
Waste Management, Inc.		117,783		19,218,652
				50,250,617
Communications Equipment — 1.6%
Ciena Corp.(a)		115,675		6,075,251
Cisco Systems, Inc.		3,177,309		166,093,828
F5, Inc.(a)		46,573		6,785,220
Juniper Networks, Inc.		251,715		8,664,030

Security	Shares		Value
Communications Equipment (continued)
Lumentum Holdings, Inc.(a)(b)		52,051	$	2,811,275
Motorola Solutions, Inc.		58,044		16,608,130
				207,037,734
Construction & Engineering — 0.1%
AECOM		49,049		4,135,812
Fluor Corp.(a)		108,466		3,352,684
MasTec, Inc.(a)		46,329		4,375,311
MDU Resources Group, Inc.		159,525		4,862,322
				16,726,129
Construction Materials — 0.2%
Martin Marietta Materials, Inc.		47,875		16,998,497
Vulcan Materials Co.		42,316		7,259,733
				24,258,230
Consumer Finance — 0.7%
American Express Co.		234,834		38,735,868
Capital One Financial Corp.		294,329		28,302,677
Discover Financial Services		86,732		8,572,591
Navient Corp.		80,740		1,291,032
Synchrony Financial		338,022		9,829,680
				86,731,848
Consumer Staples Distribution & Retail — 2.8%
BJ’s Wholesale Club Holdings, Inc.(a)		44,329		3,372,107
Costco Wholesale Corp.		116,680		57,974,792
Grocery Outlet Holding Corp.(a)(b)		68,470		1,934,962
Kroger Co.		505,150		24,939,255
Performance Food Group Co.(a)(b)		65,358		3,943,702
Sprouts Farmers Market, Inc.(a)(b)		37,163		1,301,820
Sysco Corp.		392,558		30,317,254
Target Corp.		356,017		58,967,096
U.S. Foods Holding Corp.(a)		114,457		4,228,042
Walgreens Boots Alliance, Inc.		553,385		19,136,053
Walmart, Inc.		1,084,600		159,924,270
				366,039,353
Containers & Packaging — 0.6%
Amcor PLC		1,149,433		13,080,547
AptarGroup, Inc.		26,405		3,120,807
Avery Dennison Corp.		62,505		11,184,020
Ball Corp.		242,093		13,341,745
Greif, Inc., Class A, NVS		19,798		1,254,599
International Paper Co.		275,029		9,917,546
Packaging Corp. of America		71,608		9,941,339
Sealed Air Corp.		112,922		5,184,249
Sonoco Products Co.		36,472		2,224,792
Westrock Co.		197,709		6,024,193
				75,273,837
Distributors — 0.2%
Genuine Parts Co.		30,833		5,158,669
LKQ Corp.		196,142		11,133,020
Pool Corp.		11,029		3,776,771
				20,068,460
Diversified Consumer Services — 0.0%
Graham Holdings Co., Class B		2,935		1,748,790
Diversified Telecommunication Services — 1.8%
AT&T Inc.		5,512,983		106,124,923
Frontier Communications Parent, Inc.(a)		174,812		3,980,469
Verizon Communications, Inc.		3,248,299		126,326,348
				236,431,740

SCHEDULES  OF  INVESTMENTS 57

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities — 3.7%
ALLETE, Inc.		43,634	$	2,808,721
Alliant Energy Corp.		193,925		10,355,595
American Electric Power Co., Inc.		397,431		36,162,247
Constellation Energy Corp.		253,590		19,906,815
Duke Energy Corp.		595,533		57,451,069
Edison International		296,481		20,928,594
Entergy Corp.		156,931		16,907,746
Evergy, Inc.		177,255		10,833,826
Eversource Energy		270,118		21,139,435
Exelon Corp.		768,581		32,195,858
FirstEnergy Corp.		418,839		16,778,690
Hawaiian Electric Industries, Inc.		87,786		3,370,982
IDACORP, Inc.		18,140		1,965,106
NextEra Energy, Inc.		1,536,928		118,466,410
NRG Energy, Inc.		93,216		3,196,377
Pinnacle West Capital Corp.		87,977		6,971,297
PNM Resources, Inc.		24,902		1,212,229
Portland General Electric Co.		68,153		3,332,000
PPL Corp.		567,871		15,781,135
Southern Co.		842,011		58,587,125
Xcel Energy, Inc.		423,262		28,544,789
				486,896,046
Electrical Equipment — 1.1%
Acuity Brands, Inc.		12,264		2,241,001
AMETEK, Inc.		88,570		12,871,878
Eaton Corp. PLC		307,586		52,701,785
Emerson Electric Co.		441,939		38,510,564
EnerSys		31,178		2,708,745
Generac Holdings, Inc.(a)(b)		49,655		5,363,236
Regal Rexnord Corp.		51,588		7,259,979
Rockwell Automation, Inc.		88,580		25,993,801
SunPower Corp.(a)(b)		28,669		396,779
Sunrun, Inc.(a)(b)		162,677		3,277,942
Vicor Corp.(a)		9,707		455,647
				151,781,357
Electronic Equipment, Instruments & Components — 1.1%
Arrow Electronics, Inc.(a)		45,282		5,654,363
Avnet, Inc.		69,853		3,157,356
CDW Corp.		38,942		7,589,406
Cognex Corp.		63,377		3,140,330
Coherent Corp.(a)(b)		105,864		4,031,301
Corning, Inc.		590,801		20,843,459
IPG Photonics Corp.(a)		24,549		3,027,137
Jabil, Inc.		103,049		9,084,800
Keysight Technologies, Inc.(a)		63,507		10,255,110
Littelfuse, Inc.		7,275		1,950,355
National Instruments Corp.		41,873		2,194,564
TD SYNNEX Corp.		32,097		3,106,669
TE Connectivity Ltd.		244,756		32,099,750
Teledyne Technologies, Inc.(a)		36,143		16,168,933
Trimble, Inc.(a)		190,786		10,001,002
Vishay Intertechnology, Inc.		100,218		2,266,931
Vontier Corp.		122,201		3,340,975
Zebra Technologies Corp., Class A(a)		39,918		12,693,924
				150,606,365
Energy Equipment & Services — 0.5%
Baker Hughes Co., Class A		776,811		22,418,765
Halliburton Co.		699,237		22,123,859
Schlumberger NV		516,327		25,351,656
				69,894,280

Security	Shares		Value
Entertainment — 2.5%
Activision Blizzard, Inc.		225,231	$	19,277,521
Electronic Arts, Inc.		65,104		7,841,777
Live Nation Entertainment, Inc.(a)		110,850		7,759,500
Netflix, Inc.(a)		344,448		118,999,895
Take-Two Interactive Software, Inc.(a)(b)		122,803		14,650,398
Walt Disney Co.(a)		1,412,895		141,473,176
Warner Bros Discovery, Inc., Class A(a)		1,712,855		25,864,111
				335,866,378
Financial Services — 4.4%
Berkshire Hathaway, Inc., Class B(a)		1,393,499		430,270,686
Essent Group Ltd.		85,568		3,426,998
Euronet Worldwide, Inc.(a)(b)		18,341		2,052,358
Fidelity National Information Services, Inc.		459,456		24,962,245
Fiserv, Inc.(a)		152,923		17,284,887
FleetCor Technologies, Inc.(a)		27,154		5,725,421
Global Payments, Inc.		203,085		21,372,665
MGIC Investment Corp.		225,110		3,020,976
PayPal Holdings, Inc.(a)		875,033		66,450,006
Voya Financial, Inc.		75,134		5,369,076
Western Union Co.		262,962		2,932,026
				582,867,344
Food Products — 1.2%
Archer-Daniels-Midland Co.		215,791		17,189,911
Bunge Ltd.		68,440		6,537,389
Campbell Soup Co.		62,849		3,455,438
Conagra Brands, Inc.		368,630		13,845,743
Flowers Foods, Inc.		54,267		1,487,459
General Mills, Inc.		146,461		12,516,557
Hormel Foods Corp.		61,873		2,467,495
Ingredion, Inc.		51,410		5,229,939
J M Smucker Co.		82,173		12,931,565
Kellogg Co.		89,684		6,005,241
Kraft Heinz Co.		617,038		23,860,859
McCormick & Co., Inc., NVS		95,239		7,924,837
Mondelez International, Inc., Class A		484,441		33,775,227
Pilgrim’s Pride Corp.(a)		37,969		880,121
Post Holdings, Inc.(a)		41,525		3,731,852
Tyson Foods, Inc., Class A		220,901		13,103,847
				164,943,480
Gas Utilities — 0.1%
Atmos Energy Corp.		42,837		4,813,165
National Fuel Gas Co.		20,955		1,209,942
New Jersey Resources Corp.		25,707		1,367,612
Southwest Gas Holdings, Inc.		50,266		3,139,112
Spire, Inc.		20,446		1,434,083
UGI Corp.		163,250		5,674,570
				17,638,484
Ground Transportation — 1.0%
CSX Corp.		847,303		25,368,252
Hertz Global Holdings, Inc.(a)		125,220		2,039,834
Knight-Swift Transportation Holdings, Inc.		61,336		3,470,391
Norfolk Southern Corp.		176,173		37,348,676
Ryder System, Inc.		38,370		3,424,139
Saia, Inc.(a)(b)		8,676		2,360,566
Union Pacific Corp.		236,623		47,622,745
Werner Enterprises, Inc.		45,483		2,069,022
XPO, Inc.(a)		87,904		2,804,137
				126,507,762
Health Care Equipment & Supplies — 4.2%
Abbott Laboratories		647,295		65,545,092

58 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Align Technology, Inc.(a)		56,089	$	18,741,578
Baxter International, Inc.		391,441		15,876,847
Becton Dickinson & Co.		219,577		54,354,090
Boston Scientific Corp.(a)		522,026		26,116,961
Cooper Cos., Inc.		38,079		14,217,175
DENTSPLY SIRONA, Inc.		168,182		6,606,189
Edwards Lifesciences Corp.(a)(b)		478,181		39,559,914
Enovis Corp.(a)		36,373		1,945,592
Envista Holdings Corp.(a)		127,726		5,221,439
GE HealthCare Technologies, Inc.(a)		281,298		23,074,875
ICU Medical, Inc.(a)(b)		15,371		2,535,600
IDEXX Laboratories, Inc.(a)		32,602		16,303,608
Integra LifeSciences Holdings Corp.(a)(b)		55,458		3,183,844
Intuitive Surgical, Inc.(a)		138,206		35,307,487
LivaNova PLC(a)		40,850		1,780,243
Masimo Corp.(a)		13,665		2,521,739
Medtronic PLC		1,028,800		82,941,856
Neogen Corp.(a)		164,980		3,055,430
Omnicell, Inc.(a)		34,073		1,999,063
Penumbra, Inc.(a)		10,728		2,989,786
QuidelOrtho Corp.(a)		18,375		1,637,029
ResMed, Inc.		52,028		11,393,612
STAAR Surgical Co.(a)		11,769		752,627
STERIS PLC		76,785		14,687,435
Stryker Corp.		260,763		74,440,014
Teleflex, Inc.		36,316		9,199,206
Zimmer Biomet Holdings, Inc.		162,859		21,041,383
				557,029,714
Health Care Providers & Services — 2.1%
Acadia Healthcare Co., Inc.(a)		29,167		2,107,316
Amedisys, Inc.(a)		26,400		1,941,720
AmerisourceBergen Corp.		124,854		19,990,374
Cardinal Health, Inc.		199,263		15,044,357
Centene Corp.(a)(b)		425,818		26,915,956
Chemed Corp.		3,632		1,953,108
Cigna Group		117,817		30,105,778
CVS Health Corp.		993,169		73,802,388
DaVita, Inc.(a)(b)		41,966		3,403,862
Encompass Health Corp.		41,125		2,224,863
HCA Healthcare, Inc.		75,752		19,974,287
Henry Schein, Inc.(a)(b)		105,034		8,564,472
Humana, Inc.		34,803		16,895,464
Laboratory Corp. of America Holdings		68,323		15,674,663
McKesson Corp.		57,069		20,319,417
Patterson Cos., Inc.		69,571		1,862,416
Progyny, Inc.(a)(b)		36,182		1,162,166
Quest Diagnostics, Inc.		29,554		4,181,300
R1 RCM, Inc.(a)		104,924		1,573,860
Tenet Healthcare Corp.(a)(b)		84,757		5,036,261
Universal Health Services, Inc., Class B		49,908		6,343,307
				279,077,335
Health Care REITs — 0.5%
Healthcare Realty Trust, Inc.		297,316		5,747,118
Healthpeak Properties, Inc.		424,711		9,330,901
Medical Properties Trust, Inc.		467,112		3,839,661
Omega Healthcare Investors, Inc.		91,166		2,498,860
Physicians Realty Trust		176,548		2,635,862
Sabra Health Care REIT, Inc.		176,327		2,027,760
Ventas, Inc.		308,045		13,353,751
Welltower, Inc.		364,360		26,120,968
				65,554,881

Security	Shares		Value
Hotel & Resort REITs — 0.1%
Host Hotels & Resorts, Inc.		553,237	$	9,122,878
Park Hotels & Resorts, Inc.		177,812		2,197,756
				11,320,634
Hotels, Restaurants & Leisure — 2.6%
Aramark		119,384		4,273,947
Booking Holdings, Inc.(a)		29,995		79,559,038
Boyd Gaming Corp.		24,831		1,592,164
Caesars Entertainment, Inc.(a)		166,443		8,124,083
Carnival Corp.(a)(b)		779,326		7,910,159
Choice Hotels International, Inc.(b)		8,664		1,015,334
Darden Restaurants, Inc.		94,127		14,604,745
Domino’s Pizza, Inc.		14,944		4,929,577
Expedia Group, Inc.(a)		114,335		11,093,925
Hilton Grand Vacations, Inc.(a)(b)		30,207		1,342,097
Hilton Worldwide Holdings, Inc.		107,165		15,096,334
Las Vegas Sands Corp.(a)		253,373		14,556,279
Light & Wonder, Inc., Class A(a)		38,623		2,319,311
Marriott International, Inc., Class A		101,662		16,879,958
Marriott Vacations Worldwide Corp.		29,250		3,944,655
McDonald’s Corp.		215,264		60,189,967
MGM Resorts International		243,361		10,810,096
Norwegian Cruise Line Holdings Ltd.(a)(b)		329,897		4,437,115
Papa John’s International, Inc.(b)		13,505		1,011,930
Penn Entertainment, Inc.(a)		118,419		3,512,307
Royal Caribbean Cruises Ltd.(a)		169,886		11,093,556
Starbucks Corp.		436,266		45,428,379
Travel + Leisure Co.		62,043		2,432,086
Wyndham Hotels & Resorts, Inc.		32,365		2,195,965
Wynn Resorts Ltd.(a)		80,175		8,972,384
Yum! Brands, Inc.		78,380		10,352,430
				347,677,821
Household Durables — 0.7%
DR Horton, Inc.		121,072		11,827,524
Garmin Ltd.		118,437		11,952,662
Helen of Troy Ltd.(a)(b)		18,312		1,742,753
KB Home		63,141		2,537,005
Leggett & Platt, Inc.		101,205		3,226,415
Lennar Corp., Class A		196,088		20,610,810
Mohawk Industries, Inc.(a)		40,251		4,033,955
Newell Brands, Inc.		287,328		3,574,360
NVR, Inc.(a)		2,355		13,122,508
PulteGroup, Inc.		174,307		10,158,612
Taylor Morrison Home Corp., Class A(a)		82,712		3,164,561
Toll Brothers, Inc.		79,533		4,774,366
TopBuild Corp.(a)		11,467		2,386,741
Whirlpool Corp.		42,484		5,608,738
				98,721,010
Household Products — 1.4%
Church & Dwight Co., Inc.		188,050		16,625,500
Clorox Co.		52,672		8,334,817
Colgate-Palmolive Co.		291,457		21,902,994
Energizer Holdings, Inc.		51,376		1,782,747
Kimberly-Clark Corp.		135,331		18,164,127
Procter & Gamble Co.		821,082		122,086,683
				188,896,868
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		213,485		5,140,719
Ormat Technologies, Inc.		16,650		1,411,420
				6,552,139

SCHEDULES  OF  INVESTMENTS 59

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial Conglomerates — 1.7%
3M Co.		425,768	$	44,752,475
General Electric Co.(b)		842,484		80,541,470
Honeywell International, Inc.		516,764		98,763,936
				224,057,881
Industrial REITs — 0.7%
EastGroup Properties, Inc.		14,965		2,474,014
First Industrial Realty Trust, Inc.		49,434		2,629,889
Prologis, Inc.		713,930		89,077,046
Rexford Industrial Realty, Inc.		63,175		3,768,388
				97,949,337
Insurance — 2.6%
Aflac, Inc.		433,027		27,938,902
Allstate Corp.		203,405		22,539,308
American Financial Group, Inc.		29,382		3,569,913
American International Group, Inc.		574,914		28,952,669
Aon PLC, Class A		54,013		17,029,759
Arthur J. Gallagher & Co.		58,612		11,213,062
Assurant, Inc.		34,810		4,179,637
Brighthouse Financial, Inc.(a)		55,294		2,439,018
Brown & Brown, Inc.		75,830		4,354,159
Chubb Ltd.		138,202		26,836,064
Cincinnati Financial Corp.		121,261		13,590,933
CNO Financial Group, Inc.		91,585		2,032,271
Everest Re Group Ltd.		12,944		4,634,211
First American Financial Corp.		77,790		4,329,791
Globe Life, Inc.		21,798		2,398,216
Hanover Insurance Group, Inc.		11,128		1,429,948
Hartford Financial Services Group, Inc.		243,713		16,984,359
Kemper Corp.		49,474		2,704,249
Lincoln National Corp.		121,860		2,738,194
Loews Corp.		150,392		8,725,744
Marsh & McLennan Cos., Inc.		137,679		22,930,437
MetLife, Inc.		509,958		29,546,967
Old Republic International Corp.		213,343		5,327,175
Primerica, Inc.		8,721		1,502,105
Principal Financial Group, Inc.		69,220		5,144,430
Prudential Financial, Inc.		285,239		23,600,675
Reinsurance Group of America, Inc.		51,930		6,894,227
RenaissanceRe Holdings Ltd.		14,677		2,940,390
Travelers Cos., Inc.		82,222		14,093,673
Unum Group		145,981		5,775,008
Willis Towers Watson PLC		82,569		19,187,384
				345,562,878
Interactive Media & Services — 2.8%
Match Group, Inc.(a)(b)		216,208		8,300,225
Meta Platforms, Inc., Class A(a)		1,721,462		364,846,656
TripAdvisor, Inc.(a)		79,986		1,588,522
Ziff Davis, Inc.(a)		36,026		2,811,830
				377,547,233
IT Services — 1.6%
Accenture PLC, Class A		248,399		70,994,918
Akamai Technologies, Inc.(a)		121,513		9,514,468
Cognizant Technology Solutions Corp., Class A		393,672		23,986,435
DXC Technology Co.(a)(b)		180,274		4,607,803
EPAM Systems, Inc.(a)		14,416		4,310,384
International Business Machines Corp.		699,272		91,667,567
Kyndryl Holdings, Inc.(a)		158,368		2,337,512
VeriSign, Inc.(a)		36,534		7,720,730
				215,139,817

Security	Shares		Value
Leisure Products — 0.1%
Brunswick Corp.		22,686	$	1,860,252
Hasbro, Inc.		101,396		5,443,951
Mattel, Inc.(a)		277,123		5,101,835
Polaris, Inc.(b)		19,975		2,209,834
Topgolf Callaway Brands Corp.(a)(b)		107,230		2,318,313
YETI Holdings, Inc.(a)		29,623		1,184,920
				18,119,105
Life Sciences Tools & Services — 1.0%
Agilent Technologies, Inc.		91,308		12,631,549
Azenta, Inc.(a)		53,450		2,384,939
Bio-Rad Laboratories, Inc., Class A(a)		16,755		8,025,980
Bio-Techne Corp.(b)		63,833		4,735,770
Bruker Corp.		31,312		2,468,638
Charles River Laboratories International, Inc.(a)		39,427		7,957,157
Illumina, Inc.(a)		121,912		28,350,636
IQVIA Holdings, Inc.(a)		75,116		14,939,821
Mettler-Toledo International, Inc.(a)		5,968		9,132,293
PerkinElmer, Inc.		97,335		12,970,862
Sotera Health Co.(a)		75,379		1,350,038
Syneos Health, Inc.(a)		78,561		2,798,343
West Pharmaceutical Services, Inc.		57,198		19,817,391
				127,563,417
Machinery — 2.4%
AGCO Corp.		22,680		3,066,336
Caterpillar, Inc.		161,002		36,843,698
Chart Industries, Inc.(a)(b)		17,778		2,229,361
Crane NXT Co.		18,214		2,067,289
Cummins, Inc.		53,805		12,852,938
Donaldson Co., Inc.		33,646		2,198,430
Dover Corp.		108,231		16,444,618
Esab Corp.		39,443		2,329,898
Flowserve Corp.		104,570		3,555,380
Fortive Corp.		272,829		18,598,753
Graco, Inc.		45,042		3,288,517
IDEX Corp.		25,310		5,847,369
Illinois Tool Works, Inc.		105,205		25,612,157
Ingersoll Rand, Inc.		314,480		18,296,446
ITT, Inc.		34,079		2,941,018
Middleby Corp.(a)		21,392		3,136,281
Nordson Corp.		41,584		9,242,460
Oshkosh Corp.		51,227		4,261,062
Otis Worldwide Corp.		320,870		27,081,428
PACCAR, Inc.		403,728		29,552,890
Parker-Hannifin Corp.		99,040		33,288,334
Pentair PLC		128,471		7,100,592
Snap-on, Inc.		17,453		4,308,971
Stanley Black & Decker, Inc.		114,579		9,232,776
Terex Corp.		51,521		2,492,586
Timken Co.		25,768		2,105,761
Watts Water Technologies, Inc., Class A		10,004		1,683,873
Westinghouse Air Brake Technologies Corp.		140,244		14,173,059
Xylem, Inc.		140,152		14,673,914
				318,506,195
Marine Transportation — 0.0%
Kirby Corp.(a)		46,299		3,227,040
Media — 1.6%
Cable One, Inc.		3,680		2,583,360
Charter Communications, Inc., Class A(a)		81,455		29,129,123
Comcast Corp., Class A		3,253,496		123,340,033
DISH Network Corp., Class A(a)		201,604		1,880,965
Fox Corp., Class A, NVS		229,648		7,819,514

60 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Fox Corp., Class B		106,614	$	3,338,084
Interpublic Group of Cos., Inc.		300,451		11,188,795
John Wiley & Sons, Inc., Class A		32,777		1,270,764
New York Times Co., Class A		62,830		2,442,830
News Corp., Class A, NVS		298,776		5,159,862
News Corp., Class B		90,495		1,577,328
Omnicom Group, Inc.		157,296		14,839,305
Paramount Global, Class B, NVS		392,782		8,762,967
TEGNA, Inc.		170,313		2,879,993
				216,212,923
Metals & Mining — 0.4%
Alcoa Corp.		138,012		5,873,791
Cleveland-Cliffs, Inc.(a)		401,672		7,362,648
Commercial Metals Co.		39,416		1,927,442
Newmont Corp.		614,550		30,125,241
United States Steel Corp.		175,270		4,574,547
Worthington Industries, Inc.		11,799		762,805
				50,626,474
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc.		217,438		3,846,478
Multi-Utilities — 1.4%
Ameren Corp.		199,348		17,221,674
Black Hills Corp.		23,856		1,505,313
CenterPoint Energy, Inc.		485,567		14,304,804
CMS Energy Corp.		226,084		13,877,036
Consolidated Edison, Inc.		274,978		26,307,145
Dominion Energy, Inc.		644,478		36,032,765
DTE Energy Co.		149,391		16,364,290
NiSource, Inc.		314,648		8,797,558
NorthWestern Corp.		44,566		2,578,589
Public Service Enterprise Group, Inc.		386,973		24,166,464
Sempra Energy		97,807		14,784,506
WEC Energy Group, Inc.		116,897		11,080,667
				187,020,811
Office REITs — 0.3%
Alexandria Real Estate Equities, Inc.		122,345		15,365,309
Boston Properties, Inc.		110,760		5,994,331
Corporate Office Properties Trust		41,184		976,473
Cousins Properties, Inc.		115,601		2,471,549
Douglas Emmett, Inc.		134,189		1,654,550
Highwoods Properties, Inc.		84,697		1,964,123
Kilroy Realty Corp.		84,468		2,736,763
Vornado Realty Trust		122,972		1,890,080
				33,053,178
Oil, Gas & Consumable Fuels — 1.0%
Chord Energy Corp.		7,752		1,043,419
Equitrans Midstream Corp.		197,085		1,139,151
HF Sinclair Corp.		59,971		2,901,397
Kinder Morgan, Inc.		1,532,362		26,831,659
Marathon Petroleum Corp.		182,374		24,589,487
PetroCorp Escrow(a)(d)		190		—
Phillips 66		360,416		36,538,974
Valero Energy Corp.		294,397		41,097,821
				134,141,908
Passenger Airlines — 0.4%
Alaska Air Group, Inc.(a)(b)		99,974		4,194,909
American Airlines Group, Inc.(a)(b)		505,911		7,462,187
Delta Air Lines, Inc.(a)		497,888		17,386,249
JetBlue Airways Corp.(a)		256,920		1,870,378

Security	Shares		Value
Passenger Airlines (continued)
Southwest Airlines Co.		457,628	$	14,891,215
United Airlines Holdings, Inc.(a)		252,832		11,187,816
				56,992,754
Personal Care Products — 0.4%
BellRing Brands, Inc.(a)		61,006		2,074,204
Coty, Inc., Class A(a)		288,440		3,478,586
Estee Lauder Cos., Inc., Class A		179,189		44,162,921
				49,715,711
Pharmaceuticals — 1.6%
Catalent, Inc.(a)		140,217		9,213,659
Johnson & Johnson		768,396		119,101,380
Organon & Co.		198,750		4,674,600
Perrigo Co. PLC		102,795		3,687,257
Viatris, Inc.		937,197		9,015,835
Zoetis, Inc., Class A		360,472		59,996,960
				205,689,691
Professional Services — 0.6%
ASGN, Inc.(a)		38,104		3,150,058
Broadridge Financial Solutions, Inc.		47,644		6,983,181
CACI International, Inc., Class A(a)		6,463		1,914,858
Equifax, Inc.		48,317		9,800,620
Exponent, Inc.		12,159		1,212,131
Genpact Ltd.		55,334		2,557,537
Jacobs Solutions, Inc.		98,463		11,570,387
Leidos Holdings, Inc.		36,518		3,361,847
ManpowerGroup, Inc.		38,602		3,185,823
Maximus, Inc.		46,228		3,638,144
Paychex, Inc.		106,376		12,189,626
Robert Half International, Inc.		84,538		6,811,227
Science Applications International Corp.		13,892		1,492,834
Verisk Analytics, Inc.		65,186		12,506,586
				80,374,859
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A(a)		245,197		17,852,793
Jones Lang LaSalle, Inc.(a)		37,030		5,387,495
				23,240,288
Residential REITs — 0.7%
Apartment Income REIT Corp.		114,011		4,082,734
AvalonBay Communities, Inc.		108,628		18,256,021
Camden Property Trust		85,552		8,969,272
Equity Residential		264,537		15,872,220
Essex Property Trust, Inc.		50,030		10,463,274
Independence Realty Trust, Inc.		170,867		2,738,998
Invitation Homes, Inc.		447,777		13,984,076
Mid-America Apartment Communities, Inc.		88,952		13,435,310
UDR, Inc.		240,218		9,863,351
				97,665,256
Retail REITs — 0.7%
Agree Realty Corp.		21,261		1,458,717
Brixmor Property Group, Inc.		116,754		2,512,546
Federal Realty Investment Trust		57,014		5,634,694
Kimco Realty Corp.		478,039		9,336,102
Kite Realty Group Trust		167,247		3,498,807
Macerich Co.		171,796		1,821,038
National Retail Properties, Inc.		67,058		2,960,611
Realty Income Corp.		485,061		30,714,062
Regency Centers Corp.		119,574		7,315,537
Simon Property Group, Inc.		253,213		28,352,260
Spirit Realty Capital, Inc.		109,791		4,374,073
				97,978,447

SCHEDULES  OF  INVESTMENTS 61

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 3.5%
Advanced Micro Devices, Inc.(a)		573,633	$	56,221,770
Allegro MicroSystems, Inc.(a)		30,279		1,453,089
Analog Devices, Inc.		207,773		40,976,991
Broadcom, Inc.		129,283		82,940,216
Intel Corp.		3,199,670		104,533,219
Microchip Technology, Inc.		216,078		18,103,015
Micron Technology, Inc.		843,939		50,923,279
MKS Instruments, Inc.(b)		44,882		3,977,443
NXP Semiconductors NV		81,934		15,278,643
Qorvo, Inc.(a)		77,251		7,846,384
Silicon Laboratories, Inc.(a)(b)		11,934		2,089,524
SiTime Corp.(a)(b)		5,658		804,737
Skyworks Solutions, Inc.		122,728		14,479,450
Synaptics, Inc.(a)		30,425		3,381,739
Teradyne, Inc.		62,050		6,670,996
Texas Instruments, Inc.		259,326		48,237,229
Universal Display Corp.		12,264		1,902,514
Wolfspeed, Inc.(a)		52,140		3,386,493
				463,206,731
Software — 8.5%
ACI Worldwide, Inc.(a)		85,790		2,314,614
Adobe, Inc.(a)		187,657		72,317,378
ANSYS, Inc.(a)		67,312		22,401,434
Aspen Technology, Inc.(a)(b)		22,819		5,222,584
Autodesk, Inc.(a)		74,989		15,609,710
Blackbaud, Inc.(a)		18,383		1,273,942
Ceridian HCM Holding, Inc.(a)(b)		119,223		8,729,508
CommVault Systems, Inc.(a)		12,873		730,414
Envestnet, Inc.(a)		5,825		341,753
Gen Digital, Inc.		206,541		3,544,244
Intuit, Inc.		102,115		45,525,930
Manhattan Associates, Inc.(a)		21,013		3,253,863
Microsoft Corp.		2,418,030		697,118,049
NCR Corp.(a)(b)		111,276		2,625,001
Oracle Corp.		487,342		45,283,819
Roper Technologies, Inc.		82,027		36,148,479
Salesforce, Inc.(a)		773,430		154,515,845
Teradata Corp.(a)		41,974		1,690,713
Tyler Technologies, Inc.(a)		17,247		6,116,476
				1,124,763,756
Specialized REITs — 1.7%
American Tower Corp.		169,252		34,584,954
Crown Castle, Inc.		334,780		44,806,955
CubeSmart		81,609		3,771,968
Digital Realty Trust, Inc.		223,010		21,924,113
EPR Properties		60,309		2,297,773
Equinix, Inc.		71,557		51,595,459
Extra Space Storage, Inc.		51,950		8,464,213
Iron Mountain, Inc.		84,547		4,473,382
Lamar Advertising Co., Class A		29,307		2,927,476
Life Storage, Inc.		25,305		3,317,232
National Storage Affiliates Trust		34,177		1,427,915
PotlatchDeltic Corp.		26,506		1,312,047
Public Storage		46,319		13,994,823
Rayonier, Inc.		50,301		1,673,011
SBA Communications Corp.		36,710		9,583,880
VICI Properties, Inc.		335,230		10,935,203
Weyerhaeuser Co.		245,576		7,399,205
				224,489,609
Specialty Retail — 1.9%
Advance Auto Parts, Inc.		46,793		5,690,497

Security	Shares		Value
Specialty Retail (continued)
AutoNation, Inc.(a)		14,102	$	1,894,745
Bath & Body Works, Inc.		177,442		6,490,828
Best Buy Co., Inc.		152,304		11,920,834
CarMax, Inc.(a)(b)		122,662		7,884,713
Dick’s Sporting Goods, Inc.		23,230		3,296,105
Five Below, Inc.(a)		13,145		2,707,476
Foot Locker, Inc.		61,351		2,435,021
GameStop Corp., Class A(a)(b)		192,966		4,442,077
Gap, Inc.		172,876		1,735,675
Home Depot, Inc.		370,488		109,338,419
Lithia Motors, Inc., Class A		21,344		4,886,282
Lowe’s Cos., Inc.		144,943		28,984,252
RH(a)		14,669		3,572,635
Ross Stores, Inc.		266,347		28,267,407
TJX Cos., Inc.		321,727		25,210,528
Victoria’s Secret & Co.(a)		62,017		2,117,880
Williams-Sonoma, Inc.		26,473		3,220,705
				254,096,079
Technology Hardware, Storage & Peripherals — 0.5%
Hewlett Packard Enterprise Co.		991,389		15,792,827
HP, Inc.		666,818		19,571,108
NetApp, Inc.		166,003		10,599,291
Seagate Technology Holdings PLC		148,980		9,850,558
Super Micro Computer, Inc.(a)		7,089		755,333
Western Digital Corp.(a)		246,410		9,282,265
Xerox Holdings Corp.		90,433		1,392,668
				67,244,050
Textiles, Apparel & Luxury Goods — 1.2%
Capri Holdings Ltd.(a)		100,563		4,726,461
Carter’s, Inc.		29,514		2,122,647
Columbia Sportswear Co.		27,041		2,440,180
NIKE, Inc., Class B		963,438		118,156,036
PVH Corp.		49,794		4,439,633
Ralph Lauren Corp., Class A		31,376		3,660,638
Skechers U.S.A., Inc., Class A(a)		102,445		4,868,186
Tapestry, Inc.		182,594		7,871,627
Under Armour, Inc., Class A(a)		144,044		1,366,978
Under Armour, Inc., Class C, NVS(a)		150,413		1,283,023
VF Corp.		256,887		5,885,281
				156,820,690
Tobacco — 0.6%
Altria Group, Inc.		662,869		29,577,215
Philip Morris International, Inc.		551,534		53,636,681
				83,213,896
Trading Companies & Distributors — 0.3%
Fastenal Co.		225,618		12,169,835
GATX Corp.(b)		12,909		1,420,248
MSC Industrial Direct Co., Inc., Class A		18,024		1,514,016
United Rentals, Inc.		53,797		21,290,701
Univar Solutions, Inc.(a)		128,361		4,496,486
				40,891,286
Water Utilities — 0.2%
American Water Works Co., Inc.		149,348		21,877,989
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.(a)		146,597		21,233,109
Total Long-Term Investments — 99.7% (Cost: $12,602,052,731)				13,244,753,315

62 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(e)(f)		96,332,955	$	96,361,854
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(e)		23,677,943		23,677,943
Total Short-Term Securities — 0.9% (Cost: $119,991,918)				120,039,797
Total Investments — 100.6% (Cost: $12,722,044,649)				13,364,793,112
Liabilities in Excess of Other Assets — (0.6)%				(80,807,540	)
Net Assets — 100.0%			$	13,283,985,572

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	70,219,115	$	26,091,028	(a)	$	—		$	21,638	$	30,073		$	96,361,854		96,332,955	$	370,516	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		22,420,000		1,257,943	(a)		—			—		—			23,677,943		23,677,943		625,675			25
BlackRock, Inc.		31,448,652		56,388,092			(4,623,548	)		1,311,578		(7,025,288	)		77,499,486		115,823		1,226,865			—
									$	1,333,216	$	(6,995,215	)	$	197,539,283			$	2,223,056		$	25

^(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
S&P 500 E-mini Index		132		06/16/23	$	27,309	$	1,477,868
S&P MidCap 400 E-Mini Index		40		06/16/23		10,119		229,867
							$	1,707,735

SCHEDULES  OF  INVESTMENTS 63

Schedule of Investments  (continued) March 31, 2023 iShares^® Core S&P U.S. Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,707,735	$	—	$	—	$	—	$	1,707,735

^(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 March 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	$	—	$	—	$	(5,128,624)	$	—	$	—	$	—	$	(5,128,624)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	215,016	$	—	$	—	$	—	$	215,016

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	33,940,884

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	13,244,753,315	$	—	$	—	$	13,244,753,315
Short-Term Securities
Money Market Funds		120,039,797		—		—		120,039,797
	$	13,364,793,112	$	—	$	—	$	13,364,793,112
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,707,735	$	—	$	—	$	1,707,735

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

See notes to financial statements.

64 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities

March 31, 2023

	iShares Core S&P Mid-Cap ETF		iShares Core S&P Small-Cap ETF			iShares Core S&P U.S. Growth ETF		iShares Core S&P U.S. Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	66,161,795,889	$	5,012,735,968		$	12,296,721,139	$	13,167,253,829
Investments, at value — affiliated(c)		4,294,415,382		65,754,443,738			131,002,011		197,539,283
Cash		12,311,531		20,184,788			525,924		1,093,291
Cash pledged:
Collateral - OTC derivatives		5,960,000		125,340,000			—		—
Futures contracts		10,254,100		25,466,000			1,432,620		—
Receivables:
Investments sold		22,321,859		137,541,584			32,541,930		45,565,691
Securities lending income — affiliated		1,967,185		1,367,596			21,593		64,364
Capital shares sold		99,851,626		38,520,979			4,374,957		—
Dividends — unaffiliated		78,635,172		76,547,047			7,264,886		12,191,978
Dividends — affiliated		539,494		4,959,159			70,453		103,956
Variation margin on futures contracts		4,223,050		6,184,460			325,702		2,842,366
Unrealized appreciation on OTC swaps		773,580		6,460,668			—		—
Total assets		70,693,048,868		71,209,751,987			12,474,281,215		13,426,654,758
LIABILITIES
Cash received:
Collateral - OTC derivatives		560,000		—			—		—
Collateral on securities loaned		4,067,777,890		4,009,095,632			113,467,545		96,319,563
Payables:
Investments purchased		109,036,780		248,464,280			19,451,752		27,726,675
Swaps		1,430,505		89,055,470			—		—
Capital shares redeemed		—		72,572,810			17,499,827		18,186,692
Investment advisory fees		2,792,770		3,430,196			399,643		436,256
Unrealized depreciation on OTC swaps		3,174,321		30,307,531			—		—
Total liabilities		4,184,772,266		4,452,925,919			150,818,767		142,669,186
NET ASSETS	$	66,508,276,602	$	66,756,826,068		$	12,323,462,448	$	13,283,985,572
NET ASSETS CONSIST OF:
Paid-in capital	$	61,916,915,232	$	67,579,302,222		$	11,422,305,474	$	13,419,852,944
Accumulated earnings (loss)		4,591,361,370		(822,476,154	)		901,156,974		(135,867,372	)
NET ASSETS	$	66,508,276,602	$	66,756,826,068		$	12,323,462,448	$	13,283,985,572
NET ASSET VALUE
Shares outstanding		265,850,000		689,900,000			138,750,000		180,050,000
Net asset value	$	250.17	$	96.76		$	88.82	$	73.78
Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited
Par value		None		None			None		None
(a) Investments, at cost — unaffiliated	$	59,478,123,663	$	4,953,283,053		$	9,927,871,648	$	12,520,215,622
(b) Securities loaned, at value	$	4,056,920,552	$	3,985,699,806		$	112,265,189	$	96,314,846
(c)  Investments, at cost — affiliated	$	4,292,393,953	$	63,047,413,795		$	130,976,315	$	201,829,027

See notes to financial statements.

FINANCIAL  STATEMENTS 65

Statements of Operations

Year Ended March 31, 2023

	iShares Core S&P Mid-Cap ETF			iShares Core S&P Small-Cap ETF			iShares Core S&P U.S. Growth ETF			iShares Core S&P U.S. Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,011,685,034		$	20,995,834		$	128,270,309		$	268,673,027
Dividends — affiliated		4,594,053			1,065,819,452			1,176,149			1,852,540
Securities lending income — affiliated — net		30,583,184			12,809,798			663,645			370,516
Foreign taxes withheld		—			(929,604	)		(56,768	)		(36,232	)
Total investment income		1,046,862,271			1,098,695,480			130,053,335			270,859,851
EXPENSES
Investment advisory		31,349,904			39,729,962			4,561,492			4,869,856
Total expenses		31,349,904			39,729,962			4,561,492			4,869,856
Net investment income		1,015,512,367			1,058,965,518			125,491,843			265,989,995
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(300,423,912	)		(259,899,514	)		(1,056,471,729	)		(222,264,258	)
Investments — affiliated		(212,973	)		(1,456,004,632	)		3,931,773			(143,678	)
Capital gain distributions from underlying funds — affiliated		117			976			4			25
Futures contracts		(10,172,728	)		(12,826,306	)		(4,567,797	)		(5,128,624	)
In-kind redemptions — unaffiliated(a)		1,931,228,108			(165,185,414	)		513,857,740			1,052,974,250
In-kind redemptions — affiliated(a)		—			3,010,763,449			388,363			1,476,894
Swaps		(11,115,927	)		(144,078,571	)		—			—
		1,609,302,685			972,769,988			(542,861,646	)		826,914,609
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(5,947,179,310	)		(700,414,001	)		(1,430,330,237	)		(1,113,174,984	)
Investments — affiliated		1,933,551			(7,948,624,486	)		(6,805,375	)		(6,995,215	)
Futures contracts		1,487,803			5,839,004			(46,777	)		215,016
Swaps		(3,883,244	)		(34,438,561	)		—			—
		(5,947,641,200	)		(8,677,638,044	)		(1,437,182,389	)		(1,119,955,183	)
Net realized and unrealized loss		(4,338,338,515	)		(7,704,868,056	)		(1,980,044,035	)		(293,040,574	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,322,826,148	)	$	(6,645,902,538	)	$	(1,854,552,192	)	$	(27,050,579	)

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

See notes to financial statements.

66 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Core S&P Mid-Cap ETF						iShares Core S&P Small-Cap ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,015,512,367		$	811,894,676		$	1,058,965,518		$	722,885,353
Net realized gain		1,609,302,685			4,258,650,564			972,769,988			5,970,340,526
Net change in unrealized appreciation (depreciation)		(5,947,641,200	)		(2,379,387,402	)		(8,677,638,044	)		(6,138,369,512	)
Net increase (decrease) in net assets resulting from operations		(3,322,826,148	)		2,691,157,838			(6,645,902,538	)		554,856,367
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,068,069,845	)		(842,798,749	)		(1,012,107,695	)		(1,058,667,702	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,875,353,742			3,037,584,731			2,344,556,736			4,301,078,815
NET ASSETS
Total increase (decrease) in net assets		484,457,749			4,885,943,820			(5,313,453,497	)		3,797,267,480
Beginning of year		66,023,818,853			61,137,875,033			72,070,279,565			68,273,012,085
End of year	$	66,508,276,602		$	66,023,818,853		$	66,756,826,068		$	72,070,279,565

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

See notes to financial statements.

FINANCIAL  STATEMENTS 67

Statements of Changes in Net Assets  (continued)

	iShares Core S&P U.S. Growth ETF						iShares Core S&P U.S. Value ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	125,491,843		$	85,009,485		$	265,989,995		$	222,080,510
Net realized gain (loss)		(542,861,646	)		1,351,036,924			826,914,609			543,813,091
Net change in unrealized appreciation (depreciation)		(1,437,182,389	)		327,529,213			(1,119,955,183	)		448,061,179
Net increase (decrease) in net assets resulting from operations		(1,854,552,192	)		1,763,575,622			(27,050,579	)		1,213,954,780
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(124,923,098	)		(85,386,412	)		(267,844,515	)		(219,854,566	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,445,604,490			717,396,779			1,455,025,976			2,044,887,472
NET ASSETS
Total increase (decrease) in net assets		(533,870,800	)		2,395,585,989			1,160,130,882			3,038,987,686
Beginning of year		12,857,333,248			10,461,747,259			12,123,854,690			9,084,867,004
End of year	$	12,323,462,448		$	12,857,333,248		$	13,283,985,572		$	12,123,854,690

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

See notes to financial statements.

68 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core S&P Mid-Cap ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	268.39		$	260.16		$	143.87		$	189.34		$	187.51
Net investment income(a)		3.99			3.41			2.74			3.12			2.85
Net realized and unrealized gain (loss)(b)		(18.04	)		8.35			116.36			(45.14	)		1.84
Net increase (decrease) from investment operations		(14.05	)		11.76			119.10			(42.02	)		4.69
Distributions from net investment income(c)		(4.17	)		(3.53	)		(2.81	)		(3.45	)		(2.86	)
Net asset value, end of year	$	250.17		$	268.39		$	260.16		$	143.87		$	189.34
Total Return(d)
Based on net asset value		(5.13	)%		4.51	%		83.36	%		(22.53	)%		2.50	%
Ratios to Average Net Assets(e)
Total expenses		0.05	%		0.05	%		0.05	%		0.07	%		0.07	%
Net investment income		1.62	%		1.26	%		1.36	%		1.62	%		1.50	%
Supplemental Data
Net assets, end of year (000)	$	66,508,277		$	66,023,819		$	61,137,875		$	35,722,456		$	48,206,329
Portfolio turnover rate(f)		18	%		16	%		20	%		15	%		17	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 69

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core S&P Small-Cap ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	107.93		$	108.34		$	56.22		$	77.13		$	77.05
Net investment income(a)		1.57			1.13			1.03			1.06			1.09
Net realized and unrealized gain(b)		(11.24	)		0.12			52.13			(20.77	)		0.11
Net increase from investment operations		(9.67	)		1.25			53.16			(19.71	)		1.20
Distributions from net investment income(c)		(1.50	)		(1.66	)		(1.04	)		(1.20	)		(1.12	)
Net asset value, end of year	$	96.76		$	107.93		$	108.34		$	56.22		$	77.13
Total Return(d)
Based on net asset value		(8.90	)%		1.12	%		95.23	%(e)		(25.89	)%		1.53	%
Ratios to Average Net Assets(f)
Total expenses		0.06	%		0.06	%		0.06	%		0.07	%		0.07	%
Net investment income		1.60	%		1.02	%		1.28	%		1.36	%		1.35	%
Supplemental Data
Net assets, end of year (000)	$	66,756,826		$	72,070,280		$	68,273,012		$	31,863,332		$	43,064,083
Portfolio turnover rate(g)		19	%		16	%		20	%		16	%		14	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Includes a payment received from an affiliate, which had no impact on the Fund’s total return.

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

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

See notes to financial statements.

70 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core S&P U.S. Growth ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	105.47		$	90.74		$	57.16		$	60.31		$	54.56
Net investment income(a)		0.96			0.72			0.76			0.92			0.81
Net realized and unrealized gain(b)		(16.67	)		14.73			33.62			(2.97	)		5.68
Net increase from investment operations		(15.71	)		15.45			34.38			(2.05	)		6.49
Distributions from net investment income(c)		(0.94	)		(0.72	)		(0.80	)		(1.10	)		(0.74	)
Net asset value, end of year	$	88.82		$	105.47		$	90.74		$	57.16		$	60.31
Total Return(d)
Based on net asset value		(14.86	)%		17.03	%		60.34	%		(3.54	)%		11.95	%
Ratios to Average Net Assets(e)
Total expenses		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%
Net investment income		1.10	%		0.69	%		0.96	%		1.44	%		1.41	%
Supplemental Data
Net assets, end of year (000)	$	12,323,462		$	12,857,333		$	10,461,747		$	6,893,329		$	5,985,790
Portfolio turnover rate(f)		36	%		15	%		14	%		35	%		31	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 71

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core S&P U.S. Value ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	75.80		$	68.82		$	46.23		$	54.82		$	53.08
Net investment income(a)		1.55			1.50			1.43			1.45			1.37
Net realized and unrealized gain(b)		(2.02	)		6.93			22.60			(8.57	)		1.68
Net increase from investment operations		(0.47	)		8.43			24.03			(7.12	)		3.05
Distributions from net investment income(c)		(1.55	)		(1.45	)		(1.44	)		(1.47	)		(1.31	)
Net asset value, end of year	$	73.78		$	75.80		$	68.82		$	46.23		$	54.82
Total Return(d)
Based on net asset value		(0.46	)%		12.33	%		52.59	%		(13.34	)%		5.83	%
Ratios to Average Net Assets(e)
Total expenses		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%
Net investment income		2.18	%		2.04	%		2.48	%		2.52	%		2.53	%
Supplemental Data
Net assets, end of year (000)	$	13,283,986		$	12,123,855		$	9,084,867		$	5,270,383		$	5,208,349
Portfolio turnover rate(f)		31	%		20	%		25	%		34	%		35	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

72 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Core S&P Mid-Cap	Diversified
Core S&P Small-Cap	Diversified
Core S&P U.S. Growth(a)	Diversified
Core S&P U.S. Value	Diversified

^(a)  The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdiction 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 March 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 includes 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.

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its

NOTES   TO  FINANCIAL   STATEMENTS 73

Notes to Financial Statements  (continued)

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.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the

74 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (continued)

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	(b)
Core S&P Mid-Cap
Barclays Bank PLC	$	231,454,327	$	(231,216,608	)	$	—		$	237,719
Barclays Capital, Inc.		21,556,926		(21,556,926	)		—			—
BMO Capital Markets Corp.		59,630		(59,630	)		—			—
BNP Paribas SA		307,271,643		(307,271,643	)		—			—
BofA Securities, Inc.		131,928,980		(131,928,980	)		—			—
Citadel Clearing LLC		82,684,343		(82,684,343	)		—			—
Citigroup Global Markets, Inc.		211,937,929		(211,937,929	)		—			—
Credit Suisse Securities (USA) LLC		6,066,803		(6,022,188	)		—			44,615
Deutsche Bank Securities, Inc.		737,280		(737,280	)		—			—
Goldman Sachs & Co. LLC		1,109,049,792		(1,109,049,792	)		—			—
HSBC Bank PLC		69,491,858		(69,491,858	)		—			—
J.P. Morgan Securities LLC		416,990,283		(416,990,283	)		—			—
Jefferies LLC		2,431,599		(2,431,599	)		—			—
Morgan Stanley		555,794,778		(554,196,466	)		—			1,598,312
National Financial Services LLC		16,683,267		(16,683,267	)		—			—
Natixis SA		49,118,236		(48,975,391	)		—			142,845
Nomura Securities International, Inc.		41,036		(41,036	)		—			—
RBC Capital Market LLC		322,259,410		(322,259,410	)		—			—
Scotia Capital (USA), Inc.		55,114,996		(54,906,529	)		—			208,467
SG Americas Securities LLC		2,636,523		(2,636,523	)		—			—
State Street Bank & Trust Co.		48,391,126		(48,391,126	)		—			—
Toronto-Dominion Bank		205,781,193		(205,781,193	)		—			—
UBS AG		105,032,365		(104,881,562	)		—			150,803
UBS Securities LLC		44,900,319		(44,760,889	)		—			139,430
Virtu Americas LLC		9,047,710		(9,047,710	)		—			—
Wells Fargo Bank N.A.		43,785,936		(43,778,729	)		—			7,207
Wells Fargo Securities LLC		6,672,264		(6,672,264	)		—			—
	$	4,056,920,552	$	(4,054,391,154	)	$	—		$	2,529,398
Core S&P Small-Cap
Barclays Bank PLC	$	170,299,911	$	(170,299,911	)	$	—		$	—
Barclays Capital, Inc.		43,080,634		(43,080,634	)		—			—
BMO Capital Markets Corp.		116,510		(116,510	)		—			—
BNP Paribas SA		307,378,182		(307,378,182	)		—			—
BofA Securities, Inc.		334,296,295		(334,296,295	)		—			—
Citadel Clearing LLC		24,480,169		(24,480,169	)		—			—
Citigroup Global Markets, Inc.		116,919,009		(116,558,087	)		—			360,922
Credit Suisse Securities (USA) LLC		1,409,672		(1,409,672	)		—			—
Goldman Sachs & Co. LLC		781,170,963		(781,170,963	)		—			—
HSBC Bank PLC		33,464,703		(33,464,703	)		—			—
J.P. Morgan Securities LLC		665,563,018		(665,563,018	)		—			—
Jefferies LLC		14,306,700		(14,306,700	)		—			—
Morgan Stanley		724,742,912		(724,742,912	)		—			—
National Financial Services LLC		68,722,080		(68,582,804	)		—			139,276
Natixis SA		8,952,555		(8,952,555	)		—			—
Nomura Securities International, Inc.		38,840		(38,840	)		—			—
Pershing LLC		23,795,791		(23,795,791	)		—			—
RBC Capital Market LLC		29,772,247		(29,772,247	)		—			—
Scotia Capital (USA), Inc.		18,103,200		(18,103,200	)		—			—
SG Americas Securities LLC		2,343,431		(2,343,431	)		—			—
State Street Bank & Trust Co.		190,533,168		(190,533,168	)		—			—
Toronto-Dominion Bank		173,462,892		(173,462,892	)		—			—
UBS AG		169,243,337		(169,243,337	)		—			—
UBS Securities LLC		20,055,293		(19,968,491	)		—			86,802
Virtu Americas LLC		4,173,150		(4,173,150	)		—			—
Wells Fargo Bank N.A.		41,545,403		(41,545,403	)		—			—
Wells Fargo Securities LLC		17,729,741		(17,729,741	)		—			—
	$	3,985,699,806	$	(3,985,112,806	)	$	—		$	587,000

NOTES   TO  FINANCIAL  STATEMENTS 75

Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Core S&P U.S. Growth
BNP Paribas SA	$	8,200,869	$	(8,200,869	)	$	—		$	—
BofA Securities, Inc.		2,534,553		(2,534,553	)		—			—
Citadel Clearing LLC		1,599,690		(1,599,690	)		—			—
Citigroup Global Markets, Inc.		10,195,459		(10,195,459	)		—			—
Goldman Sachs & Co. LLC		67,868,907		(67,868,907	)		—			—
HSBC Bank PLC		443,689		(443,689	)		—			—
J.P. Morgan Securities LLC		1,510,203		(1,510,203	)		—			—
Morgan Stanley		4,104,275		(4,104,275	)		—			—
National Financial Services LLC		218,661		(218,661	)		—			—
RBC Capital Market LLC		7,494,774		(7,494,774	)		—			—
Scotia Capital (USA), Inc.		1,767,028		(1,725,335	)		—			41,693
SG Americas Securities LLC		194,805		(194,805	)		—			—
Toronto-Dominion Bank		4,851,594		(4,851,594	)		—			—
UBS Securities LLC		695,241		(683,820	)		—			11,421
Virtu Americas LLC		585,441		(585,441	)		—			—
	$	112,265,189	$	(112,212,075	)	$	—		$	53,114
Core S&P U.S. Value
Barclays Bank PLC	$	10,489,650	$	(10,366,874	)	$	—		$	122,776
Barclays Capital, Inc.		2,420,713		(2,406,410	)		—			14,303
BNP Paribas SA		10,016,249		(10,016,249	)		—			—
BofA Securities, Inc.		2,499,168		(2,499,168	)		—			—
Citadel Clearing LLC		1,026,165		(1,022,250	)		—			3,915
Citigroup Global Markets, Inc.		23,816		(23,816	)		—			—
Credit Suisse Securities (USA) LLC		16,025		(15,962	)		—			63
Goldman Sachs & Co. LLC		23,033,998		(23,005,419	)		—			28,579
HSBC Bank PLC		972,585		(972,585	)		—			—
J.P. Morgan Securities LLC		9,710,390		(9,710,390	)		—			—
Morgan Stanley		3,038,995		(3,037,936	)		—			1,059
Natixis SA		2,211,121		(2,195,470	)		—			15,651
RBC Capital Market LLC		3,092,061		(3,006,438	)		—			85,623
Scotia Capital (USA), Inc.		35,445		(35,397	)		—			48
SG Americas Securities LLC		14,903,403		(14,903,403	)		—			—
State Street Bank & Trust Co.		41,405		(41,405	)		—			—
Toronto-Dominion Bank		4,556,424		(4,430,250	)		—			126,174
UBS AG		7,871,560		(7,871,560	)		—			—
Virtu Americas LLC		279,095		(279,095	)		—			—
Wells Fargo Bank N.A.		76,578		(76,578	)		—			—
	$	96,314,846	$	(95,916,655)		$	—		$	398,191

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of March 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.

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 on 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 loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

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

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable)

76 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (continued)

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.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of the agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

NOTES   TO   FINANCIAL   STATEMENTS 77

Notes to Financial Statements  (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
Core S&P Mid-Cap		0.05	%
Core S&P Small-Cap		0.06
Core S&P U.S. Growth		0.04
Core S&P U.S. Value		0.04

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

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

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company (“SSB”) for the Funds, with the exception of iShares Core S&P Small-Cap ETF, which SSB performed ETF Services prior to April 11, 2022.

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Core S&P Mid-Cap	$	8,650,401
Core S&P Small-Cap		4,394,373
Core S&P U.S. Growth		208,803
Core S&P U.S. Value		127,961

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.

78 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (continued)

For the year ended March 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core S&P Mid-Cap	$	2,048,797,185	$	3,485,447,707	$	(906,004,486	)
Core S&P Small-Cap		2,314,420,022		2,101,833,049		94,199,658
Core S&P U.S. Growth		2,662,783,579		2,977,432,999		(832,128,178	)
Core S&P U.S. Value		3,146,812,931		2,815,297,919		(116,294,218	)

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

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

7. PURCHASES AND SALES

For the year ended March 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core S&P Mid-Cap	$	11,122,412,600	$	11,137,650,642
Core S&P Small-Cap		12,526,547,049		12,883,440,519
Core S&P U.S. Growth		4,080,939,244		4,083,840,137
Core S&P U.S. Value		3,764,282,315		3,724,869,768

For the year ended March 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core S&P Mid-Cap	$	10,706,977,048	$	6,027,966,673
Core S&P Small-Cap		10,734,231,094		8,274,894,310
Core S&P U.S. Growth		2,758,615,656		1,305,477,021
Core S&P U.S. Value		4,758,950,936		3,356,378,308

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 March 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2023, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Core S&P Mid-Cap	$	1,854,728,886	$	(1,854,728,886	)
Core S&P Small-Cap		2,766,853,678		(2,766,853,678	)
Core S&P U.S. Growth		512,862,723		(512,862,723	)
Core S&P U.S. Value		1,050,199,128		(1,050,199,128	)

NOTES   TO   FINANCIAL   STATEMENTS 79

Notes to Financial Statements  (continued)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2023		Year Ended March 31, 2022
Core S&P Mid-Cap
Ordinary income	$	1,068,069,845	$	842,798,749
Core S&P Small-Cap
Ordinary income	$	1,012,107,695	$	1,058,667,702
Core S&P U.S. Growth
Ordinary income	$	124,923,098	$	85,386,412
Core S&P U.S. Value
Ordinary income	$	267,844,515	$	219,854,566

As of March 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)		Qualified late-year  losses(c)			Total
Core S&P Mid-Cap	$	—	$	(1,713,541,092	)	$	6,305,213,278	$	(310,816	)	$	4,591,361,370
Core S&P Small-Cap		—		(2,941,893,594	)		2,231,084,016		(111,666,576	)		(822,476,154	)
Core S&P U.S. Growth		1,271,844		(1,457,321,766	)		2,357,206,896		—			901,156,974
Core S&P U.S. Value		464,743		(728,805,923	)		592,473,808		—			(135,867,372	)

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

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

^(c)  The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of March 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core S&P Mid-Cap	$	64,150,997,994	$	11,956,116,969	$	(5,650,903,691	)	$	6,305,213,278
Core S&P Small-Cap		68,536,095,691		11,316,943,169		(9,085,859,153	)		2,231,084,016
Core S&P U.S. Growth		10,070,516,254		2,674,052,660		(316,845,764	)		2,357,206,896
Core S&P U.S. Value		12,772,139,410		1,429,584,854		(836,931,152	)		592,653,702

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

80 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (continued)

investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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

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

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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Core S&P Mid-Cap
Shares sold		44,050,000		$	10,833,257,889			44,950,000		$	12,187,553,091
Shares redeemed		(24,200,000	)		(5,957,904,147	)		(33,950,000	)		(9,149,968,360	)
		19,850,000		$	4,875,353,742			11,000,000		$	3,037,584,731
Core S&P Small-Cap
Shares sold		109,400,000		$	10,712,472,940			122,700,000		$	13,651,203,551
Shares redeemed		(87,250,000	)		(8,367,916,204	)		(85,100,000	)		(9,350,124,736	)
		22,150,000		$	2,344,556,736			37,600,000		$	4,301,078,815
Core S&P U.S. Growth
Shares sold		32,150,000		$	2,766,534,333			32,600,000		$	3,543,506,031
Shares redeemed		(15,300,000	)		(1,320,929,843	)		(26,000,000	)		(2,826,109,252	)
		16,850,000		$	1,445,604,490			6,600,000		$	717,396,779

NOTES   TO   FINANCIAL   STATEMENTS 81

Notes to Financial Statements  (continued)

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Core S&P U.S. Value
Shares sold		67,600,000		$	4,795,462,207			45,100,000		$	3,309,869,059
Shares redeemed		(47,500,000	)		(3,340,436,231	)		(17,150,000	)		(1,264,981,587	)
		20,100,000		$	1,455,025,976			27,950,000		$	2,044,887,472

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.

82 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2023, the related statements of operations for the year ended March 31, 2023, the statements of changes in net assets for each of the two years in the period ended March 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2023 and each of the financial highlights for each of the five years in the period ended March 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

iShares Core S&P Mid-Cap ETF

iShares Core S&P Small-Cap ETF

iShares Core S&P U.S. Growth ETF

iShares Core S&P U.S. Value ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2023

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

REPORT  OF  INDEPENDENT  REGISTERED  PUBLIC  ACCOUNTING  FIRM 83

Important Tax Information  (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Dividend Income
Core S&P Mid-Cap	$	817,118,083
Core S&P Small-Cap		769,604,422
Core S&P U.S. Growth		121,718,631
Core S&P U.S. Value		250,448,729

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Business Income
Core S&P Mid-Cap	$	94,558,909
Core S&P Small-Cap		129,224,285
Core S&P U.S. Growth		4,810,632
Core S&P U.S. Value		8,005,097

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Core S&P Mid-Cap		75.67	%
Core S&P Small-Cap		74.94
Core S&P U.S. Growth		94.29
Core S&P U.S. Value		90.86

84 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program  (unaudited)

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

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

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

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

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

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

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

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

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

STATEMENT   REGARDING  LIQUIDITY  RISK  MANAGEMENT  PROGRAM 85

Supplemental Information  (unaudited)

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.

March 31, 2023

	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
Core S&P Mid-Cap	$	4.170696	$	—	$	—	$	4.170696		100	%		—	%		—	%		100	%
Core S&P Small-Cap		1.498078		—		—		1.498078		100			—			—			100

Premium/Discount Information

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

Regulation under the Alternative Investment Fund Managers Directive

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

Report on Remuneration

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

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

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

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

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

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

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

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

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum

86 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Supplemental Information  (unaudited)

of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4,121 million. This figure is comprised of fixed remuneration of USD 685 million and variable remuneration of USD 3,436 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2,958 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 million. These figures relate to the entire Company and not to the Funds.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

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

SUPPLEMENTAL  INFORMATION 87

Trustee and Officer Information

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

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

88 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Trustee and Officer Information  (continued)

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015- 2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

TRUSTEE   AND   OFFICER   INFORMATION 89

Trustee and Officer Information  (continued)

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019- 2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

90 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

GENERAL  INFORMATION 91

Glossary of Terms Used in this Report

Portfolio Abbreviation
CVR	Contingent Value Rights
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

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iShares.com   |   1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-302-0323

MARCH 31, 2023

2023 Annual Report

iShares Trust

· iShares Russell Top 200 ETF | IWL | NYSE Arca

· iShares Russell Top 200 Growth ETF | IWY | NYSE Arca

· iShares Russell Top 200 Value ETF | IWX | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		15.62	%		(7.73	)%
U.S. small cap equities (Russell 2000® Index)		9.14			(11.61	)
International equities (MSCI Europe, Australasia, Far East Index)		27.27			(1.38	)
Emerging market equities (MSCI Emerging Markets Index)		14.04			(10.70	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.93			2.52
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		4.38			(6.90	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		4.89			(4.78	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.00			0.26
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		7.88			(3.35	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS  PAGE   IS  NOT  PART  OF  YOUR  FUND  REPORT

Table of Contents

	Page
The Markets in Review	2
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	11
Disclosure of Expenses	11
Schedules of Investments	12
Financial Statements:
Statements of Assets and Liabilities	25
Statements of Operations	26
Statements of Changes in Net Assets	27
Financial Highlights	29
Notes to Financial Statements	32
Report of Independent Registered Public Accounting Firm	39
Important Tax Information	40
Statement Regarding Liquidity Risk Management Program	41
Supplemental Information	42
Trustee and Officer Information	43
General Information	46
Glossary of Terms Used in this Report	47

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks declined for the 12 months ended March 31, 2023 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned -8.58%. Elevated inflation and rapid tightening of monetary policy dampened growth and weighed on equities. Higher interest rates drove bond yields higher and increased borrowing costs for businesses and consumers. Equities began to recover in the second half of the reporting period, as the broader economy remained resilient and the pace of inflation declined. In March 2023, two banks suddenly failed, representing the second and third largest bank failures in U.S. history by asset value. This drove concern among investors about the resiliency of the financial system in the face of rapidly rising interest rates. However, government agencies acted swiftly to organize a sale of the failed banks’ assets and inject liquidity, and equity prices recovered.

Inflation was a significant driver of the economic outlook. As the reporting period began, the consumer price index, a widely followed measure of inflation, stood at multi-decade highs. Strong consumer spending and a tight labor market, along with continued supply chain disruptions in Asia, combined to drive prices higher. But the rate of inflation began to decline as the reporting period wore on, decelerating for nine consecutive months beginning in July 2022. Nonetheless, inflation remained elevated by historic standards, and higher prices negatively impacted both consumers and businesses.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

To contain inflation, the U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates eight times over the course of the reporting period. The pace of tightening accelerated as the Fed twice stepped up the increment of increase before reducing it again as inflation began to subside. The Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

Despite economic headwinds, corporate profits remained robust, and many companies were able to sufficiently raise prices to preserve profit margins even in the face of rising labor and input costs. Nonetheless, profits declined overall in the fourth quarter of 2022, and the yield curve (a graphical representation of U.S. Treasury rates at different maturities) inverted, a sign that markets were concerned about the impact of higher borrowing costs on the economy. Furthermore, dwindling personal savings and rising household debt raised questions about the sustainability of consumer spending as an engine of economic growth.

4 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary  as of March 31, 2023 iShares^® Russell Top 200 ETF

Investment Objective

The iShares RussellTop 200 ETF(the “Fund) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the Russell Top 200^® Index (the ”Index“). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(8.41	)%		11.75	%		12.59	%		(8.41	)%		74.30	%		227.44	%
Fund Market		(8.55	)		11.72			12.59			(8.55	)		74.06			227.46
Index		(8.27	)		11.92			12.77			(8.27	)		75.63			232.50

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized   Expense   Ratio
	$        1,000.00	$          1,157.30	$          0.81			$          1,000.00	$          1,024.18	$          0.76		0.15%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See ”Disclosure of Expenses“ for more information.

FUND   SUMMARY 5

Fund Summary  as of March 31, 2023 (continued) iShares^® Russell Top 200 ETF

Portfolio Management Commentary

Large-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The consumer discretionary sector detracted the most from the Index’s return. While consumer spending continued to grow, rising inflation drove up costs for companies, and consumers increasingly sought bargains as higher prices eroded personal spending power. Within the sector, the internet and direct marketing retail industry detracted significantly. The sharp rise in e-commerce, which boosted the industry early in the pandemic, waned as more workers returned to the office and brick-and-mortar retailers gained market share. Stocks in the automobiles industry also declined amid concerns about the market for electric vehicles in the weakening economy and production volumes that failed to meet analysts’ expectations.

The information technology sector also detracted significantly from the Index’s return, as sharply higher interest rates reduced the current value of future earnings. The software and services industry declined notably amid high inflation and slow growth, as cuts to corporate information technology budgets tempered revenue growth. Slowing sales growth for cloud-based software further constrained earnings. Changing consumer behavior patterns pressured the IT services industry, as a return to in-person spending slowed revenue growth for online payment platform providers.

The communication services sector also detracted, particularly high-valuation stocks with growth prospects in the interactive media and services industry. Demand for online advertisements slowed during the reporting period, as businesses cut back marketing expenditures in a more challenging economic environment. Stiff competition among companies producing disruptive new artificial intelligence products also pressured the industry.

On the upside, energy sector stocks contributed to the Index’s return. Relatively high average prices of energy commodities following Russia’s invasion of Ukraine supported profitability in the oil, gas, and consumable fuels industry.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	28.9	%
Health Care	15.0
Financials	13.2
Consumer Discretionary	9.7
Communication Services	9.3
Consumer Staples	7.7
Industrials	6.9
Energy	4.5
Utilities	1.7
Materials	1.7
Real Estate	1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	8.8	%
Microsoft Corp.	7.7
Amazon.com, Inc.	3.3
NVIDIA Corp.	2.3
Alphabet, Inc., Class A	2.2
Berkshire Hathaway, Inc., Class B	2.0
Alphabet, Inc., Class C, NVS	1.9
Tesla, Inc.	1.9
Meta Platforms, Inc., Class A	1.7
Exxon Mobil Corp.	1.6

^(a)  Excludes money market funds.

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Fund Summary  as of March 31, 2023 iShares^® Russell Top 200 Growth ETF

Investment Objective

The iShares Russell Top 200 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell Top 200^® Growth 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 representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(11.60	)%		14.61	%		15.38	%		(11.60	)%		97.73	%		318.21	%
Fund Market		(11.80	)		14.59			15.38			(11.80	)		97.54			318.27
Index		(11.44	)		14.79			15.61			(11.44	)		99.34			326.38

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized   Expense   Ratio
	$          1,000.00	$          1,168.10	$          1.08			$          1,000.00	$          1,023.93	$          1.01		0.20%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND   SUMMARY 7

Fund Summary  as of March 31, 2023 (continued) iShares^® Russell Top 200 Growth ETF

Portfolio Management Commentary

Growth-oriented large-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. Large-capitalization growth stocks, which derive a significant portion of their price from investors’ expectations of future growth, faced significant headwinds relative to other equities. Growth stocks are particularly sensitive to interest rates, which rose notably as the Fed sharply tightened monetary policy.

The consumer discretionary sector detracted the most from the Index’s return. Rising inflation drove up costs for companies, and consumers increasingly sought bargains as higher prices eroded personal spending power. Within the sector, the internet and direct marketing retail industry detracted significantly from the Index’s performance. The sharp rise in e-commerce, which boosted the industry early in the pandemic, waned as more workers returned to the office and brick-and-mortar retailers gained market share. Excess warehouse capacity also weighed on industry cash flow. Slowing revenue growth from data cloud services further pressured the industry’s profitability, as business customers tried to reduce expenditures amid economic uncertainty. The automobiles industry also declined amid concerns about the market for electric vehicles (“EVs”) in the weakening economy. While EV sales continued to grow, production did not meet analysts’ expectations, and price discounts on some new models negatively impacted revenues.

The communication services sector also detracted significantly from the Index’s return, as the rising interest rate environment negatively impacted the interactive media and services industry, particularly high-valuation stocks with growth prospects. Demand for online advertisements slowed during the reporting period, as businesses cut back on marketing expenditures in a more challenging economic environment. Stiff competition among companies producing disruptive new artificial intelligence products also pressured the industry, as analysts attempted to chart the potential impact of the new technologies.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	45.3	%
Consumer Discretionary	14.2
Health Care	10.5
Communication Services	7.8
Financials	6.7
Consumer Staples	6.6
Industrials	6.0
Real Estate	1.4
Other (each representing less than 1%)	1.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	15.6	%
Microsoft Corp.	13.5
Amazon.com, Inc.	5.8
NVIDIA Corp.	4.1
Alphabet, Inc., Class A	3.4
Tesla, Inc.	3.4
Alphabet, Inc., Class C, NVS	3.0
UnitedHealth Group, Inc.	2.5
Visa, Inc., Class A	2.3
Mastercard, Inc., Class A	1.9

^(a)  Excludes money market funds.

8 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary  as of March 31, 2023 iShares^® Russell Top 200 Value ETF

Investment Objective

The iShares Russell Top 200 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell Top 200^® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(4.37	)%		7.76	%		9.08	%		(4.37	)%		45.29	%		138.44	%
Fund Market		(4.51	)		7.73			9.07			(4.51	)		45.11			138.30
Index		(4.16	)		7.96			9.30			(4.16	)		46.69			143.43

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/22	)	Ending Account Value (03/31/23	)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22	)	Ending Account Value (03/31/23	)	Expenses Paid During the Period	(a)	Annualized   Expense   Ratio
	$          1,000.00		$          1,142.60		$          1.07			$          1,000.00		$          1,023.93		$          1.01		0.20%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND   SUMMARY 9

Fund Summary  as of March 31, 2023 (continued) iShares^® Russell Top 200 Value ETF

Portfolio Management Commentary

Value-oriented large-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The financials sector detracted the most from the Index’s performance amid tightening financial conditions. The banking industry faced significant challenges as the potential impact of a slowing economy outweighed the benefits of being able to charge more for loans. While bank profitability is typically supported by higher interest rates, persistently high inflation led to significant tightening from the Fed, and investors became concerned about the long-term effect of this tightening on loan growth and credit losses. Bank stocks were further pressured late in the reporting period after the sudden failure of two regional banks. Despite government actions to contain the impact, these bank failures weighed heavily on the industry. The financial services industry also faced headwinds due to weak economic growth, declining prices for stocks and bonds, and concerns about the balance sheet liquidity of a large discount broker following the bank failures.

The information technology sector also detracted significantly from the Index’s return, as sharply higher interest rates reduced the current value of future earnings. High inflation and slow growth weighed on the sector, as consumers and businesses often seek to reduce spending on technology products and services during a downturn.

On the upside, stocks in the energy sector contributed to the Index’s return despite lower oil prices and a sharp decline in the price of natural gas. The price of oil and natural gas surged in the aftermath of Russia’s invasion of Ukraine. While prices subsequently fell as markets stabilized, the relatively high average prices of energy commodities supported profitability in the oil, gas, and consumable fuels industry.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	21.6	%
Health Care	20.8
Communication Services	11.3
Energy	9.4
Consumer Staples	9.2
Industrials	7.9
Information Technology	7.6
Utilities	3.9
Consumer Discretionary	3.9
Materials	2.8
Real Estate	1.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Berkshire Hathaway, Inc., Class B	4.5	%
Exxon Mobil Corp.	3.7
Johnson & Johnson	3.3
JPMorgan Chase & Co.	3.1
Meta Platforms, Inc., Class A	3.0
Chevron Corp.	2.6
Pfizer, Inc.	1.9
Cisco Systems, Inc.	1.8
Walmart, Inc.	1.7
Procter & Gamble Co.	1.6

^(a)  Excludes money market funds.

10 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of 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.

ABOUT  FUND  PERFORMANCE   /   DISCLOSURE  OF   EXPENSES 11

Schedule of Investments March 31, 2023 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.9%
Boeing Co.(a)		15,752	$	3,346,198
General Dynamics Corp.		6,905		1,575,790
L3Harris Technologies, Inc.		5,414		1,062,443
Lockheed Martin Corp.		6,474		3,060,454
Northrop Grumman Corp.		4,093		1,889,820
Raytheon Technologies Corp.		41,787		4,092,201
				15,026,906
Air Freight & Logistics — 0.7%
FedEx Corp.		6,632		1,515,346
United Parcel Service, Inc., Class B		20,898		4,054,003
				5,569,349
Automobiles — 2.3%
Ford Motor Co.		112,341		1,415,497
General Motors Co.		39,443		1,446,769
Tesla, Inc.(a)		73,475		15,243,123
				18,105,389
Banks — 3.4%
Bank of America Corp.		199,668		5,710,505
Citigroup, Inc.		55,029		2,580,310
JPMorgan Chase & Co.		82,922		10,805,566
PNC Financial Services Group, Inc.		11,468		1,457,583
Truist Financial Corp.		37,757		1,287,513
U.S. Bancorp		39,229		1,414,205
Wells Fargo & Co.		109,052		4,076,364
				27,332,046
Beverages — 2.1%
Coca-Cola Co.		111,001		6,885,392
Constellation Brands, Inc., Class A		4,294		969,972
Keurig Dr Pepper, Inc.		24,475		863,478
Monster Beverage Corp.(a)		20,887		1,128,107
PepsiCo, Inc.		39,302		7,164,754
				17,011,703
Biotechnology — 2.6%
AbbVie, Inc.		50,243		8,007,227
Amgen, Inc.		15,180		3,669,765
Gilead Sciences, Inc.		35,687		2,960,950
Moderna, Inc.(a)		9,413		1,445,649
Regeneron Pharmaceuticals, Inc.(a)		2,946		2,420,640
Vertex Pharmaceuticals, Inc.(a)		7,269		2,290,244
				20,794,475
Broadline Retail — 3.3%
Amazon.com, Inc.(a)		252,684		26,099,730
Building Products — 0.2%
Johnson Controls International PLC		19,591		1,179,770
Capital Markets — 2.6%
BlackRock, Inc.(b)		4,217		2,821,679
Blackstone, Inc., Class A, NVS		20,143		1,769,361
Charles Schwab Corp.		43,210		2,263,340
CME Group, Inc., Class A		10,194		1,952,355
Goldman Sachs Group, Inc.		9,324		3,049,974
Intercontinental Exchange, Inc.		15,715		1,638,917
Moody’s Corp.		4,537		1,388,413
Morgan Stanley		35,048		3,077,214
S&P Global, Inc.		9,148		3,153,956
				21,115,209
Chemicals — 1.3%
Air Products & Chemicals, Inc.		6,307		1,811,434

Security	Shares		Value
Chemicals (continued)
Dow, Inc.		19,950	$	1,093,659
Ecolab, Inc.		7,032		1,164,007
Linde PLC		14,046		4,992,510
Sherwin-Williams Co.		6,818		1,532,482
				10,594,092
Commercial Services & Supplies — 0.2%
Waste Management, Inc.		11,648		1,900,604
Communications Equipment — 0.8%
Cisco Systems, Inc.		116,830		6,107,288
Consumer Finance — 0.5%
American Express Co.		16,913		2,789,799
Capital One Financial Corp.		10,794		1,037,951
				3,827,750
Consumer Staples Distribution & Retail — 2.2%
Costco Wholesale Corp.		12,587		6,254,103
Dollar General Corp.		6,418		1,350,732
Sysco Corp.		14,437		1,114,969
Target Corp.		13,165		2,180,519
Walgreens Boots Alliance, Inc.		20,377		704,637
Walmart, Inc.		40,409		5,958,307
				17,563,267
Diversified Telecommunication Services — 1.1%
AT&T Inc.		203,542		3,918,184
Verizon Communications, Inc.		119,488		4,646,888
				8,565,072
Electric Utilities — 1.4%
American Electric Power Co., Inc.		14,660		1,333,913
Duke Energy Corp.		21,887		2,111,439
Exelon Corp.		28,152		1,179,287
NextEra Energy, Inc.		56,459		4,351,860
Southern Co.		30,912		2,150,857
				11,127,356
Electrical Equipment — 0.4%
Eaton Corp. PLC		11,353		1,945,223
Emerson Electric Co.		16,105		1,403,390
				3,348,613
Energy Equipment & Services — 0.2%
Schlumberger NV		40,151		1,971,414
Entertainment — 1.4%
Activision Blizzard, Inc.		22,052		1,887,431
Netflix, Inc.(a)		12,445		4,299,498
Walt Disney Co.(a)		51,799		5,186,634
				11,373,563
Financial Services — 5.2%
Berkshire Hathaway, Inc., Class B(a)		51,289		15,836,505
Block, Inc., Class A(a)		15,190		1,042,793
Fidelity National Information Services, Inc.		16,793		912,364
Fiserv, Inc.(a)		16,751		1,893,366
Mastercard, Inc., Class A		24,190		8,790,888
PayPal Holdings, Inc.(a)		32,401		2,460,532
Visa, Inc., Class A		46,212		10,418,957
				41,355,405
Food Products — 0.8%
Archer-Daniels-Midland Co.		15,490		1,233,933
General Mills, Inc.		16,716		1,428,549

12 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Kraft Heinz Co.		19,958	$	771,776
Mondelez International, Inc., Class A		38,759		2,702,278
				6,136,536
Ground Transportation — 1.0%
CSX Corp.		59,791		1,790,143
Norfolk Southern Corp.		6,444		1,366,128
Uber Technologies, Inc.(a)		54,628		1,731,708
Union Pacific Corp.		17,471		3,516,213
				8,404,192
Health Care Equipment & Supplies — 2.5%
Abbott Laboratories		48,749		4,936,324
Baxter International, Inc.		14,340		581,630
Becton Dickinson & Co.		8,071		1,997,895
Boston Scientific Corp.(a)		40,536		2,028,016
Edwards Lifesciences Corp.(a)		17,611		1,456,958
GE HealthCare Technologies, Inc.(a)		10,341		848,272
Intuitive Surgical, Inc.(a)		10,014		2,558,277
Medtronic PLC		37,998		3,063,399
Stryker Corp.		9,987		2,850,989
				20,321,760
Health Care Providers & Services — 3.3%
Centene Corp.(a)		15,613		986,898
Cigna Group		8,329		2,128,309
CVS Health Corp.		36,493		2,711,795
Elevance Health, Inc.		6,858		3,153,377
HCA Healthcare, Inc.		6,121		1,613,985
Humana, Inc.		3,593		1,744,258
McKesson Corp.		3,883		1,382,542
UnitedHealth Group, Inc.		26,592		12,567,113
				26,288,277
Hotels, Restaurants & Leisure — 1.8%
Airbnb, Inc., Class A(a)		10,646		1,324,362
Booking Holdings, Inc.(a)		1,101		2,920,304
Marriott International, Inc., Class A		7,559		1,255,096
McDonald’s Corp.		21,010		5,874,606
Starbucks Corp.		32,598		3,394,430
				14,768,798
Household Products — 1.6%
Colgate-Palmolive Co.		23,504		1,766,326
Kimberly-Clark Corp.		9,598		1,288,243
Procter & Gamble Co.		67,107		9,978,140
				13,032,709
Industrial Conglomerates — 1.0%
3M Co.		15,695		1,649,702
General Electric Co.		30,809		2,945,340
Honeywell International, Inc.		19,159		3,661,668
				8,256,710
Industrial REITs — 0.4%
Prologis, Inc.		26,169		3,265,106
Insurance — 1.5%
American International Group, Inc.		21,195		1,067,380
Aon PLC, Class A		5,814		1,833,096
Chubb Ltd.		11,827		2,296,567
Marsh & McLennan Cos., Inc.		14,081		2,345,190
MetLife, Inc.		18,732		1,085,332
Progressive Corp.		16,596		2,374,224
Travelers Cos., Inc.		6,634		1,137,134
				12,138,923

Security	Shares		Value
Interactive Media & Services — 5.8%
Alphabet, Inc., Class A(a)		171,009	$	17,738,764
Alphabet, Inc., Class C, NVS(a)		148,713		15,466,152
Meta Platforms, Inc., Class A(a)		63,261		13,407,536
				46,612,452
IT Services — 1.3%
Accenture PLC, Class A		18,014		5,148,581
Cognizant Technology Solutions Corp., Class A		14,603		889,761
International Business Machines Corp.		25,584		3,353,806
Snowflake, Inc., Class A(a)		8,837		1,363,461
				10,755,609
Life Sciences Tools & Services — 1.5%
Danaher Corp.		18,403		4,638,292
Illumina, Inc.(a)		4,453		1,035,545
Thermo Fisher Scientific, Inc.		11,124		6,411,540
				12,085,377
Machinery — 1.1%
Caterpillar, Inc.		14,793		3,385,230
Deere & Co.		7,719		3,187,021
Illinois Tool Works, Inc.		8,686		2,114,607
				8,686,858
Media — 0.7%
Charter Communications, Inc., Class A(a)		2,999		1,072,473
Comcast Corp., Class A		118,921		4,508,295
				5,580,768
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		40,584		1,660,292
Newmont Corp.		22,591		1,107,411
Southern Copper Corp.		2,393		182,466
				2,950,169
Multi-Utilities — 0.3%
Dominion Energy, Inc.		23,735		1,327,024
Sempra Energy		8,919		1,348,196
				2,675,220
Oil, Gas & Consumable Fuels — 4.3%
Chevron Corp.		54,983		8,971,026
ConocoPhillips		34,803		3,452,805
EOG Resources, Inc.		16,655		1,909,163
Exxon Mobil Corp.		117,156		12,847,327
Kinder Morgan, Inc.		56,290		985,638
Marathon Petroleum Corp.		12,865		1,734,588
Occidental Petroleum Corp.		22,635		1,413,103
Pioneer Natural Resources Co.		6,749		1,378,416
Valero Energy Corp.		10,997		1,535,181
				34,227,247
Personal Care Products — 0.2%
Estee Lauder Cos., Inc., Class A		6,513		1,605,194
Pharmaceuticals — 5.0%
Bristol-Myers Squibb Co.		60,545		4,196,374
Eli Lilly & Co.		23,955		8,226,626
Johnson & Johnson		74,820		11,597,100
Merck & Co., Inc.		71,917		7,651,250
Pfizer, Inc.		160,679		6,555,703
Zoetis, Inc., Class A		13,385		2,227,799
				40,454,852
Professional Services — 0.3%
Automatic Data Processing, Inc.		11,870		2,642,618
Semiconductors & Semiconductor Equipment — 6.9%
Advanced Micro Devices, Inc.(a)		45,918		4,500,423

SCHEDULES   OF   INVESTMENTS 13

Schedule of Investments  (continued) March 31, 2023 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Analog Devices, Inc.		14,373	$	2,834,643
Applied Materials, Inc.		23,922		2,938,339
Broadcom, Inc.		11,228		7,203,211
Intel Corp.		117,703		3,845,357
KLA Corp.		3,928		1,567,940
Lam Research Corp.		3,829		2,029,830
Marvell Technology, Inc.		24,171		1,046,604
Micron Technology, Inc.		30,911		1,865,170
NVIDIA Corp.		67,260		18,682,810
QUALCOMM, Inc.		31,855		4,064,061
Texas Instruments, Inc.		25,798		4,798,686
				55,377,074
Software — 11.1%
Adobe, Inc.(a)		12,998		5,009,039
Atlassian Corp., Class A(a)		4,147		709,842
Autodesk, Inc.(a)		6,175		1,285,388
Intuit, Inc.		7,835		3,493,078
Microsoft Corp.		212,720		61,327,176
Oracle Corp.		43,456		4,037,931
Palo Alto Networks, Inc.(a)(c)		8,439		1,685,606
Roper Technologies, Inc.		3,003		1,323,392
Salesforce, Inc.(a)		27,360		5,465,981
ServiceNow, Inc.(a)		5,764		2,678,646
VMware, Inc., Class A(a)		6,088		760,087
Workday, Inc., Class A(a)		5,663		1,169,636
				88,945,802
Specialized REITs — 1.0%
American Tower Corp.		13,190		2,695,245
Crown Castle, Inc.		12,235		1,637,532
Digital Realty Trust, Inc.		8,132		799,457
Equinix, Inc.		2,625		1,892,730
Public Storage		4,443		1,342,408
				8,367,372
Specialty Retail — 1.8%
Home Depot, Inc.		28,971		8,549,922
Lowe’s Cos., Inc.		17,199		3,439,284
TJX Cos., Inc.		32,995		2,585,488
				14,574,694

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 8.8%
Apple Inc.		427,271	$	70,456,988
Textiles, Apparel & Luxury Goods — 0.5%
NIKE, Inc., Class B		34,200		4,194,288
Tobacco — 0.8%
Altria Group, Inc.		50,966		2,274,103
Philip Morris International, Inc.		44,053		4,284,154
				6,558,257
Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.(a)		16,671		2,414,628
Total Long-Term Investments — 99.8% (Cost: $802,292,132)				801,747,479
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(b)(d)(e)		1,636,633		1,637,124
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(b)(d)		1,169,890		1,169,890
Total Short-Term Securities — 0.3% (Cost: $2,806,990)				2,807,014
Total Investments — 100.1% (Cost: $805,099,122)				804,554,493
Liabilities in Excess of Other Assets — (0.1)%				(1,147,276	)
Net Assets — 100.0%			$	803,407,217

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	249,903	$	1,381,728	(a)	$	—		$	5,434	$	59		$	1,637,124		1,636,633	$	14,072	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,385,000		—			(215,110	)(a)		—		—			1,169,890		1,169,890		33,759			1
BlackRock, Inc.		3,604,590		1,038,890			(1,730,601	)		703,995		(795,195	)		2,821,679		4,217		—			—
									$	709,429	$	(795,136	)	$	5,628,693			$	47,831		$	1

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

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

14 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Russell Top 200 ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-mini Index		7		06/16/23	$	1,448	$	85,017

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	85,017	$	—	$	—	$	—	$	85,017

^(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 March 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	$	—	$	—	$	(230,224	)	$	—	$	—	$	—	$	(230,224	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(13,507	)	$	—	$	—	$	—	$	(13,507	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts
Average notional value of contracts — long	$	1,498,366

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

SCHEDULES   OF   INVESTMENTS 15

Schedule of Investments  (continued) March 31, 2023 iShares^® Russell Top 200 ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	801,747,479	$	—	$	—	$	801,747,479
Short-Term Securities
Money Market Funds		2,807,014		—		—		2,807,014
	$	804,554,493	$	—	$	—	$	804,554,493
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	85,017	$	—	$	—	$	85,017

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

See notes to financial statements.

16 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments March 31, 2023 iShares^® Russell Top 200 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
Boeing Co.(a)(b)		64,193	$	13,636,519
Lockheed Martin Corp.		84,718		40,048,740
Northrop Grumman Corp.		6,212		2,868,205
				56,553,464
Air Freight & Logistics — 0.8%
United Parcel Service, Inc., Class B		243,969		47,327,546
Automobiles — 3.4%
Tesla, Inc.(a)		961,597		199,492,914
Beverages — 2.7%
Coca-Cola Co.		1,089,548		67,584,662
Monster Beverage Corp.(a)		252,259		13,624,509
PepsiCo, Inc.		434,633		79,233,596
				160,442,767
Biotechnology — 3.0%
AbbVie, Inc.		657,565		104,796,134
Amgen, Inc.		166,878		40,342,757
Moderna, Inc.(a)		7,214		1,107,926
Regeneron Pharmaceuticals, Inc.(a)		5,644		4,637,505
Vertex Pharmaceuticals, Inc.(a)		89,747		28,276,587
				179,160,909
Broadline Retail — 5.8%
Amazon.com, Inc.(a)		3,306,977		341,577,654
Capital Markets — 1.0%
Blackstone, Inc., Class A, NVS		264,265		23,213,037
Charles Schwab Corp.		313,408		16,416,311
Moody’s Corp.		56,080		17,161,602
				56,790,950
Chemicals — 0.8%
Ecolab, Inc.		81,576		13,503,275
Linde PLC		38,654		13,739,178
Sherwin-Williams Co.		88,888		19,979,356
				47,221,809
Commercial Services & Supplies — 0.4%
Waste Management, Inc.		143,203		23,366,434
Consumer Finance — 0.0%
American Express Co.		13,918		2,295,774
Consumer Staples Distribution & Retail — 2.2%
Costco Wholesale Corp.		164,729		81,848,898
Dollar General Corp.		83,754		17,626,867
Sysco Corp.		189,122		14,605,892
Target Corp.		95,074		15,747,107
				129,828,764
Electrical Equipment — 0.1%
Emerson Electric Co.		67,541		5,885,523
Entertainment — 0.5%
Netflix, Inc.(a)		73,571		25,417,309
Walt Disney Co.(a)		45,403		4,546,202
				29,963,511
Financial Services — 4.4%
Fiserv, Inc.(a)		19,849		2,243,532
Mastercard, Inc., Class A		316,596		115,054,152
PayPal Holdings, Inc.(a)		130,839		9,935,914
Visa, Inc., Class A		604,799		136,357,983
				263,591,581

Security	Shares		Value
Ground Transportation — 1.2%
CSX Corp.		197,532	$	5,914,108
Uber Technologies, Inc.(a)		617,645		19,579,347
Union Pacific Corp.		228,659		46,019,910
				71,513,365
Health Care Equipment & Supplies — 1.3%
Abbott Laboratories		84,266		8,532,775
Baxter International, Inc.		28,881		1,171,414
Edwards Lifesciences Corp.(a)		229,667		19,000,351
GE HealthCare Technologies, Inc.(a)		7,534		618,014
Intuitive Surgical, Inc.(a)		120,651		30,822,711
Stryker Corp.		69,922		19,960,633
				80,105,898
Health Care Providers & Services — 3.2%
Cigna Group		17,365		4,437,278
Elevance Health, Inc.		27,216		12,514,189
HCA Healthcare, Inc.		4,876		1,285,704
Humana, Inc.		33,218		16,126,010
McKesson Corp.		10,011		3,564,417
UnitedHealth Group, Inc.		316,696		149,667,363
				187,594,961
Hotels, Restaurants & Leisure — 1.8%
Airbnb, Inc., Class A(a)		139,482		17,351,561
Booking Holdings, Inc.(a)(b)		14,428		38,268,971
Marriott International, Inc., Class A		98,726		16,392,465
McDonald’s Corp.		66,765		18,668,162
Starbucks Corp.		153,805		16,015,715
				106,696,874
Household Products — 1.3%
Colgate-Palmolive Co.		189,686		14,254,903
Kimberly-Clark Corp.		73,987		9,930,535
Procter & Gamble Co.		374,139		55,630,728
				79,816,166
Industrial Conglomerates — 0.3%
General Electric Co.(b)		22,563		2,157,023
Honeywell International, Inc.		73,820		14,108,478
				16,265,501
Insurance — 1.3%
Aon PLC, Class A		71,741		22,619,220
Marsh & McLennan Cos., Inc.		164,798		27,447,107
Progressive Corp.		188,829		27,013,877
				77,080,204
Interactive Media & Services — 7.0%
Alphabet, Inc., Class A(a)		1,947,115		201,974,239
Alphabet, Inc., Class C, NVS(a)		1,693,261		176,099,144
Meta Platforms, Inc., Class A(a)		176,339		37,373,288
				415,446,671
IT Services — 1.9%
Accenture PLC, Class A		235,750		67,379,708
International Business Machines Corp.		223,534		29,303,072
Snowflake, Inc., Class A(a)		108,060		16,672,577
				113,355,357
Life Sciences Tools & Services — 0.2%
Danaher Corp.		16,360		4,123,374
Thermo Fisher Scientific, Inc.		17,730		10,219,040
				14,342,414
Machinery — 1.8%
Caterpillar, Inc.		168,620		38,587,001

SCHEDULES   OF   INVESTMENTS 17

Schedule of Investments  (continued) March 31, 2023 iShares^® Russell Top 200 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Deere & Co.		101,018	$	41,708,312
Illinois Tool Works, Inc.		102,363		24,920,272
				105,215,585
Media — 0.2%
Charter Communications, Inc., Class A(a)		39,028		13,956,803
Metals & Mining — 0.0%
Southern Copper Corp.		20,608		1,571,360
Oil, Gas & Consumable Fuels — 0.7%
EOG Resources, Inc.		158,964		18,222,043
Occidental Petroleum Corp.(b)		244,212		15,246,155
Pioneer Natural Resources Co.		48,537		9,913,197
				43,381,395
Personal Care Products — 0.4%
Estee Lauder Cos., Inc., Class A		85,491		21,070,112
Pharmaceuticals — 2.7%
Eli Lilly & Co.		255,192		87,638,037
Merck & Co., Inc.		394,370		41,957,024
Zoetis, Inc., Class A		175,085		29,141,147
				158,736,208
Professional Services — 0.5%
Automatic Data Processing, Inc.		142,561		31,738,355
Semiconductors & Semiconductor Equipment — 9.8%
Advanced Micro Devices, Inc.(a)		473,548		46,412,440
Analog Devices, Inc.		37,870		7,468,721
Applied Materials, Inc.		313,085		38,456,231
Broadcom, Inc.		146,949		94,273,661
KLA Corp.		51,455		20,539,292
Lam Research Corp.		50,123		26,571,205
Micron Technology, Inc.		76,561		4,619,691
NVIDIA Corp.		880,272		244,513,153
QUALCOMM, Inc.		416,897		53,187,719
Texas Instruments, Inc.		231,279		43,020,207
				579,062,320
Software — 18.0%
Adobe, Inc.(a)		170,113		65,556,447
Atlassian Corp., Class A(a)		54,148		9,268,513
Autodesk, Inc.(a)		80,924		16,845,140
Intuit, Inc.		102,529		45,710,504
Microsoft Corp.		2,783,965		802,617,109
Oracle Corp.		390,628		36,297,154
Palo Alto Networks, Inc.(a)		110,747		22,120,606
Salesforce, Inc.(a)		76,678		15,318,731

Security	Shares		Value
Software (continued)
ServiceNow, Inc.(a)		75,401	$	35,040,353
VMware, Inc., Class A(a)		38,725		4,834,816
Workday, Inc., Class A(a)		74,066		15,297,591
				1,068,906,964
Specialized REITs — 1.4%
American Tower Corp.		132,310		27,036,225
Crown Castle, Inc.		160,366		21,463,386
Equinix, Inc.		25,935		18,700,172
Public Storage		46,220		13,964,911
				81,164,694
Specialty Retail — 2.3%
Home Depot, Inc.		219,922		64,903,381
Lowe’s Cos., Inc.		194,251		38,844,372
TJX Cos., Inc.		431,708		33,828,639
				137,576,392
Technology Hardware, Storage & Peripherals — 15.5%
Apple Inc.		5,591,901		922,104,475
Textiles, Apparel & Luxury Goods — 0.9%
NIKE, Inc., Class B		447,589		54,892,315
Total Long-Term Investments — 99.8% (Cost: $5,293,935,887)				5,925,093,989
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(d)(e)		40,082,221		40,094,246
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(d)		7,923,181		7,923,181
Total Short-Term Securities — 0.8% (Cost: $48,011,243)				48,017,427
Total Investments — 100.6% (Cost: $5,341,947,130)				5,973,111,416
Liabilities in Excess of Other Assets — (0.6)%				(38,560,228	)
Net Assets — 100.0%			$	5,934,551,188

^(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.

18 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Russell Top 200 Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,926,531	$	31,124,831	(a)	$	—	$	37,894	$	4,990	$	40,094,246		40,082,221	$	120,319	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,166,000		1,757,181	(a)		—		—		—		7,923,181		7,923,181		194,167			4
								$	37,894	$	4,990	$	48,017,427			$	314,486		$	4

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts    

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-mini Technology Select Sector Index		13		06/16/23	$	1,996	$	200,811
Nasdaq 100 E-Mini Index		25		06/16/23		6,651		663,321
							$	864,132

Derivative Financial Instruments Categorized by Risk Exposure    

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	864,132	$	—	$	—	$	—	$	864,132

^(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 March 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	$	—	$	—	$	(319,077	)	$	—	$	—	$	—	$	(319,077	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	361,996		$	—	$	—	$	—	$	361,996

SCHEDULES   OF   INVESTMENTS 19

Schedule of Investments  (continued) March 31, 2023 iShares^® Russell Top 200 Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts
Average notional value of contracts — long	$	7,388,034

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

Fair Value Hierarchy as of Period End    

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.    

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.    

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	5,925,093,989	$	—	$	—	$	5,925,093,989
Short-Term Securities
Money Market Funds		48,017,427		—		—		48,017,427
	$	5,973,111,416	$	—	$	—	$	5,973,111,416
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	864,132	$	—	$	—	$	864,132

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

See notes to financial statements.

20 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments March 31, 2023 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.1%
Boeing Co.(a)		48,302	$	10,260,794
General Dynamics Corp.		30,774		7,022,935
L3Harris Technologies, Inc.		24,017		4,713,096
Northrop Grumman Corp.		16,102		7,434,615
Raytheon Technologies Corp.		185,976		18,212,630
				47,644,070
Air Freight & Logistics — 0.6%
FedEx Corp.		29,573		6,757,135
United Parcel Service, Inc., Class B		10,045		1,948,629
				8,705,764
Automobiles — 0.8%
Ford Motor Co.		498,581		6,282,121
General Motors Co.		175,946		6,453,699
				12,735,820
Banks — 7.8%
Bank of America Corp.		888,641		25,415,133
Citigroup, Inc.		244,915		11,484,064
JPMorgan Chase & Co.		369,052		48,091,166
PNC Financial Services Group, Inc.		50,930		6,473,203
Truist Financial Corp.		168,917		5,760,070
U.S. Bancorp		174,940		6,306,587
Wells Fargo & Co.		485,348		18,142,308
				121,672,531
Beverages — 1.4%
Coca-Cola Co.		123,507		7,661,139
Constellation Brands, Inc., Class A		19,157		4,327,375
Keurig Dr Pepper, Inc.		108,421		3,825,093
Monster Beverage Corp.(a)		6,989		377,476
PepsiCo, Inc.		27,112		4,942,517
				21,133,600
Biotechnology — 2.0%
Amgen, Inc.		10,794		2,609,450
Gilead Sciences, Inc.		158,826		13,177,793
Moderna, Inc.(a)		39,459		6,060,113
Regeneron Pharmaceuticals, Inc.(a)		11,200		9,202,704
Vertex Pharmaceuticals, Inc.(a)		1,799		566,811
				31,616,871
Building Products — 0.3%
Johnson Controls International PLC		87,085		5,244,259
Capital Markets — 4.8%
BlackRock, Inc.(b)		18,767		12,557,375
Charles Schwab Corp.		85,578		4,482,576
CME Group, Inc., Class A		45,371		8,689,454
Goldman Sachs Group, Inc.		41,497		13,574,084
Intercontinental Exchange, Inc.		69,808		7,280,276
Moody’s Corp.		1,142		349,475
Morgan Stanley		155,983		13,695,307
S&P Global, Inc.		40,711		14,035,931
				74,664,478
Chemicals — 2.0%
Air Products & Chemicals, Inc.		28,009		8,044,465
Dow, Inc.		89,034		4,880,844
Ecolab, Inc.		3,649		604,019
Linde PLC		49,384		17,553,049
				31,082,377
Commercial Services & Supplies — 0.0%
Waste Management, Inc.		3,305		539,277

Security	Shares		Value
Communications Equipment — 1.7%
Cisco Systems, Inc.		519,962	$	27,181,014
Consumer Finance — 1.0%
American Express Co.		70,532		11,634,253
Capital One Financial Corp.		48,142		4,629,335
				16,263,588
Consumer Staples Distribution & Retail — 2.2%
Target Corp.		26,308		4,357,394
Walgreens Boots Alliance, Inc.		90,702		3,136,475
Walmart, Inc.		179,843		26,517,851
				34,011,720
Diversified Telecommunication Services — 2.4%
AT&T Inc.		905,884		17,438,267
Verizon Communications, Inc.		531,789		20,681,274
				38,119,541
Electric Utilities — 3.2%
American Electric Power Co., Inc.		65,033		5,917,353
Duke Energy Corp.		97,413		9,397,432
Exelon Corp.		125,580		5,260,546
NextEra Energy, Inc.		251,273		19,368,123
Southern Co.		137,573		9,572,329
				49,515,783
Electrical Equipment — 0.8%
Eaton Corp. PLC		50,495		8,651,813
Emerson Electric Co.		48,932		4,263,935
				12,915,748
Energy Equipment & Services — 0.6%
Schlumberger NV		178,692		8,773,777
Entertainment — 2.6%
Activision Blizzard, Inc.		98,255		8,409,645
Netflix, Inc.(a)		30,408		10,505,356
Walt Disney Co.(a)		215,091		21,537,062
				40,452,063
Financial Services — 6.1%
Berkshire Hathaway, Inc., Class B(a)		228,268		70,482,310
Block, Inc., Class A(a)		67,782		4,653,234
Fidelity National Information Services, Inc.		74,909		4,069,806
Fiserv, Inc.(a)		67,700		7,652,131
PayPal Holdings, Inc.(a)		99,787		7,577,825
				94,435,306
Food Products — 1.8%
Archer-Daniels-Midland Co.		69,145		5,508,091
General Mills, Inc.		74,581		6,373,692
Kraft Heinz Co.		88,356		3,416,726
Mondelez International, Inc., Class A		172,500		12,026,700
				27,325,209
Ground Transportation — 0.8%
CSX Corp.		198,758		5,950,815
Norfolk Southern Corp.		28,752		6,095,424
Uber Technologies, Inc.(a)		32,440		1,028,348
				13,074,587
Health Care Equipment & Supplies — 4.1%
Abbott Laboratories		188,321		19,069,385
Baxter International, Inc.		53,934		2,187,563
Becton Dickinson & Co.		35,923		8,892,379
Boston Scientific Corp.(a)		180,521		9,031,466
GE HealthCare Technologies, Inc.(a)(c)		43,701		3,584,793
Intuitive Surgical, Inc.(a)		3,521		899,510

SCHEDULES   OF   INVESTMENTS 21

Schedule of Investments  (continued) March 31, 2023 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Medtronic PLC		169,110	$	13,633,648
Stryker Corp.		20,669		5,900,379
				63,199,123
Health Care Providers & Services — 3.4%
Centene Corp.(a)		69,262		4,378,051
Cigna Group		31,179		7,967,170
CVS Health Corp.		162,412		12,068,836
Elevance Health, Inc.		21,229		9,761,307
HCA Healthcare, Inc.		25,630		6,758,118
Humana, Inc.		4,701		2,282,147
McKesson Corp.		13,934		4,961,201
UnitedHealth Group, Inc.		10,651		5,033,556
				53,210,386
Hotels, Restaurants & Leisure — 1.9%
McDonald’s Corp.		70,783		19,791,635
Starbucks Corp.		92,854		9,668,887
				29,460,522
Household Products — 2.0%
Colgate-Palmolive Co.		40,403		3,036,285
Kimberly-Clark Corp.		17,383		2,333,146
Procter & Gamble Co.		171,434		25,490,522
				30,859,953
Industrial Conglomerates — 2.0%
3M Co.		69,745		7,330,897
General Electric Co.(c)		129,442		12,374,655
Honeywell International, Inc.		60,200		11,505,424
				31,210,976
Industrial REITs — 0.9%
Prologis, Inc.		116,469		14,531,837
Insurance — 1.8%
American International Group, Inc.		93,933		4,730,466
Aon PLC, Class A		1,536		484,286
Chubb Ltd.		52,580		10,209,984
Marsh & McLennan Cos., Inc.		6,675		1,111,721
MetLife, Inc.		83,563		4,841,640
Progressive Corp.		9,583		1,370,944
Travelers Cos., Inc.		29,584		5,070,994
				27,820,035
Interactive Media & Services — 4.2%
Alphabet, Inc., Class A(a)		98,941		10,263,150
Alphabet, Inc., Class C, NVS(a)		86,042		8,948,368
Meta Platforms, Inc., Class A(a)		221,577		46,961,029
				66,172,547
IT Services — 0.6%
Cognizant Technology Solutions Corp., Class A		64,879		3,953,077
International Business Machines Corp.		37,802		4,955,464
Snowflake, Inc., Class A(a)		2,475		381,868
				9,290,409
Life Sciences Tools & Services — 3.1%
Danaher Corp.		76,334		19,239,221
Illumina, Inc.(a)(c)		19,872		4,621,234
Thermo Fisher Scientific, Inc.		43,466		25,052,498
				48,912,953
Machinery — 0.2%
Caterpillar, Inc.		8,479		1,940,334
Illinois Tool Works, Inc.		3,939		958,950
				2,899,284

Security	Shares		Value
Media — 1.3%
Comcast Corp., Class A		529,271	$	20,064,664
Metals & Mining — 0.8%
Freeport-McMoRan, Inc.		180,299		7,376,032
Newmont Corp.		100,480		4,925,530
Southern Copper Corp.		3,690		281,362
				12,582,924
Multi-Utilities — 0.8%
Dominion Energy, Inc.		105,284		5,886,428
Sempra Energy		39,791		6,014,808
				11,901,236
Oil, Gas & Consumable Fuels — 8.8%
Chevron Corp.		244,705		39,926,068
ConocoPhillips		154,893		15,366,935
EOG Resources, Inc.		20,002		2,292,829
Exxon Mobil Corp.		521,413		57,178,150
Kinder Morgan, Inc.		251,243		4,399,265
Marathon Petroleum Corp.		57,336		7,730,613
Occidental Petroleum Corp.		17,654		1,102,139
Pioneer Natural Resources Co.		13,527		2,762,754
Valero Energy Corp.		48,500		6,770,600
				137,529,353
Pharmaceuticals — 8.1%
Bristol-Myers Squibb Co.		269,462		18,676,411
Eli Lilly & Co.		19,830		6,810,019
Johnson & Johnson		332,989		51,613,295
Merck & Co., Inc.		185,963		19,784,603
Pfizer, Inc.		715,120		29,176,896
				126,061,224
Professional Services — 0.1%
Automatic Data Processing, Inc.		4,349		968,218
Semiconductors & Semiconductor Equipment — 3.2%
Advanced Micro Devices, Inc.(a)		43,324		4,246,185
Analog Devices, Inc.		51,109		10,079,717
Intel Corp.		523,844		17,113,983
Marvell Technology, Inc.		107,289		4,645,614
Micron Technology, Inc.		111,406		6,722,238
Texas Instruments, Inc.		36,167		6,727,424
				49,535,161
Software — 2.1%
Oracle Corp.		60,534		5,624,819
Roper Technologies, Inc.		13,352		5,884,093
Salesforce, Inc.(a)		95,709		19,120,744
VMware, Inc., Class A(a)		13,915		1,737,288
				32,366,944
Specialized REITs — 0.6%
American Tower Corp.		13,656		2,790,467
Digital Realty Trust, Inc.		36,267		3,565,409
Equinix, Inc.		2,865		2,065,779
Public Storage		4,093		1,236,659
				9,658,314
Specialty Retail — 1.2%
Home Depot, Inc.		54,156		15,982,519
Lowe’s Cos., Inc.		10,533		2,106,284
				18,088,803
Tobacco — 1.9%
Altria Group, Inc.		226,829		10,121,110
Philip Morris International, Inc.		196,060		19,066,835
				29,187,945

22 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Wireless Telecommunication Services — 0.7%
T-Mobile U.S., Inc.(a)		74,196	$	10,746,549
Total Long-Term Investments — 99.8% (Cost: $1,519,302,827)				1,553,366,743
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(b)(d)(e)		4,045,677		4,046,890
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(b)(d)		2,378,970		2,378,970
Total Short-Term Securities — 0.4% (Cost: $6,426,265)				6,425,860
Total Investments — 100.2% (Cost: $1,525,729,092)				1,559,792,603
Liabilities in Excess of Other Assets — (0.2)%				(2,634,806	)
Net Assets — 100.0%			$	1,557,157,797

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,178,770	$	2,864,748	(a)	$	—		$	3,581	$	(209	)	$	4,046,890		4,045,677	$	20,889	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,740,000		638,970	(a)		—			—		—			2,378,970		2,378,970		67,630			1
BlackRock, Inc.		10,349,918		6,069,609			(3,235,512	)		1,461,494		(2,088,134	)		12,557,375		18,767		342,900			—
									$	1,465,075	$	(2,088,343	)	$	18,983,235			$	431,419		$	1

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Consumer Staples Select Sector Index		7		06/16/23	$	530	$	20,523
E-Mini Dow Jones Industrial Average Index		10		06/16/23		1,673		63,446
E-Mini Financials Select Sector Index		12		06/16/23		1,198		(5,704	)
							$	78,265

SCHEDULES   OF   INVESTMENTS 23

Schedule of Investments  (continued) March 31, 2023 iShares^® Russell Top 200 Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	78,265	$	—	$	—	$	—	$	78,265

^(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 March 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	$	—	$	—	$	(242,914	)	$	—	$	—	$	—	$	(242,914	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(17,865	)	$	—	$	—	$	—	$	(17,865	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	3,126,066

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,553,366,743	$	—	$	—	$	1,553,366,743
Short-Term Securities
Money Market Funds		6,425,860		—		—		6,425,860
	$	1,559,792,603	$	—	$	—	$	1,559,792,603
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	78,265	$	—	$	—	$	78,265

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

See notes to financial statements.

24 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Assets and Liabilities

March 31, 2023

	iShares Russell Top 200 ETF			iShares Russell Top 200 Growth ETF		iShares Russell Top 200 Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	798,925,800		$	5,925,093,989	$	1,540,809,368
Investments, at value — affiliated(c)		5,628,693			48,017,427		18,983,235
Cash		16			6		8
Cash pledged:
Futures contracts		80,000			549,000		195,000
Receivables:
Investments sold		5,503,133			24,347,976		7,643,465
Securities lending income — affiliated		2,114			13,684		1,156
Dividends — unaffiliated		483,266			1,661,329		1,521,554
Dividends — affiliated		4,774			30,823		10,440
Variation margin on futures contracts		20,212			138,475		37,820
Total assets		810,648,008			5,999,852,709		1,569,202,046
LIABILITIES
Collateral on securities loaned		1,635,740			40,052,275		4,047,421
Payables:
Investments purchased		5,503,133			17,409,698		1,260,816
Capital shares redeemed		—			6,949,122		6,477,941
Investment advisory fees		101,918			890,426		258,071
Total liabilities		7,240,791			65,301,521		12,044,249
NET ASSETS	$	803,407,217		$	5,934,551,188	$	1,557,157,797
NET ASSETS CONSIST OF:
Paid-in capital	$	830,227,631		$	5,599,406,434	$	1,578,914,692
Accumulated earnings (loss)		(26,820,414	)		335,144,754		(21,756,895	)
NET ASSETS	$	803,407,217		$	5,934,551,188	$	1,557,157,797
NET ASSET VALUE
Shares outstanding		8,250,000			42,700,000		23,900,000
Net asset value	$	97.38		$	138.98	$	65.15
Shares authorized		Unlimited			Unlimited		Unlimited
Par value		None			None		None
(a) Investments, at cost — unaffiliated	$	799,336,182		$	5,293,935,887	$	1,506,496,444
(b) Securities loaned, at value	$	1,658,841		$	39,687,747	$	4,065,098
(c)  Investments, at cost — affiliated	$	5,762,940		$	48,011,243	$	19,232,648

See notes to financial statements.

FINANCIAL    STATEMENTS 25

Statements of Operations

Year Ended March 31, 2023

	iShares Russell Top 200 ETF			iShares Russell Top 200 Growth ETF			iShares Russell Top 200 Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	14,324,281		$	49,206,170		$	33,156,969
Dividends — affiliated		33,759			194,167			410,530
Securities lending income — affiliated — net		14,072			120,319			20,889
Foreign taxes withheld		(1,106	)		(3,089	)		(2,692	)
Total investment income		14,371,006			49,517,567			33,585,696
EXPENSES
Investment advisory		1,297,201			9,252,268			2,834,991
Total expenses		1,297,201			9,252,268			2,834,991
Net investment income		13,073,805			40,265,299			30,750,705
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(13,069,815	)		(204,641,431	)		(9,802,597	)
Investments — affiliated		349,417			37,894			707,490
Capital gain distributions from underlying funds — affiliated		1			4			1
Futures contracts		(230,224	)		(319,077	)		(242,914	)
In-kind redemptions — unaffiliated(a)		122,912,619			369,469,630			85,011,908
In-kind redemptions — affiliated(a)		360,012			—			757,585
		110,322,010			164,547,020			76,431,473
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(213,619,201	)		(696,040,165	)		(167,264,399	)
Investments — affiliated		(795,136	)		4,990			(2,088,343	)
Futures contracts		(13,507	)		361,996			(17,865	)
		(214,427,844	)		(695,673,179	)		(169,370,607	)
Net realized and unrealized loss		(104,105,834	)		(531,126,159	)		(92,939,134	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(91,032,029	)	$	(490,860,860	)	$	(62,188,429	)

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

See notes to financial statements.

26 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Russell Top 200 ETF						iShares Russell Top 200 Growth ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	13,073,805		$	11,557,048		$	40,265,299		$	24,224,459
Net realized gain		110,322,010			88,803,279			164,547,020			438,653,331
Net change in unrealized appreciation (depreciation)		(214,427,844	)		31,330,490			(695,673,179	)		169,212,054
Net increase (decrease) in net assets resulting from operations		(91,032,029	)		131,690,817			(490,860,860	)		632,089,844
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,861,101	)		(11,546,241	)		(40,613,805	)		(24,456,769	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(134,788,881	)		56,024,466			1,645,653,871			682,843,598
NET ASSETS
Total increase (decrease) in net assets		(238,682,011	)		176,169,042			1,114,179,206			1,290,476,673
Beginning of year		1,042,089,228			865,920,186			4,820,371,982			3,529,895,309
End of year	$	803,407,217		$	1,042,089,228		$	5,934,551,188		$	4,820,371,982

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

See notes to financial statements.

FINANCIAL    STATEMENTS 27

Statements of Changes in Net Assets  (continued)

	iShares Russell Top 200 Value ETF
		Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	30,750,705		$	22,977,803
Net realized gain		76,431,473			132,334,923
Net change in unrealized appreciation (depreciation)		(169,370,607	)		(24,705,658	)
Net increase (decrease) in net assets resulting from operations		(62,188,429	)		130,607,068
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(30,093,801	)		(22,928,866	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		361,717,362			26,107,292
NET ASSETS
Total increase in net assets		269,435,132			133,785,494
Beginning of year		1,287,722,665			1,153,937,171
End of year	$	1,557,157,797		$	1,287,722,665

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

See notes to financial statements.    

28 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Top 200 ETF
		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	107.99		$	94.64		$	61.54		$	65.66		$	60.63
Net investment income(a)		1.42			1.26			1.23			1.28			1.21
Net realized and unrealized gain(b)		(10.59	)		13.37			33.09			(3.94	)		4.97
Net increase from investment operations		(9.17	)		14.63			34.32			(2.66	)		6.18
Distributions from net investment income(c)		(1.44	)		(1.28	)		(1.22	)		(1.46	)		(1.15	)
Net asset value, end of year	$	97.38		$	107.99		$	94.64		$	61.54		$	65.66
Total Return(d)
Based on net asset value		(8.41	)%		15.48	%		56.06	%		(4.24	)%		10.27	%
Ratios to Average Net Assets(e)
Total expenses		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		1.51	%		1.20	%		1.48	%		1.82	%		1.91	%
Supplemental Data
Net assets, end of year (000)	$	803,407		$	1,042,089		$	865,920		$	369,243		$	213,382
Portfolio turnover rate(f)		5	%		4	%		5	%		5	%		5	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 29

Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Top 200 Growth ETF
		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	158.56		$	134.47		$	84.14		$	82.24		$	73.61
Net investment income(a)		1.14			0.89			0.93			1.04			1.00
Net realized and unrealized gain(b)		(19.62	)		24.09			50.31			1.90			8.60
Net increase from investment operations		(18.48	)		24.98			51.24			2.94			9.60
Distributions from net investment income(c)		(1.10	)		(0.89	)		(0.91	)		(1.04	)		(0.97	)
Net asset value, end of year	$	138.98		$	158.56		$	134.47		$	84.14		$	82.24
Total Return(d)
Based on net asset value		(11.60	)%		18.58	%		61.04	%		3.55	%		13.11	%
Ratios to Average Net Assets(e)
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		0.87	%		0.57	%		0.77	%		1.16	%		1.27	%
Supplemental Data
Net assets, end of year (000)	$	5,934,551		$	4,820,372		$	3,529,895		$	1,678,603		$	1,377,486
Portfolio turnover rate(f)		12	%		10	%		11	%		20	%		15	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

30 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Top 200 Value ETF
		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	69.61		$	63.58		$	44.04		$	52.57		$	50.39
Net investment income(a)		1.40			1.30			1.26			1.40			1.31
Net realized and unrealized gain(b)		(4.52	)		6.01			19.49			(8.38	)		2.13
Net increase from investment operations		(3.12	)		7.31			20.75			(6.98	)		3.44
Distributions from net investment income(c)		(1.34	)		(1.28	)		(1.21	)		(1.55	)		(1.26	)
Net asset value, end of year	$	65.15		$	69.61		$	63.58		$	44.04		$	52.57
Total Return(d)
Based on net asset value		(4.37	)%		11.56	%		47.63	%		(13.72	)%		6.92	%
Ratios to Average Net Assets(e)
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		2.17	%		1.91	%		2.31	%		2.56	%		2.54	%
Supplemental Data
Net assets, end of year (000)	$	1,557,158		$	1,287,723		$	1,153,937		$	389,726		$	425,831
Portfolio turnover rate(f)		18	%		15	%		17	%		17	%		14	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 31

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Russell Top 200		Diversified
Russell Top 200 Growth(a)		Diversified
Russell Top 200 Value		Diversified

^(a)  The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

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. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdiction 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 March 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 includes 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.

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its

32 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (continued)

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.

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

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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

NOTES  TO  FINANCIAL  STATEMENTS 33

Notes to Financial Statements  (continued)

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	(b)
Russell Top 200
BNP Paribas SA	$	1,658,841	$	(1,640,238	)	$	—		$	18,603
Russell Top 200 Growth
Barclays Bank PLC	$	513,276	$	(513,276	)	$	—		$	—
J.P. Morgan Securities LLC		26,524,100		(26,524,100	)		—			—
Toronto-Dominion Bank		12,501,670		(12,501,670	)		—			—
Virtu Americas LLC		148,701		(148,701	)		—			—
	$	39,687,747	$	(39,687,747	)	$	—		$	—
Russell Top 200 Value
Barclays Bank PLC	$	30,401	$	(30,401	)	$	—		$	—
BNP Paribas SA		755,742		(755,742	)		—			—
BofA Securities, Inc.		3,278,955		(3,243,000	)		—			35,955
	$	4,065,098	$	(4,029,143	)	$	—		$	35,955

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of March 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.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.    DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

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

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

6.    INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

34 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (continued)

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

iShares ETF	Investment Advisory Fees
Russell Top 200		0.15	%
Russell Top 200 Growth		0.20
Russell Top 200 Value		0.20

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

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

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Russell Top 200	$	4,906
Russell Top 200 Growth		48,245
Russell Top 200 Value		6,520

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

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

For the year ended March 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Russell Top 200	$	18,667,521	$	18,462,481	$	(6,930,340	)
Russell Top 200 Growth		412,316,889		316,817,617		(149,755,398	)
Russell Top 200 Value		187,135,237		196,134,146		1,130

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.

NOTES  TO  FINANCIAL  STATEMENTS 35

Notes to Financial Statements  (continued)

7.    PURCHASES AND SALES

For the year ended March 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Russell Top 200	$	42,025,142	$	42,258,036
Russell Top 200 Growth		563,450,685		561,923,855
Russell Top 200 Value		259,577,390		258,112,301

For the year ended March 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Russell Top 200	$	334,380,701	$	468,764,504
Russell Top 200 Growth		2,455,567,125		814,279,402
Russell Top 200 Value		733,047,970		373,425,596

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 March 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2023, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Russell Top 200	$	122,830,815	$	(122,830,815	)
Russell Top 200 Growth		368,542,676		(368,542,676	)
Russell Top 200 Value		84,851,353		(84,851,353	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2023		Year Ended March 31, 2022
Russell Top 200
Ordinary income	$	12,861,101	$	11,546,241
Russell Top 200 Growth
Ordinary income	$	40,613,805	$	24,456,769
Russell Top 200 Value
Ordinary income	$	30,093,801	$	22,928,866

As of March 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)			Total
Russell Top 200	$	319,346	$	(23,957,521	)	$	(3,182,239	)	$	(26,820,414)
Russell Top 200 Growth		—		(288,680,613	)		623,825,367			335,144,754
Russell Top 200 Value		994,025		(49,966,749	)		27,215,829			(21,756,895	)

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

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

36 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (continued)

As of March 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:

iShares ETF		Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russell Top 200	$	807,736,732	$	61,177,348	$	(64,359,587	)	$	(3,182,239)
Russell Top 200 Growth		5,349,286,049		782,578,329		(158,752,962	)		623,825,367
Russell Top 200 Value		1,532,576,774		122,304,922		(95,089,093	)		27,215,829

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.

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

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

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

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

NOTES  TO  FINANCIAL  STATEMENTS 37

Notes to Financial Statements  (continued)

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

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

10.    CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Russell Top 200
Shares sold		3,600,000		$	333,290,298			2,650,000		$	283,025,557
Shares redeemed		(5,000,000	)		(468,079,179	)		(2,150,000	)		(227,001,091	)
		(1,400,000	)	$	(134,788,881	)		500,000		$	56,024,466
Russell Top 200 Growth
Shares sold		18,450,000		$	2,459,950,957			10,200,000		$	1,599,356,266
Shares redeemed		(6,150,000	)		(814,297,086	)		(6,050,000	)		(916,512,668	)
		12,300,000		$	1,645,653,871			4,150,000		$	682,843,598
Russell Top 200 Value
Shares sold		11,250,000		$	736,022,834			6,300,000		$	425,716,600
Shares redeemed		(5,850,000	)		(374,305,472	)		(5,950,000	)		(399,609,308	)
		5,400,000		$	361,717,362			350,000		$	26,107,292

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.

38 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2023, the related statements of operations for the year ended March 31, 2023, the statements of changes in net assets for each of the two years in the period ended March 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2023 and each of the financial highlights for each of the five years in the period ended March 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

iShares Russell Top 200 ETF

iShares Russell Top 200 Growth ETF

iShares Russell Top 200 Value ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2023

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

REPORT  OF  INDEPENDENT  REGISTERED  PUBLIC  ACCOUNTING  FIRM 39

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Dividend Income
Russell Top 200	$	13,782,554
Russell Top 200 Growth		47,034,459
Russell Top 200 Value		32,612,676

The following maximum amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Business Income
Russell Top 200	$	204,781
Russell Top 200 Growth		1,043,569
Russell Top 200 Value		295,830

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Russell Top 200		100.00	%
Russell Top 200 Growth		100.00
Russell Top 200 Value		100.00

40 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF and iShares Russell Top 200 Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

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

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

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

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

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

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

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

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

STATEMENT  REGARDING  LIQUIDITY  RISK  MANAGEMENT  PROGRAM 41

Supplemental Information (unaudited)

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.

March 31, 2023

	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
Russell Top 200 Value	$	1.343796	$	—	$	—	$	1.343796		100	%		—	%		—	%		100	%

Premium/Discount Information

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

42 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Trustee and Officer Information

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

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

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

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

TRUSTEE  AND  OFFICER    INFORMATION 43

Trustee and Officer Information  (continued)

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015- 2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019- 2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

44 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Trustee and Officer Information  (continued)

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

TRUSTEE  AND  OFFICER    INFORMATION 45

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

46 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation

NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

GLOSSARY  OF  TERMS   USED   IN  THIS   REPORT 47

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 FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with teh company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-305-0323

MARCH 31, 2023

2023 Annual Report

iShares Trust

·  iShares Russell 3000 ETF | IWV | NYSE Arca

·  iShares Russell Mid-Cap Value ETF | IWS | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	15.62%	(7.73)%
U.S. small cap equities (Russell 2000® Index)	9.14	(11.61)
International equities (MSCI Europe, Australasia, Far East Index)	27.27	(1.38)
Emerging market equities (MSCI Emerging Markets Index)	14.04	(10.70)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.93	2.52
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.38	(6.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	4.89	(4.78)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.00	0.26
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.88	(3.35)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements:
Statements of Assets and Liabilities		44
Statements of Operations		45
Statements of Changes in Net Assets		46
Financial Highlights		47
Notes to Financial Statements		49
Report of Independent Registered Public Accounting Firm		57
Important Tax Information		58
Statement Regarding Liquidity Risk Management Program		59
Supplemental Information		60
Trustee and Officer Information		62
General Information		65
Glossary of Terms Used in this Report		66

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks declined for the 12 months ended March 31, 2023 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned -8.58%. Elevated inflation and rapid tightening of monetary policy dampened growth and weighed on equities. Higher interest rates drove bond yields higher and increased borrowing costs for businesses and consumers. Equities began to recover in the second half of the reporting period, as the broader economy remained resilient and the pace of inflation declined. In March 2023, two banks suddenly failed, representing the second and third largest bank failures in U.S. history by asset value. This drove concern among investors about the resiliency of the financial system in the face of rapidly rising interest rates. However, government agencies acted swiftly to organize a sale of the failed banks’ assets and inject liquidity, and equity prices recovered.

Inflation was a significant driver of the economic outlook. As the reporting period began, the consumer price index, a widely followed measure of inflation, stood at multi-decade highs. Strong consumer spending and a tight labor market, along with continued supply chain disruptions in Asia, combined to drive prices higher. But the rate of inflation began to decline as the reporting period wore on, decelerating for nine consecutive months beginning in July 2022. Nonetheless, inflation remained elevated by historic standards, and higher prices negatively impacted both consumers and businesses.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

To contain inflation, the U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates eight times over the course of the reporting period. The pace of tightening accelerated as the Fed twice stepped up the increment of increase before reducing it again as inflation began to subside. The Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

Despite economic headwinds, corporate profits remained robust, and many companies were able to sufficiently raise prices to preserve profit margins even in the face of rising labor and input costs. Nonetheless, profits declined overall in the fourth quarter of 2022, and the yield curve (a graphical representation of U.S. Treasury rates at different maturities) inverted, a sign that markets were concerned about the impact of higher borrowing costs on the economy. Furthermore, dwindling personal savings and rising household debt raised questions about the sustainability of consumer spending as an engine of economic growth.

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Fund Summary as of March 31, 2023   iShares^® Russell 3000 ETF

Investment Objective

The iShares Russell 3000 ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Russell 3000^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
		1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV		(8.72	)%	10.26	%	11.55	%		(8.72	)%	62.99	%	198.23	%
Fund Market		(8.86	)	10.25		11.55			(8.86	)	62.87		198.30
Index		(8.58	)	10.45		11.73			(8.58	)	64.37		203.26

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/22)	Ending       Account Value (03/31/23)	Expenses       Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending       Account Value (03/31/23)	Expenses       Paid During the Period	(a)	Annualized Expense Ratio
$       1,000.00	$         1,147.90	$        1.07			$      1,000.00	$        1,023.93	$        1.01		0.20	%

(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2023 (continued) iShares^® Russell 3000 ETF

Portfolio Management Commentary

U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The consumer discretionary sector detracted the most from the Index’s return, primarily due to weakness in the internet and direct marketing retail industry. The pandemic-related rise in e-commerce waned, as more workers returned to the office and brick-and-mortar retailers gained market share. Slowing revenue growth from data cloud services further pressured the industry, as business customers reduced expenditures amid economic uncertainty. The automobiles industry also declined amid concerns about the market for electric vehicles (“EVs”) in the weakening economy. While EV sales grew, production did not meet analysts’ expectations.

The information technology sector detracted significantly from the Index’s return, as sharply higher interest rates lowered the current value of future earnings. The software and services industry declined, as cuts to corporate information technology budgets reduced revenue growth. Slowing growth in cloud-based software sales, which provide software companies with steady revenue streams, further constrained earnings. Changing consumer behavior patterns pressured the IT services industry, as a return to in-person spending meant slowing revenue growth for online payment platforms.

The financials sector also detracted amid tightening financial conditions. The banking industry faced significant challenges as the potential impact of a slowing economy outweighed the benefits of being able to charge more for loans. Bank stocks were further pressured late in the reporting period after the sudden failure of two regional banks. The financial services industry also faced headwinds, as declining prices for stocks and bonds reduced assets under management, diminishing profits.

On the upside, the energy sector contributed to performance. Relatively high average prices of energy commodities following Russia’s invasion of Ukraine boosted the oil, gas, and consumable fuels industry.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of     Total Investments(a)
Information Technology	24.6%
Health Care	14.1
Financials	13.4
Consumer Discretionary	10.3
Industrials	9.9
Communication Services	7.6
Consumer Staples	6.6
Energy	4.7
Real Estate	3.1
Materials	2.9
Utilities	2.8

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Apple Inc.	6.2%
Microsoft Corp.	5.4
Amazon.com, Inc.	2.3
NVIDIA Corp.	1.7
Alphabet, Inc., Class A	1.6
Berkshire Hathaway, Inc., Class B	1.4
Alphabet, Inc., Class C, NVS	1.4
Tesla, Inc.	1.4
Meta Platforms, Inc., Class A	1.2
Exxon Mobil Corp.	1.1

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2023    iShares^® Russell Mid-Cap Value ETF

Investment Objective

The iShares Russell Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell MidCap^® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		(9.37	)%		6.34	%	8.58%		(9.37	)%		36.00	%		127.71	%
Fund Market		(9.44	)		6.35		8.58		(9.44	)		36.05			127.81
Index		(9.22	)		6.54		8.80		(9.22	)		37.24			132.37

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$        1,118.20	$        1.24			$        1,000.00	$        1,023.76	$        1.16		0.23	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2023 (continued) iShares^® Russell Mid-Cap Value ETF

Portfolio Management Commentary

Value-oriented mid-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The financials sector detracted the most from the Index’s performance amid tightening financial conditions. The banking industry faced significant challenges as the potential impact of a slowing economy outweighed the benefits of being able to charge more for loans. Persistently high inflation led to significant tightening from the Fed, and investors became concerned about the long-term effect of this tightening on loan growth and credit losses. Bank stocks were further pressured late in the reporting period after the sudden failure of two regional banks, as markets digested the long-term implications of the disruption, including a potential slowdown in lending activity.

The real estate sector detracted significantly from the Index’s return, as higher interest rates and changing usage patterns weighed on the sector. Equity real estate investment trusts (“REITs”) were the largest source of weakness. REITs typically take on substantial debt to finance the purchase of the properties they manage. Higher interest rates make financing more expensive for REITs. Furthermore, higher interest rates also meant increased bond yields, making dividend yields from REITs comparatively less attractive to income-oriented investors, although many REITs raised dividends during the reporting period.

The information technology sector also detracted. Interest rates rose sharply during the reporting period, which reduced the current value of future earnings. Furthermore, increased concerns about economic growth lowered investors’ growth expectations for information technology stocks. The software and services industry declined, as cuts to corporate information technology budgets pressured revenue growth.

On the upside, the industrials sector contributed to the Index’s return, driven by the machinery industry. Improvements in machine efficiency and increased demand for automation boosted industry revenue.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of     Total Investments(a)
Financials	17.0%
Industrials	16.9
Real Estate	10.4
Consumer Discretionary	10.1
Utilities	8.9
Information Technology	8.7
Materials	7.8
Health Care	7.4
Energy	5.0
Consumer Staples	4.5
Communication Services	3.3

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Phillips 66	0.8%
Motorola Solutions, Inc.	0.8
Corteva, Inc.	0.7
Biogen, Inc.	0.7
Realty Income Corp.	0.7
Nucor Corp.	0.7
Aflac, Inc.	0.6
Carrier Global Corp.	0.6
PACCAR, Inc.	0.6
Xcel Energy, Inc.	0.6

^(a)  Excludes money market funds.

8 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

ABOUT  FUND  PERFORMANCE   /   D I S C L O S U R E  O F  EXPENSES 9

Schedule of Investments March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.7%
AAR Corp.(a)		9,392	$	512,334
Aerojet Rocketdyne Holdings, Inc.(a)		19,909		1,118,289
AeroVironment, Inc.(a)(b)		5,870		538,044
AerSale Corp.(a)		7,435		128,031
Archer Aviation, Inc., Class A(a)(b)		41,067		117,452
Astronics Corp.(a)		7,715		103,072
Axon Enterprise, Inc.(a)		17,831		4,009,300
Boeing Co.(a)		147,656		31,366,564
BWX Technologies, Inc.		25,225		1,590,184
Cadre Holdings, Inc.		6,713		144,598
Curtiss-Wright Corp.		10,052		1,771,765
Ducommun, Inc.(a)		2,615		143,067
General Dynamics Corp.		64,934		14,818,588
HEICO Corp.		11,906		2,036,402
HEICO Corp., Class A		20,700		2,813,130
Hexcel Corp.		21,567		1,471,948
Howmet Aerospace, Inc.		98,040		4,153,955
Huntington Ingalls Industries, Inc.		10,299		2,132,099
Kaman Corp.		7,951		181,760
Kratos Defense & Security Solutions, Inc.(a)		33,510		451,715
L3Harris Technologies, Inc.		50,883		9,985,280
Lockheed Martin Corp.		60,670		28,680,529
Maxar Technologies, Inc.		20,039		1,023,191
Mercury Systems, Inc.(a)		13,138		671,615
Moog, Inc., Class A		7,692		774,969
National Presto Industries, Inc.		2,245		161,842
Northrop Grumman Corp.		38,541		17,795,150
Park Aerospace Corp.		6,379		85,798
Parsons Corp.(a)		8,138		364,094
Raytheon Technologies Corp.		391,912		38,379,942
Rocket Lab U.S.A., Inc., Class A(a)(b)		61,684		249,203
Spirit AeroSystems Holdings, Inc., Class A		28,240		975,127
Textron, Inc.		55,190		3,898,070
TransDigm Group, Inc.		13,759		10,141,071
Triumph Group, Inc.(a)		15,954		184,907
V2X, Inc.(a)		3,345		132,863
Virgin Galactic Holdings, Inc., Class A(a)(b)		66,592		269,698
Woodward, Inc.		15,378		1,497,356
				184,873,002
Air Freight & Logistics — 0.6%
Air Transport Services Group, Inc.(a)		15,863		330,426
CH Robinson Worldwide, Inc.		30,792		3,059,801
Expeditors International of Washington, Inc.		42,113		4,637,484
FedEx Corp.		62,503		14,281,311
Forward Air Corp.		7,341		791,066
GXO Logistics, Inc.(a)		28,153		1,420,600
Hub Group, Inc., Class A(a)		8,683		728,851
United Parcel Service, Inc., Class B		196,001		38,022,234
				63,271,773
Automobile Components — 0.2%
Adient PLC(a)		24,885		1,019,290
American Axle & Manufacturing Holdings, Inc.(a)		30,183		235,729
Aptiv PLC(a)		72,472		8,130,634
BorgWarner, Inc.		62,473		3,068,049
Dana, Inc.		34,147		513,912
Dorman Products, Inc.(a)		7,423		640,308
Fox Factory Holding Corp.(a)(b)		11,243		1,364,563
Gentex Corp.		62,823		1,760,929
Gentherm, Inc.(a)		8,474		511,999
Goodyear Tire & Rubber Co.(a)		75,348		830,335

Security	Shares		Value
Automobile Components (continued)
LCI Industries		6,965	$	765,244
Lear Corp.		15,954		2,225,423
Luminar Technologies, Inc.(a)(b)		66,232		429,846
Modine Manufacturing Co.(a)		11,758		271,022
Patrick Industries, Inc.(b)		5,904		406,254
QuantumScape Corp., Class A(a)(b)		64,417		526,931
Solid Power, Inc.(a)		37,878		114,013
Standard Motor Products, Inc.		5,095		188,056
Stoneridge, Inc.(a)		6,844		127,983
Visteon Corp.(a)		6,994		1,096,869
XPEL, Inc.(a)		6,648		451,732
				24,679,121
Automobiles — 1.7%
Canoo, Inc.(a)(b)		71,344		46,559
Fisker, Inc.(a)(b)		41,193		252,925
Ford Motor Co.		1,051,617		13,250,374
General Motors Co.		371,856		13,639,678
Harley-Davidson, Inc.		35,685		1,354,960
Lordstown Motors Corp., Class A(a)(b)		63,623		42,188
Lucid Group, Inc.(a)(b)		155,127		1,247,221
Rivian Automotive, Inc., Class A(a)(b)		138,210		2,139,491
Tesla, Inc.(a)		689,109		142,962,553
Thor Industries, Inc.		14,546		1,158,443
Winnebago Industries, Inc.(b)		7,835		452,080
Workhorse Group, Inc.(a)(b)		35,452		47,151
				176,593,623
Banks — 3.4%
1st Source Corp.		4,047		174,628
ACNB Corp.		3,182		103,574
Amalgamated Financial Corp.		5,075		89,777
Amerant Bancorp, Inc., Class A		7,764		168,945
American National Bankshares, Inc.		3,346		106,068
Ameris Bancorp		16,322		597,059
Arrow Financial Corp.		4,849		120,789
Associated Banc-Corp.		39,591		711,846
Atlantic Union Bankshares Corp.		19,288		676,044
Axos Financial, Inc.(a)		15,549		574,069
Banc of California, Inc.		14,370		180,056
BancFirst Corp.		4,744		394,226
Bancorp, Inc.(a)		12,700		353,695
Bank First Corp.(b)		1,644		120,966
Bank of America Corp.		1,872,661		53,558,105
Bank of Hawaii Corp.(b)		10,456		544,548
Bank of Marin Bancorp		4,508		98,680
Bank of NT Butterfield & Son Ltd.		14,064		379,728
Bank OZK		29,543		1,010,371
BankUnited, Inc.		20,095		453,745
Banner Corp.		9,732		529,129
Bar Harbor Bankshares		4,816		127,383
BCB Bancorp, Inc.		5,763		75,668
Berkshire Hills Bancorp, Inc.		11,818		296,159
Blue Foundry Bancorp(a)		8,872		84,461
BOK Financial Corp.		7,803		658,651
Bridgewater Bancshares, Inc.(a)		8,181		88,682
Brookline Bancorp, Inc.		17,954		188,517
Business First Bancshares, Inc.		6,549		112,184
Byline Bancorp, Inc.		7,366		159,253
Cadence Bank		38,189		792,804
Cambridge Bancorp		1,678		108,751
Camden National Corp.		3,726		134,844
Capital City Bank Group, Inc.		4,570		133,947
Capitol Federal Financial, Inc.		39,520		265,970

10 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Capstar Financial Holdings, Inc.		5,912	$	89,567
Carter Bankshares, Inc.(a)		8,320		116,480
Cathay General Bancorp		17,836		615,699
Central Pacific Financial Corp.		8,258		147,818
Citigroup, Inc.		516,115		24,200,632
Citizens & Northern Corp.		5,817		124,367
Citizens Financial Group, Inc.		128,693		3,908,406
City Holding Co.		4,234		384,786
Civista Bancshares, Inc.		6,038		101,921
CNB Financial Corp.		5,073		97,402
Coastal Financial Corp.(a)(b)		2,800		100,828
Colony Bankcorp, Inc.		11,978		122,176
Columbia Banking System, Inc.		54,574		1,168,975
Columbia Financial, Inc.(a)		8,622		157,610
Comerica, Inc.		34,001		1,476,323
Commerce Bancshares, Inc.		30,372		1,772,206
Community Bank System, Inc.		14,122		741,264
Community Trust Bancorp, Inc.		3,852		146,183
ConnectOne Bancorp, Inc.		10,448		184,721
CrossFirst Bankshares, Inc.(a)(b)		12,872		134,899
Cullen/Frost Bankers, Inc.		15,115		1,592,214
Customers Bancorp, Inc.(a)		7,353		136,178
CVB Financial Corp.		34,654		578,029
Dime Community Bancshares, Inc.		9,577		217,589
Eagle Bancorp, Inc.		8,669		290,151
East West Bancorp, Inc.		37,341		2,072,426
Eastern Bankshares, Inc.		40,276		508,283
Enterprise Bancorp, Inc.		4,082		128,420
Enterprise Financial Services Corp.		9,370		417,808
Equity Bancshares, Inc., Class A		3,974		96,846
Esquire Financial Holdings, Inc.		2,276		88,992
Farmers & Merchants Bancorp, Inc.		4,356		105,938
Farmers National Banc Corp.		10,834		136,942
FB Financial Corp.		10,423		323,947
Fifth Third Bancorp		181,056		4,823,332
Financial Institutions, Inc.		4,631		89,286
First Bancorp, Inc.		3,793		98,201
First BanCorp/Puerto Rico		48,397		552,694
First Bancorp/Southern Pines NC		8,919		316,803
First Bancshares, Inc.		5,044		130,287
First Busey Corp.		14,003		284,821
First Business Financial Services, Inc.		3,316		101,171
First Citizens BancShares, Inc., Class A(b)		2,923		2,844,371
First Commonwealth Financial Corp.		23,135		287,568
First Community Bankshares, Inc.		4,414		110,571
First Financial Bancorp		24,566		534,802
First Financial Bankshares, Inc.		34,516		1,101,060
First Financial Corp.		2,801		104,981
First Foundation, Inc.		11,623		86,591
First Hawaiian, Inc.		35,437		731,065
First Horizon Corp.		139,036		2,472,060
First Internet Bancorp		4,142		68,964
First Interstate BancSystem, Inc., Class A		23,714		708,100
First Merchants Corp.		14,341		472,536
First Mid Bancshares, Inc.		3,360		91,459
First of Long Island Corp.		6,616		89,316
First Republic Bank(b)		48,345		676,347
Five Star Bancorp		3,927		83,802
Flushing Financial Corp.		7,579		112,851
FNB Corp.		94,086		1,091,398
Fulton Financial Corp.		44,061		608,923
German American Bancorp, Inc.		6,503		217,005

Security	Shares		Value
Banks (continued)
Glacier Bancorp, Inc.		28,500	$	1,197,285
Great Southern Bancorp, Inc.		2,585		131,008
Guaranty Bancshares, Inc.		3,130		87,233
Hancock Whitney Corp.		23,650		860,860
Hanmi Financial Corp.		8,508		157,994
HarborOne Bancorp, Inc.		17,089		208,486
HBT Financial, Inc.		5,134		101,242
Heartland Financial U.S.A., Inc.		9,649		370,136
Heritage Commerce Corp.		16,550		137,862
Heritage Financial Corp.		9,192		196,709
Hilltop Holdings, Inc.		13,830		410,336
Hingham Institution For Savings		467		109,016
Home Bancorp, Inc.		2,904		95,919
Home BancShares, Inc.		52,538		1,140,600
HomeStreet, Inc.		4,842		87,108
HomeTrust Bancshares, Inc.		5,442		133,819
Hope Bancorp, Inc.		29,353		288,246
Horizon Bancorp, Inc.		10,570		116,904
Huntington Bancshares, Inc.		384,322		4,304,406
Independent Bank Corp.		12,027		789,212
Independent Bank Corp.		5,170		91,871
Independent Bank Group, Inc.		9,221		427,393
International Bancshares Corp.		14,674		628,341
John Marshall Bancorp, Inc.		5,911		127,678
JPMorgan Chase & Co.		777,715		101,344,042
Kearny Financial Corp.		15,682		127,338
KeyCorp		244,750		3,064,270
Lakeland Bancorp, Inc.		17,687		276,625
Lakeland Financial Corp.		6,035		378,032
Live Oak Bancshares, Inc.(b)		8,482		206,706
M&T Bank Corp.		46,148		5,517,916
Macatawa Bank Corp.		10,070		102,915
Mercantile Bank Corp.		4,770		145,867
Metrocity Bankshares, Inc.		7,589		129,696
Metropolitan Bank Holding Corp.(a)		2,466		83,573
Mid Penn Bancorp, Inc.		5,609		143,646
Midland States Bancorp, Inc.		6,252		133,918
MidWestOne Financial Group, Inc.		6,080		148,474
National Bank Holdings Corp., Class A		8,104		271,160
NBT Bancorp, Inc.		11,816		398,317
New York Community Bancorp, Inc., Class A		175,387		1,585,498
Nicolet Bankshares, Inc.(a)(b)		3,271		206,237
Northeast Bank		2,857		96,167
Northfield Bancorp, Inc.		12,444		146,590
Northwest Bancshares, Inc.		26,773		322,079
OceanFirst Financial Corp.		15,196		280,822
OFG Bancorp		11,498		286,760
Old National Bancorp		77,021		1,110,643
Old Second Bancorp, Inc.		11,950		168,017
Origin Bancorp, Inc.		7,029		225,982
Orrstown Financial Services, Inc.		6,384		126,786
Pacific Premier Bancorp, Inc.		22,786		547,320
PacWest Bancorp(b)		29,592		287,930
Park National Corp.		3,568		423,058
Pathward Financial, Inc.		7,353		305,076
Peapack-Gladstone Financial Corp.		4,858		143,894
Peoples Bancorp, Inc.		5,476		141,007
Peoples Financial Services Corp.		3,244		140,627
Pinnacle Financial Partners, Inc.		20,297		1,119,583
PNC Financial Services Group, Inc.		106,986		13,597,921
Popular, Inc.		19,217		1,103,248
Preferred Bank		2,534		138,889

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

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Premier Financial Corp.		8,952	$	185,575
Primis Financial Corp.		9,741		93,806
Prosperity Bancshares, Inc.		22,746		1,399,334
Provident Financial Services, Inc.		21,816		418,431
QCR Holdings, Inc.		5,065		222,404
RBB Bancorp		4,895		75,873
Regions Financial Corp.		247,793		4,599,038
Renasant Corp.		16,064		491,237
Republic Bancorp, Inc., Class A		3,142		133,315
S&T Bancorp, Inc.		8,969		282,075
Sandy Spring Bancorp, Inc.		11,001		285,806
Seacoast Banking Corp. of Florida		16,955		401,834
ServisFirst Bancshares, Inc.		13,456		735,101
Shore Bancshares, Inc.		6,814		97,304
Sierra Bancorp		7,019		120,867
Simmons First National Corp., Class A		34,010		594,835
SmartFinancial, Inc.		6,437		148,952
South Plains Financial, Inc.		3,553		76,070
Southern First Bancshares, Inc.(a)		2,918		89,583
Southern Missouri Bancorp, Inc.		2,562		95,844
Southside Bancshares, Inc.		9,146		303,647
SouthState Corp.		19,515		1,390,639
Stellar Bancorp, Inc.		13,640		335,680
Stock Yards Bancorp, Inc.		7,605		419,340
Summit Financial Group, Inc.		4,424		91,798
Synovus Financial Corp.		37,602		1,159,270
Texas Capital Bancshares, Inc.(a)		13,061		639,467
Third Coast Bancshares, Inc.(a)		7,851		123,339
Tompkins Financial Corp.		3,478		230,278
Towne Bank		17,017		453,503
TriCo Bancshares		7,295		303,399
Triumph Financial, Inc.(a)(b)		5,796		336,516
Truist Financial Corp.		353,055		12,039,175
TrustCo Bank Corp.		5,288		168,899
Trustmark Corp.		16,710		412,737
U.S. Bancorp		369,731		13,328,803
UMB Financial Corp.		11,212		647,157
United Bankshares, Inc.		36,232		1,275,366
United Community Banks, Inc.		25,283		710,958
Univest Financial Corp.		7,201		170,952
Valley National Bancorp		112,696		1,041,311
Veritex Holdings, Inc.		12,013		219,357
Washington Federal, Inc.		16,850		507,522
Washington Trust Bancorp, Inc.		3,596		124,637
Webster Financial Corp.		46,744		1,842,648
Wells Fargo & Co.		1,022,789		38,231,853
WesBanco, Inc.		16,939		520,027
West BanCorp, Inc.		5,742		104,906
Westamerica Bancorp		7,741		342,926
Western Alliance Bancorp		27,809		988,332
Wintrust Financial Corp.		15,365		1,120,877
WSFS Financial Corp.		16,322		613,870
Zions Bancorp N.A.		39,637		1,186,335
				364,658,814
Beverages — 1.6%
Boston Beer Co., Inc., Class A, NVS(a)		2,420		795,454
Brown-Forman Corp., Class A		12,217		796,426
Brown-Forman Corp., Class B, NVS		48,958		3,146,531
Celsius Holdings, Inc.(a)(b)		14,301		1,329,135
Coca-Cola Co.		1,041,069		64,577,510
Coca-Cola Consolidated, Inc.		1,184		633,535
Constellation Brands, Inc., Class A		40,158		9,071,291

Security	Shares		Value
Beverages (continued)
Duckhorn Portfolio, Inc.(a)		6,984	$	111,046
Keurig Dr Pepper, Inc.		229,071		8,081,625
MGP Ingredients, Inc.		3,875		374,790
Molson Coors Beverage Co., Class B		46,469		2,401,518
Monster Beverage Corp.(a)(b)		194,470		10,503,325
National Beverage Corp.(a)		6,738		355,227
PepsiCo, Inc.		368,605		67,196,691
Primo Water Corp.		44,900		689,215
Vita Coco Co., Inc.(a)		10,788		211,660
				170,274,979
Biotechnology — 2.7%
2seventy bio, Inc.(a)		7,840		79,968
4D Molecular Therapeutics, Inc.(a)		7,655		131,589
AbbVie, Inc.		471,230		75,099,925
ACADIA Pharmaceuticals, Inc.(a)		30,291		570,077
Adicet Bio, Inc.(a)(b)		8,517		49,058
ADMA Biologics, Inc.(a)(b)		44,916		148,672
Aerovate Therapeutics, Inc.(a)		4,632		93,427
Agenus, Inc.(a)		61,842		94,000
Agios Pharmaceuticals, Inc.(a)		16,284		374,044
Akero Therapeutics, Inc.(a)		8,914		341,050
Alector, Inc.(a)		16,184		100,179
Alkermes PLC(a)		42,540		1,199,203
Allogene Therapeutics, Inc.(a)(b)		24,902		123,016
Alnylam Pharmaceuticals, Inc.(a)		32,619		6,534,238
ALX Oncology Holdings, Inc.(a)(b)		9,174		41,467
Amgen, Inc.		142,341		34,410,937
Amicus Therapeutics, Inc.(a)		70,499		781,834
AnaptysBio, Inc.(a)		7,274		158,282
Anavex Life Sciences Corp.(a)(b)		19,303		165,427
Anika Therapeutics, Inc.(a)		6,012		172,665
Apellis Pharmaceuticals, Inc.(a)		24,614		1,623,539
Arbutus Biopharma Corp.(a)		48,511		146,988
Arcellx, Inc.(a)		10,153		312,814
Arcturus Therapeutics Holdings, Inc.(a)		8,788		210,648
Arcus Biosciences, Inc.(a)		12,090		220,522
Arcutis Biotherapeutics, Inc.(a)(b)		11,477		126,247
Arrowhead Pharmaceuticals, Inc.(a)		26,994		685,648
Atara Biotherapeutics, Inc.(a)(b)		26,345		76,401
Aura Biosciences, Inc.(a)		8,710		80,829
Aurinia Pharmaceuticals, Inc.(a)		37,743		413,663
Avid Bioservices, Inc.(a)		16,752		314,268
Avidity Biosciences, Inc.(a)		15,714		241,210
Beam Therapeutics, Inc.(a)(b)		17,664		540,872
BioCryst Pharmaceuticals, Inc.(a)(b)		46,148		384,874
Biogen, Inc.(a)		38,149		10,606,566
Biohaven Ltd.(a)		16,693		228,026
BioMarin Pharmaceutical, Inc.(a)		49,899		4,852,179
Bioxcel Therapeutics, Inc.(a)(b)		3,848		71,804
Bluebird Bio, Inc.(a)		17,324		55,090
Blueprint Medicines Corp.(a)(b)		15,572		700,584
Bridgebio Pharma, Inc.(a)(b)		28,874		478,731
C4 Therapeutics, Inc.(a)		10,616		33,334
CareDx, Inc.(a)		12,897		117,879
Caribou Biosciences, Inc.(a)		17,941		95,267
Catalyst Pharmaceuticals, Inc.(a)(b)		24,429		405,033
Celldex Therapeutics, Inc.(a)		13,474		484,795
Century Therapeutics, Inc.(a)		10,229		35,495
Cerevel Therapeutics Holdings, Inc.(a)(b)		15,665		382,069
Chinook Therapeutics, Inc.(a)		13,888		321,507
Cogent Biosciences, Inc.(a)(b)		14,649		158,063
Coherus Biosciences, Inc.(a)		16,598		113,530

12 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Crinetics Pharmaceuticals, Inc.(a)		12,233	$	196,462
CTI BioPharma Corp.(a)		29,038		121,960
Cullinan Oncology, Inc.(a)		8,142		83,293
Cytokinetics, Inc.(a)		20,547		723,049
Day One Biopharmaceuticals, Inc.(a)(b)		10,418		139,289
Deciphera Pharmaceuticals, Inc.(a)		16,154		249,579
Denali Therapeutics, Inc.(a)		28,695		661,133
Design Therapeutics, Inc.(a)		8,914		51,434
Dynavax Technologies Corp.(a)(b)		28,575		280,321
Dyne Therapeutics, Inc.(a)		9,514		109,601
Eagle Pharmaceuticals, Inc.(a)		3,852		109,281
Editas Medicine, Inc.(a)(b)		18,726		135,764
Eiger BioPharmaceuticals, Inc.(a)(b)		19,877		17,828
Emergent BioSolutions, Inc.(a)(b)		11,985		124,165
Enanta Pharmaceuticals, Inc.(a)		4,839		195,689
EQRx, Inc.(a)(b)		46,048		89,333
Erasca, Inc.(a)(b)		17,317		52,124
Exact Sciences Corp.(a)(b)		46,898		3,180,153
Exelixis, Inc.(a)		83,184		1,614,601
Fate Therapeutics, Inc.(a)		20,309		115,761
FibroGen, Inc.(a)		22,391		417,816
Generation Bio Co.(a)		21,027		90,416
Geron Corp.(a)		98,617		213,999
Gilead Sciences, Inc.		334,696		27,769,727
Gossamer Bio, Inc.(a)		13,515		17,029
Halozyme Therapeutics, Inc.(a)		35,873		1,369,990
Heron Therapeutics, Inc.(a)		28,378		42,851
HilleVax, Inc.(a)		5,831		96,386
Horizon Therapeutics PLC(a)		59,564		6,500,815
Ideaya Biosciences, Inc.(a)		9,612		131,973
IGM Biosciences, Inc.(a)		5,384		73,976
ImmunityBio, Inc.(a)		21,823		39,718
ImmunoGen, Inc.(a)		55,162		211,822
Immunovant, Inc.(a)(b)		10,534		163,382
Incyte Corp.(a)		49,401		3,570,210
Inhibrx, Inc.(a)		7,637		144,110
Inovio Pharmaceuticals, Inc.(a)(b)		62,803		51,498
Insmed, Inc.(a)(b)		36,420		620,961
Instil Bio, Inc.(a)		21,271		14,056
Intellia Therapeutics, Inc.(a)		23,299		868,354
Intercept Pharmaceuticals, Inc.(a)		8,149		109,441
Ionis Pharmaceuticals, Inc.(a)		38,426		1,373,345
Iovance Biotherapeutics, Inc.(a)		36,636		223,846
Ironwood Pharmaceuticals, Inc., Class A(a)		40,411		425,124
iTeos Therapeutics, Inc.(a)		6,613		90,003
IVERIC bio, Inc.(a)		35,490		863,472
Janux Therapeutics, Inc.(a)		5,840		70,664
KalVista Pharmaceuticals, Inc.(a)(b)		6,498		51,074
Karuna Therapeutics, Inc.(a)		8,578		1,558,108
Karyopharm Therapeutics, Inc.(a)		22,522		87,611
Keros Therapeutics, Inc.(a)		4,111		175,540
Kezar Life Sciences, Inc.(a)		14,166		44,340
Kiniksa Pharmaceuticals Ltd., Class A(a)		11,538		124,149
Kinnate Biopharma, Inc.(a)		11,820		73,875
Kodiak Sciences, Inc.(a)		14,136		87,643
Krystal Biotech, Inc.(a)(b)		5,874		470,272
Kura Oncology, Inc.(a)		16,701		204,253
Kymera Therapeutics, Inc.(a)(b)		9,789		290,048
Lyell Immunopharma, Inc.(a)(b)		40,966		96,680
MacroGenics, Inc.(a)		16,354		117,258
Madrigal Pharmaceuticals, Inc.(a)		3,338		808,664
MannKind Corp.(a)		60,112		246,459

Security	Shares		Value
Biotechnology (continued)
MeiraGTx Holdings PLC(a)		17,169	$	88,764
Mersana Therapeutics, Inc.(a)		22,300		91,653
MiMedx Group, Inc.(a)		33,458		114,092
Mineralys Therapeutics, Inc.(a)		6,227		97,515
Mirati Therapeutics, Inc.(a)		10,908		405,559
Mirum Pharmaceuticals, Inc.(a)		6,013		144,432
Moderna, Inc.(a)		88,819		13,640,822
Morphic Holding, Inc.(a)		5,795		218,124
Myriad Genetics, Inc.(a)		22,776		529,087
Natera, Inc.(a)		25,553		1,418,703
Neurocrine Biosciences, Inc.(a)		25,306		2,561,473
Nkarta, Inc.(a)(b)		8,733		31,002
Novavax, Inc.(a)(b)		19,598		135,814
Nurix Therapeutics, Inc.(a)(b)		10,600		94,128
Nuvalent, Inc., Class A(a)(b)		6,003		156,618
Ocugen, Inc.(a)(b)		57,149		48,754
PepGen, Inc.(a)		7,415		90,685
PMV Pharmaceuticals, Inc.(a)		8,312		39,648
Point Biopharma Global, Inc.(a)(b)		26,299		191,194
Precigen, Inc.(a)		60,589		64,224
Prometheus Biosciences, Inc.(a)		9,180		985,198
Protagonist Therapeutics, Inc.(a)(b)		11,731		269,813
Prothena Corp. PLC(a)		9,343		452,855
PTC Therapeutics, Inc.(a)		19,854		961,728
RAPT Therapeutics, Inc.(a)		5,464		100,264
Recursion Pharmaceuticals, Inc., Class A(a)		31,974		213,267
Regeneron Pharmaceuticals, Inc.(a)		27,688		22,750,399
REGENXBIO, Inc.(a)		9,284		175,560
Relay Therapeutics, Inc.(a)(b)		20,009		329,548
Replimune Group, Inc.(a)		10,313		182,128
REVOLUTION Medicines, Inc.(a)(b)		23,034		498,916
Rigel Pharmaceuticals, Inc.(a)		63,854		84,287
Rocket Pharmaceuticals, Inc.(a)(b)		14,146		242,321
Sage Therapeutics, Inc.(a)(b)		13,559		568,936
Sana Biotechnology, Inc.(a)(b)		22,616		73,954
Sangamo Therapeutics, Inc.(a)		33,780		59,453
Sarepta Therapeutics, Inc.(a)		22,636		3,119,920
Seagen, Inc.(a)		36,050		7,299,044
Seres Therapeutics, Inc.(a)(b)		18,238		103,409
SpringWorks Therapeutics, Inc.(a)		10,429		268,442
Stoke Therapeutics, Inc.(a)		7,777		64,782
Sutro Biopharma, Inc.(a)		22,512		104,005
Syndax Pharmaceuticals, Inc.(a)		14,461		305,416
Tango Therapeutics, Inc.(a)		12,953		51,164
TG Therapeutics, Inc.(a)(b)		32,672		491,387
Travere Therapeutics, Inc.(a)		16,888		379,811
Twist Bioscience Corp.(a)(b)		15,113		227,904
Ultragenyx Pharmaceutical, Inc.(a)		16,808		674,001
United Therapeutics Corp.(a)		11,934		2,672,739
Vanda Pharmaceuticals, Inc.(a)		14,935		101,409
Vaxart, Inc.(a)(b)		53,740		40,665
Vaxcyte, Inc.(a)		17,850		669,018
Veracyte, Inc.(a)		17,434		388,778
Vericel Corp.(a)(b)		11,625		340,845
Vertex Pharmaceuticals, Inc.(a)		68,281		21,513,295
Verve Therapeutics, Inc.(a)(b)		12,467		179,774
Vir Biotechnology, Inc.(a)		20,130		468,425
Viridian Therapeutics, Inc.(a)		10,432		265,390
Xencor, Inc.(a)		14,962		417,290
Y-mAbs Therapeutics, Inc.(a)		9,137		45,776
Zentalis Pharmaceuticals, Inc.(a)(b)		14,061		241,849
				291,984,767

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

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Broadline Retail — 2.4%
Amazon.com, Inc.(a)		2,369,881	$	244,785,008
Big Lots, Inc.		8,971		98,322
ContextLogic, Inc., Class A(a)		169,533		75,578
Dillard’s, Inc., Class A(b)		1,051		323,372
eBay, Inc.		145,596		6,460,094
Etsy, Inc.(a)(b)		33,366		3,714,637
Kohl’s Corp.		29,365		691,252
Macy’s, Inc.		73,892		1,292,371
Nordstrom, Inc.(b)		29,096		473,392
Ollie’s Bargain Outlet Holdings, Inc.(a)		17,020		986,139
Qurate Retail, Inc., Class A(a)		97,898		96,704
				258,996,869
Building Products — 0.6%
A O Smith Corp.		33,423		2,311,200
AAON, Inc.		11,725		1,133,690
Advanced Drainage Systems, Inc.(b)		16,937		1,426,265
Allegion PLC		23,123		2,467,918
American Woodmark Corp.(a)		4,771		248,426
Apogee Enterprises, Inc.		6,981		301,928
Armstrong World Industries, Inc.		12,142		864,996
AZEK Co., Inc., Class A(a)(b)		28,708		675,786
AZZ, Inc.		6,745		278,164
Builders FirstSource, Inc.(a)		38,843		3,448,482
Carlisle Cos., Inc.		13,532		3,059,179
Carrier Global Corp.		222,098		10,160,983
CSW Industrials, Inc.		3,702		514,319
Fortune Brands Innovations, Inc.		34,416		2,021,252
Gibraltar Industries, Inc.(a)		8,147		395,129
Griffon Corp.		11,123		356,047
Hayward Holdings, Inc.(a)(b)		18,845		220,863
Insteel Industries, Inc.		4,296		119,515
Janus International Group, Inc.(a)		22,281		219,691
JELD-WEN Holding, Inc.(a)		21,804		276,039
Johnson Controls International PLC		183,654		11,059,644
Lennox International, Inc.		8,459		2,125,577
Masco Corp.		59,369		2,951,827
Masonite International Corp.(a)(b)		6,208		563,500
Masterbrand, Inc.(a)		34,226		275,177
Owens Corning		25,153		2,409,657
PGT Innovations, Inc.(a)		14,854		372,984
Quanex Building Products Corp.		9,073		195,342
Resideo Technologies, Inc.(a)		37,909		692,977
Simpson Manufacturing Co., Inc.		11,630		1,275,113
Trane Technologies PLC		61,214		11,262,152
Trex Co., Inc.(a)(b)		30,306		1,474,993
UFP Industries, Inc.		16,355		1,299,732
Zurn Elkay Water Solutions Corp.		32,902		702,787
				67,161,334
Capital Markets — 3.0%
Affiliated Managers Group, Inc.		10,025		1,427,761
Ameriprise Financial, Inc.		28,102		8,613,263
Ares Management Corp., Class A		41,065		3,426,464
Artisan Partners Asset Management, Inc., Class A		14,945		477,941
AssetMark Financial Holdings, Inc.(a)		7,043		221,502
Avantax, Inc.(a)		13,168		346,582
B Riley Financial, Inc.		5,782		164,151
Bank of New York Mellon Corp.		195,799		8,897,107
BGC Partners, Inc., Class A		87,424		457,228
BlackRock, Inc.(c)		39,503		26,432,247
Blackstone, Inc., Class A, NVS		189,692		16,662,545
Blue Owl Capital, Inc.		107,951		1,196,097

Security	Shares		Value
Capital Markets (continued)
Brightsphere Investment Group, Inc.		8,546	$	201,515
Carlyle Group, Inc.		53,886		1,673,699
Cboe Global Markets, Inc.		27,872		3,741,537
Charles Schwab Corp.		404,952		21,211,386
CME Group, Inc., Class A		95,505		18,291,118
Cohen & Steers, Inc.		6,102		390,284
Coinbase Global, Inc., Class A(a)(b)		41,640		2,813,615
Diamond Hill Investment Group, Inc., Class A		687		113,066
Donnelley Financial Solutions, Inc.(a)		6,459		263,915
Evercore, Inc., Class A		9,523		1,098,764
FactSet Research Systems, Inc.		10,056		4,174,145
Federated Hermes, Inc., Class B		23,674		950,274
Focus Financial Partners, Inc., Class A(a)		15,595		808,913
Franklin Resources, Inc.		75,649		2,037,984
GCM Grosvenor, Inc., Class A		13,043		101,866
Goldman Sachs Group, Inc.		87,417		28,594,975
Hamilton Lane, Inc., Class A		9,342		691,121
Houlihan Lokey, Inc., Class A		13,810		1,208,237
Interactive Brokers Group, Inc., Class A		24,148		1,993,659
Intercontinental Exchange, Inc.		147,336		15,365,671
Invesco Ltd.		100,276		1,644,526
Janus Henderson Group PLC		38,607		1,028,490
Jefferies Financial Group, Inc.		54,203		1,720,403
KKR & Co., Inc., Class A		151,575		7,960,719
Lazard Ltd., Class A		23,777		787,256
LPL Financial Holdings, Inc.		20,987		4,247,769
MarketAxess Holdings, Inc.		10,009		3,916,422
Moelis & Co., Class A		16,423		631,300
Moody’s Corp.		42,726		13,075,011
Morgan Stanley		328,633		28,853,977
Morningstar, Inc.		6,794		1,379,386
MSCI, Inc., Class A		20,693		11,581,665
Nasdaq, Inc.		91,575		5,006,405
Northern Trust Corp.		55,340		4,877,114
Open Lending Corp., Class A(a)		26,930		189,587
Oppenheimer Holdings, Inc., Class A, NVS		2,485		97,288
Perella Weinberg Partners, Class A		8,331		75,812
Piper Sandler Cos.		4,969		688,753
PJT Partners, Inc., Class A		6,338		457,540
Raymond James Financial, Inc.		51,340		4,788,482
Robinhood Markets, Inc., Class A(a)(b)		148,595		1,442,857
S&P Global, Inc.		85,735		29,558,856
Sculptor Capital Management, Inc.		10,749		92,549
SEI Investments Co.		26,929		1,549,764
State Street Corp.		93,188		7,053,400
StepStone Group, Inc., Class A		15,109		366,695
Stifel Financial Corp.		27,824		1,644,120
StoneX Group, Inc.(a)		5,303		549,020
T Rowe Price Group, Inc.		58,289		6,580,828
Tradeweb Markets, Inc., Class A		27,957		2,209,162
Victory Capital Holdings, Inc., Class A		4,354		127,442
Virtu Financial, Inc., Class A		27,816		525,722
Virtus Investment Partners, Inc.		1,731		329,565
WisdomTree, Inc.		39,738		232,865
				319,319,382
Chemicals — 1.8%
AdvanSix, Inc.		7,886		301,797
Air Products & Chemicals, Inc.		58,886		16,912,648
Albemarle Corp.		30,985		6,848,924
American Vanguard Corp.		8,832		193,244
Amyris, Inc.(a)(b)		44,037		59,890
Ashland, Inc.		13,658		1,402,813

14 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Aspen Aerogels, Inc.(a)		10,509	$	78,292
Avient Corp.		23,060		949,150
Axalta Coating Systems Ltd.(a)		56,731		1,718,382
Balchem Corp.		8,168		1,033,089
Cabot Corp.		14,136		1,083,383
Celanese Corp., Class A		28,666		3,121,441
CF Industries Holdings, Inc.		52,389		3,797,679
Chase Corp.		2,289		239,727
Chemours Co.		41,515		1,242,959
Corteva, Inc.		190,344		11,479,647
Diversey Holdings Ltd.(a)		20,779		168,102
Dow, Inc.		187,007		10,251,724
DuPont de Nemours, Inc.		122,545		8,795,055
Eastman Chemical Co.		31,851		2,686,313
Ecolab, Inc.		65,751		10,883,763
Ecovyst, Inc.(a)		16,484		182,148
Element Solutions, Inc.		59,012		1,139,522
FMC Corp.		33,129		4,046,045
Ginkgo Bioworks Holdings, Inc., Class A(a)(b)		237,229		315,515
Hawkins, Inc.		4,486		196,397
HB Fuller Co.		13,544		927,087
Huntsman Corp.		50,857		1,391,447
Ingevity Corp.(a)		9,742		696,748
Innospec, Inc.		6,521		669,511
International Flavors & Fragrances, Inc.		67,339		6,192,494
Intrepid Potash, Inc.(a)		2,897		79,957
Koppers Holdings, Inc.		5,212		182,264
Linde PLC		132,116		46,959,311
Livent Corp.(a)(b)		44,126		958,417
LSB Industries, Inc.(a)		19,512		201,559
LyondellBasell Industries NV, Class A		68,376		6,419,823
Mativ Holdings, Inc.		13,952		299,549
Minerals Technologies, Inc.		9,727		587,705
Mosaic Co.		91,024		4,176,181
NewMarket Corp.		1,514		552,580
Olin Corp.		33,482		1,858,251
Origin Materials, Inc.(a)(b)		32,106		137,093
Orion Engineered Carbons SA		16,012		417,753
Perimeter Solutions SA(a)(b)		38,558		311,549
PPG Industries, Inc.		62,643		8,367,852
PureCycle Technologies, Inc.(a)(b)		27,793		194,551
Quaker Chemical Corp.		3,554		703,514
Rayonier Advanced Materials, Inc.(a)		16,250		101,887
RPM International, Inc.		33,384		2,912,420
Scotts Miracle-Gro Co.		10,744		749,286
Sensient Technologies Corp.		11,434		875,387
Sherwin-Williams Co.		63,389		14,247,945
Stepan Co.		6,114		629,925
Trinseo PLC		9,821		204,768
Tronox Holdings PLC		27,007		388,361
Valvoline, Inc.		46,619		1,628,868
Westlake Corp.(b)		9,059		1,050,663
				194,202,355
Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		17,561		789,191
ACCO Brands Corp.		27,827		148,040
ACV Auctions, Inc., Class A(a)(b)		33,613		433,944
Aris Water Solutions, Inc., Class A		6,504		50,666
Brady Corp., Class A, NVS		12,743		684,681
BrightView Holdings, Inc.(a)		13,951		78,405
Brink’s Co.		11,676		779,957
Casella Waste Systems, Inc., Class A(a)		13,304		1,099,709

Security	Shares		Value
Commercial Services & Supplies (continued)
Cimpress PLC(a)(b)		4,459	$	195,393
Cintas Corp.		23,090		10,683,281
Clean Harbors, Inc.(a)		13,509		1,925,843
Copart, Inc.(a)		113,086		8,505,198
CoreCivic, Inc.(a)		30,614		281,649
Deluxe Corp.		10,910		174,560
Driven Brands Holdings, Inc.(a)(b)		17,001		515,300
Ennis, Inc.		6,523		137,570
GEO Group, Inc.(a)		33,192		261,885
Harsco Corp.(a)		22,873		156,223
Healthcare Services Group, Inc.		20,261		281,020
Heritage-Crystal Clean, Inc.(a)		5,246		186,810
HNI Corp.		11,701		325,756
Interface, Inc., Class A		14,453		117,358
KAR Auction Services, Inc.(a)		28,549		390,550
Kimball International, Inc., Class B		9,498		117,775
Li-Cycle Holdings Corp.(a)(b)		36,229		203,969
Liquidity Services, Inc.(a)		6,761		89,042
Matthews International Corp., Class A		7,933		286,064
MillerKnoll, Inc.		21,070		430,882
Montrose Environmental Group, Inc.(a)(b)		6,022		214,805
MSA Safety, Inc.		9,649		1,288,142
Republic Services, Inc.		55,182		7,461,710
Ritchie Bros Auctioneers, Inc.(b)		19,064		1,073,113
Rollins, Inc.		61,142		2,294,659
SP Plus Corp.(a)		5,965		204,540
Steelcase, Inc., Class A		25,282		212,874
Stericycle, Inc.(a)		24,085		1,050,347
Tetra Tech, Inc.		14,254		2,094,055
UniFirst Corp.		4,121		726,244
Viad Corp.(a)		5,044		105,117
VSE Corp.		2,973		133,488
Waste Management, Inc.		109,582		17,880,495
				64,070,310
Communications Equipment — 0.9%
ADTRAN Holdings, Inc.		18,538		294,013
Arista Networks, Inc.(a)		65,751		11,036,963
Calix, Inc.(a)		14,550		779,735
Cambium Networks Corp.(a)		4,536		80,378
Ciena Corp.(a)		40,084		2,105,212
Cisco Systems, Inc.		1,095,732		57,279,390
Clearfield, Inc.(a)		3,411		158,884
CommScope Holding Co., Inc.(a)		52,019		331,361
Comtech Telecommunications Corp.		8,059		100,576
Digi International, Inc.(a)		8,672		292,073
Extreme Networks, Inc.(a)		35,462		678,033
F5, Inc.(a)		15,756		2,295,492
Harmonic, Inc.(a)		25,064		365,684
Infinera Corp.(a)(b)		53,109		412,126
Inseego Corp.(a)(b)		50,435		29,373
Juniper Networks, Inc.		84,193		2,897,923
Lumentum Holdings, Inc.(a)		19,048		1,028,782
Motorola Solutions, Inc.		43,879		12,555,098
NETGEAR, Inc.(a)		8,768		162,296
NetScout Systems, Inc.(a)		16,586		475,189
Ribbon Communications, Inc.(a)		23,481		80,305
Ubiquiti, Inc.(b)		1,060		287,991
Viasat, Inc.(a)(b)		18,227		616,802
Viavi Solutions, Inc.(a)		63,988		692,990
				95,036,669
Construction & Engineering — 0.3%
AECOM		35,671		3,007,779

S C H E D U L E S   O F   I N V E  S T M E N T S 15

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Ameresco, Inc., Class A(a)(b)		8,005	$	394,006
API Group Corp.(a)		51,915		1,167,049
Arcosa, Inc.		12,815		808,755
Argan, Inc.		3,849		155,769
Comfort Systems U.S.A., Inc.		9,088		1,326,484
Construction Partners, Inc., Class A(a)(b)		8,890		239,497
Dycom Industries, Inc.(a)(b)		7,177		672,126
EMCOR Group, Inc.		12,541		2,039,041
Fluor Corp.(a)		39,075		1,207,808
Granite Construction, Inc.		13,398		550,390
Great Lakes Dredge & Dock Corp.(a)(b)		14,740		80,038
IES Holdings, Inc.(a)		2,690		115,912
MasTec, Inc.(a)		15,792		1,491,396
MDU Resources Group, Inc.		52,237		1,592,184
MYR Group, Inc.(a)		4,910		618,709
Northwest Pipe Co.(a)		4,008		125,170
Primoris Services Corp.		15,638		385,633
Quanta Services, Inc.		37,938		6,321,988
Sterling Infrastructure, Inc.(a)		6,794		257,357
Tutor Perini Corp.(a)(b)		13,280		81,938
Valmont Industries, Inc.		5,519		1,762,106
WillScot Mobile Mini Holdings Corp.(a)		54,644		2,561,711
				26,962,846
Construction Materials — 0.1%
Eagle Materials, Inc.		9,551		1,401,609
Martin Marietta Materials, Inc.(b)		16,682		5,923,111
Summit Materials, Inc., Class A(a)(b)		32,497		925,839
United States Lime & Minerals, Inc.		684		104,440
Vulcan Materials Co.		35,430		6,078,371
				14,433,370
Consumer Finance — 0.5%
Ally Financial, Inc.		82,271		2,097,088
American Express Co.		158,458		26,137,647
Bread Financial Holdings, Inc.		12,814		388,521
Capital One Financial Corp.		101,644		9,774,087
Credit Acceptance Corp.(a)(b)		1,827		796,645
Discover Financial Services		71,254		7,042,745
Encore Capital Group, Inc.(a)(b)		6,523		329,085
Enova International, Inc.(a)		7,670		340,778
EZCORP, Inc., Class A, NVS(a)		13,975		120,185
FirstCash Holdings, Inc.		9,767		931,479
Green Dot Corp., Class A(a)		14,236		244,575
LendingClub Corp.(a)		25,765		185,766
LendingTree, Inc.(a)		3,876		103,334
Navient Corp.		25,377		405,778
Nelnet, Inc., Class A		3,244		298,091
NerdWallet, Inc., Class A(a)		5,929		95,931
OneMain Holdings, Inc.		29,554		1,095,862
PRA Group, Inc.(a)		9,575		373,042
PROG Holdings, Inc.(a)		14,689		349,451
Regional Management Corp.		3,389		88,419
SLM Corp.		65,027		805,685
SoFi Technologies, Inc.(a)(b)		214,405		1,301,438
Synchrony Financial		115,664		3,363,509
Upstart Holdings, Inc.(a)(b)		20,212		321,169
World Acceptance Corp.(a)		986		82,124
				57,072,434
Consumer Staples Distribution & Retail — 1.8%
Albertsons Cos., Inc., Class A		62,240		1,293,347
Andersons, Inc.		9,847		406,878
BJ’s Wholesale Club Holdings, Inc.(a)		35,099		2,669,981

Security	Shares		Value
Consumer Staples Distribution & Retail (continued)
Casey’s General Stores, Inc.		10,001	$	2,164,816
Chefs’ Warehouse, Inc.(a)		7,594		258,576
Costco Wholesale Corp.		118,050		58,655,503
Dollar General Corp.		59,984		12,624,233
Dollar Tree, Inc.(a)(b)		55,339		7,943,913
Fresh Market, Inc. Escrow(a)(d)		10,847		—
Grocery Outlet Holding Corp.(a)		22,170		626,524
Ingles Markets, Inc., Class A		4,237		375,822
Kroger Co.		175,496		8,664,238
Performance Food Group Co.(a)		39,940		2,409,980
PriceSmart, Inc.		5,986		427,879
Rite Aid Corp.(a)(b)		20,565		46,066
SpartanNash Co.		9,025		223,820
Sprouts Farmers Market, Inc.(a)(b)		27,784		973,274
Sysco Corp.		134,868		10,415,856
Target Corp.		123,343		20,429,301
U.S. Foods Holding Corp.(a)		53,292		1,968,606
United Natural Foods, Inc.(a)		14,129		372,299
Walgreens Boots Alliance, Inc.		191,678		6,628,225
Walmart, Inc.		378,987		55,881,633
Weis Markets, Inc.		4,746		401,844
				195,862,614
Containers & Packaging — 0.4%
Amcor PLC		389,056		4,427,457
AptarGroup, Inc.(b)		17,391		2,055,442
Ardagh Group SA, Class A(a)		4,919		32,859
Ardagh Metal Packaging SA(b)		41,863		170,801
Avery Dennison Corp.		21,674		3,878,129
Ball Corp.		82,785		4,562,281
Berry Global Group, Inc.		32,960		1,941,344
Crown Holdings, Inc.		31,187		2,579,477
Graphic Packaging Holding Co.		82,999		2,115,645
Greif, Inc., Class A, NVS		6,331		401,195
Greif, Inc., Class B		1,999		152,964
International Paper Co.		95,718		3,451,591
Myers Industries, Inc.		9,724		208,385
O-I Glass, Inc.(a)		43,697		992,359
Packaging Corp. of America		24,016		3,334,141
Pactiv Evergreen, Inc.		10,599		84,792
Sealed Air Corp.		38,327		1,759,593
Silgan Holdings, Inc.		22,078		1,184,926
Sonoco Products Co.		26,105		1,592,405
TriMas Corp.		9,873		275,062
Westrock Co.		67,615		2,060,229
				37,261,077
Distributors — 0.1%
Funko, Inc., Class A(a)		7,120		67,142
Genuine Parts Co.		37,262		6,234,305
LKQ Corp.		67,535		3,833,286
Pool Corp.		10,254		3,511,380
				13,646,113
Diversified Consumer Services — 0.1%
2U, Inc.(a)		18,563		127,156
ADT, Inc.		55,191		399,031
Adtalem Global Education, Inc.(a)(b)		12,765		492,984
Bright Horizons Family Solutions, Inc.(a)(b)		15,001		1,154,927
Carriage Services, Inc.		3,914		119,455
Chegg, Inc.(a)(b)		32,132		523,752
Coursera, Inc.(a)		34,882		401,841
Duolingo, Inc.(a)(b)		6,472		922,842
European Wax Center, Inc., Class A		6,841		129,979

16 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services (continued)
Frontdoor, Inc.(a)		22,870	$	637,616
Graham Holdings Co., Class B		1,032		614,907
Grand Canyon Education, Inc.(a)		8,069		919,059
H&R Block, Inc.		41,577		1,465,589
Laureate Education, Inc., Class A		35,384		416,116
Mister Car Wash, Inc.(a)(b)		20,247		174,529
OneSpaWorld Holdings Ltd.(a)(b)		14,025		168,160
Perdoceo Education Corp.(a)		20,213		271,461
Rover Group, Inc.(a)(b)		32,800		148,584
Service Corp. International		40,179		2,763,512
Strategic Education, Inc.		5,910		530,895
Stride, Inc.(a)		11,175		438,619
Udemy, Inc.(a)		22,381		197,624
				13,018,638
Diversified REITs — 0.1%
Alexander & Baldwin, Inc.		20,254		383,003
American Assets Trust, Inc.		12,433		231,130
Armada Hoffler Properties, Inc.		14,842		175,284
Broadstone Net Lease, Inc.		46,675		793,942
CTO Realty Growth, Inc.		6,711		115,832
Empire State Realty Trust, Inc., Class A(b)		38,766		251,591
Essential Properties Realty Trust, Inc.		36,497		906,950
Gladstone Commercial Corp.		9,804		123,825
Global Net Lease, Inc.		25,400		326,644
One Liberty Properties, Inc.		4,622		105,982
WP Carey, Inc.		56,014		4,338,284
				7,752,467
Diversified Telecommunication Services — 0.8%
Anterix, Inc.(a)		6,556		216,610
AT&T Inc.		1,908,937		36,747,037
ATN International, Inc.		3,073		125,747
Bandwidth, Inc., Class A(a)		8,528		129,626
Charge Enterprises, Inc.(a)(b)		60,774		66,851
Cogent Communications Holdings, Inc.		11,570		737,240
Consolidated Communications Holdings, Inc.(a)		20,808		53,685
EchoStar Corp., Class A(a)(b)		9,711		177,614
Frontier Communications Parent, Inc.(a)		63,214		1,439,383
Globalstar, Inc.(a)(b)		172,419		200,006
IDT Corp., Class B(a)		5,263		179,363
Iridium Communications, Inc.		33,737		2,089,333
Liberty Latin America Ltd., Class A(a)		11,917		99,030
Liberty Latin America Ltd., Class C, NVS(a)		42,900		354,354
Lumen Technologies, Inc.		268,947		712,710
Ooma, Inc.(a)		7,115		89,009
Radius Global Infrastructure, Inc., Class A(a)(b)		22,287		326,950
Verizon Communications, Inc.		1,120,656		43,582,312
				87,326,860
Electric Utilities — 1.7%
ALLETE, Inc.		15,038		967,996
Alliant Energy Corp.		67,709		3,615,661
American Electric Power Co., Inc.		136,915		12,457,896
Avangrid, Inc.		19,342		771,359
Constellation Energy Corp.		87,553		6,872,911
Duke Energy Corp.		205,146		19,790,435
Edison International		100,491		7,093,660
Entergy Corp.		54,154		5,834,552
Evergy, Inc.		59,712		3,649,597
Eversource Energy		92,447		7,234,902
Exelon Corp.		263,697		11,046,267
FirstEnergy Corp.		145,051		5,810,743
Hawaiian Electric Industries, Inc.		29,269		1,123,930

Security	Shares		Value
Electric Utilities (continued)
IDACORP, Inc.		12,956	$	1,403,523
MGE Energy, Inc.		9,514		738,952
NextEra Energy, Inc.		529,515		40,815,016
NRG Energy, Inc.		56,682		1,943,626
OGE Energy Corp.		51,862		1,953,123
Otter Tail Corp.		10,591		765,412
PG&E Corp.(a)(b)		437,029		7,066,759
Pinnacle West Capital Corp.		29,382		2,328,230
PNM Resources, Inc.		22,430		1,091,892
Portland General Electric Co.		24,206		1,183,431
PPL Corp.		195,200		5,424,608
Southern Co.		290,492		20,212,433
Xcel Energy, Inc.		145,671		9,824,052
				181,020,966
Electrical Equipment — 0.7%
Acuity Brands, Inc.		8,567		1,565,448
Allied Motion Technologies, Inc.		3,514		135,816
AMETEK, Inc.		61,407		8,924,279
Array Technologies, Inc.(a)(b)		41,274		903,075
Atkore, Inc.(a)(b)		10,765		1,512,267
Babcock & Wilcox Enterprises, Inc.(a)		17,309		104,893
Blink Charging Co.(a)(b)		9,945		86,024
Bloom Energy Corp., Class A(a)(b)		44,990		896,651
ChargePoint Holdings, Inc., Class A(a)(b)		67,811		709,981
Eaton Corp. PLC		106,412		18,232,632
Emerson Electric Co.		151,858		13,232,906
Encore Wire Corp.		5,101		945,368
EnerSys		11,517		1,000,597
Enovix Corp.(a)(b)		30,435		453,786
ESS Tech, Inc.(a)(b)		32,148		44,686
Fluence Energy, Inc., Class A(a)		8,949		181,217
FuelCell Energy, Inc.(a)(b)		100,839		287,391
Generac Holdings, Inc.(a)(b)		16,573		1,790,050
GrafTech International Ltd.		57,202		278,002
Hubbell, Inc.		14,071		3,423,615
NEXTracker, Inc., Class A(a)(b)		8,188		296,897
NuScale Power Corp., Class A(a)(b)		10,297		93,600
nVent Electric PLC		44,276		1,901,211
Plug Power, Inc.(a)(b)		136,319		1,597,659
Powell Industries, Inc.		2,845		121,169
Preformed Line Products Co.		882		112,931
Regal Rexnord Corp.		17,390		2,447,295
Rockwell Automation, Inc.		30,588		8,976,049
Sensata Technologies Holding PLC		40,469		2,024,259
Shoals Technologies Group, Inc., Class A(a)		43,080		981,793
Stem, Inc.(a)(b)		42,454		240,714
SunPower Corp.(a)(b)		20,424		282,668
Sunrun, Inc.(a)(b)		53,765		1,083,365
Thermon Group Holdings, Inc.(a)		8,770		218,548
TPI Composites, Inc.(a)(b)		10,617		138,552
Vertiv Holdings Co.		84,725		1,212,415
Vicor Corp.(a)		5,553		260,658
				76,698,467
Electronic Equipment, Instruments & Components — 0.7%
908 Devices, Inc.(a)(b)		7,927		68,172
Advanced Energy Industries, Inc.		10,720		1,050,560
Akoustis Technologies, Inc.(a)(b)		33,763		103,990
Amphenol Corp., Class A		156,293		12,772,264
Arlo Technologies, Inc.(a)		21,722		131,635
Arrow Electronics, Inc.(a)		15,504		1,935,984
Avnet, Inc.		24,409		1,103,287
Badger Meter, Inc.		7,216		879,053

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

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Belden, Inc.		11,227	$	974,167
Benchmark Electronics, Inc.		10,666		252,678
CDW Corp.		35,843		6,985,442
Cognex Corp.		45,295		2,244,367
Coherent Corp.(a)(b)		30,839		1,174,349
Corning, Inc.		196,564		6,934,778
CTS Corp.		8,300		410,518
ePlus, Inc.(a)		7,612		373,292
Fabrinet(a)		9,459		1,123,351
FARO Technologies, Inc.(a)		4,216		103,756
Insight Enterprises, Inc.(a)(b)		8,126		1,161,693
IPG Photonics Corp.(a)		8,533		1,052,204
Itron, Inc.(a)		11,820		655,419
Jabil, Inc.		34,400		3,032,704
Keysight Technologies, Inc.(a)		47,490		7,668,685
Kimball Electronics, Inc.(a)		6,050		145,805
Knowles Corp.(a)(b)		26,140		444,380
Lightwave Logic, Inc.(a)(b)		31,721		165,901
Littelfuse, Inc.		6,305		1,690,307
Methode Electronics, Inc.		9,312		408,611
MicroVision, Inc.(a)(b)		41,822		111,665
Mirion Technologies, Inc., Class A(a)(b)		42,683		364,513
Napco Security Technologies, Inc.(a)(b)		7,642		287,186
National Instruments Corp.		35,085		1,838,805
nLight, Inc.(a)		10,925		111,217
Novanta, Inc.(a)		9,060		1,441,355
OSI Systems, Inc.(a)		4,571		467,888
Ouster, Inc.(a)		83,654		69,993
PAR Technology Corp.(a)(b)		7,460		253,342
PC Connection, Inc.		2,996		134,700
Plexus Corp.(a)		7,476		729,433
Rogers Corp.(a)		5,027		821,563
Sanmina Corp.(a)		14,052		857,031
ScanSource, Inc.(a)		6,836		208,088
SmartRent, Inc.(a)		38,548		98,297
TD SYNNEX Corp.		12,414		1,201,551
Teledyne Technologies, Inc.(a)		12,410		5,551,738
Trimble, Inc.(a)		65,113		3,413,223
TTM Technologies, Inc.(a)(b)		24,153		325,824
Vishay Intertechnology, Inc.		32,409		733,092
Vishay Precision Group, Inc.(a)		3,264		136,305
Vontier Corp.		42,841		1,171,273
Zebra Technologies Corp., Class A(a)		13,576		4,317,168
				79,692,602
Energy Equipment & Services — 0.5%
Archrock, Inc.		35,195		343,855
Baker Hughes Co., Class A		252,734		7,293,903
Borr Drilling Ltd.(a)		46,405		351,750
Bristow Group, Inc.(a)		6,195		138,768
Cactus, Inc., Class A		14,966		617,048
ChampionX Corp.		51,580		1,399,365
Diamond Offshore Drilling, Inc.(a)		26,571		319,915
DMC Global, Inc.(a)(b)		6,426		141,179
Dril-Quip, Inc.(a)		9,969		286,011
Expro Group Holdings NV(a)(b)		20,279		372,322
Halliburton Co.		239,112		7,565,504
Helix Energy Solutions Group, Inc.(a)		35,809		277,162
Helmerich & Payne, Inc.		27,084		968,253
Liberty Energy, Inc., Class A		39,313		503,600
Nabors Industries Ltd.(a)		2,256		275,029
Newpark Resources, Inc.(a)		26,365		101,505
NexTier Oilfield Solutions, Inc.(a)(b)		40,906		325,203

Security	Shares		Value
Energy Equipment & Services (continued)
Noble Corp. PLC(a)		22,264	$	878,760
NOV, Inc.		105,360		1,950,214
Oceaneering International, Inc.(a)		24,823		437,629
Oil States International, Inc.(a)		23,162		192,939
Patterson-UTI Energy, Inc.		58,495		684,392
ProFrac Holding Corp., Class A(a)		8,219		104,135
ProPetro Holding Corp.(a)		20,065		144,267
RPC, Inc.		20,839		160,252
Schlumberger NV		376,192		18,471,027
Select Energy Services, Inc., Class A		22,635		157,540
Solaris Oilfield Infrastructure, Inc., Class A		12,623		107,800
TETRA Technologies, Inc.(a)		42,560		112,784
Tidewater, Inc.(a)		13,090		577,007
U.S. Silica Holdings, Inc.(a)		21,420		255,755
Valaris Ltd.(a)		15,737		1,023,849
Weatherford International PLC(a)		18,369		1,090,200
				47,628,922
Entertainment — 1.5%
Activision Blizzard, Inc.		206,699		17,691,367
AMC Entertainment Holdings, Inc., Class A(a)(b)		135,834		680,528
Cinemark Holdings, Inc.(a)(b)		29,321		433,658
Electronic Arts, Inc.		73,189		8,815,615
IMAX Corp.(a)		14,901		285,801
Liberty Media Corp. - Liberty Braves, Class A(a)(b)		3,144		108,720
Liberty Media Corp. - Liberty Braves, Class C, NVS(a)		8,666		291,958
Liberty Media Corp. - Liberty Formula One, Class A(a)		4,891		330,142
Liberty Media Corp. - Liberty Formula One, Class C, NVS(a)		53,728		4,020,466
Lions Gate Entertainment Corp., Class A(a)(b)		14,275		158,024
Lions Gate Entertainment Corp., Class B, NVS(a)		33,784		350,678
Live Nation Entertainment, Inc.(a)		40,710		2,849,700
Madison Square Garden Entertainment Corp., Class A(a)		6,896		407,347
Madison Square Garden Sports Corp., Class A		5,288		1,030,367
Marcus Corp.		7,290		116,640
Netflix, Inc.(a)		116,720		40,324,426
Playstudios, Inc., Class A(a)		27,703		102,224
Playtika Holding Corp.(a)		27,395		308,468
ROBLOX Corp., Class A(a)(b)		119,400		5,370,612
Roku, Inc.(a)(b)		31,994		2,105,845
Skillz, Inc.(a)		129,732		76,957
Spotify Technology SA(a)		37,040		4,949,285
Take-Two Interactive Software, Inc.(a)		44,375		5,293,937
Walt Disney Co.(a)		485,816		48,644,756
Warner Bros Discovery, Inc., Class A(a)		629,609		9,507,096
World Wrestling Entertainment, Inc., Class A		11,622		1,060,624
				155,315,241
Financial Services — 4.1%
Affirm Holdings, Inc., Class A(a)(b)		57,748		650,820
Alerus Financial Corp.		5,596		89,816
A-Mark Precious Metals, Inc.		5,156		178,655
Apollo Global Management, Inc.		128,356		8,106,965
AvidXchange Holdings, Inc.(a)		38,134		297,445
Banco Latinoamericano de Comercio Exterior SA, Class E		10,926		189,894
Berkshire Hathaway, Inc., Class B(a)		481,036		148,529,486
Block, Inc., Class A(a)		142,343		9,771,847
Cannae Holdings, Inc.(a)		22,233		448,662
Cantaloupe, Inc.(a)		24,639		140,442
Cass Information Systems, Inc.		3,411		147,730

18 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Financial Services (continued)
Compass Diversified Holdings		14,424	$	275,210
Enact Holdings, Inc.		8,504		194,401
Equitable Holdings, Inc.		96,810		2,458,006
Essent Group Ltd.		29,301		1,173,505
Euronet Worldwide, Inc.(a)(b)		12,415		1,389,239
EVERTEC, Inc.		16,117		543,949
Federal Agricultural Mortgage Corp., Class C, NVS		2,527		336,571
Fidelity National Information Services, Inc.		157,419		8,552,574
Fiserv, Inc.(a)		156,893		17,733,616
FleetCor Technologies, Inc.(a)		19,078		4,022,596
Flywire Corp.(a)		16,501		484,469
Global Payments, Inc.		69,757		7,341,227
I3 Verticals, Inc., Class A(a)		6,147		150,786
International Money Express, Inc.(a)(b)		9,577		246,895
Jack Henry & Associates, Inc.		19,222		2,897,140
Jackson Financial, Inc., Class A		20,018		748,873
Marqeta, Inc., Class A(a)		116,802		533,785
Mastercard, Inc., Class A		226,880		82,450,461
Merchants Bancorp		5,209		135,642
MGIC Investment Corp.		83,617		1,122,140
MoneyGram International, Inc.(a)		23,572		245,620
Mr. Cooper Group, Inc.(a)		18,798		770,154
NMI Holdings, Inc., Class A(a)		22,199		495,704
Payoneer Global, Inc.(a)		66,133		415,315
PayPal Holdings, Inc.(a)		304,140		23,096,392
Paysafe Ltd.(a)		7,779		134,343
PennyMac Financial Services, Inc., Class A		6,772		403,679
Radian Group, Inc.		44,881		991,870
Remitly Global, Inc.(a)(b)		26,961		456,989
Repay Holdings Corp.(a)		20,910		137,379
Rocket Cos., Inc., Class A(a)(b)		31,073		281,521
Shift4 Payments, Inc., Class A(a)		13,319		1,009,580
Star Holdings(a)		2,417		42,036
StoneCo Ltd., Class A(a)		76,526		730,058
TFS Financial Corp.		15,225		192,292
Toast, Inc., Class A(a)(b)		69,089		1,226,330
UWM Holdings Corp., Class A(b)		33,203		163,027
Visa, Inc., Class A		433,419		97,718,648
Voya Financial, Inc.		26,234		1,874,682
Walker & Dunlop, Inc.		7,880		600,220
Waterstone Financial, Inc.		8,288		125,397
Western Union Co.		88,648		988,425
WEX, Inc.(a)		11,705		2,152,433
				435,594,941
Food Products — 1.1%
Archer-Daniels-Midland Co.		145,212		11,567,588
B&G Foods, Inc.		16,935		263,000
Benson Hill, Inc.(a)(b)		59,955		68,948
Beyond Meat, Inc.(a)(b)		15,109		245,219
BRC, Inc., Class A(a)(b)		14,149		72,726
Bunge Ltd.		36,866		3,521,440
Calavo Growers, Inc.		4,144		119,223
Cal-Maine Foods, Inc.		9,420		573,584
Campbell Soup Co.		50,853		2,795,898
Conagra Brands, Inc.		126,550		4,753,218
Darling Ingredients, Inc.(a)		42,479		2,480,774
Flowers Foods, Inc.		49,512		1,357,124
Fresh Del Monte Produce, Inc.		8,970		270,087
Freshpet, Inc.(a)(b)		12,181		806,260
General Mills, Inc.		156,921		13,410,469
Hain Celestial Group, Inc.(a)		23,464		402,408

Security	Shares		Value
Food Products (continued)
Hershey Co.		38,992	$	9,919,955
Hormel Foods Corp.		75,299		3,002,924
Hostess Brands, Inc., Class A(a)		37,735		938,847
Ingredion, Inc.		17,938		1,824,833
J & J Snack Foods Corp.		4,123		611,111
J M Smucker Co.		27,564		4,337,747
John B Sanfilippo & Son, Inc.		1,976		191,514
Kellogg Co.		67,685		4,532,188
Kraft Heinz Co.		187,273		7,241,847
Lamb Weston Holdings, Inc.		38,841		4,059,661
Lancaster Colony Corp.		5,065		1,027,587
Lifecore Biomedical, Inc.(a)		11,554		43,616
McCormick & Co., Inc., NVS		66,266		5,513,994
Mission Produce, Inc.(a)		10,467		116,288
Mondelez International, Inc., Class A		363,863		25,368,528
Pilgrim’s Pride Corp.(a)		13,878		321,692
Post Holdings, Inc.(a)		14,652		1,316,775
Seaboard Corp.		75		282,751
Seneca Foods Corp., Class A(a)		2,104		109,976
Simply Good Foods Co.(a)		22,876		909,778
Sovos Brands, Inc.(a)(b)		8,293		138,327
SunOpta, Inc.(a)(b)		28,049		215,977
Tattooed Chef, Inc., Class A(a)(b)		26,849		38,126
Tootsie Roll Industries, Inc.		4,191		188,218
TreeHouse Foods, Inc.(a)		13,293		670,366
Tyson Foods, Inc., Class A		75,113		4,455,703
Utz Brands, Inc.(b)		15,630		257,426
Vital Farms, Inc.(a)		8,736		133,661
				120,477,382
Gas Utilities — 0.1%
Atmos Energy Corp.		37,963		4,265,523
Brookfield Infrastructure Corp., Class A		24,589		1,132,569
Chesapeake Utilities Corp.		4,585		586,834
National Fuel Gas Co.		22,508		1,299,612
New Jersey Resources Corp.		26,436		1,406,395
Northwest Natural Holding Co.		8,698		413,677
ONE Gas, Inc.		14,467		1,146,220
Southwest Gas Holdings, Inc.		17,342		1,083,008
Spire, Inc.		13,543		949,906
UGI Corp.		56,472		1,962,967
				14,246,711
Ground Transportation — 1.0%
ArcBest Corp.		6,181		571,248
Avis Budget Group, Inc.(a)		6,796		1,323,861
Covenant Logistics Group, Inc., Class A		3,737		132,365
CSX Corp.		561,591		16,814,035
Daseke, Inc.(a)		12,699		98,163
Heartland Express, Inc.		11,922		189,798
Hertz Global Holdings, Inc.(a)		48,398		788,404
JB Hunt Transport Services, Inc.		22,022		3,863,980
Knight-Swift Transportation Holdings, Inc.		42,127		2,383,546
Landstar System, Inc.		9,242		1,656,721
Lyft, Inc., Class A(a)		84,901		787,032
Marten Transport Ltd.		14,132		296,065
Norfolk Southern Corp.		60,767		12,882,604
Old Dominion Freight Line, Inc.(b)		26,402		8,998,858
RXO, Inc.(a)		27,836		546,699
Ryder System, Inc.		13,221		1,179,842
Saia, Inc.(a)(b)		7,101		1,932,040
Schneider National, Inc., Class B		14,826		396,596
TuSimple Holdings, Inc., Class A(a)		34,955		51,384
Uber Technologies, Inc.(a)		513,106		16,265,460

S C H E D U L E S   O F   I N V E  S T M E N T S 19

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ground Transportation (continued)
U-Haul Holding Co.		2,317	$	138,209
U-Haul Holding Co., NVS(b)		20,905		1,083,924
Union Pacific Corp.		163,790		32,964,375
Universal Logistics Holdings, Inc.		3,526		102,783
Werner Enterprises, Inc.		16,396		745,854
XPO, Inc.(a)		27,836		887,968
				107,081,814
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		457,205		46,296,578
Align Technology, Inc.(a)		20,939		6,996,557
Alphatec Holdings, Inc.(a)		21,371		333,388
AngioDynamics, Inc.(a)		10,237		105,851
Artivion, Inc.(a)		10,570		138,467
AtriCure, Inc.(a)		12,065		500,094
Atrion Corp.		382		239,862
Avanos Medical, Inc.(a)		12,089		359,527
Axogen, Inc.(a)		10,984		103,799
Axonics, Inc.(a)		12,825		699,732
Baxter International, Inc.		133,322		5,407,540
Becton Dickinson & Co.		75,880		18,783,335
Boston Scientific Corp.(a)		379,865		19,004,646
Butterfly Network, Inc.(a)(b)		47,836		89,932
Cardiovascular Systems, Inc.(a)		9,979		198,183
Cerus Corp.(a)		38,883		115,483
CONMED Corp.		7,851		815,405
Cooper Cos., Inc.		13,039		4,868,241
Cue Health, Inc.(a)(b)		38,287		69,682
Cutera, Inc.(a)		4,115		97,196
DENTSPLY SIRONA, Inc.		58,462		2,296,387
Dexcom, Inc.(a)		102,917		11,956,897
Edwards Lifesciences Corp.(a)		164,963		13,647,389
Embecta Corp.		16,127		453,491
Enovis Corp.(a)		14,010		749,395
Envista Holdings Corp.(a)		43,234		1,767,406
Figs, Inc., Class A(a)(b)		38,013		235,300
GE HealthCare Technologies, Inc.(a)		97,009		7,957,648
Glaukos Corp.(a)		11,873		594,837
Globus Medical, Inc., Class A(a)		19,957		1,130,364
Haemonetics Corp.(a)		13,721		1,135,413
Heska Corp.(a)		2,517		245,710
Hologic, Inc.(a)		64,224		5,182,877
ICU Medical, Inc.(a)		5,116		843,935
IDEXX Laboratories, Inc.(a)		21,896		10,949,752
Inari Medical, Inc.(a)		13,136		811,017
Inogen, Inc.(a)		4,680		58,406
Inspire Medical Systems, Inc.(a)		7,361		1,722,989
Insulet Corp.(a)		18,343		5,850,683
Integer Holdings Corp.(a)(b)		9,114		706,335
Integra LifeSciences Holdings Corp.(a)		19,338		1,110,195
Intuitive Surgical, Inc.(a)		94,044		24,025,421
iRadimed Corp.		2,760		108,606
iRhythm Technologies, Inc.(a)(b)		7,981		989,883
Lantheus Holdings, Inc.(a)		17,522		1,446,616
LeMaitre Vascular, Inc.		4,775		245,769
LivaNova PLC(a)		13,820		602,276
Masimo Corp.(a)(b)		12,706		2,344,765
Medtronic PLC		356,371		28,730,630
Merit Medical Systems, Inc.(a)		14,180		1,048,611
Mesa Laboratories, Inc.		1,385		242,001
Nano-X Imaging Ltd.(a)(b)		14,570		84,069
Neogen Corp.(a)(b)		57,223		1,059,770
Nevro Corp.(a)		9,106		329,182

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Novocure Ltd.(a)(b)		26,946	$	1,620,532
NuVasive, Inc.(a)		14,396		594,699
Omnicell, Inc.(a)		11,601		680,631
OraSure Technologies, Inc.(a)		20,704		125,259
Orthofix Medical, Inc.(a)		9,102		152,459
OrthoPediatrics Corp.(a)		2,866		126,935
Outset Medical, Inc.(a)(b)		12,618		232,171
Paragon 28, Inc.(a)		14,774		252,192
Penumbra, Inc.(a)(b)		9,667		2,694,096
PROCEPT BioRobotics Corp.(a)		7,810		221,804
Pulmonx Corp.(a)		8,042		89,910
QuidelOrtho Corp.(a)		13,160		1,172,424
ResMed, Inc.		38,602		8,453,452
RxSight, Inc.(a)		8,174		136,342
Senseonics Holdings, Inc.(a)(b)		108,467		77,012
Shockwave Medical, Inc.(a)		9,457		2,050,561
SI-BONE, Inc.(a)(b)		7,600		149,492
Silk Road Medical, Inc.(a)		9,336		365,318
STAAR Surgical Co.(a)		12,666		809,991
STERIS PLC		26,324		5,035,255
Stryker Corp.		93,770		26,768,522
Surmodics, Inc.(a)		3,851		87,726
Tactile Systems Technology, Inc.(a)		7,248		119,012
Tandem Diabetes Care, Inc.(a)		16,409		666,369
Teleflex, Inc.		12,315		3,119,513
TransMedics Group, Inc.(a)(b)		7,371		558,206
Treace Medical Concepts, Inc.(a)		10,750		270,792
UFP Technologies, Inc.(a)		1,983		257,473
Utah Medical Products, Inc.		1,148		108,796
Varex Imaging Corp.(a)		9,831		178,826
ViewRay, Inc.(a)		40,436		139,909
Zimmer Biomet Holdings, Inc.		56,020		7,237,784
Zimvie, Inc.(a)		13,212		95,523
Zynex, Inc.(a)		7,370		88,440
				300,624,949
Health Care Providers & Services — 2.9%
23andMe Holding Co., Class A(a)(b)		61,857		141,034
Acadia Healthcare Co., Inc.(a)		22,993		1,661,244
Accolade, Inc.(a)		14,956		215,067
AdaptHealth Corp.(a)(b)		20,179		250,825
Addus HomeCare Corp.(a)(b)		3,488		372,379
Agiliti, Inc.(a)(b)		7,279		116,318
agilon health, Inc.(a)(b)		51,188		1,215,715
Alignment Healthcare, Inc.(a)		20,775		132,129
Amedisys, Inc.(a)		8,789		646,431
AmerisourceBergen Corp.		43,557		6,973,911
AMN Healthcare Services, Inc.(a)		11,393		945,163
Apollo Medical Holdings, Inc.(a)(b)		9,333		340,375
Brookdale Senior Living, Inc.(a)(b)		49,555		146,187
Cano Health, Inc.(a)(b)		47,310		43,052
Cardinal Health, Inc.		68,124		5,143,362
CareMax, Inc.(a)(b)		22,495		60,062
Castle Biosciences, Inc.(a)		5,382		122,279
Centene Corp.(a)		146,384		9,252,933
Chemed Corp.		3,940		2,118,735
Cigna Group		78,351		20,021,031
Clover Health Investments Corp.(a)(b)		117,833		99,581
Community Health Systems, Inc.(a)		41,097		201,375
CorVel Corp.(a)		2,091		397,875
Cross Country Healthcare, Inc.(a)		12,024		268,376
CVS Health Corp.		341,874		25,404,657
DaVita, Inc.(a)(b)		15,610		1,266,127

20 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
DocGo, Inc.(a)(b)		24,638	$	213,119
Elevance Health, Inc.		64,237		29,536,815
Encompass Health Corp.		25,609		1,385,447
Enhabit, Inc.(a)		14,413		200,485
Ensign Group, Inc.		13,729		1,311,669
Fulgent Genetics, Inc.(a)		5,261		164,248
Guardant Health, Inc.(a)		26,905		630,653
HCA Healthcare, Inc.		57,667		15,205,635
HealthEquity, Inc.(a)		21,553		1,265,377
Henry Schein, Inc.(a)(b)		35,633		2,905,515
Hims & Hers Health, Inc., Class A(a)		31,880		316,250
Humana, Inc.		33,592		16,307,572
Invitae Corp.(a)(b)		53,164		71,771
Laboratory Corp. of America Holdings		23,588		5,411,559
LifeStance Health Group, Inc.(a)		23,459		174,300
McKesson Corp.		36,630		13,042,112
ModivCare, Inc.(a)		3,098		260,480
Molina Healthcare, Inc.(a)		15,257		4,081,095
National HealthCare Corp.		3,511		203,884
National Research Corp., Class A		3,771		164,076
NeoGenomics, Inc.(a)		34,444		599,670
Nutex Health, Inc.(a)(b)		66,079		66,740
Oak Street Health, Inc.(a)		30,436		1,177,265
OPKO Health, Inc.(a)(b)		100,897		147,310
Option Care Health, Inc.(a)		44,234		1,405,314
Owens & Minor, Inc.(a)		19,533		284,205
Patterson Cos., Inc.		21,607		578,419
Pediatrix Medical Group, Inc.(a)		20,729		309,069
Pennant Group, Inc.(a)(b)		8,610		122,951
PetIQ, Inc., Class A(a)		9,380		107,307
Premier, Inc., Class A		32,826		1,062,578
Privia Health Group, Inc.(a)(b)		14,863		410,367
Progyny, Inc.(a)		21,075		676,929
Quest Diagnostics, Inc.		29,553		4,181,158
R1 RCM, Inc.(a)		38,623		579,345
RadNet, Inc.(a)		14,102		352,973
Select Medical Holdings Corp.		30,509		788,658
Surgery Partners, Inc.(a)(b)		13,309		458,761
Tenet Healthcare Corp.(a)		27,572		1,638,328
U.S. Physical Therapy, Inc.		3,538		346,406
UnitedHealth Group, Inc.		249,399		117,863,473
Universal Health Services, Inc., Class B		16,797		2,134,899
				305,700,410
Health Care REITs — 0.2%
CareTrust REIT, Inc.		26,331		515,561
Community Healthcare Trust, Inc.		5,786		211,768
Diversified Healthcare Trust		82,608		111,521
Global Medical REIT, Inc.		11,664		106,259
Healthcare Realty Trust, Inc.		99,551		1,924,321
Healthpeak Properties, Inc.		146,623		3,221,307
LTC Properties, Inc.		9,886		347,295
Medical Properties Trust, Inc.		157,888		1,297,839
National Health Investors, Inc.		11,398		587,909
Omega Healthcare Investors, Inc.		61,225		1,678,177
Physicians Realty Trust		62,211		928,810
Sabra Health Care REIT, Inc.		63,250		727,375
Universal Health Realty Income Trust		3,249		156,310
Ventas, Inc.		106,109		4,599,825
Welltower, Inc.		125,496		8,996,808
				25,411,085
Health Care Technology — 0.1%
American Well Corp., Class A(a)		52,343		123,529

Security	Shares		Value
Health Care Technology (continued)
Certara, Inc.(a)		28,604	$	689,642
Computer Programs & Systems, Inc.(a)		4,009		121,072
Definitive Healthcare Corp.(a)(b)		10,445		107,897
Doximity, Inc., Class A(a)(b)		29,652		960,132
Evolent Health, Inc., Class A(a)		22,540		731,423
Health Catalyst, Inc.(a)		12,105		141,265
HealthStream, Inc.(a)		6,907		187,180
Multiplan Corp., Class A(a)		99,766		105,752
NextGen Healthcare, Inc.(a)		13,301		231,570
OptimizeRx Corp.(a)		5,232		76,544
Phreesia, Inc.(a)		12,806		413,506
Schrodinger, Inc.(a)(b)		15,690		413,118
Sharecare, Inc., Class A(a)		93,579		132,882
Simulations Plus, Inc.		4,171		183,274
Teladoc Health, Inc.(a)		44,585		1,154,752
Veeva Systems, Inc., Class A(a)		37,365		6,867,313
Veradigm, Inc.(a)(b)		30,707		400,726
				13,041,577
Hotel & Resort REITs — 0.1%
Apple Hospitality REIT, Inc.		54,216		841,432
Braemar Hotels & Resorts, Inc.		22,762		87,861
Chatham Lodging Trust		12,892		135,237
DiamondRock Hospitality Co.		56,876		462,402
Hersha Hospitality Trust, Class A		13,430		90,250
Host Hotels & Resorts, Inc.		187,466		3,091,314
Park Hotels & Resorts, Inc.		59,495		735,358
Pebblebrook Hotel Trust(b)		34,644		486,402
RLJ Lodging Trust		46,017		487,780
Ryman Hospitality Properties, Inc.		14,275		1,280,896
Service Properties Trust		43,364		431,906
Summit Hotel Properties, Inc.		29,386		205,702
Sunstone Hotel Investors, Inc.		55,065		544,042
Xenia Hotels & Resorts, Inc.		30,301		396,640
				9,277,222
Hotels, Restaurants & Leisure — 2.3%
Accel Entertainment, Inc.(a)		13,027		118,676
Airbnb, Inc., Class A(a)(b)		99,674		12,399,446
Aramark		61,856		2,214,445
Bally’s Corp.(a)(b)		8,454		165,022
BJ’s Restaurants, Inc.(a)		6,028		175,656
Bloomin’ Brands, Inc.		23,177		594,490
Bluegreen Vacations Holding Corp., Class A		3,888		106,453
Booking Holdings, Inc.(a)		10,328		27,394,090
Bowlero Corp.(a)		12,088		204,892
Boyd Gaming Corp.		21,185		1,358,382
Brinker International, Inc.(a)		12,065		458,470
Caesars Entertainment, Inc.(a)		53,791		2,625,539
Carnival Corp.(a)(b)		263,579		2,675,327
Cheesecake Factory, Inc.(b)		11,646		408,192
Chipotle Mexican Grill, Inc.(a)		7,322		12,508,099
Choice Hotels International, Inc.		8,590		1,006,662
Churchill Downs, Inc.		9,663		2,483,874
Chuy’s Holdings, Inc.(a)		5,740		205,779
Cracker Barrel Old Country Store, Inc.		5,804		659,334
Darden Restaurants, Inc.		32,816		5,091,731
Dave & Buster’s Entertainment, Inc.(a)		12,764		469,588
Denny’s Corp.(a)		17,557		195,936
Dine Brands Global, Inc.		4,559		308,371
Domino’s Pizza, Inc.		9,430		3,110,674
DoorDash, Inc., Class A(a)		66,598		4,232,969
DraftKings, Inc., Class A(a)(b)		94,958		1,838,387
Everi Holdings, Inc.(a)(b)		24,153		414,224

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

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Expedia Group, Inc.(a)		38,858	$	3,770,392
Golden Entertainment, Inc.(a)		5,237		227,862
Hilton Grand Vacations, Inc.(a)		23,342		1,037,085
Hilton Worldwide Holdings, Inc.		70,121		9,877,945
Hyatt Hotels Corp., Class A(a)		12,644		1,413,473
Inspired Entertainment, Inc.(a)		6,629		84,785
International Game Technology PLC		25,179		674,797
Jack in the Box, Inc.		5,447		477,103
Krispy Kreme, Inc.(b)		22,337		347,340
Kura Sushi U.S.A., Inc., Class A(a)(b)		1,518		99,945
Las Vegas Sands Corp.(a)		87,165		5,007,629
Life Time Group Holdings, Inc.(a)(b)		10,193		162,680
Light & Wonder, Inc., Class A(a)		25,203		1,513,440
Lindblad Expeditions Holdings, Inc.(a)(b)		12,508		119,576
Marriott International, Inc., Class A		70,503		11,706,318
Marriott Vacations Worldwide Corp.		9,779		1,318,796
McDonald’s Corp.		197,043		55,095,193
MGM Resorts International		85,631		3,803,729
Monarch Casino & Resort, Inc.		3,645		270,277
Norwegian Cruise Line Holdings Ltd.(a)(b)		115,552		1,554,174
Papa John’s International, Inc.(b)		8,749		655,563
Penn Entertainment, Inc.(a)		43,328		1,285,108
Planet Fitness, Inc., Class A(a)		22,607		1,755,886
Portillo’s, Inc., Class A(a)(b)		5,208		111,295
RCI Hospitality Holdings, Inc.(b)		2,946		230,289
Red Rock Resorts, Inc., Class A		12,886		574,329
Royal Caribbean Cruises Ltd.(a)		57,779		3,772,969
Rush Street Interactive, Inc., Class A(a)		23,080		71,779
Ruth’s Hospitality Group, Inc.		8,493		139,455
Sabre Corp.(a)		85,744		367,842
SeaWorld Entertainment, Inc.(a)(b)		10,102		619,354
Shake Shack, Inc., Class A(a)		9,483		526,212
Six Flags Entertainment Corp.(a)		21,463		573,277
Sonder Holdings, Inc.(a)		61,383		46,473
Starbucks Corp.		305,691		31,831,604
Sweetgreen, Inc., Class A(a)(b)		25,123		196,964
Target Hospitality Corp.(a)		9,620		126,407
Texas Roadhouse, Inc.		17,205		1,859,172
Travel + Leisure Co.		22,023		863,302
Vacasa, Inc., Class A(a)(b)		37,089		35,687
Vail Resorts, Inc.		10,661		2,491,262
Wendy’s Co.		48,044		1,046,398
Wingstop, Inc.		7,685		1,410,812
Wyndham Hotels & Resorts, Inc.		23,063		1,564,825
Wynn Resorts Ltd.(a)		28,064		3,140,642
Xponential Fitness, Inc., Class A(a)		4,859		147,665
Yum! Brands, Inc.		75,383		9,956,587
				247,388,405
Household Durables — 0.5%
Beazer Homes U.S.A., Inc.(a)		9,853		156,466
Cavco Industries, Inc.(a)		2,385		757,810
Century Communities, Inc.		7,177		458,754
DR Horton, Inc.		84,133		8,218,953
Ethan Allen Interiors, Inc.		6,039		165,831
Garmin Ltd.		40,447		4,081,911
GoPro, Inc., Class A(a)		31,753		159,717
Green Brick Partners, Inc.(a)		8,286		290,507
Helen of Troy Ltd.(a)		6,408		609,849
Hovnanian Enterprises, Inc., Class A(a)		1,534		104,066
Installed Building Products, Inc.		6,030		687,601
iRobot Corp.(a)		7,280		317,699
KB Home		20,168		810,350

Security	Shares		Value
Household Durables (continued)
La-Z-Boy, Inc.		12,796	$	372,108
Leggett & Platt, Inc.		36,358		1,159,093
Lennar Corp., Class A		66,665		7,007,158
Lennar Corp., Class B		3,873		345,898
LGI Homes, Inc.(a)		5,965		680,189
Lovesac Co.(a)(b)		3,842		111,034
M/I Homes, Inc.(a)		7,303		460,746
MDC Holdings, Inc.		14,910		579,552
Meritage Homes Corp.		9,813		1,145,766
Mohawk Industries, Inc.(a)		13,890		1,392,056
Newell Brands, Inc.		98,599		1,226,571
NVR, Inc.(a)		789		4,396,458
PulteGroup, Inc.		60,369		3,518,305
Skyline Champion Corp.(a)		13,438		1,010,941
Sonos, Inc.(a)		32,329		634,295
Taylor Morrison Home Corp., Class A(a)		29,273		1,119,985
Tempur Sealy International, Inc.		44,080		1,740,719
Toll Brothers, Inc.		29,535		1,772,986
TopBuild Corp.(a)		8,749		1,821,017
Tri Pointe Homes, Inc.(a)		25,821		653,788
Tupperware Brands Corp.(a)		14,430		36,075
Vizio Holding Corp., Class A(a)(b)		19,399		178,083
Vuzix Corp.(a)(b)		20,078		83,123
Whirlpool Corp.		14,298		1,887,622
				50,153,082
Household Products — 1.3%
Central Garden & Pet Co.(a)		2,592		106,428
Central Garden & Pet Co., Class A, NVS(a)		11,613		453,720
Church & Dwight Co., Inc.		64,583		5,709,783
Clorox Co.		33,077		5,234,104
Colgate-Palmolive Co.		220,495		16,570,199
Energizer Holdings, Inc.		19,340		671,098
Kimberly-Clark Corp.		89,937		12,071,344
Procter & Gamble Co.		629,390		93,583,999
Reynolds Consumer Products, Inc.		14,341		394,378
Spectrum Brands Holdings, Inc.		10,243		678,291
WD-40 Co.		3,591		639,378
				136,112,722
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		175,324		4,221,802
Altus Power, Inc.(a)(b)		14,044		76,961
Brookfield Renewable Corp., Class A		34,582		1,208,641
Clearway Energy, Inc., Class A		8,324		249,970
Clearway Energy, Inc., Class C		23,166		725,791
Montauk Renewables, Inc.(a)		18,941		149,065
Ormat Technologies, Inc.		13,884		1,176,947
Sunnova Energy International, Inc.(a)(b)		27,509		429,690
Vistra Corp.		104,632		2,511,168
				10,750,035
Industrial Conglomerates — 0.7%
3M Co.		147,433		15,496,683
Brookfield Business Corp., Class A		10,853		215,107
General Electric Co.(b)		288,669		27,596,756
Honeywell International, Inc.		179,669		34,338,339
				77,646,885
Industrial REITs — 0.4%
Americold Realty Trust, Inc.		70,971		2,019,125
EastGroup Properties, Inc.		10,831		1,790,581
First Industrial Realty Trust, Inc.		34,488		1,834,762
Indus Realty Trust, Inc.		2,055		136,226
Industrial Logistics Properties Trust(b)		20,912		64,200

22 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial REITs (continued)
Innovative Industrial Properties, Inc.		7,797	$	592,494
LXP Industrial Trust		73,810		760,981
Plymouth Industrial REIT, Inc.		11,809		248,107
Prologis, Inc.		245,437		30,623,175
Rexford Industrial Realty, Inc.		52,223		3,115,102
STAG Industrial, Inc.		46,831		1,583,824
Terreno Realty Corp.		20,957		1,353,822
				44,122,399
Insurance — 2.3%
Aflac, Inc.		163,016		10,517,792
Allstate Corp.		70,100		7,767,781
Ambac Financial Group, Inc.(a)		13,040		201,859
American Equity Investment Life Holding Co.		20,907		762,896
American Financial Group, Inc.		18,417		2,237,666
American International Group, Inc.		197,365		9,939,301
AMERISAFE, Inc.		4,911		240,394
Aon PLC, Class A		54,780		17,271,586
Arch Capital Group Ltd.(a)		93,561		6,349,985
Argo Group International Holdings Ltd.		8,273		242,316
Arthur J. Gallagher & Co.		55,216		10,563,373
Assurant, Inc.		14,754		1,771,513
Assured Guaranty Ltd.		16,400		824,428
Axis Capital Holdings Ltd.		21,212		1,156,478
Bright Health Group, Inc.(a)(b)		95,801		21,105
Brighthouse Financial, Inc.(a)		17,443		769,411
Brown & Brown, Inc.		62,344		3,579,793
BRP Group, Inc., Class A(a)		16,315		415,380
Chubb Ltd.		110,659		21,487,765
Cincinnati Financial Corp.		40,931		4,587,547
CNA Financial Corp.		8,064		314,738
CNO Financial Group, Inc.		32,256		715,761
Employers Holdings, Inc.		7,311		304,796
Enstar Group Ltd.(a)		3,151		730,370
Erie Indemnity Co., Class A, NVS		6,568		1,521,543
Everest Re Group Ltd.		10,466		3,747,037
F&G Annuities & Life, Inc.		4,708		85,309
Fidelity National Financial, Inc., Class A		69,364		2,422,885
First American Financial Corp.		27,259		1,517,236
Genworth Financial, Inc., Class A(a)		136,479		685,125
Globe Life, Inc.		23,619		2,598,562
Goosehead Insurance, Inc., Class A(a)		4,642		242,312
Hanover Insurance Group, Inc.		9,438		1,212,783
Hartford Financial Services Group, Inc.		84,197		5,867,689
HCI Group, Inc.		3,027		162,247
Hippo Holdings, Inc.(a)(b)		6,416		104,132
Horace Mann Educators Corp.		10,907		365,166
James River Group Holdings Ltd.		8,472		174,947
Kemper Corp.		16,399		896,369
Kinsale Capital Group, Inc.		5,795		1,739,369
Lemonade, Inc.(a)(b)		10,544		150,357
Lincoln National Corp.		45,380		1,019,689
Loews Corp.		51,300		2,976,426
Markel Corp.(a)		3,503		4,474,767
Marsh & McLennan Cos., Inc.		132,255		22,027,070
MBIA, Inc.(a)(b)		15,043		139,298
Mercury General Corp.		7,045		223,608
MetLife, Inc.		175,488		10,167,775
National Western Life Group, Inc., Class A		565		137,080
Old Republic International Corp.		75,213		1,878,069
Oscar Health, Inc., Class A(a)		38,846		254,053
Palomar Holdings, Inc.(a)		5,824		321,485
Primerica, Inc.		10,003		1,722,917

Security	Shares		Value
Insurance (continued)
Principal Financial Group, Inc.		64,829	$	4,818,091
ProAssurance Corp.		13,261		245,063
Progressive Corp.		155,524		22,249,263
Prudential Financial, Inc.		97,771		8,089,573
Reinsurance Group of America, Inc.		17,560		2,331,266
RenaissanceRe Holdings Ltd.		11,273		2,258,433
RLI Corp.		10,612		1,410,441
Ryan Specialty Holdings, Inc., Class A(a)(b)		21,747		875,099
Safety Insurance Group, Inc.		3,821		284,741
Selective Insurance Group, Inc.		15,476		1,475,327
Selectquote, Inc.(a)		44,761		97,131
SiriusPoint Ltd.(a)		24,175		196,543
Stewart Information Services Corp.		6,984		281,804
Tiptree, Inc.		6,831		99,528
Travelers Cos., Inc.		62,249		10,670,101
Trupanion, Inc.(a)(b)		9,643		413,588
United Fire Group, Inc.		5,953		158,052
Universal Insurance Holdings, Inc.		9,229		168,152
Unum Group		52,694		2,084,575
W R Berkley Corp.		54,144		3,371,005
White Mountains Insurance Group Ltd.(b)		651		896,746
Willis Towers Watson PLC		28,902		6,716,247
				240,800,108
Interactive Media & Services — 4.2%
Alphabet, Inc., Class A(a)		1,603,864		166,368,813
Alphabet, Inc., Class C, NVS(a)		1,394,759		145,054,936
Bumble, Inc., Class A(a)		23,266		454,850
Cargurus, Inc.(a)		25,802		481,981
Cars.com, Inc.(a)		18,799		362,821
Eventbrite, Inc., Class A(a)(b)		18,686		160,326
EverQuote, Inc., Class A(a)		7,778		108,114
fuboTV, Inc.(a)		41,960		50,772
IAC, Inc.(a)		20,434		1,054,394
Match Group, Inc.(a)		74,538		2,861,514
MediaAlpha, Inc., Class A(a)		7,566		113,339
Meta Platforms, Inc., Class A(a)		593,311		125,746,333
Outbrain, Inc.(a)(b)		26,862		110,940
Pinterest, Inc., Class A(a)		160,040		4,364,291
QuinStreet, Inc.(a)		12,412		196,978
Shutterstock, Inc.		6,043		438,722
TripAdvisor, Inc.(a)		27,696		550,043
Vimeo, Inc.(a)		38,546		147,631
Yelp, Inc.(a)(b)		18,799		577,129
Ziff Davis, Inc.(a)(b)		11,422		891,487
ZipRecruiter, Inc., Class A(a)		21,503		342,758
ZoomInfo Technologies, Inc., Class A(a)(b)		73,056		1,805,214
				452,243,386
IT Services — 1.4%
Accenture PLC, Class A		168,945		48,286,170
Akamai Technologies, Inc.(a)		40,771		3,192,369
Amdocs Ltd.		32,183		3,090,533
BigCommerce Holdings, Inc., Series 1(a)		19,935		178,219
Cloudflare, Inc., Class A(a)(b)		76,075		4,690,784
Cognizant Technology Solutions Corp., Class A		137,014		8,348,263
DigitalOcean Holdings, Inc.(a)(b)		20,321		795,974
DXC Technology Co.(a)(b)		61,151		1,563,020
Edgio, Inc.(a)(b)		36,584		28,942
EPAM Systems, Inc.(a)		14,541		4,347,759
Fastly, Inc., Class A(a)(b)		27,957		496,516
Gartner, Inc.(a)		20,441		6,659,065
Globant SA(a)		10,907		1,788,857
GoDaddy, Inc., Class A(a)		41,448		3,221,338

S C H E D U L E S   O F   I N V E  S T M E N T S 23

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Grid Dynamics Holdings, Inc.(a)		11,366	$	130,254
Hackett Group, Inc.		7,906		146,103
International Business Machines Corp.		239,822		31,438,266
Kyndryl Holdings, Inc.(a)		59,125		872,685
MongoDB, Inc.(a)(b)		17,865		4,164,689
Okta, Inc., Class A(a)		40,184		3,465,468
Perficient, Inc.(a)		8,503		613,832
Snowflake, Inc., Class A(a)(b)		82,861		12,784,624
Squarespace, Inc., Class A(a)		9,918		315,095
Thoughtworks Holding, Inc.(a)		28,925		212,888
Tucows, Inc., Class A(a)		2,736		53,215
Twilio, Inc., Class A(a)		46,186		3,077,373
Unisys Corp.(a)(b)		18,100		70,228
VeriSign, Inc.(a)		24,651		5,209,496
Wix.com Ltd.(a)		14,035		1,400,693
				150,642,718
Leisure Products — 0.1%
Acushnet Holdings Corp.		9,460		481,892
AMMO, Inc.(a)(b)		36,772		72,441
Brunswick Corp.		18,921		1,551,522
Hasbro, Inc.		34,454		1,849,835
Johnson Outdoors, Inc., Class A		1,492		94,011
Malibu Boats, Inc., Class A(a)		5,108		288,347
MasterCraft Boat Holdings, Inc.(a)		5,244		159,575
Mattel, Inc.(a)		91,042		1,676,083
Peloton Interactive, Inc., Class A(a)(b)		78,896		894,681
Polaris, Inc.(b)		14,608		1,616,083
Smith & Wesson Brands, Inc.		15,045		185,204
Sturm Ruger & Co., Inc.		4,144		238,031
Topgolf Callaway Brands Corp.(a)		38,167		825,171
Vista Outdoor, Inc.(a)(b)		15,864		439,591
YETI Holdings, Inc.(a)		22,686		907,440
				11,279,907
Life Sciences Tools & Services — 1.8%
10X Genomics, Inc., Class A(a)(b)		25,766		1,437,485
AbCellera Biologics, Inc.(a)(b)		58,078		437,908
Adaptive Biotechnologies Corp.(a)(b)		29,488		260,379
Agilent Technologies, Inc.		78,878		10,911,983
Avantor, Inc.(a)(b)		163,845		3,463,683
Azenta, Inc.(a)		19,066		850,725
BioLife Solutions, Inc.(a)(b)		9,551		207,734
Bionano Genomics, Inc.(a)(b)		73,441		81,520
Bio-Rad Laboratories, Inc., Class A(a)		5,772		2,764,903
Bio-Techne Corp.		41,982		3,114,645
Bruker Corp.		29,064		2,291,406
Charles River Laboratories International, Inc.(a)(b)		13,233		2,670,684
Codexis, Inc.(a)(b)		16,674		69,030
CryoPort, Inc.(a)(b)		10,117		242,808
Cytek Biosciences, Inc.(a)		27,922		256,603
Danaher Corp.		172,599		43,501,852
Illumina, Inc.(a)		41,676		9,691,754
Inotiv, Inc.(a)		863		3,737
IQVIA Holdings, Inc.(a)		49,454		9,835,906
Maravai LifeSciences Holdings, Inc., Class A(a)		29,897		418,857
MaxCyte, Inc.(a)		25,128		124,384
Medpace Holdings, Inc.(a)		6,564		1,234,360
Mettler-Toledo International, Inc.(a)		5,822		8,908,883
NanoString Technologies, Inc.(a)		11,895		117,761
OmniAb, Inc.(a)		19,145		70,454
OmniAb, Inc., 12.50 Earnout Shares(a)(d)		1,502		—
OmniAb, Inc., 15.00 Earnout Shares(a)(d)		1,502		—
Pacific Biosciences of California, Inc.(a)(b)		67,871		785,946

Security	Shares		Value
Life Sciences Tools & Services (continued)
PerkinElmer, Inc.		33,263	$	4,432,627
QIAGEN NV(a)		61,157		2,808,941
Quanterix Corp.(a)		12,288		138,486
Quantum-Si, Inc.(a)		35,046		61,681
Repligen Corp.(a)		14,665		2,468,999
Seer, Inc., Class A(a)		18,863		72,811
SomaLogic, Inc., Class A(a)(b)		59,807		152,508
Sotera Health Co.(a)		26,207		469,367
Syneos Health, Inc.(a)		27,150		967,083
Thermo Fisher Scientific, Inc.		104,326		60,130,377
Waters Corp.(a)		15,913		4,927,142
West Pharmaceutical Services, Inc.		19,656		6,810,214
				187,195,626
Machinery — 2.0%
3D Systems Corp.(a)		31,103		333,424
AGCO Corp.		16,378		2,214,306
Alamo Group, Inc.		2,397		441,432
Albany International Corp., Class A		7,990		713,986
Allison Transmission Holdings, Inc.		24,567		1,111,411
Astec Industries, Inc.		5,987		246,964
Barnes Group, Inc.		12,412		499,955
Blue Bird Corp.(a)		5,415		110,628
Caterpillar, Inc.		138,690		31,737,820
Chart Industries, Inc.(a)(b)		11,273		1,413,634
CIRCOR International, Inc.(a)		4,670		145,330
Columbus McKinnon Corp.		6,623		246,111
Crane NXT Co.		12,637		1,434,300
Cummins, Inc.		37,395		8,932,918
Deere & Co.		72,345		29,869,804
Desktop Metal, Inc., Class A(a)(b)		62,688		144,182
Donaldson Co., Inc.		32,700		2,136,618
Douglas Dynamics, Inc.		5,478		174,693
Dover Corp.		37,311		5,669,033
Energy Recovery, Inc.(a)		14,895		343,330
Enerpac Tool Group Corp.		15,877		404,864
EnPro Industries, Inc.		5,147		534,722
Esab Corp.(b)		15,137		894,143
ESCO Technologies, Inc.		6,631		632,929
Evoqua Water Technologies Corp.(a)		31,835		1,582,836
Federal Signal Corp.		17,244		934,797
Flowserve Corp.		35,592		1,210,128
Fortive Corp.		94,199		6,421,546
Franklin Electric Co., Inc.		11,797		1,110,098
Gates Industrial Corp. PLC(a)		25,089		348,486
Gorman-Rupp Co.		4,753		118,825
Graco, Inc.		44,336		3,236,971
Greenbrier Cos., Inc.		8,383		269,681
Helios Technologies, Inc.		8,155		533,337
Hillenbrand, Inc.		18,986		902,405
Hillman Solutions Corp.(a)		33,880		285,270
Hyliion Holdings Corp.(a)		54,749		108,403
Hyster-Yale Materials Handling, Inc., Class A		2,690		134,204
IDEX Corp.		20,145		4,654,099
Illinois Tool Works, Inc.		81,362		19,807,579
Ingersoll Rand, Inc.		109,002		6,341,736
ITT, Inc.		22,055		1,903,346
John Bean Technologies Corp.		8,637		943,938
Kadant, Inc.		2,832		590,529
Kennametal, Inc.		22,180		611,724
Lincoln Electric Holdings, Inc.		14,944		2,527,030
Lindsay Corp.		3,108		469,712
Luxfer Holdings PLC		7,280		123,032

24 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Manitowoc Co., Inc.(a)		9,214	$	157,467
Markforged Holding Corp.(a)(b)		47,272		45,324
Microvast Holdings, Inc.(a)(b)		54,413		67,472
Middleby Corp.(a)		14,419		2,113,970
Miller Industries, Inc.		3,051		107,853
Mueller Industries, Inc.		15,481		1,137,544
Mueller Water Products, Inc., Class A		45,589		635,511
Nikola Corp.(a)(b)		81,463		98,570
Nordson Corp.		15,475		3,439,473
Omega Flex, Inc.(b)		1,089		121,358
Oshkosh Corp.		17,912		1,489,920
Otis Worldwide Corp.		110,544		9,329,914
PACCAR, Inc.		136,733		10,008,856
Parker-Hannifin Corp.		34,085		11,456,309
Pentair PLC		42,217		2,333,334
Proterra, Inc.(a)(b)		62,684		95,280
Proto Labs, Inc.(a)(b)		7,142		236,757
RBC Bearings, Inc.(a)		7,303		1,699,627
REV Group, Inc.		9,406		112,778
Sarcos Technology & Robotics Corp.(a)(b)		54,085		25,674
Shyft Group, Inc.		8,917		202,862
Snap-on, Inc.		13,871		3,424,611
SPX Technologies, Inc.(a)		12,310		868,840
Standex International Corp.		3,103		379,931
Stanley Black & Decker, Inc.		39,580		3,189,356
Tennant Co.		4,631		317,362
Terex Corp.		17,987		870,211
Timken Co.		16,701		1,364,806
Titan International, Inc.(a)		11,187		117,240
Toro Co.		27,987		3,111,035
Trinity Industries, Inc.		20,182		491,634
Wabash National Corp.		12,574		309,195
Watts Water Technologies, Inc., Class A		7,026		1,182,616
Westinghouse Air Brake Technologies Corp.		48,362		4,887,464
Xylem, Inc.		48,043		5,030,102
				216,016,505
Marine Transportation — 0.0%
Costamare, Inc.		18,033		169,690
Eagle Bulk Shipping, Inc.		3,012		137,046
Genco Shipping & Trading Ltd.		9,062		141,911
Golden Ocean Group Ltd.		30,205		287,552
Kirby Corp.(a)		15,680		1,092,896
Matson, Inc.		10,957		653,804
				2,482,899
Media — 0.9%
Altice U.S.A., Inc., Class A(a)		58,904		201,452
AMC Networks, Inc., Class A(a)		7,641		134,329
Boston Omaha Corp., Class A(a)(b)		4,951		117,190
Cable One, Inc.		1,628		1,142,856
Charter Communications, Inc., Class A(a)		28,113		10,053,490
Clear Channel Outdoor Holdings, Inc.(a)		98,790		118,548
Comcast Corp., Class A		1,115,348		42,282,843
Daily Journal Corp.(a)		396		112,844
DISH Network Corp., Class A(a)(b)		66,612		621,490
Entravision Communications Corp., Class A		23,462		141,945
EW Scripps Co., Class A, NVS(a)		13,710		129,011
Fox Corp., Class A, NVS		77,918		2,653,108
Fox Corp., Class B		37,079		1,160,943
Gannett Co., Inc.(a)		60,605		113,331
Gray Television, Inc.		21,533		187,768
iHeartMedia, Inc., Class A(a)		28,363		110,616
Integral Ad Science Holding Corp.(a)		10,108		144,241

Security	Shares		Value
Media (continued)
Interpublic Group of Cos., Inc.		104,491	$	3,891,245
John Wiley & Sons, Inc., Class A		12,338		478,344
Liberty Broadband Corp., Class A(a)(b)		5,333		437,946
Liberty Broadband Corp., Class C, NVS(a)		31,365		2,562,521
Liberty Media Corp. - Liberty SiriusXM, Class A(a)(b)		18,943		532,109
Liberty Media Corp. - Liberty SiriusXM, Class C, NVS(a)		40,361		1,129,704
Magnite, Inc.(a)(b)		34,024		315,062
New York Times Co., Class A		43,708		1,699,367
News Corp., Class A, NVS		103,967		1,795,510
News Corp., Class B		31,536		549,672
Nexstar Media Group, Inc., Class A		9,961		1,719,866
Omnicom Group, Inc.		53,042		5,003,982
Paramount Global, Class B, NVS		152,972		3,412,805
PubMatic, Inc., Class A(a)(b)		11,372		157,161
Quotient Technology, Inc.(a)		27,771		91,089
Scholastic Corp., NVS		6,949		237,795
Sinclair Broadcast Group, Inc., Class A		11,917		204,496
Sirius XM Holdings, Inc.(b)		195,439		775,893
Stagwell, Inc.(a)(b)		18,709		138,821
TechTarget, Inc.(a)(b)		7,385		266,746
TEGNA, Inc.		55,919		945,590
Thryv Holdings, Inc.(a)		6,663		153,649
Trade Desk, Inc., Class A(a)(b)		116,036		7,067,753
WideOpenWest, Inc.(a)(b)		14,857		157,930
				93,151,061
Metals & Mining — 0.6%
5E Advanced Materials, Inc.(a)		10,839		58,747
Alcoa Corp.		48,689		2,072,204
Alpha Metallurgical Resources, Inc.		4,505		702,780
Arconic Corp.(a)		26,316		690,269
ATI, Inc.(a)(b)		32,891		1,297,879
Carpenter Technology Corp.		13,396		599,605
Century Aluminum Co.(a)		15,311		153,110
Cleveland-Cliffs, Inc.(a)		136,779		2,507,159
Coeur Mining, Inc.(a)		64,839		258,708
Commercial Metals Co.		31,753		1,552,722
Compass Minerals International, Inc.		9,018		309,227
Constellium SE(a)		30,530		466,498
Freeport-McMoRan, Inc.		378,749		15,494,622
Haynes International, Inc.		3,755		188,088
Hecla Mining Co.(b)		144,980		917,723
Ivanhoe Electric, Inc.(a)		12,303		149,482
Kaiser Aluminum Corp.		4,355		325,014
Materion Corp.		5,022		582,552
MP Materials Corp., Class A(a)(b)		23,823		671,570
Newmont Corp.		212,667		10,424,936
Novagold Resources, Inc.(a)		65,594		407,995
Nucor Corp.		68,264		10,544,740
Olympic Steel, Inc.		2,534		132,300
Piedmont Lithium, Inc.(a)(b)		4,883		293,224
Reliance Steel & Aluminum Co.		15,443		3,964,836
Royal Gold, Inc.		17,938		2,326,738
Ryerson Holding Corp.		5,022		182,700
Schnitzer Steel Industries, Inc., Class A		6,252		194,437
Southern Copper Corp.		22,177		1,690,996
SSR Mining, Inc.		53,198		804,354
Steel Dynamics, Inc.		44,182		4,995,217
SunCoke Energy, Inc.		26,356		236,677
TimkenSteel Corp.(a)		10,063		184,555
Tredegar Corp.		11,430		104,356

S C H E D U L E S   O F   I N V E  S T M E N T S 25

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
United States Steel Corp.		59,359	$	1,549,270
Warrior Met Coal, Inc.		12,514		459,389
Worthington Industries, Inc.		9,436		610,037
				68,104,716
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AFC Gamma, Inc.		6,405		77,885
AGNC Investment Corp.		151,405		1,526,162
Annaly Capital Management, Inc.		124,045		2,370,500
Apollo Commercial Real Estate Finance, Inc.		41,209		383,656
Arbor Realty Trust, Inc.		41,720		479,363
Ares Commercial Real Estate Corp.		11,119		101,072
ARMOUR Residential REIT, Inc.		49,142		257,996
Blackstone Mortgage Trust, Inc., Class A		42,673		761,713
BrightSpire Capital, Inc., Class A		23,558		138,992
Broadmark Realty Capital, Inc.		36,510		171,597
Chimera Investment Corp.		60,231		339,703
Claros Mortgage Trust, Inc.		23,529		274,113
Dynex Capital, Inc.		8,729		105,795
Ellington Financial, Inc.		13,771		168,144
Franklin BSP Realty Trust, Inc.		22,021		262,711
Granite Point Mortgage Trust, Inc.		16,042		79,568
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(b)		22,985		657,371
Invesco Mortgage Capital, Inc.		8,714		96,638
KKR Real Estate Finance Trust, Inc.		15,992		182,149
Ladder Capital Corp., Class A		28,069		265,252
MFA Financial, Inc.		29,882		296,429
New York Mortgage Trust, Inc.		24,480		243,821
Orchid Island Capital, Inc.		11,938		128,095
PennyMac Mortgage Investment Trust		23,801		293,466
Ready Capital Corp.		21,495		218,604
Redwood Trust, Inc.		31,709		213,719
Rithm Capital Corp.		113,088		904,704
Starwood Property Trust, Inc.		75,478		1,335,206
TPG RE Finance Trust, Inc.		14,931		108,399
Two Harbors Investment Corp.		24,088		354,334
				12,797,157
Multi-Utilities — 0.7%
Ameren Corp.		68,624		5,928,427
Avista Corp.		18,236		774,118
Black Hills Corp.		17,609		1,111,128
CenterPoint Energy, Inc.		167,063		4,921,676
CMS Energy Corp.		77,724		4,770,699
Consolidated Edison, Inc.		94,705		9,060,427
Dominion Energy, Inc.		222,516		12,440,870
DTE Energy Co.		51,285		5,617,759
NiSource, Inc.		106,864		2,987,918
NorthWestern Corp.		15,555		900,012
Public Service Enterprise Group, Inc.		133,272		8,322,836
Sempra Energy		83,485		12,619,593
Unitil Corp.		3,429		195,590
WEC Energy Group, Inc.		84,081		7,970,038
				77,621,091
Office REITs — 0.2%
Alexandria Real Estate Equities, Inc.		45,895		5,763,953
Boston Properties, Inc.		41,763		2,260,214
Brandywine Realty Trust		50,370		238,250
City Office REIT, Inc.		13,001		89,707
Corporate Office Properties Trust		29,830		707,269
Cousins Properties, Inc.		39,890		852,848
Douglas Emmett, Inc.		45,071		555,726

Security	Shares		Value
Office REITs (continued)
Easterly Government Properties, Inc.		25,580	$	351,469
Equity Commonwealth		27,990		579,673
Franklin Street Properties Corp.		36,281		56,961
Highwoods Properties, Inc.		27,148		629,562
Hudson Pacific Properties, Inc.		40,963		272,404
JBG SMITH Properties		28,765		433,201
Kilroy Realty Corp.		31,110		1,007,964
Office Properties Income Trust		12,742		156,727
Orion Office REIT, Inc.		14,444		96,775
Paramount Group, Inc.		47,069		214,635
Piedmont Office Realty Trust, Inc., Class A		33,998		248,185
Postal Realty Trust, Inc., Class A		3,870		58,901
SL Green Realty Corp.(b)		16,856		396,453
Vornado Realty Trust		47,438		729,122
				15,699,999
Oil, Gas & Consumable Fuels — 4.2%
Amplify Energy Corp.(a)		12,533		86,102
Antero Midstream Corp.		89,193		935,635
Antero Resources Corp.(a)		77,230		1,783,241
APA Corp.		86,694		3,126,186
Arch Resources, Inc.		4,041		531,230
Ardmore Shipping Corp.		13,338		198,336
Berry Corp.		23,041		180,872
California Resources Corp.		19,472		749,672
Callon Petroleum Co.(a)(b)		12,962		433,449
Cheniere Energy, Inc.		66,655		10,504,828
Chesapeake Energy Corp.		31,971		2,431,075
Chevron Corp.		515,674		84,137,370
Chord Energy Corp.		11,223		1,510,616
Civitas Resources, Inc.		19,441		1,328,598
Clean Energy Fuels Corp.(a)		41,917		182,758
CNX Resources Corp.(a)(b)		44,642		715,165
Comstock Resources, Inc.		22,464		242,387
ConocoPhillips		326,317		32,373,910
CONSOL Energy, Inc.		9,620		560,557
Coterra Energy, Inc.		208,477		5,116,026
Crescent Energy Co., Class A		10,020		113,326
CVR Energy, Inc.		7,555		247,653
Delek U.S. Holdings, Inc.		19,215		440,984
Denbury, Inc.(a)		13,907		1,218,670
Devon Energy Corp.		173,159		8,763,577
DHT Holdings, Inc.		31,369		339,099
Diamondback Energy, Inc.		47,831		6,465,316
Dorian LPG Ltd.		9,471		188,852
DT Midstream, Inc.		25,152		1,241,754
Earthstone Energy, Inc., Class A(a)(b)		8,930		116,179
Energy Fuels, Inc.(a)(b)		39,744		221,771
Enviva, Inc.		7,876		227,459
EOG Resources, Inc.		156,273		17,913,574
EQT Corp.		96,881		3,091,473
Equitrans Midstream Corp.		112,001		647,366
Excelerate Energy, Inc., Class A		4,879		108,021
Exxon Mobil Corp.		1,098,788		120,493,092
FLEX LNG Ltd.		7,261		243,824
Frontline PLC		33,739		558,718
Gevo, Inc.(a)(b)		53,319		82,111
Golar LNG Ltd.(a)		25,052		541,123
Green Plains, Inc.(a)		9,493		294,188
Gulfport Energy Corp.(a)(b)		2,953		236,240
Hess Corp.		74,813		9,900,752
HF Sinclair Corp.		35,811		1,732,536
International Seaways, Inc.		13,424		559,512

26 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan, Inc.		531,264	$	9,302,433
Kinetik Holdings, Inc.		4,913		153,777
Kosmos Energy Ltd.(a)		124,472		926,072
Magnolia Oil & Gas Corp., Class A		48,428		1,059,605
Marathon Oil Corp.		168,045		4,026,358
Marathon Petroleum Corp.		121,178		16,338,430
Matador Resources Co.		30,083		1,433,455
Murphy Oil Corp.		38,085		1,408,383
New Fortress Energy, Inc., Class A		15,218		447,866
Nordic American Tankers Ltd.		51,634		204,471
Northern Oil & Gas, Inc.		17,587		533,765
Occidental Petroleum Corp.(b)		210,895		13,166,175
ONEOK, Inc.		119,024		7,562,785
Ovintiv, Inc.		65,556		2,365,260
Par Pacific Holdings, Inc.(a)(b)		11,798		344,502
PBF Energy, Inc., Class A		31,433		1,362,935
PDC Energy, Inc.		23,455		1,505,342
Peabody Energy Corp.(a)(b)		30,597		783,283
Permian Resources Corp.		62,253		653,656
PetroCorp Escrow(a)(d)		1,248		—
Phillips 66		124,180		12,589,368
Pioneer Natural Resources Co.		63,206		12,909,193
Range Resources Corp.		62,474		1,653,687
Ranger Oil Corp., Class A		6,257		255,536
REX American Resources Corp.(a)		4,604		131,628
Riley Exploration Permian, Inc.		3,314		126,131
Scorpio Tankers, Inc.		12,820		721,894
SFL Corp. Ltd.		36,084		342,798
SilverBow Resources, Inc.(a)		3,093		70,675
Sitio Royalties Corp., Class A		19,181		433,491
SM Energy Co.		31,948		899,656
Southwestern Energy Co.(a)		296,275		1,481,375
Talos Energy, Inc.(a)		18,409		273,189
Targa Resources Corp.		60,593		4,420,259
Teekay Corp.(a)(b)		22,022		136,096
Teekay Tankers Ltd., Class A(a)		6,420		275,611
Tellurian, Inc.(a)(b)		139,735		171,874
Texas Pacific Land Corp.		1,495		2,543,025
Uranium Energy Corp.(a)(b)		86,886		250,232
Ur-Energy, Inc.(a)(b)		92,421		97,966
VAALCO Energy, Inc.		27,961		126,663
Valero Energy Corp.		102,033		14,243,807
Vertex Energy, Inc.(a)(b)		15,844		156,539
Vital Energy, Inc.(a)		4,680		213,127
Vitesse Energy, Inc.		6,379		121,392
W&T Offshore, Inc.(a)(b)		33,221		168,763
Williams Cos., Inc.		326,170		9,739,436
World Fuel Services Corp.		17,787		454,458
				451,701,605
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)		4,528		151,326
Louisiana-Pacific Corp.		18,382		996,488
Sylvamo Corp.		9,399		434,798
				1,582,612
Passenger Airlines — 0.2%
Alaska Air Group, Inc.(a)		32,674		1,371,001
Allegiant Travel Co.(a)		3,675		338,027
American Airlines Group, Inc.(a)		174,783		2,578,049
Blade Air Mobility, Inc., Class A(a)		23,467		79,318
Copa Holdings SA, Class A, NVS(b)		8,172		754,684
Delta Air Lines, Inc.(a)		170,815		5,964,860
Frontier Group Holdings, Inc.(a)(b)		9,833		96,757

Security	Shares		Value
Passenger Airlines (continued)
Hawaiian Holdings, Inc.(a)		14,243	$	130,466
JetBlue Airways Corp.(a)		82,558		601,022
Joby Aviation, Inc.(a)(b)		69,932		303,505
SkyWest, Inc.(a)		14,042		311,311
Southwest Airlines Co.		157,127		5,112,913
Spirit Airlines, Inc.		26,652		457,615
Sun Country Airlines Holdings, Inc.(a)		6,778		138,949
United Airlines Holdings, Inc.(a)		86,506		3,827,890
				22,066,367
Personal Care Products — 0.2%
Beauty Health Co., Class A(a)		24,187		305,482
BellRing Brands, Inc.(a)		35,573		1,209,482
Coty, Inc., Class A(a)(b)		89,677		1,081,505
Edgewell Personal Care Co.		15,159		643,045
elf Beauty, Inc.(a)		12,220		1,006,317
Estee Lauder Cos., Inc., Class A		61,384		15,128,701
Herbalife Nutrition Ltd.(a)		28,398		457,208
Inter Parfums, Inc.		5,044		717,458
Medifast, Inc.		3,200		331,744
Nu Skin Enterprises, Inc., Class A		11,889		467,356
Olaplex Holdings, Inc.(a)		34,623		147,840
USANA Health Sciences, Inc.(a)		3,624		227,950
Veru, Inc.(a)(b)		16,562		19,212
				21,743,300
Pharmaceuticals — 3.8%
Aclaris Therapeutics, Inc.(a)(b)		17,902		144,827
Amneal Pharmaceuticals, Inc.(a)(b)		54,985		76,429
Amphastar Pharmaceuticals, Inc.(a)		10,488		393,300
Amylyx Pharmaceuticals, Inc.(a)		13,677		401,283
ANI Pharmaceuticals, Inc.(a)		3,200		127,104
Arvinas, Inc.(a)(b)		11,661		318,579
Atea Pharmaceuticals, Inc.(a)(b)		18,257		61,161
Axsome Therapeutics, Inc.(a)(b)		8,472		522,553
Bristol-Myers Squibb Co.		567,845		39,357,337
Cara Therapeutics, Inc.(a)		12,351		60,643
Cassava Sciences, Inc.(a)(b)		9,990		240,959
Catalent, Inc.(a)		47,495		3,120,896
Collegium Pharmaceutical, Inc.(a)		9,456		226,849
Corcept Therapeutics, Inc.(a)(b)		23,051		499,285
DICE Therapeutics, Inc.(a)(b)		9,562		273,951
Edgewise Therapeutics, Inc.(a)(b)		12,533		83,595
Elanco Animal Health, Inc.(a)		118,186		1,110,948
Eli Lilly & Co.		224,665		77,154,454
Esperion Therapeutics, Inc.(a)(b)		16,699		26,551
Evolus, Inc.(a)		11,582		97,984
Fulcrum Therapeutics, Inc.(a)		18,691		53,269
Harmony Biosciences Holdings, Inc.(a)		7,401		241,643
Innoviva, Inc.(a)		18,560		208,800
Intra-Cellular Therapies, Inc.(a)		24,446		1,323,751
Jazz Pharmaceuticals PLC(a)		16,482		2,411,811
Johnson & Johnson		701,718		108,766,290
Ligand Pharmaceuticals, Inc.(a)		3,911		287,693
Liquidia Corp.(a)		21,435		148,116
Merck & Co., Inc.		674,500		71,760,055
Nektar Therapeutics(a)		45,251		31,807
NGM Biopharmaceuticals, Inc.(a)(b)		20,493		83,611
Nuvation Bio, Inc.(a)		46,571		77,308
Ocular Therapeutix, Inc.(a)		27,259		143,655
Organon & Co.		68,392		1,608,580
Pacira BioSciences, Inc.(a)		11,838		483,109
Perrigo Co. PLC		37,023		1,328,015
Pfizer, Inc.		1,506,992		61,485,274

S C H E D U L E S   O F   I N V E  S T M E N T S 27

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Phibro Animal Health Corp., Class A		3,823	$	58,568
Prestige Consumer Healthcare, Inc.(a)		13,659		855,463
Provention Bio, Inc.(a)		15,527		374,201
Reata Pharmaceuticals, Inc., Class A(a)		7,353		668,535
Relmada Therapeutics, Inc.(a)(b)		14,493		32,754
Revance Therapeutics, Inc.(a)		22,316		718,798
Royalty Pharma PLC, Class A		97,994		3,530,724
Scilex Holding Co. (Acquired 01/13/23, Cost $96,475)(a)(b)(e)		19,104		154,869
SIGA Technologies, Inc.		12,144		69,828
Supernus Pharmaceuticals, Inc.(a)(b)		13,130		475,700
Tarsus Pharmaceuticals, Inc.(a)		9,335		117,341
Theravance Biopharma, Inc.(a)(b)		15,424		167,350
Ventyx Biosciences, Inc.(a)(b)		7,019		235,137
Viatris, Inc.		320,464		3,082,864
Xeris Biopharma Holdings, Inc.(a)		64,131		104,534
Zoetis, Inc., Class A		125,217		20,841,118
				406,229,259
Professional Services — 1.0%
Alight, Inc., Class A(a)(b)		101,896		938,462
ASGN, Inc.(a)		13,333		1,102,239
Automatic Data Processing, Inc.		111,409		24,802,986
Barrett Business Services, Inc.		1,745		154,677
Booz Allen Hamilton Holding Corp., Class A		35,479		3,288,548
Broadridge Financial Solutions, Inc.		30,771		4,510,105
CACI International, Inc., Class A(a)		6,075		1,799,901
CBIZ, Inc.(a)		13,592		672,668
Clarivate PLC(a)(b)		123,338		1,158,144
Concentrix Corp.		11,200		1,361,360
Conduent, Inc.(a)		41,224		141,398
CoStar Group, Inc.(a)		107,041		7,369,773
CRA International, Inc.		1,737		187,283
CSG Systems International, Inc.		8,364		449,147
Dun & Bradstreet Holdings, Inc.		67,850		796,559
Equifax, Inc.		32,433		6,578,710
ExlService Holdings, Inc.(a)		8,743		1,414,880
Exponent, Inc.		13,424		1,338,239
First Advantage Corp.(a)(b)		15,083		210,559
Forrester Research, Inc.(a)		3,639		117,722
Franklin Covey Co.(a)		4,383		168,614
FTI Consulting, Inc.(a)(b)		8,723		1,721,484
Genpact Ltd.		47,242		2,183,525
Heidrick & Struggles International, Inc.		4,465		135,557
HireRight Holdings Corp.(a)(b)		8,458		89,739
Huron Consulting Group, Inc.(a)		5,796		465,825
ICF International, Inc.		4,865		533,690
Insperity, Inc.		9,426		1,145,730
Jacobs Solutions, Inc.		33,472		3,933,295
KBR, Inc.		36,492		2,008,885
Kelly Services, Inc., Class A, NVS		10,105		167,642
Kforce, Inc.		5,065		320,311
Korn Ferry		14,178		733,570
Legalzoom.com, Inc.(a)(b)		25,191		236,292
Leidos Holdings, Inc.		35,731		3,289,396
ManpowerGroup, Inc.		13,931		1,149,725
Maximus, Inc.		16,460		1,295,402
NV5 Global, Inc.(a)		3,690		383,649
Paychex, Inc.		86,054		9,860,928
Planet Labs PBC, Class A(a)(b)		44,904		176,473
Resources Connection, Inc.		10,727		183,003
Robert Half International, Inc.		28,385		2,286,979
Science Applications International Corp.		14,621		1,571,173

Security	Shares		Value
Professional Services (continued)
SS&C Technologies Holdings, Inc.		58,952	$	3,329,019
Sterling Check Corp.(a)(b)		5,933		66,153
TransUnion		52,024		3,232,771
TriNet Group, Inc.(a)(b)		10,368		835,764
TrueBlue, Inc.(a)		10,009		178,160
TTEC Holdings, Inc.		4,671		173,901
Upwork, Inc.(a)		30,482		345,056
Verisk Analytics, Inc.		41,371		7,937,440
Verra Mobility Corp., Class A(a)		37,279		630,761
				109,163,272
Real Estate Management & Development — 0.1%
Anywhere Real Estate, Inc.(a)		31,577		166,727
CBRE Group, Inc., Class A(a)		84,395		6,144,800
Compass, Inc., Class A(a)		75,010		242,282
Cushman & Wakefield PLC(a)(b)		39,856		420,082
DigitalBridge Group, Inc.		41,988		503,436
Douglas Elliman, Inc.		25,654		79,784
eXp World Holdings, Inc.		16,255		206,276
Forestar Group, Inc.(a)		6,608		102,820
FRP Holdings, Inc.(a)		2,524		146,089
Howard Hughes Corp.(a)(b)		9,694		775,520
Jones Lang LaSalle, Inc.(a)		12,741		1,853,688
Kennedy-Wilson Holdings, Inc.		31,753		526,782
Marcus & Millichap, Inc.		5,899		189,417
Newmark Group, Inc., Class A		41,727		295,427
Opendoor Technologies, Inc.(a)(b)		118,556		208,659
RE/MAX Holdings, Inc., Class A		5,450		102,242
Redfin Corp.(a)		27,091		245,444
RMR Group, Inc., Class A		4,144		108,739
St. Joe Co.(b)		8,431		350,814
Tejon Ranch Co.(a)		8,456		154,491
WeWork, Inc., Class A(a)(b)		38,275		29,751
Zillow Group, Inc., Class A(a)		15,910		695,267
Zillow Group, Inc., Class C, NVS(a)(b)		42,284		1,880,370
				15,428,907
Residential REITs — 0.4%
American Homes 4 Rent, Class A		82,248		2,586,700
Apartment Income REIT Corp.		40,282		1,442,498
Apartment Investment & Management Co., Class A		40,370		310,445
AvalonBay Communities, Inc.		37,486		6,299,897
Bluerock Homes Trust, Inc., Class A(a)(b)		3,896		77,219
Camden Property Trust		27,721		2,906,270
Centerspace		4,672		255,231
Elme Communities		24,179		431,837
Equity LifeStyle Properties, Inc.		46,905		3,148,733
Equity Residential		98,154		5,889,240
Essex Property Trust, Inc.		17,242		3,605,992
Independence Realty Trust, Inc.		58,016		929,996
Invitation Homes, Inc.		163,631		5,110,196
Mid-America Apartment Communities, Inc.		30,314		4,578,627
NexPoint Residential Trust, Inc.		6,215		271,409
Sun Communities, Inc.		32,244		4,542,535
UDR, Inc.		88,383		3,629,006
UMH Properties, Inc.		15,648		231,434
Veris Residential, Inc.(a)		24,207		354,390
				46,601,655
Retail REITs — 0.4%
Acadia Realty Trust		24,793		345,862
Agree Realty Corp.		23,106		1,585,303
Alexander’s, Inc.		557		107,919

28 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
Brixmor Property Group, Inc.		80,354	$	1,729,218
CBL & Associates Properties, Inc.		8,990		230,504
Federal Realty Investment Trust		21,207		2,095,888
Getty Realty Corp.		8,694		313,245
InvenTrust Properties Corp.		18,561		434,327
Kimco Realty Corp.		161,718		3,158,352
Kite Realty Group Trust		55,465		1,160,328
Macerich Co.		58,281		617,779
National Retail Properties, Inc.		48,834		2,156,021
Necessity Retail REIT, Inc., Class A		28,707		180,280
NETSTREIT Corp.		15,984		292,187
Phillips Edison & Co., Inc.		29,913		975,762
Realty Income Corp.		166,507		10,543,223
Regency Centers Corp.		45,091		2,758,667
Retail Opportunity Investments Corp.		29,088		406,068
RPT Realty		19,564		186,054
Saul Centers, Inc.		3,202		124,878
Simon Property Group, Inc.		86,415		9,675,888
SITE Centers Corp.		48,242		592,412
Spirit Realty Capital, Inc.		37,843		1,507,665
Tanger Factory Outlet Centers, Inc.		29,000		569,270
Urban Edge Properties		30,285		456,092
Urstadt Biddle Properties, Inc., Class A		9,274		162,944
Whitestone REIT		15,779		145,167
				42,511,303
Semiconductors & Semiconductor Equipment — 5.7%
ACM Research, Inc., Class A(a)(b)		16,012		187,340
Advanced Micro Devices, Inc.(a)		430,654		42,208,399
Allegro MicroSystems, Inc.(a)		19,292		925,823
Alpha & Omega Semiconductor Ltd.(a)		6,389		172,184
Ambarella, Inc.(a)		9,273		717,916
Amkor Technology, Inc.		29,060		756,141
Analog Devices, Inc.		134,639		26,553,504
Applied Materials, Inc.		224,151		27,532,467
Axcelis Technologies, Inc.(a)		8,158		1,087,054
AXT, Inc.(a)(b)		22,347		88,941
Broadcom, Inc.		105,310		67,560,577
CEVA, Inc.(a)		5,669		172,508
Cirrus Logic, Inc.(a)		14,357		1,570,369
Cohu, Inc.(a)		11,114		426,666
Credo Technology Group Holding Ltd.(a)(b)		29,021		273,378
Diodes, Inc.(a)(b)		12,155		1,127,498
Enphase Energy, Inc.(a)		35,094		7,379,566
Entegris, Inc.		39,936		3,275,151
First Solar, Inc.(a)		28,478		6,193,965
FormFactor, Inc.(a)(b)		20,439		650,982
GLOBALFOUNDRIES, Inc.(a)(b)		16,421		1,185,268
Ichor Holdings Ltd.(a)		7,333		240,082
Impinj, Inc.(a)(b)		5,704		773,006
indie Semiconductor, Inc., Class A(a)		32,832		346,378
Intel Corp.		1,103,466		36,050,234
KLA Corp.		37,020		14,777,273
Kulicke & Soffa Industries, Inc.		15,097		795,461
Lam Research Corp.		36,038		19,104,465
Lattice Semiconductor Corp.(a)		35,443		3,384,806
MACOM Technology Solutions Holdings, Inc.(a)		14,638		1,036,956
Marvell Technology, Inc.		226,139		9,791,819
MaxLinear, Inc.(a)		18,778		661,173
Microchip Technology, Inc.		141,708		11,872,296
Micron Technology, Inc.		288,546		17,410,866
MKS Instruments, Inc.(b)		15,536		1,376,800
Monolithic Power Systems, Inc.		12,157		6,085,065

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corp.		630,827	$	175,224,816
ON Semiconductor Corp.(a)		115,333		9,494,213
Onto Innovation, Inc.(a)		13,591		1,194,377
PDF Solutions, Inc.(a)		7,558		320,459
Photronics, Inc.(a)		16,263		269,641
Power Integrations, Inc.		15,657		1,325,208
Qorvo, Inc.(a)		26,150		2,656,055
QUALCOMM, Inc.		298,762		38,116,056
Rambus, Inc.(a)		27,391		1,404,063
Semtech Corp.(a)		17,050		411,587
Silicon Laboratories, Inc.(a)		8,379		1,467,079
SiTime Corp.(a)		4,307		612,585
Skyworks Solutions, Inc.		42,176		4,975,924
SMART Global Holdings, Inc.(a)(b)		14,129		243,584
Synaptics, Inc.(a)		10,271		1,141,622
Teradyne, Inc.		42,157		4,532,299
Texas Instruments, Inc.		241,958		45,006,608
Ultra Clean Holdings, Inc.(a)		11,515		381,837
Universal Display Corp.		11,821		1,833,792
Veeco Instruments, Inc.(a)(b)		11,252		237,755
Wolfspeed, Inc.(a)(b)		32,672		2,122,046
				606,723,983
Software — 9.5%
8x8, Inc.(a)		28,145		117,365
A10 Networks, Inc.		14,940		231,421
ACI Worldwide, Inc.(a)		31,753		856,696
Adeia, Inc.		28,067		248,674
Adobe, Inc.(a)		121,910		46,980,457
Agilysys, Inc.(a)		5,009		413,293
Alarm.com Holdings, Inc.(a)		12,226		614,723
Alkami Technology, Inc.(a)		7,450		94,317
Altair Engineering, Inc., Class A(a)(b)		14,024		1,011,271
Alteryx, Inc., Class A(a)		15,537		914,197
American Software, Inc., Class A		8,823		111,258
Amplitude, Inc., Class A(a)(b)		17,238		214,441
ANSYS, Inc.(a)		23,248		7,736,934
Appfolio, Inc., Class A(a)		4,800		597,504
Appian Corp., Class A(a)		10,323		458,135
AppLovin Corp., Class A(a)(b)		59,697		940,228
Asana, Inc., Class A(a)		19,718		416,641
Aspen Technology, Inc.(a)		6,976		1,596,597
Atlassian Corp., Class A(a)(b)		38,875		6,654,234
Autodesk, Inc.(a)		57,921		12,056,835
AvePoint, Inc., Class A(a)(b)		39,298		161,908
Bentley Systems, Inc., Class B(b)		45,647		1,962,365
BILL Holdings, Inc.(a)(b)		25,867		2,098,848
Black Knight, Inc.(a)		41,052		2,362,953
Blackbaud, Inc.(a)		12,866		891,614
Blackline, Inc.(a)		14,904		1,000,804
Blend Labs, Inc., Class A(a)(b)		60,275		60,046
Box, Inc., Class A(a)		37,484		1,004,196
C3.ai, Inc., Class A(a)(b)		15,644		525,169
Cadence Design Systems, Inc.(a)		72,487		15,228,794
CCC Intelligent Solutions Holdings, Inc.(a)(b)		46,241		414,782
Cerence, Inc.(a)		9,944		279,327
Ceridian HCM Holding, Inc.(a)(b)		37,341		2,734,108
Clear Secure, Inc., Class A		16,650		435,730
CommVault Systems, Inc.(a)		11,165		633,502
Confluent, Inc., Class A(a)		33,767		812,772
Consensus Cloud Solutions, Inc.(a)		5,684		193,768
Couchbase, Inc.(a)(b)		9,435		132,656
Crowdstrike Holdings, Inc., Class A(a)(b)		57,545		7,898,627

S C H E D U L E S   O F   I N V E  S T M E N T S 29

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
CS Disco, Inc.(a)		9,723	$	64,561
Cvent Holding Corp.(a)(b)		12,186		101,875
Datadog, Inc., Class A(a)		70,335		5,110,541
Digimarc Corp.(a)		5,308		104,302
Digital Turbine, Inc.(a)(b)		22,649		279,942
DocuSign, Inc.(a)		52,628		3,068,212
Dolby Laboratories, Inc., Class A		15,525		1,326,145
Domo, Inc., Class B(a)		6,907		98,010
DoubleVerify Holdings, Inc.(a)		22,862		689,289
Dropbox, Inc., Class A(a)		70,163		1,516,924
Dynatrace, Inc.(a)		56,858		2,405,093
E2open Parent Holdings, Inc., Class A(a)		53,945		313,960
Ebix, Inc.		6,822		89,982
Elastic NV(a)		21,316		1,234,196
Enfusion, Inc., Class A(a)		8,078		84,819
EngageSmart, Inc.(a)		11,604		223,377
Envestnet, Inc.(a)(b)		14,382		843,792
Everbridge, Inc.(a)		9,648		334,496
EverCommerce, Inc.(a)		11,363		120,221
Fair Isaac Corp.(a)		6,503		4,569,593
Five9, Inc.(a)		19,424		1,404,161
ForgeRock, Inc., Class A(a)(b)		9,323		192,054
Fortinet, Inc.(a)		171,974		11,429,392
Gen Digital, Inc.		146,607		2,515,776
Guidewire Software, Inc.(a)		21,853		1,793,039
HubSpot, Inc.(a)		12,297		5,272,339
Informatica, Inc., Class A(a)(b)		8,811		144,500
Instructure Holdings, Inc.(a)(b)		5,218		135,146
Intapp, Inc.(a)		4,098		183,754
InterDigital, Inc.(b)		8,910		649,539
Intuit, Inc.		73,476		32,757,805
Jamf Holding Corp.(a)		17,996		349,482
LivePerson, Inc.(a)		16,556		73,012
LiveRamp Holdings, Inc.(a)		16,697		366,165
Manhattan Associates, Inc.(a)		16,532		2,559,980
Marathon Digital Holdings, Inc.(a)(b)		27,502		239,817
Matterport, Inc.(a)		65,431		178,627
MeridianLink, Inc.(a)(b)		6,056		104,769
Microsoft Corp.		1,995,073		575,179,546
MicroStrategy, Inc., Class A(a)(b)		2,548		744,831
Mitek Systems, Inc.(a)		10,975		105,250
Model N, Inc.(a)(b)		9,649		322,952
Momentive Global, Inc.(a)		32,109		299,256
N-able, Inc.(a)		17,985		237,402
nCino, Inc.(a)(b)		20,406		505,661
NCR Corp.(a)		33,595		792,506
New Relic, Inc.(a)		13,785		1,037,873
Nutanix, Inc., Class A(a)		60,938		1,583,779
Olo, Inc., Class A(a)(b)		26,776		218,492
ON24, Inc.(a)		15,162		132,819
OneSpan, Inc.(a)		11,005		192,587
Oracle Corp.		407,560		37,870,475
PagerDuty, Inc.(a)		21,253		743,430
Palantir Technologies, Inc., Class A(a)(b)		495,405		4,186,172
Palo Alto Networks, Inc.(a)(b)		79,489		15,877,133
Paycom Software, Inc.(a)		13,548		4,118,727
Paycor HCM, Inc.(a)(b)		17,034		451,742
Paylocity Holding Corp.(a)		10,436		2,074,468
Pegasystems, Inc.		10,991		532,844
Porch Group, Inc.(a)		31,979		45,730
PowerSchool Holdings, Inc., Class A(a)		11,286		223,689
Procore Technologies, Inc.(a)		18,101		1,133,666

Security	Shares		Value
Software (continued)
Progress Software Corp.		11,758	$	675,497
PROS Holdings, Inc.(a)		11,803		323,402
PTC, Inc.(a)		28,090		3,601,981
Q2 Holdings, Inc.(a)		14,814		364,721
Qualys, Inc.(a)(b)		10,008		1,301,240
Rapid7, Inc.(a)		15,199		697,786
RingCentral, Inc., Class A(a)		24,451		749,912
Riot Platforms, Inc.(a)(b)		40,626		405,854
Roper Technologies, Inc.		28,044		12,358,710
Salesforce, Inc.(a)		256,605		51,264,547
Sapiens International Corp. NV		6,886		149,564
SentinelOne, Inc., Class A(a)		50,885		832,479
ServiceNow, Inc.(a)		54,219		25,196,654
Smartsheet, Inc., Class A(a)		34,494		1,648,813
SolarWinds Corp.(a)		12,307		105,840
SoundThinking, Inc.(a)(b)		2,883		113,360
Splunk, Inc.(a)		43,271		4,148,823
Sprout Social, Inc., Class A(a)(b)		11,640		708,643
SPS Commerce, Inc.(a)		9,835		1,497,870
Sumo Logic, Inc.(a)		35,080		420,258
Synopsys, Inc.(a)		40,789		15,754,751
Telos Corp.(a)		12,342		31,225
Tenable Holdings, Inc.(a)		28,887		1,372,421
Teradata Corp.(a)		26,335		1,060,774
Tyler Technologies, Inc.(a)		11,073		3,926,929
UiPath, Inc., Class A(a)		100,079		1,757,387
Unity Software, Inc.(a)(b)		62,125		2,015,335
Varonis Systems, Inc.(a)		27,501		715,301
Verint Systems, Inc.(a)		17,794		662,649
VMware, Inc., Class A(a)		57,078		7,126,188
Workday, Inc., Class A(a)(b)		53,047		10,956,327
Workiva, Inc., Class A(a)		13,084		1,339,932
Xperi, Inc.(a)		12,417		135,718
Yext, Inc.(a)(b)		25,562		245,651
Zeta Global Holdings Corp., Class A(a)(b)		30,754		333,066
Zoom Video Communications, Inc., Class A(a)		65,339		4,824,632
Zscaler, Inc.(a)(b)		22,197		2,593,276
Zuora, Inc., Class A(a)		29,493		291,391
				1,014,345,814
Specialized REITs — 1.2%
American Tower Corp.		123,971		25,332,234
Crown Castle, Inc.		114,954		15,385,443
CubeSmart		58,804		2,717,921
Digital Realty Trust, Inc.		76,245		7,495,646
EPR Properties		20,701		788,708
Equinix, Inc.		24,534		17,689,995
Extra Space Storage, Inc.		35,563		5,794,280
Farmland Partners, Inc.		10,264		109,825
Four Corners Property Trust, Inc.		22,253		597,716
Gaming & Leisure Properties, Inc.		65,803		3,425,704
Gladstone Land Corp.		9,274		154,412
Iron Mountain, Inc.		77,815		4,117,192
Lamar Advertising Co., Class A		23,338		2,331,233
Life Storage, Inc.		22,313		2,925,011
National Storage Affiliates Trust		22,571		943,016
Outfront Media, Inc.		39,045		633,700
PotlatchDeltic Corp.		21,687		1,073,507
Public Storage		41,698		12,598,634
Rayonier, Inc.		37,817		1,257,793
Safehold, Inc.		8,977		263,650
SBA Communications Corp.		28,531		7,448,588
Uniti Group, Inc.		61,727		219,131

30 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialized REITs (continued)
VICI Properties, Inc.		267,857	$	8,737,495
Weyerhaeuser Co.		196,342		5,915,785
				127,956,619
Specialty Retail — 2.2%
1-800-Flowers.com, Inc., Class A(a)		10,740		123,510
Aaron’s Co., Inc.		9,848		95,132
Abercrombie & Fitch Co., Class A(a)		14,232		394,938
Academy Sports & Outdoors, Inc.		20,174		1,316,354
Advance Auto Parts, Inc.		15,609		1,898,211
American Eagle Outfitters, Inc.		38,915		523,018
America’s Car-Mart, Inc.(a)		1,958		155,093
Arko Corp., Class A		20,871		177,195
Asbury Automotive Group, Inc.(a)		5,933		1,245,930
AutoNation, Inc.(a)		9,004		1,209,777
AutoZone, Inc.(a)		4,966		12,207,173
Bath & Body Works, Inc.		61,339		2,243,781
Bed Bath & Beyond, Inc.(a)(b)		28,339		12,112
Best Buy Co., Inc.		52,005		4,070,431
Boot Barn Holdings, Inc.(a)		8,191		627,758
Buckle, Inc.		6,808		242,978
Build-A-Bear Workshop, Inc.		4,272		99,281
Burlington Stores, Inc.(a)		17,059		3,447,624
Caleres, Inc.		10,702		231,484
Camping World Holdings, Inc., Class A		10,927		228,046
CarMax, Inc.(a)(b)		42,739		2,747,263
CarParts.com, Inc.(a)		21,805		116,439
Carvana Co., Class A(a)(b)		30,679		300,347
Chico’s FAS, Inc.(a)		33,463		184,047
Children’s Place, Inc.(a)		3,249		130,772
Designer Brands, Inc., Class A		17,755		155,179
Destination XL Group, Inc.(a)		15,332		84,479
Dick’s Sporting Goods, Inc.		14,199		2,014,696
EVgo, Inc.(a)(b)		20,741		161,572
Five Below, Inc.(a)		14,649		3,017,255
Floor & Decor Holdings, Inc., Class A(a)(b)		26,785		2,630,823
Foot Locker, Inc.		20,846		827,378
Franchise Group, Inc.		7,656		208,626
GameStop Corp., Class A(a)(b)		71,338		1,642,201
Gap, Inc.		53,329		535,423
Genesco, Inc.(a)		3,200		118,016
Group 1 Automotive, Inc.		3,750		849,075
GrowGeneration Corp.(a)		28,115		96,153
Guess?, Inc.		9,577		186,368
Haverty Furniture Cos., Inc.		4,597		146,690
Hibbett, Inc.		4,201		247,775
Home Depot, Inc.		271,723		80,190,892
Leslie’s, Inc.(a)(b)		41,898		461,297
Lithia Motors, Inc., Class A		7,443		1,703,926
Lowe’s Cos., Inc.		161,247		32,244,563
MarineMax, Inc.(a)		5,430		156,113
Monro, Inc.		8,431		416,744
Murphy U.S.A., Inc.		5,550		1,432,178
National Vision Holdings, Inc.(a)		20,701		390,007
ODP Corp.(a)		11,830		532,113
OneWater Marine, Inc., Class A(a)		3,382		94,595
O’Reilly Automotive, Inc.(a)		16,432		13,950,439
Overstock.com, Inc.(a)		11,571		234,544
Penske Automotive Group, Inc.(b)		7,043		998,768
Petco Health & Wellness Co., Inc.(a)(b)		23,456		211,104
PetMed Express, Inc.		5,725		92,974
Revolve Group, Inc.(a)(b)		9,746		256,320
RH(a)(b)		4,807		1,170,745

Security	Shares		Value
Specialty Retail (continued)
Ross Stores, Inc.		91,129	$	9,671,521
Sally Beauty Holdings, Inc.(a)		27,797		433,077
Shoe Carnival, Inc.		5,543		142,178
Signet Jewelers Ltd.		11,766		915,159
Sleep Number Corp.(a)		5,794		176,196
Sonic Automotive, Inc., Class A		5,589		303,706
Sportsman’s Warehouse Holdings, Inc.(a)		13,354		113,242
Stitch Fix, Inc., Class A(a)(b)		26,331		134,551
TJX Cos., Inc.		308,991		24,212,535
Tractor Supply Co.		29,487		6,930,624
TravelCenters of America, Inc.(a)		4,064		351,536
Ulta Beauty, Inc.(a)		13,345		7,281,966
Upbound Group, Inc.		12,640		309,806
Urban Outfitters, Inc.(a)		18,859		522,771
Victoria’s Secret & Co.(a)		21,247		725,585
Warby Parker, Inc., Class A(a)(b)		25,915		274,440
Wayfair, Inc., Class A(a)(b)		19,822		680,687
Williams-Sonoma, Inc.		17,697		2,153,017
Winmark Corp.		776		248,654
Zumiez, Inc.(a)		5,414		99,834
				237,168,810
Technology Hardware, Storage & Peripherals — 6.4%
Apple Inc.		4,007,325		660,807,892
Avid Technology, Inc.(a)(b)		10,820		346,024
Corsair Gaming, Inc.(a)(b)		10,236		187,831
Dell Technologies, Inc., Class C		63,104		2,537,412
Eastman Kodak Co.(a)(b)		20,075		82,307
Hewlett Packard Enterprise Co.		346,306		5,516,654
HP, Inc.		262,533		7,705,343
IonQ, Inc.(a)(b)		37,078		228,030
NetApp, Inc.		58,771		3,752,528
Pure Storage, Inc., Class A(a)(b)		75,057		1,914,704
Super Micro Computer, Inc.(a)		12,363		1,317,278
Western Digital Corp.(a)		85,367		3,215,775
Xerox Holdings Corp.		33,639		518,041
				688,129,819
Textiles, Apparel & Luxury Goods — 0.7%
Allbirds, Inc., Class A(a)		34,064		40,877
Capri Holdings Ltd.(a)		33,304		1,565,288
Carter’s, Inc.		9,844		707,980
Columbia Sportswear Co.		10,030		905,107
Crocs, Inc.(a)		16,354		2,067,800
Deckers Outdoor Corp.(a)		6,979		3,137,409
Ermenegildo Zegna NV		16,732		228,224
G-III Apparel Group Ltd.(a)		11,264		175,155
Hanesbrands, Inc.		95,318		501,373
Kontoor Brands, Inc.		14,169		685,638
Lululemon Athletica, Inc.(a)		29,490		10,739,963
Movado Group, Inc.		4,360		125,437
NIKE, Inc., Class B		320,757		39,337,639
Oxford Industries, Inc.		4,606		486,348
PVH Corp.		17,658		1,574,387
Ralph Lauren Corp., Class A		10,973		1,280,220
Skechers U.S.A., Inc., Class A(a)		35,054		1,665,766
Steven Madden Ltd.		22,224		800,064
Tapestry, Inc.		63,078		2,719,293
Under Armour, Inc., Class A(a)		50,343		477,755
Under Armour, Inc., Class C, NVS(a)		51,233		437,018
VF Corp.		92,637		2,122,314
Wolverine World Wide, Inc.		22,627		385,790
				72,166,845

S C H E D U L E S   O F   I N V E  S T M E N T S 31

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Tobacco — 0.6%
Altria Group, Inc.		478,429	$	21,347,502
Philip Morris International, Inc.		413,164		40,180,199
Turning Point Brands, Inc.		6,111		128,331
Universal Corp.		6,664		352,459
Vector Group Ltd.		41,257		495,497
				62,503,988
Trading Companies & Distributors — 0.4%
Air Lease Corp., Class A		28,419		1,118,856
Alta Equipment Group, Inc., Class A		8,962		142,048
Applied Industrial Technologies, Inc.		9,886		1,405,097
Beacon Roofing Supply, Inc.(a)		14,298		841,437
BlueLinx Holdings, Inc.(a)		2,289		155,560
Boise Cascade Co.		9,649		610,299
Core & Main, Inc., Class A(a)(b)		21,052		486,301
Custom Truck One Source, Inc.(a)(b)		17,247		117,107
DXP Enterprises, Inc.(a)		5,424		146,014
Fastenal Co.		152,638		8,233,294
GATX Corp.		9,043		994,911
Global Industrial Co.		3,967		106,474
GMS, Inc.(a)		11,183		647,384
H&E Equipment Services, Inc.		8,156		360,740
Herc Holdings, Inc.		6,328		720,759
Hudson Technologies, Inc.(a)		11,357		99,147
McGrath RentCorp		6,161		574,883
MRC Global, Inc.(a)		23,378		227,234
MSC Industrial Direct Co., Inc., Class A		12,368		1,038,912
NOW, Inc.(a)		27,717		309,045
Rush Enterprises, Inc., Class A		10,335		564,291
Rush Enterprises, Inc., Class B		2,236		133,914
SiteOne Landscape Supply, Inc.(a)(b)		11,517		1,576,332
Textainer Group Holdings Ltd.		11,911		382,462
Titan Machinery, Inc.(a)		5,729		174,448
Transcat, Inc.(a)		1,405		125,593
Triton International Ltd.		16,877		1,066,964
United Rentals, Inc.		18,605		7,363,115
Univar Solutions, Inc.(a)		42,972		1,505,309
Veritiv Corp.		3,525		476,369
Watsco, Inc.(b)		8,878		2,824,625
WESCO International, Inc.		11,665		1,802,709
WW Grainger, Inc.		11,982		8,253,321
Xometry, Inc., Class A(a)(b)		9,490		142,065
				44,727,019
Water Utilities — 0.1%
American States Water Co.		10,219		908,367
American Water Works Co., Inc.		51,397		7,529,147
Artesian Resources Corp., Class A, NVS		2,961		163,921
California Water Service Group		13,333		775,981
Essential Utilities, Inc.		60,911		2,658,765
Middlesex Water Co.		5,085		397,240
SJW Group		7,686		585,135
York Water Co.		3,303		147,644
				13,166,200
Wireless Telecommunication Services — 0.2%
Gogo, Inc.(a)		10,826		156,977
Shenandoah Telecommunications Co.		13,333		253,594

Security	Shares		Value
Wireless Telecommunication Services (continued)
Telephone & Data Systems, Inc.		27,633	$	290,423
T-Mobile U.S., Inc.(a)(b)		156,810		22,712,360
United States Cellular Corp.(a)		4,570		94,736
				23,508,090
Total Common Stocks — 99.8% (Cost: $8,436,162,095)				10,701,905,874
Rights
Biotechnology — 0.0%
Aduro Biotech CVR, Expires 01/02/24(a)(d)		4,039		10,255
GTX, Inc., Contingent Rights, Expires 06/10/34(a)(b)(d)		684		701
				10,956
Total Rights — 0.0% (Cost: $1,402)				10,956
Warrants(a)
Oil, Gas & Consumable Fuels — 0.0%
Chord Energy Corp. (Issued/Exercisable, Expires 09/01/25, Strike Price USD 83.45)		204		2,897
Chord Energy Corp., Class A (Issued/Exercisable, Expires 09/01/24, Strike Price USD 73.44)		409		7,272
				10,169
Total Warrants — 0.0% (Cost: $68,578)				10,169
Total Long-Term Investments — 99.8% (Cost: $8,436,232,075)				10,701,926,999
Short-Term Securities
Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(f)(g)		245,597,200		245,670,879
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(f)		17,462,038		17,462,038
Total Short-Term Securities — 2.4% (Cost: $262,966,770)				263,132,917
Total Investments — 102.2% (Cost: $8,699,198,845)				10,965,059,916
Liabilities in Excess of Other Assets — (2.2)%				(237,156,384	)
Net Assets — 100.0%			$	10,727,903,532

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

^(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 $154,869, representing 0.0% of its net assets as of period end, and an original cost of $96,475.

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

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

32 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	231,125,019	$	14,390,546	(a)	$	—		$	23,625	$	131,689		$	245,670,879		245,597,200	$	2,467,148	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		19,635,000		—			(2,172,962	)(a)		—		—			17,462,038		17,462,038		459,237			17
BlackRock, Inc.		29,068,263		5,015,284			(4,213,108	)		1,727,219		(5,165,411	)		26,432,247		39,503		778,726			—
									$	1,750,844	$	(5,033,722	)	$	289,565,164			$	3,705,111		$	17

^(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
Russel 2000 E-Mini Index		34		06/16/23	$	3,083	$	52,579
S&P 500 E-mini Index		102		06/16/23		21,102		1,080,384
							$	1,132,963

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,132,963	$	—	$	—	$	—	$	1,132,963

^(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 March 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	$	—	$	—	$	(2,679,242	)	$	—	$	—	$	—	$	(2,679,242	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	33,161		$	—	$	—	$	—	$	33,161

S C H E D U L E S   O F   I N V E  S T M E N T S 33

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell 3000 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	23,177,881

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	10,701,718,146		$	187,728	$	—	$	10,701,905,874
Rights		—			—		10,956		10,956
Warrants		10,169	��		—		—		10,169
Short-Term Securities
Money Market Funds		263,132,917			—		—		263,132,917
	$	10,964,861,232		$	187,728	$	10,956	$	10,965,059,916
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,132,963		$	—	$	—	$	1,132,963

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

See notes to financial statements.

34 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments March 31, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
Axon Enterprise, Inc.(a)		31,720	$	7,132,242
BWX Technologies, Inc.		115,264		7,266,243
Curtiss-Wright Corp.		79,320		13,980,943
HEICO Corp.(b)		5,772		987,243
HEICO Corp., Class A		10,104		1,373,134
Hexcel Corp.		174,194		11,888,740
Howmet Aerospace, Inc.		692,693		29,349,402
Huntington Ingalls Industries, Inc.		63,493		13,144,321
Mercury Systems, Inc.(a)		101,438		5,185,511
Spirit AeroSystems Holdings, Inc., Class A		10,790		372,579
Textron, Inc.(b)		431,507		30,477,339
TransDigm Group, Inc.		65,325		48,147,791
Woodward, Inc.		120,455		11,728,703
				181,034,191
Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.		176,245		17,513,466
Expeditors International of Washington, Inc.(b)		227,201		25,019,374
GXO Logistics, Inc.(a)(b)		194,387		9,808,768
				52,341,608
Automobile Components — 0.8%
Aptiv PLC(a)(b)		419,095		47,018,268
BorgWarner, Inc.		482,896		23,715,023
Gentex Corp.		486,500		13,636,595
Lear Corp.		122,060		17,026,149
QuantumScape Corp., Class A(a)(b)		538,724		4,406,762
				105,802,797
Automobiles — 0.3%
Harley-Davidson, Inc.		279,351		10,606,958
Lucid Group, Inc.(a)(b)		82,136		660,373
Rivian Automotive, Inc., Class A(a)(b)		1,078,346		16,692,796
Thor Industries, Inc.		107,915		8,594,351
				36,554,478
Banks — 3.4%
Bank of Hawaii Corp.(b)		81,790		4,259,623
Bank OZK		231,510		7,917,642
BOK Financial Corp.		60,631		5,117,863
Citizens Financial Group, Inc.		1,013,313		30,774,316
Columbia Banking System, Inc.		429,278		9,195,135
Comerica, Inc.		270,341		11,738,206
Commerce Bancshares, Inc.		235,151		13,721,061
Cullen/Frost Bankers, Inc.		120,315		12,673,982
East West Bancorp, Inc.		292,103		16,211,716
Fifth Third Bancorp		1,410,061		37,564,025
First Citizens BancShares, Inc., Class A		17,168		16,706,181
First Hawaiian, Inc.		265,459		5,476,419
First Horizon Corp.		1,097,325		19,510,438
First Republic Bank(b)		385,036		5,386,654
FNB Corp.		743,610		8,625,876
Huntington Bancshares, Inc.		2,969,970		33,263,664
KeyCorp		1,930,461		24,169,372
M&T Bank Corp.		355,801		42,543,126
New York Community Bancorp, Inc., Class A		1,392,651		12,589,565
PacWest Bancorp(b)		240,735		2,342,351
Pinnacle Financial Partners, Inc.		156,160		8,613,786
Popular, Inc.		146,302		8,399,198
Prosperity Bancshares, Inc.		181,310		11,154,191
Regions Financial Corp.		1,934,335		35,901,258
Synovus Financial Corp.		298,808		9,212,251
Webster Financial Corp.		359,018		14,152,489

Security	Shares		Value
Banks (continued)
Western Alliance Bancorp(b)		85,150	$	3,026,231
Wintrust Financial Corp.		124,170		9,058,201
Zions Bancorp N.A.		305,460		9,142,418
				428,447,238
Beverages — 0.3%
Boston Beer Co., Inc., Class A, NVS(a)		994		326,728
Brown-Forman Corp., Class A(b)		38,042		2,479,958
Brown-Forman Corp., Class B, NVS		157,344		10,112,499
Molson Coors Beverage Co., Class B		363,442		18,782,682
				31,701,867
Biotechnology — 1.4%
Biogen, Inc.(a)		297,144		82,614,946
BioMarin Pharmaceutical, Inc.(a)		382,966		37,239,614
Exact Sciences Corp.(a)(b)		296,243		20,088,238
Exelixis, Inc.(a)		90,990		1,766,116
Horizon Therapeutics PLC(a)		31,923		3,484,076
Incyte Corp.(a)		51,536		3,724,507
Ionis Pharmaceuticals, Inc.(a)(b)		22,667		810,119
Mirati Therapeutics, Inc.(a)(b)		91,941		3,418,366
Natera, Inc.(a)		14,327		795,435
Ultragenyx Pharmaceutical, Inc.(a)		29,708		1,191,291
United Therapeutics Corp.(a)		92,293		20,669,940
				175,802,648
Broadline Retail — 0.5%
eBay, Inc.		980,532		43,506,205
Kohl’s Corp.		228,484		5,378,513
Macy’s, Inc.		557,538		9,751,340
Nordstrom, Inc.		35,490		577,422
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		122,427		7,093,421
				66,306,901
Building Products — 1.9%
A O Smith Corp.		197,527		13,658,992
Allegion PLC		38,115		4,068,014
Armstrong World Industries, Inc.		39,889		2,841,692
AZEK Co., Inc., Class A(a)(b)		230,136		5,417,402
Builders FirstSource, Inc.(a)		301,441		26,761,932
Carlisle Cos., Inc.		16,939		3,829,400
Carrier Global Corp.		1,732,599		79,266,404
Fortune Brands Innovations, Inc.		173,210		10,172,623
Hayward Holdings, Inc.(a)(b)		146,278		1,714,378
Lennox International, Inc.		66,181		16,629,962
Masco Corp.		441,954		21,973,953
Masterbrand, Inc.(a)		173,626		1,395,953
Owens Corning		193,633		18,550,041
Trane Technologies PLC		199,274		36,662,431
				242,943,177
Capital Markets — 4.7%
Affiliated Managers Group, Inc.		76,979		10,963,349
Ameriprise Financial, Inc.		78,734		24,131,971
Bank of New York Mellon Corp.		1,523,165		69,212,618
Carlyle Group, Inc.		428,550		13,310,763
Cboe Global Markets, Inc.		219,053		29,405,675
Coinbase Global, Inc., Class A(a)(b)		331,748		22,416,212
Evercore, Inc., Class A		75,862		8,752,958
Franklin Resources, Inc.		589,969		15,893,765
Interactive Brokers Group, Inc., Class A		192,144		15,863,409
Invesco Ltd.		773,188		12,680,283
Janus Henderson Group PLC		280,097		7,461,784
Jefferies Financial Group, Inc.		411,128		13,049,203
KKR & Co., Inc., Class A		1,186,163		62,297,281

S C H E D U L E S   O F   I N V E  S T M E N T S 35

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Lazard Ltd., Class A		170,676	$	5,651,082
Morningstar, Inc.		5,137		1,042,965
MSCI, Inc., Class A		39,719		22,230,327
Nasdaq, Inc.		711,554		38,900,657
Northern Trust Corp.		426,611		37,597,227
Raymond James Financial, Inc.		371,611		34,660,158
Robinhood Markets, Inc., Class A(a)(b)		1,187,170		11,527,421
SEI Investments Co.		213,621		12,293,888
State Street Corp.		723,561		54,766,332
Stifel Financial Corp.		211,300		12,485,717
T Rowe Price Group, Inc.		455,363		51,410,483
Tradeweb Markets, Inc., Class A		82,425		6,513,223
Virtu Financial, Inc., Class A		194,551		3,677,014
				598,195,765
Chemicals — 4.0%
Albemarle Corp.(b)		117,476		25,966,895
Ashland, Inc.		105,026		10,787,221
Axalta Coating Systems Ltd.(a)(b)		344,743		10,442,266
Celanese Corp., Class A		224,098		24,402,031
Chemours Co.		120,298		3,601,722
Corteva, Inc.		1,482,869		89,431,829
DuPont de Nemours, Inc.		951,085		68,259,370
Eastman Chemical Co.		248,117		20,926,188
Element Solutions, Inc.		468,556		9,047,816
FMC Corp.		171,505		20,945,906
Ginkgo Bioworks Holdings, Inc., Class A(a)(b)		1,454,929		1,935,056
Huntsman Corp.		375,980		10,286,813
International Flavors & Fragrances, Inc.		528,839		48,632,034
LyondellBasell Industries NV, Class A		532,969		50,040,459
Mosaic Co.		617,196		28,316,953
NewMarket Corp.		11,995		4,377,935
Olin Corp.		253,360		14,061,480
PPG Industries, Inc.		228,738		30,554,822
RPM International, Inc.		251,170		21,912,071
Scotts Miracle-Gro Co.		56,265		3,923,921
Westlake Corp.(b)		68,249		7,915,519
				505,768,307
Commercial Services & Supplies — 0.8%
Cintas Corp.		12,168		5,629,890
Clean Harbors, Inc.(a)		105,296		15,010,998
Driven Brands Holdings, Inc.(a)(b)		120,727		3,659,235
MSA Safety, Inc.		46,926		6,264,621
Republic Services, Inc.		400,444		54,148,038
Ritchie Bros Auctioneers, Inc.		24,464		1,377,079
Rollins, Inc.		36,127		1,355,846
Stericycle, Inc.(a)		190,677		8,315,424
Tetra Tech, Inc.		64,648		9,497,438
				105,258,569
Communications Equipment — 1.3%
Ciena Corp.(a)		304,352		15,984,567
F5, Inc.(a)		122,962		17,914,334
Juniper Networks, Inc.		661,262		22,760,638
Lumentum Holdings, Inc.(a)(b)		141,620		7,648,896
Motorola Solutions, Inc.		341,244		97,640,146
Ubiquiti, Inc.		6,026		1,637,204
Viasat, Inc.(a)(b)		152,144		5,148,553
				168,734,338
Construction & Engineering — 0.7%
AECOM		256,636		21,639,548
MasTec, Inc.(a)		126,460		11,942,882
MDU Resources Group, Inc.		418,193		12,746,523

Security	Shares		Value
Construction & Engineering (continued)
Quanta Services, Inc.		134,071	$	22,341,591
Valmont Industries, Inc.		37,484		11,967,892
WillScot Mobile Mini Holdings Corp.(a)		196,247		9,200,059
				89,838,495
Construction Materials — 0.5%
Eagle Materials, Inc.		12,651		1,856,534
Martin Marietta Materials, Inc.		117,679		41,783,106
Vulcan Materials Co.		140,285		24,067,295
				67,706,935
Consumer Finance — 1.0%
Ally Financial, Inc.		619,170		15,782,643
Credit Acceptance Corp.(a)(b)		12,396		5,405,152
Discover Financial Services		553,280		54,686,195
OneMain Holdings, Inc.		238,739		8,852,442
SLM Corp.		497,615		6,165,450
SoFi Technologies, Inc.(a)(b)		1,663,285		10,096,140
Synchrony Financial		901,088		26,203,639
Upstart Holdings, Inc.(a)(b)		120,553		1,915,587
				129,107,248
Consumer Staples Distribution & Retail — 1.4%
Albertsons Cos., Inc., Class A		483,830		10,053,987
BJ’s Wholesale Club Holdings, Inc.(a)		101,980		7,757,619
Casey’s General Stores, Inc.		77,009		16,669,368
Dollar Tree, Inc.(a)(b)		298,147		42,799,002
Grocery Outlet Holding Corp.(a)(b)		169,485		4,789,646
Kroger Co.		1,359,691		67,127,945
Performance Food Group Co.(a)		218,113		13,160,938
U.S. Foods Holding Corp.(a)		416,818		15,397,257
				177,755,762
Containers & Packaging — 1.5%
Amcor PLC		3,068,994		34,925,152
AptarGroup, Inc.		135,419		16,005,172
Ardagh Group SA, Class A(a)		34,751		232,137
Ardagh Metal Packaging SA		222,239		906,735
Avery Dennison Corp.		65,065		11,642,080
Ball Corp.		384,195		21,172,986
Berry Global Group, Inc.		130,550		7,689,395
Crown Holdings, Inc.		28,503		2,357,483
Graphic Packaging Holding Co.		147,893		3,769,793
International Paper Co.		734,966		26,502,874
Packaging Corp. of America		189,079		26,249,837
Silgan Holdings, Inc.		174,333		9,356,452
Sonoco Products Co.		201,624		12,299,064
Westrock Co.		524,802		15,990,717
				189,099,877
Distributors — 0.6%
Genuine Parts Co.		264,810		44,305,361
LKQ Corp.		517,279		29,360,756
				73,666,117
Diversified Consumer Services — 0.3%
ADT, Inc.		437,421		3,162,554
Bright Horizons Family Solutions, Inc.(a)(b)		85,952		6,617,445
Grand Canyon Education, Inc.(a)		63,238		7,202,808
H&R Block, Inc.		54,583		1,924,051
Mister Car Wash, Inc.(a)(b)		41,684		359,316
Service Corp. International		310,212		21,336,381
				40,602,555
Diversified REITs — 0.3%
WP Carey, Inc.		431,995		33,458,013

36 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services — 0.1%
Frontier Communications Parent, Inc.(a)(b)		506,675	$	11,536,990
Lumen Technologies, Inc.		2,116,617		5,609,035
				17,146,025
Electric Utilities — 4.4%
Alliant Energy Corp.		518,728		27,700,075
Avangrid, Inc.		147,002		5,862,440
Constellation Energy Corp.		677,495		53,183,358
Edison International		779,954		55,056,953
Entergy Corp.		420,153		45,267,284
Evergy, Inc.		460,042		28,117,767
Eversource Energy		714,875		55,946,118
FirstEnergy Corp.		1,123,901		45,023,474
Hawaiian Electric Industries, Inc.		225,744		8,668,570
IDACORP, Inc.		104,680		11,339,984
NRG Energy, Inc.		441,086		15,124,839
OGE Energy Corp.		415,228		15,637,486
PG&E Corp.(a)(b)		3,415,359		55,226,355
Pinnacle West Capital Corp.		234,509		18,582,493
PPL Corp.		1,525,291		42,387,837
Xcel Energy, Inc.		1,130,694		76,254,003
				559,379,036
Electrical Equipment — 1.6%
Acuity Brands, Inc.		66,612		12,172,011
AMETEK, Inc.		477,759		69,432,715
Hubbell, Inc.		110,986		27,004,004
nVent Electric PLC		342,161		14,692,393
Plug Power, Inc.(a)(b)		544,397		6,380,333
Regal Rexnord Corp.(b)		134,441		18,919,882
Rockwell Automation, Inc.		77,496		22,741,201
Sensata Technologies Holding PLC		314,279		15,720,236
Sunrun, Inc.(a)(b)		429,021		8,644,773
Vertiv Holdings Co.		527,429		7,547,509
				203,255,057
Electronic Equipment, Instruments & Components — 2.0%
Amphenol Corp., Class A		298,826		24,420,061
Arrow Electronics, Inc.(a)		114,601		14,310,227
Avnet, Inc.		187,452		8,472,830
Cognex Corp.		24,339		1,205,997
Coherent Corp.(a)(b)		205,877		7,839,796
Corning, Inc.		1,436,527		50,680,673
IPG Photonics Corp.(a)		67,222		8,289,145
Jabil, Inc.		49,752		4,386,136
Keysight Technologies, Inc.(a)		27,246		4,399,684
Littelfuse, Inc.		50,182		13,453,292
National Instruments Corp.		236,490		12,394,441
TD SYNNEX Corp.		96,486		9,338,880
Teledyne Technologies, Inc.(a)		96,111		42,996,217
Trimble, Inc.(a)		509,461		26,705,946
Vontier Corp.		123,136		3,366,538
Zebra Technologies Corp., Class A(a)		63,266		20,118,588
				252,378,451
Energy Equipment & Services — 0.8%
Baker Hughes Co., Class A		1,953,616		56,381,358
Halliburton Co.		1,020,263		32,281,121
NOV, Inc.		808,198		14,959,745
				103,622,224
Entertainment — 1.2%
AMC Entertainment Holdings, Inc., Class A(a)(b)		1,067,801		5,349,683
Electronic Arts, Inc.		531,672		64,039,893

Security	Shares		Value
Entertainment (continued)
Liberty Media Corp. - Liberty Formula One, Class A(a)(b)		37,888	$	2,557,440
Liberty Media Corp. - Liberty Formula One, Class C, NVS(a)(b)		369,566		27,654,624
Live Nation Entertainment, Inc.(a)(b)		160,819		11,257,330
Madison Square Garden Sports Corp., Class A		19,189		3,738,977
Playtika Holding Corp.(a)		18,032		203,040
Roku, Inc.(a)(b)		180,271		11,865,437
Take-Two Interactive Software, Inc.(a)(b)		58,611		6,992,292
Warner Bros Discovery, Inc., Class A(a)		1,302,800		19,672,280
				153,330,996
Financial Services — 1.1%
Affirm Holdings, Inc., Class A(a)(b)		460,734		5,192,472
Apollo Global Management, Inc.		239,344		15,116,967
Equitable Holdings, Inc.		764,366		19,407,253
Euronet Worldwide, Inc.(a)(b)		24,235		2,711,897
Global Payments, Inc.		541,613		56,999,352
MGIC Investment Corp.		614,696		8,249,220
Rocket Cos., Inc., Class A(a)(b)		105,763		958,213
TFS Financial Corp.		107,696		1,360,200
UWM Holdings Corp., Class A(b)		28,660		140,721
Voya Financial, Inc.		202,839		14,494,875
Western Union Co.		458,982		5,117,649
WEX, Inc.(a)(b)		25,146		4,624,098
				134,372,917
Food Products — 2.4%
Bunge Ltd.		286,249		27,342,504
Campbell Soup Co.		402,079		22,106,303
Conagra Brands, Inc.		973,972		36,582,388
Darling Ingredients, Inc.(a)(b)		309,533		18,076,727
Flowers Foods, Inc.		390,102		10,692,696
Freshpet, Inc.(a)(b)		42,612		2,820,488
Hershey Co.		40,034		10,185,050
Hormel Foods Corp.		593,285		23,660,206
Ingredion, Inc.		135,697		13,804,456
J M Smucker Co.		213,315		33,569,382
Kellogg Co.		239,496		16,036,652
McCormick & Co., Inc., NVS		519,951		43,265,123
Pilgrim’s Pride Corp.(a)		46,014		1,066,605
Post Holdings, Inc.(a)(b)		111,479		10,018,618
Seaboard Corp.		542		2,043,345
Tyson Foods, Inc., Class A		575,766		34,154,439
				305,424,982
Gas Utilities — 0.5%
Atmos Energy Corp.		294,090		33,043,952
National Fuel Gas Co.		167,791		9,688,252
UGI Corp.		434,952		15,118,932
				57,851,136
Ground Transportation — 0.6%
Avis Budget Group, Inc.(a)(b)		52,582		10,242,974
Hertz Global Holdings, Inc.(a)(b)		378,763		6,170,049
JB Hunt Transport Services, Inc.		18,503		3,246,536
Knight-Swift Transportation Holdings, Inc.		322,316		18,236,639
Landstar System, Inc.		8,130		1,457,384
Lyft, Inc., Class A(a)(b)		135,256		1,253,823
RXO, Inc.(a)		218,007		4,281,658
Ryder System, Inc.		101,534		9,060,894
Schneider National, Inc., Class B		110,986		2,968,876
U-Haul Holding Co.		18,656		1,112,830

S C H E D U L E S   O F   I N V E  S T M E N T S 37

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ground Transportation (continued)
U-Haul Holding Co., NVS(b)		168,145	$	8,718,318
XPO, Inc.(a)		198,452		6,330,619
				73,080,600
Health Care Equipment & Supplies — 2.3%
Align Technology, Inc.(a)		40,501		13,533,004
Cooper Cos., Inc.		100,535		37,535,748
DENTSPLY SIRONA, Inc.		443,362		17,415,259
Enovis Corp.(a)		105,193		5,626,773
Envista Holdings Corp.(a)		336,928		13,773,617
Globus Medical, Inc., Class A(a)		148,459		8,408,718
Hologic, Inc.(a)		503,280		40,614,696
ICU Medical, Inc.(a)		34,169		5,636,518
Integra LifeSciences Holdings Corp.(a)(b)		150,799		8,657,371
Masimo Corp.(a)		23,094		4,261,767
QuidelOrtho Corp.(a)(b)		101,785		9,068,026
STERIS PLC		206,521		39,503,337
Tandem Diabetes Care, Inc.(a)(b)		10,532		427,704
Teleflex, Inc.		97,091		24,594,121
Zimmer Biomet Holdings, Inc.		435,171		56,224,093
				285,280,752
Health Care Providers & Services — 1.8%
Acadia Healthcare Co., Inc.(a)(b)		184,281		13,314,302
agilon health, Inc.(a)(b)		25,758		611,752
Amedisys, Inc.(a)		66,105		4,862,023
Cardinal Health, Inc.		533,234		40,259,167
Chemed Corp.		19,377		10,419,982
Encompass Health Corp.		203,661		11,018,060
Enhabit, Inc.(a)		99,515		1,384,254
Henry Schein, Inc.(a)(b)		280,409		22,864,550
Laboratory Corp. of America Holdings		183,261		42,043,738
Molina Healthcare, Inc.(a)		26,714		7,145,728
Oak Street Health, Inc.(a)(b)		242,216		9,368,915
Premier, Inc., Class A		246,240		7,970,789
Quest Diagnostics, Inc.		228,937		32,390,007
Tenet Healthcare Corp.(a)		219,862		13,064,200
Universal Health Services, Inc., Class B		128,756		16,364,887
				233,082,354
Health Care REITs — 1.3%
Healthcare Realty Trust, Inc.		786,697		15,206,853
Healthpeak Properties, Inc.		1,135,553		24,948,099
Medical Properties Trust, Inc.		1,238,335		10,179,114
Omega Healthcare Investors, Inc.		486,725		13,341,132
Ventas, Inc.		826,230		35,817,071
Welltower, Inc.		980,899		70,320,649
				169,812,918
Health Care Technology — 0.1%
Certara, Inc.(a)(b)		88,647		2,137,279
Definitive Healthcare Corp.(a)(b)		37,574		388,139
Doximity, Inc., Class A(a)(b)		122,996		3,982,611
Teladoc Health, Inc.(a)(b)		299,571		7,758,889
				14,266,918
Hotel & Resort REITs — 0.2%
Host Hotels & Resorts, Inc.		1,466,823		24,187,911
Park Hotels & Resorts, Inc.		462,387		5,715,104
				29,903,015
Hotels, Restaurants & Leisure — 2.6%
Aramark		488,655		17,493,849
Boyd Gaming Corp.		157,443		10,095,245
Caesars Entertainment, Inc.(a)		133,606		6,521,309
Carnival Corp.(a)(b)		2,023,302		20,536,515

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Darden Restaurants, Inc.		68,200	$	10,581,912
Domino’s Pizza, Inc.		19,585		6,460,504
DoorDash, Inc., Class A(a)(b)		60,698		3,857,965
Hilton Worldwide Holdings, Inc.		150,244		21,164,872
Hyatt Hotels Corp., Class A(a)(b)		97,608		10,911,598
Las Vegas Sands Corp.(a)		430,110		24,709,819
Marriott Vacations Worldwide Corp.		77,114		10,399,594
MGM Resorts International		655,156		29,102,030
Norwegian Cruise Line Holdings Ltd.(a)(b)		803,353		10,805,098
Penn Entertainment, Inc.(a)		318,773		9,454,807
Planet Fitness, Inc., Class A(a)		45,052		3,499,189
Royal Caribbean Cruises Ltd.(a)(b)		455,809		29,764,328
Six Flags Entertainment Corp.(a)		78,286		2,091,019
Travel + Leisure Co.		47,807		1,874,034
Vail Resorts, Inc.		4,397		1,027,491
Wyndham Hotels & Resorts, Inc.		54,455		3,694,772
Wynn Resorts Ltd.(a)		189,105		21,162,741
Yum! Brands, Inc.		517,483		68,349,155
				323,557,846
Household Durables — 1.7%
DR Horton, Inc.		310,832		30,365,178
Garmin Ltd.		319,049		32,198,425
Leggett & Platt, Inc.		277,999		8,862,608
Lennar Corp., Class A		518,984		54,550,408
Lennar Corp., Class B		30,291		2,705,289
Mohawk Industries, Inc.(a)		109,105		10,934,503
Newell Brands, Inc.		783,574		9,747,661
NVR, Inc.(a)		1,678		9,350,135
PulteGroup, Inc.		286,998		16,726,243
Tempur Sealy International, Inc.		344,065		13,587,127
Toll Brothers, Inc.		110,399		6,627,252
TopBuild Corp.(a)		10,183		2,119,490
Whirlpool Corp.		110,915		14,642,998
				212,417,317
Household Products — 0.3%
Church & Dwight Co., Inc.		275,647		24,369,951
Clorox Co.		43,693		6,913,980
Reynolds Consumer Products, Inc.		111,162		3,056,955
Spectrum Brands Holdings, Inc.		82,649		5,473,017
				39,813,903
Independent Power and Renewable Electricity Producers — 0.4%
AES Corp.		1,132,134		27,261,787
Brookfield Renewable Corp., Class A		266,800		9,324,660
Vistra Corp.		342,588		8,222,112
				44,808,559
Industrial REITs — 0.5%
Americold Realty Trust, Inc.		556,966		15,845,683
EastGroup Properties, Inc.		85,248		14,093,199
First Industrial Realty Trust, Inc.		271,643		14,451,408
Rexford Industrial Realty, Inc.		404,062		24,102,298
				68,492,588
Insurance — 6.4%
Aflac, Inc.		1,264,761		81,602,380
Allstate Corp.		548,244		60,750,918
American Financial Group, Inc.		139,106		16,901,379
Arch Capital Group Ltd.(a)(b)		494,757		33,579,158
Arthur J. Gallagher & Co.		382,191		73,116,960
Assurant, Inc.		103,336		12,407,553
Assured Guaranty Ltd.		118,440		5,953,979
Axis Capital Holdings Ltd.		161,428		8,801,055

38 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Brighthouse Financial, Inc.(a)		140,831	$	6,212,055
Brown & Brown, Inc.		453,874		26,061,445
Cincinnati Financial Corp.		317,245		35,556,820
CNA Financial Corp.		57,491		2,243,874
Erie Indemnity Co., Class A, NVS		13,781		3,192,506
Everest Re Group Ltd.		55,575		19,896,961
F&G Annuities & Life, Inc.		36,989		670,241
Fidelity National Financial, Inc., Class A		536,639		18,744,800
First American Financial Corp.		209,007		11,633,330
Globe Life, Inc.		185,689		20,429,504
Hanover Insurance Group, Inc.		73,806		9,484,071
Hartford Financial Services Group, Inc.		657,083		45,792,114
Kemper Corp.		131,134		7,167,784
Lincoln National Corp.		279,343		6,276,837
Loews Corp.(b)		401,889		23,317,600
Markel Corp.(a)(b)		21,177		27,051,712
Old Republic International Corp.		579,937		14,481,027
Primerica, Inc.		75,645		13,029,095
Principal Financial Group, Inc.		501,147		37,245,245
Prudential Financial, Inc.		762,212		63,065,421
Reinsurance Group of America, Inc.		138,617		18,402,793
RenaissanceRe Holdings Ltd.		40,672		8,148,228
Unum Group		410,613		16,243,850
W R Berkley Corp.		426,004		26,523,009
White Mountains Insurance Group Ltd.(b)		5,169		7,120,246
Willis Towers Watson PLC		222,740		51,760,321
				812,864,271
Interactive Media & Services — 0.3%
IAC, Inc.(a)(b)		158,617		8,184,637
Match Group, Inc.(a)(b)		36,462		1,399,776
Pinterest, Inc., Class A(a)		969,416		26,435,975
TripAdvisor, Inc.(a)		197,422		3,920,801
				39,941,189
IT Services — 1.3%
Akamai Technologies, Inc.(a)		320,545		25,098,674
Amdocs Ltd.		245,581		23,583,143
DXC Technology Co.(a)(b)		474,247		12,121,753
GoDaddy, Inc., Class A(a)		279,114		21,692,740
Kyndryl Holdings, Inc.(a)(b)		425,087		6,274,284
Okta, Inc., Class A(a)		271,280		23,395,187
Twilio, Inc., Class A(a)(b)		223,495		14,891,472
VeriSign, Inc.(a)		172,066		36,362,708
Wix.com Ltd.(a)		25,671		2,561,966
				165,981,927
Leisure Products — 0.3%
Brunswick Corp.		122,928		10,080,096
Hasbro, Inc.		272,121		14,610,176
Mattel, Inc.(a)		375,615		6,915,072
Peloton Interactive, Inc., Class A(a)(b)		646,382		7,329,972
Polaris, Inc.		29,719		3,287,813
				42,223,129
Life Sciences Tools & Services — 0.9%
10X Genomics, Inc., Class A(a)(b)		19,193		1,070,778
Agilent Technologies, Inc.		63,087		8,727,456
Avantor, Inc.(a)		87,898		1,858,164
Azenta, Inc.(a)		141,978		6,335,058
Bio-Rad Laboratories, Inc., Class A(a)		44,184		21,165,020
Charles River Laboratories International, Inc.(a)(b)		7,061		1,425,051
PerkinElmer, Inc.		261,971		34,910,255
QIAGEN NV(a)(b)		468,715		21,528,080

Security	Shares		Value
Life Sciences Tools & Services (continued)
Repligen Corp.(a)(b)		32,903	$	5,539,549
Syneos Health, Inc.(a)		174,141		6,202,902
				108,762,313
Machinery — 5.8%
AGCO Corp.		111,475		15,071,420
Allison Transmission Holdings, Inc.		41,024		1,855,926
Crane NXT Co.		97,908		11,112,558
Cummins, Inc.		292,242		69,810,769
Donaldson Co., Inc.		210,019		13,722,641
Dover Corp.		289,882		44,044,671
Esab Corp.		117,728		6,954,193
Flowserve Corp.		271,642		9,235,828
Fortive Corp.		732,823		49,956,544
Gates Industrial Corp. PLC(a)(b)		224,734		3,121,555
Graco, Inc.		108,862		7,948,015
IDEX Corp.		129,223		29,854,390
Ingersoll Rand, Inc.		840,684		48,910,995
ITT, Inc.		172,799		14,912,554
Middleby Corp.(a)		102,768		15,066,816
Nordson Corp.		90,861		20,194,766
Oshkosh Corp.		136,271		11,335,022
Otis Worldwide Corp.		759,140		64,071,416
PACCAR, Inc.		1,060,939		77,660,735
Parker-Hannifin Corp.(b)		205,141		68,949,942
Pentair PLC		340,280		18,807,276
Snap-on, Inc.		108,998		26,910,516
Stanley Black & Decker, Inc.		305,571		24,622,911
Timken Co.		126,034		10,299,498
Westinghouse Air Brake Technologies Corp.		375,740		37,972,284
Xylem, Inc.		318,776		33,375,847
				735,779,088
Marine Transportation — 0.1%
Kirby Corp.(a)		124,760		8,695,772
Media — 1.6%
Altice U.S.A., Inc., Class A(a)		424,709		1,452,505
Cable One, Inc.		4,656		3,268,512
DISH Network Corp., Class A(a)		520,050		4,852,066
Fox Corp., Class A, NVS		606,294		20,644,311
Fox Corp., Class B		289,877		9,076,049
Interpublic Group of Cos., Inc.		802,955		29,902,044
Liberty Broadband Corp., Class A(a)(b)		19,910		1,635,009
Liberty Broadband Corp., Class C, NVS(a)		131,470		10,741,099
Liberty Media Corp. - Liberty SiriusXM, Class A(a)(b)		112,936		3,172,372
Liberty Media Corp. - Liberty SiriusXM, Class C, NVS(a)(b)		229,877		6,434,257
New York Times Co., Class A		337,854		13,135,764
News Corp., Class A, NVS		783,111		13,524,327
News Corp., Class B		248,342		4,328,601
Nexstar Media Group, Inc., Class A(b)		67,909		11,725,168
Omnicom Group, Inc.		414,873		39,139,119
Paramount Global, Class A(b)		21,680		560,211
Paramount Global, Class B, NVS		1,195,625		26,674,394
Sirius XM Holdings, Inc.(b)		1,461,733		5,803,080
				206,068,888
Metals & Mining — 1.8%
Alcoa Corp.		366,922		15,616,200
Cleveland-Cliffs, Inc.(a)		1,058,973		19,410,975
Nucor Corp.		531,521		82,104,049
Reliance Steel & Aluminum Co.		120,834		31,022,921
Royal Gold, Inc.		126,777		16,444,245

S C H E D U L E S   O F   I N V E  S T M E N T S 39

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
SSR Mining, Inc.(b)		424,647	$	6,420,663
Steel Dynamics, Inc.		344,499		38,949,057
United States Steel Corp.		466,596		12,178,155
				222,146,265
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
AGNC Investment Corp.		1,187,432		11,969,315
Annaly Capital Management, Inc.		969,250		18,522,367
Rithm Capital Corp.		896,173		7,169,384
Starwood Property Trust, Inc.		602,810		10,663,709
				48,324,775
Multi-Utilities — 3.0%
Ameren Corp.		532,684		46,018,571
CenterPoint Energy, Inc.		1,308,018		38,534,210
CMS Energy Corp.		599,135		36,774,906
Consolidated Edison, Inc.		735,849		70,398,674
DTE Energy Co.		399,275		43,736,584
NiSource, Inc.		842,448		23,554,846
Public Service Enterprise Group, Inc.		1,032,666		64,489,992
WEC Energy Group, Inc.		654,504		62,040,434
				385,548,217
Office REITs — 0.8%
Alexandria Real Estate Equities, Inc.		355,536		44,651,766
Boston Properties, Inc.		324,992		17,588,567
Cousins Properties, Inc.		316,295		6,762,387
Douglas Emmett, Inc.		351,843		4,338,224
Highwoods Properties, Inc.		214,922		4,984,041
Hudson Pacific Properties, Inc.		285,147		1,896,228
JBG SMITH Properties		226,280		3,407,777
Kilroy Realty Corp.		242,227		7,848,155
SL Green Realty Corp.		133,102		3,130,559
Vornado Realty Trust		366,189		5,628,325
				100,236,029
Oil, Gas & Consumable Fuels — 4.2%
Antero Midstream Corp.		694,197		7,282,127
Antero Resources Corp.(a)		204,097		4,712,600
APA Corp.		662,938		23,905,544
Cheniere Energy, Inc.		218,949		34,506,362
Chesapeake Energy Corp.		251,167		19,098,739
Coterra Energy, Inc.		1,359,406		33,359,823
Devon Energy Corp.		689,858		34,913,713
Diamondback Energy, Inc.		159,615		21,575,160
DT Midstream, Inc.		201,184		9,932,454
EQT Corp.		762,591		24,334,279
Hess Corp.		126,273		16,710,969
HF Sinclair Corp.		278,200		13,459,316
Marathon Oil Corp.		1,315,165		31,511,353
ONEOK, Inc.		818,055		51,979,215
Ovintiv, Inc.		147,779		5,331,866
PDC Energy, Inc.		84,021		5,392,468
Phillips 66		966,038		97,936,933
Range Resources Corp.		165,073		4,369,482
Southwestern Energy Co.(a)		2,111,291		10,556,455
Vitesse Energy, Inc.		49,071		933,821
Williams Cos., Inc.		2,525,377		75,407,757
				527,210,436
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		132,395		7,177,133
Passenger Airlines — 0.9%
Alaska Air Group, Inc.(a)		257,878		10,820,561
American Airlines Group, Inc.(a)(b)		1,337,995		19,735,426

Security	Shares		Value
Passenger Airlines (continued)
Copa Holdings SA, Class A, NVS(b)		58,753	$	5,425,839
JetBlue Airways Corp.(a)		669,380		4,873,086
Southwest Airlines Co.		1,228,703		39,981,996
United Airlines Holdings, Inc.(a)		674,979		29,867,821
				110,704,729
Personal Care Products — 0.1%
Coty, Inc., Class A(a)(b)		724,756		8,740,557
Pharmaceuticals — 0.9%
Catalent, Inc.(a)(b)		253,209		16,638,363
Elanco Animal Health, Inc.(a)		922,473		8,671,246
Jazz Pharmaceuticals PLC(a)		127,742		18,692,487
Organon & Co.		525,729		12,365,146
Perrigo Co. PLC		279,411		10,022,473
Royalty Pharma PLC, Class A		769,659		27,730,814
Viatris, Inc.		2,507,531		24,122,448
				118,242,977
Professional Services — 2.0%
Broadridge Financial Solutions, Inc.		22,759		3,335,787
CACI International, Inc., Class A(a)(b)		47,963		14,210,478
Clarivate PLC(a)(b)		980,983		9,211,430
Concentrix Corp.		87,604		10,648,266
CoStar Group, Inc.(a)(b)		715,392		49,254,739
Dun & Bradstreet Holdings, Inc.		519,883		6,103,426
Equifax, Inc.		125,775		25,512,201
FTI Consulting, Inc.(a)(b)		40,320		7,957,152
Genpact Ltd.		175,559		8,114,337
Jacobs Solutions, Inc.		260,559		30,618,288
KBR, Inc.		99,051		5,452,758
Leidos Holdings, Inc.		281,871		25,949,044
ManpowerGroup, Inc.		104,963		8,662,596
Robert Half International, Inc.		25,872		2,084,507
Science Applications International Corp.		114,219		12,273,974
SS&C Technologies Holdings, Inc.		457,265		25,821,755
TransUnion		106,498		6,617,786
				251,828,524
Real Estate Management & Development — 0.5%
CBRE Group, Inc., Class A(a)(b)		334,010		24,319,268
Howard Hughes Corp.(a)(b)		76,161		6,092,880
Jones Lang LaSalle, Inc.(a)		99,216		14,434,936
Opendoor Technologies, Inc.(a)(b)		734,727		1,293,120
WeWork, Inc., Class A(a)(b)		440,411		342,331
Zillow Group, Inc., Class A(a)(b)		110,976		4,849,651
Zillow Group, Inc., Class C, NVS(a)(b)		305,649		13,592,211
				64,924,397
Residential REITs — 2.5%
American Homes 4 Rent, Class A		638,482		20,080,259
Apartment Income REIT Corp.		283,124		10,138,670
AvalonBay Communities, Inc.		289,077		48,582,281
Camden Property Trust		196,905		20,643,520
Equity LifeStyle Properties, Inc.		143,331		9,621,810
Equity Residential		766,424		45,985,440
Essex Property Trust, Inc.		132,965		27,808,300
Invitation Homes, Inc.		1,266,793		39,561,945
Mid-America Apartment Communities, Inc.		238,313		35,994,796
Sun Communities, Inc.		251,735		35,464,427
UDR, Inc.		678,104		27,842,950
				321,724,398
Retail REITs — 1.8%
Brixmor Property Group, Inc.		617,785		13,294,733
Federal Realty Investment Trust		166,751		16,480,001

40 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   (continued) March 31, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
Kimco Realty Corp.		1,249,813	$	24,408,848
National Retail Properties, Inc.		376,032		16,601,813
Realty Income Corp.		1,300,989		82,378,624
Regency Centers Corp.		355,512		21,750,224
Simon Property Group, Inc.		347,713		38,933,425
Spirit Realty Capital, Inc.		286,810		11,426,510
				225,274,178
Semiconductors & Semiconductor Equipment — 1.6%
Cirrus Logic, Inc.(a)(b)		113,870		12,455,101
First Solar, Inc.(a)		219,818		47,810,415
GLOBALFOUNDRIES, Inc.(a)(b)		100,696		7,268,237
Microchip Technology, Inc.		161,417		13,523,516
MKS Instruments, Inc.		119,182		10,561,909
ON Semiconductor Corp.(a)(b)		338,342		27,852,313
Qorvo, Inc.(a)		205,808		20,903,918
Skyworks Solutions, Inc.		328,758		38,786,869
Teradyne, Inc.		30,202		3,247,017
Wolfspeed, Inc.(a)(b)		255,527		16,596,479
				199,005,774
Software — 1.5%
ANSYS, Inc.(a)		85,344		28,402,483
BILL Holdings, Inc.(a)(b)		205,069		16,639,299
Black Knight, Inc.(a)		290,339		16,711,913
CCC Intelligent Solutions Holdings, Inc.(a)(b)		223,843		2,007,872
Ceridian HCM Holding, Inc.(a)(b)		229,360		16,793,739
Dolby Laboratories, Inc., Class A		122,988		10,505,635
DoubleVerify Holdings, Inc.(a)(b)		24,548		740,122
Dropbox, Inc., Class A(a)		38,707		836,845
Gen Digital, Inc.		732,296		12,566,199
Guidewire Software, Inc.(a)(b)		169,218		13,884,337
Informatica, Inc., Class A(a)(b)		61,049		1,001,204
Jamf Holding Corp.(a)(b)		22,687		440,582
Manhattan Associates, Inc.(a)		49,687		7,694,032
nCino, Inc.(a)(b)		114,062		2,826,456
NCR Corp.(a)		250,236		5,903,067
Nutanix, Inc., Class A(a)		226,769		5,893,726
Paycor HCM, Inc.(a)(b)		126,237		3,347,805
Procore Technologies, Inc.(a)(b)		42,123		2,638,164
SentinelOne, Inc., Class A(a)		120,994		1,979,462
Teradata Corp.(a)		96,893		3,902,850
Tyler Technologies, Inc.(a)		10,958		3,886,145
UiPath, Inc., Class A(a)(b)		707,228		12,418,924
Unity Software, Inc.(a)(b)		160,442		5,204,738
Zoom Video Communications, Inc., Class A(a)(b)		251,580		18,576,667
				194,802,266
Specialized REITs — 2.4%
CubeSmart		462,505		21,376,981
EPR Properties		155,173		5,912,091
Extra Space Storage, Inc.		241,581		39,360,792
Gaming & Leisure Properties, Inc.		505,217		26,301,597
Iron Mountain, Inc.		149,690		7,920,098
Lamar Advertising Co., Class A		22,158		2,213,363
Life Storage, Inc.		173,838		22,788,423
National Storage Affiliates Trust		175,229		7,321,068
Rayonier, Inc.		301,965		10,043,356
SBA Communications Corp.		170,883		44,612,425
VICI Properties, Inc.		2,078,890		67,813,392
Weyerhaeuser Co.		1,522,971		45,887,116
				301,550,702
Specialty Retail — 2.1%
Advance Auto Parts, Inc.		113,360		13,785,710

Security	Shares		Value
Specialty Retail (continued)
AutoNation, Inc.(a)		69,522	$	9,340,976
AutoZone, Inc.(a)		3,602		8,854,256
Bath & Body Works, Inc.		474,493		17,356,954
Best Buy Co., Inc.		280,682		21,968,980
Burlington Stores, Inc.(a)		8,618		1,741,698
CarMax, Inc.(a)(b)		289,501		18,609,124
Dick’s Sporting Goods, Inc.		109,764		15,574,414
GameStop Corp., Class A(a)(b)		557,783		12,840,165
Gap, Inc.		408,726		4,103,609
Leslie’s, Inc.(a)(b)		39,932		439,651
Lithia Motors, Inc., Class A		56,059		12,833,587
O’Reilly Automotive, Inc.(a)(b)		76,131		64,633,696
Penske Automotive Group, Inc.(b)		53,198		7,544,008
Petco Health & Wellness Co., Inc.(a)(b)		163,387		1,470,483
RH(a)		23,649		5,759,714
Ross Stores, Inc.		406,462		43,137,812
Victoria’s Secret & Co.(a)(b)		47,844		1,633,873
Wayfair, Inc., Class A(a)(b)		60,221		2,067,989
Williams-Sonoma, Inc.		28,522		3,469,987
				267,166,686
Technology Hardware, Storage & Peripherals — 0.9%
Dell Technologies, Inc., Class C		415,954		16,725,511
Hewlett Packard Enterprise Co.		2,668,355		42,506,895
HP, Inc.		1,100,278		32,293,159
Western Digital Corp.(a)		657,769		24,778,158
				116,303,723
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(a)(b)		254,706		11,971,182
Carter’s, Inc.		78,131		5,619,182
Columbia Sportswear Co.		74,860		6,755,366
Deckers Outdoor Corp.(a)		6,399		2,876,671
Hanesbrands, Inc.		728,002		3,829,291
PVH Corp.		130,984		11,678,534
Ralph Lauren Corp., Class A		83,582		9,751,512
Skechers U.S.A., Inc., Class A(a)(b)		234,197		11,129,041
Tapestry, Inc.		424,472		18,298,988
Under Armour, Inc., Class A(a)		395,613		3,754,367
Under Armour, Inc., Class C, NVS(a)(b)		392,863		3,351,121
VF Corp.		726,696		16,648,605
				105,663,860
Trading Companies & Distributors — 0.7%
Air Lease Corp., Class A		214,489		8,444,432
Core & Main, Inc., Class A(a)(b)		101,153		2,336,634
MSC Industrial Direct Co., Inc., Class A		95,283		8,003,772
SiteOne Landscape Supply, Inc.(a)(b)		36,504		4,996,302
United Rentals, Inc.		78,188		30,943,683
Univar Solutions, Inc.(a)		331,673		11,618,505
Watsco, Inc.		32,017		10,186,529
WESCO International, Inc.		43,644		6,744,744
				83,274,601
Water Utilities — 0.6%
American Water Works Co., Inc.		400,217		58,627,788
Essential Utilities, Inc.		480,135		20,957,893
				79,585,681
Total Long-Term Investments — 99.7% (Cost: $11,798,010,709)				12,641,156,965

S C H E D U L E S   O F   I N V E  S T M E N T S 41

Schedule of Investments  (continued) March 31, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 3.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(d)(e)		389,506,511	$	389,623,363
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(d)		12,494,031		12,494,031
Total Short-Term Securities — 3.2% (Cost: $401,849,697)				402,117,394
Total Investments — 102.9% (Cost: $12,199,860,406)				13,043,274,359
Liabilities in Excess of Other Assets — (2.9)%				(367,148,716	)
Net Assets — 100.0%			$	12,676,125,643

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	397,536,030	$	—	$	(8,259,101)	(a)	$	139,773	$	206,661	$	389,623,363		389,506,511	$	6,276,486	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		21,620,000		—		(9,125,969	)(a)		—		—		12,494,031		12,494,031		495,356			13
								$	139,773	$	206,661	$	402,117,394			$	6,771,842		$	13

^(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
S&P 500 E-mini Index		34		06/16/23	$	7,034	$	332,300
S&P MidCap 400 E-Mini Index		94		06/16/23		23,779		644,233
							$	976,533

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Schedule of Investments   (continued) March 31, 2023 iShares^® Russell Mid-Cap Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	976,533	$	—	$	—	$	—	$	976,533

^(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 March 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	$	—	$	—	$	(2,644,951	)	$	—	$	—	$	—	$	(2,644,951	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(337,993	)	$	—	$	—	$	—	$	(337,993	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	32,231,064

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	12,640,924,828	$	232,137	$	—	$	12,641,156,965
Short-Term Securities
Money Market Funds		402,117,394		—		—		402,117,394
	$	13,043,042,222	$	232,137	$	—	$	13,043,274,359
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	976,533	$	—	$	—	$	976,533

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

See notes to financial statements.

S C H E D U L E S   O F   I N V E  S T M E N T S 43

Statements of Assets and Liabilities

March 31, 2023

	iShares Russell 3000 ETF		iShares Russell Mid-Cap Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	10,675,494,752	$	12,641,156,965
Investments, at value — affiliated(c)		289,565,164		402,117,394
Cash pledged:
Futures contracts		1,503,459		1,927,590
Receivables:
Investments sold		4,483,061		17,935,266
Securities lending income — affiliated		274,500		1,086,847
Capital shares sold		1,140		1,401
Dividends — unaffiliated		8,066,965		20,441,047
Dividends — affiliated		71,802		67,265
Variation margin on futures contracts		351,253		516,495
Total assets		10,979,812,096		13,085,250,270
LIABILITIES
Bank overdraft		277,106		29,923
Collateral on securities loaned		245,555,320		389,212,581
Payables:
Investments purchased		4,304,401		17,388,814
Investment advisory fees		1,771,109		2,493,309
Other accrued expenses		628		—
Total liabilities		251,908,564		409,124,627
NET ASSETS	$	10,727,903,532	$	12,676,125,643
NET ASSETS CONSIST OF:
Paid-in capital	$	8,793,168,556	$	12,644,614,795
Accumulated earnings		1,934,734,976		31,510,848
NET ASSETS	$	10,727,903,532	$	12,676,125,643
NET ASSET VALUE
Shares outstanding	$	45,550,000	$	119,350,000
Net asset value	$	235.52	$	106.21
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Investments, at cost — unaffiliated	$	8,414,982,442	$	11,798,010,709
(b) Securities loaned, at value	$	246,612,950	$	390,121,924
(c)  Investments, at cost — affiliated	$	284,216,403	$	401,849,697

See notes to financial statements.

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Statements of Operations

Year Ended March 31, 2023

	iShares Russell 3000 ETF			iShares Russell Mid-Cap Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	172,863,775		$	272,656,801
Dividends — affiliated		1,237,963			495,356
Securities lending income — affiliated — net		2,467,148			6,276,486
Foreign taxes withheld		(37,421	)		(109,962	)
Total investment income		176,531,465			279,318,681
EXPENSES
Investment advisory		21,207,142			30,920,472
Total expenses		21,207,142			30,920,472
Net investment income		155,324,323			248,398,209
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(119,127,485	)		(311,725,961	)
Investments — affiliated		(84,436	)		139,773
Capital gain distributions from underlying funds — affiliated		17			13
Futures contracts		(2,679,242	)		(2,644,951	)
In-kind redemptions — unaffiliated(a)		754,070,676			1,092,789,475
In-kind redemptions — affiliated(a)		1,835,280			—
		634,014,810			778,558,349
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(1,795,920,346	)		(2,368,408,788	)
Investments — affiliated		(5,033,722	)		206,661
Futures contracts		33,161			(337,993	)
		(1,800,920,907	)		(2,368,540,120	)
Net realized and unrealized loss		(1,166,906,097	)		(1,589,981,771	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,011,581,774	)	$	(1,341,583,562	)

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 45

Statements of Changes in Net Assets

	iShares Russell 3000 ETF						iShares Russell Mid-Cap Value ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	155,324,323		$	132,413,906		$	248,398,209		$	200,831,244
Net realized gain		634,014,810			856,447,831			778,558,349			1,226,700,162
Net change in unrealized appreciation (depreciation)		(1,800,920,907	)		290,779,607			(2,368,540,120	)		53,384,283
Net increase (decrease) in net assets resulting from operations		(1,011,581,774	)		1,279,641,344			(1,341,583,562	)		1,480,915,689
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(161,314,568	)		(135,842,146	)		(252,968,676	)		(220,370,366	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(116,682,684	)		(84,663,380	)		(637,067,384	)		527,173,955
NET ASSETS
Total increase (decrease) in net assets		(1,289,579,026	)		1,059,135,818			(2,231,619,622	)		1,787,719,278
Beginning of year		12,017,482,558			10,958,346,740			14,907,745,265			13,120,025,987
End of year	$	10,727,903,532		$	12,017,482,558		$	12,676,125,643		$	14,907,745,265

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell 3000 ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	262.10		$	237.19		$	148.31		$	166.74		$	156.30
Net investment income(a)		3.37			2.87			2.73			2.91			2.78
Net realized and unrealized gain(b)		(26.44	)		25.00			89.03			(18.04	)		10.52
Net increase from investment operations		(23.07	)		27.87			91.76			(15.13	)		13.30
Distributions from net investment income(c)		(3.51	)		(2.96	)		(2.88	)		(3.30	)		(2.86	)
Net asset value, end of year	$	235.52		$	262.10		$	237.19		$	148.31		$	166.74
Total Return(d)
Based on net asset value		(8.72	)%		11.75	%		62.21	%		(9.29	)%		8.59	%
Ratios to Average Net Assets(e)
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.47	%		1.10	%		1.37	%		1.69	%		1.72	%
Supplemental Data
Net assets, end of year (000)	$	10,727,904		$	12,017,483		$	10,958,347		$	8,230,988		$	9,379,045
Portfolio turnover rate(f)		4	%		5	%		4	%		5	%		5	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

 F I N A N C I A L  H I G H L I G H T S 47

Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Value ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	119.55		$	109.15		$	64.10		$	86.86		$	86.44
Net investment income(a)		2.04			1.62			1.43			1.93			1.67
Net realized and unrealized gain(b)		(13.31	)		10.55			45.22			(22.63	)		0.70
Net increase from investment operations		(11.27	)		12.17			46.65			(20.70	)		2.37
Distributions from net investment income(c)		(2.07	)		(1.77	)		(1.60	)		(2.06	)		(1.95	)
Net asset value, end of year	$	106.21		$	119.55		$	109.15		$	64.10		$	86.86
Total Return(d)
Based on net asset value		(9.37	)%		11.19	%		73.40	%		(24.28	)%		2.78	%
Ratios to Average Net Assets(e)
Total expenses		0.23	%		0.23	%		0.23	%		0.24	%		0.24	%
Net investment income		1.88	%		1.39	%		1.65	%		2.18	%		1.93	%
Supplemental Data
Net assets, end of year (000)	$	12,676,126		$	14,907,745		$	13,120,026		$	8,201,945		$	11,218,007
Portfolio turnover rate(f)		19	%		21	%		25	%		20	%		25	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

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Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Russell 3000	Diversified
Russell Mid-Cap Value	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdiction 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 March 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 includes 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.

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

Notes to Financial Statements   (continued)

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy

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Notes to Financial Statements   (continued)

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	(b)
Russell 3000
Barclays Bank PLC	$	36,953,190	$	(36,953,190	)	$	—		$	—
Barclays Capital, Inc.		1,832,774		(1,754,795	)		—			77,979
BNP Paribas SA		35,326,598		(34,793,585	)		—			533,013
BofA Securities, Inc.		8,210,779		(8,187,016	)		—			23,763
Citadel Clearing LLC		3,486,331		(3,397,677	)		—			88,654
Citigroup Global Markets, Inc.		20,721,507		(20,491,106	)		—			230,401
Credit Suisse Securities (USA) LLC		194,293		(194,293	)		—			—
Deutsche Bank Securities, Inc.		226,916		(226,916	)		—			—
Goldman Sachs & Co. LLC		48,337,613		(48,205,646	)		—			131,967
HSBC Bank PLC		3,650,439		(3,650,439	)		—			—
ING Financial Markets LLC		1,073,479		(1,051,155	)		—			22,324
J.P. Morgan Securities LLC		16,410,589		(16,410,589	)		—			—
Jefferies LLC		2,861,156		(2,861,156	)		—			—
Morgan Stanley		27,772,488		(27,665,663	)		—			106,825
National Financial Services LLC		1,378,225		(1,378,225	)		—			—
Natixis SA		3,396,327		(3,354,132	)		—			42,195
Nomura Securities International, Inc.		29,925		(29,925	)		—			—
Pershing LLC		26,563		(26,563	)		—			—
RBC Capital Market LLC		4,540,780		(4,437,185	)		—			103,595
Scotia Capital (USA), Inc.		12,746,855		(12,674,483	)		—			72,372
SG Americas Securities LLC		1,831,502		(1,822,414	)		—			9,088
State Street Bank & Trust Co.		447,376		(447,376	)		—			—
Toronto-Dominion Bank		5,965,269		(5,951,556	)		—			13,713
UBS AG		4,063,898		(4,063,898	)		—			—
UBS Securities LLC		1,015,846		(1,004,325	)		—			11,521
Virtu Americas LLC		119,897		(118,675	)		—			1,222
Wells Fargo Bank N.A		3,682,359		(3,682,359	)		—			—
Wells Fargo Securities LLC		309,976		(309,976	)		—			—
	$	246,612,950	$	(245,144,318	)	$	—		$	1,468,632
Russell Mid-Cap Value
Barclays Bank PLC	$	22,270,522	$	(22,218,194	)	$	—		$	52,328
Barclays Capital, Inc.		3,420,835		(3,408,500	)		—			12,335
BMO Capital Markets Corp.		43,773		(41,753	)		—			2,020
BNP Paribas SA		46,431,870		(46,143,764	)		—			288,106
BofA Securities, Inc.		8,632,458		(8,601,913	)		—			30,545
Citadel Clearing LLC		7,515,523		(7,452,885	)		—			62,638
Citigroup Global Markets, Inc.		11,281,488		(11,182,993	)		—			98,495
Goldman Sachs & Co. LLC		104,448,744		(103,987,781	)		—			460,963
HSBC Bank PLC		4,842,149		(4,822,881	)		—			19,268
ING Financial Markets LLC		620		(618	)		—			2
J.P. Morgan Securities LLC		47,450,507		(47,450,507	)		—			—
Jefferies LLC		2,342,958		(2,342,958	)		—			—
Morgan Stanley		65,454,900		(65,209,595	)		—			245,305
National Financial Services LLC		1,207,415		(1,207,159	)		—			256
Natixis SA		2,756,124		(2,756,124	)		—			—
Nomura Securities International, Inc.		223,300		(223,300	)		—			—
RBC Capital Market LLC		10,860,761		(10,852,240	)		—			8,521
Scotia Capital (USA), Inc.		1,889,810		(1,875,307	)		—			14,503
SG Americas Securities LLC		4,273,696		(4,259,629	)		—			14,067
State Street Bank & Trust Co.		1,282		(1,282	)		—			—
Toronto-Dominion Bank		2,692,254		(2,605,094	)		—			87,160
UBS AG		16,313,442		(16,174,132	)		—			139,310
UBS Securities LLC		12,660,066		(12,531,212	)		—			128,854
Virtu Americas LLC		584,365		(582,505	)		—			1,860

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Notes to Financial Statements   (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Russell Mid-Cap Value (continued)
Wells Fargo Bank N.A.	$	5,830,355	$	(5,813,615	)	$	—		$	16,740
Wells Fargo Securities LLC		6,692,707		(6,692,707	)		—			—
	$	390,121,924	$	(388,438,648	)	$	—		$	1,683,276

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of March 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.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
Russell 3000		0.20%

For its investment advisory services to the iShares Russell Mid-Cap Value ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $121 billion		0.2500	%
Over $121 billion, up to and including $181 billion		0.2375
Over $181 billion, up to and including $231 billion		0.2257
Over $231 billion, up to and including $281 billion		0.2144
Over $281 billion		0.2037

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.

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Notes to Financial Statements   (continued)

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.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Russell 3000	$	691,670
Russell Mid-Cap Value		1,679,004

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

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

For the year ended March 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Russell 3000	$	60,672,740	$	79,151,900	$	(32,716,730	)
Russell Mid-Cap Value		1,093,929,606		1,151,782,609		(180,997,540	)

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

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

7. PURCHASES AND SALES

For the year ended March 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Russell 3000	$	469,325,775	$	472,122,779
Russell Mid-Cap Value		2,482,023,620		2,480,769,070

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

Notes to Financial Statements   (continued)

For the year ended March 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind  Purchases		In-kind Sales
Russell 3000	$	1,406,561,676	$	1,482,857,262
Russell Mid-Cap Value		2,665,395,307		3,304,973,984

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 March 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2023, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Russell 3000	$	747,001,355	$	(747,001,355)
Russell Mid-Cap Value		1,076,949,017		(1,076,949,017)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2023		Year Ended March 31, 2022
Russell 3000
Ordinary income	$	161,314,568	$	135,842,146
Russell Mid-Cap Value
Ordinary income	$	252,968,676	$	220,370,366

As of March 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified late-year losses	(c)		Total
Russell 3000	$	(262,843,385	)	$	2,197,578,361		$	—		$	1,934,734,976
Russell Mid-Cap Value		(701,035,961	)		732,597,544			(50,735	)		31,510,848

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

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

^(c)  The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

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 March 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russell 3000	$	8,767,467,483	$	3,035,635,806	$	(838,043,373	)	$	2,197,592,433
Russell Mid-Cap Value		12,310,573,076		2,116,052,928		(1,383,351,645	)		732,701,283

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;

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Notes to Financial Statements   (continued)

(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.

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

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

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

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

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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 55

Notes to Financial Statements   (continued)

Transactions in capital shares were as follows:

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Russell 3000
Shares sold		6,250,000		$	1,412,201,639			5,400,000		$	1,415,391,570
Shares redeemed		(6,550,000	)		(1,528,884,323	)		(5,750,000	)		(1,500,054,950	)
		(300,000	)	$	(116,682,684	)		(350,000	)	$	(84,663,380	)
Russell Mid-Cap Value
Shares sold		25,450,000		$	2,683,741,714			16,200,000		$	1,882,610,327
Shares redeemed		(30,800,000	)		(3,320,809,098	)		(11,700,000	)		(1,355,436,372	)
		(5,350,000	)	$	(637,067,384	)		4,500,000		$	527,173,955

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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2023, the related statements of operations for the year ended March 31, 2023, the statements of changes in net assets for each of the two years in the period ended March 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2023 and each of the financial highlights for each of the five years in the period ended March 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

iShares Russell 3000 ETF

iShares Russell Mid-Cap Value ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2023

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

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Important Tax Information  (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Dividend Income
Russell 3000	$	162,979,049
Russell Mid-Cap Value		220,481,463

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Business Income
Russell 3000	$	6,142,551
Russell Mid-Cap Value		24,635,138

The following percentages or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Russell 3000		100.00	%
Russell Mid-Cap Value		83.65

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Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Russell 3000 ETF and iShares Russell Mid-Cap Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).).

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

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

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

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

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

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

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

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

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M 59

Supplemental Information (unaudited)

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.

March 31, 2023

	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
Russell 3000(a)	$	3.416108	$	—	$	0.096410	$	3.512518		97	%		—	%		3	%		100	%
Russell Mid-Cap Value		2.069501		—		—		2.069501		100			—			—			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Premium/Discount Information

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

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, ( “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares Russell 3000 ETF (the “Fund”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

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

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

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

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

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

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

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

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Supplemental Information (unaudited)

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

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

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4,121 million. This figure is comprised of fixed remuneration of USD 685 million and variable remuneration of USD 3,436 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2,958 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 million. These figures relate to the entire Company and not to the Fund.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

iShares Russell 3000 ETF is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

iShares Russell 3000 ETF has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

SUPPLEMENTAL  INFORMATION 61

Trustee and Officer Information  

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its  affiliates. (b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015- 2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

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Trustee and Officer Information  (continued)

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O  N 65

Glossary of Terms Used in this Report

Portfolio Abbreviation

CVR	Contingent Value Rights
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, 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.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-306-0323

        

MARCH 31, 2023

2023 Annual Report

iShares Trust

· iShares Mortgage Real Estate ETF | REM | Cboe BZX

· iShares Residential and Multisector Real Estate ETF | REZ | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	15.62%	(7.73)%
U.S. small cap equities (Russell 2000® Index)	9.14	(11.61)
International equities (MSCI Europe, Australasia, Far East Index)	27.27	(1.38)
Emerging market equities (MSCI Emerging Markets Index)	14.04	(10.70)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.93	2.52
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.38	(6.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	4.89	(4.78)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.00	0.26
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.88	(3.35)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements:
Statements of Assets and Liabilities		15
Statements of Operations		16
Statements of Changes in Net Assets		17
Financial Highlights		18
Notes to Financial Statements		20
Report of Independent Registered Public Accounting Firm		27
Important Tax Information		28
Statement Regarding Liquidity Risk Management Program		29
Supplemental Information		30
Trustee and Officer Information		31
General Information		34
Glossary of Terms Used in this Report		35

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks declined for the 12 months ended March 31, 2023 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned -8.58%. Elevated inflation and rapid tightening of monetary policy dampened growth and weighed on equities. Higher interest rates drove bond yields higher and increased borrowing costs for businesses and consumers. Equities began to recover in the second half of the reporting period, as the broader economy remained resilient and the pace of inflation declined. In March 2023, two banks suddenly failed, representing the second and third largest bank failures in U.S. history by asset value. This drove concern among investors about the resiliency of the financial system in the face of rapidly rising interest rates. However, government agencies acted swiftly to organize a sale of the failed banks’ assets and inject liquidity, and equity prices recovered.

Inflation was a significant driver of the economic outlook. As the reporting period began, the consumer price index, a widely followed measure of inflation, stood at multi-decade highs. Strong consumer spending and a tight labor market, along with continued supply chain disruptions in Asia, combined to drive prices higher. But the rate of inflation began to decline as the reporting period wore on, decelerating for nine consecutive months beginning in July 2022. Nonetheless, inflation remained elevated by historic standards, and higher prices negatively impacted both consumers and businesses.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

To contain inflation, the U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates eight times over the course of the reporting period. The pace of tightening accelerated as the Fed twice stepped up the increment of increase before reducing it again as inflation began to subside. The Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

Despite economic headwinds, corporate profits remained robust, and many companies were able to sufficiently raise prices to preserve profit margins even in the face of rising labor and input costs. Nonetheless, profits declined overall in the fourth quarter of 2022, and the yield curve (a graphical representation of U.S. Treasury rates at different maturities) inverted, a sign that markets were concerned about the impact of higher borrowing costs on the economy. Furthermore, dwindling personal savings and rising household debt raised questions about the sustainability of consumer spending as an engine of economic growth.

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Fund Summary as of March 31, 2023 iShares^® Mortgage Real Estate ETF

Investment Objective

The iShares Mortgage Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate investment trusts (REITs) that hold U.S. residential and commercial mortgages, as represented by the FTSE Nareit All Mortgage Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(26.00	)%		(4.47	)%		(0.30	)%		(26.00	)%		(20.42	)%		(2.92	)%
Fund Market		(26.02	)		(4.46	)		(0.32	)		(26.02	)		(20.41	)		(3.13	)
Index		(25.49	)		(3.79	)		0.29			(25.49	)		(17.59	)		2.98

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,095.80	$	2.51		$	1,000.00	$	1,022.54	$	2.42		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2023(continued) iShares^® Mortgage Real Estate ETF

Portfolio Management Commentary

Mortgage real estate investment trusts (“REITs”) declined substantially for the reporting period amid sharply rising interest rates. Inflation reached the highest point in four decades before subsiding somewhat, while remaining persistently elevated. The Fed raised interest rates eight times in an attempt to control inflation, sending mortgage rates to a more than 20-year high. Rising borrowing costs made homebuyers more hesitant to take on home loans, and mortgage originations dropped substantially. The fourth quarter of 2022 was the seventh consecutive quarter with fewer originations, which dropped to less than half the level of a year prior. Mortgage refinancing also declined sharply, as higher mortgage rates incentivized homeowners to maintain their current financing.

Higher interest rates weighed on mortgage REITs, which derive their income from the difference between the short-term interest rates at which they borrow funds to purchase securities and the long-term rates they earn on their mortgage investments. As interest rates rise, profit margins for mortgage REITs can narrow or turn negative and the value of their existing mortgage portfolios declines. In addition, the value of the mortgage-backed securities that the REITs hold can go down, and mortgage holders with variable interest rate loans may struggle to meet payment obligations. Mortgage REITs often cut dividend payouts to shareholders when profits fall, reducing their appeal to investors seeking consistent income. Amid a softening economic environment during the reporting period, mortgage REITs built up reserves in anticipation of future credit losses, cutting into earnings.

Equity REITs detracted slightly from the Index’s return. Unlike mortgage REITs, equity REITs own and sometimes operate commercial and residential properties and generate income from rents. Declining revenues stifled profitability in the industry.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Mortgage REITs	100.0	%

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Annaly Capital Management, Inc.	17.7	%
AGNC Investment Corp.	11.4
Starwood Property Trust, Inc.	10.2
Rithm Capital Corp.	6.9
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	4.6
Blackstone Mortgage Trust, Inc., Class A	4.2
Arbor Realty Trust, Inc.	3.8
Two Harbors Investment Corp.	3.4
Chimera Investment Corp.	3.1
Apollo Commercial Real Estate Finance, Inc.	3.1

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2023 iShares^® Residential and Multisector Real Estate ETF

Investment Objective

The iShares Residential and Multisector Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. residential, healthcare and self-storage real estate equities, as represented by the FTSE Nareit All Residential Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(23.84	)%		7.31	%		6.79	%		(23.84	)%		42.28	%		92.97	%
Fund Market		(23.92	)		7.31			6.80			(23.92	)		42.29			93.15
Index		(23.54	)		7.75			7.20			(23.54	)		45.22			100.36

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	999.30	$	2.39		$	1,000.00	$	1,022.54	$	2.42		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2023(continued) iShares^® Residential and Multisector Real Estate ETF

Portfolio Management Commentary

Residential and multisector real estate investment trusts (“REITs”) declined significantly during the reporting period. Rising interest rates raised the cost for REITs to pay debt held on existing properties and increased the expense of financing new acquisitions. As interest rates rose, bond yields increased, making bonds a more attractive investment option, perceived to have lower risk than the dividends offered by REITs. Because REITs are required to pay out 90% of their earnings in dividends to shareholders each year in order to maintain their tax-free status, they often compete with bonds for yield-seeking investors, particularly when interest rates rise.

Diversified REITs, including those that operate self-storage units, apartment complexes, and senior living complexes, detracted the most from the Index’s performance. The occupancy rates of REITs that own and operate self-storage units declined from levels reached during the COVID-19 pandemic. Demand for self-storage units soared during the pandemic as Americans decluttered their homes and put items into storage to accommodate working, studying, and exercising at home. However, with the widespread usage of vaccines, many people returned to offices and schools. In addition, rising mortgage rates slowed housing sales, lessening the demand for storage rentals during a move. Labor costs, a significant expense for operating storage units, increased as inflationary pressure raised wages. In addition, the costs of materials to build new storage units increased significantly. REITs that own and operate apartment buildings, particularly those operating in large cities with slow post-pandemic real estate market recovery, also detracted from the Index’s performance. REITs that focus on senior living complexes continued to face challenges due to COVID-19 outbreaks, which caused disruptions in the process of new tenants moving into apartments and led to increased expenses for staffing.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Residential REITs	48.0	%
Health Care REITs	26.1
Specialized REITs	25.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Public Storage	12.9	%
Welltower, Inc.	9.3
AvalonBay Communities, Inc.	6.4
Equity Residential	6.1
Extra Space Storage, Inc.	5.9
Invitation Homes, Inc.	5.2
Sun Communities, Inc.	4.5
Mid-America Apartment Communities, Inc.	4.5
Ventas, Inc.	4.2
UDR, Inc.	3.8

^(a)  Excludes money market funds.

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, 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.

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Schedule of Investments   March 31, 2023 iShares^® Mortgage Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Mortgage REITs — 97.4%
AFC Gamma, Inc.		223,838	$	2,721,870
AGNC Investment Corp.		6,537,579		65,898,796
Angel Oak Mortgage REIT, Inc.		163,712		1,195,098
Annaly Capital Management, Inc.		5,356,170		102,356,409
Apollo Commercial Real Estate Finance, Inc.		1,931,248		17,979,919
Arbor Realty Trust, Inc.		1,922,043		22,084,274
Ares Commercial Real Estate Corp.		705,473		6,412,749
ARMOUR Residential REIT, Inc.		2,226,026		11,686,637
Blackstone Mortgage Trust, Inc., Class A		1,375,365		24,550,265
BrightSpire Capital, Inc., Class A		1,287,812		7,598,091
Broadmark Realty Capital, Inc.		1,789,424		8,410,293
Chicago Atlantic Real Estate Finance, Inc.		74,687		1,009,021
Chimera Investment Corp.		3,191,682		18,001,086
Dynex Capital, Inc.		724,962		8,786,539
Ellington Financial, Inc.		870,269		10,625,984
Franklin BSP Realty Trust, Inc.		1,140,266		13,603,373
Granite Point Mortgage Trust, Inc.		713,937		3,541,128
Great Ajax Corp.		296,721		1,952,424
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)		928,967		26,568,456
Invesco Mortgage Capital, Inc.		488,982		5,422,810
KKR Real Estate Finance Trust, Inc.		783,861		8,928,177
Ladder Capital Corp., Class A		1,559,343		14,735,791
MFA Financial, Inc.		1,410,666		13,993,807
New York Mortgage Trust, Inc.		1,271,358		12,662,726
Nexpoint Real Estate Finance, Inc.		110,790		1,736,079
Orchid Island Capital, Inc.(a)		514,172		5,517,066
PennyMac Mortgage Investment Trust		1,221,017		15,055,140

Security	Shares		Value
Mortgage REITs (continued)
Ready Capital Corp.		982,273	$	9,989,716
Redwood Trust, Inc.		1,554,667		10,478,456
Rithm Capital Corp.		4,960,757		39,686,056
Starwood Property Trust, Inc.		3,338,930		59,065,672
TPG RE Finance Trust, Inc.		947,398		6,878,109
Two Harbors Investment Corp.		1,330,367		19,569,699
				578,701,716
Total Long-Term Investments — 97.4% (Cost: $886,194,815)				578,701,716
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(b)(c)(d)		6,291,044		6,292,932
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(b)(c)		498,399		498,399
Total Short-Term Securities — 1.1% (Cost: $6,791,627)				6,791,331
Total Investments — 98.5% (Cost: $892,986,442)				585,493,047
Other Assets Less Liabilities — 1.5%				8,669,743
Net Assets — 100.0%			$	594,162,790

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

^(b)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	23,893	$	6,263,406	(a)	$	—		$	5,933	$	(300	)	$	6,292,932		6,291,044	$	88,238	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,230,000		—			(731,601	)(a)		—		—			498,399		498,399		40,093			1
									$	5,933	$	(300	)	$	6,791,331			$	128,331		$	1

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		477		06/16/23	$	15,803	$	401,484

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Schedule of Investments  (continued) March 31, 2023 iShares^® Mortgage Real Estate ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	401,484	$	—	$	—	$	—	$	401,484

^(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 March 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	$	—	$	—	$	875,132	$	—	$	—	$	—	$	875,132
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	431,409	$	—	$	—	$	—	$	431,409

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	16,371,195

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	578,701,716	$	—	$	—	$	578,701,716
Short-Term Securities
Money Market Funds		6,791,331		—		—		6,791,331
	$	585,493,047	$	—	$	—	$	585,493,047
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	401,484	$	—	$	—	$	401,484

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

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

Schedule of Investments   March 31, 2023 iShares^® Residential and Multisector Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Health Care REITs — 26.0%
CareTrust REIT, Inc.		174,726	$	3,421,135
Community Healthcare Trust, Inc.		41,748		1,527,977
Diversified Healthcare Trust		420,507		567,684
Global Medical REIT, Inc.		107,897		982,942
Healthcare Realty Trust, Inc.		672,500		12,999,425
Healthpeak Properties, Inc.		969,371		21,297,081
LTC Properties, Inc.		70,381		2,472,485
Medical Properties Trust, Inc.		1,053,397		8,658,923
National Health Investors, Inc.		73,672		3,800,002
Omega Healthcare Investors, Inc.		416,831		11,425,338
Physicians Realty Trust		401,928		6,000,785
Sabra Health Care REIT, Inc.		407,032		4,680,868
Universal Health Realty Income Trust		22,532		1,084,014
Ventas, Inc.		606,121		26,275,345
Welltower, Inc.		806,798		57,839,349
			163,033,353
Residential REITs — 47.7%
American Homes 4 Rent, Class A		545,960		17,170,442
Apartment Income REIT Corp.		267,017		9,561,879
Apartment Investment & Management Co., Class A		263,740		2,028,161
AvalonBay Communities, Inc.		238,198		40,031,556
BRT Apartments Corp.		21,261		419,267
Camden Property Trust		183,887		19,278,713
Centerspace		26,512		1,448,351
Elme Communities		154,815		2,764,996
Equity LifeStyle Properties, Inc.		315,026		21,147,695
Equity Residential		631,530		37,891,800
Essex Property Trust, Inc.		114,006		23,843,215
Independence Realty Trust, Inc.		396,006		6,347,976
Invitation Homes, Inc.		1,040,646		32,499,375
Mid-America Apartment Communities, Inc.		184,379		27,848,604

Security	Shares		Value
Residential REITs (continued)
NexPoint Residential Trust, Inc.		39,858	$	1,740,599
Sun Communities, Inc.		201,666		28,410,706
UDR, Inc.		581,518		23,877,129
UMH Properties, Inc.		93,270		1,379,463
Veris Residential, Inc.(a)		152,124		2,227,095
			299,917,022
Specialized REITs — 25.7%
CubeSmart		396,471		18,324,890
Extra Space Storage, Inc.		225,949		36,813,870
Life Storage, Inc.		149,212		19,560,201
National Storage Affiliates Trust		150,572		6,290,898
Public Storage		266,677		80,573,789
			161,563,648
Total Long-Term Investments — 99.4% (Cost: $805,596,014)				624,514,023
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(b)(c)		1,066,711		1,066,711
Total Short-Term Securities — 0.2% (Cost: $1,066,711)				1,066,711
Total Investments — 99.6% (Cost: $806,662,725)				625,580,734
Other Assets Less Liabilities — 0.4%				2,761,399
Net Assets — 100.0%			$	628,342,133

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—	$	(3,683	)(b)	$	3,683	$	—	$	—		—	$	14,385	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,910,000		—		(1,843,289	)(b)		—		—		1,066,711		1,066,711		33,788			1
								$	3,683	$	—	$	1,066,711			$	48,173		$	1

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

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

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

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Schedule of Investments  (continued) March 31, 2023 iShares^® Residential and Multisector Real Estate ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		113		06/16/23	$	3,744	$	123,326

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	123,326	$	—	$	—	$	—	$	123,326

^(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 March 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	$	—	$	—	$	(252,333	)	$	—	$	—	$	—	$	(252,333	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(18,379	)	$	—	$	—	$	—	$	(18,379	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	4,010,328

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

SCHEDULES   OF   INVESTMENTS 13

Schedule of Investments  (continued) March 31, 2023 iShares^® Residential and Multisector Real Estate ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	624,514,023	$	—	$	—	$	624,514,023
Short-Term Securities
Money Market Funds		1,066,711		—		—		1,066,711
	$	625,580,734	$	—	$	—	$	625,580,734
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	123,326	$	—	$	—	$	123,326

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

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Statements of Assets and Liabilities

March 31, 2023

	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	578,701,716		$	624,514,023
Investments, at value — affiliated(c)		6,791,331			1,066,711
Cash		—			11
Cash pledged:
Futures contracts		1,189,000			273,000
Receivables:
Investments sold		621,205			—
Securities lending income — affiliated		10,519			3,308
Dividends — unaffiliated		13,688,074			2,663,641
Dividends — affiliated		4,509			3,869
Variation margin on futures contracts		317,564			74,946
Total assets		601,323,918			628,599,509
LIABILITIES
Bank overdraft		23,843			—
Collateral on securities loaned		6,287,305			—
Payables:
Investments purchased		606,654			—
Investment advisory fees		243,326			257,376
Total liabilities		7,161,128			257,376
NET ASSETS	$	594,162,790		$	628,342,133
NET ASSETS CONSIST OF:
Paid-in capital	$	1,210,906,012		$	842,343,833
Accumulated loss		(616,743,222	)		(214,001,700	)
NET ASSETS	$	594,162,790		$	628,342,133
NET ASSET VALUE
Shares outstanding		27,200,000			8,900,000
Net asset value	$	21.84		$	70.60
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	886,194,815		$	805,596,014
(b) Securities loaned, at value	$	6,156,969		$	—
(c)  Investments, at cost — affiliated	$	6,791,627		$	1,066,711

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 15

Statements of Operations

Year Ended March 31, 2023

	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	65,319,304		$	21,473,974
Dividends — affiliated		40,093			33,788
Securities lending income — affiliated — net		88,238			14,385
Total investment income		65,447,635			21,522,147
EXPENSES
Investment advisory		3,473,169			4,001,380
Total expenses		3,473,169			4,001,380
Net investment income		61,974,466			17,520,767
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(67,975,319	)		(26,350,113	)
Investments — affiliated		5,933			3,683
Capital gain distributions from underlying funds — affiliated		1			1
Futures contracts		875,132			(252,333	)
In-kind redemptions — unaffiliated(a)		5,646,973			44,784,193
		(61,447,280	)		18,185,431
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(242,760,832	)		(310,762,784	)
Investments — affiliated		(300	)		—
Futures contracts		431,409			(18,379	)
		(242,329,723	)		(310,781,163	)
Net realized and unrealized loss		(303,777,003	)		(292,595,732	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(241,802,537	)	$	(275,074,965	)

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

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Mortgage Real Estate ETF						iShares Residential and Multisector Real Estate ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	61,974,466		$	32,106,113		$	17,520,767		$	15,723,193
Net realized gain (loss)		(61,447,280	)		131,124,057			18,185,431			107,107,083
Net change in unrealized appreciation (depreciation)		(242,329,723	)		(173,766,987	)		(310,781,163	)		99,352,430
Net increase (decrease) in net assets resulting from operations		(241,802,537	)		(10,536,817	)		(275,074,965	)		222,182,706
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income and net realized gain		(61,974,466	)		(81,209,640	)		(24,693,312	)		(18,832,367	)
Return of capital		(6,144,140	)		—			—			—
Decrease in net assets resulting from distributions to shareholders		(68,118,606	)		(81,209,640	)		(24,693,312	)		(18,832,367	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(71,024,623	)		(446,732,193	)		(360,163,509	)		589,464,681
NET ASSETS
Total increase (decrease) in net assets		(380,945,766	)		(538,478,650	)		(659,931,786	)		792,815,020
Beginning of year		975,108,556			1,513,587,206			1,288,273,919			495,458,899
End of year	$	594,162,790		$	975,108,556		$	628,342,133		$	1,288,273,919

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 17

Financial Highlights

(For a share outstanding throughout each period)

	iShares Mortgage Real Estate ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	32.67		$	35.20		$	18.67		$	43.32		$	42.48
Net investment income(a)		2.26			0.82			1.38			2.61			3.13
Net realized and unrealized gain (loss)(b)		(10.57	)		(1.27	)		17.37			(23.51	)		1.52
Net increase (decrease) from investment operations		(8.31	)		(0.45	)		18.75			(20.90	)		4.65
Distributions(c)
From net investment income		(2.29	)		(2.08	)		(1.34	)		(2.60	)		(3.08	)
Return of capital		(0.23	)		—			(0.88	)		(1.15	)		(0.73	)
Total distributions		(2.52	)		(2.08	)		(2.22	)		(3.75	)		(3.81	)
Net asset value, end of year	$	21.84		$	32.67		$	35.20		$	18.67		$	43.32
Total Return(d)
Based on net asset value		(26.00	)%		(1.65	)%		103.62	%		(51.80	)%		11.46	%
Ratios to Average Net Assets(e)
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		8.57	%		2.30	%		4.94	%		6.16	%		7.22	%
Supplemental Data
Net assets, end of year (000)	$	594,163		$	975,109		$	1,513,587		$	593,850		$	1,252,029
Portfolio turnover rate(f)		28	%		20	%		30	%		29	%		25	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Residential and Multisector Real Estate ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of year	$	95.78		$	73.95		$	55.26		$	70.64		$	57.61
Net investment income(a)		1.66			1.46			1.51			1.55			1.80
Net realized and unrealized gain (loss)(b)		(24.47	)		21.98			19.29			(14.77	)		13.45
Net increase (decrease) from investment operations		(22.81	)		23.44			20.80			(13.22	)		15.25
Distributions(c)
From net investment income		(2.37	)		(1.50	)		(2.11	)		(2.16	)		(2.00	)
From net realized gain		—			(0.11	)		—			—			(0.22	)
Total distributions		(2.37	)		(1.61	)		(2.11	)		(2.16	)		(2.22	)
Net asset value, end of year	$	70.60		$	95.78		$	73.95		$	55.26		$	70.64
Total Return(d)
Based on net asset value		(23.84	)%		31.85	%		38.23	%		(19.25	)%		26.94	%
Ratios to Average Net Assets(e)
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		2.10	%		1.64	%		2.36	%		2.07	%		2.81	%
Supplemental Data
Net assets, end of year (000)	$	628,342		$	1,288,274		$	495,459		$	331,559		$	430,875
Portfolio turnover rate(f)		18	%		8	%		7	%		12	%		10	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 19

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Mortgage Real Estate	Non-Diversified
Residential and Multisector Real Estate	Non-Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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, net realized capital gains and/or return of capital for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds each Fund’s current and accumulated earnings and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earning and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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Notes to Financial Statements  (continued)

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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Notes to Financial Statements  (continued)

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Mortgage Real Estate
Goldman Sachs & Co. LLC	$	1,675,960	$	(1,675,960	)	$	—		$	—
J.P. Morgan Securities LLC		4,481,009		(4,481,009	)		—			—
	$	6,156,969	$	(6,156,969	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
Mortgage Real Estate		0.48	%
Residential and Multisector Real Estate		0.48

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.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

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,

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Notes to Financial Statements  (continued)

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Mortgage Real Estate	$	22,232
Residential and Multisector Real Estate		5,828

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

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

For the year ended March 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Mortgage Real Estate	$	16,886,254	$	42,064,041	$	(15,129,925	)
Residential and Multisector Real Estate		40,990,397		45,745,158		(18,773,927	)

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

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

7. PURCHASES AND SALES

For the year ended March 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Mortgage Real Estate	$	216,701,578	$	204,771,506
Residential and Multisector Real Estate		158,066,541		150,124,435

For the year ended March 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Mortgage Real Estate	$	476,619,332	$	567,116,334
Residential and Multisector Real Estate		192,788,301		565,875,753

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.

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Notes to Financial Statements  (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of March 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions and distributions paid in excess of taxable income were reclassified to the following accounts:

iShares ETF	Paid-in capital			Accumulated earnings (loss)
Mortgage Real Estate	$	(16,227,988	)	$	16,227,988
Residential and Multisector Real Estate		32,482,220			(32,482,220	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2023		Year Ended March 31, 2022
Mortgage Real Estate
Ordinary income	$	61,974,466	$	81,209,640
Return of capital		6,144,140		—
	$	68,118,606	$	81,209,640
Residential and Multisector Real Estate
Ordinary income	$	24,693,312	$	17,568,653
Long term capital gains		—		1,263,714
	$	24,693,312	$	18,832,367

As of March 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Non-expiring Capital  Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)			Total
Mortgage Real Estate	$	(276,754,574	)	$	(339,988,648	)	$	(616,743,222	)
Residential and Multisector Real Estate		(26,817,079	)		(187,184,621	)		(214,001,700	)

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

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

As of March 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Mortgage Real Estate	$	925,481,695	$	401,485	$	(340,390,133	)	$	(339,988,648	)
Residential and Multisector Real Estate		812,765,355		915,938		(188,100,559	)		(187,184,621	)

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.

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Notes to Financial Statements  (continued)

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

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

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

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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Mortgage Real Estate
Shares sold		18,600,000		$	473,627,895			8,400,000		$	299,578,675
Shares redeemed		(21,250,000	)		(544,652,518	)		(21,550,000	)		(746,310,868	)
		(2,650,000	)	$	(71,024,623	)		(13,150,000	)	$	(446,732,193	)
Residential and Multisector Real Estate
Shares sold		2,150,000		$	189,986,614			10,400,000		$	926,228,317
Shares redeemed		(6,700,000	)		(550,150,123	)		(3,650,000	)		(336,763,636	)
		(4,550,000	)	$	(360,163,509	)		6,750,000		$	589,464,681

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

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Notes to Financial Statements  (continued)

for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

11. SUBSEQUENT EVENTS

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2023, the related statements of operations for the year ended March 31, 2023, the statements of changes in net assets for each of the two years in the period ended March 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2023 and each of the financial highlights for each of the five years in the period ended March 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

  iShares Mortgage Real Estate ETF

  iShares Residential and Multisector Real Estate ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2023

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

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Dividend Income
Mortgage Real Estate	$	1,594,738
Residential and Multisector Real Estate		50,635

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Business Income
Mortgage Real Estate	$	29,491,485
Residential and Multisector Real Estate		11,921,827

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Mortgage Real Estate		0.98	%

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Statement Regarding Liquidity Risk Management Program (unaudited)

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

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

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

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

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

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

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

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

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

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Supplemental Information (unaudited)

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.

March 31, 2023

	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
Mortgage Real Estate(a)	$	2.505192	$	—	$	0.017360	$	2.522552		99	%		—	%		1	%		100	%
Residential and Multisector Real Estate		2.369643		—		—		2.369643		100			—			—			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Premium/Discount Information

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

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Trustee and Officer Information

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

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

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Trustee and Officer Information  (continued)

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015- 2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

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Trustee and Officer Information  (continued)

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019- 2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

TRUSTEE   AND   OFFICER   INFORMATION 33

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviations
REIT	Real Estate Investment Trust

GLOSSARY   OF   TERMS   USED   IN   THIS   REPORT 35

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 FTSE International Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-312-0323

MARCH 31, 2023

2023 Annual Report

iShares Trust

·  iShares Factors US Growth Style ETF | STLG | Cboe BZX

·  iShares Factors US Value Style ETF | STLV | Cboe BZX

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	15.62%	(7.73)%
U.S. small cap equities (Russell 2000® Index)	9.14	(11.61)
International equities (MSCI Europe, Australasia, Far East Index)	27.27	(1.38)
Emerging market equities (MSCI Emerging Markets Index)	14.04	(10.70)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.93	2.52
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.38	(6.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	4.89	(4.78)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.00	0.26
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.88	(3.35)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS  PAGE  IS  NOT  PART  OF  YOUR  FUND  REPORT

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements:
Statements of Assets and Liabilities		17
Statements of Operations		18
Statements of Changes in Net Assets		19
Financial Highlights		20
Notes to Financial Statements		22
Report of Independent Registered Public Accounting Firm		28
Important Tax Information		29
Statement Regarding Liquidity Risk Management Program		30
Supplemental Information		31
Trustee and Officer Information		32
General Information		35
Glossary of Terms Used in this Report		36

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks declined for the 12 months ended March 31, 2023 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned -8.58%. Elevated inflation and rapid tightening of monetary policy dampened growth and weighed on equities. Higher interest rates drove bond yields higher and increased borrowing costs for businesses and consumers. Equities began to recover in the second half of the reporting period, as the broader economy remained resilient and the pace of inflation declined. In March 2023, two banks suddenly failed, representing the second and third largest bank failures in U.S. history by asset value. This drove concern among investors about the resiliency of the financial system in the face of rapidly rising interest rates. However, government agencies acted swiftly to organize a sale of the failed banks’ assets and inject liquidity, and equity prices recovered.

Inflation was a significant driver of the economic outlook. As the reporting period began, the consumer price index, a widely followed measure of inflation, stood at multi-decade highs. Strong consumer spending and a tight labor market, along with continued supply chain disruptions in Asia, combined to drive prices higher. But the rate of inflation began to decline as the reporting period wore on, decelerating for nine consecutive months beginning in July 2022. Nonetheless, inflation remained elevated by historic standards, and higher prices negatively impacted both consumers and businesses.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

To contain inflation, the U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates eight times over the course of the reporting period. The pace of tightening accelerated as the Fed twice stepped up the increment of increase before reducing it again as inflation began to subside. The Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

Despite economic headwinds, corporate profits remained robust, and many companies were able to sufficiently raise prices to preserve profit margins even in the face of rising labor and input costs. Nonetheless, profits declined overall in the fourth quarter of 2022, and the yield curve (a graphical representation of U.S. Treasury rates at different maturities) inverted, a sign that markets were concerned about the impact of higher borrowing costs on the economy. Furthermore, dwindling personal savings and rising household debt raised questions about the sustainability of consumer spending as an engine of economic growth.

4 2 0 2 3   I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary as of March 31, 2023    iShares^® Factors US Growth Style ETF

Investment Objective

The iShares Factors US Growth Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints, as represented by the Russell US Large Cap Factors Growth Style Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since    Inception			1 Year			Since Inception
Fund NAV		(7.47	)%		10.41	%		(7.47	)%		37.47	%
Fund Market		(7.70	)		10.39			(7.70	)		37.39
Index		(7.33	)		10.61			(7.33	)		38.24

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 1/14/20. The first day of secondary market trading was 1/16/20.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       1,171.30	$          1.35			$       1,000.00	$       1,023.68	$          1.26		0.25	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND   SUMMARY 5

Fund Summary as of March 31, 2023  (continued) iShares^® Factors US Growth Style ETF

Portfolio Management Commentary

Growth-oriented large- and mid-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The consumer discretionary sector detracted the most from the Index’s return. While consumer spending continued to grow, rising inflation drove up costs for companies, and consumers increasingly sought bargains as higher prices eroded personal spending power. Individual savings rates declined, while credit card debt and interest rates rose, further pressuring consumers. A tight labor market amid historically low unemployment also meant higher labor costs for the sector.

Within the sector, the internet and direct marketing retail industry detracted significantly from the Index’s performance. The sharp rise in e-commerce that boosted the industry early in the pandemic waned as more workers returned to the office and brick-and-mortar retailers gained market share. Overbuilding of warehouses during the online shopping surge created excess capacity, which weighed on industry cash flow. Slowing revenue growth from data cloud services further pressured the industry’s profitability, as business customers tried to reduce expenditures amid economic uncertainty.

The information technology sector detracted significantly from the Index’s return, as rising interest rates reduced the current value of future earnings. High inflation and slow economic growth led consumers and businesses to reduce spending on technology products and services. The software and services industry declined, as cuts to corporate information technology budgets reduced revenue growth. Slowing growth in cloud-based software sales, which provide software companies with steady revenue streams, further constrained earnings. On the upside, industrials stocks contributed to the Index’s return, as the capital goods industry benefited from government incentives that encouraged investments in additional industrial capacity.

The Index’s research-based selection process is designed to maximize exposure to the weighted combination of five target investment style factors: momentum, quality, value, size, and low volatility. Reflecting those factor contributions, the Index outperformed the broader market, as represented by the Russell 1000 Growth Index. Security selection in the information technology sector and an underweight position in the communication services sector contributed to the Index’s return for the reporting period.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	48.2	%
Consumer Discretionary	16.1
Health Care	10.7
Industrials	8.7
Consumer Staples	5.7
Financials	3.5
Materials	3.2
Communication Services	1.4
Energy	1.2
Other (each representing less than 1%)	1.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	14.2	%
Microsoft Corp.	10.7
Amazon.com, Inc.	3.4
NVIDIA Corp.	3.1
QUALCOMM, Inc.	2.4
AbbVie, Inc.	2.2
Tesla, Inc.	2.0
Merck & Co., Inc.	1.8
Costco Wholesale Corp.	1.8
Louisiana-Pacific Corp.	1.8

6 2 0 2 3   I SHARES   ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary as of March 31, 2023    iShares^® Factors US Value Style ETF

Investment Objective

The iShares Factors US Value Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints, as represented by the Russell US Large Cap Factors Value Style Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(5.40	)%		4.64	%		(5.40	)%		15.85	%
Fund Market		(5.67	)		4.68			(5.67	)		15.70
Index		(5.25	)		4.82			(5.25	)		16.34

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 1/14/20. The first day of secondary market trading was 1/16/20.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       1,122.80	$          1.32			$       1,000.00	$       1,023.68	$          1.26		0.25	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND   SUMMARY 7

Fund Summary as of March 31, 2023  (continued) iShares^® Factors US Value Style ETF

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The financials sector detracted the most from the Index’s performance amid tightening financial conditions. U.S. insurance stocks led declines. Despite rising interest rates that can benefit insurance providers, lower earnings pressured the sector. Insurance stocks declined at the end of the reporting period amid concern about unrealized bond investment losses and potential liquidity impacts within the wider global financials sector.

The property and casualty insurance industry detracted from the Index’s return amid rising claims, natural disasters, and price declines on long-term bonds. Stocks in the life and health insurance industry also detracted. Large life insurers reported relatively flat premium and fee revenue, excluding certain pension-related items. At the same time, lower investment income resulting from declining net investment spreads (the difference between interest earned on assets and interest paid on liabilities) and private equity returns reduced annual earnings. Regional banks were also pressured late in the reporting period after the sudden failure of two regional banks led to government intervention to cover depositors and prevent a contagion effect.

The communications services sector also detracted from the Index’s performance, as a telecommunications provider cut its dividend while struggling with a legacy wireline business and a heavy debt load. Stocks in the healthcare sector also faltered during the reporting period, primarily due to weakness in the healthcare equipment and supplies industry. Stocks of a diabetes equipment maker declined, as charges related to closing down U.S. production lines and an ongoing separation from its parent company weighed on earnings. Meanwhile, slow growth and a heavy debt load constrained a maker of dental and spine products. On the upside, industrials stocks contributed, benefiting from government incentives that encouraged investments in additional industrial capacity.

The Index’s research-based selection process is designed to maximize exposure to the weighted combination of five target investment style factors: momentum, quality, value, low size, and low volatility. Reflecting those factor contributions, the Index outperformed the broader market, as represented by the Russell 1000 Value Index. Strong security selection in the financials and information technology sectors drove positive relative performance, while underweight positions in the energy and communication services sectors detracted somewhat.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	21.8	%
Health Care	16.1
Industrials	11.9
Consumer Discretionary	9.8
Consumer Staples	9.3
Information Technology	8.0
Energy	6.3
Utilities	5.3
Communication Services	5.0
Materials	4.0
Real Estate	2.5

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Johnson & Johnson	3.0	%
Merck & Co., Inc.	2.6
Vitesse Energy, Inc.	2.2
Verizon Communications, Inc.	2.1
Pfizer, Inc.	1.8
Evercore, Inc., Class A	1.8
Jefferies Financial Group, Inc.	1.8
Lazard Ltd., Class A	1.7
Otis Worldwide Corp.	1.6
Kroger Co.	1.6

8 2 0 2 3   I SHARES   ANNUAL  REPORT  TO  SHAREHOLDERS

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, 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.

ABOUT  FUND   PERFORMANCE  /   DISCLOSURE   OF   EXPENSES 9

Schedule of Investments March 31, 2023 iShares^® Factors US Growth Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 2.4%
CH Robinson Worldwide, Inc.		9	$	894
Expeditors International of Washington, Inc.		113		12,444
United Parcel Service, Inc., Class B		133		25,801
				39,139
Automobiles — 2.0%
Tesla, Inc.(a)		156		32,364
Beverages — 0.8%
PepsiCo, Inc.		69		12,579
Biotechnology — 4.2%
AbbVie, Inc.		230		36,655
Amgen, Inc.		30		7,252
Moderna, Inc.(a)		94		14,437
Vertex Pharmaceuticals, Inc.(a)		34		10,712
				69,056
Broadline Retail — 3.9%
Amazon.com, Inc.(a)		544		56,190
eBay, Inc.		165		7,321
Nordstrom, Inc.		65		1,057
				64,568
Building Products — 1.3%
Carlisle Cos., Inc.		17		3,843
Masco Corp.		228		11,336
Masterbrand, Inc.(a)		398		3,200
Trex Co., Inc.(a)		78		3,797
				22,176
Capital Markets — 3.2%
Ameriprise Financial, Inc.		43		13,179
FactSet Research Systems, Inc.		7		2,906
MSCI, Inc., Class A		42		23,507
Raymond James Financial, Inc.		144		13,431
				53,023
Chemicals — 1.1%
CF Industries Holdings, Inc.		144		10,439
Chemours Co.		161		4,820
Mosaic Co.		57		2,615
Scotts Miracle-Gro Co.		11		767
				18,641
Communications Equipment — 0.7%
Arista Networks, Inc.(a)		49		8,225
Ubiquiti, Inc.		10		2,717
				10,942
Consumer Staples Distribution & Retail — 3.5%
BJ’s Wholesale Club Holdings, Inc.(a)		162		12,323
Costco Wholesale Corp.		60		29,812
Dollar General Corp.		30		6,314
Target Corp.		55		9,110
				57,559
Containers & Packaging — 0.3%
Sealed Air Corp.		99		4,545
Distributors — 0.2%
Pool Corp.		11		3,767
Diversified Consumer Services — 0.6%
H&R Block, Inc.		264		9,306
Electronic Equipment, Instruments & Components — 0.8%
Arrow Electronics, Inc.(a)		45		5,619

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Jabil, Inc.		54	$	4,761
Vontier Corp.		100		2,734
				13,114
Food Products — 1.3%
Hershey Co.		86		21,879
Ground Transportation — 0.3%
Old Dominion Freight Line, Inc.		14		4,772
Health Care Providers & Services — 2.3%
Chemed Corp.		17		9,142
DaVita, Inc.(a)		61		4,948
HCA Healthcare, Inc.		24		6,328
McKesson Corp.		20		7,121
Molina Healthcare, Inc.(a)		26		6,955
UnitedHealth Group, Inc.		9		4,253
				38,747
Hotels, Restaurants & Leisure — 1.7%
Airbnb, Inc., Class A(a)		68		8,459
Domino’s Pizza, Inc.		35		11,545
Yum! Brands, Inc.		61		8,057
				28,061
Household Durables — 0.1%
PulteGroup, Inc.		21		1,224
Household Products — 0.0%
Procter & Gamble Co.		5		743
Independent Power and Renewable Electricity Producers — 0.7%
Vistra Corp.		457		10,968
Insurance — 0.3%
Assurant, Inc.		40		4,803
Interactive Media & Services — 1.2%
Alphabet, Inc., Class A(a)		112		11,618
Alphabet, Inc., Class C, NVS(a)		74		7,696
				19,314
IT Services — 1.1%
Gartner, Inc.(a)		7		2,280
MongoDB, Inc.(a)		8		1,865
VeriSign, Inc.(a)		66		13,948
				18,093
Life Sciences Tools & Services — 1.0%
Maravai LifeSciences Holdings, Inc., Class A(a)		253		3,544
Mettler-Toledo International, Inc.(a)		9		13,772
				17,316
Machinery — 0.8%
AGCO Corp.		2		270
Allison Transmission Holdings, Inc.		210		9,501
Otis Worldwide Corp.		47		3,967
				13,738
Media — 0.2%
Liberty Broadband Corp., Class A(a)		43		3,531
Oil, Gas & Consumable Fuels — 1.2%
Devon Energy Corp.		210		10,628
Range Resources Corp.		321		8,497
				19,125
Paper & Forest Products — 1.8%
Louisiana-Pacific Corp.		537		29,111

10 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments   (continued) March 31, 2023 iShares^® Factors US Growth Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Personal Care Products — 0.0%
Estee Lauder Cos., Inc., Class A		3	$	739
Pharmaceuticals — 3.1%
Eli Lilly & Co.		63		21,636
Merck & Co., Inc.		285		30,321
				51,957
Professional Services — 2.3%
Booz Allen Hamilton Holding Corp., Class A		270		25,026
FTI Consulting, Inc.(a)		22		4,342
Paychex, Inc.		41		4,698
Robert Half International, Inc.		51		4,109
				38,175
Residential REITs — 0.4%
Apartment Income REIT Corp.		171		6,123
Semiconductors & Semiconductor Equipment — 9.0%
Allegro MicroSystems, Inc.(a)		170		8,158
Broadcom, Inc.		26		16,680
KLA Corp.		18		7,185
Lattice Semiconductor Corp.(a)		77		7,353
NVIDIA Corp.		184		51,110
QUALCOMM, Inc.		309		39,422
Teradyne, Inc.		33		3,548
Texas Instruments, Inc.		88		16,369
				149,825
Software — 20.3%
Adobe, Inc.(a)		4		1,541
Aspen Technology, Inc.(a)		31		7,095
Atlassian Corp., Class A(a)		138		23,621
Cadence Design Systems, Inc.(a)		94		19,748
Crowdstrike Holdings, Inc., Class A(a)		131		17,981
Dropbox, Inc., Class A(a)		125		2,703
Fair Isaac Corp.(a)		25		17,567
Fortinet, Inc.(a)		258		17,147
HubSpot, Inc.(a)		6		2,573
Intuit, Inc.		2		892
Manhattan Associates, Inc.(a)		124		19,201
Microsoft Corp.		614		177,016
Nutanix, Inc., Class A(a)		116		3,015
Oracle Corp.		30		2,788
Palo Alto Networks, Inc.(a)		19		3,795
Smartsheet, Inc., Class A(a)		154		7,361
Synopsys, Inc.(a)		16		6,180
Teradata Corp.(a)		49		1,974
Zscaler, Inc.(a)		39		4,556
				336,754
Specialized REITs — 0.3%
Public Storage		14		4,230
SBA Communications Corp.		1		261
				4,491

Security	Shares		Value
Specialty Retail — 6.5%
AutoZone, Inc.(a)		6	$	14,749
Best Buy Co., Inc.		132		10,332
Home Depot, Inc.		58		17,117
Leslie’s, Inc.(a)		390		4,294
Lowe’s Cos., Inc.		92		18,397
O’Reilly Automotive, Inc.(a)		2		1,698
Tractor Supply Co.		26		6,111
Victoria’s Secret & Co.(a)		291		9,938
Wayfair, Inc., Class A(a)(b)		75		2,575
Williams-Sonoma, Inc.		180		21,899
				107,110
Technology Hardware, Storage & Peripherals — 16.2%
Apple Inc.		1,423		234,653
HP, Inc.		760		22,306
NetApp, Inc.		181		11,557
Pure Storage, Inc., Class A(a)		10		255
				268,771
Textiles, Apparel & Luxury Goods — 1.2%
Deckers Outdoor Corp.(a)		35		15,734
Lululemon Athletica, Inc.(a)		3		1,093
NIKE, Inc., Class B		31		3,802
				20,629
Trading Companies & Distributors — 1.6%
Watsco, Inc.		25		7,954
WW Grainger, Inc.		27		18,598
				26,552
Total Long-Term Investments — 99.9% (Cost: $1,736,326)				1,653,330
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(d)(e)		1,703		1,703
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(d)		1,256		1,256
Total Short-Term Securities — 0.2% (Cost: $2,959)				2,959
Total Investments — 100.1% (Cost: $1,739,285)				1,656,289
Liabilities in Excess of Other Assets — (0.1)%				(1,301	)
Net Assets — 100.0%			$	1,654,988

^(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.

SCHEDULES   OF   INVESTMENTS 11

Schedule of Investments   (continued) March 31, 2023 iShares^® Factors US Growth Style ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income				Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,274	$	—		$	(2,580	)(a)		$	10	$	(1	)	$	1,703		1,703		$	102	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		1,256	(a)		—				—		—			1,256		1,256			75			—
										$	10	$	(1	)	$	2,959				$	177		$	—

^(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.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,653,330	$	—	$	—	$	1,653,330
Short-Term Securities
Money Market Funds		2,959		—		—		2,959
	$	1,656,289	$	—	$	—	$	1,656,289

See notes to financial statements.

12 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments March 31, 2023 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.3%
Northrop Grumman Corp.		23	$	10,620
Air Freight & Logistics — 2.8%
CH Robinson Worldwide, Inc.		145		14,409
Expeditors International of Washington, Inc.		252		27,750
FedEx Corp.		109		24,905
United Parcel Service, Inc., Class B		235		45,588
				112,652
Banks — 2.3%
Citigroup, Inc.		545		25,555
JPMorgan Chase & Co.		234		30,493
Popular, Inc.		608		34,905
				90,953
Biotechnology — 2.2%
Amgen, Inc.		80		19,340
Biogen, Inc.(a)		16		4,448
Gilead Sciences, Inc.		370		30,699
Moderna, Inc.(a)		212		32,559
Vertex Pharmaceuticals, Inc.(a)		7		2,206
				89,252
Broadline Retail — 1.3%
eBay, Inc.		296		13,134
Kohl’s Corp.		262		6,167
Macy’s, Inc.		1,891		33,074
				52,375
Building Products — 2.2%
Builders FirstSource, Inc.(a)		44		3,906
Lennox International, Inc.		136		34,174
Masco Corp.		519		25,805
Masterbrand, Inc.(a)		2,327		18,709
Owens Corning		67		6,419
				89,013
Capital Markets — 8.4%
Evercore, Inc., Class A		631		72,805
Franklin Resources, Inc.		420		11,315
Goldman Sachs Group, Inc.		96		31,403
Interactive Brokers Group, Inc., Class A		41		3,385
Jefferies Financial Group, Inc.		2,207		70,050
Lazard Ltd., Class A		2,002		66,286
Morgan Stanley		150		13,170
MSCI, Inc., Class A		32		17,910
Raymond James Financial, Inc.		202		18,840
State Street Corp.		74		5,601
Virtu Financial, Inc., Class A		1,343		25,383
				336,148
Chemicals — 0.6%
Chemours Co.		304		9,102
Huntsman Corp.		378		10,342
Mosaic Co.		68		3,120
				22,564
Commercial Services & Supplies — 0.6%
Republic Services, Inc.		160		21,635
Waste Management, Inc.		25		4,079
				25,714
Communications Equipment — 1.2%
Cisco Systems, Inc.		168		8,782
Juniper Networks, Inc.		56		1,928

Security	Shares		Value
Communications Equipment (continued)
Motorola Solutions, Inc.		103	$	29,471
Ubiquiti, Inc.		29		7,879
				48,060
Consumer Finance — 3.0%
Ally Financial, Inc.		1,428		36,400
American Express Co.		78		12,866
Capital One Financial Corp.		143		13,751
OneMain Holdings, Inc.		568		21,061
SLM Corp.		1,002		12,415
Synchrony Financial		861		25,038
				121,531
Consumer Staples Distribution & Retail — 4.6%
Albertsons Cos., Inc., Class A		2,366		49,165
BJ’s Wholesale Club Holdings, Inc.(a)		176		13,388
Kroger Co.		1,249		61,663
Target Corp.		41		6,791
Walmart, Inc.		359		52,935
				183,942
Containers & Packaging — 0.7%
Amcor PLC		1,165		13,258
Silgan Holdings, Inc.		282		15,135
				28,393
Diversified Consumer Services — 0.8%
H&R Block, Inc.		689		24,287
Service Corp. International		86		5,915
				30,202
Diversified Telecommunication Services — 3.0%
AT&T Inc.		779		14,996
Lumen Technologies, Inc.		7,835		20,763
Verizon Communications, Inc.		2,126		82,680
				118,439
Electric Utilities — 2.8%
American Electric Power Co., Inc.		41		3,730
Avangrid, Inc.		14		558
Entergy Corp.		232		24,996
Hawaiian Electric Industries, Inc.		609		23,386
IDACORP, Inc.		91		9,858
NRG Energy, Inc.		507		17,385
Pinnacle West Capital Corp.		178		14,105
Southern Co.		29		2,018
Xcel Energy, Inc.		253		17,062
				113,098
Electrical Equipment — 0.8%
Acuity Brands, Inc.		33		6,030
nVent Electric PLC		604		25,936
				31,966
Electronic Equipment, Instruments & Components — 0.2%
Avnet, Inc.		28		1,266
Jabil, Inc.		18		1,587
Vontier Corp.		216		5,905
				8,758
Entertainment — 0.1%
Electronic Arts, Inc.		22		2,650
Take-Two Interactive Software, Inc.(a)		3		358
				3,008

SCHEDULES   OF   INVESTMENTS 13

Schedule of Investments   (continued) March 31, 2023 iShares^® Factors US Value Style ETF (Percentages shown are based on��Net Assets)

Security	Shares		Value
Financial Services — 1.4%
Voya Financial, Inc.		474	$	33,872
Western Union Co.		1,892		21,096
				54,968
Food Products — 2.4%
Campbell Soup Co.		111		6,103
Flowers Foods, Inc.		1,438		39,416
General Mills, Inc.		81		6,922
Hershey Co.		113		28,748
J M Smucker Co.		106		16,681
				97,870
Gas Utilities — 0.1%
National Fuel Gas Co.		90		5,197
Ground Transportation — 1.2%
Avis Budget Group, Inc.(a)(b)		65		12,662
RXO, Inc.(a)		453		8,897
Schneider National, Inc., Class B		947		25,332
				46,891
Health Care Equipment & Supplies — 0.6%
Abbott Laboratories		225		22,783
Health Care Providers & Services — 3.1%
Chemed Corp.		18		9,679
CVS Health Corp.		694		51,571
Enhabit, Inc.(a)		838		11,657
HCA Healthcare, Inc.		58		15,293
McKesson Corp.		60		21,363
Molina Healthcare, Inc.(a)		38		10,165
Premier, Inc., Class A		107		3,464
				123,192
Health Care REITs — 0.2%
Healthpeak Properties, Inc.		327		7,184
Hotels, Restaurants & Leisure — 2.2%
Domino’s Pizza, Inc.		73		24,080
McDonald’s Corp.		92		25,724
Yum! Brands, Inc.		285		37,643
				87,447
Household Durables — 0.2%
Newell Brands, Inc.		518		6,444
Household Products — 0.3%
Procter & Gamble Co.		84		12,490
Independent Power and Renewable Electricity Producers — 0.4%
Vistra Corp.		605		14,520
Insurance — 6.7%
Aflac, Inc.		185		11,936
Allstate Corp.		66		7,313
American Financial Group, Inc.		192		23,328
Assurant, Inc.		50		6,004
Assured Guaranty Ltd.		406		20,410
Axis Capital Holdings Ltd.		233		12,703
Brighthouse Financial, Inc.(a)		381		16,806
CNA Financial Corp.		169		6,596
F&G Annuities & Life, Inc.		2,527		45,789
Fidelity National Financial, Inc., Class A		423		14,775
Hanover Insurance Group, Inc.		16		2,056
Hartford Financial Services Group, Inc.		64		4,460
Loews Corp.		549		31,853
MetLife, Inc.		439		25,436
Principal Financial Group, Inc.		30		2,230
Travelers Cos., Inc.		9		1,543

Security	Shares		Value
Insurance (continued)
Unum Group		300	$	11,868
White Mountains Insurance Group Ltd.		15		20,662
				265,768
Interactive Media & Services — 1.1%
Meta Platforms, Inc., Class A(a)		205		43,448
IT Services — 1.0%
VeriSign, Inc.(a)		180		38,039
Leisure Products — 0.4%
Hasbro, Inc.		298		16,000
Life Sciences Tools & Services — 1.0%
Danaher Corp.		83		20,919
Thermo Fisher Scientific, Inc.		32		18,444
				39,363
Machinery — 2.5%
AGCO Corp.		46		6,219
Allison Transmission Holdings, Inc.		633		28,637
Esab Corp.		45		2,658
Illinois Tool Works, Inc.		1		243
Otis Worldwide Corp.		739		62,372
				100,129
Media — 0.9%
Altice U.S.A., Inc., Class A(a)		2,207		7,548
Comcast Corp., Class A		451		17,097
Omnicom Group, Inc.		11		1,038
Sirius XM Holdings, Inc.(b)		2,169		8,611
				34,294
Metals & Mining — 1.2%
Nucor Corp.		74		11,431
Reliance Steel & Aluminum Co.		63		16,175
Steel Dynamics, Inc.		177		20,011
United States Steel Corp.		53		1,383
				49,000
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
AGNC Investment Corp.		82		827
Multi-Utilities — 2.0%
Ameren Corp.		364		31,446
CMS Energy Corp.		76		4,665
Consolidated Edison, Inc.		167		15,977
NiSource, Inc.		309		8,639
WEC Energy Group, Inc.		182		17,252
				77,979
Office REITs — 0.7%
JBG SMITH Properties		116		1,747
SL Green Realty Corp.		926		21,779
Vornado Realty Trust		262		4,027
				27,553
Oil, Gas & Consumable Fuels — 6.2%
Antero Midstream Corp.		3,781		39,663
APA Corp.		45		1,623
Chesapeake Energy Corp.		783		59,539
Coterra Energy, Inc.		454		11,141
Devon Energy Corp.		576		29,151
DT Midstream, Inc.		269		13,281
Range Resources Corp.		218		5,770
Vitesse Energy, Inc.		4,691		89,270
				249,438

14 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments   (continued) March 31, 2023 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Paper & Forest Products — 1.5%
Louisiana-Pacific Corp.		1,087	$	58,926
Pharmaceuticals — 9.1%
Bristol-Myers Squibb Co.		603		41,794
Eli Lilly & Co.		69		23,696
Johnson & Johnson		760		117,800
Merck & Co., Inc.		962		102,347
Organon & Co.		25		588
Pfizer, Inc.		1,800		73,440
Royalty Pharma PLC, Class A		158		5,693
				365,358
Professional Services — 0.9%
Dun & Bradstreet Holdings, Inc.		1,077		12,644
FTI Consulting, Inc.(a)		82		16,183
ManpowerGroup, Inc.		25		2,063
Robert Half International, Inc.		65		5,237
				36,127
Residential REITs — 0.5%
Equity Residential		313		18,780
Retail REITs — 0.1%
Brixmor Property Group, Inc.		251		5,402
Semiconductors & Semiconductor Equipment — 1.4%
Cirrus Logic, Inc.(a)		120		13,126
Texas Instruments, Inc.		241		44,828
				57,954
Software — 1.6%
Dropbox, Inc., Class A(a)		644		13,923
Manhattan Associates, Inc.(a)		185		28,647
Nutanix, Inc., Class A(a)		365		9,487
Oracle Corp.		16		1,487
Teradata Corp.(a)		290		11,681
				65,225
Specialized REITs — 1.0%
Public Storage		64		19,337
SBA Communications Corp.		82		21,408
				40,745
Specialty Retail — 3.8%
AutoNation, Inc.(a)		151		20,288
AutoZone, Inc.(a)		5		12,291
Bath & Body Works, Inc.		170		6,219
Best Buy Co., Inc.		155		12,132
Dick’s Sporting Goods, Inc.		105		14,898
Home Depot, Inc.		55		16,231
Leslie’s, Inc.(a)		520		5,725
Lowe’s Cos., Inc.		78		15,598

Security	Shares		Value
Specialty Retail (continued)
O’Reilly Automotive, Inc.(a)		1	$	849
Victoria’s Secret & Co.(a)		479		16,358
Wayfair, Inc., Class A(a)(b)		22		755
Williams-Sonoma, Inc.		254		30,902
				152,246
Technology Hardware, Storage & Peripherals — 2.5%
Hewlett Packard Enterprise Co.		3,474		55,341
HP, Inc.		1,576		46,255
				101,596
Textiles, Apparel & Luxury Goods — 1.2%
Carter’s, Inc.		74		5,322
Columbia Sportswear Co.		197		17,777
Deckers Outdoor Corp.(a)		51		22,927
				46,026
Tobacco — 1.9%
Altria Group, Inc.		692		30,877
Philip Morris International, Inc.		471		45,805
				76,682
Trading Companies & Distributors — 0.5%
MSC Industrial Direct Co., Inc., Class A		21		1,764
Watsco, Inc.		55		17,499
				19,263
Total Long-Term Investments — 99.7% (Cost: $4,245,074)				3,981,842
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(d)(e)		22,037		22,043
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(d)		5,487		5,487
Total Short-Term Securities — 0.7% (Cost: $27,530)				27,530
Total Investments — 100.4% (Cost: $4,272,604)				4,009,372
Liabilities in Excess of Other Assets — (0.4)%				(14,445	)
Net Assets — 100.0%			$	3,994,927

^(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.

SCHEDULES   OF   INVESTMENTS 15

Schedule of Investments   (continued) March 31, 2023 iShares^® Factors US Value Style  ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	105,560	$	—	$	(83,574	)(a)	$	74	$	(17	)	$	22,043		22,037	$	674	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		—		(4,513	)(a)		—		—			5,487		5,487		175			—
								$	74	$	(17	)	$	27,530			$	849		$	—

^(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.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	3,981,842	$	—	$	—	$	3,981,842
Short-Term Securities
Money Market Funds		27,530		—		—		27,530
	$	4,009,372	$	—	$	—	$	4,009,372

See notes to financial statements.

16 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities

March 31, 2023

	iShares Factors US Growth Style ETF			iShares Factors US Value Style ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	1,653,330		$	3,981,842
Investments, at value — affiliated(c)		2,959			27,530
Cash		66			2
Receivables:
Investments sold		51			17,996
Securities lending income — affiliated		—			43
Dividends — unaffiliated		686			6,087
Dividends — affiliated		8			31
Total assets		1,657,100			4,033,531
LIABILITIES
Collateral on securities loaned		1,725			22,085
Payables:
Investments purchased		51			15,680
Investment advisory fees		336			839
Total liabilities		2,112			38,604
NET ASSETS	$	1,654,988		$	3,994,927
NET ASSETS CONSIST OF:
Paid-in capital	$	2,659,925		$	5,172,151
Accumulated loss		(1,004,937	)		(1,177,224	)
NET ASSETS	$	1,654,988		$	3,994,927
NET ASSET VALUE
Shares outstanding		50,000			150,000
Net asset value	$	33.10		$	26.63
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	1,736,326		$	4,245,074
(b) Securities loaned, at value	$	1,751		$	21,712
(c)  Investments, at cost — affiliated	$	2,959		$	27,530

See notes to financial statements.

FINANCIAL   STATEMENTS 17

Statements of Operations

Year Ended March 31, 2023

	iShares Factors US Growth Style ETF			iShares Factors US Value Style ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	37,086		$	149,722
Dividends — affiliated		75			175
Securities lending income — affiliated — net		102			674
Foreign taxes withheld		—			(146	)
Total investment income		37,263			150,425
EXPENSES
Investment advisory		7,385			12,818
Total expenses		7,385			12,818
Net investment income		29,878			137,607
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(311,310	)		(682,582	)
Investments — affiliated		10			74
In-kind redemptions — unaffiliated(a)		(444,383	)		309,605
		(755,683	)		(372,903	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		121,880			(21,263	)
Investments — affiliated		(1	)		(17	)
		121,879			(21,280	)
Net realized and unrealized loss		(633,804	)		(394,183	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(603,926	)	$	(256,576	)

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

See notes to financial statements.

18 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Factors US Growth Style ETF						iShares Factors US Value Style ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	29,878		$	36,997		$	137,607		$	175,589
Net realized gain (loss)		(755,683	)		1,652,570			(372,903	)		2,079,050
Net change in unrealized appreciation (depreciation)		121,879			(1,206,725	)		(21,280	)		(1,743,608	)
Net increase (decrease) in net assets resulting from operations		(603,926	)		482,842			(256,576	)		511,031
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(31,710	)		(43,421	)		(136,086	)		(173,963	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(3,168,344	)		167,748			(2,875,406	)		62,505
NET ASSETS
Total increase (decrease) in net assets		(3,803,980	)		607,169			(3,268,068	)		399,573
Beginning of year		5,458,968			4,851,799			7,262,995			6,863,422
End of year	$	1,654,988		$	5,458,968		$	3,994,927		$	7,262,995

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

See notes to financial statements.

FINANCIAL   STATEMENTS 19

Financial Highlights

(For a share outstanding throughout each period)

	iShares Factors US Growth Style ETF
		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Period From 01/14/20 to 03/31/20	(a)
Net asset value, beginning of period	$	36.39		$	32.35		$	20.27		$	24.96
Net investment income(b)		0.32			0.24			0.25			0.06
Net realized and unrealized gain (loss)(c)		(3.08	)		4.06			12.08			(4.69	)
Net increase (decrease) from investment operations		(2.76	)		4.30			12.33			(4.63	)
Distributions(d)
From net investment income		(0.53	)		(0.26	)		(0.25	)		(0.06	)
Return of capital		—			—			—			(0.00	)(e)
Total distributions		(0.53	)		(0.26	)		(0.25	)		(0.06	)
Net asset value, end of period	$	33.10		$	36.39		$	32.35		$	20.27
Total Return(f)
Based on net asset value		(7.47	)%		13.28	%		61.00	%		(18.54	)%(g)
Ratios to Average Net Assets(h)
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%(i)
Net investment income		1.01	%		0.66	%		0.88	%		1.20	%(i)
Supplemental Data
Net assets, end of period (000)	$	1,655		$	5,459		$	4,852		$	4,054
Portfolio turnover rate(j)		67	%		111	%		103	%		13	%

^(a)  Commencement of operations.

^(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)  Rounds to less than $0.01.

^(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.

20 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Factors US Value Style ETF
		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Period From 01/14/20 to 03/31/20	(a)
Net asset value, beginning of period	$	29.05		$	27.45		$	17.46		$	25.09
Net investment income(b)		0.73			0.69			0.51			0.15
Net realized and unrealized gain (loss)(c)		(2.33	)		1.58			10.06			(7.65	)
Net increase (decrease) from investment operations		(1.60	)		2.27			10.57			(7.50	)
Distributions from net investment income(d)		(0.82	)		(0.67	)		(0.58	)		(0.13	)
Net asset value, end of period	$	26.63		$	29.05		$	27.45		$	17.46
Total Return(e)
Based on net asset value		(5.40	)%		8.28	%		61.25	%		(29.87	)%(f)
Ratios to Average Net Assets(g)
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%(h)
Net investment income		2.69	%		2.37	%		2.29	%		3.09	%(h)
Supplemental Data
Net assets, end of period (000)	$	3,995		$	7,263		$	6,863		$	3,492
Portfolio turnover rate(i)		109	%		104	%		148	%		16	%

^(a)  Commencement of operations.

^(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 21

Notes to Financial Statements  

1. ORGANIZATION

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

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

iShares ETF	Diversification    Classification
Factors US Growth Style	Non-Diversified
Factors US Value Style	Diversified(a)

^(a)  The Fund’s classification changed from non-diversified to diversified during the reporting period.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdiction 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 March 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.

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.

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

22 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements   (continued)

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

• 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.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

NOTES   TO   FINANCIAL   STATEMENTS 23

Notes to Financial Statements   (continued)

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Factors US Growth Style
Morgan Stanley	$	1,751	$	(1,725	)	$	—		$	26
Factors US Value Style
Barclays Capital, Inc.	$	123	$	(123	)	$	—		$	—
Jefferies LLC		3,446		(3,446	)		—			—
Morgan Stanley		5,676		(5,676	)		—			—
UBS Securities LLC		12,467		(12,262	)		—			205
	$	21,712	$	(21,507	)	$	—		$	205

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of March 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.

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. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
Factors US Growth Style	0.25%
Factors US Value Style	0.25

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.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

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.

24 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements   (continued)

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Factors US Growth Style	$	34
Factors US Value Style		174

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

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

For the year ended March 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Factors US Growth Style	$	59,649	$	36,478	$	(8,853)
Factors US Value Style		607,502		644,320		(79,950)

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.

6. PURCHASES AND SALES

For the year ended March 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Factors US Growth Style	$	2,059,233	$	2,105,043
Factors US Value Style		5,586,068		5,579,390

For the year ended March 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Factors US Growth Style	$	7,167,369	$	10,283,479
Factors US Value Style		1,473,314		4,346,436

7. 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 March 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital			Accumulated earnings (loss)
Factors US Growth Style	$	(523,117	)	$	523,117
Factors US Value Style		168,954			(168,954	)

NOTES   TO   FINANCIAL   STATEMENTS 25

Notes to Financial Statements   (continued)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2023		Year Ended March 31, 2022
Factors US Growth Style
Ordinary income	$	31,710	$	43,421
Factors US Value Style
Ordinary income	$	136,086	$	173,963

As of March 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)			Total
Factors US Growth Style	$	147	$	(899,128	)	$	(105,956	)		$ (1,004,937	)
Factors US Value Style		3,605		(863,481	)		(317,348	)		(1,177,224	)

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

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

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 March 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Factors US Growth Style	$	1,762,245	$	69,176	$	(175,132	)	$	(105,956	)
Factors US Value Style		4,326,720		171,910		(489,258	)		(317,348	)

8. 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.

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

26 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements   (continued)

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.

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

The Funds invest a significant portion of their assets in securities 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 each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Factors US Growth Style
Shares sold		200,000		$	6,596,262			450,000		$	16,814,770
Shares redeemed		(300,000	)		(9,764,606	)		(450,000	)		(16,647,022	)
		(100,000	)	$	(3,168,344	)		—		$	167,748
Factors US Value Style
Shares sold		50,000		$	1,458,535			450,000		$	13,270,839
Shares redeemed		(150,000	)		(4,333,941	)		(450,000	)		(13,208,334	)
		(100,000	)	$	(2,875,406	)		—		$	62,505

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.

10. 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.

NOTES   TO   FINANCIAL   STATEMENTS 27

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2023, the related statements of operations for the year ended March 31, 2023, the statements of changes in net assets for each of the two years in the period ended March 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2023 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

 iShares Factors US Growth Style ETF

 iShares Factors US Value Style ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2023

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

28 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Dividend Income
Factors US Growth Style	$	32,736
Factors US Value Style		135,895

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Business Income
Factors US Growth Style	$	110
Factors US Value Style		3,167

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Factors US Growth Style		100.00	%
Factors US Value Style		98.28

IMPORTANT   TAX   INFORMATION 29

Statement Regarding Liquidity Risk Management Program (unaudited)

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

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

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

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

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

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

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

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

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

30 2 0 2 3   I SHARES   ANNUAL  REPORT  TO  SHAREHOLDERS

Supplemental Information (unaudited)

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.

March 31, 2023

	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
Factors US Growth Style(a)	$	0.498387	$	—	$	0.030110	$	0.528497		94	%		—	%		6	%		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.

Premium/Discount Information

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

SUPPLEMENTAL  INFORMATION 31

Trustee and Officer Information

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

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

32 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Trustee and Officer Information  (continued)

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015- 2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

TRUSTEE  AND   OFFICER  INFORMATION 33

Trustee and Officer Information  (continued)

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019- 2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

34 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

GENERAL  INFORMATION 35

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

36 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

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Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the 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 FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with teh company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-314-0323

MARCH 31, 2023

2023 Annual Report

iShares Trust

· iShares ESG Screened S&P 500 ETF | XVV | Cboe BZX

· iShares ESG Screened S&P Mid-Cap ETF | XJH | Cboe BZX

· iShares ESG Screened S&P Small-Cap ETF | XJR | Cboe BZX

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		15.62	%		(7.73	)%
U.S. small cap equities (Russell 2000® Index)		9.14			(11.61	)
International equities (MSCI Europe, Australasia, Far East Index)		27.27			(1.38	)
Emerging market equities (MSCI Emerging Markets Index)		14.04			(10.70	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.93			2.52
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		4.38			(6.90	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		4.89			(4.78	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.00			0.26
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		7.88			(3.35	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE   IS   NOT   PART   OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review	2
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	11
Disclosure of Expenses	11
Schedules of Investments	12
Financial Statements:
Statements of Assets and Liabilities	37
Statements of Operations	38
Statements of Changes in Net Assets	39
Financial Highlights	41
Notes to Financial Statements	44
Report of Independent Registered Public Accounting Firm	52
Important Tax Information	53
Statement Regarding Liquidity Risk Management Program	54
Supplemental Information	55
Trustee and Officer Information	56
General Information	60
Glossary of Terms Used in this Report	61

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks declined for the 12 months ended March 31, 2023 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned -8.58%. Elevated inflation and rapid tightening of monetary policy dampened growth and weighed on equities. Higher interest rates drove bond yields higher and increased borrowing costs for businesses and consumers. Equities began to recover in the second half of the reporting period, as the broader economy remained resilient and the pace of inflation declined. In March 2023, two banks suddenly failed, representing the second and third largest bank failures in U.S. history by asset value. This drove concern among investors about the resiliency of the financial system in the face of rapidly rising interest rates. However, government agencies acted swiftly to organize a sale of the failed banks’ assets and inject liquidity, and equity prices recovered.

Inflation was a significant driver of the economic outlook. As the reporting period began, the consumer price index, a widely followed measure of inflation, stood at multi-decade highs. Strong consumer spending and a tight labor market, along with continued supply chain disruptions in Asia, combined to drive prices higher. But the rate of inflation began to decline as the reporting period wore on, decelerating for nine consecutive months beginning in July 2022. Nonetheless, inflation remained elevated by historic standards, and higher prices negatively impacted both consumers and businesses.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

To contain inflation, the U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates eight times over the course of the reporting period. The pace of tightening accelerated as the Fed twice stepped up the increment of increase before reducing it again as inflation began to subside. The Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

Despite economic headwinds, corporate profits remained robust, and many companies were able to sufficiently raise prices to preserve profit margins even in the face of rising labor and input costs. Nonetheless, profits declined overall in the fourth quarter of 2022, and the yield curve (a graphical representation of U.S. Treasury rates at different maturities) inverted, a sign that markets were concerned about the impact of higher borrowing costs on the economy. Furthermore, dwindling personal savings and rising household debt raised questions about the sustainability of consumer spending as an engine of economic growth.

4 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary as of March 31, 2023 iShares^® ESG Screened S&P 500 ETF

Investment Objective

The iShares ESG Screened S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P 500 Substainability Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(8.72	)%		9.58	%		(8.72	)%		25.97	%
Fund Market		(8.79	)		9.57			(8.79	)		25.95
Index		(8.66	)		9.68			(8.66	)		26.24

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,161.30	$        0.43			$        1,000.00	$        1,024.53	$        0.40		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND   SUMMARY 5

Fund Summary as of March 31, 2023 (continued) iShares^® ESG Screened S&P 500 ETF

Portfolio Management Commentary

Globally, bonds and equities that factor in companies’ ESG characteristics continued to attract investment flows, although the pace of investment slowed significantly in 2022. In the U.S., the country passed its largest ever climate appropriation, designed to encourage clean energy adoption with spending and tax credits.

In this environment the Parent Index, the S&P 500, posted a decline for the reporting period. The consumer discretionary sector detracted the most from the Index’s return, led by the internet and direct marketing retail industry. The sharp rise in e-commerce that boosted the industry early in the pandemic waned as more workers returned to the office and brick-and-mortar retailers gained market share. The automobiles industry also declined, amid concerns about the market for electric vehicles in the weakening economy.

The communication services sector also detracted from the Index’s performance, as the rising interest rate environment negatively impacted the interactive media and services industry. Demand for online advertisements slowed as businesses cut back on marketing expenditures.

The information technology sector, especially the software and services and technology hardware and equipment industries, also detracted. A sharp rise in interest rates reduced the current value of future earnings, as well as investors’ growth expectations. The financials sector also detracted from Index’s performance.

In terms of relative performance, the Index underperformed the broader market, as represented by the S&P 500 Index, while tracking it relatively closely. Relative to the broader market, the screening process leads to modest overweights and underweights that can affect returns. An overweight in the declining consumer discretionary sector and an underweight in the rising energy sector were the primary detractors. Overall, security selection contributed to relative performance, while sector allocation detracted from relative performance.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	29.0	%
Health Care	14.4
Financials	13.9
Consumer Discretionary	11.3
Communication Services	9.1
Industrials	7.1
Consumer Staples	6.6
Real Estate	2.9
Materials	2.8
Utilities	1.6
Energy	1.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	8.0	%
Microsoft Corp.	7.0
Amazon.com, Inc.	3.0
NVIDIA Corp.	2.2
Alphabet, Inc., Class A	2.0
Tesla, Inc.	1.8
Berkshire Hathaway, Inc., Class B	1.8
Alphabet, Inc., Class C, NVS	1.8
Meta Platforms, Inc., Class A	1.5
UnitedHealth Group, Inc.	1.4

6 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary as of March 31, 2023 iShares^® ESG Screened S&P Mid-Cap ETF

Investment Objective

The iShares ESG Screened S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P MidCap 400 Sustainability Screened 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 representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(5.35	)%		14.11	%		(5.35	)%		39.54	%
Fund Market		(5.58	)		14.08			(5.58	)		39.43
Index		(5.29	)		14.28			(5.29	)		40.04

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,153.70	$        0.64			$        1,000.00	$        1,024.33	$        0.61		0.12	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND   SUMMARY 7

Fund Summary as of March 31, 2023 (continued) iShares^® ESG Screened S&P Mid-Cap ETF

Portfolio Management Commentary

Equities that consider companies’ environmental, social, and governance (“ESG”) characteristics continued to attract investment flows, although the pace of investment slowed significantly in 2022. In the U.S., the country passed its largest ever climate appropriation bill, designed to encourage clean energy adoption with spending and tax credits.

The Parent Index, the S&P 400, declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The real estate sector detracted the most from the Index’s return, amid higher interest rates and changing usage patterns. Office real estate investment trusts (“REITs”) declined amid an ongoing oversupply of office space due to the shift toward remote work. In addition, analysts’ concerns about the solvency of several large tenants of medical facilities had a negative impact on the healthcare REIT industry.

The financials sector also detracted significantly from the Index’s performance amid tightening financial conditions. The banking industry faced significant challenges that outweighed the benefits of being able to charge more for loans, including the slowing economy and the sudden failure of two regional banks.

The healthcare sector also detracted from the Index’s return. Healthcare equipment manufacturers faced challenges in meeting demand, while healthcare providers endured labor market tightness and higher financing costs.

On the upside, the industrials sector contributed to the Index’s return, as the capital goods industry benefited from government incentives that encouraged investments in additional industrial capacity. The machinery industry benefited from increased efficiency and supply chain improvements, while investments in prefabrication capabilities boosted construction and engineering companies.

In terms of relative performance, the ETF slightly underperformed the broader market, as represented by the S&P 400 Index, while tracking it relatively closely. Relative to the broader market, the screening process leads to modest overweights and underweights that can affect returns. For the reporting period, security selection in the healthcare sector was the primary detractor, while a large underweight in the energy sector contributed to relative performance.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	22.7	%
Financials	15.2
Consumer Discretionary	15.0
Information Technology	11.5
Health Care	10.4
Real Estate	8.5
Materials	7.0
Consumer Staples	3.5
Communication Services	2.3
Utilities	2.3
Energy	1.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Axon Enterprise, Inc.	0.8	%
Reliance Steel & Aluminum Co.	0.8
Lattice Semiconductor Corp.	0.7
Builders FirstSource, Inc.	0.7
Hubbell, Inc.	0.7
Graco, Inc.	0.6
Deckers Outdoor Corp.	0.6
Jabil, Inc.	0.6
AECOM	0.6
Carlisle Cos., Inc.	0.6

8 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary as of March 31, 2023  iShares^® ESG Screened S&P Small-Cap ETF

Investment Objective

The iShares ESG Screened S&PSmall-Cap ETF(the “Fund”) seeks to track the investment results if an index composed of small-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P SmallCap 600 Sustainability Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(9.08	)%		14.44	%		(9.08	)%		40.55	%
Fund Market		(9.12	)		14.42			(9.12	)		40.49
Index		(9.04	)		14.87			(9.04	)		41.84

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,117.40	$        0.63			$        1,000.00	$        1,024.33	$          0.61		0.12	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND   SUMMARY 9

Fund Summary as of March 31, 2023 (continued) iShares^® ESG Screened S&P Small-Cap ETF

Portfolio Management Commentary

Equities that consider companies’ environmental, social, and governance (“ESG”) characteristics continued to attract investment flows, although the pace of investment slowed significantly in 2022.In the U.S., the country passed its largest ever climate appropriation bill, designed to encourage clean energy adoption with spending and tax credits.

The Parent Index, the S&P 600, declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The financials sector detracted the most from the Index’s performance amid tightening financial conditions. The banking industry faced significant challenges as the potential impact of a slowing economy outweighed the benefits of being able to charge more for loans. Although higher interest rates typically support bank profitability, sharp increases in interest rates during the reporting period due to persistently high inflation raised concerns among investors about the long-term effect on loan growth and credit losses. Healthcare also detracted from Index’s performance. The sudden failure of two regional banks late in the reporting period further pressured bank stocks, leading to government intervention to cover depositors and prevent a contagion effect.

The real estate sector also detracted from the Index’s return, as higher interest rates and changing usage patterns weighed on equity real estate investment trusts (“REITs”). REITs typically take on substantial debt in order to finance the purchase of the properties they manage. Higher interest rates make financing more expensive for REITs.

On the upside, the consumer staples and industrials sectors contributed modestly to the Index’s return despite the significant decline of the broader market. The beverages industry gained amid consumers’ increasing purchases of packaged products relative to fresh foods, while the capital goods industry benefited from government incentives that encouraged investments in additional industrial capacity.

In terms of relative performance, the Index modestly underperformed the broader market, as represented by the S&P 600 Index, while tracking it relatively closely. Relative to the broader market, the screening process leads to modest overweights and underweights that can affect returns. During the reporting period, security selection in the industrials and financials sectors were modest detractors while an underweight to energy contributed positively.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	17.2	%
Financials	15.6
Information Technology	15.0
Consumer Discretionary	14.6
Health Care	11.6
Real Estate	7.1
Materials	6.3
Consumer Staples	5.8
Energy	2.7
Communication Services	2.3
Utilities	1.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Rambus, Inc.	0.7	%
SPS Commerce, Inc.	0.7
Applied Industrial Technologies, Inc.	0.7
Ensign Group, Inc.	0.7
Comfort Systems U.S.A., Inc.	0.7
ATI, Inc.	0.6
Asbury Automotive Group, Inc.	0.6
Axcelis Technologies, Inc.	0.5
Onto Innovation, Inc.	0.5
Insight Enterprises, Inc.	0.5

10 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, 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.

ABOUT  FUND  PERFORMANCE   /   DISCLOSURE   OF   EXPENSES 11

Schedule of Investments March 31, 2023 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
Howmet Aerospace, Inc.		1,545	$	65,461
TransDigm Group, Inc.		215		158,466
				223,927
Air Freight & Logistics — 0.7%
CH Robinson Worldwide, Inc.		485		48,195
Expeditors International of Washington, Inc.		663		73,010
FedEx Corp.		978		223,463
United Parcel Service, Inc., Class B		3,067		594,967
				939,635
Automobile Components — 0.1%
Aptiv PLC(a)		1,141		128,009
BorgWarner, Inc.		986		48,422
				176,431
Automobiles — 2.1%
Ford Motor Co.		16,461		207,409
General Motors Co.		5,883		215,788
Tesla, Inc.(a)		11,308		2,345,958
				2,769,155
Banks — 3.0%
Bank of America Corp.		29,351		839,439
Citigroup, Inc.		8,141		381,731
Citizens Financial Group, Inc.		2,072		62,927
Comerica, Inc.		533		23,143
Fifth Third Bancorp		2,892		77,043
First Republic Bank(b)		775		10,842
Huntington Bancshares, Inc.		6,088		68,186
JPMorgan Chase & Co.		12,334		1,607,243
KeyCorp		3,894		48,753
M&T Bank Corp.		712		85,134
PNC Financial Services Group, Inc.		1,687		214,418
Regions Financial Corp.		3,920		72,755
Truist Financial Corp.		5,585		190,448
U.S. Bancorp		5,877		211,866
Zions Bancorp N.A.		646		19,335
				3,913,263
Beverages — 2.0%
Brown-Forman Corp., Class B, NVS		773		49,681
Coca-Cola Co.		16,367		1,015,245
Constellation Brands, Inc., Class A		681		153,831
Keurig Dr Pepper, Inc.		3,557		125,491
Molson Coors Beverage Co., Class B		795		41,086
Monster Beverage Corp.(a)		3,196		172,616
PepsiCo, Inc.		5,792		1,055,881
				2,613,831
Biotechnology — 2.6%
AbbVie, Inc.		7,435		1,184,916
Amgen, Inc.		2,244		542,487
Biogen, Inc.(a)		603		167,652
Gilead Sciences, Inc.		5,244		435,095
Incyte Corp.(a)		784		56,660
Moderna, Inc.(a)		1,392		213,783
Regeneron Pharmaceuticals, Inc.(a)		454		373,038
Vertex Pharmaceuticals, Inc.(a)		1,080		340,276
				3,313,907
Broadline Retail — 3.1%
Amazon.com, Inc.(a)		37,488		3,872,135

Security	Shares		Value
Broadline Retail (continued)
eBay, Inc.		2,281	$	101,208
Etsy, Inc.(a)		532		59,228
				4,032,571
Building Products — 0.5%
A O Smith Corp.		533		36,857
Allegion PLC		373		39,810
Carrier Global Corp.		3,506		160,399
Johnson Controls International PLC		2,890		174,036
Masco Corp.		937		46,588
Trane Technologies PLC		963		177,173
				634,863
Capital Markets — 3.1%
Ameriprise Financial, Inc.		446		136,699
Bank of New York Mellon Corp.		3,102		140,955
BlackRock, Inc.(c)		629		420,876
Cboe Global Markets, Inc.		447		60,005
Charles Schwab Corp.		6,423		336,437
CME Group, Inc., Class A		1,513		289,770
FactSet Research Systems, Inc.		161		66,830
Franklin Resources, Inc.		1,200		32,328
Goldman Sachs Group, Inc.		1,423		465,478
Intercontinental Exchange, Inc.		2,344		244,456
Invesco Ltd.		1,891		31,012
MarketAxess Holdings, Inc.		158		61,824
Moody’s Corp.		664		203,197
Morgan Stanley		5,494		482,373
MSCI, Inc., Class A		336		188,056
Nasdaq, Inc.		1,418		77,522
Northern Trust Corp.		882		77,731
Raymond James Financial, Inc.		816		76,108
S&P Global, Inc.		1,385		477,506
State Street Corp.		1,470		111,264
T Rowe Price Group, Inc.		942		106,352
				4,086,779
Chemicals — 1.9%
Air Products & Chemicals, Inc.		933		267,967
Albemarle Corp.		494		109,194
Celanese Corp., Class A		417		45,407
CF Industries Holdings, Inc.		827		59,949
Corteva, Inc.		2,988		180,206
Dow, Inc.		2,960		162,267
Eastman Chemical Co.		501		42,255
Ecolab, Inc.		1,047		173,310
FMC Corp.		533		65,095
International Flavors & Fragrances, Inc.		1,074		98,765
Linde PLC		2,070		735,761
LyondellBasell Industries NV, Class A		1,070		100,462
Mosaic Co.		1,436		65,884
PPG Industries, Inc.		990		132,244
Sherwin-Williams Co.		987		221,848
				2,460,614
Commercial Services & Supplies — 0.5%
Cintas Corp.		366		169,341
Copart, Inc.(a)		1,806		135,829
Republic Services, Inc.		868		117,371
Rollins, Inc.		952		35,729
Waste Management, Inc.		1,556		253,892
				712,162
Communications Equipment — 1.1%
Arista Networks, Inc.(a)		1,038		174,239

12 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
Cisco Systems, Inc.		17,274	$	902,998
F5, Inc.(a)		253		36,860
Juniper Networks, Inc.		1,363		46,914
Motorola Solutions, Inc.		707		202,294
				1,363,305
Construction & Engineering — 0.1%
Quanta Services, Inc.		604		100,651
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		262		93,026
Vulcan Materials Co.		559		95,902
				188,928
Consumer Finance — 0.6%
American Express Co.		2,503		412,870
Capital One Financial Corp.		1,604		154,241
Discover Financial Services		1,127		111,393
Synchrony Financial		1,843		53,594
				732,098
Consumer Staples Distribution & Retail — 1.5%
Costco Wholesale Corp.		1,867		927,656
Dollar General Corp.		944		198,674
Dollar Tree, Inc.(a)		879		126,180
Kroger Co.		2,746		135,570
Sysco Corp.		2,130		164,500
Target Corp.		1,933		320,163
Walgreens Boots Alliance, Inc.		2,984		103,187
				1,975,930
Containers & Packaging — 0.3%
Amcor PLC		6,200		70,556
Avery Dennison Corp.		337		60,299
Ball Corp.		1,323		72,911
International Paper Co.		1,483		53,477
Packaging Corp. of America		389		54,005
Sealed Air Corp.		597		27,408
Westrock Co.		1,073		32,694
				371,350
Distributors — 0.2%
Genuine Parts Co.		592		99,048
LKQ Corp.		1,069		60,676
Pool Corp.		164		56,160
				215,884
Diversified Telecommunication Services — 1.0%
AT&T Inc.		29,973		576,980
Verizon Communications, Inc.		17,661		686,837
				1,263,817
Electric Utilities — 1.1%
Constellation Energy Corp.		1,375		107,938
Edison International		1,612		113,791
Entergy Corp.		858		92,441
Eversource Energy		1,465		114,651
Exelon Corp.		4,158		174,179
FirstEnergy Corp.		2,287		91,617
NextEra Energy, Inc.		8,353		643,849
NRG Energy, Inc.		970		33,261
				1,371,727
Electrical Equipment — 0.6%
AMETEK, Inc.		966		140,389
Eaton Corp. PLC		1,677		287,337
Emerson Electric Co.		2,393		208,526

Security	Shares		Value
Electrical Equipment (continued)
Generac Holdings, Inc.(a)		266	$	28,731
Rockwell Automation, Inc.		483		141,736
				806,719
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		2,489		203,401
CDW Corp.		570		111,087
Corning, Inc.		3,212		113,319
Keysight Technologies, Inc.(a)		750		121,110
TE Connectivity Ltd.		1,330		174,430
Trimble, Inc.(a)		1,050		55,041
Zebra Technologies Corp., Class A(a)		216		68,688
				847,076
Energy Equipment & Services — 0.4%
Baker Hughes Co., Class A		4,198		121,154
Halliburton Co.		3,796		120,106
Schlumberger NV		5,992		294,207
				535,467
Entertainment — 1.6%
Activision Blizzard, Inc.		2,986		255,572
Electronic Arts, Inc.		1,099		132,374
Live Nation Entertainment, Inc.(a)		603		42,210
Netflix, Inc.(a)		1,874		647,429
Take-Two Interactive Software, Inc.(a)		669		79,812
Walt Disney Co.(a)		7,683		769,299
Warner Bros Discovery, Inc., Class A(a)		9,279		140,113
				2,066,809
Financial Services — 4.8%
Berkshire Hathaway, Inc., Class B(a)		7,578		2,339,859
Fidelity National Information Services, Inc.		2,502		135,934
Fiserv, Inc.(a)		2,672		302,016
FleetCor Technologies, Inc.(a)		310		65,363
Global Payments, Inc.		1,111		116,922
Jack Henry & Associates, Inc.		306		46,120
Mastercard, Inc., Class A		3,549		1,289,742
PayPal Holdings, Inc.(a)		4,756		361,171
Visa, Inc., Class A		6,833		1,540,568
				6,197,695
Food Products — 1.2%
Archer-Daniels-Midland Co.		2,310		184,015
Campbell Soup Co.		857		47,118
Conagra Brands, Inc.		1,999		75,082
General Mills, Inc.		2,485		212,368
Hershey Co.		616		156,717
Hormel Foods Corp.		1,206		48,095
J M Smucker Co.		452		71,131
Kellogg Co.		1,079		72,250
Kraft Heinz Co.		3,330		128,771
Lamb Weston Holdings, Inc.		613		64,071
McCormick & Co., Inc., NVS		1,056		87,870
Mondelez International, Inc., Class A		5,734		399,774
Tyson Foods, Inc., Class A		1,206		71,540
				1,618,802
Gas Utilities — 0.1%
Atmos Energy Corp.		605		67,978
Ground Transportation — 0.9%
CSX Corp.		8,823		264,161
JB Hunt Transport Services, Inc.		351		61,586
Norfolk Southern Corp.		963		204,156

SCHEDULES   OF   INVESTMENTS 13

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ground Transportation (continued)
Old Dominion Freight Line, Inc.		380	$	129,519
Union Pacific Corp.		2,571		517,440
				1,176,862
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		7,332		742,438
Align Technology, Inc.(a)		305		101,913
Baxter International, Inc.		2,114		85,744
Becton Dickinson & Co.		1,193		295,315
Boston Scientific Corp.(a)		6,032		301,781
Cooper Cos., Inc.		211		78,779
DENTSPLY SIRONA, Inc.		905		35,548
Dexcom, Inc.(a)		1,625		188,793
Edwards Lifesciences Corp.(a)		2,608		215,760
GE HealthCare Technologies, Inc.(a)		1,530		125,506
Hologic, Inc.(a)		1,026		82,798
IDEXX Laboratories, Inc.(a)		350		175,028
Intuitive Surgical, Inc.(a)		1,470		375,541
Medtronic PLC		5,587		450,424
ResMed, Inc.		615		134,679
STERIS PLC		416		79,572
Stryker Corp.		1,417		404,511
Teleflex, Inc.		200		50,662
Zimmer Biomet Holdings, Inc.		883		114,084
				4,038,876
Health Care Providers & Services — 3.4%
AmerisourceBergen Corp.		685		109,675
Cardinal Health, Inc.		1,083		81,766
Centene Corp.(a)		2,321		146,710
Cigna Group		1,255		320,690
CVS Health Corp.		5,401		401,348
DaVita, Inc.(a)		219		17,763
Elevance Health, Inc.		1,007		463,029
HCA Healthcare, Inc.		891		234,939
Henry Schein, Inc.(a)		571		46,559
Humana, Inc.		526		255,352
Laboratory Corp. of America Holdings		376		86,262
McKesson Corp.		573		204,017
Molina Healthcare, Inc.(a)		246		65,803
Quest Diagnostics, Inc.		466		65,930
UnitedHealth Group, Inc.		3,928		1,856,334
Universal Health Services, Inc., Class B		272		34,571
				4,390,748
Health Care REITs — 0.2%
Healthpeak Properties, Inc.		2,266		49,784
Ventas, Inc.		1,674		72,568
Welltower, Inc.		1,992		142,806
				265,158
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		3,017		49,750
Hotels, Restaurants & Leisure — 2.3%
Booking Holdings, Inc.(a)		163		432,343
Caesars Entertainment, Inc.(a)		904		44,124
Carnival Corp.(a)		4,251		43,148
Chipotle Mexican Grill, Inc.(a)		118		201,578
Darden Restaurants, Inc.		514		79,752
Domino’s Pizza, Inc.		148		48,821
Expedia Group, Inc.(a)		626		60,741
Hilton Worldwide Holdings, Inc.		1,126		158,620
Las Vegas Sands Corp.(a)		1,381		79,338
Marriott International, Inc., Class A		1,135		188,455

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
McDonald’s Corp.		3,078	$	860,639
MGM Resorts International		1,326		58,901
Norwegian Cruise Line Holdings Ltd.(a)(b)		1,726		23,215
Royal Caribbean Cruises Ltd.(a)		906		59,162
Starbucks Corp.		4,829		502,844
Wynn Resorts Ltd.(a)		431		48,233
Yum! Brands, Inc.		1,174		155,062
				3,044,976
Household Durables — 0.4%
DR Horton, Inc.		1,317		128,658
Garmin Ltd.		638		64,387
Lennar Corp., Class A		1,068		112,257
Mohawk Industries, Inc.(a)		221		22,149
Newell Brands, Inc.		1,570		19,531
NVR, Inc.(a)		13		72,438
PulteGroup, Inc.		953		55,541
Whirlpool Corp.		229		30,233
				505,194
Household Products — 1.6%
Church & Dwight Co., Inc.		1,023		90,443
Clorox Co.		519		82,127
Colgate-Palmolive Co.		3,504		263,326
Kimberly-Clark Corp.		1,423		190,995
Procter & Gamble Co.		9,921		1,475,153
				2,102,044
Industrial Conglomerates — 0.3%
General Electric Co.(b)		4,586		438,422
Industrial REITs — 0.4%
Prologis, Inc.		3,883		484,482
Insurance — 2.4%
Aflac, Inc.		2,362		152,396
Allstate Corp.		1,110		122,999
American International Group, Inc.		3,121		157,174
Aon PLC, Class A		863		272,095
Arch Capital Group Ltd.(a)		1,558		105,741
Arthur J. Gallagher & Co.		893		170,840
Assurant, Inc.		232		27,856
Brown & Brown, Inc.		991		56,903
Chubb Ltd.		1,743		338,456
Cincinnati Financial Corp.		665		74,533
Everest Re Group Ltd.		164		58,715
Globe Life, Inc.		379		41,698
Hartford Financial Services Group, Inc.		1,325		92,339
Lincoln National Corp.		633		14,223
Loews Corp.		817		47,402
Marsh & McLennan Cos., Inc.		2,078		346,091
MetLife, Inc.		2,758		159,799
Principal Financial Group, Inc.		961		71,422
Progressive Corp.		2,461		352,071
Prudential Financial, Inc.		1,548		128,082
Travelers Cos., Inc.		965		165,411
W R Berkley Corp.		863		53,730
Willis Towers Watson PLC		453		105,268
				3,115,244
Interactive Media & Services — 5.3%
Alphabet, Inc., Class A(a)		25,046		2,598,022
Alphabet, Inc., Class C, NVS(a)		21,832		2,270,528
Match Group, Inc.(a)		1,172		44,993
Meta Platforms, Inc., Class A(a)		9,360		1,983,758
				6,897,301

14 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services — 1.3%
Accenture PLC, Class A		2,646	$	756,253
Akamai Technologies, Inc.(a)		669		52,383
Cognizant Technology Solutions Corp., Class A		2,128		129,659
DXC Technology Co.(a)(b)		940		24,027
EPAM Systems, Inc.(a)		242		72,358
Gartner, Inc.(a)		329		107,178
International Business Machines Corp.		3,803		498,535
VeriSign, Inc.(a)		382		80,728
				1,721,121
Leisure Products — 0.0%
Hasbro, Inc.		555		29,798
Life Sciences Tools & Services — 2.1%
Agilent Technologies, Inc.		1,247		172,510
Bio-Rad Laboratories, Inc., Class A(a)		91		43,591
Bio-Techne Corp.		652		48,372
Charles River Laboratories International, Inc.(a)		212		42,786
Danaher Corp.		2,756		694,622
Illumina, Inc.(a)		663		154,181
IQVIA Holdings, Inc.(a)		785		156,129
Mettler-Toledo International, Inc.(a)		93		142,309
PerkinElmer, Inc.		535		71,294
Thermo Fisher Scientific, Inc.		1,647		949,281
Waters Corp.(a)		247		76,479
West Pharmaceutical Services, Inc.		311		107,752
				2,659,306
Machinery — 2.0%
Caterpillar, Inc.		2,189		500,931
Cummins, Inc.		595		142,134
Deere & Co.		1,135		468,619
Dover Corp.		589		89,493
Fortive Corp.		1,481		100,960
IDEX Corp.		317		73,236
Illinois Tool Works, Inc.		1,169		284,593
Ingersoll Rand, Inc.		1,696		98,673
Nordson Corp.		221		49,119
Otis Worldwide Corp.		1,739		146,771
PACCAR, Inc.		2,184		159,869
Parker-Hannifin Corp.		543		182,508
Pentair PLC		703		38,855
Snap-on, Inc.		223		55,056
Stanley Black & Decker, Inc.		622		50,121
Westinghouse Air Brake Technologies Corp.		769		77,715
Xylem, Inc.		763		79,886
				2,598,539
Media — 0.9%
Charter Communications, Inc., Class A(a)		442		158,064
Comcast Corp., Class A		17,688		670,552
DISH Network Corp., Class A(a)		1,049		9,787
Fox Corp., Class A, NVS		1,252		42,631
Fox Corp., Class B		581		18,191
Interpublic Group of Cos., Inc.		1,652		61,520
News Corp., Class A, NVS		1,570		27,114
News Corp., Class B		528		9,203
Omnicom Group, Inc.		856		80,755
Paramount Global, Class B, NVS		2,135		47,632
				1,125,449
Metals & Mining — 0.5%
Freeport-McMoRan, Inc.		6,021		246,319
Newmont Corp.		3,347		164,070

Security	Shares		Value
Metals & Mining (continued)
Nucor Corp.		1,062	$	164,047
Steel Dynamics, Inc.		705		79,708
				654,144
Multi-Utilities — 0.4%
CenterPoint Energy, Inc.		2,635		77,627
Consolidated Edison, Inc.		1,496		143,122
Public Service Enterprise Group, Inc.		2,100		131,145
Sempra Energy		1,325		200,287
				552,181
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		657		82,512
Boston Properties, Inc.		602		32,580
				115,092
Oil, Gas & Consumable Fuels — 0.9%
Kinder Morgan, Inc.		8,325		145,771
Marathon Petroleum Corp.		1,914		258,065
ONEOK, Inc.		1,878		119,328
Phillips 66		1,968		199,516
Targa Resources Corp.		950		69,302
Valero Energy Corp.		1,696		236,761
Williams Cos., Inc.		5,138		153,421
				1,182,164
Passenger Airlines — 0.2%
Alaska Air Group, Inc.(a)		540		22,658
American Airlines Group, Inc.(a)		2,731		40,282
Delta Air Lines, Inc.(a)		2,695		94,110
Southwest Airlines Co.		2,506		81,545
United Airlines Holdings, Inc.(a)		1,362		60,269
				298,864
Personal Care Products — 0.2%
Estee Lauder Cos., Inc., Class A		972		239,559
Pharmaceuticals — 3.3%
Bristol-Myers Squibb Co.		8,941		619,701
Catalent, Inc.(a)		745		48,954
Eli Lilly & Co.		3,317		1,139,124
Merck & Co., Inc.		10,662		1,134,330
Organon & Co.		1,051		24,720
Pfizer, Inc.		23,604		963,043
Viatris, Inc.		5,082		48,889
Zoetis, Inc., Class A		1,962		326,555
				4,305,316
Professional Services — 0.8%
Automatic Data Processing, Inc.		1,743		388,044
Broadridge Financial Solutions, Inc.		496		72,699
CoStar Group, Inc.(a)		1,705		117,389
Equifax, Inc.		518		105,071
Paychex, Inc.		1,341		153,665
Robert Half International, Inc.		456		36,740
Verisk Analytics, Inc.		659		126,436
				1,000,044
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		1,332		96,983
Residential REITs — 0.4%
AvalonBay Communities, Inc.		590		99,155
Camden Property Trust		462		48,436
Equity Residential		1,440		86,400
Essex Property Trust, Inc.		274		57,304
Invitation Homes, Inc.		2,435		76,045

SCHEDULES   OF   INVESTMENTS 15

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Residential REITs (continued)
Mid-America Apartment Communities, Inc.		486	$	73,406
UDR, Inc.		1,299		53,337
				494,083
Retail REITs — 0.3%
Federal Realty Investment Trust		307		30,341
Kimco Realty Corp.		2,607		50,915
Realty Income Corp.		2,628		166,405
Regency Centers Corp.		635		38,849
Simon Property Group, Inc.		1,381		154,630
				441,140
Semiconductors & Semiconductor Equipment — 7.2%
Advanced Micro Devices, Inc.(a)		6,779		664,410
Analog Devices, Inc.		2,132		420,473
Applied Materials, Inc.		3,546		435,555
Broadcom, Inc.		1,757		1,127,186
Enphase Energy, Inc.(a)		572		120,280
First Solar, Inc.(a)		418		90,915
Intel Corp.		17,396		568,327
KLA Corp.		580		231,519
Lam Research Corp.		565		299,518
Microchip Technology, Inc.		2,311		193,615
Micron Technology, Inc.		4,579		276,297
Monolithic Power Systems, Inc.		190		95,103
NVIDIA Corp.		10,344		2,873,253
NXP Semiconductors NV		1,093		203,817
ON Semiconductor Corp.(a)		1,821		149,905
Qorvo, Inc.(a)		421		42,761
QUALCOMM, Inc.		4,688		598,095
Skyworks Solutions, Inc.		673		79,400
SolarEdge Technologies, Inc.(a)		235		71,428
Teradyne, Inc.		647		69,559
Texas Instruments, Inc.		3,811		708,884
				9,320,300
Software — 10.5%
Adobe, Inc.(a)		1,925		741,837
ANSYS, Inc.(a)		369		122,803
Autodesk, Inc.(a)		909		189,217
Cadence Design Systems, Inc.(a)		1,149		241,393
Ceridian HCM Holding, Inc.(a)		648		47,447
Fortinet, Inc.(a)		2,721		180,838
Gen Digital, Inc.		2,397		41,133
Intuit, Inc.		1,182		526,971
Microsoft Corp.		31,300		9,023,790
Oracle Corp.		6,463		600,542
Paycom Software, Inc.(a)		205		62,322
PTC, Inc.(a)		444		56,934
Roper Technologies, Inc.		449		197,870
Salesforce, Inc.(a)		4,206		840,275
ServiceNow, Inc.(a)		854		396,871
Synopsys, Inc.(a)		639		246,814
Tyler Technologies, Inc.(a)		174		61,707
				13,578,764
Specialized REITs — 1.3%
American Tower Corp.		1,959		400,302
Crown Castle, Inc.		1,814		242,786
Digital Realty Trust, Inc.		1,215		119,447
Equinix, Inc.		387		279,042
Extra Space Storage, Inc.		564		91,892
Iron Mountain, Inc.		1,226		64,868
Public Storage		666		201,225
SBA Communications Corp.		452		118,004

Security	Shares		Value
Specialized REITs (continued)
VICI Properties, Inc.		4,236	$	138,178
Weyerhaeuser Co.		3,084		92,921
				1,748,665
Specialty Retail — 2.4%
Advance Auto Parts, Inc.		250		30,402
AutoZone, Inc.(a)		78		191,736
Bath & Body Works, Inc.		946		34,605
Best Buy Co., Inc.		830		64,964
CarMax, Inc.(a)(b)		668		42,939
Home Depot, Inc.		4,286		1,264,884
Lowe’s Cos., Inc.		2,544		508,724
O’Reilly Automotive, Inc.(a)		262		222,433
Ross Stores, Inc.		1,454		154,313
TJX Cos., Inc.		4,865		381,221
Tractor Supply Co.		464		109,059
Ulta Beauty, Inc.(a)		211		115,136
				3,120,416
Technology Hardware, Storage & Peripherals — 8.2%
Apple Inc.		62,538		10,312,516
Hewlett Packard Enterprise Co.		5,417		86,293
HP, Inc.		3,648		107,069
NetApp, Inc.		914		58,359
Seagate Technology Holdings PLC		804		53,160
Western Digital Corp.(a)		1,347		50,742
				10,668,139
Textiles, Apparel & Luxury Goods — 0.6%
NIKE, Inc., Class B		5,238		642,388
Ralph Lauren Corp., Class A		171		19,950
Tapestry, Inc.		979		42,205
VF Corp.		1,413		32,372
				736,915
Trading Companies & Distributors — 0.2%
Fastenal Co.		2,406		129,779
United Rentals, Inc.		293		115,958
				245,737
Water Utilities — 0.1%
American Water Works Co., Inc.		812		118,950
Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.(a)		2,491		360,796
Total Long-Term Investments — 99.8% (Cost: $155,429,456)				129,522,896

16 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(d)(e)		68,946	$	68,967
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(d)		167,581		167,581
Total Short-Term Securities — 0.2% (Cost: $236,533)				236,548
Total Investments — 100.0% (Cost: $155,665,989)				129,759,444
Other Assets Less Liabilities — 0.0%				34,428
Net Assets — 100.0%			$	129,793,872

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,354	$	56,072	(a)	$	—		$	524		$	17		$	68,967		68,946	$	1,679	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		320,000		—			(152,419	)(a)		—			—			167,581		167,581		8,328			—
BlackRock, Inc.		719,848		338,420			(577,302	)		(24,548	)		(35,542	)		420,876		629		19,002			—
									$	(24,024	)	$	(35,525	)	$	657,424			$	29,009		$	—

^(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
Micro E-mini S&P 500 Index		12		06/16/23	$	248	$	13,294

SCHEDULES    OF   INVESTMENTS 17

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P 500 ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	13,294	$	—	$	—	$	—	$	13,294

^(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 March 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	$	—	$	—	$	(19,644	)	$	—	$	—	$	—	$	(19,644	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(9,704	)	$	—	$	—	$	—	$	(9,704	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	398,794

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	129,522,896	$	—	$	—	$	129,522,896
Short-Term Securities
Money Market Funds		236,548		—		—		236,548
	$	129,759,444	$	—	$	—	$	129,759,444
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	13,294	$	—	$	—	$	13,294

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

See notes to financial statements.

18 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments March 31, 2023 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.9%
Axon Enterprise, Inc.(a)		3,558	$	800,016
Curtiss-Wright Corp.		2,016		355,340
Hexcel Corp.		4,436		302,757
Mercury Systems, Inc.(a)		3,073		157,092
Woodward, Inc.		3,141		305,839
				1,921,044
Air Freight & Logistics — 0.3%
GXO Logistics, Inc.(a)		6,244		315,072
Automobile Components — 1.7%
Adient PLC(a)		5,020		205,619
Dana, Inc.		6,753		101,633
Fox Factory Holding Corp.(a)		2,225		270,048
Gentex Corp.		12,366		346,619
Goodyear Tire & Rubber Co.(a)		14,969		164,958
Lear Corp.		3,112		434,093
Visteon Corp.(a)		1,482		232,422
				1,755,392
Automobiles — 0.5%
Harley-Davidson, Inc.		7,001		265,828
Thor Industries, Inc.		2,820		224,585
				490,413
Banks — 6.2%
Associated Banc-Corp.		7,962		143,157
Bank of Hawaii Corp.(b)		2,110		109,889
Bank OZK		5,827		199,283
Cadence Bank		7,970		165,457
Cathay General Bancorp		3,861		133,282
Columbia Banking System, Inc.		1		21
Commerce Bancshares, Inc.		5,987		349,341
Cullen/Frost Bankers, Inc.		3,400		358,156
East West Bancorp, Inc.		7,418		411,699
First Financial Bankshares, Inc.		6,869		219,121
First Horizon Corp.		28,244		502,178
FNB Corp.		19,077		221,293
Fulton Financial Corp.		8,903		123,039
Glacier Bancorp, Inc.		5,830		244,918
Hancock Whitney Corp.		4,527		164,783
Home BancShares, Inc.		9,994		216,970
International Bancshares Corp.		2,790		119,468
New York Community Bancorp, Inc., Class A		36,015		325,576
Old National Bancorp		15,472		223,106
PacWest Bancorp(b)		6,311		61,406
Pinnacle Financial Partners, Inc.		4,026		222,074
Prosperity Bancshares, Inc.		4,806		295,665
Synovus Financial Corp.		7,656		236,035
Texas Capital Bancshares, Inc.(a)		2,559		125,289
UMB Financial Corp.		2,300		132,756
United Bankshares, Inc.		7,328		257,946
Valley National Bancorp		22,216		205,276
Webster Financial Corp.		9,194		362,428
Wintrust Financial Corp.		3,211		234,242
				6,363,854
Beverages — 0.5%
Boston Beer Co., Inc., Class A, NVS(a)		497		163,364
Celsius Holdings, Inc.(a)(b)		2,132		198,148
Coca-Cola Consolidated, Inc.		244		130,559
				492,071

Security	Shares		Value
Biotechnology — 1.8%
Arrowhead Pharmaceuticals, Inc.(a)		5,700	$	144,780
Exelixis, Inc.(a)		17,057		331,077
Halozyme Therapeutics, Inc.(a)		7,131		272,333
Neurocrine Biosciences, Inc.(a)		5,083		514,501
United Therapeutics Corp.(a)		2,399		537,280
				1,799,971
Broadline Retail — 0.6%
Kohl’s Corp.		5,814		136,862
Macy’s, Inc.		14,252		249,268
Nordstrom, Inc.		5,898		95,960
Ollie’s Bargain Outlet Holdings, Inc.(a)		3,060		177,296
				659,386
Building Products — 3.1%
Builders FirstSource, Inc.(a)		7,746		687,690
Carlisle Cos., Inc.		2,722		615,363
Fortune Brands Innovations, Inc.		6,750		396,428
Lennox International, Inc.		1,700		427,176
Owens Corning		4,919		471,240
Simpson Manufacturing Co., Inc.		2,246		246,251
Trex Co., Inc.(a)		5,790		281,799
				3,125,947
Capital Markets — 2.2%
Affiliated Managers Group, Inc.		1,982		282,276
Evercore, Inc., Class A		1,883		217,260
Federated Hermes, Inc., Class B		4,443		178,342
Interactive Brokers Group, Inc., Class A		5,414		446,980
Janus Henderson Group PLC		6,973		185,761
Jefferies Financial Group, Inc.		9,523		302,260
SEI Investments Co.		5,367		308,871
Stifel Financial Corp.		5,545		327,654
				2,249,404
Chemicals — 2.6%
Ashland, Inc.		2,632		270,333
Avient Corp.		4,491		184,850
Cabot Corp.		2,978		228,234
Chemours Co.		7,816		234,011
Ingevity Corp.(a)		1,848		132,169
NewMarket Corp.		352		128,473
RPM International, Inc.		6,794		592,708
Scotts Miracle-Gro Co.		2,150		149,941
Sensient Technologies Corp.		2,224		170,269
Valvoline, Inc.		9,050		316,207
Westlake Corp.		1,809		209,808
				2,617,003
Commercial Services & Supplies — 1.4%
Brink’s Co.		2,444		163,259
Clean Harbors, Inc.(a)		2,647		377,357
MSA Safety, Inc.		1,940		258,990
Stericycle, Inc.(a)		4,848		211,421
Tetra Tech, Inc.		2,801		411,495
				1,422,522
Communications Equipment — 0.8%
Calix, Inc.(a)		2,997		160,609
Ciena Corp.(a)		7,811		410,234
Lumentum Holdings, Inc.(a)		3,606		194,760
				765,603
Construction & Engineering — 2.0%
AECOM		7,314		616,716
EMCOR Group, Inc.		2,508		407,776

SCHEDULES   OF   INVESTMENTS 19

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
MasTec, Inc.(a)		3,122	$	294,842
MDU Resources Group, Inc.		10,721		326,776
Valmont Industries, Inc.		1,121		357,913
				2,004,023
Construction Materials — 0.3%
Eagle Materials, Inc.		1,897		278,385
Consumer Finance — 0.2%
Navient Corp.		5,336		85,323
SLM Corp.		12,683		157,142
				242,465
Consumer Staples Distribution & Retail — 0.8%
BJ’s Wholesale Club Holdings, Inc.(a)		7,076		538,271
Grocery Outlet Holding Corp.(a)(b)		4,659		131,664
Sprouts Farmers Market, Inc.(a)		5,566		194,977
				864,912
Containers & Packaging — 1.0%
AptarGroup, Inc.		3,437		406,219
Greif, Inc., Class A, NVS		1,346		85,296
Silgan Holdings, Inc.		4,422		237,329
Sonoco Products Co.		5,132		313,052
				1,041,896
Diversified Consumer Services — 1.1%
Graham Holdings Co., Class B		204		121,551
Grand Canyon Education, Inc.(a)		1,614		183,835
H&R Block, Inc.		8,014		282,493
Service Corp. International		8,096		556,843
				1,144,722
Diversified Telecommunication Services — 0.7%
Frontier Communications Parent, Inc.(a)		11,762		267,821
Iridium Communications, Inc.		6,613		409,543
				677,364
Electric Utilities — 0.2%
Hawaiian Electric Industries, Inc.		5,789		222,298
Electrical Equipment — 2.3%
Acuity Brands, Inc.		1,691		308,996
EnerSys		2,158		187,487
Hubbell, Inc.		2,821		686,378
nVent Electric PLC		8,768		376,498
Regal Rexnord Corp.		3,482		490,022
SunPower Corp.(a)(b)		4,508		62,391
Sunrun, Inc.(a)(b)		11,216		226,002
Vicor Corp.(a)		1,172		55,014
				2,392,788
Electronic Equipment, Instruments & Components — 3.9%
Arrow Electronics, Inc.(a)		3,068		383,101
Avnet, Inc.		4,809		217,367
Belden, Inc.		2,260		196,100
Cognex Corp.		9,102		451,004
Coherent Corp.(a)(b)		7,313		278,479
IPG Photonics Corp.(a)		1,693		208,764
Jabil, Inc.(b)		7,015		618,443
Littelfuse, Inc.		1,302		349,053
National Instruments Corp.		6,872		360,162
Novanta, Inc.(a)(b)		1,879		298,930
TD SYNNEX Corp.		2,208		213,712
Vishay Intertechnology, Inc.		6,818		154,223
Vontier Corp.		8,353		228,371
				3,957,709

Security	Shares		Value
Energy Equipment & Services — 0.7%
ChampionX Corp.		10,479	$	284,295
NOV, Inc.		20,674		382,676
				666,971
Entertainment — 0.2%
World Wrestling Entertainment, Inc., Class A		2,282		208,255
Financial Services — 1.7%
Essent Group Ltd.		5,696		228,125
Euronet Worldwide, Inc.(a)		2,480		277,512
MGIC Investment Corp.		15,960		214,183
Voya Financial, Inc.		5,106		364,875
Western Union Co.		17,972		200,388
WEX, Inc.(a)		2,296		422,211
				1,707,294
Food Products — 1.6%
Darling Ingredients, Inc.(a)(b)		8,435		492,604
Flowers Foods, Inc.		10,112		277,170
Ingredion, Inc.		3,457		351,681
Lancaster Colony Corp.		1,048		212,618
Pilgrim’s Pride Corp.(a)		2,394		55,493
Post Holdings, Inc.(a)		2,822		253,613
				1,643,179
Gas Utilities — 1.3%
New Jersey Resources Corp.		5,100		271,320
ONE Gas, Inc.		2,853		226,043
Southwest Gas Holdings, Inc.		3,421		213,642
Spire, Inc.		2,766		194,007
UGI Corp.		11,030		383,403
				1,288,415
Ground Transportation — 2.0%
Avis Budget Group, Inc.(a)		1,316		256,357
Knight-Swift Transportation Holdings, Inc.		8,458		478,554
Landstar System, Inc.		1,890		338,801
Ryder System, Inc.		2,654		236,843
Saia, Inc.(a)		1,393		379,007
Werner Enterprises, Inc.		3,094		140,746
XPO, Inc.(a)		6,042		192,740
				2,023,048
Health Care Equipment & Supplies — 4.0%
Enovis Corp.(a)		2,508		134,153
Envista Holdings Corp.(a)		8,590		351,159
Globus Medical, Inc., Class A(a)		4,103		232,394
Haemonetics Corp.(a)		2,655		219,701
ICU Medical, Inc.(a)		1,057		174,363
Inari Medical, Inc.(a)(b)		2,541		156,881
Integra LifeSciences Holdings Corp.(a)		3,824		219,536
Lantheus Holdings, Inc.(a)		3,628		299,528
LivaNova PLC(a)		2,817		122,765
Masimo Corp.(a)		2,545		469,654
Neogen Corp.(a)		11,443		211,924
Omnicell, Inc.(a)		2,358		138,344
Penumbra, Inc.(a)		2,000		557,380
QuidelOrtho Corp.(a)		2,826		251,768
Shockwave Medical, Inc.(a)		1,902		412,411
STAAR Surgical Co.(a)		2,536		162,177
				4,114,138
Health Care Providers & Services — 2.4%
Acadia Healthcare Co., Inc.(a)		4,788		345,933
Amedisys, Inc.(a)		1,722		126,653
Chemed Corp.		783		421,059

20 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Encompass Health Corp.		5,257	$	284,404
HealthEquity, Inc.(a)		4,462		261,964
Option Care Health, Inc.(a)		8,808		279,830
Patterson Cos., Inc.		4,574		122,446
Progyny, Inc.(a)		3,959		127,163
R1 RCM, Inc.(a)		7,233		108,495
Tenet Healthcare Corp.(a)		5,691		338,159
				2,416,106
Health Care REITs — 1.3%
Healthcare Realty Trust, Inc.		20,030		387,180
Medical Properties Trust, Inc.		31,560		259,423
Omega Healthcare Investors, Inc.		12,330		337,965
Physicians Realty Trust		12,058		180,026
Sabra Health Care REIT, Inc.		12,156		139,794
				1,304,388
Hotel & Resort REITs — 0.1%
Park Hotels & Resorts, Inc.		11,910		147,208
Hotels, Restaurants & Leisure — 3.1%
Boyd Gaming Corp.		4,175		267,701
Choice Hotels International, Inc.		1,458		170,863
Churchill Downs, Inc.		1,732		445,211
Light & Wonder, Inc., Class A(a)		4,928		295,926
Marriott Vacations Worldwide Corp.		2,016		271,878
Papa John’s International, Inc.		1,693		126,856
Penn Entertainment, Inc.(a)		8,190		242,915
Texas Roadhouse, Inc.		3,522		380,587
Travel + Leisure Co.		4,272		167,462
Wendy’s Co.		8,969		195,345
Wingstop, Inc.		1,575		289,139
Wyndham Hotels & Resorts, Inc.		4,656		315,910
				3,169,793
Household Durables — 1.7%
Helen of Troy Ltd.(a)		1,268		120,676
KB Home		4,296		172,613
Leggett & Platt, Inc.		7,009		223,447
Taylor Morrison Home Corp., Class A(a)		5,702		218,159
Tempur Sealy International, Inc.		8,984		354,778
Toll Brothers, Inc.		5,412		324,882
TopBuild Corp.(a)		1,681		349,883
				1,764,438
Household Products — 0.1%
Energizer Holdings, Inc.		3,496		121,311
Independent Power and Renewable Electricity Producers — 0.2%
Ormat Technologies, Inc.		2,763		234,220
Industrial REITs — 1.3%
EastGroup Properties, Inc.		2,294		379,244
First Industrial Realty Trust, Inc.		6,955		370,006
Rexford Industrial Realty, Inc.		9,954		593,756
				1,343,006
Insurance — 4.3%
American Financial Group, Inc.		3,738		454,167
Brighthouse Financial, Inc.(a)		3,593		158,487
CNO Financial Group, Inc.		6,041		134,050
First American Financial Corp.		5,451		303,403
Hanover Insurance Group, Inc.		1,881		241,708
Kemper Corp.		3,362		183,767
Kinsale Capital Group, Inc.		1,142		342,771
Old Republic International Corp.		14,518		362,514
Primerica, Inc.		1,942		334,490

Security	Shares		Value
Insurance (continued)
Reinsurance Group of America, Inc.		3,510	$	465,988
RenaissanceRe Holdings Ltd.		2,302		461,183
RLI Corp.(b)		2,130		283,098
Selective Insurance Group, Inc.		3,176		302,768
Unum Group		9,842		389,350
				4,417,744
Interactive Media & Services — 0.3%
TripAdvisor, Inc.(a)		5,543		110,084
Ziff Davis, Inc.(a)		2,484		193,876
				303,960
IT Services — 0.2%
Kyndryl Holdings, Inc.(a)		10,776		159,054
Leisure Products — 1.0%
Brunswick Corp.		3,823		313,486
Polaris, Inc.		2,867		317,176
Topgolf Callaway Brands Corp.(a)		7,337		158,626
YETI Holdings, Inc.(a)		4,557		182,280
				971,568
Life Sciences Tools & Services — 1.5%
Azenta, Inc.(a)		3,637		162,283
Bruker Corp.		5,264		415,014
Medpace Holdings, Inc.(a)		1,333		250,670
Repligen Corp.(a)		2,719		457,771
Syneos Health, Inc.(a)		5,416		192,918
				1,478,656
Machinery — 5.3%
AGCO Corp.		3,259		440,617
Chart Industries, Inc.(a)		2,243		281,272
Crane NXT Co.		2,516		285,566
Donaldson Co., Inc.		6,405		418,503
Esab Corp.		2,719		160,611
Flowserve Corp.		6,913		235,042
Graco, Inc.		8,870		647,599
ITT, Inc.		4,352		375,578
Lincoln Electric Holdings, Inc.		3,038		513,726
Middleby Corp.(a)		2,837		415,933
Oshkosh Corp.		3,442		286,306
Terex Corp.		3,566		172,523
Timken Co.		3,484		284,712
Toro Co.		5,509		612,380
Watts Water Technologies, Inc., Class A		1,439		242,212
				5,372,580
Marine Transportation — 0.2%
Kirby Corp.(a)		3,157		220,043
Media — 1.1%
Cable One, Inc.		254		178,308
John Wiley & Sons, Inc., Class A		2,252		87,310
New York Times Co., Class A		8,666		336,934
Nexstar Media Group, Inc., Class A		1,985		342,730
TEGNA, Inc.		11,737		198,473
				1,143,755
Metals & Mining — 2.9%
Alcoa Corp.		9,314		396,404
Cleveland-Cliffs, Inc.(a)		27,122		497,146
Commercial Metals Co.		6,171		301,762
MP Materials Corp., Class A(a)		4,858		136,947
Reliance Steel & Aluminum Co.		3,089		793,070
Royal Gold, Inc.		3,454		448,018

SCHEDULES   OF   INVESTMENTS 21

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares			Value
Metals & Mining (continued)
United States Steel Corp.		11,926		$	311,269
Worthington Industries, Inc.		1,614			104,345
					2,988,961
Mortgage Real Estate Investment Trusts (REITs) — 0.5%
Annaly Capital Management, Inc.		24,649			471,042
Office REITs — 0.8%
Corporate Office Properties Trust		5,957			141,240
Cousins Properties, Inc.		7,975			170,505
Douglas Emmett, Inc.		9,251			114,065
Highwoods Properties, Inc.		5,537			128,403
Kilroy Realty Corp.		5,547			179,723
Vornado Realty Trust		8,480			130,338
					864,274
Oil, Gas & Consumable Fuels — 1.0%
DT Midstream, Inc.		5,086			251,096
Equitrans Midstream Corp.		22,776			131,645
HF Sinclair Corp.		7,078			342,434
PBF Energy, Inc., Class A		6,015			260,810
					985,985
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		3,773			204,534
Passenger Airlines — 0.1%
JetBlue Airways Corp.(a)		17,045			124,088
Personal Care Products — 0.5%
BellRing Brands, Inc.(a)		7,038			239,292
Coty, Inc., Class A(a)		19,316			232,951
					472,243
Pharmaceuticals — 0.7%
Jazz Pharmaceuticals PLC(a)		3,315			485,084
Perrigo Co. PLC		7,086			254,175
					739,259
Professional Services — 2.9%
ASGN, Inc.(a)		2,640			218,249
Concentrix Corp.		2,247			273,123
ExlService Holdings, Inc.(a)		1,743			282,070
FTI Consulting, Inc.(a)		1,812			357,598
Genpact Ltd.		8,857			409,370
Insperity, Inc.		1,880			228,514
KBR, Inc.		7,221			397,516
ManpowerGroup, Inc.		2,666	��		220,025
Maximus, Inc.		3,204			252,155
Science Applications International Corp.		2,875			308,947
					2,947,567
Real Estate Management & Development — 0.4%
Jones Lang LaSalle, Inc.(a)(b)		2,498			363,434
Residential REITs — 0.5%
Apartment Income REIT Corp.		7,959			285,012
Independence Realty Trust, Inc.		11,781			188,849
					473,861
Retail REITs — 1.7%
Agree Realty Corp.		4,662			319,860
Brixmor Property Group, Inc.		15,785			339,693
Kite Realty Group Trust		11,576			242,170
Macerich Co.		11,555			122,483
National Retail Properties, Inc.		9,551			421,677
Spirit Realty Capital, Inc.		7,350			292,824
					1,738,707

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 3.4%
Allegro MicroSystems, Inc.(a)		3,427	$	164,462
Amkor Technology, Inc.		5,286		137,542
Cirrus Logic, Inc.(a)		2,908		318,077
Lattice Semiconductor Corp.(a)		7,214		688,937
MACOM Technology Solutions Holdings, Inc.(a)		2,718		192,543
MKS Instruments, Inc.		3,011		266,835
Power Integrations, Inc.		3,000		253,920
Silicon Laboratories, Inc.(a)		1,679		293,976
SiTime Corp.(a)		847		120,469
Synaptics, Inc.(a)		2,073		230,414
Universal Display Corp.		2,288		354,937
Wolfspeed, Inc.(a)		6,548		425,292
				3,447,404
Software — 2.9%
ACI Worldwide, Inc.(a)		5,934		160,099
Aspen Technology, Inc.(a)		1,533		350,858
Blackbaud, Inc.(a)		2,370		164,241
CommVault Systems, Inc.(a)		2,344		132,998
Dynatrace, Inc.(a)		11,410		482,643
Envestnet, Inc.(a)		2,506		147,027
Manhattan Associates, Inc.(a)		3,289		509,302
NCR Corp.(a)		7,322		172,726
Paylocity Holding Corp.(a)		2,181		433,539
Qualys, Inc.(a)		1,831		238,067
Teradata Corp.(a)		5,378		216,626
				3,008,126
Specialized REITs — 2.3%
CubeSmart		11,820		546,320
EPR Properties		3,974		151,409
Lamar Advertising Co., Class A		4,592		458,695
Life Storage, Inc.		4,473		586,366
National Storage Affiliates Trust		4,440		185,503
PotlatchDeltic Corp.		4,252		210,474
Rayonier, Inc.		7,761		258,131
				2,396,898
Specialty Retail — 2.8%
AutoNation, Inc.(a)		1,803		242,251
Five Below, Inc.(a)		2,921		601,638
Foot Locker, Inc.		4,169		165,468
GameStop Corp., Class A(a)(b)		13,339		307,064
Gap, Inc.		11,211		112,558
Lithia Motors, Inc., Class A		1,439		329,430
Murphy U.S.A., Inc.		1,052		271,469
RH(a)		984		239,653
Victoria’s Secret & Co.(a)		4,272		145,889
Williams-Sonoma, Inc.		3,504		426,297
				2,841,717
Technology Hardware, Storage & Peripherals — 0.3%
Super Micro Computer, Inc.(a)		2,456		261,687
Xerox Holdings Corp.		5,948		91,599
				353,286
Textiles, Apparel & Luxury Goods — 2.4%
Capri Holdings Ltd.(a)		6,616		310,952
Carter’s, Inc.		2,008		144,415
Columbia Sportswear Co.		1,864		168,207
Crocs, Inc.(a)		3,250		410,930
Deckers Outdoor Corp.(a)		1,388		623,976
PVH Corp.		3,335		297,349
Skechers U.S.A., Inc., Class A(a)		7,064		335,681

22 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Mid-Cap ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Under Armour, Inc., Class A(a)		9,906	$	94,008
Under Armour, Inc., Class C, NVS(a)		9,976		85,095
				2,470,613
Trading Companies & Distributors — 1.2%
GATX Corp.		1,853		203,867
MSC Industrial Direct Co., Inc., Class A		2,490		209,160
Univar Solutions, Inc.(a)		8,588		300,838
Watsco, Inc.		1,751		557,098
				1,270,963
Water Utilities — 0.5%
Essential Utilities, Inc.		12,563		548,375
Total Long-Term Investments — 99.7% (Cost: $106,652,582)				101,734,711
Short-Term Securities
Money Market Funds — 3.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(d)(e)		3,257,274		3,258,251
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(d)		158,472		158,472
Total Short-Term Securities — 3.3% (Cost: $3,416,150)				3,416,723
Total Investments — 103.0% (Cost: $110,068,732)				105,151,434
Liabilities in Excess of Other Assets — (3.0)%				(3,105,416	)
Net Assets — 100.0%			$	102,046,018

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	815,271	$	2,442,211	(a)	$	—	$	307	$	462	$	3,258,251		3,257,274	$	36,649	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		90,000		68,472	(a)		—		—		—		158,472		158,472		5,533			—
								$	307	$	462	$	3,416,723			$	42,182		$	—

^(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.

SCHEDULES   OF   INVESTMENTS 23

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Mid-Cap ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P MidCap 400 E-Mini Index		1		06/16/23	$	253	$	5,977

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts	$	—	$	—	$	5,977	$	—	$	—	$	—	$	5,977

For the period ended March 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	$	—	$	—	$	(5,910	)	$	—	$	—	$	—	$	(5,910	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	5,977		$	—	$	—	$	—	$	5,977

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	124,308

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

24 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Mid-Cap ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	101,734,711	$	—	$	—	$	101,734,711
Short-Term Securities
Money Market Funds		3,416,723		—		—		3,416,723
	$	105,151,434	$	—	$	—	$	105,151,434
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	5,977	$	—	$	—	$	5,977

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

See notes to financial statements.

SCHEDULES   OF   INVESTMENTS 25

Schedule of Investments March 31, 2023 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.7%
AAR Corp.(a)		1,762	$	96,117
AeroVironment, Inc.(a)		1,349		123,649
Kaman Corp.		1,511		34,542
National Presto Industries, Inc.		269		19,392
Triumph Group, Inc.(a)		3,493		40,484
				314,184
Air Freight & Logistics — 0.7%
Forward Air Corp.		1,427		153,773
Hub Group, Inc., Class A(a)		1,752		147,063
				300,836
Automobile Components — 1.4%
American Axle & Manufacturing Holdings, Inc.(a)		6,118		47,782
Dorman Products, Inc.(a)		1,517		130,856
Gentherm, Inc.(a)		1,780		107,548
LCI Industries		1,366		150,082
Patrick Industries, Inc.		1,155		79,476
Standard Motor Products, Inc.		1,010		37,279
XPEL, Inc.(a)		1,054		71,619
				624,642
Automobiles — 0.2%
Winnebago Industries, Inc.		1,648		95,090
Banks — 8.4%
Ameris Bancorp		3,364		123,055
Axos Financial, Inc.(a)		2,646		97,690
Banc of California, Inc.		2,374		29,746
BancFirst Corp.		936		77,782
Bancorp, Inc.(a)		2,385		66,422
BankUnited, Inc.		3,179		71,782
Banner Corp.		1,588		86,340
Berkshire Hills Bancorp, Inc.		1,691		42,376
Brookline Bancorp, Inc.		3,883		40,771
Capitol Federal Financial, Inc.		5,491		36,954
Central Pacific Financial Corp.		540		9,666
City Holding Co.		737		66,979
Community Bank System, Inc.		2,280		119,677
Customers Bancorp, Inc.(a)		1,411		26,132
CVB Financial Corp.		6,310		105,251
Dime Community Bancshares, Inc.		1,749		39,737
Eagle Bancorp, Inc.		1,360		45,519
FB Financial Corp.		1,882		58,493
First BanCorp/Puerto Rico		6,375		72,802
First Bancorp/Southern Pines NC		1,992		70,756
First Commonwealth Financial Corp.		5,073		63,057
First Financial Bancorp		4,426		96,354
First Hawaiian, Inc.		6,838		141,068
Hanmi Financial Corp.		1,354		25,144
Heritage Financial Corp.		1,615		34,561
Hilltop Holdings, Inc.		2,465		73,137
HomeStreet, Inc.		766		13,780
Hope Bancorp, Inc.		5,805		57,005
Independent Bank Corp.		1,185		77,760
Independent Bank Group, Inc.		1,906		88,343
Lakeland Financial Corp.		1,308		81,933
National Bank Holdings Corp., Class A		1,923		64,344
NBT Bancorp, Inc.		1,962		66,139
Northfield Bancorp, Inc.		1,784		21,016
Northwest Bancshares, Inc.		5,784		69,582
OFG Bancorp		2,331		58,135
Pacific Premier Bancorp, Inc.		4,032		96,849

Security	Shares		Value
Banks (continued)
Park National Corp.		779	$	92,366
Pathward Financial, Inc.		1,124		46,635
Preferred Bank		107		5,865
Provident Financial Services, Inc.		3,208		61,529
Renasant Corp.		2,374		72,597
S&T Bancorp, Inc.		1,959		61,611
Seacoast Banking Corp. of Florida		3,945		93,496
ServisFirst Bancshares, Inc.		2,624		143,349
Simmons First National Corp., Class A		3,595		62,877
Southside Bancshares, Inc.		1,296		43,027
Stellar Bancorp, Inc.		2,423		59,630
Tompkins Financial Corp.		672		44,493
Triumph Financial, Inc.(a)		1,114		64,679
TrustCo Bank Corp.		915		29,225
Trustmark Corp.		2,873		70,963
United Community Banks, Inc.		5,262		147,967
Veritex Holdings, Inc.		2,103		38,401
Westamerica Bancorp		1,367		60,558
WSFS Financial Corp.		1,754		65,968
				3,681,373
Beverages — 0.3%
MGP Ingredients, Inc.		826		79,891
National Beverage Corp.(a)		1,254		66,111
				146,002
Biotechnology — 2.6%
Anika Therapeutics, Inc.(a)		785		22,545
Arcus Biosciences, Inc.(a)		2,785		50,798
Avid Bioservices, Inc.(a)		3,333		62,527
Catalyst Pharmaceuticals, Inc.(a)		5,147		85,337
Coherus Biosciences, Inc.(a)		3,447		23,578
Cytokinetics, Inc.(a)		5,080		178,765
Dynavax Technologies Corp.(a)		6,375		62,539
Eagle Pharmaceuticals, Inc.(a)		563		15,972
Emergent BioSolutions, Inc.(a)(b)		2,406		24,926
Enanta Pharmaceuticals, Inc.(a)		1,051		42,503
Ironwood Pharmaceuticals, Inc., Class A(a)		7,160		75,323
iTeos Therapeutics, Inc.(a)		1,309		17,816
Myriad Genetics, Inc.(a)		4,363		101,353
REGENXBIO, Inc.(a)		2,023		38,255
uniQure NV(a)(b)		2,443		49,202
Vanda Pharmaceuticals, Inc.(a)		3,039		20,635
Vericel Corp.(a)		2,532		74,238
Vir Biotechnology, Inc.(a)		4,074		94,802
Xencor, Inc.(a)		3,233		90,168
				1,131,282
Broadline Retail — 0.0%
Big Lots, Inc.		1,545		16,933
Building Products — 1.9%
AAON, Inc.		2,257		218,229
American Woodmark Corp.(a)		892		46,446
Apogee Enterprises, Inc.		1,188		51,381
AZZ, Inc.		1,341		55,303
Gibraltar Industries, Inc.(a)		1,660		80,510
Griffon Corp.		2,546		81,498
Insteel Industries, Inc.		1,052		29,267
PGT Innovations, Inc.(a)		3,220		80,854
Quanex Building Products Corp.		1,778		38,280
Resideo Technologies, Inc.(a)		7,828		143,096
				824,864

26 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets — 1.1%
Avantax, Inc.(a)		2,131	$	56,088
B Riley Financial, Inc.		863		24,501
Brightsphere Investment Group, Inc.		1,737		40,958
Donnelley Financial Solutions, Inc.(a)		1,339		54,712
Piper Sandler Cos.		739		102,433
StoneX Group, Inc.(a)		947		98,043
Virtus Investment Partners, Inc.		352		67,017
WisdomTree, Inc.		5,485		32,142
				475,894
Chemicals — 3.1%
AdvanSix, Inc.		1,485		56,831
American Vanguard Corp.		1,486		32,514
Balchem Corp.		1,725		218,178
FutureFuel Corp.		1,404		10,362
Hawkins, Inc.		1,018		44,568
HB Fuller Co.		2,884		197,410
Innospec, Inc.		1,328		136,346
Koppers Holdings, Inc.		1,125		39,341
Livent Corp.(a)		9,630		209,164
Minerals Technologies, Inc.		1,750		105,735
Quaker Chemical Corp.		731		144,701
Rayonier Advanced Materials, Inc.(a)		3,427		21,487
Stepan Co.		1,132		116,630
Trinseo PLC		1,871		39,010
				1,372,277
Commercial Services & Supplies — 2.2%
ABM Industries, Inc.		3,548		159,447
Brady Corp., Class A, NVS		2,479		133,197
Deluxe Corp.		2,317		37,072
GEO Group, Inc.(a)		6,683		52,729
Harsco Corp.(a)		4,291		29,308
Healthcare Services Group, Inc.		3,968		55,036
HNI Corp.		2,225		61,944
Interface, Inc., Class A		3,142		25,513
KAR Auction Services, Inc.(a)		5,842		79,919
Liquidity Services, Inc.(a)		1,279		16,844
Matthews International Corp., Class A		1,638		59,066
MillerKnoll, Inc.		4,052		82,863
Pitney Bowes, Inc.		1,838		7,150
UniFirst Corp.		810		142,746
Viad Corp.(a)		1,121		23,362
				966,196
Communications Equipment — 1.5%
ADTRAN Holdings, Inc.		3,800		60,268
Clearfield, Inc.(a)(b)		674		31,395
Comtech Telecommunications Corp.		1,484		18,520
Digi International, Inc.(a)		1,920		64,666
Extreme Networks, Inc.(a)		6,930		132,501
Harmonic, Inc.(a)		5,895		86,008
NETGEAR, Inc.(a)		1,564		28,950
NetScout Systems, Inc.(a)		3,635		104,143
Viavi Solutions, Inc.(a)		12,060		130,610
				657,061
Construction & Engineering — 1.5%
Arcosa, Inc.		2,596		163,833
Comfort Systems U.S.A., Inc.		1,920		280,243
Granite Construction, Inc.		2,358		96,867
MYR Group, Inc.(a)		893		112,527
				653,470

Security	Shares		Value
Consumer Finance — 0.8%
Bread Financial Holdings, Inc.		646	$	19,587
Encore Capital Group, Inc.(a)		1,256		63,365
Enova International, Inc.(a)		1,671		74,243
Green Dot Corp., Class A(a)		875		15,033
LendingTree, Inc.(a)		584		15,569
PRA Group, Inc.(a)		2,089		81,387
PROG Holdings, Inc.(a)		2,693		64,066
World Acceptance Corp.(a)		180		14,992
				348,242
Consumer Staples Distribution & Retail — 0.8%
Andersons, Inc.		1,671		69,046
Chefs’ Warehouse, Inc.(a)		1,831		62,346
PriceSmart, Inc.		1,357		96,998
SpartanNash Co.		1,899		47,095
United Natural Foods, Inc.(a)		3,210		84,583
				360,068
Containers & Packaging — 0.5%
Myers Industries, Inc.		1,968		42,174
O-I Glass, Inc.(a)		8,287		188,198
				230,372
Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc.(a)		2,452		94,696
Frontdoor, Inc.(a)		4,372		121,892
Perdoceo Education Corp.(a)		3,598		48,321
Strategic Education, Inc.		1,195		107,347
Stride, Inc.(a)		2,204		86,507
				458,763
Diversified REITs — 1.0%
Alexander & Baldwin, Inc.		3,878		73,333
American Assets Trust, Inc.		2,797		51,996
Armada Hoffler Properties, Inc.		3,649		43,095
Essential Properties Realty Trust, Inc.		7,644		189,953
Global Net Lease, Inc.		5,570		71,630
				430,007
Diversified Telecommunication Services — 0.4%
ATN International, Inc.		575		23,529
Cogent Communications Holdings, Inc.		2,293		146,110
Consolidated Communications Holdings, Inc.(a)		3,984		10,279
				179,918
Electrical Equipment — 0.5%
Encore Wire Corp.		982		181,994
Powell Industries, Inc.		491		20,912
				202,906
Electronic Equipment, Instruments & Components — 4.8%
Advanced Energy Industries, Inc.		2,007		196,686
Arlo Technologies, Inc.(a)		4,750		28,785
Badger Meter, Inc.		1,571		191,379
Benchmark Electronics, Inc.		1,887		44,703
CTS Corp.		1,711		84,626
ePlus, Inc.(a)		1,445		70,863
Fabrinet(a)		1,958		232,532
FARO Technologies, Inc.(a)		1,002		24,659
Insight Enterprises, Inc.(a)		1,627		232,596
Itron, Inc.(a)		2,424		134,411
Knowles Corp.(a)		4,892		83,164
Methode Electronics, Inc.		1,935		84,908
OSI Systems, Inc.(a)		841		86,085
PC Connection, Inc.		604		27,156
Plexus Corp.(a)		1,486		144,989

SCHEDULES   OF   INVESTMENTS 27

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Rogers Corp.(a)		970	$	158,527
Sanmina Corp.(a)		3,134		191,143
ScanSource, Inc.(a)		1,214		36,954
TTM Technologies, Inc.(a)		5,485		73,992
				2,128,158
Energy Equipment & Services — 1.9%
Archrock, Inc.		7,193		70,275
Bristow Group, Inc.(a)		1,272		28,493
Core Laboratories NV		2,734		60,285
DMC Global, Inc.(a)		995		21,860
Dril-Quip, Inc.(a)		1,815		52,072
Helix Energy Solutions Group, Inc.(a)		7,632		59,072
Helmerich & Payne, Inc.		5,610		200,557
Nabors Industries Ltd.(a)		524		63,881
Oil States International, Inc.(a)		3,417		28,464
Patterson-UTI Energy, Inc.		11,636		136,141
ProPetro Holding Corp.(a)		5,147		37,007
RPC, Inc.		4,472		34,390
U.S. Silica Holdings, Inc.(a)		4,078		48,691
				841,188
Entertainment — 0.2%
Cinemark Holdings, Inc.(a)(b)		5,762		85,220
Marcus Corp.		1,314		21,024
				106,244
Financial Services — 1.3%
EVERTEC, Inc.		3,601		121,534
Mr. Cooper Group, Inc.(a)		3,720		152,408
NMI Holdings, Inc., Class A(a)		4,508		100,664
Payoneer Global, Inc.(a)		10,676		67,045
Star Holdings(a)		38		667
Walker & Dunlop, Inc.		1,647		125,452
				567,770
Food Products — 2.4%
B&G Foods, Inc.		3,851		59,806
Calavo Growers, Inc.		946		27,216
Cal-Maine Foods, Inc.		2,036		123,972
Fresh Del Monte Produce, Inc.		1,644		49,501
Hain Celestial Group, Inc.(a)		4,794		82,217
Hostess Brands, Inc., Class A(a)		7,188		178,837
J & J Snack Foods Corp.		804		119,169
John B Sanfilippo & Son, Inc.		482		46,715
Seneca Foods Corp., Class A(a)		288		15,054
Simply Good Foods Co.(a)		4,530		180,158
Tootsie Roll Industries, Inc.		982		44,102
TreeHouse Foods, Inc.(a)		2,709		136,615
				1,063,362
Gas Utilities — 0.3%
Chesapeake Utilities Corp.		280		35,837
Northwest Natural Holding Co.		1,894		90,079
				125,916
Ground Transportation — 0.5%
ArcBest Corp.		1,299		120,054
Heartland Express, Inc.		2,503		39,848
Marten Transport Ltd.		3,094		64,819
				224,721
Health Care Equipment & Supplies — 2.8%
AngioDynamics, Inc.(a)		2,094		21,652
Artivion, Inc.(a)		2,154		28,217
Avanos Medical, Inc.(a)		2,495		74,201

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Cardiovascular Systems, Inc.(a)		2,256	$	44,804
CONMED Corp.		1,636		169,915
Cutera, Inc.(a)		966		22,817
Glaukos Corp.(a)		2,560		128,256
Heska Corp.(a)		544		53,105
Inogen, Inc.(a)		1,224		15,276
Integer Holdings Corp.(a)		1,778		137,795
LeMaitre Vascular, Inc.		1,040		53,529
Merit Medical Systems, Inc.(a)		3,056		225,991
Mesa Laboratories, Inc.		268		46,828
NuVasive, Inc.(a)		2,795		115,462
OraSure Technologies, Inc.(a)		3,905		23,625
Orthofix Medical, Inc.(a)		1,819		30,468
Varex Imaging Corp.(a)		2,153		39,163
Zynex, Inc.(a)(b)		1,176		14,112
				1,245,216
Health Care Providers & Services — 3.4%
AdaptHealth Corp.(a)		4,105		51,025
Addus HomeCare Corp.(a)		869		92,774
Agiliti, Inc.(a)		1,777		28,396
AMN Healthcare Services, Inc.(a)		2,326		192,965
Apollo Medical Holdings, Inc.(a)		2,109		76,915
Community Health Systems, Inc.(a)		6,733		32,992
CorVel Corp.(a)		491		93,428
Cross Country Healthcare, Inc.(a)		1,898		42,363
Ensign Group, Inc.		2,992		285,856
Fulgent Genetics, Inc.(a)		1,052		32,843
ModivCare, Inc.(a)		685		57,595
NeoGenomics, Inc.(a)		6,776		117,970
Owens & Minor, Inc.(a)		4,100		59,655
Pediatrix Medical Group, Inc.(a)		4,401		65,619
RadNet, Inc.(a)		2,619		65,554
Select Medical Holdings Corp.		5,589		144,476
U.S. Physical Therapy, Inc.		699		68,439
				1,508,865
Health Care REITs — 0.6%
CareTrust REIT, Inc.		5,365		105,047
Community Healthcare Trust, Inc.		1,264		46,262
LTC Properties, Inc.		2,174		76,373
Universal Health Realty Income Trust		685		32,955
				260,637
Health Care Technology — 0.5%
Computer Programs & Systems, Inc.(a)		765		23,103
HealthStream, Inc.(a)		1,292		35,013
NextGen Healthcare, Inc.(a)		2,880		50,141
Simulations Plus, Inc.		864		37,964
Veradigm, Inc.(a)		5,882		76,760
				222,981
Hotel & Resort REITs — 1.0%
Chatham Lodging Trust		2,635		27,641
DiamondRock Hospitality Co.		11,215		91,178
Service Properties Trust		8,908		88,724
Summit Hotel Properties, Inc.		5,718		40,026
Sunstone Hotel Investors, Inc.		11,328		111,920
Xenia Hotels & Resorts, Inc.		5,543		72,558
				432,047
Hotels, Restaurants & Leisure — 2.4%
BJ’s Restaurants, Inc.(a)		1,258		36,658
Bloomin’ Brands, Inc.		4,709		120,786
Brinker International, Inc.(a)		2,361		89,718

28 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Cheesecake Factory, Inc.		2,579	$	90,394
Chuy’s Holdings, Inc.(a)		971		34,810
Dave & Buster’s Entertainment, Inc.(a)		2,253		82,888
Dine Brands Global, Inc.		843		57,021
El Pollo Loco Holdings, Inc.		1,061		10,175
Golden Entertainment, Inc.(a)		1,180		51,342
Jack in the Box, Inc.		1,106		96,875
Monarch Casino & Resort, Inc.		714		52,943
Ruth’s Hospitality Group, Inc.		1,618		26,568
Sabre Corp.(a)		17,625		75,611
Shake Shack, Inc., Class A(a)(b)		2,001		111,035
Six Flags Entertainment Corp.(a)		3,992		106,626
				1,043,450
Household Durables — 3.3%
Cavco Industries, Inc.(a)		434		137,899
Century Communities, Inc.		1,526		97,542
Ethan Allen Interiors, Inc.		1,231		33,803
Green Brick Partners, Inc.(a)		1,458		51,117
Installed Building Products, Inc.		1,259		143,564
iRobot Corp.(a)		1,456		63,540
La-Z-Boy, Inc.		2,315		67,320
LGI Homes, Inc.(a)		1,099		125,319
M/I Homes, Inc.(a)		1,473		92,932
MDC Holdings, Inc.		3,114		121,041
Meritage Homes Corp.		1,964		229,317
Sonos, Inc.(a)		6,834		134,083
Tri Pointe Homes, Inc.(a)		5,415		137,108
				1,434,585
Household Products — 0.5%
Central Garden & Pet Co.(a)		524		21,515
Central Garden & Pet Co., Class A, NVS(a)		2,207		86,227
WD-40 Co.		731		130,155
				237,897
Industrial REITs — 0.6%
Innovative Industrial Properties, Inc.		1,505		114,365
LXP Industrial Trust		14,800		152,588
				266,953
Insurance — 2.3%
Ambac Financial Group, Inc.(a)		2,422		37,493
American Equity Investment Life Holding Co.		3,726		135,962
AMERISAFE, Inc.		1,026		50,223
Assured Guaranty Ltd.		3,219		161,819
Employers Holdings, Inc.		1,151		47,985
Genworth Financial, Inc., Class A(a)		14,070		70,631
HCI Group, Inc.		365		19,564
Horace Mann Educators Corp.		1,098		36,761
James River Group Holdings Ltd.		1,590		32,833
Mercury General Corp.		1,427		45,293
Palomar Holdings, Inc.(a)		1,354		74,741
ProAssurance Corp.		2,026		37,440
Safety Insurance Group, Inc.		728		54,251
SiriusPoint Ltd.(a)		4,558		37,057
Stewart Information Services Corp.		1,266		51,083
Trupanion, Inc.(a)		1,881		80,676
United Fire Group, Inc.		1,118		29,683
Universal Insurance Holdings, Inc.		1,333		24,287
				1,027,782
Interactive Media & Services — 0.7%
Cars.com, Inc.(a)		3,315		63,979
QuinStreet, Inc.(a)		2,708		42,976

Security	Shares		Value
Interactive Media & Services (continued)
Shutterstock, Inc.		1,295	$	94,017
Yelp, Inc.(a)		3,738		114,757
				315,729
IT Services — 0.3%
Perficient, Inc.(a)		1,858		134,129
Life Sciences Tools & Services — 0.1%
BioLife Solutions, Inc.(a)		1,839		39,998
OmniAb, Inc., 12.50 Earnout Shares(a)(c)		262		—
OmniAb, Inc., 15.00 Earnout Shares(a)(c)		262		—
				39,998
Machinery — 5.2%
3D Systems Corp.(a)(b)		7,043		75,501
Alamo Group, Inc.		555		102,209
Albany International Corp., Class A		1,669		149,142
Astec Industries, Inc.		1,212		49,995
Barnes Group, Inc.		2,711		109,199
CIRCOR International, Inc.(a)		1,089		33,890
Enerpac Tool Group Corp.		3,054		77,877
EnPro Industries, Inc.		1,115		115,837
ESCO Technologies, Inc.		1,384		132,103
Federal Signal Corp.		3,255		176,454
Franklin Electric Co., Inc.		2,089		196,575
Greenbrier Cos., Inc.		1,755		56,458
Hillenbrand, Inc.		3,725		177,049
John Bean Technologies Corp.		1,711		186,995
Lindsay Corp.		592		89,469
Proto Labs, Inc.(a)		1,457		48,300
SPX Technologies, Inc.(a)		2,426		171,227
Standex International Corp.		641		78,484
Tennant Co.		995		68,187
Titan International, Inc.(a)		2,734		28,652
Trinity Industries, Inc.		4,389		106,916
Wabash National Corp.		2,562		63,000
				2,293,519
Marine Transportation — 0.3%
Matson, Inc.		2,026		120,891
Media — 0.5%
AMC Networks, Inc., Class A(a)		1,519		26,704
EW Scripps Co., Class A, NVS(a)		3,113		29,293
Gannett Co., Inc.(a)		7,867		14,711
Scholastic Corp., NVS		1,588		54,342
TechTarget, Inc.(a)		1,437		51,905
Thryv Holdings, Inc.(a)		1,655		38,164
				215,119
Metals & Mining — 2.2%
Arconic Corp.(a)		5,237		137,366
ATI, Inc.(a)		6,948		274,168
Carpenter Technology Corp.		2,604		116,555
Century Aluminum Co.(a)		2,727		27,270
Compass Minerals International, Inc.		1,824		62,545
Haynes International, Inc.		673		33,711
Kaiser Aluminum Corp.		857		63,958
Materion Corp.		1,102		127,832
Olympic Steel, Inc.		518		27,045
SunCoke Energy, Inc.		4,486		40,284
TimkenSteel Corp.(a)		2,129		39,046
Tredegar Corp.		1,336		12,198
				961,978

SCHEDULES   OF   INVESTMENTS 29

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) — 1.2%
Apollo Commercial Real Estate Finance, Inc.		6,977	$	64,956
ARMOUR Residential REIT, Inc.		8,777		46,079
Ellington Financial, Inc.		3,411		41,648
Franklin BSP Realty Trust, Inc.		4,428		52,826
Invesco Mortgage Capital, Inc.		1,898		21,049
KKR Real Estate Finance Trust, Inc.		3,109		35,412
New York Mortgage Trust, Inc.		4,980		49,601
PennyMac Mortgage Investment Trust		4,753		58,604
Ready Capital Corp.		5,285		53,748
Redwood Trust, Inc.		6,086		41,020
Two Harbors Investment Corp.		5,198		76,463
				541,406
Multi-Utilities — 0.4%
Avista Corp.		3,131		132,911
Unitil Corp.		861		49,111
				182,022
Office REITs — 0.5%
Brandywine Realty Trust		8,853		41,875
Easterly Government Properties, Inc.		4,855		66,708
Hudson Pacific Properties, Inc.		6,891		45,825
Office Properties Income Trust		2,618		32,201
Orion Office REIT, Inc.		3,023		20,254
				206,863
Oil, Gas & Consumable Fuels — 0.7%
Dorian LPG Ltd.		1,720		34,297
Green Plains, Inc.(a)		2,434		75,430
Par Pacific Holdings, Inc.(a)		2,992		87,366
REX American Resources Corp.(a)		818		23,387
World Fuel Services Corp.		3,333		85,158
				305,638
Paper & Forest Products — 0.3%
Clearwater Paper Corp.(a)		906		30,279
Mercer International, Inc.		2,167		21,182
Sylvamo Corp.		1,714		79,290
				130,751
Passenger Airlines — 0.5%
Allegiant Travel Co.(a)		840		77,263
Hawaiian Holdings, Inc.(a)		2,787		25,529
SkyWest, Inc.(a)		2,705		59,970
Sun Country Airlines Holdings, Inc.(a)		1,740		35,670
				198,432
Personal Care Products — 1.5%
Edgewell Personal Care Co.		2,757		116,952
elf Beauty, Inc.(a)		2,719		223,910
Inter Parfums, Inc.		957		136,124
Medifast, Inc.		588		60,958
Nu Skin Enterprises, Inc., Class A		2,650		104,171
USANA Health Sciences, Inc.(a)		596		37,488
				679,603
Pharmaceuticals — 1.9%
Amphastar Pharmaceuticals, Inc.(a)		2,023		75,862
ANI Pharmaceuticals, Inc.(a)		654		25,977
Cara Therapeutics, Inc.(a)(b)		2,412		11,843
Collegium Pharmaceutical, Inc.(a)		1,799		43,158
Corcept Therapeutics, Inc.(a)		5,138		111,289
Harmony Biosciences Holdings, Inc.(a)		1,592		51,979
Innoviva, Inc.(a)		3,377		37,991
Ligand Pharmaceuticals, Inc.(a)		864		63,556
Nektar Therapeutics(a)		10,092		7,093

Security	Shares		Value
Pharmaceuticals (continued)
Pacira BioSciences, Inc.(a)		2,475	$	101,005
Phibro Animal Health Corp., Class A		1,082		16,576
Prestige Consumer Healthcare, Inc.(a)		2,668		167,097
Supernus Pharmaceuticals, Inc.(a)		2,899		105,031
				818,457
Professional Services — 1.1%
CSG Systems International, Inc.		1,611		86,511
Forrester Research, Inc.(a)		604		19,539
Heidrick & Struggles International, Inc.		1,060		32,182
Kelly Services, Inc., Class A, NVS		1,864		30,924
Korn Ferry		2,829		146,372
NV5 Global, Inc.(a)		665		69,140
Resources Connection, Inc.		1,715		29,258
TrueBlue, Inc.(a)		1,769		31,488
TTEC Holdings, Inc.		1,014		37,751
				483,165
Real Estate Management & Development — 0.4%
Anywhere Real Estate, Inc.(a)		6,267		33,090
Douglas Elliman, Inc.		4,217		13,115
Marcus & Millichap, Inc.		1,451		46,592
RE/MAX Holdings, Inc., Class A		1,085		20,354
St. Joe Co.		1,816		75,564
				188,715
Residential REITs — 0.5%
Centerspace		804		43,922
Elme Communities		4,338		77,477
NexPoint Residential Trust, Inc.		1,225		53,496
Veris Residential, Inc.(a)		4,256		62,308
				237,203
Retail REITs — 1.5%
Acadia Realty Trust		4,292		59,873
Getty Realty Corp.		2,105		75,843
Retail Opportunity Investments Corp.		6,719		93,797
RPT Realty		4,399		41,835
Saul Centers, Inc.		691		26,949
SITE Centers Corp.		9,839		120,823
Tanger Factory Outlet Centers, Inc.		5,602		109,967
Urban Edge Properties		6,335		95,405
Urstadt Biddle Properties, Inc., Class A		1,544		27,128
Whitestone REIT		2,488		22,890
				674,510
Semiconductors & Semiconductor Equipment — 4.6%
Alpha & Omega Semiconductor Ltd.(a)		1,199		32,313
Axcelis Technologies, Inc.(a)		1,760		234,520
CEVA, Inc.(a)		1,249		38,007
Cohu, Inc.(a)		2,569		98,624
Diodes, Inc.(a)		2,442		226,520
FormFactor, Inc.(a)		4,133		131,636
Ichor Holdings Ltd.(a)		1,556		50,943
Kulicke & Soffa Industries, Inc.		3,034		159,861
MaxLinear, Inc.(a)		3,888		136,897
Onto Innovation, Inc.(a)		2,658		233,585
PDF Solutions, Inc.(a)		1,586		67,246
Photronics, Inc.(a)		3,323		55,095
Rambus, Inc.(a)		5,771		295,821
Semtech Corp.(a)		3,422		82,607
SMART Global Holdings, Inc.(a)		2,652		45,721
Ultra Clean Holdings, Inc.(a)		2,441		80,944
Veeco Instruments, Inc.(a)		2,751		58,129
				2,028,469

30 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software — 3.1%
8x8, Inc.(a)		6,046	$	25,212
A10 Networks, Inc.		3,453		53,487
Adeia, Inc.		5,658		50,130
Agilysys, Inc.(a)		1,075		88,698
Alarm.com Holdings, Inc.(a)		2,678		134,650
Cerence, Inc.(a)		2,166		60,843
Consensus Cloud Solutions, Inc.(a)		947		32,283
Digital Turbine, Inc.(a)		4,846		59,896
DoubleVerify Holdings, Inc.(a)(b)		4,686		141,283
Ebix, Inc.		1,256		16,567
InterDigital, Inc.		1,444		105,268
LivePerson, Inc.(a)		3,786		16,696
LiveRamp Holdings, Inc.(a)		3,470		76,097
OneSpan, Inc.(a)		1,890		33,075
Progress Software Corp.(b)		2,326		133,629
SPS Commerce, Inc.(a)		1,935		294,700
Xperi, Inc.(a)		2,241		24,494
				1,347,008
Specialized REITs — 0.8%
Four Corners Property Trust, Inc.		4,500		120,870
Outfront Media, Inc.		7,533		122,261
Safehold, Inc.		2,050		60,210
Uniti Group, Inc.		12,739		45,223
				348,564
Specialty Retail — 4.6%
Aaron’s Co., Inc.		1,641		15,852
Abercrombie & Fitch Co., Class A(a)		2,629		72,955
American Eagle Outfitters, Inc.		9,351		125,678
America’s Car-Mart, Inc.(a)		311		24,634
Asbury Automotive Group, Inc.(a)		1,186		249,060
Boot Barn Holdings, Inc.(a)(b)		1,600		122,624
Buckle, Inc.		1,589		56,711
Caleres, Inc.		1,919		41,508
Chico’s FAS, Inc.(a)		6,670		36,685
Children’s Place, Inc.(a)		652		26,243
Designer Brands, Inc., Class A		2,718		23,755
Genesco, Inc.(a)		639		23,566
Group 1 Automotive, Inc.		781		176,834
Guess?, Inc.		1,645		32,012
Haverty Furniture Cos., Inc.		709		22,624
Hibbett, Inc.		687		40,519
Leslie’s, Inc.(a)		7,987		87,937
MarineMax, Inc.(a)		1,164		33,465
Monro, Inc.		1,684		83,240
National Vision Holdings, Inc.(a)		4,233		79,750
ODP Corp.(a)		2,174		97,787
PetMed Express, Inc.		1,132		18,384
Sally Beauty Holdings, Inc.(a)		5,763		89,788
Shoe Carnival, Inc.		899		23,059
Signet Jewelers Ltd.		2,439		189,705
Sleep Number Corp.(a)(b)		1,185		36,036
Sonic Automotive, Inc., Class A		893		48,526
Upbound Group, Inc.		2,690		65,932
Urban Outfitters, Inc.(a)(b)		3,211		89,009
Zumiez, Inc.(a)		835		15,397
				2,049,275

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 0.2%
Avid Technology, Inc.(a)		1,777	$	56,829
Corsair Gaming, Inc.(a)		2,144		39,342
				96,171
Textiles, Apparel & Luxury Goods — 1.1%
G-III Apparel Group Ltd.(a)		2,303		35,812
Kontoor Brands, Inc.		2,648		128,137
Movado Group, Inc.		837		24,080
Oxford Industries, Inc.		796		84,049
Steven Madden Ltd.		3,929		141,444
Wolverine World Wide, Inc.		4,233		72,173
				485,695
Trading Companies & Distributors — 1.7%
Applied Industrial Technologies, Inc.		2,069		294,067
Boise Cascade Co.		2,117		133,900
DXP Enterprises, Inc.(a)		846		22,774
GMS, Inc.(a)		2,233		129,269
NOW, Inc.(a)		5,932		66,142
Veritiv Corp.		728		98,382
				744,534
Water Utilities — 1.0%
American States Water Co.		1,984		176,358
California Water Service Group		2,943		171,282
SJW Group		1,430		108,866
				456,506
Wireless Telecommunication Services — 0.4%
Gogo, Inc.(a)		3,468		50,286
Shenandoah Telecommunications Co.		2,680		50,973
Telephone & Data Systems, Inc.		5,362		56,355
				157,614
Total Long-Term Investments — 96.7% (Cost: $45,949,727)				42,650,116
Short-Term Securities
Money Market Funds — 5.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		718,614		718,829
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		1,812,611		1,812,611
Total Short-Term Securities — 5.8% (Cost: $2,531,147)				2,531,440
Total Investments — 102.5% (Cost: $48,480,874)				45,181,556
Liabilities in Excess of Other Assets — (2.5)%				(1,081,683	)
Net Assets — 100.0%			$	44,099,873

^(a) Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d) Affiliate of the Fund.

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

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

SCHEDULES   OF   INVESTMENTS 31

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	405,593	$	312,904	(a)	$	—	$	105	$	227	$	718,829		718,614	$	4,244	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		760,000		1,052,611	(a)		—		—		—		1,812,611		1,812,611		36,0771
								$	105	$	227	$	2,531,440			$	40,321		$	1

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-mini Russell 2000 Index		18		06/16/23	$	163	$	2,929

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly		Goldman Sachs Bank USA(b)		08/19/26	$	446,283	$	(9,705	)(c)	$	436,623		1.0	%
	Monthly		HSBC Bank PLC(d)		02/10/28		435,573		(34,511	)(e)		401,825		1.0
	Monthly		JPMorgan Chase Bank NA(f)		02/08/24		486,802		(55,880	)(g)		431,866		1.1
								$	(100,096	)	$	1,270,314

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c) Amount includes $(45) of net dividends, payable for referenced securities purchased and financing fees.

^(e)  Amount includes $(763) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $(944) of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	40 basis points	40 basis points	40 basis points
Benchmarks:	USD -1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD -1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

32 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Small-Cap ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Banc of California, Inc.		140	$	1,754		0.4	%
Bancorp, Inc.		480		13,368		3.1
BankUnited, Inc.		883		19,938		4.6
Brookline Bancorp, Inc.		282		2,961		0.7
Capitol Federal Financial, Inc.		322		2,167		0.5
Central Pacific Financial Corp.		11		197		0.0
City Holding Co.		60		5,453		1.2
Community Bank System, Inc.		188		9,868		2.3
Eagle Bancorp, Inc.		82		2,745		0.6
First Bancorp		1,294		14,777		3.4
First Financial Bancorp		664		14,455		3.3
Hanmi Financial Corp.		282		5,237		1.2
Heritage Financial Corp.		269		5,757		1.3
HomeStreet, Inc.		14		252		0.1
Hope Bancorp, Inc.		36		354		0.1
Independent Bank Corp.		263		17,258		3.9
NBT Bancorp, Inc.		337		11,360		2.6
Northwest Bancshares, Inc.		940		11,308		2.6
OFG Bancorp		325		8,106		1.9
Pacific Premier Bancorp, Inc.		367		8,815		2.0
Preferred Bank		330		18,087		4.1
Provident Financial Services, Inc.		832		15,958		3.6
Renasant Corp.		195		5,963		1.4
S&T Bancorp, Inc.		134		4,214		1.0
Simmons First National Corp., Class A		1,574		27,529		6.3
Southside Bancshares, Inc.		80		2,656		0.6
TrustCo Bank Corp.		85		2,715		0.6
Trustmark Corp.		162		4,001		0.9
United Community Banks, Inc.		681		19,150		4.4
Westamerica BanCorp		4		177		0.0
WSFS Financial Corp.		1,032		38,814		8.9
				295,394
Commercial Services & Supplies
Pitney Bowes, Inc.		1,110		4,318		1.0
Consumer Finance
Bread Financial Holdings, Inc.		303		9,187		2.1
Gas Utilities
Chesapeake Utilities Corp.		132		16,895		3.9
Insurance
Employers Holdings, Inc.		134		5,587		1.3
Genworth Financial, Inc., Class A		1,685		8,459		2.0
Horace Mann Educators Corp.		442		14,798		3.4
James River Group Holdings Ltd.		153		3,159		0.7
ProAssurance Corp.		575		10,626		2.4
Safety Insurance Group, Inc.		25		1,863		0.4
				44,492
Residential REITs
Elme Communities		359		6,412		1.5

	Shares		Value		% of Basket Value
Retail REITs
Getty Realty Corp.		152	$	5,476		1.2	%
Water Utilities
Middlesex Water Co.		697		54,449		12.5
Net Value of Reference Entity — Goldman Sachs Bank USA			$	436,623

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Ameris Bancorp		135	$	4,938		1.2	%
Axos Financial, Inc.		11		406		0.1
Banc of California, Inc.		432		5,413		1.4
Bancorp, Inc.		124		3,453		0.9
Banner Corp.		83		4,513		1.1
Berkshire Hills Bancorp, Inc.		690		17,291		4.3
Brookline Bancorp, Inc.		546		5,733		1.4
Capitol Federal Financial, Inc.		352		2,369		0.6
Community Bank System, Inc.		160		8,398		2.1
Customers Bancorp, Inc.		222		4,112		1.0
CVB Financial Corp.		116		1,935		0.5
Eagle Bancorp., Inc.		89		2,979		0.8
First Bancorp		614		7,012		1.8
First Bancorp/Southern Pines NC		12		426		0.1
HomeStreet, Inc.		175		3,148		0.8
Hope Bancorp, Inc.		572		5,617		1.4
Independent Bank Corp.		306		20,080		5.0
Lakeland Financial Corp.		53		3,320		0.8
Northfield Bancorp., Inc.		457		5,384		1.3
Northwest Bancshares, Inc.		94		1,131		0.3
Pacific Premier Bancorp, Inc.		701		16,838		4.2
Preferred Bank		47		2,576		0.6
Renasant Corp.		439		13,425		3.3
Seacoast Banking Corp. of Florida		173		4,100		1.0
Simmons First National Corp., Class A		1,492		26,095		6.5
Southside Bancshares, Inc.		1		33		0.0
Triumph Financial, Inc.		1		58		0.0
TrustCo Bank Corp.		21		671		0.2
Trustmark Corp.		238		5,879		1.5
United Community Banks, Inc.		3		84		0.0
Verites Holdings, Inc.		140		2,556		0.6
Westamerica BanCorp		73		3,234		0.8
WSFS Financial Corp.		57		2,144		0.5
				185,351
Commercial Services & Supplies
Pitney Bowes, Inc.		5,737		22,317		5.6
Consumer Finance
Green Dot Corp., Class A		124		2,130		0.5

SCHEDULES   OF   INVESTMENTS 33

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Small-Cap ETF

	Shares		Value		% of Basket Value
Electronic Equipment, Instruments & Components
Rogers Corp.		3	$	490		0.1	%
ScanSource, Inc.		147		4,475		1.1
				4,965
Gas Utilities
Chesapeake Utilities Corp.		540		69,115		17.2
Hotel & Resort REITs
Xenia Hotels & Resorts, Inc.		36		471		0.1
Insurance
Employers Holdings, Inc.		175		7,296		1.8
Genworth Financial, Inc., Class A		2,109		10,587		2.6
Horace Mann Educators Corp.		655		21,929		5.5
James River Group Holdings Ltd.		499		10,304		2.6
ProAssurance Corp.		295		5,452		1.4
Safety Insurance Group, Inc.		38		2,832		0.7
Stewart Information Services Corp.		190		7,666		1.9
United Fire Group, Inc.		45		1,195		0.3
Universal Insurance Holdings, Inc.		141		2,569		0.6
				69,830
Multi-Utilities
Avista Corp.		175		7,429		1.8
Oil, Gas & Consumable Fuels
Green Plains, Inc.		422		13,078		3.3
Retail REITs
Getty Realty Corp.		26		937		0.3
RPT Realty		176		1,673		0.4
				2,610
Specialized REITs
Outfront Media, Inc.		308		4,999		1.2
Water Utilities
Middlesex Water Co.		250		19,530		4.9
Net Value of Reference Entity — HSBC Bank PLC			$	401,825

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Axos Financial, Inc.		209	$	7,716		1.8	%
Banner Corp.		167		9,080		2.1

		Shares		Value		% of Basket Value
Banks (continued)
Capitol Federal Financial, Inc.			631	$	4,247		1.0	%
Central Pacific Financial Corp.			857		15,340		3.6
Community Bank System, Inc.			256		13,438		3.1
CVB Financial Corp.			628		10,475		2.4
Eagle Bancorp, Inc.			151		5,054		1.2
First BanCorp/Puerto Rico			1,848		21,104		4.9
First Bancorp/Southern Pines NC			181		6,429		1.5
First Commonwealth Financial Corp.			447		5,556		1.3
Independent Bank Corp.			696		45,672		10.6
National Bank Holdings Corp., Class A			96		3,212		0.7
Pathward Financial, Inc.			355		14,729		3.4
Preferred Bank			225		12,332		2.9
Seacoast Banking Corp. of Florida			371		8,793		2.0
Simmons First National Corp., Class A			158		2,763		0.6
Southside Bancshares, Inc.			232		7,702		1.8
Triumph Bancorp, Inc.			99		5,748		1.3
United Community Banks, Inc.			223		6,271		1.5
Veritex Holdings, Inc.			657		11,997		2.8
WSFS Financial Corp.			464		17,451		4.0
					235,109
Capital Markets
Virtus Investment Partners, Inc.			13		2,475		0.6
WisdomTree, Inc.			491		2,877		0.6
					5,352
Consumer Finance
Bread Financial Holdings, Inc.			1,727		52,363		12.1
Green Dot Corp., Class A			1,512		25,976		6.0
					78,339
Diversified REITs
Acadia Realty Trust			804		11,216		2.6
Electronic Equipment, Instruments & Components
Rogers Corp.			37		6,047		1.4
Hotel & Resort REITs
Xenia Hotels & Resorts, Inc.			531		6,951		1.6
Insurance
Genworth Financial, Inc., Class A			8,725		43,800		10.2
Metals & Mining
Arconic Corp.			210		5,508		1.3
Multi-Utilities
Avista Corp.			654		27,762		6.4
Office REITs
Brandywine Realty Trust	��		355		1,679		0.4
Oil, Gas & Consumable Fuels
Green Plains, Inc.			326		10,103		2.3
Net Value of Reference Entity — JPMorgan Chase Bank NA				$	431,866

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps		$          —		$          —		$              —		$   (100,096	)

34 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

		Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts	$	—	$	—	$	2,929	$	—	$	—	$	—	$	2,929
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps;
Swap premiums received	$	—	$	—	$	100,096	$	—	$	—	$	—	$	100,096

For the period ended March 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	$	—	$	—	$	2,931		$	—	$	—	$	—	$	2,931
Swaps		—		—		(128,210	)		—		—		—		(128,210	)
	$	—	$	—	$	(125,279	)	$	—	$	—	$	—	$	(125,279	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,929		$	—	$	—	$	—	$	2,929
Swaps		—		—		(115,081	)		—		—		—		(115,081	)
	$	—	$	—	$	(112,152	)	$	—	$	—	$	—	$	(112,152	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$83,920
Total return swaps
Average notional amount	$1,202,452

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

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	2,844		$	—
Swaps — OTC(a)		—			100,096
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	2,844		$	100,096
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(2,844	)		—
Total derivative assets and liabilities subject to an MNA	$	—		$	100,096

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statements of Assets and Liabilities.

SCHEDULES   OF   INVESTMENTS 35

Schedule of Investments  (continued) March 31, 2023 iShares^® ESG Screened S&P Small-Cap ETF

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities(b)
Goldman Sachs Bank USA	$	9,705	$	—	$	—	$	—	$	9,705
HSBC Bank PLC		34,511		—		—		—		34,511
J.P. Morgan Securities LLC		55,880		—		—		—		55,880
	$	100,096	$	—	$	—	$	—	$	100,096

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount payable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	42,650,116	$	—		$	—	$	42,650,116
Short-Term Securities
Money Market Funds		2,531,440		—			—		2,531,440
	$	45,181,556	$	—		$	—	$	45,181,556
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	2,929	$	—		$	—	$	2,929
Liabilities
Equity Contracts		—		(100,096	)		—		(100,096	)
	$	2,929	$	(100,096	)	$	—	$	(97,167	)

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

See notes to financial statements.

36 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Assets and Liabilities

March 31, 2023

	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	129,102,020		$	101,734,711		$	42,650,116
Investments, at value — affiliated(c)		657,424			3,416,723			2,531,440
Cash		10,738			765			—
Cash pledged:
Futures contracts		14,000			16,000			12,000
Receivables:
Investments sold		397			176,060			30,968
Securities lending income — affiliated		140			2,677			460
Swaps		—			—			4,859
Dividends — unaffiliated		81,869			123,594			49,445
Dividends — affiliated		730			755			6,551
Variation margin on futures contracts		4,571			4,450			2,844
Total assets		129,871,889			105,475,735			45,288,683
LIABILITIES
Bank overdraft		—			—			3
Collateral on securities loaned		68,603			3,258,117			718,873
Payables:
Investments purchased		397			161,016			204,504
Swaps		—			—			160,929
Investment advisory fees		9,017			10,584			4,405
Unrealized depreciation on OTC swaps		—			—			100,096
Total liabilities		78,017			3,429,717			1,188,810
NET ASSETS	$	129,793,872		$	102,046,018		$	44,099,873
NET ASSETS CONSIST OF:
Paid-in capital	$	158,692,252		$	110,472,167		$	49,480,002
Accumulated loss		(28,898,380	)		(8,426,149	)		(5,380,129	)
NET ASSETS	$	129,793,872		$	102,046,018		$	44,099,873
NET ASSET VALUE
Shares outstanding		4,200,000			3,000,000			1,300,000
Net asset value	$	30.90		$	34.02		$	33.92
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Investments, at cost — unaffiliated	$	154,856,056		$	106,652,582		$	45,949,727
(b) Securities loaned, at value	$	67,920		$	3,254,883		$	725,154
(c)  Investments, at cost — affiliated	$	809,933		$	3,416,150		$	2,531,147

See notes to financial statements.

FINANCIAL    STATEMENTS 37

Statements of Operations

Year Ended March 31, 2023

	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	2,908,324		$	1,424,377		$	520,170
Dividends — affiliated		27,330			5,533			36,077
Securities lending income — affiliated — net		1,679			36,649			4,244
Foreign taxes withheld		(906	)		—			(429	)
Total investment income		2,936,427			1,466,559			560,062
EXPENSES
Investment advisory		158,396			105,437			41,829
Total expenses		158,396			105,437			41,829
Net investment income		2,778,031			1,361,122			518,233
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,320,624	)		(2,322,889	)		(1,135,308	)
Investments — affiliated		(989	)		307			105
Capital gain distributions from underlying funds — affiliated		—			—			1
Futures contracts		(19,644	)		(5,910	)		2,931
In-kind redemptions — unaffiliated(a)		(13,691,198	)		2,082,109			784,227
In-kind redemptions — affiliated(a)		(23,035	)		—			—
Swaps		—			—			(128,210	)
		(16,055,490	)		(246,383	)		(476,254	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(13,886,548	)		(4,178,089	)		(2,130,779	)
Investments — affiliated		(35,525	)		462			227
Futures contracts		(9,704	)		5,977			2,929
Swaps		—			—			(115,081	)
		(13,931,777	)		(4,171,650	)		(2,242,704	)
Net realized and unrealized loss		(29,987,267	)		(4,418,033	)		(2,718,958	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(27,209,236	)	$	(3,056,911	)	$	(2,200,725	)

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

See notes to financial statements.

38 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets

	iShares ESG Screened S&P 500 ETF						iShares ESG Screened S&P Mid-Cap ETF
		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,778,031		$	2,155,766		$	1,361,122		$	586,448
Net realized gain (loss)		(16,055,490	)		27,890,630			(246,383	)		1,134,234
Net change in unrealized appreciation (depreciation)		(13,931,777	)		(13,278,031	)		(4,171,650	)		(2,007,608	)
Net increase (decrease) in net assets resulting from operations		(27,209,236	)		16,768,365			(3,056,911	)		(286,926	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,794,860	)		(2,164,851	)		(1,398,055	)		(598,577	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(68,616,036	)		183,536,895			29,834,804			57,811,412
NET ASSETS
Total increase (decrease) in net assets		(98,620,132	)		198,140,409			25,379,838			56,925,909
Beginning of year		228,414,004			30,273,595			76,666,180			19,740,271
End of year	$	129,793,872		$	228,414,004		$	102,046,018		$	76,666,180

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

See notes to financial statements.

FINANCIAL    STATEMENTS 39

Statements of Changes in Net Assets  (continued)

	iShares ESG Screened S&P Small-Cap ETF
		Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	518,233		$	167,343
Net realized gain (loss)		(476,254	)		1,351,582
Net change in unrealized appreciation (depreciation)		(2,242,704	)		(2,333,805	)
Net decrease in net assets resulting from operations		(2,200,725	)		(814,880	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(524,007	)		(297,928	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		22,208,671			16,027,431
NET ASSETS
Total increase in net assets		19,483,939			14,914,623
Beginning of year		24,615,934			9,701,311
End of year	$	44,099,873		$	24,615,934

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

See notes to financial statements.

40 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Screened S&P 500 ETF
		Year Ended 03/31/23			Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period	$	34.35		$	30.27		$	25.29
Net investment income(b)		0.42			0.39			0.21
Net realized and unrealized gain(c)		(3.45	)		4.07			4.91
Net increase from investment operations		(3.03	)		4.46			5.12
Distributions from net investment income(d)		(0.42	)		(0.38	)		(0.14	)
Net asset value, end of period	$	30.90		$	34.35		$	30.27
Total Return(e)
Based on net asset value		(8.72	)%		14.74	%		20.27	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.08	%		0.08	%		0.08	%(h)
Net investment income		1.40	%		1.12	%		1.37	%(h)
Supplemental Data
Net assets, end of period (000)	$	129,794		$	228,414		$	30,274
Portfolio turnover rate(i)		4	%		3	%		6	%

^(a)  Commencement of operations.

^(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 41

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Screened S&P Mid-Cap ETF
		Year Ended 03/31/23			Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period	$	36.51		$	35.89		$	25.19
Net investment income(b)		0.52			0.46			0.22
Net realized and unrealized gain(c)		(2.50	)		0.58			10.66
Net increase from investment operations		(1.98	)		1.04			10.88
Distributions from net investment income(d)		(0.51	)		(0.42	)		(0.18	)
Net asset value, end of period	$	34.02		$	36.51		$	35.89
Total Return(e)
Based on net asset value		(5.35	)%		2.88	%		43.29	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.12	%		0.12	%		0.12	%(h)
Net investment income		1.55	%		1.23	%		1.29	%(h)
Supplemental Data
Net assets, end of period (000)	$	102,046		$	76,666		$	19,740
Portfolio turnover rate(i)		20	%		26	%		11	%

^(a)  Commencement of operations.

^(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.

42 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Screened S&P Small-Cap ETF
		Year Ended 03/31/23			Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period	$	37.87		$	38.81		$	25.18
Net investment income(b)		0.51			0.39			0.20
Net realized and unrealized gain(c)		(3.97	)		(0.55	)		13.69
Net increase from investment operations		(3.46	)		(0.16	)		13.89
Distributions from net investment income(d)		(0.49	)		(0.78	)		(0.26	)
Net asset value, end of period	$	33.92		$	37.87		$	38.81
Total Return(e)
Based on net asset value		(9.08	)%		(0.47	)%		55.32	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.12	%		0.12	%		0.12	%(h)
Net investment income		1.49	%		1.00	%		1.13	%(h)
Supplemental Data
Net assets, end of period (000)	$	44,100		$	24,616		$	9,701
Portfolio turnover rate(i)		23	%		34	%		18	%

^(a)  Commencement of operations.

^(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 43

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
ESG Screened S&P 500 ETF		Non-Diversified
ESG Screened S&P Mid-Cap		Non-Diversified
ESG Screened S&P Small-Cap		Non-Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdiction 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 March 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 includes 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.

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

44 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (continued)

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

• 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.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses 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 the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy

NOTES  TO  FINANCIAL  STATEMENTS 45

Notes to Financial Statements  (continued)

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	(b)
ESG Screened S&P 500 ETF
Barclays Bank PLC	$	15,774	$	(15,774	)	$	—		$	—
BofA Securities, Inc.		17,472		(17,472	)		—			—
Citadel Clearing LLC		23,771		(23,771	)		—			—
Citigroup Global Markets, Inc.		450		(436	)		—			14
UBS AG		10,453		(10,453	)		—			—
	$	67,920	$	(67,906	)	$	—		$	14
ESG Screened S&P Mid-Cap
Barclays Bank PLC	$	167,577	$	(167,084	)	$	—		$	493
Barclays Capital, Inc.		355,020		(355,020	)		—			—
BofA Securities, Inc.		108,743		(108,576	)		—			167
Citadel Clearing LLC		487,640		(484,300	)		—			3,340
Citigroup Global Markets, Inc.		21,915		(21,848	)		—			67
HSBC Bank PLC		275,661		(275,661	)		—			—
J.P. Morgan Securities LLC		610,113		(610,113	)		—			—
Toronto-Dominion Bank		851,808		(848,825	)		—			2,983
UBS AG		286,143		(276,517	)		—			9,626
UBS Securities LLC		90,263		(90,263	)		—			—
	$	3,254,883	$	(3,238,207	)	$	—		$	16,676
ESG Screened S&P Small-Cap
Barclays Bank PLC	$	99,632	$	(99,450	)	$	—		$	182
BofA Securities, Inc.		81,968		(81,734	)		—			234
Goldman Sachs & Co. LLC		469,955		(463,827	)		—			6,128
J.P. Morgan Securities LLC		25,329		(25,329	)		—			—
Pershing LLC		13,428		(13,148	)		—			280
Scotia Capital (USA), Inc.		34,842		(34,842	)		—			—
	$	725,154	$	(718,330	)	$	—		$	6,824

^(a) Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of March 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.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

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

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the

46 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (continued)

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.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded on the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares EGS Screened S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of the agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

NOTES  TO  FINANCIAL  STATEMENTS 47

Notes to Financial Statements  (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
ESG Screened S&P 500		0.08	%
ESG Screened S&P Mid-Cap		0.12
ESG Screened S&P Small-Cap		0.12

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.

Prior to September 12, 2022, ETF Services were performed by State Street Bank and Trust Company.

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
ESG Screened S&P 500 ETF	$	675
ESG Screened S&P Mid-Cap		9,423
ESG Screened S&P Small-Cap		1,337

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

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

For the year ended March 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
ESG Screened S&P 500 ETF	$	1,893,031	$	1,535,538	$	(609,648	)
ESG Screened S&P Mid-Cap		2,594,587		5,066,854		(1,683,906	)

48 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (continued)

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
ESG Screened S&P Small-Cap	$	1,223,469	$	341,914	$	(86,073	)

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

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

7. PURCHASES AND SALES

For the year ended March 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions,, were as follows:

iShares ETF	Purchases		Sales
ESG Screened S&P 500 ETF	$	7,070,518	$	7,633,029
ESG Screened S&P Mid-Cap		18,036,380		17,836,109
ESG Screened S&P Small-Cap		9,857,093		7,627,797

For the year ended March 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
ESG Screened S&P 500 ETF	$	79,486,070	$	147,412,983
ESG Screened S&P Mid-Cap		44,231,249		14,801,457
ESG Screened S&P Small-Cap		24,807,975		5,766,358

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 March 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2023, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital			Accumulated earnings (loss)
ESG Screened S&P 500 ETF	$	(13,841,039	)	$	13,841,039
ESG Screened S&P Mid-Cap		2,068,983			(2,068,983	)
ESG Screened S&P Small-Cap		758,869			(758,869	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2023		Year Ended March 31, 2022
ESG Screened S&P 500 ETF
Ordinary income	$	2,794,860	$	2,164,851
ESG Screened S&P Mid-Cap
Ordinary income	$	1,398,055	$	598,577
ESG Screened S&P Small-Cap
Ordinary income	$	524,007	$	297,928

NOTES  TO  FINANCIAL  STATEMENTS 49

Notes to Financial Statements  (continued)

As of March 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)			Qualified late-year  losses(c)			Total
ESG Screened S&P 500 ETF	$	—	$	(2,733,274	)	$	(26,165,106	)	$	—		$	(28,898,380	)
ESG Screened S&P Mid-Cap		3,087		(2,793,371	)		(5,635,865	)		—			(8,426,149	)
ESG Screened S&P Small-Cap		—		(1,397,798	)		(3,723,239	)		(259,092	)		(5,380,129	)

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

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

^(c)  The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of March 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ESG Screened S&P 500 ETF	$	155,924,551	$	2,025,225	$	(28,190,332	)	$	(26,165,107	)
ESG Screened S&P Mid-Cap		110,787,299		6,917,945		(12,553,810	)		(5,635,865	)
ESG Screened S&P Small-Cap		48,904,795		2,681,405		(6,404,644	)		(3,723,239	)

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.

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

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

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights

50 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (continued)

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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
ESG Screened S&P 500 ETF
Shares sold		2,700,000		$	79,779,151			15,950,000		$	540,500,596
Shares redeemed		(5,150,000	)		(148,395,187	)		(10,300,000	)		(356,963,701	)
		(2,450,000	)	$	(68,616,036	)		5,650,000		$	183,536,895
ESG Screened S&P Mid-Cap
Shares sold		1,350,000		$	44,682,535			1,850,000		$	68,955,535
Shares redeemed		(450,000	)		(14,847,731	)		(300,000	)		(11,144,123	)
		900,000		$	29,834,804			1,550,000		$	57,811,412
ESG Screened S&P Small-Cap
Shares sold		850,000		$	28,860,781			700,000		$	27,779,582
Shares redeemed		(200,000	)		(6,652,110	)		(300,000	)		(11,752,151	)
		650,000		$	22,208,671			400,000		$	16,027,431

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.

NOTES  TO  FINANCIAL  STATEMENTS 51

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2023, the related statements of operations for the year ended March 31, 2023, the statements of changes in net assets for each of the two years in the period ended March 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2023 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares ESG Screened S&P 500 ETF

iShares ESG Screened S&P Mid-Cap ETF

iShares ESG Screened S&P Small-Cap ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2023

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

52 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Important Tax Information  (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Dividend Income
ESG Screened S&P 500 ETF	$	2,696,846
ESG Screened S&P Mid-Cap		1,132,956
ESG Screened S&P Small-Cap		368,498

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Business Income
ESG Screened S&P 500 ETF	$	113,254
ESG Screened S&P Mid-Cap		120,574
ESG Screened S&P Small-Cap		67,183

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received     Deduction
ESG Screened S&P 500 ETF		93.35%
ESG Screened S&P Mid-Cap		80.04
ESG Screened S&P Small-Cap		69.10

IMPORTANT    TAX    INFORMATION 53

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF and iShares ESG Screened S&P Small-Cap ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

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

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

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

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

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

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

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

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

54 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Supplemental Information  (unaudited)

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.

March 31, 2023

	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
ESG Screened S&P Mid-Cap(a)	$	0.505453	$	—	$	0.000770	$	0.506223		100	%		—	%		0	%		100	%
ESG Screened S&P Small-Cap		0.492598		—		—		0.492598		100			—			—			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Premium/Discount Information

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

SUPPLEMENTAL     INFORMATION 55

Trustee and Officer Information

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

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

56 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Trustee and Officer Information  (continued)

		Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015- 2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019- 2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co.-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co.-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

TRUSTEE  AND  OFFICER    INFORMATION 57

Trustee and Officer Information  (continued)

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

58 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

60 2 0 2 3  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

GLOSSARY  OF  TERMS  USED  IN  THIS  REPORT 61

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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 S&P Dow Jones Indices LLC, nor does this company make any representations regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-315-0323

(b) Not Applicable

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the twenty-one series of the registrant for which the fiscal year-end is March 31, 2023 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $270,700 for the fiscal year ended March 31, 2022 and $283,700 for the fiscal year ended March 31, 2023.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended March 31, 2022 and March 31, 2023 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $203,700 for the fiscal year ended March 31, 2022 and $203,700 for the fiscal year ended March 31, 2023. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended March 31, 2022 and March 31, 2023 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

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

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

(f) Not Applicable

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $203,700 for the fiscal year ended March 31, 2022 and $203,700 for the fiscal year ended March 31, 2023.

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

(i) Not Applicable

(j) Not Applicable

Item 5. Audit Committee of Listed Registrants

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

(b) Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable to the registrant.

Item 13. Exhibits.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a) (4) Change in Registrant’s independent public accountant – Not Applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

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

iShares Trust

By:	/s/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: May 25, 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: May 25, 2023

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

Date: May 25, 2023