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 BlackRock Fund Advisors

400 Howard Street, San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: April 30, 2023

Date of reporting period: April 30, 2023

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

APRIL 30, 2023

2023 Annual Report

iShares Trust

· iShares Core Dividend ETF  |  DIVB  |  Cboe BZX

· iShares Core Dividend Growth ETF  |  DGRO  |  NYSE Arca

· iShares Core High Dividend ETF  |  HDV  |  NYSE Arca

· iShares Select Dividend ETF  |  DVY  |  NASDAQ

The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

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

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		8.63	%		2.66	%
U.S. small cap equities (Russell 2000® Index)		(3.45	)		(3.65	)
International equities (MSCI Europe, Australasia, Far East Index)		24.19			8.42
Emerging market equities (MSCI Emerging Markets Index)		16.36			(6.51	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.09			2.83
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		7.14			(1.68	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		6.91			(0.43	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.65			2.87
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.21			1.21
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		35
Statements of Operations		36
Statements of Changes in Net Assets		37
Financial Highlights		39
Notes to Financial Statements		43
Report of Independent Registered Public Accounting Firm		51
Important Tax Information		52
Statement Regarding Liquidity Risk Management Program		53
Supplemental Information		54
Trustee and Officer Information		56
General Information		59
Glossary of Terms Used in this Report		60

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended April 30, 2023 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 1.50%. Despite headwinds, including elevated inflation and rapid tightening of monetary policy, equities were supported by the economy’s continued resilience. While inflation was high throughout the reporting period, the pace of inflationary growth slackened, driving investor optimism. Markets endured in the face of disruption from the banking industry late in the reporting period. In March 2023, two banks suddenly failed, representing the second and third largest bank failures in U.S. history by asset value and leading to concern about the stability of a third bank. However, government agencies acted swiftly to organize a sale of the failed banks’ assets and inject liquidity, and equity prices recovered.

Inflation was a significant driver of the economic outlook. As the reporting period began, the consumer price index, a widely followed measure of inflation, stood at a multi-decade high. Strong consumer spending and a tight labor market, along with continued supply chain disruptions in Asia, combined to drive prices higher. The rate of inflation began to decline beginning in July 2022, continuing to decelerate for 10 consecutive months. Nonetheless, inflation remained elevated by historic standards, and higher prices negatively impacted both consumers and businesses.

The U.S. economy recovered from a contraction in the first half of 2022 to post modest growth in the second half of 2022 and the first quarter of 2023. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest posted level since 1969. Furthermore, the labor force participation rate — which measures the total proportion of working age persons employed or looking for work — rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

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

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

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Fund Summary as of April 30, 2023 iShares^® Core Dividend ETF

Investment Objective

The iShares Core Dividend ETF (the “Fund”) (formerly the iShares U.S. Dividend and Buyback ETF) seeks to track the investment results of an index composed of U.S. stocks with a history of dividend payments and/or share buybacks, as represented by the Morningstar^® US Dividend and Buyback Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(1.75	)%		10.66	%		10.11	%		(1.75	)%		65.91	%		69.50	%
Fund Market		(1.71	)		10.65			10.12			(1.71	)		65.88			69.52
Index		(1.62	)		10.92			10.37			(1.62	)		67.88			71.77

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was November 7, 2017. The first day of secondary market trading was November 9, 2017.

Past performance is not and 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 (11/01/22)	Ending         Account Value (04/30/23)	Expenses       Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending         Account Value (04/30/23)	Expenses       Paid During the Period	(a)	Annualized     Expense     Ratio
	$        1,000.00	$       1,025.60	$          0.25			$       1,000.00	$        1,024.55	$          0.25		0.05%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 5

Fund Summary as of April 30, 2023 (continued) iShares^® Core Dividend ETF

Portfolio Management Commentary

Stocks with histories of paying dividends or making buybacks declined moderately for the reporting period in an environment of rising interest rates and elevated inflation. Despite the relative attractiveness of rising bond yields, dividend-bearing stocks witnessed record inflows as some investors viewed their underlying businesses as more resilient in an extended downturn.

Stocks in the communication services sector detracted the most from the Index’s return, 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 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. Significant expenditures on low-profitability ventures in virtual reality also dented earnings.

Information technology companies also detracted from the Index’s return as increased concerns about economic growth worked against investors’ growth expectations for information technology stocks, which are sensitive to economic conditions. Lingering COVID-19 production disruptions in China lowered sales margins of a large technology hardware, storage, and peripherals company, resulting in the company’s first quarterly profit miss since 2016.

On the upside, U.S. oil, gas, and consumable fuels companies contributed the most to the Index’s performance as high energy prices sent their stocks climbing to record highs. Companies in the industry posted record profits and rewarded shareholders by buying back their own stock and raising dividends. Despite relatively high oil prices, oil and gas companies resisted political pressure to increase production, focusing instead on returning cash to shareholders. This constrained supply, putting upward pressure on prices.

The consumer discretionary sector also contributed to the Index’s return, as higher pricing and production efficiency gains supported profitability in the restaurant industry. Improved staffing and measures to improve the accuracy and speed of fast-food ordering also benefited stocks in the industry.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Information Technology		18.5%
Financials		18.3
Health Care		11.3
Consumer Staples		11.1
Industrials		10.3
Consumer Discretionary		9.3
Energy		8.7
Communication Services		3.5
Utilities		3.3
Materials		2.9
Real Estate		2.8

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Broadcom, Inc.		3.2%
Exxon Mobil Corp.		3.0
Procter & Gamble Co.		2.8
Cisco Systems, Inc.		2.7
Home Depot, Inc.		2.5
Oracle Corp.		2.4
JPMorgan Chase & Co.		2.4
Johnson & Johnson		2.2
Lowe’s Cos., Inc.		2.2
Intel Corp.		2.0

^(a)  Excludes money market funds.

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Fund Summary as of April 30, 2023 iShares^® Core Dividend Growth ETF

Investment Objective

The iShares Core Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities with a history of consistently growing dividends, as represented by the Morningstar^® U.S. Dividend Growth Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.13	%		11.12	%		10.89	%		3.13	%		69.40	%		150.61	%
Fund Market		3.12			11.11			10.89			3.12			69.37			150.62
Index		3.20			11.21			10.96			3.20			70.08			151.98

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 2014.

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 of sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending         Account Value (04/30/23)	Expenses       Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending         Account Value (04/30/23)	Expenses       Paid During the Period	(a)	Annualized     Expense     Ratio
	$        1,000.00	$       1,052.00	$          0.41			$       1,000.00	$        1,024.40	$          0.40		0.08%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 7

Fund Summary as of April 30, 2023 (continued) iShares^® Core Dividend Growth ETF

Portfolio Management Commentary

Stocks with a history of consistently increasing dividends advanced moderately for the reporting period amid rapidly rising interest rates and a weakening global economy. Dividend-bearing stocks witnessed record inflows as investors viewed their underlying businesses as more resilient in an extended economic downturn.

The industrials sector contributed the most to the Index’s return, with the capital goods industry accounting for the bulk of that gain. Industrial machinery and supplies and components producers benefited as China’s market reopened after easing strict pandemic restrictions, reducing supply-chain challenges. Pent-up demand for equipment upgrades increased revenue for producers of aircraft parts, large truck engines, and related components. Meanwhile, solid growth in orders to help Ukraine replenish weapons buoyed defense contractors, as did expectations for increased defense spending by the U.S. and other members of the North Atlantic Treaty Organization (“NATO”).

The consumer discretionary sector contributed to the Index’s return, led by stocks within the hotels, restaurants, and leisure industry. Investors rewarded large fast-food and drink chains whose growth surpassed competitors in past economic downturns. Despite the current economic challenges, these companies gained market share, exhibited solid sales growth, and maintained forecasts for that growth to continue, particularly with China’s reopening. Higher product prices and production efficiency gains supported that growth. Improved staffing and measures to improve the accuracy and speed of fast-food ordering also benefited stocks in the industry.

Information technology stocks also contributed to the Index’s performance as the sector rebounded strongly in early 2023. High-profile companies known for substantial dividends again increased their payouts to investors by moderate to considerable margins. Demand for cloud computing services and semiconductors used in data centers and networking equipment remained strong. Sales also benefited from the surging interest in artificial intelligence capabilities.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Health Care		19.6%
Financials		18.3
Information Technology		16.0
Consumer Staples		11.0
Industrials		10.8
Energy		7.2
Utilities		6.8
Consumer Discretionary		6.2
Materials		2.5
Communication Services		1.6

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Microsoft Corp.		3.5%
Apple Inc.		3.2
Exxon Mobil Corp.		3.1
Johnson & Johnson		3.0
JPMorgan Chase & Co.		2.8
Chevron Corp.		2.7
AbbVie, Inc.		2.5
Procter & Gamble Co.		2.4
Pfizer, Inc.		2.1
Home Depot, Inc.		1.9

^(a)  Excludes money market funds.

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Fund Summary as of April 30, 2023 iShares^® Core High Dividend ETF

Investment Objective

The iShares Core High Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Morningstar^® Dividend Yield Focus Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.16	%		8.01	%		7.97	%		3.16	%		46.97	%		115.32	%
Fund Market		3.18			8.01			7.97			3.18			46.98			115.33
Index		3.24			8.10			8.10			3.24			47.60			117.94

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 of sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending         Account Value (04/30/23)	Expenses       Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending         Account Value (04/30/23)	Expenses       Paid During the Period	(a)	Annualized     Expense     Ratio
	$        1,000.00	$         1,019.50	$          0.40			$        1,000.00	$ ��       1,024.40	$          0.40		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 9

Fund Summary as of April 30, 2023 (continued) iShares^® Core High Dividend ETF

Portfolio Management Commentary

Stocks with a history of paying high dividends advanced modestly for the reporting period amid rapidly rising interest rates and a weakening global economy. Dividend-bearing stocks witnessed record inflows as investors viewed their underlining businesses as more resilient in an extended economic downturn.

Energy stocks contributed the most to the Index’s return, led by integrated oil and gas companies. Global crude oil and natural gas prices surged after Russia’s early 2022 invasion of Ukraine, benefiting exploration and production businesses. The higher prices boosted earnings in upstream businesses for integrated energy firms. Oil and natural gas demand declined somewhat toward the end of the reporting period, but refineries continued performing strongly as lower input prices aided their margins. E.U. sanctions banning imports of Russian fuel and U.S.-led measures capping prices on Russian oil exports also supported higher U.S. refining margins. Meanwhile, both the reopening of China’s economy and production cuts by the Organization of the Petroleum Exporting Countries (“OPEC”) put upward pressure on prices.

The healthcare and information technology sectors also contributed to performance. Within healthcare, biotechnology stocks rose as demand increased for oncology treatment therapies. Revenue from immunology and neurology drugs also increased as the industry shifted focus from COVID-19 treatments. Within information technology, stocks of semiconductor producers increased along with demand for chips used in data centers and networking equipment.

The consumer staples, financials, and utilities sectors all detracted from the Index’s return. Inflation increased expenses for manufacturers of household products, reducing profit margins below pre-pandemic levels as they found it difficult to raise prices. In financials, the Fed’s interest rate increases raised borrowing costs for private equity managers and narrowed net interest income margins for lenders. Utilities providers encountered rising costs and supply chain disruptions that drove higher utility rates for customers and negatively impacted the industry’s finances.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Health Care		27.2%
Energy		25.9
Information Technology		12.9
Communication Services		9.3
Utilities		8.9
Consumer Staples		6.0
Financials		4.7
Industrials		2.8
Materials		1.7
Consumer Discretionary		0.6

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Exxon Mobil Corp.		8.8%
Johnson & Johnson		6.9
Verizon Communications, Inc.		6.2
Chevron Corp.		6.1
AbbVie, Inc.		5.8
Pfizer, Inc.		4.9
Broadcom, Inc.		4.1
Coca-Cola Co.		4.0
Cisco Systems, Inc.		3.3
International Business Machines Corp.		3.2

^(a)  Excludes money market funds.

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Fund Summary  as of April 30, 2023 iShares^® Select Dividend ETF

Investment Objective

The iShares Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Dow Jones U.S. Select Dividend 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		(1.23	)%		7.90	%		9.72	%		(1.23	)%		46.28	%		152.86	%
Fund Market		(1.26	)		7.90			9.72			(1.26	)		46.25			152.74
Index		(0.84	)		8.33			10.16			(0.84	)		49.20			163.05

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is not and 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 (11/01/22)	Ending         Account Value (04/30/23)	Expenses       Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending         Account Value (04/30/23)	Expenses       Paid During the Period	(a)	Annualized     Expense     Ratio
	$        1,000.00	$         1,013.20	$          1.91			$        1,000.00	$       1,022.90	$          1.91		0.38	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 11

Fund Summary as of April 30, 2023 (continued) iShares^® Select Dividend ETF

Portfolio Management Commentary

U.S. stocks with relatively high dividends declined slightly for the reporting period amid rapidly rising interest rates and a weakening global economy. Dividend-bearing stocks witnessed record inflows as investors viewed their underlying businesses as more resilient in an extended economic downturn.

Stocks in the materials sector detracted the most from the Index’s return. A shift in consumer spending from goods to services significantly impacted the containers and packaging industry as the drop in demand for products such as corrugated boxes and containerboard translated into lower sales volumes and compressed margins for packaging producers. Higher operating costs due to inflation and a weakening U.S. dollar were additional factors lowering sales for global consumer packaging firms.

Financials stocks also detracted from the Index’s return following the failure of two regional U.S. banks in the largest collapse for the industry since 2008. The disruption created by the failures led investors to scrutinize the reliability of regional banks’ dividends more closely, amid further credit concerns. Regional banks also reported an increase in outflows, as depositors shifted funds to the perceived stability of larger banks.

On the upside, energy stocks contributed the most to the Index’s return during the reporting period as higher natural gas prices throughout 2022 offset declining oil prices. Oil, gas, and consumable fuels companies posted record profits on strong demand for oil products. Some large oil companies also used excess cash to buy back their own stock and raise dividends.

The healthcare sector also contributed to returns as biotechnology companies increased dividends and stock buybacks, reflecting the robustness of their balance sheets. Biotechnology stocks rose as drug sales increased from a year prior and companies focused on developing their drug pipelines.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Utilities		28.0%
Financials		22.3
Consumer Staples		10.6
Materials		8.1
Communication Services		7.4
Consumer Discretionary		7.3
Energy		5.7
Information Technology		4.0
Health Care		3.4
Industrials		3.2

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Altria Group, Inc.		2.6%
Verizon Communications, Inc.		2.2
ONEOK, Inc.		1.8
AT&T Inc.		1.8
Walgreens Boots Alliance, Inc.		1.7
Philip Morris International, Inc.		1.7
International Business Machines Corp.		1.6
LyondellBasell Industries NV, Class A		1.6
Dominion Energy, Inc.		1.6
Edison International		1.5

^(a)  Excludes money market funds.

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

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.

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 April 30, 2023 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.4%
General Dynamics Corp.		3,427	$	748,251
Huntington Ingalls Industries, Inc.		416		83,891
L3Harris Technologies, Inc.		5,067		988,825
Lockheed Martin Corp.		5,462		2,536,826
Raytheon Technologies Corp.		19,372		1,935,263
				6,293,056
Air Freight & Logistics — 1.4%
CH Robinson Worldwide, Inc.		4,142		417,804
FedEx Corp.		4,900		1,116,122
United Parcel Service, Inc., Class B		11,056		1,987,979
				3,521,905
Automobile Components — 0.1%
Autoliv, Inc.		877		75,255
Dana, Inc.		1,516		22,422
LCI Industries		333		37,616
Lear Corp.		660		84,255
				219,548
Automobiles — 0.3%
Ford Motor Co.		60,586		719,762
Thor Industries, Inc.		701		55,393
				775,155
Banks — 9.1%
Associated Banc-Corp.		2,371		42,275
Atlantic Union Bankshares Corp.		1,232		35,260
Bank of America Corp.		161,585		4,731,209
Bank of Hawaii Corp.		631		30,559
Bank OZK		2,779		99,266
Banner Corp.		212		10,583
BOK Financial Corp.		379		31,787
Cathay General Bancorp		1,910		60,872
Citigroup, Inc.		50,820		2,392,097
Citizens Financial Group, Inc.		7,537		233,195
Columbia Banking System, Inc.		1,200		25,632
Comerica, Inc.		3,011		130,587
Cullen/Frost Bankers, Inc.		479		52,810
CVB Financial Corp.		1,317		19,715
East West Bancorp, Inc.		1,225		63,320
Fifth Third Bancorp		14,071		368,660
First Financial Bancorp		654		13,538
First Hawaiian, Inc.		2,130		40,704
First Horizon Corp.		7,846		137,697
First Interstate BancSystem, Inc., Class A		2,115		54,123
First Merchants Corp.		731		21,331
FNB Corp.		4,644		53,313
Fulton Financial Corp.		2,426		28,942
Glacier Bancorp, Inc.		922		30,638
Hancock Whitney Corp.		785		28,668
Heartland Financial U.S.A., Inc.		334		10,875
Home BancShares, Inc.		2,362		51,421
Huntington Bancshares, Inc.		23,353		261,554
Independent Bank Group, Inc.		622		22,628
International Bancshares Corp.		610		26,029
JPMorgan Chase & Co.		44,902		6,207,252
KeyCorp		20,780		233,983
M&T Bank Corp.		3,391		426,588
New York Community Bancorp, Inc., Class A		15,984		170,869
Old National Bancorp		3,649		48,933
Pacific Premier Bancorp, Inc.		361		8,029
PacWest Bancorp		1,678		17,032

Security	Shares		Value
Banks (continued)
Park National Corp.		140	$	15,165
PNC Financial Services Group, Inc.		9,021		1,174,985
Popular, Inc.		2,778		166,708
Prosperity Bancshares, Inc.		1,052		65,876
Regions Financial Corp.		13,211		241,233
SouthState Corp.		1,033		71,256
Synovus Financial Corp.		2,318		71,394
Towne Bank		700		16,583
Truist Financial Corp.		24,506		798,405
Trustmark Corp.		329		7,860
U.S. Bancorp		19,649		673,568
United Bankshares, Inc.		1,579		52,312
United Community Banks, Inc.		781		19,447
Valley National Bancorp		5,800		54,404
Washington Federal, Inc.		1,940		54,398
Webster Financial Corp.		2,561		95,525
Wells Fargo & Co.		91,722		3,645,950
WesBanco, Inc.		1,823		48,528
Zions Bancorp N.A.		4,298		119,742
				23,615,313
Beverages — 1.9%
Coca-Cola Co.		37,154		2,383,429
Molson Coors Beverage Co., Class B		1,882		111,941
PepsiCo, Inc.		13,246		2,528,529
				5,023,899
Biotechnology — 3.3%
AbbVie, Inc.		24,611		3,719,214
Amgen, Inc.		14,121		3,385,369
Gilead Sciences, Inc.		17,856		1,467,942
				8,572,525
Broadline Retail — 0.0%
Nordstrom, Inc.		1,732		26,777
Building Products — 0.7%
A O Smith Corp.		2,598		177,417
Fortune Brands Innovations, Inc.		3,943		255,073
Johnson Controls International PLC		11,219		671,345
Masco Corp.		7,737		414,007
Owens Corning		2,753		294,048
				1,811,890
Capital Markets — 4.3%
Artisan Partners Asset Management, Inc., Class A		1,511		52,386
Bank of New York Mellon Corp.		17,530		746,603
BlackRock, Inc.(a)		1,971		1,322,935
Blackstone, Inc., Class A, NVS		11,876		1,060,883
Blue Owl Capital, Inc., Class A		4,740		53,372
Carlyle Group, Inc.		3,041		92,234
CME Group, Inc., Class A		4,076		757,199
Cohen & Steers, Inc.		311		18,679
Federated Hermes, Inc., Class B		2,144		88,740
Franklin Resources, Inc.		4,119		110,719
Goldman Sachs Group, Inc.		5,810		1,995,386
Houlihan Lokey, Inc., Class A		916		83,704
Invesco Ltd.		7,960		136,355
Janus Henderson Group PLC		4,493		116,593
Jefferies Financial Group, Inc.		5,827		186,639
Moelis & Co., Class A		1,895		71,783
Morgan Stanley		37,053		3,333,658
Northern Trust Corp.		2,259		176,563
State Street Corp.		3,839		277,406

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) April 30, 2023 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Stifel Financial Corp.		1,210	$	72,564
T Rowe Price Group, Inc.		5,025		564,458
				11,318,859
Chemicals — 2.0%
Air Products & Chemicals, Inc.		1,623		477,746
Avient Corp.		784		30,192
Cabot Corp.		461		33,081
Celanese Corp., Class A		2,059		218,748
Chemours Co.		4,649		135,147
Dow, Inc.		19,476		1,059,494
DuPont de Nemours, Inc.		17,264		1,203,646
Eastman Chemical Co.		5,258		443,092
Huntsman Corp.		8,099		216,972
International Flavors & Fragrances, Inc.		3,029		293,692
LyondellBasell Industries NV, Class A		5,364		507,488
NewMarket Corp.		184		73,526
Olin Corp.		4,844		268,358
Scotts Miracle-Gro Co.		970		64,806
Sensient Technologies Corp.		405		30,156
Tronox Holdings PLC, Class A		1,592		21,795
				5,077,939
Commercial Services & Supplies — 0.0%
Brady Corp., Class A, NVS		635		32,404
Communications Equipment — 2.9%
Cisco Systems, Inc.		150,449		7,108,715
Juniper Networks, Inc.		12,150		366,323
				7,475,038
Construction & Engineering — 0.0%
MDU Resources Group, Inc.		1,486		43,421
Consumer Finance — 0.3%
Discover Financial Services		7,345		759,987
Consumer Staples Distribution & Retail — 1.6%
Albertsons Cos., Inc., Class A		1,284		26,836
Kroger Co.		13,400		651,642
Sysco Corp.		5,926		454,761
Target Corp.		16,239		2,561,702
Walgreens Boots Alliance, Inc.		14,479		510,385
				4,205,326
Containers & Packaging — 0.6%
Amcor PLC		36,631		401,842
Greif, Inc., Class A, NVS		341		21,411
Greif, Inc., Class B		111		8,740
International Paper Co.		15,145		501,451
Packaging Corp. of America		1,921		259,835
Sonoco Products Co.		1,860		112,753
Westrock Co.		6,331		189,487
				1,495,519
Distributors — 0.1%
LKQ Corp.		6,654		384,135
Diversified Consumer Services — 0.1%
H&R Block, Inc.		4,189		142,049
Diversified REITs — 0.1%
WP Carey, Inc.		2,458		182,384
Diversified Telecommunication Services — 2.4%
AT&T Inc.		146,875		2,595,281

Security	Shares		Value
Diversified Telecommunication Services (continued)
Cogent Communications Holdings, Inc.		796	$	54,956
Verizon Communications, Inc.		94,176		3,656,854
				6,307,091
Electric Utilities — 1.9%
Alliant Energy Corp.		2,590		142,813
American Electric Power Co., Inc.		3,446		318,479
Duke Energy Corp.		10,576		1,045,755
Edison International		5,016		369,177
Entergy Corp.		945		101,663
Evergy, Inc.		2,660		165,213
Eversource Energy		3,442		267,134
Exelon Corp.		8,588		364,475
FirstEnergy Corp.		3,075		122,385
Hawaiian Electric Industries, Inc.		1,227		48,111
IDACORP, Inc.		498		55,338
MGE Energy, Inc.		268		20,531
NRG Energy, Inc.		6,360		217,321
OGE Energy Corp.		3,022		113,446
Otter Tail Corp.		327		23,528
Pinnacle West Capital Corp.		1,659		130,165
Portland General Electric Co.		1,260		63,781
PPL Corp.		13,710		393,751
Southern Co.		10,117		744,105
Xcel Energy, Inc.		3,673		256,779
				4,963,950
Electrical Equipment — 0.5%
Eaton Corp. PLC		2,752		459,914
Emerson Electric Co.		10,321		859,327
				1,319,241
Electronic Equipment, Instruments & Components — 0.4%
Avnet, Inc.		4,338		178,986
Corning, Inc.		19,379		643,770
National Instruments Corp.		2,725		158,677
				981,433
Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A		14,168		414,272
Helmerich & Payne, Inc.		1,692		56,107
				470,379
Financial Services — 1.1%
Apollo Global Management, Inc.		2,417		153,214
Equitable Holdings, Inc.		12,870		334,491
Essent Group Ltd.		1,551		65,871
Fidelity National Information Services, Inc.		31,609		1,856,081
MGIC Investment Corp.		8,974		133,443
TFS Financial Corp.		1,454		17,506
Walker & Dunlop, Inc.		329		22,145
Western Union Co.		13,658		149,282
				2,732,033
Food Products — 1.7%
Bunge Ltd.		1,720		160,992
Cal-Maine Foods, Inc.		688		32,680
Campbell Soup Co.		2,323		126,139
Conagra Brands, Inc.		6,611		250,954
Flowers Foods, Inc.		2,320		63,823
General Mills, Inc.		9,837		871,853
Hormel Foods Corp.		2,510		101,504
Ingredion, Inc.		854		90,669
J M Smucker Co.		1,431		220,961
Kellogg Co.		3,415		238,265
Kraft Heinz Co.		10,791		423,763

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) April 30, 2023 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Mondelez International, Inc., Class A		20,384	$	1,563,860
Tyson Foods, Inc., Class A		5,968		372,940
				4,518,403
Gas Utilities — 0.1%
National Fuel Gas Co.		1,016		56,794
New Jersey Resources Corp.		898		46,373
ONE Gas, Inc.		234		18,006
Spire, Inc.		594		40,232
UGI Corp.		2,732		92,560
				253,965
Ground Transportation — 1.8%
Norfolk Southern Corp.		6,657		1,351,571
Ryder System, Inc.		1,391		110,111
Union Pacific Corp.		15,970		3,125,329
				4,587,011
Health Care Equipment & Supplies — 0.9%
Baxter International, Inc.		7,463		355,836
Medtronic PLC		21,316		1,938,690
				2,294,526
Health Care Providers & Services — 1.1%
Cardinal Health, Inc.		7,815		641,611
CVS Health Corp.		19,232		1,409,898
Patterson Cos., Inc.		1,374		37,249
Premier, Inc., Class A		2,408		80,259
Quest Diagnostics, Inc.		5,012		695,716
Select Medical Holdings Corp.		2,081		63,470
				2,928,203
Health Care REITs — 0.2%
Healthpeak Properties, Inc.		7,361		161,721
Medical Properties Trust, Inc.		5,864		51,427
National Health Investors, Inc.		1,307		65,050
Omega Healthcare Investors, Inc.		6,546		175,171
Physicians Realty Trust		696		10,036
Sabra Health Care REIT, Inc.		3,524		40,174
Ventas, Inc.		2,800		134,540
				638,119
Hotel & Resort REITs — 0.0%
Apple Hospitality REIT, Inc.		2,794		41,603
Hotels, Restaurants & Leisure — 2.3%
Bloomin’ Brands, Inc.		1,400		34,678
Cracker Barrel Old Country Store, Inc.		653		69,323
Darden Restaurants, Inc.		3,199		486,024
Marriott Vacations Worldwide Corp.		1,047		140,884
McDonald’s Corp.		8,127		2,403,560
Papa John’s International, Inc.		582		43,528
Red Rock Resorts, Inc., Class A		2,324		113,411
Starbucks Corp.		13,637		1,558,573
Travel + Leisure Co.		2,402		91,925
Vail Resorts, Inc.		439		105,588
Wendy’s Co.		4,442		98,168
Wyndham Hotels & Resorts, Inc.		1,681		114,678
Yum! Brands, Inc.		5,261		739,591
				5,999,931
Household Durables — 0.8%
Garmin Ltd.		3,357		329,557
KB Home		1,855		81,286
Leggett & Platt, Inc.		2,628		84,911
Lennar Corp., Class A		5,603		632,074
Lennar Corp., Class B		338		33,063

Security	Shares		Value
Household Durables (continued)
MDC Holdings, Inc.		1,020	$	41,789
Newell Brands, Inc.		12,012		145,946
PulteGroup, Inc.		6,798		456,486
Toll Brothers, Inc.		2,684		171,534
				1,976,646
Household Products — 3.6%
Clorox Co.		1,934		320,309
Colgate-Palmolive Co.		13,051		1,041,470
Energizer Holdings, Inc.		1,070		35,770
Kimberly-Clark Corp.		4,775		691,850
Procter & Gamble Co.		46,559		7,280,896
Reynolds Consumer Products, Inc.		646		18,107
Spectrum Brands Holdings, Inc.		917		60,981
				9,449,383
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp.		5,648		133,632
Clearway Energy, Inc., Class A		617		17,881
Clearway Energy, Inc., Class C		1,284		38,995
Vistra Corp.		17,069		407,266
				597,774
Industrial Conglomerates — 1.4%
3M Co.		15,589		1,655,864
Honeywell International, Inc.		10,353		2,068,943
				3,724,807
Industrial REITs — 0.4%
EastGroup Properties, Inc.		77		12,825
First Industrial Realty Trust, Inc.		495		25,973
LXP Industrial Trust		2,038		19,157
Prologis, Inc.		7,579		949,270
				1,007,225
Insurance — 3.4%
Aflac, Inc.		12,612		880,948
Allstate Corp.		8,371		969,027
American International Group, Inc.		23,215		1,231,324
Axis Capital Holdings Ltd.		755		42,688
Cincinnati Financial Corp.		1,689		179,777
CNA Financial Corp.		369		14,358
Everest Re Group Ltd.		292		110,376
Fidelity National Financial, Inc., Class A		7,307		259,325
First American Financial Corp.		2,447		140,972
Hanover Insurance Group, Inc.		441		52,726
Hartford Financial Services Group, Inc.		7,914		561,815
Kemper Corp.		797		38,774
MetLife, Inc.		18,393		1,128,043
Old Republic International Corp.		4,013		101,408
Principal Financial Group, Inc.		5,535		413,409
Prudential Financial, Inc.		10,926		950,562
Reinsurance Group of America, Inc.		597		84,965
Travelers Cos., Inc.		4,619		836,686
Unum Group		2,341		98,790
Willis Towers Watson PLC		3,362		778,639
				8,874,612
Interactive Media & Services — 0.0%
Shutterstock, Inc.		248		16,616
IT Services — 1.9%
Cognizant Technology Solutions Corp., Class A		17,131		1,022,892
International Business Machines Corp.		31,231		3,947,911
				4,970,803

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) April 30, 2023 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Leisure Products — 0.2%
Brunswick Corp.		1,465	$	124,217
Hasbro, Inc.		2,618		155,038
Polaris, Inc.		1,638		177,969
				457,224
Machinery — 1.6%
Allison Transmission Holdings, Inc.		3,217		156,957
Caterpillar, Inc.		7,608		1,664,630
Cummins, Inc.		2,187		514,033
Flowserve Corp.		1,092		36,462
Hillenbrand, Inc.		1,574		71,806
Illinois Tool Works, Inc.		3,611		873,645
Kennametal, Inc.		1,362		35,358
Snap-on, Inc.		700		181,587
Stanley Black & Decker, Inc.		6,031		520,717
				4,055,195
Marine Transportation — 0.0%
Matson, Inc.		1,744		118,644
Media — 1.0%
Comcast Corp., Class A		42,319		1,750,737
Fox Corp., Class B		3,339		101,973
Interpublic Group of Cos., Inc.		5,787		206,770
John Wiley & Sons, Inc., Class A		730		28,156
Nexstar Media Group, Inc., Class A		1,520		263,644
Omnicom Group, Inc.		4,140		374,960
				2,726,240
Metals & Mining — 0.3%
Newmont Corp.		15,494		734,415
Southern Copper Corp.		1,300		99,879
Worthington Industries, Inc.		666		39,554
				873,848
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Blackstone Mortgage Trust, Inc., Class A		1,254		22,873
Claros Mortgage Trust, Inc.		4,069		48,665
Rithm Capital Corp.		8,514		69,475
Starwood Property Trust, Inc.		3,072		54,958
				195,971
Multi-Utilities — 1.0%
Ameren Corp.		1,136		101,070
Black Hills Corp.		289		18,869
CenterPoint Energy, Inc.		5,302		161,552
CMS Energy Corp.		2,719		169,285
Consolidated Edison, Inc.		2,644		260,355
Dominion Energy, Inc.		7,059		403,351
DTE Energy Co.		335		37,657
Public Service Enterprise Group, Inc.		7,326		463,003
Sempra Energy		4,363		678,403
WEC Energy Group, Inc.		3,610		347,174
				2,640,719
Office REITs — 0.2%
Boston Properties, Inc.		2,810		149,942
Corporate Office Properties Trust		1,672		38,272
Cousins Properties, Inc.		1,927		42,028
Douglas Emmett, Inc.		4,327		55,732
Highwoods Properties, Inc.		2,477		56,773
Kilroy Realty Corp.		2,264		66,199
Vornado Realty Trust		5,516		82,795
				491,741
Oil, Gas & Consumable Fuels — 8.5%
Antero Midstream Corp.		9,665		103,995

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
California Resources Corp.		2,269	$	91,895
Chesapeake Energy Corp.		6,053		500,462
Chevron Corp.		20,510		3,457,576
Chord Energy Corp.		859		122,261
Civitas Resources, Inc.		475		32,799
Coterra Energy, Inc.		24,744		633,446
CVR Energy, Inc.		534		14,066
Devon Energy Corp.		24,064		1,285,740
Diamondback Energy, Inc.		5,626		800,017
DT Midstream, Inc.		1,635		80,556
EOG Resources, Inc.		5,210		622,439
Equitrans Midstream Corp.		14,346		73,882
Exxon Mobil Corp.		66,347		7,851,504
HF Sinclair Corp.		3,232		142,564
Kinder Morgan, Inc.		44,324		760,157
Magnolia Oil & Gas Corp., Class A		5,229		110,436
ONEOK, Inc.		8,083		528,709
Phillips 66		8,396		831,204
Pioneer Natural Resources Co.		11,188		2,433,949
Valero Energy Corp.		9,371		1,074,573
Williams Cos., Inc.		21,878		662,028
				22,214,258
Personal Care Products — 0.0%
Nu Skin Enterprises, Inc., Class A		1,248		49,246
Pharmaceuticals — 6.0%
Bristol-Myers Squibb Co.		57,127		3,814,370
Johnson & Johnson		35,262		5,772,389
Merck & Co., Inc.		22,645		2,614,818
Organon & Co.		4,027		99,185
Perrigo Co. PLC		1,236		45,967
Pfizer, Inc.		81,486		3,168,991
Viatris, Inc.		17,974		167,697
				15,683,417
Professional Services — 0.2%
ManpowerGroup, Inc.		1,469		111,218
Paychex, Inc.		3,042		334,194
Robert Half International, Inc.		2,024		147,752
TTEC Holdings, Inc.		328		11,175
				604,339
Real Estate Management & Development — 0.0%
Kennedy-Wilson Holdings, Inc.		2,973		49,887
Residential REITs — 0.4%
Apartment Income REIT Corp.		1,571		58,096
AvalonBay Communities, Inc.		1,628		293,642
Equity LifeStyle Properties, Inc.		1,026		70,691
Equity Residential		4,173		263,942
Essex Property Trust, Inc.		946		207,865
Mid-America Apartment Communities, Inc.		1,214		186,713
				1,080,949
Retail REITs — 0.5%
Brixmor Property Group, Inc.		3,886		82,888
Federal Realty Investment Trust		327		32,337
Kimco Realty Corp.		7,743		148,588
Kite Realty Group Trust		3,067		63,548
National Retail Properties, Inc.		1,913		83,216
Regency Centers Corp.		1,943		119,359
Retail Opportunity Investments Corp.		613		7,987
Simon Property Group, Inc.		5,800		657,256
				1,195,179

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) April 30, 2023 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 10.2%
Analog Devices, Inc.		15,954	$	2,869,806
Broadcom, Inc.		13,036		8,167,054
Intel Corp.		163,700		5,084,522
NXP Semiconductors NV		12,887		2,110,117
QUALCOMM, Inc.		34,413		4,019,438
Skyworks Solutions, Inc.		5,383		570,060
Texas Instruments, Inc.		21,917		3,664,522
				26,485,519
Software — 2.6%
Gen Digital, Inc.		26,306		464,827
Oracle Corp.		66,992		6,345,482
				6,810,309
Specialized REITs — 1.0%
American Tower Corp.		688		140,620
Crown Castle, Inc.		6,646		818,056
Digital Realty Trust, Inc.		2,635		261,260
EPR Properties		2,028		85,095
Extra Space Storage, Inc.		1,396		212,248
Iron Mountain, Inc.		4,384		242,172
Lamar Advertising Co., Class A		1,246		131,677
Outfront Media, Inc.		3,338		55,611
PotlatchDeltic Corp.		1,186		54,829
Public Storage		1,308		385,638
Rayonier, Inc.		251		7,871
Uniti Group, Inc.		10,542		36,054
Weyerhaeuser Co.		9,067		271,194
				2,702,325
Specialty Retail — 5.1%
American Eagle Outfitters, Inc.		3,991		53,439
Dick’s Sporting Goods, Inc.		2,677		388,192
Foot Locker, Inc.		3,028		127,146
Gap, Inc.		6,607		63,427
Home Depot, Inc.		21,945		6,595,350
Lowe’s Cos., Inc.		27,564		5,728,626
Penske Automotive Group, Inc.		589		81,624
Signet Jewelers Ltd.		2,179		160,331
				13,198,135
Technology Hardware, Storage & Peripherals — 0.5%
Hewlett Packard Enterprise Co.		43,762		626,672
NetApp, Inc.		10,589		665,942
				1,292,614

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.4%
Hanesbrands, Inc.		13,214	$	69,241
Kontoor Brands, Inc.		1,175		53,075
Ralph Lauren Corp., Class A		1,663		190,896
Steven Madden Ltd.		1,792		62,791
Tapestry, Inc.		9,142		373,085
VF Corp.		10,819		254,355
				1,003,443
Tobacco — 2.1%
Altria Group, Inc.		58,081		2,759,428
Philip Morris International, Inc.		27,109		2,710,087
				5,469,515
Trading Companies & Distributors — 0.3%
Air Lease Corp., Class A		1,239		49,832
Fastenal Co.		5,258		283,091
MSC Industrial Direct Co., Inc., Class A		813		73,763
Triton International Ltd.		2,301		190,224
Watsco, Inc.		355		122,965
				719,875
Water Utilities — 0.0%
Essential Utilities, Inc.		944		40,309
Total Long-Term Investments — 99.7% (Cost: $266,934,343)				259,789,784
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.75%(a)(b)		859,810		859,810
Total Short-Term Securities — 0.3% (Cost: $859,810)				859,810
Total Investments — 100.0% (Cost: $267,794,153)				260,649,594
Other Assets Less Liabilities — 0.0%				49,887
Net Assets — 100.0%			$	260,699,481

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	490,000	$	369,810	(a)	$	—		$	—		$	—	$	859,810		859,810	$	19,527	$	—
BlackRock, Inc.		922,028		960,673			(584,496	)		(67,192	)		91,922		1,322,935		1,971		22,689		—
									$	(67,192	)	$	91,922	$	2,182,745			$	42,216	$	—

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

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) April 30, 2023 iShares^® Core Dividend ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-mini S&P 500 Index		41		06/16/23	$	859	$	17,829

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)	$	—	$	—	$	17,829	$	—	$	—	$	—	$	17,829

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

For the period ended April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(120,194	)	$	—	$	—	$	—	$	(120,194	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	77,277		$	—	$	—	$	—	$	77,277

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	806,731

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

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

Schedule of Investments  (continued) April 30, 2023 iShares^® Core Dividend 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	$	259,789,784	$	—	$	—	$	259,789,784
Short-Term Securities
Money Market Funds		859,810		—		—		859,810
	$	260,649,594	$	—	$	—	$	260,649,594
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	17,829	$	—	$	—	$	17,829

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

See notes to financial statements.

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 April 30, 2023 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.2%
BWX Technologies, Inc.		71,257	$	4,601,777
Curtiss-Wright Corp.		9,930		1,686,412
General Dynamics Corp.		278,326		60,769,699
HEICO Corp.		2,572		433,742
HEICO Corp., Class A		5,708		766,185
Huntington Ingalls Industries, Inc.		52,096		10,505,679
L3Harris Technologies, Inc.		228,323		44,557,233
Lockheed Martin Corp.		325,668		151,256,503
Northrop Grumman Corp.		120,301		55,491,242
Raytheon Technologies Corp.		1,852,520		185,066,748
				515,135,220
Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		156,400		15,776,068
Expeditors International of Washington, Inc.		107,513		12,239,280
Forward Air Corp.		13,258		1,398,851
United Parcel Service, Inc., Class B		1,431,617		257,419,053
				286,833,252
Automobile Components — 0.0%
Gentex Corp.		222,387		6,135,657
Automobiles — 0.0%
Thor Industries, Inc.		61,069		4,825,672
Banks — 7.3%
Associated Banc-Corp.		326,642		5,824,027
Atlantic Union Bankshares Corp.		130,119		3,724,006
BancFirst Corp.		18,065		1,443,213
Bank of America Corp.		10,524,105		308,145,794
Bank of Hawaii Corp.		87,945		4,259,176
Bank OZK		208,047		7,431,439
BOK Financial Corp.		37,955		3,183,286
Cadence Bank		119,539		2,417,079
Cathay General Bancorp		140,803		4,487,392
Citigroup, Inc.		4,349,621		204,736,660
Comerica, Inc.		300,451		13,030,560
Commerce Bancshares, Inc.		107,317		5,993,654
Community Bank System, Inc.		53,253		2,660,520
Cullen/Frost Bankers, Inc.		100,755		11,108,239
CVB Financial Corp.		235,800		3,529,926
East West Bancorp, Inc.		211,244		10,919,202
Fifth Third Bancorp		1,505,434		39,442,371
First Financial Bankshares, Inc.		146,152		4,276,408
First Horizon Corp.		843,065		14,795,791
First Merchants Corp.		111,626		3,257,247
First Republic Bank(a)		100,198		351,695
Fulton Financial Corp.		350,085		4,176,514
Glacier Bancorp, Inc.		187,294		6,223,780
Heartland Financial U.S.A., Inc.		56,894		1,852,469
Hilltop Holdings, Inc.		57,742		1,791,157
Home BancShares, Inc.		339,678		7,394,790
Independent Bank Corp.		33,994		1,903,664
Independent Bank Group, Inc.		54,152		1,970,050
JPMorgan Chase & Co.		4,750,235		656,672,486
Lakeland Financial Corp.		38,155		1,933,314
M&T Bank Corp.		330,442		41,569,604
Park National Corp.		27,354		2,962,985
PNC Financial Services Group, Inc.		930,349		121,177,957
Popular, Inc.		138,447		8,308,204
Prosperity Bancshares, Inc.		160,398		10,044,123
Regions Financial Corp.		1,924,324		35,138,156
ServisFirst Bancshares, Inc.		44,600		2,252,300

Security	Shares		Value
Banks (continued)
Simmons First National Corp., Class A		177,423	$	2,964,738
SouthState Corp.		108,882		7,510,680
Stock Yards Bancorp, Inc.		34,848		1,693,613
Synovus Financial Corp.		292,245		9,001,146
Towne Bank		117,817		2,791,085
U.S. Bancorp		3,184,123		109,151,736
UMB Financial Corp.		46,192		2,938,273
United Community Banks, Inc.		154,182		3,839,132
Washington Federal, Inc.		116,724		3,272,941
WesBanco, Inc.		133,555		3,555,234
Wintrust Financial Corp.		65,222		4,459,228
WSFS Financial Corp.		31,138		1,095,123
Zions Bancorp N.A.		299,363		8,340,253
				1,721,002,420
Beverages — 3.6%
Brown-Forman Corp., Class A		41,610		2,741,267
Brown-Forman Corp., Class B, NVS		132,379		8,616,549
Coca-Cola Co.		6,365,215		408,328,542
Constellation Brands, Inc., Class A		132,430		30,388,712
PepsiCo, Inc.		2,042,465		389,886,144
				839,961,214
Biotechnology — 4.5%
AbbVie, Inc.		3,904,372		590,028,697
Amgen, Inc.		1,110,319		266,187,877
Gilead Sciences, Inc.		2,547,720		209,448,061
				1,065,664,635
Broadline Retail — 0.0%
Dillard’s, Inc., Class A		880		262,583
Building Products — 0.5%
A O Smith Corp.		127,005		8,673,172
AAON, Inc.		12,255		1,200,990
Advanced Drainage Systems, Inc.		20,385		1,747,402
Allegion PLC		70,421		7,780,112
Carlisle Cos., Inc.		32,865		7,093,910
Fortune Brands Innovations, Inc.		108,584		7,024,299
Lennox International, Inc.		29,530		8,324,802
Masco Corp.		279,915		14,978,252
Owens Corning		110,280		11,779,007
Simpson Manufacturing Co., Inc.		22,766		2,863,508
Trane Technologies PLC		179,557		33,363,486
UFP Industries, Inc.		28,345		2,225,649
				107,054,589
Capital Markets — 6.0%
Ameriprise Financial, Inc.		88,262		26,930,501
Bank of New York Mellon Corp.		1,217,480		51,852,473
BlackRock, Inc.(b)		242,559		162,805,601
CME Group, Inc., Class A		1,985,744		368,891,663
Cohen & Steers, Inc.		42,888		2,575,853
Evercore, Inc., Class A		44,522		5,078,625
FactSet Research Systems, Inc.		18,582		7,650,024
Goldman Sachs Group, Inc.		540,883		185,760,857
Hamilton Lane, Inc., Class A		41,094		3,027,806
Houlihan Lokey, Inc., Class A		65,918		6,023,587
Intercontinental Exchange, Inc.		460,551		50,167,820
Jefferies Financial Group, Inc.		341,754		10,946,381
MarketAxess Holdings, Inc.		16,870		5,370,902
Moody’s Corp.		92,235		28,880,623
Morgan Stanley		2,377,469		213,900,886
Morningstar, Inc.		10,137		1,807,528
MSCI, Inc., Class A		46,047		22,215,375

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) April 30, 2023 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Nasdaq, Inc.		274,989	$	15,226,141
Northern Trust Corp.		376,491		29,426,537
Raymond James Financial, Inc.		170,687		15,452,294
S&P Global, Inc.		197,033		71,440,225
SEI Investments Co.		82,664		4,869,736
State Street Corp.		594,395		42,950,983
Stifel Financial Corp.		130,407		7,820,508
T Rowe Price Group, Inc.		530,336		59,572,643
				1,400,645,572
Chemicals — 1.9%
Air Products & Chemicals, Inc.		275,995		81,241,888
Albemarle Corp.		41,288		7,657,272
Ashland, Inc.		37,062		3,765,870
Avient Corp.		112,254		4,322,901
Balchem Corp.		11,314		1,486,660
Cabot Corp.		58,706		4,212,743
Celanese Corp., Class A		132,382		14,064,264
Eastman Chemical Co.		250,888		21,142,332
Ecolab, Inc.		183,850		30,857,384
HB Fuller Co.		33,815		2,237,539
Innospec, Inc.		16,914		1,718,970
International Flavors & Fragrances, Inc.		522,479		50,659,564
Linde PLC		363,724		134,377,832
NewMarket Corp.		9,150		3,656,340
PPG Industries, Inc.		248,337		34,831,748
Quaker Chemical Corp.		8,396		1,566,945
RPM International, Inc.		137,062		11,243,196
Sensient Technologies Corp.		52,588		3,915,702
Sherwin-Williams Co.		144,988		34,440,449
Stepan Co.		18,052		1,664,394
Westlake Corp.		23,188		2,638,331
				451,702,324
Commercial Services & Supplies — 0.5%
ABM Industries, Inc.		68,263		2,906,638
Brady Corp., Class A, NVS		43,794		2,234,808
Cintas Corp.		50,874		23,186,843
MSA Safety, Inc.		29,559		3,835,280
Republic Services, Inc.		177,659		25,693,045
Tetra Tech, Inc.		20,263		2,803,791
Waste Management, Inc.		360,853		59,919,641
				120,580,046
Communications Equipment — 1.6%
Cisco Systems, Inc.		7,090,083		335,006,422
Motorola Solutions, Inc.		122,969		35,833,166
				370,839,588
Construction & Engineering — 0.1%
Comfort Systems U.S.A., Inc.		8,056		1,204,291
MDU Resources Group, Inc.		331,894		9,697,943
				10,902,234
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		25,212		9,156,999
Vulcan Materials Co.		67,393		11,801,862
				20,958,861
Consumer Finance — 0.5%
American Express Co.		396,113		63,908,871
Discover Financial Services		331,451		34,295,235
FirstCash Holdings, Inc.		34,655		3,570,505
Nelnet, Inc., Class A		11,351		1,093,101
Synchrony Financial		672,041		19,831,930
				122,699,642

Security	Shares		Value
Consumer Staples Distribution & Retail — 2.2%
Casey’s General Stores, Inc.		14,568	$	3,333,450
Costco Wholesale Corp.		182,994		92,086,241
Dollar General Corp.		127,454		28,225,963
Kroger Co.		798,152		38,814,132
Sysco Corp.		739,193		56,725,671
Target Corp.		678,514		107,035,583
Walmart, Inc.		1,277,228		192,823,111
				519,044,151
Containers & Packaging — 0.2%
AptarGroup, Inc.		48,107		5,701,160
Avery Dennison Corp.		76,220		13,298,866
Ball Corp.		252,931		13,450,871
Silgan Holdings, Inc.		59,258		2,919,049
Sonoco Products Co.		183,265		11,109,524
				46,479,470
Distributors — 0.2%
Genuine Parts Co.		167,214		28,143,788
Pool Corp.		24,480		8,600,314
				36,744,102
Diversified Consumer Services — 0.1%
Graham Holdings Co., Class B		2,273		1,308,271
H&R Block, Inc.		271,249		9,198,054
Service Corp. International		140,708		9,876,294
				20,382,619
Electric Utilities — 4.3%
ALLETE, Inc.		140,707		8,777,303
Alliant Energy Corp.		492,546		27,158,986
American Electric Power Co., Inc.		1,066,174		98,535,801
Duke Energy Corp.		1,824,330		180,389,750
Edison International		918,790		67,622,944
Entergy Corp.		467,289		50,270,951
Evergy, Inc.		534,666		33,208,105
Eversource Energy		660,087		51,229,352
IDACORP, Inc.		89,347		9,928,239
MGE Energy, Inc.		46,350		3,550,874
NextEra Energy, Inc.		2,792,162		213,963,374
Otter Tail Corp.		56,920		4,095,394
PNM Resources, Inc.		146,808		7,065,869
Portland General Electric Co.		191,394		9,688,364
Southern Co.		2,552,247		187,717,767
Xcel Energy, Inc.		922,911		64,520,708
				1,017,723,781
Electrical Equipment — 0.8%
AMETEK, Inc.		79,955		11,028,193
Eaton Corp. PLC		406,216		67,886,818
Emerson Electric Co.		802,447		66,811,737
Hubbell, Inc.		53,568		14,426,934
nVent Electric PLC		141,389		5,928,441
Regal Rexnord Corp.		32,497		4,229,810
Rockwell Automation, Inc.		100,240		28,409,018
				198,720,951
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		351,089		26,496,687
Avnet, Inc.		132,216		5,455,232
Badger Meter, Inc.		12,377		1,637,848
CDW Corp.		89,313		15,146,592
Cognex Corp.		55,653		2,654,092
Corning, Inc.		1,380,427		45,857,785
Littelfuse, Inc.		12,394		3,002,322
National Instruments Corp.		161,070		9,379,106

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) April 30, 2023 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
TD SYNNEX Corp.		35,216	$	3,135,633
TE Connectivity Ltd.		306,181		37,467,369
				150,232,666
Financial Services — 1.6%
Equitable Holdings, Inc.		505,114		13,127,913
Fidelity National Information Services, Inc.		987,477		57,984,649
Jack Henry & Associates, Inc.		48,759		7,964,295
Mastercard, Inc., Class A		300,790		114,309,224
Visa, Inc., Class A		738,976		171,981,885
Walker & Dunlop, Inc.		47,543		3,200,119
				368,568,085
Food Products — 1.7%
Archer-Daniels-Midland Co.		691,753		54,012,074
Flowers Foods, Inc.		347,571		9,561,678
Hershey Co.		142,484		38,906,681
Hormel Foods Corp.		442,498		17,894,619
Ingredion, Inc.		106,366		11,292,878
J & J Snack Foods Corp.		17,170		2,630,444
J M Smucker Co.		160,907		24,845,650
Kellogg Co.		521,800		36,405,986
Lamb Weston Holdings, Inc.		89,780		10,038,302
Lancaster Colony Corp.		19,948		4,171,526
McCormick & Co., Inc., NVS		300,441		26,393,742
Mondelez International, Inc., Class A		1,802,593		138,294,935
Tyson Foods, Inc., Class A		531,316		33,201,937
				407,650,452
Gas Utilities — 0.4%
Atmos Energy Corp.		206,931		23,619,104
National Fuel Gas Co.		171,247		9,572,707
New Jersey Resources Corp.		163,637		8,450,215
ONE Gas, Inc.		101,344		7,798,421
Southwest Gas Holdings, Inc.		140,272		7,855,232
Spire, Inc.		125,295		8,486,230
UGI Corp.		460,652		15,606,890
				81,388,799
Ground Transportation — 1.3%
CSX Corp.		1,701,643		52,138,342
JB Hunt Transport Services, Inc.		44,008		7,714,162
Landstar System, Inc.		15,040		2,647,491
Norfolk Southern Corp.		321,898		65,354,951
Old Dominion Freight Line, Inc.		23,225		7,441,058
Ryder System, Inc.		72,766		5,760,157
Schneider National, Inc., Class B		33,543		877,820
Union Pacific Corp.		876,160		171,464,512
Werner Enterprises, Inc.		36,276		1,638,587
				315,037,080
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		1,996,391		220,541,314
Baxter International, Inc.		828,891		39,521,523
Becton Dickinson & Co.		245,792		64,965,284
DENTSPLY SIRONA, Inc.		158,298		6,637,435
Medtronic PLC		2,572,709		233,987,884
ResMed, Inc.		68,022		16,390,581
STERIS PLC		60,062		11,324,690
Stryker Corp.		211,890		63,492,838
				656,861,549
Health Care Providers & Services — 2.5%
AmerisourceBergen Corp.		115,649		19,296,036
Cardinal Health, Inc.		397,932		32,670,217
Chemed Corp.		2,478		1,365,998

Security	Shares		Value
Health Care Providers & Services (continued)
Elevance Health, Inc.		145,937	$	68,393,375
Encompass Health Corp.		61,480		3,943,942
Ensign Group, Inc.		8,678		842,547
HCA Healthcare, Inc.		105,619		30,347,507
Humana, Inc.		45,560		24,169,124
McKesson Corp.		50,629		18,441,107
Quest Diagnostics, Inc.		122,939		17,065,163
UnitedHealth Group, Inc.		731,078		359,756,173
				576,291,189
Hotels, Restaurants & Leisure — 2.1%
Domino’s Pizza, Inc.		27,897		8,856,461
McDonald’s Corp.		936,364		276,929,653
Starbucks Corp.		1,324,585		151,386,820
Texas Roadhouse, Inc.		65,928		7,292,955
Wingstop, Inc.		7,438		1,488,418
Yum! Brands, Inc.		299,480		42,100,898
				488,055,205
Household Durables — 0.2%
DR Horton, Inc.		186,570		20,489,117
Garmin Ltd.		255,057		25,038,946
				45,528,063
Household Products — 3.3%
Church & Dwight Co., Inc.		177,655		17,253,854
Colgate-Palmolive Co.		1,217,947		97,192,170
Kimberly-Clark Corp.		705,977		102,289,007
Procter & Gamble Co.		3,510,534		548,977,307
WD-40 Co.		15,287		2,910,645
				768,622,983
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		1,002,429		23,717,470
Industrial Conglomerates — 0.7%
Honeywell International, Inc.		790,188		157,911,170
Insurance — 2.9%
Aflac, Inc.		800,631		55,924,075
Allstate Corp.		429,452		49,713,364
American Equity Investment Life Holding Co.		34,116		1,314,831
American Financial Group, Inc.		77,749		9,542,135
Aon PLC, Class A		86,130		28,007,753
Arthur J. Gallagher & Co.		127,230		26,471,474
Assurant, Inc.		61,757		7,604,139
Assured Guaranty Ltd.		61,035		3,287,955
Axis Capital Holdings Ltd.		130,963		7,404,648
Brown & Brown, Inc.		105,890		6,818,257
Chubb Ltd.		378,382		76,266,676
Cincinnati Financial Corp.		207,302		22,065,225
CNA Financial Corp.		61,611		2,397,284
CNO Financial Group, Inc.		144,453		3,241,525
Erie Indemnity Co., Class A, NVS		28,221		6,133,270
Everest Re Group Ltd.		37,821		14,296,338
First American Financial Corp.		223,084		12,851,869
Globe Life, Inc.		36,944		4,009,163
Hanover Insurance Group, Inc.		48,184		5,760,879
Hartford Financial Services Group, Inc.		410,429		29,136,355
Kinsale Capital Group, Inc.		2,934		958,567
Marsh & McLennan Cos., Inc.		402,998		72,616,210
MetLife, Inc.		1,087,634		66,704,593
Old Republic International Corp.		576,921		14,578,794
Primerica, Inc.		30,175		5,507,239
Principal Financial Group, Inc.		389,831		29,116,477
Reinsurance Group of America, Inc.		84,000		11,954,880

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) April 30, 2023 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
RenaissanceRe Holdings Ltd.		17,141	$	3,692,343
RLI Corp.		19,253		2,677,130
Selective Insurance Group, Inc.		41,346		3,982,860
Travelers Cos., Inc.		272,978		49,447,235
Unum Group		313,630		13,235,186
W. R. Berkley Corp.		70,336		4,144,197
Willis Towers Watson PLC		83,015		19,226,274
				670,089,200
IT Services — 0.7%
Accenture PLC, Class A		597,289		167,414,134
Leisure Products — 0.1%
Acushnet Holdings Corp.		25,539		1,280,270
Brunswick Corp.		73,372		6,221,212
Polaris, Inc.		66,726		7,249,780
				14,751,262
Life Sciences Tools & Services — 0.3%
Agilent Technologies, Inc.		105,726		14,318,472
Danaher Corp.		147,831		35,022,642
Thermo Fisher Scientific, Inc.		47,432		26,320,017
West Pharmaceutical Services, Inc.		9,840		3,554,602
				79,215,733
Machinery — 2.2%
AGCO Corp.		25,738		3,189,968
Caterpillar, Inc.		559,368		122,389,718
Cummins, Inc.		192,172		45,168,107
Donaldson Co., Inc.		95,440		6,065,212
Dover Corp.		103,960		15,194,794
EnPro Industries, Inc.		14,281		1,346,270
Franklin Electric Co., Inc.		22,708		2,031,685
Graco, Inc.		126,726		10,048,104
Hillenbrand, Inc.		73,465		3,351,473
IDEX Corp.		45,045		9,293,684
Illinois Tool Works, Inc.		344,049		83,239,215
Ingersoll Rand, Inc.		35,683		2,034,645
ITT, Inc.		53,257		4,497,021
Kadant, Inc.		3,142		583,878
Lincoln Electric Holdings, Inc.		48,123		8,075,039
Nordson Corp.		35,869		7,758,823
Oshkosh Corp.		67,980		5,201,830
Otis Worldwide Corp.		316,567		27,003,165
PACCAR, Inc.		383,908		28,674,088
Parker-Hannifin Corp.		105,312		34,213,763
Pentair PLC		145,098		8,427,292
Snap-on, Inc.		77,947		20,220,231
Stanley Black & Decker, Inc.		314,886		27,187,257
Terex Corp.		33,134		1,477,445
Timken Co.		51,982		3,994,817
Toro Co.		69,938		7,291,736
Trinity Industries, Inc.		180,037		4,311,886
Watts Water Technologies, Inc., Class A		10,435		1,687,653
Xylem, Inc.		130,684		13,570,227
				507,529,026
Marine Transportation — 0.0%
Matson, Inc.		40,258		2,738,752
Media — 1.6%
Cable One, Inc.		4,730		3,587,279
Comcast Corp., Class A		7,240,476		299,538,492
Interpublic Group of Cos., Inc.		770,630		27,534,610
John Wiley & Sons, Inc., Class A		76,696		2,958,165
Nexstar Media Group, Inc., Class A		66,265		11,493,664

Security	Shares		Value
Media (continued)
Omnicom Group, Inc.		354,434	$	32,101,087
Sirius XM Holdings, Inc.		981,538		3,729,845
				380,943,142
Metals & Mining — 0.3%
Nucor Corp.		168,844		25,019,304
Reliance Steel & Aluminum Co.		44,234		10,961,185
Royal Gold, Inc.		49,872		6,605,048
Southern Copper Corp.		256,794		19,729,483
Steel Dynamics, Inc.		95,638		9,941,570
Worthington Industries, Inc.		34,790		2,066,178
				74,322,768
Multi-Utilities — 1.8%
Ameren Corp.		408,674		36,359,726
Black Hills Corp.		148,255		9,679,569
CMS Energy Corp.		529,483		32,965,612
Consolidated Edison, Inc.		698,405		68,771,940
DTE Energy Co.		384,468		43,218,048
NiSource, Inc.		817,871		23,276,609
Public Service Enterprise Group, Inc.		1,016,871		64,266,247
Sempra Energy		540,805		84,089,769
WEC Energy Group, Inc.		616,448		59,283,804
				421,911,324
Oil, Gas & Consumable Fuels — 7.2%
Chevron Corp.		3,677,911		620,022,237
ConocoPhillips		1,322,570		136,079,227
EOG Resources, Inc.		917,892		109,660,557
Exxon Mobil Corp.		6,081,100		719,637,374
Phillips 66		1,115,168		110,401,632
Texas Pacific Land Corp.		2,337		3,453,268
				1,699,254,295
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		61,936		3,700,057
Personal Care Products — 0.2%
Estee Lauder Cos., Inc., Class A		137,362		33,889,953
Inter Parfums, Inc.		14,672		2,227,063
Nu Skin Enterprises, Inc., Class A		110,785		4,371,576
				40,488,592
Pharmaceuticals — 9.4%
Bristol-Myers Squibb Co.		4,019,222		268,363,453
Eli Lilly & Co.		636,319		251,893,239
Johnson & Johnson		4,310,313		705,598,238
Merck & Co., Inc.		3,814,537		440,464,588
Perrigo Co. PLC		211,222		7,855,346
Pfizer, Inc.		12,801,600		497,854,224
Zoetis, Inc., Class A		231,758		40,738,421
				2,212,767,509
Professional Services — 0.8%
Automatic Data Processing, Inc.		520,444		114,497,680
Booz Allen Hamilton Holding Corp., Class A		150,213		14,378,388
Broadridge Financial Solutions, Inc.		133,937		19,475,779
CSG Systems International, Inc.		34,606		1,823,044
Exponent, Inc.		28,294		2,604,463
Genpact Ltd.		100,673		4,484,982
Insperity, Inc.		33,636		4,119,065
ManpowerGroup, Inc.		91,210		6,905,509
Robert Half International, Inc.		144,017		10,513,241
SS&C Technologies Holdings, Inc.		167,526		9,806,972
TTEC Holdings, Inc.		27,327		931,031
				189,540,154

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) April 30, 2023 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 5.0%
Analog Devices, Inc.		529,268	$	95,204,728
Applied Materials, Inc.		419,907		47,462,088
Broadcom, Inc.		657,581		411,974,496
KLA Corp.		105,821		40,904,049
Lam Research Corp.		106,608		55,871,121
Microchip Technology, Inc.		518,534		37,847,797
Monolithic Power Systems, Inc.		14,805		6,839,466
NXP Semiconductors NV		267,290		43,766,065
Power Integrations, Inc.		32,504		2,365,641
QUALCOMM, Inc.		1,548,047		180,811,889
Skyworks Solutions, Inc.		193,904		20,534,434
Texas Instruments, Inc.		1,425,182		238,290,430
Universal Display Corp.		20,654		2,756,483
				1,184,628,687
Software — 4.3%
Dolby Laboratories, Inc., Class A		44,945		3,761,447
Intuit, Inc.		117,550		52,186,322
Microsoft Corp.		2,698,519		829,146,948
Oracle Corp.		1,240,254		117,476,859
Roper Technologies, Inc.		38,132		17,341,671
				1,019,913,247
Specialty Retail — 3.0%
Best Buy Co., Inc.		485,864		36,206,585
Dick’s Sporting Goods, Inc.		40,494		5,872,035
Group 1 Automotive, Inc.		6,454		1,448,794
Home Depot, Inc.		1,489,141		447,546,436
Lithia Motors, Inc., Class A		9,753		2,154,340
Lowe’s Cos., Inc.		723,099		150,281,665
Penske Automotive Group, Inc.		23,358		3,236,952
Ross Stores, Inc.		220,025		23,483,268
Tractor Supply Co.		111,372		26,551,085
Valvoline, Inc.		139,110		4,806,251
Williams-Sonoma, Inc.		93,926		11,368,803
				712,956,214
Technology Hardware, Storage & Peripherals — 3.6%
Apple Inc.		4,350,813		738,245,950
Hewlett Packard Enterprise Co.		2,278,072		32,621,991
HP, Inc.		1,838,075		54,609,208
NetApp, Inc.		374,693		23,564,443
				849,041,592
Textiles, Apparel & Luxury Goods — 0.5%
Carter’s, Inc.		87,389		6,097,131
Columbia Sportswear Co.		28,336		2,367,189
NIKE, Inc., Class B		797,696		101,084,037
Steven Madden Ltd.		96,377		3,377,050
				112,925,407

Security	Shares		Value
Trading Companies & Distributors — 0.5%
Air Lease Corp., Class A		117,724	$	4,734,859
Applied Industrial Technologies, Inc.		21,194		2,875,178
Boise Cascade Co.		19,297		1,318,178
Fastenal Co.		842,844		45,378,721
GATX Corp.		39,524		4,502,179
McGrath RentCorp		26,750		2,377,540
MSC Industrial Direct Co., Inc., Class A		97,747		8,868,585
Rush Enterprises, Inc., Class A		39,635		2,105,015
Rush Enterprises, Inc., Class B		6,480		379,598
Watsco, Inc.		59,425		20,583,632
WW Grainger, Inc.		24,686		17,170,841
				110,294,326
Water Utilities — 0.2%
American States Water Co.		38,072		3,378,890
American Water Works Co., Inc.		192,648		28,560,066
California Water Service Group		59,798		3,353,472
Essential Utilities, Inc.		360,944		15,412,309
SJW Group		31,304		2,376,599
				53,081,336
Total Long-Term Investments — 99.7% (Cost: $20,350,435,803)				23,431,670,051
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(b)(c)(d)		644,581		644,774
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(b)(c)		46,636,422		46,636,422
Total Short-Term Securities — 0.2% (Cost: $47,281,196)				47,281,196
Total Investments — 99.9% (Cost: $20,397,716,999)				23,478,951,247
Other Assets Less Liabilities — 0.1%				32,251,788
Net Assets — 100.0%			$  23,511,203,035

^(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.

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) April 30, 2023 iShares^® Core Dividend Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	618,622	(a)	$	—		$	26,152	$	—	$	644,774		644,581	$	347,885	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		48,180,000		—			(1,543,578	)(a)		—		—		46,636,422		46,636,422		1,570,355			39
BlackRock, Inc.		146,773,563		56,094,714			(55,958,243	)		943,676		14,951,891		162,805,601		242,559		4,034,692			—
									$	969,828	$	14,951,891	$	210,086,797			$	5,952,932		$	39

^(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		367		06/16/23	$	76,859	$	4,611,360

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)	$	—	$	—	$	4,611,360	$	—	$	—	$	—	$	4,611,360

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

For the period ended April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(7,825,050	)	$	—	$	—	$	—	$	(7,825,050	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	6,667,797		$	—	$	—	$	—	$	6,667,797

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) April 30, 2023 iShares^® Core Dividend Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts
Average notional value of contracts — long	$	78,356,019

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	$	23,431,670,051	$	—	$	—	$	23,431,670,051
Short-Term Securities
Money Market Funds		47,281,196		—		—		47,281,196
	$	23,478,951,247	$	—	$	—	$	23,478,951,247
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	4,611,360	$	—	$	—	$	4,611,360

^(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 27

Schedule of Investments April 30, 2023 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 2.5%
United Parcel Service, Inc., Class B		1,562,288	$	280,915,005
Banks — 1.7%
Huntington Bancshares, Inc.		3,775,270		42,283,024
Prosperity Bancshares, Inc.		175,028		10,960,253
Truist Financial Corp.		3,838,630		125,062,565
United Bankshares, Inc.		311,967		10,335,467
				188,641,309
Beverages — 4.0%
Coca-Cola Co.		6,946,194		445,598,345
Biotechnology — 10.4%
AbbVie, Inc.		4,260,747		643,884,087
Amgen, Inc.		1,211,658		290,482,889
Gilead Sciences, Inc.		2,780,262		228,565,339
				1,162,932,315
Capital Markets — 2.4%
Artisan Partners Asset Management, Inc., Class A		286,397		9,929,384
Blackstone, Inc., Class A, NVS		1,699,533		151,819,283
Cohen & Steers, Inc.		46,933		2,818,796
Franklin Resources, Inc.		725,887		19,511,843
Janus Henderson Group PLC		468,643		12,161,286
Moelis & Co., Class A		224,388		8,499,817
T Rowe Price Group, Inc.		580,292		65,184,200
				269,924,609
Chemicals — 1.0%
Dow, Inc.		2,132,442		116,004,845
Communications Equipment — 3.3%
Cisco Systems, Inc.		7,737,213		365,583,314
Containers & Packaging — 0.5%
Amcor PLC		4,059,566		44,533,439
Sonoco Products Co.		199,822		12,113,210
				56,646,649
Diversified Telecommunication Services — 6.3%
Cogent Communications Holdings, Inc.		152,844		10,552,350
Verizon Communications, Inc.		17,782,282		690,486,010
				701,038,360
Electric Utilities — 6.3%
ALLETE, Inc.		153,434		9,571,213
Alliant Energy Corp.		538,244		29,678,774
American Electric Power Co., Inc.		1,163,135		107,496,937
Duke Energy Corp.		1,990,835		196,853,765
Evergy, Inc.		583,430		36,236,837
IDACORP, Inc.		95,780		10,643,074
Pinnacle West Capital Corp.		309,353		24,271,836
PNM Resources, Inc.		156,513		7,532,971
Southern Co.		2,785,197		204,851,239
Xcel Energy, Inc.		1,009,389		70,566,385
				697,703,031
Financial Services — 0.3%
MGIC Investment Corp.		534,579		7,949,190
Radian Group, Inc.		386,824		9,388,218
Western Union Co.		1,493,415		16,323,026
				33,660,434
Food Products — 0.6%
Campbell Soup Co.		341,098		18,521,622

Security	Shares		Value
Food Products (continued)
Flowers Foods, Inc.		377,765	$	10,392,315
Kellogg Co.		569,065		39,703,665
				68,617,602
Gas Utilities — 0.2%
National Fuel Gas Co.		183,650		10,266,035
New Jersey Resources Corp.		178,050		9,194,502
				19,460,537
Health Care Equipment & Supplies — 2.3%
Medtronic PLC		2,807,521		255,344,035
Hotels, Restaurants & Leisure — 0.3%
Darden Restaurants, Inc.		247,849		37,655,699
Household Durables — 0.3%
Garmin Ltd.		278,861		27,375,784
Household Products — 1.4%
Clorox Co.		234,843		38,894,698
Kimberly-Clark Corp.		770,115		111,581,962
Reynolds Consumer Products, Inc.		113,820		3,190,375
				153,667,035
Insurance — 0.2%
Axis Capital Holdings Ltd.		143,380		8,106,705
CNA Financial Corp.		68,122		2,650,627
Old Republic International Corp.		630,004		15,920,201
				26,677,533
IT Services — 3.2%
International Business Machines Corp.		2,837,190		358,649,188
Media — 2.9%
Comcast Corp., Class A		7,901,344		326,878,601
Metals & Mining — 0.2%
Southern Copper Corp.		276,743		21,262,165
Multi-Utilities — 2.5%
DTE Energy Co.		418,937		47,092,708
Public Service Enterprise Group, Inc.		1,112,159		70,288,449
Sempra Energy		589,756		91,701,160
WEC Energy Group, Inc.		671,970		64,623,355
				273,705,672
Oil, Gas & Consumable Fuels — 25.8%
Antero Midstream Corp.		1,771,269		19,058,854
Chevron Corp.		4,013,604		676,613,362
Coterra Energy, Inc.		5,191,699		132,907,494
Diamondback Energy, Inc.		679,812		96,669,266
DT Midstream, Inc.		297,406		14,653,194
EOG Resources, Inc.		1,001,565		119,656,971
Exxon Mobil Corp.		8,298,508		982,045,437
Kinder Morgan, Inc.		7,717,903		132,362,037
ONEOK, Inc.		1,549,400		101,346,254
Phillips 66		1,216,956		120,478,644
Pioneer Natural Resources Co.		1,617,056		351,790,533
Williams Cos., Inc.		4,150,940		125,607,444
				2,873,189,490
Pharmaceuticals — 14.4%
Bristol-Myers Squibb Co.		4,386,069		292,857,827
Johnson & Johnson		4,703,723		769,999,455
Pfizer, Inc.		13,970,036		543,294,700
				1,606,151,982

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) April 30, 2023 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 6.4%
Broadcom, Inc.		717,598	$	449,575,147
Texas Instruments, Inc.		1,555,259		260,039,305
				709,614,452
Trading Companies & Distributors — 0.3%
MSC Industrial Direct Co., Inc., Class A		106,637		9,675,175
Watsco, Inc.		64,760		22,431,569
				32,106,744
Total Long-Term Investments — 99.7% (Cost: $10,878,378,036)				11,109,004,735
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(a)(b)		22,682,184		22,682,184
Total Short-Term Securities — 0.2% (Cost: $22,682,184)				22,682,184
Total Investments — 99.9% (Cost: $10,901,060,220)				11,131,686,919
Other Assets Less Liabilities — 0.1%				5,977,866
Net Assets — 100.0%			$  11,137,664,785

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—		$	(22,951	)(b)	$	22,951	$	—	$	—		—	$	210,968	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,010,000		8,672,184	(b)		—			—		—		22,682,184		22,682,184		595,499			11
									$	22,951	$	—	$	22,682,184			$	806,467		$	11

^(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.

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) April 30, 2023 iShares^® Core High Dividend ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Consumer Staples Index		118		06/16/23	$	9,234	$	631,763
E-mini Dow Jones Industrial Average Index		67		06/16/23		11,457		568,214
E-mini Energy Select Sector Index		77		06/16/23		6,891		585,750
							$	1,785,727

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)	$	—	$	—	$	1,785,727	$	—	$	—	$	—	$	1,785,727

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

For the period ended April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(1,373,736	)	$	—	$	—	$	—	$	(1,373,736	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,405,406		$	—	$	—	$	—	$	1,405,406

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	29,818,559

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

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) April 30, 2023 iShares^® Core High Dividend 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	$	11,109,004,735	$	—	$	—	$	11,109,004,735
Short-Term Securities
Money Market Funds		22,682,184		—		—		22,682,184
	$	11,131,686,919	$	—	$	—	$	11,131,686,919
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,785,727	$	—	$	—	$	1,785,727

^(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 31

Schedule of Investments April 30, 2023 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.8%
Lockheed Martin Corp.		355,314	$	165,025,587
Automobiles — 1.4%
Ford Motor Co.		25,787,111		306,350,879
Banks — 10.5%
Citizens Financial Group, Inc.		7,113,533		220,092,711
Comerica, Inc.		3,506,206		152,064,154
Fifth Third Bancorp		7,255,041		190,082,074
First Horizon Corp.		7,639,443		134,072,225
FNB Corp.		9,549,410		109,627,227
Huntington Bancshares, Inc.		18,871,183		211,357,250
KeyCorp		17,439,596		196,369,851
New York Community Bancorp, Inc., Class A		18,517,276		197,949,680
Regions Financial Corp.		10,615,389		193,837,003
Truist Financial Corp.		6,815,296		222,042,344
U.S. Bancorp		5,954,255		204,111,861
United Bankshares, Inc.		3,630,906		120,291,916
Valley National Bancorp		11,476,996		107,654,222
				2,259,552,518
Beverages — 1.0%
Coca-Cola Co.		3,467,534		222,442,306
Biotechnology — 1.2%
Gilead Sciences, Inc.		3,127,683		257,126,819
Broadline Retail — 0.3%
Kohl’s Corp.		3,062,791		67,473,286
Capital Markets — 4.5%
Federated Hermes, Inc., Class B		2,144,386		88,756,136
Franklin Resources, Inc.		7,402,934		198,990,866
Invesco Ltd.		11,727,122		200,885,600
Janus Henderson Group PLC		3,476,639		90,218,782
Lazard Ltd., Class A		2,931,842		91,766,655
T Rowe Price Group, Inc.		2,597,882		291,820,085
				962,438,124
Chemicals — 2.7%
Chemours Co.		3,831,107		111,370,280
Huntsman Corp.		4,664,795		124,969,858
LyondellBasell Industries NV, Class A		3,558,932		336,710,557
				573,050,695
Consumer Staples Distribution & Retail — 1.7%
Walgreens Boots Alliance, Inc.		10,552,907		371,989,972
Containers & Packaging — 4.1%
International Paper Co.		8,899,691		294,668,769
Packaging Corp. of America		1,783,494		241,235,398
Sonoco Products Co.		2,500,995		151,610,317
Westrock Co.		6,428,085		192,392,584
				879,907,068
Distributors — 0.7%
Genuine Parts Co.		855,769		144,034,480
Diversified Consumer Services — 0.6%
H&R Block, Inc.		3,901,355		132,294,948
Diversified Telecommunication Services — 3.9%
AT&T Inc.		21,238,240		375,279,701
Verizon Communications, Inc.		12,065,678		468,510,277
				843,789,978
Electric Utilities — 15.4%
Alliant Energy Corp.		4,609,476		254,166,507

Security	Shares		Value
Electric Utilities (continued)
American Electric Power Co., Inc.		2,845,674	$	262,997,191
Edison International		4,393,136		323,334,810
Entergy Corp.		2,699,966		290,462,342
Eversource Energy		3,220,021		249,905,830
Exelon Corp.		5,819,664		246,986,540
FirstEnergy Corp.		6,689,928		266,259,134
IDACORP, Inc.		1,310,371		145,608,426
NextEra Energy, Inc.		2,383,680		182,661,398
NRG Energy, Inc.		5,636,885		192,612,361
OGE Energy Corp.		5,074,421		190,493,764
Pinnacle West Capital Corp.		2,738,840		214,889,386
PPL Corp.		8,844,081		254,002,006
Xcel Energy, Inc.		3,368,062		235,461,215
				3,309,840,910
Electrical Equipment — 0.8%
Emerson Electric Co.		1,977,719		164,664,884
Financial Services — 0.4%
Western Union Co.		8,566,884		93,636,042
Food Products — 2.2%
Conagra Brands, Inc.		6,799,740		258,118,131
General Mills, Inc.		2,310,494		204,779,083
				462,897,214
Gas Utilities — 1.9%
New Jersey Resources Corp.		2,450,472		126,542,374
Southwest Gas Holdings, Inc.		1,586,240		88,829,440
UGI Corp.		5,368,889		181,897,959
				397,269,773
Hotels, Restaurants & Leisure — 1.3%
McDonald’s Corp.		584,649		172,909,942
Wendy’s Co.		4,410,034		97,461,751
				270,371,693
Household Durables — 3.0%
Garmin Ltd.		2,041,799		200,443,408
Leggett & Platt, Inc.		3,485,141		112,604,906
Newell Brands, Inc.		10,407,608		126,452,437
Whirlpool Corp.		1,392,288		194,349,482
				633,850,233
Household Products — 1.4%
Kimberly-Clark Corp.		2,052,914		297,446,709
Insurance — 6.8%
Cincinnati Financial Corp.		1,451,135		154,458,809
Fidelity National Financial, Inc., Class A		7,412,558		263,071,683
MetLife, Inc.		2,821,637		173,050,997
Old Republic International Corp.		7,488,814		189,242,330
Principal Financial Group, Inc.		2,327,508		173,841,573
Prudential Financial, Inc.		3,553,986		309,196,782
Unum Group		4,534,273		191,346,321
				1,454,208,495
IT Services — 1.6%
International Business Machines Corp.		2,684,106		339,297,840
Media — 3.5%
Interpublic Group of Cos., Inc.		6,721,875		240,172,594
Omnicom Group, Inc.		2,311,401		209,343,589
Paramount Global, Class B, NVS		12,523,265		292,167,772
				741,683,955
Metals & Mining — 1.3%
Newmont Corp.		5,859,580		277,744,092

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) April 30, 2023 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities — 10.7%
Avista Corp.		1,734,605	$	76,444,042
Black Hills Corp.		1,660,116		108,388,974
CenterPoint Energy, Inc.		6,574,191		200,315,600
CMS Energy Corp.		3,725,858		231,971,919
Dominion Energy, Inc.		5,881,216		336,052,682
DTE Energy Co.		2,178,668		244,904,070
NiSource, Inc.		8,861,922		252,210,300
NorthWestern Corp.		1,488,345		87,246,784
Public Service Enterprise Group, Inc.		4,303,710		271,994,472
Sempra Energy		1,438,096		223,609,547
WEC Energy Group, Inc.		2,654,926		255,324,233
				2,288,462,623
Oil, Gas & Consumable Fuels — 5.7%
Chevron Corp.		1,552,047		261,644,083
Exxon Mobil Corp.		2,027,606		239,946,894
Marathon Petroleum Corp.		1,275,954		155,666,388
ONEOK, Inc.		5,857,730		383,154,120
Valero Energy Corp.		1,570,758		180,118,820
				1,220,530,305
Pharmaceuticals — 2.2%
Merck & Co., Inc.		1,709,151		197,355,666
Pfizer, Inc.		6,784,398		263,845,238
				461,200,904
Technology Hardware, Storage & Peripherals — 2.4%
HP, Inc.		8,471,897		251,700,060
Seagate Technology Holdings PLC		4,589,505		269,725,209
				521,425,269

Security	Shares		Value
Tobacco — 4.2%
Altria Group, Inc.		11,651,360	$	553,556,114
Philip Morris International, Inc.		3,524,286		352,322,871
				905,878,985
Trading Companies & Distributors — 1.6%
MSC Industrial Direct Co., Inc., Class A		1,186,095		107,614,399
Watsco, Inc.		706,022		244,551,901
				352,166,300
Total Long-Term Investments — 99.8% (Cost: $20,486,117,535)				21,378,052,886
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(a)(b)		30,848,274		30,848,274
Total Short-Term Securities — 0.1% (Cost: $30,848,274)				30,848,274
Total Investments — 99.9% (Cost: $20,516,965,809)				21,408,901,160
Other Assets Less Liabilities — 0.1%				13,486,358
Net Assets — 100.0%			$  21,422,387,518

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	24,690,000	$	6,158,274	(a)	$	—	$	—	$	—	$	30,848,274		30,848,274	$	1,131,705	$	31

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-mini Energy Select Sector Index		56		06/16/23	$	5,011	$	410,216
E-Mini Financial Select Sector Index		232		06/16/23		23,821		976,738
E-Mini Utilities Select Sector Index		197		06/16/23		13,768		742,601
							$	2,129,555

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) April 30, 2023 iShares^® Select Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	2,129,555	$	—	$	—	$	—	$	2,129,555

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

For the period ended April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(15,402,860	)	$	—	$	—	$	—	$	(15,402,860	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,993,958		$	—	$	—	$	—	$	2,993,958

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts
Average notional value of contracts — long	$	43,990,064

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	$	21,378,052,886	$	—	$	—	$	21,378,052,886
Short-Term Securities
Money Market Funds		30,848,274		—		—		30,848,274
	$	21,408,901,160	$	—	$	—	$	21,408,901,160
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	2,129,555	$	—	$	—	$	2,129,555

^(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

Statements of Assets and Liabilities

April 30, 2023

	iShares Core Dividend ETF			iShares Core Dividend Growth ETF		iShares Core High Dividend ETF			iShares Select Dividend ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	258,466,849		$	23,268,864,450	$	11,109,004,735		$	21,378,052,886
Investments, at value — affiliated(c)		2,182,745			210,086,797		22,682,184			30,848,274
Cash		27			1,788		3,019			11,220,584
Cash pledged:
Futures contracts		41,000			3,778,400		1,264,600			2,332,200
Receivables:
Investments sold		—			54,734		—			—
Securities lending income — affiliated		—			38,248		22,951			—
Capital shares sold		—			—		—			163,762
Dividends — unaffiliated		499,642			29,808,281		27,275,983			40,471,740
Dividends — affiliated		2,507			199,426		69,797			104,945
Variation margin on futures contracts		6,536			603,460		199,349			291,058
Total assets		261,199,306			23,513,435,584		11,160,522,618			21,463,485,449
LIABILITIES
Collateral on securities loaned		—			644,774		—			—
Payables:
Investments purchased		489,057			50,174		22,012,243			33,422,139
Capital shares redeemed		—			—		104,915			842,259
Investment advisory fees		10,768			1,537,601		740,675			6,833,533
Total liabilities		499,825			2,232,549		22,857,833			41,097,931
NET ASSETS	$	260,699,481		$	23,511,203,035	$	11,137,664,785		$	21,422,387,518
NET ASSETS CONSIST OF:
Paid-in capital	$	294,667,656		$	21,630,932,128	$	12,442,637,407		$	21,831,688,920
Accumulated earnings (loss)		(33,968,175	)		1,880,270,907		(1,304,972,622	)		(409,301,402	)
NET ASSETS	$	260,699,481		$	23,511,203,035	$	11,137,664,785		$	21,422,387,518
NET ASSET VALUE
Shares outstanding		6,950,000			462,050,000		108,400,000			182,150,000
Net asset value	$	37.51		$	50.88	$	102.75		$	117.61
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Investments, at cost — unaffiliated	$	265,454,374		$	20,203,860,587	$	10,878,378,036		$	20,486,117,535
(b) Securities loaned, at value	$	—		$	348,178	$	—		$	—
(c)  Investments, at cost — affiliated	$	2,339,779		$	193,856,412	$	22,682,184		$	30,848,274

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 35

Statements of Operations

Year Ended April 30, 2023

	iShares Core Dividend ETF			iShares Core Dividend Growth ETF			iShares Core High Dividend ETF			iShares Select Dividend ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	6,793,989		$	588,051,257		$	476,045,883		$	862,494,768
Dividends — affiliated		42,216			5,605,047			595,499			1,131,705
Securities lending income — affiliated — net		—			347,885			210,968			—
Foreign taxes withheld		(3,728	)		(80,601	)		—			—
Total investment income		6,832,477			593,923,588			476,852,350			863,626,473
EXPENSES
Investment advisory		372,214			18,664,673			9,692,306			84,438,799
Total expenses		372,214			18,664,673			9,692,306			84,438,799
Net investment income		6,460,263			575,258,915			467,160,044			779,187,674
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(23,615,437	)		(678,216,458	)		(582,942,404	)		(732,465,409	)
Investments — affiliated		(78,635	)		(8,262,192	)		22,951			—
Capital gain distributions from underlying funds — affiliated		—			39			11			31
Futures contracts		(120,194	)		(7,825,050	)		(1,373,736	)		(15,402,860	)
In-kind redemptions — unaffiliated(a)		11,185,142			933,269,271			771,503,706			1,432,050,704
In-kind redemptions — affiliated(a)		11,443			9,232,020			—			—
		(12,617,681	)		248,197,630			187,210,528			684,182,466
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(1,131,685	)		(87,340,574	)		(427,539,745	)		(1,830,426,503	)
Investments — affiliated		91,922			14,951,891			—			—
Futures contracts		77,277			6,667,797			1,405,406			2,993,958
		(962,486	)		(65,720,886	)		(426,134,339	)		(1,827,432,545	)
Net realized and unrealized gain (loss)		(13,580,167	)		182,476,744			(238,923,811	)		(1,143,250,079	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,119,904	)	$	757,735,659		$	228,236,233		$	(364,062,405	)

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

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares Core Dividend ETF						iShares Core Dividend Growth ETF
	Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/23			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,460,263		$	2,926,970		$	575,258,915		$	445,718,048
Net realized gain (loss)		(12,617,681	)		9,208,877			248,197,630			971,722,516
Net change in unrealized appreciation (depreciation)		(962,486	)		(19,291,256	)		(65,720,886	)		(933,077,494	)
Net increase (decrease) in net assets resulting from operations		(7,119,904	)		(7,155,409	)		757,735,659			484,363,070
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(6,069,221	)		(2,605,463	)		(566,321,278	)		(433,784,061	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		13,625,180			202,844,254			576,990,646			4,289,062,601
NET ASSETS
Total increase in net assets		436,055			193,083,382			768,405,027			4,339,641,610
Beginning of year		260,263,426			67,180,044			22,742,798,008			18,403,156,398
End of year	$	260,699,481		$	260,263,426		$	23,511,203,035		$	22,742,798,008

^(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 37

Statements of Changes in Net Assets (continued)

	iShares Core High Dividend ETF						iShares Select Dividend ETF
	Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/23			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	467,160,044		$	282,262,323		$	779,187,674		$	627,979,818
Net realized gain		187,210,528			479,090,410			684,182,466			1,169,713,678
Net change in unrealized appreciation (depreciation)		(426,134,339	)		55,124,197			(1,827,432,545	)		(420,759,814	)
Net increase (decrease) in net assets resulting from operations		228,236,233			816,476,930			(364,062,405	)		1,376,933,682
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(476,667,345	)		(262,993,551	)		(783,757,169	)		(605,570,050	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,755,194,226			2,238,090,827			908,270,822			2,395,005,483
NET ASSETS
Total increase (decrease) in net assets		1,506,763,114			2,791,574,206			(239,548,752	)		3,166,369,115
Beginning of year		9,630,901,671			6,839,327,465			21,661,936,270			18,495,567,155
End of year	$	11,137,664,785		$	9,630,901,671		$	21,422,387,518		$	21,661,936,270

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

See 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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core Dividend ETF
		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Net asset value, beginning of year		$	39.14		$	38.39		$	25.94		$	27.96		$	25.30
Net investment income(a)			0.96			0.77			0.70			0.64			0.61
Net realized and unrealized gain (loss)(b)			(1.68	)		0.68			12.43			(2.02	)		2.67
Net increase (decrease) from investment operations			(0.72	)		1.45			13.13			(1.38	)		3.28
Distributions(c)
From net investment income			(0.91	)		(0.70	)		(0.68	)		(0.64	)		(0.58	)
From net realized gain			—			—			—			—			(0.04	)
Total distributions			(0.91	)		(0.70	)		(0.68	)		(0.64	)		(0.62	)
Net asset value, end of year		$	37.51		$	39.14		$	38.39		$	25.94		$	27.96
Total Return(d)
Based on net asset value			(1.75	)%		3.71	%		51.33	%		(4.95	)%		13.21	%
Ratios to Average Net Assets(e)
Total expenses			0.15	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income			2.54	%		1.87	%		2.20	%		2.31	%		2.34	%
Supplemental Data
Net assets, end of year (000)		$	260,699		$	260,263		$	67,180		$	24,645		$	8,389
Portfolio turnover rate(f)			65	%		25	%		30	%		33	%		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.

F I N A N C I A L  H I G H L I G H T S 39

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core Dividend Growth ETF
		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Net asset value, beginning of year		$	50.58		$	49.87		$	36.39		$	38.13		$	33.86
Net investment income(a)			1.22			1.10			1.08			0.99			0.91
Net realized and unrealized gain (loss)(b)			0.28			0.68			13.44			(1.77	)		4.20
Net increase (decrease) from investment operations			1.50			1.78			14.52			(0.78	)		5.11
Distributions from net investment income(c)			(1.20	)		(1.07	)		(1.04	)		(0.96	)		(0.84	)
Net asset value, end of year		$	50.88		$	50.58		$	49.87		$	36.39		$	38.13
Total Return(d)
Based on net asset value			3.13	%		3.51	%		40.52	%		(2.05	)%		15.30	%
Ratios to Average Net Assets(e)
Total expenses			0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income			2.47	%		2.10	%		2.53	%		2.55	%		2.55	%
Supplemental Data
Net assets, end of year (000)		$	23,511,203		$	22,742,798		$	18,403,156		$	9,355,727		$	7,084,809
Portfolio turnover rate(f)			30	%		22	%		31	%		24	%		26	%

^(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.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core High Dividend ETF
		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Net asset value, beginning of year		$	103.67		$	95.59		$	81.85		$	95.42		$	84.44
Net investment income(a)			3.95			3.68			3.56			3.24			3.09
Net realized and unrealized gain (loss)(b)			(0.88	)		7.80			13.72			(13.51	)		11.01
Net increase (decrease) from investment operations			3.07			11.48			17.28			(10.27	)		14.10
Distributions from net investment income(c)			(3.99	)		(3.40	)		(3.54	)		(3.30	)		(3.12	)
Net asset value, end of year		$	102.75		$	103.67		$	95.59		$	81.85		$	95.42
Total Return(d)
Based on net asset value			3.16	%		12.21	%		21.70	%		(10.86	)%		17.05	%
Ratios to Average Net Assets(e)
Total expenses			0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income			3.86	%		3.68	%		4.13	%		3.53	%		3.48	%
Supplemental Data
Net assets, end of year (000)		$	11,137,665		$	9,630,902		$	6,839,327		$	6,036,798		$	7,175,741
Portfolio turnover rate(f)			74	%		74	%		75	%		62	%		57	%

^(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 41

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Select Dividend ETF
		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Net asset value, beginning of year		$	123.50		$	118.37		$	80.66		$	101.13		$	96.31
Net investment income(a)			4.24			3.91			3.51			3.51			3.31
Net realized and unrealized gain (loss)(b)			(5.87	)		4.97			37.74			(20.30	)		4.80
Net increase (decrease) from investment operations			(1.63	)		8.88			41.25			(16.79	)		8.11
Distributions from net investment income(c)			(4.26	)		(3.75	)		(3.54	)		(3.68	)		(3.29	)
Net asset value, end of year		$	117.61		$	123.50		$	118.37		$	80.66		$	101.13
Total Return(d)
Based on net asset value			(1.23	)%		7.63	%		52.54	%		(16.96	)%		8.63	%
Ratios to Average Net Assets(e)
Total expenses			0.38	%		0.38	%		0.38	%		0.39	%		0.39	%
Net investment income			3.52	%		3.23	%		3.78	%		3.60	%		3.40	%
Supplemental Data
Net assets, end of year (000)		$	21,422,388		$	21,666,936		$	18,495,567		$	13,257,023		$	17,585,695
Portfolio turnover rate(f)			15	%		15	%		55	%		6	%		21	%

^(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
Core Dividend(a)		Diversified
Core Dividend Growth		Diversified
Core High Dividend		Non-Diversified
Select Dividend		Diversified

^(a)  Formerly the iShares U.S. Dividend and Buyback ETF.

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 April 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the 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

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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.

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

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Notes to Financial Statements  (continued)

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
Core Dividend Growth
J.P. Morgan Securities LLC	$	348,178	$	(348,178	)	$	—		$	—

^(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
Core Dividend		0.05	%
Core Dividend Growth		0.08
Core High Dividend		0.08

Prior to October 25, 2022, BFA was entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the iShares Core Dividend ETF, based on the average daily net assets of the Fund.

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Notes to Financial Statements  (continued)

For its investment advisory services to the iShares Select Dividend ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $46 billion		0.4000	%
Over $46 billion, up to and including $81 billion		0.3800
Over $81 billion, up to and including $111 billion		0.3610
Over $111 billion, up to and including $141 billion		0.3430
Over $141 billion, up to and including $171 billion		0.3259
Over $171 billion		0.3096

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. Each Fund does not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the 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 April 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Core Dividend Growth	$	85,696
Core High Dividend		52,652

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

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

For the year ended April 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core Dividend	$	94,969,928	$	76,161,801	$	(16,925,550	)
Core Dividend Growth		1,285,177,404		1,174,612,485		(118,224,806	)
Core High Dividend		1,335,495,881		1,828,547,937		(85,312,331	)
Select Dividend		218,257,809		481,992,957		(136,150,018	)

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.

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Notes to Financial Statements  (continued)

7. PURCHASES AND SALES

For the year ended April 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core Dividend	$	165,564,826	$	165,098,872
Core Dividend Growth		7,043,976,956		7,040,017,858
Core High Dividend		8,866,749,370		8,856,148,451
Select Dividend		3,517,995,980		3,347,858,226

For the year ended April 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core Dividend	$	112,755,863	$	99,353,089
Core Dividend Growth		3,493,981,587		2,918,382,552
Core High Dividend		6,683,682,001		4,951,692,725
Select Dividend		5,436,041,407		4,698,943,404

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Core Dividend	$	11,113,666	$	(11,113,666	)
Core Dividend Growth		940,745,339		(940,745,339	)
Core High Dividend		768,374,830		(768,374,830	)
Select Dividend		1,420,840,792		(1,420,840,792	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended April 30, 2023		Year Ended April 30, 2022
Core Dividend
Ordinary income	$	6,069,221	$	2,605,463
Core Dividend Growth
Ordinary income	$	566,321,278	$	433,784,061
Core High Dividend
Ordinary income	$	476,667,345	$	262,993,551
Select Dividend
Ordinary income	$	783,757,169	$	605,570,050

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Notes to Financial Statements  (continued)

As of April 30, 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
Core Dividend	$	790,426	$	(27,102,633	)	$	(7,655,968	)	$	(33,968,175	)
Core Dividend Growth		46,746,271		(1,198,672,614	)		3,032,197,250			1,880,270,907
Core High Dividend		18,169,628		(1,517,558,189	)		194,415,939			(1,304,972,622	)
Select Dividend		26,626,240		(1,183,909,294	)		747,981,652			(409,301,402	)

(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, the characterization of corporate actions, the timing and recognition of partnership income and the timing and recognition of realized gains (losses) for tax purposes.

As of April 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core Dividend	$	268,305,562	$	9,192,641	$	(16,848,609	)	$	(7,655,968	)
Core Dividend Growth		20,446,753,997		3,567,284,035		(535,086,785	)		3,032,197,250
Core High Dividend		10,937,270,980		781,563,591		(587,147,652	)		194,415,939
Select Dividend		20,660,919,508		2,139,363,711		(1,391,382,059	)		747,981,652

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.

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Notes to Financial Statements  (continued)

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.

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.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

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 04/30/23						Year Ended 04/30/22
iShares ETF	Shares			Amount			Shares			Amount
Core Dividend
Shares sold		3,000,000		$	113,592,280			5,700,000		$	235,671,266
Shares redeemed		(2,700,000	)		(99,967,100	)		(800,000	)		(32,827,012	)
		300,000		$	13,625,180			4,900,000		$	202,844,254
Core Dividend Growth
Shares sold		70,700,000		$	3,514,986,304			121,400,000		$	6,428,227,610
Shares redeemed		(58,300,000	)		(2,937,995,658	)		(40,750,000	)		(2,139,165,009	)
		12,400,000		$	576,990,646			80,650,000		$	4,289,062,601
Core High Dividend
Shares sold		64,500,000		$	6,706,128,749			39,450,000		$	4,102,347,570
Shares redeemed		(49,000,000	)		(4,950,934,523	)		(18,100,000	)		(1,864,256,743	)
		15,500,000		$	1,755,194,226			21,350,000		$	2,238,090,827
Select Dividend
Shares sold		48,000,000		$	5,672,978,227			48,950,000		$	6,044,186,342
Shares redeemed		(41,250,000	)		(4,764,707,405	)		(29,800,000	)		(3,649,180,859	)
		6,750,000		$	908,270,822			19,150,000		$	2,395,005,483

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

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Notes to Financial Statements  (continued)

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 April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023 and each of the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

iShares Core Dividend ETF

iShares Core Dividend Growth ETF

iShares Core High Dividend ETF

iShares Select Dividend 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 April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 21, 2023

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

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated are qualified dividend income for individuals for the fiscal year ended April 30, 2023:

iShares ETF	Qualified Dividend Income
Core Dividend	$	6,495,642
Core Dividend Growth		588,412,433
Core High Dividend		469,772,321
Select Dividend		859,760,474

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2023:

iShares ETF	Qualified Business Income
Core Dividend	$	75,933

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Core Dividend		98.15	%
Core Dividend Growth		99.10
Core High Dividend		99.55
Select Dividend		100.00

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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 Core Dividend ETF, iShares Core Dividend Growth ETF, iShares Core High Dividend ETF and iShares Select Dividend 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, 2021 (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.

April 30, 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 High Dividend	$	3.987997	$	—	$	—	$	3.987997		100	%		—	%		—	%		100	%
Select Dividend		4.258177		—		—		4.258177		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 Select Dividend 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.

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

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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 Fund.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

iShares Select Dividend 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 Select Dividend 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.

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Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of April 30, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
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 (unaudited)  (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).

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 57

Trustee and Officer Information (unaudited)  (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.

58 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

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 59

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

60 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

Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©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-409-0423

APRIL 30, 2023

2023 Annual Report

iShares Trust

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

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

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

· iShares Morningstar Value ETF | ILCV | NYSE Arca

The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

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

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		8.63	%		2.66	%
U.S. small cap equities (Russell 2000® Index)		(3.45	)		(3.65	)
International equities (MSCI Europe, Australasia, Far East Index)		24.19			8.42
Emerging market equities (MSCI Emerging Markets Index)		16.36			(6.51	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.09			2.83
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		7.14			(1.68	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		6.91			(0.43	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.65			2.87
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.21			1.21

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		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		56
Statements of Operations		57
Statements of Changes in Net Assets		58
Financial Highlights		60
Notes to Financial Statements		64
Report of Independent Registered Public Accounting Firm		72
Important Tax Information		73
Statement Regarding Liquidity Risk Management Program		74
Supplemental Information		75
Trustee and Officer Information		76
General Information		79
Glossary of Terms Used in this Report		80

3

Market Overview  

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended April 30, 2023 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 1.50%. Despite headwinds, including elevated inflation and rapid tightening of monetary policy, equities were supported by the economy’s continued resilience. While inflation was high throughout the reporting period, the pace of inflationary growth slackened, driving investor optimism. Markets endured in the face of disruption from the banking industry late in the reporting period. In March 2023, two banks suddenly failed, representing the second and third largest bank failures in U.S. history by asset value and leading to concern about the stability of a third bank. However, government agencies acted swiftly to organize a sale of the failed banks’ assets and inject liquidity, and equity prices recovered.

Inflation was a significant driver of the economic outlook. As the reporting period began, the consumer price index, a widely followed measure of inflation, stood at a multi-decade high. Strong consumer spending and a tight labor market, along with continued supply chain disruptions in Asia, combined to drive prices higher. The rate of inflation began to decline beginning in July 2022, continuing to decelerate for 10 consecutive months. Nonetheless, inflation remained elevated by historic standards, and higher prices negatively impacted both consumers and businesses.

The U.S. economy recovered from a contraction in the first half of 2022 to post modest growth in the second half of 2022 and the first quarter of 2023. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest posted level since 1969. Furthermore, the labor force participation rate — which measures the total proportion of working age persons employed or looking for work — rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

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

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

4 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of April 30, 2023  iShares^® Morningstar Mid-Cap Value ETF

Investment Objective

The iShares Morningstar 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 Morningstar^® US Mid Cap Broad Value Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.60	)%		6.08	%		9.36	%		(2.60	)%		34.35	%		144.66	%
Fund Market		(2.65	)		6.10			9.36			(2.65	)		34.44			144.75
Index		(2.61	)		6.25			9.60			(2.61	)		35.38			150.14

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,023.10	$          0.31			$      1,000.00	$      1,024.49	$      0.30		0.06	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND    SUMMARY 5

Fund Summary as of April 30, 2023 (continued) iShares^® Morningstar Mid-Cap Value ETF

Portfolio Management Commentary

Value-oriented mid-capitalization U.S. stocks declined for the reporting period, as slower economic growth and elevated inflation and interest rates precipitated a shift toward larger, less expensive stocks and away from smaller and less liquid stocks. The real estate sector detracted the most from the Index’s return, as higher interest rates and changing usage patterns weighed on equity real estate investment trusts (“REITs”). REITs typically take on substantial debt to finance the purchase of the properties they manage, and higher interest rates made financing more expensive for REITs. Furthermore, higher interest rates meant increased bond yields, making dividend yields from REITs comparatively less attractive to income-oriented investors.

The financials sector detracted significantly from the Index’s performance amid tightening financial conditions. 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 in the banking industry. Bank stocks were further pressured late in the reporting period after the sudden failure of two regional banks.

The materials sector also detracted notably, led by the chemicals industry. As the price of food commodities declined from the highs reached immediately following Russia’s invasion of Ukraine, makers of fertilizer products faced headwinds. The containers and packaging industry also declined amid softening demand for containerboard.

On the upside, industrials stocks contributed the most to the Index’s return, as the capital goods industry benefited from government incentives that encouraged investments in additional industrial capacity. Pandemic-related supply chain disruptions led some manufacturers to add domestic production capacity to increase speed and flexibility. The machinery industry was a notable source of strength, as the manufacturing resurgence drove strong demand for industrial machinery, enabling significant price increases.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials		15.7%
Industrials		12.5
Utilities		12.2
Materials		10.6
Consumer Discretionary		10.6
Real Estate		9.3
Health Care		9.0
Information Technology		7.2
Consumer Staples		6.0
Energy		4.3
Communication Services		2.6

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Biogen, Inc.		1.2%
Dow, Inc.		1.0
Xcel Energy, Inc.		1.0
Newmont Corp.		1.0
Simon Property Group, Inc.		1.0
Consolidated Edison, Inc.		0.9
DR Horton, Inc.		0.9
Cummins, Inc.		0.9
PPG Industries, Inc.		0.9
DuPont de Nemours, Inc.		0.8

^(a)  Excludes money market funds.

6 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of April 30, 2023 iShares^® Morningstar Small-Cap ETF

Investment Objective

The iShares Morningstar 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 Morningstar^® US Small Cap Extended Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.85	)%		3.33	%		7.13	%		(2.85	)%		17.79	%		99.04	%
Fund Market		(3.00	)		3.27			7.09			(3.00	)		17.46			98.44
Index		(3.06	)		3.35			7.19			(3.06	)		17.90			100.29

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      995.70	$          0.20			$      1,000.00	$      1,024.60	$      0.20		0.04	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND    SUMMARY 7

Fund Summary as of April 30, 2023 (continued) iShares^® Morningstar Small-Cap ETF

Portfolio Management Commentary

Small-capitalization U.S. stocks declined for the reporting period, as slower economic growth and elevated inflation and interest rates precipitated a shift toward larger, less expensive stocks and away from smaller and less liquid stocks. The real estate sector detracted the most from the Index’s return, as higher interest rates and changing usage patterns weighed on stocks in the sector. Equity real estate investment trusts (“REITs”) were the largest source of weakness. REITs typically take on substantial debt in order to finance the purchase of the properties they manage, and higher interest rates made financing more expensive for REITs. Furthermore, higher interest rates meant increased bond yields, making dividend yields from REITs comparatively less attractive to income-oriented investors, although many REITs raised dividends during the reporting period.

The financials sector detracted significantly from the Index’s performance 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 liquidation of a key bank for cryptocurrency firms followed by the sudden failure of two regional banks.

On the upside, industrials stocks contributed the most to the Index’s return, as the capital goods industry benefited from government incentives that encouraged investments in additional industrial capacity. Furthermore, some manufacturers added domestic production capacity following pandemic-related supply chain disruptions. The machinery industry was a notable source of strength, as the manufacturing resurgence drove strong demand for industrial machinery, enabling significant price increases.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Industrials		18.2%
Financials		15.7
Health Care		15.2
Consumer Discretionary		14.1
Information Technology		12.3
Real Estate		5.7
Materials		5.3
Energy		4.0
Consumer Staples		3.6
Communication Services		3.3
Utilities		2.6

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Exact Sciences Corp.		0.4%
Lattice Semiconductor Corp.		0.3
Penumbra, Inc.		0.3
DraftKings, Inc., Class A		0.3
RenaissanceRe Holdings Ltd.		0.3
Masimo Corp.		0.3
Royal Gold, Inc.		0.3
Dick’s Sporting Goods, Inc.		0.3
EMCOR Group, Inc.		0.3
Iridium Communications, Inc.		0.2

^(a)  Excludes money market funds.

8 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of April 30, 2023  iShares^® Morningstar U.S. Equity ETF

Investment Objective

The iShares Morningstar U.S. Equity ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Morningstar^® US Large-Mid Cap Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that re 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		1.77	%		10.38	%		11.31	%		1.77	%		63.86	%		191.90	%
Fund Market		1.84			10.38			11.31			1.84			63.82			191.93
Index		1.78			10.52			11.49			1.78			64.87			196.81

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,081.90	$          0.16			$      1,000.00	$      1,024.64	$      0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND    SUMMARY 9

Fund Summary as of April 30, 2023 (continued) iShares^® Morningstar U.S. Equity ETF

Portfolio Management Commentary

Large- and mid-capitalization U.S. stocks advanced for the reporting period, as slower economic growth and elevated inflation and interest rates precipitated a shift toward larger, less expensive stocks and away from smaller and less liquid stocks. The information technology sector contributed the most to the Index’s return. The semiconductors and semiconductor equipment industry advanced strongly amid optimism about the impact of artificial intelligence (“AI”) applications. The launch and rapid growth of a prominent, consumer-facing AI product captured investors’ attention. Because AI products require substantial computational resources, analysts considered certain semiconductor makers well positioned to benefit from continued AI growth. Late in the reporting period, a series of partnerships between chipmakers and AI companies solidified investors’ optimism. The technology hardware, storage, and peripherals industry also gained amid resilient sales of premium smartphones and rising demand in Asia. Higher revenue from services also boosted earnings, as a large and growing installed base of devices provided a significant pool of customers for advertising and subscription products.

The energy sector also contributed significantly to the Index’s return. The price of oil and natural gas surged following 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.

On the downside, the consumer discretionary sector detracted the most from the Index’s return, as elevated inflation drove up costs for companies and consumer spending growth tapered off. Stocks in the automobiles industry declined amid concerns about the market for electric vehicles (“EVs”) in the weakening economy. While EV sales continued to grow, production did not meet analysts’ expectations, and price discounts negatively impacted revenues. Increased competition also weighed on the industry, as more automakers expanded their EV offerings.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Information Technology	25.6%
Health Care	14.2
Financials	13.3
Consumer Discretionary	10.1
Industrials	8.9
Communication Services	8.0
Consumer Staples	7.0
Energy	4.7
Real Estate	2.8
Utilities	2.8
Materials	2.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.	6.8%
Microsoft Corp.	6.2
Amazon.com, Inc.	2.5
NVIDIA Corp.	1.8
Alphabet, Inc., Class A	1.7
Berkshire Hathaway, Inc., Class B	1.6
Alphabet, Inc., Class C, NVS	1.5
Meta Platforms, Inc., Class A	1.4
Exxon Mobil Corp.	1.3
UnitedHealth Group, Inc.	1.2

10 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of April 30, 2023 iShares^® Morningstar Value ETF

Investment Objective

The iShares Morningstar 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 Morningstar^® US Large-Mid Cap Broad Value Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.53	%		8.02	%		8.97	%		2.53	%		47.09	%		135.99	%
Fund Market		2.49			8.02			8.97			2.49			47.09			136.17
Index		2.56			8.19			9.18			2.56			48.25			140.78

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,050.20	$          0.20			$      1,000.00	$      1,024.60	$      0.20		0.04	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 11

Fund Summary as of April 30, 2023 (continued) iShares^® Morningstar Value ETF

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks gained for the reporting period, as slower economic growth and elevated inflation and interest rates precipitated a shift toward larger, less expensive stocks and away from smaller and less liquid stocks. The energy sector contributed the most to the Index’s return. The price of oil and natural gas surged following 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. A sharp reduction in Russian gas exports to Europe benefited U.S. gas producers, who increased their European exports.

The communication services sector also contributed to the Index’s return amid strength in the interactive media and services industry. Cost-cutting measures reassured investors who were concerned about bloated expenses. New investments in artificial intelligence technologies drove optimism about improved advertising services, and active user growth helped reverse declining revenues.

The consumer discretionary sector also contributed. Periodic rebalancing of the Index meant that the Index added to a position in the internet and direct marketing retail industry, which subsequently advanced amid an increased focus on managing costs.

On the downside, the information technology sector detracted from the Index’s performance. Periodic rebalancing of the Index meant that the Index held a technology hardware, storage, and peripherals stock for an interval when it was declining and subsequently sold the stock. During this interval, the stock faced headwinds due to production disruptions in Chinese factories following the implementation of COVID-19 protocols.

The real estate sector also detracted, particularly equity real estate investment trusts (“REITs”). REITs typically take on substantial debt to finance the purchase of the properties they manage, and higher interest rates made financing more expensive.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials	18.2%
Health Care	15.1
Industrials	10.8
Consumer Staples	10.5
Communication Services	9.6
Information Technology	8.8
Consumer Discretionary	8.5
Energy	7.3
Utilities	5.0
Materials	3.6
Real Estate	2.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Berkshire Hathaway, Inc., Class B	3.3%
Meta Platforms, Inc., Class A	2.9
Exxon Mobil Corp.	2.7
Amazon.com, Inc.	2.5
Johnson & Johnson	2.4
JPMorgan Chase & Co.	2.2
Procter & Gamble Co.	2.0
AbbVie, Inc.	1.5
Alphabet, Inc., Class A	1.4
Alphabet, Inc., Class C, NVS	1.2

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 April 30, 2023 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Textron, Inc.		10,386	$	695,239
TransDigm Group, Inc.		2,852		2,181,780
				2,877,019
Air Freight & Logistics — 0.7%
CH Robinson Worldwide, Inc.(a)		10,060		1,014,752
Expeditors International of Washington, Inc.(a)		21,747		2,475,679
				3,490,431
Automobile Components — 0.6%
Aptiv PLC(b)		14,895		1,532,100
BorgWarner, Inc.		21,514		1,035,469
Lear Corp.		4,548		580,597
				3,148,166
Banks — 4.0%
BOK Financial Corp.		3,948		331,119
Citizens Financial Group, Inc.		67,327		2,083,097
Comerica, Inc.		12,196		528,941
Commerce Bancshares, Inc.		10,744		600,053
Cullen/Frost Bankers, Inc.		5,568		613,872
East West Bancorp, Inc.		19,315		998,392
Fifth Third Bancorp		93,380		2,446,556
First Citizens BancShares, Inc., Class A		850		856,103
First Horizon Corp.		73,324		1,286,836
Huntington Bancshares, Inc.		197,210		2,208,752
KeyCorp		127,678		1,437,654
M&T Bank Corp.		23,131		2,909,880
Regions Financial Corp.		127,628		2,330,487
Webster Financial Corp.		23,864		890,127
Western Alliance Bancorp		9,183		340,873
Zions Bancorp N.A		20,572		573,136
				20,435,878
Beverages — 0.3%
Molson Coors Beverage Co., Class B		25,631		1,524,532
Biotechnology — 1.6%
Biogen, Inc.(b)		19,677		5,986,334
Horizon Therapeutics PLC(b)		12,740		1,416,178
United Therapeutics Corp.(b)		4,206		967,927
				8,370,439
Broadline Retail — 1.1%
Coupang, Inc., Class A(b)		139,561		2,339,042
eBay, Inc.		74,151		3,442,831
				5,781,873
Building Products — 2.5%
A O Smith Corp.		9,618		656,813
Allegion PLC		6,587		727,732
Builders FirstSource, Inc.(b)		12,187		1,154,962
Carlisle Cos., Inc.		2,380		513,723
Carrier Global Corp.		77,234		3,229,926
Fortune Brands Innovations, Inc.		17,577		1,137,056
Lennox International, Inc.		2,273		640,782
Masco Corp.		30,813		1,648,804
Owens Corning		8,719		931,276
Trane Technologies PLC		13,414		2,492,455
				13,133,529
Capital Markets — 4.4%
Ameriprise Financial, Inc.		8,599		2,623,727
Bank of New York Mellon Corp.		100,505		4,280,508
Carlyle Group, Inc.		29,968		908,929

Security	Shares		Value
Capital Markets (continued)
Coinbase Global, Inc., Class A(a)(b)		21,778	$	1,171,439
Franklin Resources, Inc.		39,076		1,050,363
Invesco Ltd.		62,328		1,067,679
Jefferies Financial Group, Inc.		24,804		794,472
Nasdaq, Inc.		24,247		1,342,556
Northern Trust Corp.		28,481		2,226,075
SEI Investments Co.		6,383		376,022
State Street Corp.		47,691		3,446,152
T Rowe Price Group, Inc.		30,649		3,442,802
				22,730,724
Chemicals — 5.6%
Celanese Corp., Class A		13,649		1,450,070
CF Industries Holdings, Inc.		26,817		1,919,561
Dow, Inc.		96,317		5,239,645
DuPont de Nemours, Inc.		62,599		4,364,402
Eastman Chemical Co.		16,262		1,370,399
FMC Corp.		11,076		1,368,772
International Flavors & Fragrances, Inc.		34,839		3,377,990
LyondellBasell Industries NV, Class A		22,512		2,129,860
Mosaic Co.		46,535		1,994,025
Olin Corp.		6,811		377,329
PPG Industries, Inc.		32,114		4,504,310
RPM International, Inc.		6,712		550,585
Westlake Corp.		2,262		257,370
				28,904,318
Communications Equipment — 0.4%
F5, Inc.(b)		4,726		634,985
Juniper Networks, Inc.		44,325		1,336,399
				1,971,384
Construction & Engineering — 0.4%
AECOM		9,954		826,680
Quanta Services, Inc.		7,708		1,307,585
				2,134,265
Consumer Finance — 0.8%
Ally Financial, Inc.		41,033		1,082,450
Discover Financial Services		14,263		1,475,793
Synchrony Financial		59,762		1,763,577
				4,321,820
Consumer Staples Distribution & Retail — 1.9%
Albertsons Cos., Inc., Class A		22,010		460,009
BJ’s Wholesale Club Holdings, Inc.(b)		10,695		816,777
Casey’s General Stores, Inc.		2,058		470,912
Kroger Co.		89,009		4,328,508
U.S. Foods Holding Corp.(b)		13,951		535,718
Walgreens Boots Alliance, Inc.		97,819		3,448,120
				10,060,044
Containers & Packaging — 2.3%
Amcor PLC		202,581		2,222,314
AptarGroup, Inc.		4,747		562,567
Avery Dennison Corp.		5,325		929,106
Ball Corp.		42,901		2,281,475
Crown Holdings, Inc.		9,272		795,352
International Paper Co.		48,636		1,610,338
Packaging Corp. of America		12,653		1,711,445
Sealed Air Corp.		12,983		623,054
Westrock Co.		34,931		1,045,485
				11,781,136
Distributors — 0.7%
Genuine Parts Co.		10,903		1,835,084

14 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Distributors (continued)
LKQ Corp.		22,967	$	1,325,885
Pool Corp.		1,853		650,996
				3,811,965
Diversified Consumer Services — 0.1%
ADT, Inc.		28,950		193,965
Service Corp. International		7,986		560,537
				754,502
Diversified REITs — 0.4%
WP Carey, Inc.		28,788		2,136,070
Diversified Telecommunication Services — 0.1%
Lumen Technologies, Inc.		126,333		299,409
Electric Utilities — 6.3%
Alliant Energy Corp.		34,321		1,892,460
Avangrid, Inc.		9,566		385,127
Edison International		52,180		3,840,448
Entergy Corp.		27,804		2,991,154
Evergy, Inc.		31,380		1,949,012
Eversource Energy		47,594		3,693,770
FirstEnergy Corp.		74,220		2,953,956
NRG Energy, Inc.		14,113		482,241
OGE Energy Corp.		27,431		1,029,760
PG&E Corp.(b)		220,000		3,764,200
Pinnacle West Capital Corp.		15,427		1,210,403
PPL Corp.		100,612		2,889,577
Xcel Energy, Inc.		74,777		5,227,660
				32,309,768
Electrical Equipment — 0.7%
Generac Holdings, Inc.(a)(b)		4,396		449,359
Regal Rexnord Corp.		9,018		1,173,783
Rockwell Automation, Inc.		6,258		1,773,580
				3,396,722
Electronic Equipment, Instruments & Components — 1.3%
Arrow Electronics, Inc.(b)		7,990		914,296
Corning, Inc.		71,701		2,381,907
Flex Ltd.(a)(b)		39,993		822,656
Jabil, Inc.		7,029		549,316
TD SYNNEX Corp.		5,720		509,309
Trimble, Inc.(b)		14,164		667,124
Zebra Technologies Corp., Class A(b)		2,697		776,817
				6,621,425
Energy Equipment & Services — 0.9%
Baker Hughes Co., Class A		56,047		1,638,814
Halliburton Co.		60,602		1,984,715
NOV, Inc.		53,838		901,787
				4,525,316
Entertainment — 0.5%
Electronic Arts, Inc.		14,762		1,878,908
Liberty Media Corp. - Liberty Formula One, Class A(b)		1,359		88,036
Liberty Media Corp. - Liberty Formula One, Class C, NVS(b)		11,844		855,018
				2,821,962
Financial Services — 1.3%
Apollo Global Management, Inc.		24,583		1,558,316
Equitable Holdings, Inc.		47,181		1,226,234
FleetCor Technologies, Inc.(b)		5,042		1,078,585
Global Payments, Inc.		19,964		2,250,142
WEX, Inc.(b)		2,465		437,168
				6,550,445

Security	Shares		Value
Food Products — 3.2%
Bunge Ltd.		20,479	$	1,916,835
Campbell Soup Co.		27,450		1,490,535
Conagra Brands, Inc.		65,127		2,472,221
Darling Ingredients, Inc.(b)		13,397		798,059
Hormel Foods Corp.		19,052		770,463
J M Smucker Co.		14,574		2,250,371
Kellogg Co.		34,975		2,440,206
McCormick & Co., Inc., NVS		19,894		1,747,688
Tyson Foods, Inc., Class A		39,027		2,438,797
				16,325,175
Gas Utilities — 0.4%
Atmos Energy Corp.		12,078		1,378,583
UGI Corp.		28,777		974,965
				2,353,548
Ground Transportation — 0.3%
Avis Budget Group, Inc.(b)		3,422		604,565
Hertz Global Holdings, Inc.(b)		12,846		214,271
Knight-Swift Transportation Holdings, Inc.		13,553		763,305
U-Haul Holding Co.		929		56,725
				1,638,866
Health Care Equipment & Supplies — 2.3%
Baxter International, Inc.		68,959		3,287,965
Cooper Cos., Inc.		2,696		1,028,389
DENTSPLY SIRONA, Inc.		29,413		1,233,287
Hologic, Inc.(b)		14,629		1,258,241
Teleflex, Inc.		3,414		930,383
Zimmer Biomet Holdings, Inc.		28,675		3,969,767
				11,708,032
Health Care Providers & Services — 3.2%
AmerisourceBergen Corp.		22,109		3,688,887
Cardinal Health, Inc.		35,204		2,890,248
Chemed Corp.		1,071		590,389
DaVita, Inc.(b)		7,493		677,067
Henry Schein, Inc.(a)(b)		18,543		1,498,460
Laboratory Corp. of America Holdings		12,107		2,744,778
Molina Healthcare, Inc.(b)		3,036		904,394
Quest Diagnostics, Inc.		15,170		2,105,748
Universal Health Services, Inc., Class B		8,793		1,322,027
				16,421,998
Health Care REITs — 1.4%
Healthpeak Properties, Inc.		35,777		786,021
Medical Properties Trust, Inc.		81,670		716,246
Omega Healthcare Investors, Inc.		32,122		859,585
Ventas, Inc.		36,302		1,744,311
Welltower, Inc.		39,998		3,168,641
				7,274,804
Hotels, Restaurants & Leisure — 2.5%
Aramark		20,961		727,347
Carnival Corp.(a)(b)		0		—
Carnival Corp.(b)		136,638		1,258,436
Darden Restaurants, Inc.		9,779		1,485,723
Domino’s Pizza, Inc.		1,642		521,286
Expedia Group, Inc.(b)		20,211		1,899,026
Las Vegas Sands Corp.(b)		18,236		1,164,369
Norwegian Cruise Line Holdings Ltd.(a)(b)		57,782		771,390
Royal Caribbean Cruises Ltd.(b)		14,203		929,302
Wyndham Hotels & Resorts, Inc.		4,202		286,660
Wynn Resorts Ltd.(b)		14,108		1,612,262
Yum! Brands, Inc.		15,479		2,176,038
				12,831,839

SCHEDULES   OF   INVESTMENTS 15

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables — 2.9%
DR Horton, Inc.		42,699	$	4,689,204
Garmin Ltd.		20,959		2,057,545
Lennar Corp., Class A		22,926		2,586,282
Lennar Corp., Class B		1,313		128,438
NVR, Inc.(b)		413		2,411,920
PulteGroup, Inc.		30,846		2,071,309
Whirlpool Corp.		7,471		1,042,877
				14,987,575
Household Products — 0.6%
Church & Dwight Co., Inc.		18,380		1,785,065
Clorox Co.		6,830		1,131,185
				2,916,250
Independent Power and Renewable Electricity Producers — 0.6%
AES Corp.		91,278		2,159,638
Vistra Corp.		31,027		740,304
				2,899,942
Industrial REITs — 0.2%
Americold Realty Trust, Inc.		36,916		1,092,344
Insurance — 5.0%
Allstate Corp.		35,937		4,160,067
American Financial Group, Inc.		5,771		708,275
Arch Capital Group Ltd.(b)		28,407		2,132,513
Assurant, Inc.		5,713		703,442
Cincinnati Financial Corp.		14,190		1,510,384
CNA Financial Corp.		3,713		144,473
Everest Re Group Ltd.		3,639		1,375,542
Fidelity National Financial, Inc., Class A		36,960		1,311,710
Globe Life, Inc.		12,382		1,343,695
Hartford Financial Services Group, Inc.		43,056		3,056,545
Lincoln National Corp.		21,290		462,632
Loews Corp.		26,686		1,536,313
Old Republic International Corp.		37,819		955,686
Principal Financial Group, Inc.		31,095		2,322,485
Reinsurance Group of America, Inc.		9,130		1,299,382
Unum Group		25,629		1,081,544
Willis Towers Watson PLC		6,632		1,535,971
				25,640,659
IT Services — 1.1%
Akamai Technologies, Inc.(a)(b)		10,985		900,440
Cognizant Technology Solutions Corp., Class A		69,551		4,152,890
DXC Technology Co.(b)		31,216		744,502
				5,797,832
Leisure Products — 0.3%
Hasbro, Inc.		17,801		1,054,175
Mattel, Inc.(b)		25,303		455,454
				1,509,629
Life Sciences Tools & Services — 0.7%
Avantor, Inc.(b)		33,677		656,028
PerkinElmer, Inc.		17,263		2,252,649
Waters Corp.(b)		2,885		866,538
				3,775,215
Machinery — 4.5%
AGCO Corp.		8,485		1,051,631
Cummins, Inc.		19,307		4,537,917
Dover Corp.		9,467		1,383,697
Fortive Corp.		20,145		1,270,948
Middleby Corp.(b)		4,148		584,370
Otis Worldwide Corp.		35,381		3,017,999
PACCAR, Inc.		32,927		2,459,318

Security	Shares		Value
Machinery (continued)
Parker-Hannifin Corp.		9,132	$	2,966,804
Pentair PLC		22,428		1,302,618
Snap-on, Inc.		7,265		1,884,614
Stanley Black & Decker, Inc.		20,239		1,747,435
Westinghouse Air Brake Technologies Corp.		9,998		976,505
				23,183,856
Media — 2.0%
Fox Corp., Class A, NVS		40,484		1,346,498
Fox Corp., Class B		18,793		573,938
Interpublic Group of Cos., Inc.		53,113		1,897,728
Liberty Media Corp. - Liberty SiriusXM, Class A(a)(b)		10,285		289,009
Liberty Media Corp. - Liberty SiriusXM, Class C, NVS(b)		20,862		582,884
News Corp., Class A, NVS		52,134		918,080
News Corp., Class B		16,270		288,793
Omnicom Group, Inc.		27,699		2,508,698
Paramount Global, Class A(a)		1,442		38,155
Paramount Global, Class B, NVS		69,086		1,611,776
Sirius XM Holdings, Inc.(a)		46,749		177,646
				10,233,205
Metals & Mining — 2.7%
Alcoa Corp.		24,256		900,868
Cleveland-Cliffs, Inc.(a)(b)		70,259		1,080,584
Newmont Corp.		108,458		5,140,909
Nucor Corp.		15,318		2,269,821
Reliance Steel & Aluminum Co.		8,023		1,988,099
Steel Dynamics, Inc.		22,791		2,369,125
				13,749,406
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Annaly Capital Management, Inc.		64,123		1,281,178
Multi-Utilities — 4.5%
Ameren Corp.		23,217		2,065,616
CenterPoint Energy, Inc.		58,522		1,783,165
CMS Energy Corp.		26,295		1,637,127
Consolidated Edison, Inc.		48,489		4,774,712
DTE Energy Co.		26,473		2,975,830
NiSource, Inc.		55,557		1,581,152
Public Service Enterprise Group, Inc.		68,178		4,308,850
WEC Energy Group, Inc.		43,102		4,145,119
				23,271,571
Office REITs — 0.5%
Alexandria Real Estate Equities, Inc.		12,128		1,506,055
Boston Properties, Inc.		19,582		1,044,896
				2,550,951
Oil, Gas & Consumable Fuels — 3.4%
Antero Resources Corp.(a)(b)		37,861		870,424
APA Corp.		20,438		753,140
Chesapeake Energy Corp.		14,708		1,216,058
Coterra Energy, Inc.		54,687		1,399,987
Diamondback Energy, Inc.		25,112		3,570,926
EQT Corp.		24,772		863,057
HF Sinclair Corp.		12,320		543,435
Marathon Oil Corp.		43,707		1,055,961
Matador Resources Co.		5,201		255,005
Murphy Oil Corp.		11,015		404,361
ONEOK, Inc.		61,073		3,994,785
Ovintiv, Inc.		16,885		609,211
Range Resources Corp.		17,489		462,584

16 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Co.(b)		98,078	$	509,025
Targa Resources Corp.		13,306		1,005,002
				17,512,961
Passenger Airlines — 1.0%
American Airlines Group, Inc.(b)		41,828		570,534
Delta Air Lines, Inc.(a)(b)		45,327		1,555,169
Southwest Airlines Co.		37,844		1,146,295
United Airlines Holdings, Inc.(a)(b)		44,693		1,957,553
				5,229,551
Pharmaceuticals — 1.1%
Catalent, Inc.(a)(b)		10,993		550,969
Jazz Pharmaceuticals PLC(b)		8,586		1,206,076
Organon & Co.		34,899		859,562
Royalty Pharma PLC, Class A		50,661		1,780,734
Viatris, Inc.		165,867		1,547,539
				5,944,880
Professional Services — 1.8%
Booz Allen Hamilton Holding Corp., Class A		7,421		710,338
Clarivate PLC(a)(b)		31,489		278,993
Concentrix Corp.		3,447		332,670
Equifax, Inc.		5,594		1,165,678
Genpact Ltd.		11,226		500,118
Jacobs Solutions, Inc.		9,797		1,131,162
Leidos Holdings, Inc.		18,693		1,743,309
Robert Half International, Inc.		14,752		1,076,896
SS&C Technologies Holdings, Inc.		29,973		1,754,619
TransUnion		10,413		716,518
				9,410,301
Real Estate Management & Development — 0.6%
CBRE Group, Inc., Class A(b)		29,029		2,225,363
Jones Lang LaSalle, Inc.(a)(b)		6,509		905,011
				3,130,374
Residential REITs — 1.3%
American Homes 4 Rent, Class A		15,561		517,559
AvalonBay Communities, Inc.		7,690		1,387,045
Equity LifeStyle Properties, Inc.		8,900		613,210
Equity Residential		18,190		1,150,518
Essex Property Trust, Inc.		5,104		1,121,502
Mid-America Apartment Communities, Inc.		7,604		1,169,495
UDR, Inc.		16,843		696,121
				6,655,450
Retail REITs — 2.4%
Brixmor Property Group, Inc.		28,091		599,181
Federal Realty Investment Trust		4,367		431,853
Kimco Realty Corp.		84,597		1,623,416
National Retail Properties, Inc.		24,879		1,082,236
Realty Income Corp.		48,159		3,026,312
Regency Centers Corp.		12,593		773,588
Simon Property Group, Inc.		44,675		5,062,571
				12,599,157
Semiconductors & Semiconductor Equipment — 1.9%
First Solar, Inc.(b)		13,548		2,473,594
Microchip Technology, Inc.		44,240		3,229,077
Qorvo, Inc.(b)		13,619		1,254,037
Skyworks Solutions, Inc.		14,882		1,576,004
Teradyne, Inc.		8,357		763,663
Wolfspeed, Inc.(a)(b)		9,414		438,222
				9,734,597

Security	Shares		Value
Software — 0.3%
Gen Digital, Inc.		77,557	$	1,370,432
Specialized REITs — 2.4%
CubeSmart		10,898		495,750
Digital Realty Trust, Inc.		18,425		1,826,839
Gaming & Leisure Properties, Inc.		24,196		1,258,192
Iron Mountain, Inc.		24,411		1,348,464
Lamar Advertising Co., Class A		8,232		869,958
Life Storage, Inc.		4,676		628,361
VICI Properties, Inc.		92,278		3,131,915
Weyerhaeuser Co.		100,131		2,994,918
				12,554,397
Specialty Retail — 1.8%
Advance Auto Parts, Inc.		8,124		1,019,806
Bath & Body Works, Inc.		31,145		1,093,190
Best Buy Co., Inc.		26,920		2,006,078
Burlington Stores, Inc.(b)		4,031		777,217
CarMax, Inc.(a)(b)		21,619		1,513,979
GameStop Corp., Class A(a)(b)		34,470		664,926
Murphy U.S.A., Inc.		1,761		484,680
Penske Automotive Group, Inc.(a)		3,418		473,666
Williams-Sonoma, Inc.		9,120		1,103,885
				9,137,427
Technology Hardware, Storage & Peripherals — 2.3%
Dell Technologies, Inc., Class C		33,037		1,436,779
Hewlett Packard Enterprise Co.		175,151		2,508,162
HP, Inc.		118,098		3,508,692
NetApp, Inc.		19,608		1,233,147
Seagate Technology Holdings PLC		26,261		1,543,359
Western Digital Corp.(b)		43,673		1,504,098
				11,734,237
Textiles, Apparel & Luxury Goods — 0.5%
Tapestry, Inc.		32,189		1,313,633
VF Corp.		45,381		1,066,907
				2,380,540
Water Utilities — 0.4%
American Water Works Co., Inc.		10,047		1,489,468
Essential Utilities, Inc.		14,199		606,297
				2,095,765
Total Long-Term Investments — 99.7% (Cost: $491,005,295)				514,827,086

SCHEDULES   OF   INVESTMENTS 17

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(c)(d)(e)		11,871,132	$	11,874,694
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(c)(d)		872,368		872,368
Total Short-Term Securities — 2.5% (Cost: $12,741,518)				12,747,062
Total Investments — 102.2% (Cost: $503,746,813)				527,574,148
Liabilities in Excess of Other Assets — (2.2)%				(11,359,289	)
Net Assets — 100.0%			$	516,214,859

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

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,213,576	$	1,658,740	(a)	$	—	$	(643	)	$	3,021	$	11,874,694		11,871,132	$	143,732	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		865,000		7,368	(a)		—		—			—		872,368		872,368		28,072			—
								$	(643	)	$	3,021	$	12,747,062			$	171,804		$	—

^(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 Utilities Select Sector Index		8		06/16/23	$	559	$	172
S&P Mid 400 E-Mini Index		3		06/16/23		750		6,962
							$	7,134

18 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar 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)	$	—	$	—	$	7,134	$	—	$	—	$	—	$	7,134

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

For the period ended April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(61,860	)	$	—	$	—	$	—	$	(61,860	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	40,990		$	—	$	—	$	—	$	40,990

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,355,943

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	$	514,827,086	$	—	$	—	$	514,827,086
Short-Term Securities
Money Market Funds		12,747,062		—		—		12,747,062
	$	527,574,148	$	—	$	—	$	527,574,148
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	7,134	$	—	$	—	$	7,134

^(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 19

Schedule of Investments   April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
AAR Corp.(a)		1,993	$	105,191
Aerojet Rocketdyne Holdings, Inc.(a)		4,562		257,342
AeroVironment, Inc.(a)		1,510		152,042
AerSale Corp.(a)(b)		999		16,164
Archer Aviation, Inc., Class A(a)(b)		8,418		16,668
BWX Technologies, Inc.		5,485		354,221
Cadre Holdings, Inc.		904		19,038
Curtiss-Wright Corp.		2,315		393,156
Ducommun, Inc.(a)		679		33,950
Hexcel Corp.		5,069		365,373
Kaman Corp.		1,668		36,813
Kratos Defense & Security Solutions, Inc.(a)		7,616		98,246
Maxar Technologies, Inc.		4,504		237,451
Mercury Systems, Inc.(a)		3,513		167,465
Moog, Inc., Class A		1,742		156,972
National Presto Industries, Inc.		331		22,515
Parsons Corp.(a)		2,014		87,609
Rocket Lab U.S.A., Inc., Class A(a)(b)		13,260		51,979
Spirit AeroSystems Holdings, Inc., Class A		6,331		188,411
Triumph Group, Inc.(a)		3,871		41,845
V2X, Inc.(a)		653		28,210
Virgin Galactic Holdings, Inc., Class A(a)		14,403		52,427
Woodward, Inc.		3,610		346,632
				3,229,720
Air Freight & Logistics — 0.4%
Air Transport Services Group, Inc.(a)(b)		3,442		69,907
Forward Air Corp.		1,605		169,344
GXO Logistics, Inc.(a)		7,163		380,570
Hub Group, Inc., Class A(a)		1,973		148,764
				768,585
Automobile Components — 1.5%
Adient PLC(a)		5,745		212,220
American Axle & Manufacturing Holdings, Inc.(a)		6,884		49,221
Autoliv, Inc.		4,678		401,419
Dana, Inc.		7,729		114,312
Dorman Products, Inc.(a)		1,700		146,472
Fox Factory Holding Corp.(a)		2,544		282,053
Garrett Motion, Inc.(a)(b)		3,470		28,662
Gentex Corp.		14,143		390,205
Gentherm, Inc.(a)		2,009		119,837
Goodyear Tire & Rubber Co.(a)		16,989		181,273
Holley, Inc.(a)		2,976		7,172
LCI Industries		1,537		173,620
Luminar Technologies, Inc., Class A(a)(b)		14,166		85,279
Mobileye Global, Inc., Class A(a)(b)		2,844		107,048
Modine Manufacturing Co.(a)		3,109		65,009
Patrick Industries, Inc.		1,307		89,700
QuantumScape Corp., Class A(a)(b)		16,690		116,830
Solid Power, Inc., Class A(a)(b)		6,694		15,195
Standard Motor Products, Inc.		1,136		40,907
Stoneridge, Inc.(a)(b)		1,633		30,750
Visteon Corp.(a)		1,702		238,944
XPEL, Inc.(a)(b)		1,197		87,453
				2,983,581
Automobiles — 0.4%
Fisker, Inc., Class A(a)(b)		9,597		61,805
Harley-Davidson, Inc.		8,012		297,245
Thor Industries, Inc.		3,231		255,314

Security	Shares		Value
Automobiles (continued)
Winnebago Industries, Inc.		1,853	$	107,733
Workhorse Group, Inc.(a)(b)		9,705		9,144
				731,241
Banks — 6.6%
1st Source Corp.		1,061		44,222
Amalgamated Financial Corp.		1,224		19,927
Amerant Bancorp, Inc., Class A		1,667		31,006
Ameris Bancorp		3,932		131,722
Arrow Financial Corp.		1,093		23,598
Associated Banc-Corp.		9,452		168,529
Atlantic Union Bankshares Corp.		4,565		130,650
Axos Financial, Inc.(a)(b)		3,217		130,835
Banc of California, Inc.		3,601		40,871
BancFirst Corp.		1,056		84,364
Bancorp, Inc.(a)		2,833		90,401
Bank First Corp.(b)		450		30,775
Bank of Hawaii Corp.		2,437		118,024
Bank of Marin Bancorp		982		17,313
Bank OZK		6,718		239,967
BankUnited, Inc.		4,284		96,604
Banner Corp.		1,687		84,215
Bar Harbor Bankshares		1,023		25,370
Berkshire Hills Bancorp, Inc.		2,458		52,282
Bridgewater Bancshares, Inc.(a)(b)		1,283		12,766
Brookline Bancorp, Inc.		3,486		33,256
Business First Bancshares, Inc.		1,521		23,454
Byline Bancorp, Inc.		1,588		30,728
Cadence Bank		9,893		200,036
Cambridge Bancorp		522		26,961
Camden National Corp.		1,032		32,972
Capital City Bank Group, Inc.		980		29,851
Capitol Federal Financial, Inc.		7,999		49,594
Capstar Financial Holdings, Inc.		1,228		16,431
Carter Bankshares, Inc.(a)		1,602		20,586
Cathay General Bancorp		4,628		147,494
Central Pacific Financial Corp.		531		8,432
City Holding Co.		825		75,232
CNB Financial Corp.		1,513		28,384
Coastal Financial Corp.(a)		704		25,520
Columbia Banking System, Inc.		12,661		270,439
Columbia Financial, Inc.(a)(b)		2,057		34,516
Community Bank System, Inc.		3,105		155,126
Community Trust Bancorp, Inc.		1,049		37,774
ConnectOne Bancorp, Inc.		2,226		35,126
CrossFirst Bankshares, Inc.(a)		2,734		27,422
Customers Bancorp, Inc.(a)		1,796		39,225
CVB Financial Corp.		7,715		115,494
Dime Community Bancshares, Inc.		1,983		40,850
Eagle Bancorp, Inc.		1,806		45,331
Eastern Bankshares, Inc.		9,764		113,751
Enterprise Financial Services Corp.		2,368		101,256
Equity Bancshares, Inc., Class A		922		21,713
Farmers & Merchants Bancorp, Inc.		807		18,400
Farmers National Banc Corp.		2,241		26,197
FB Financial Corp.		2,246		66,100
First Bancorp		2,396		73,749
First BanCorp		9,988		117,359
First Bancshares, Inc.		1,871		46,962
First Busey Corp.		3,378		61,412
First Commonwealth Financial Corp.		5,575		69,576
First Community Bankshares, Inc.		1,009		23,621
First Financial Bancorp		5,250		108,675

20 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
First Financial Bankshares, Inc.		7,864	$	230,101
First Financial Corp.		803		27,744
First Foundation, Inc.		3,095		19,468
First Hawaiian, Inc.		7,821		149,459
First Interstate BancSystem, Inc., Class A		5,432		139,005
First Merchants Corp.		3,753		109,513
First Mid Bancshares, Inc.		1,213		31,975
First of Long Island Corp.		1,465		17,141
Flushing Financial Corp.		1,944		23,386
FNB Corp.		22,226		255,154
Fulton Financial Corp.		10,380		123,833
German American Bancorp, Inc.		2,062		59,942
Glacier Bancorp, Inc.		6,695		222,475
Great Southern Bancorp, Inc.		629		32,004
Greene County Bancorp, Inc.		390		8,015
Hancock Whitney Corp.		5,227		190,890
Hanmi Financial Corp.		1,167		18,859
HarborOne Bancorp, Inc.		2,820		30,315
Heartland Financial U.S.A., Inc.		2,520		82,051
Heritage Commerce Corp.		4,006		34,051
Heritage Financial Corp.		1,430		25,182
Hilltop Holdings, Inc.		2,872		89,089
Hingham Institution For Savings		100		19,456
Home BancShares, Inc.		11,571		251,901
HomeStreet, Inc.		1,070		10,443
Hope Bancorp, Inc.		5,422		49,340
Horizon Bancorp, Inc.		2,400		25,272
Independent Bank Corp.		2,573		144,088
Independent Bank Corp.		1,516		27,015
Independent Bank Group, Inc.		2,184		79,454
International Bancshares Corp.		3,235		138,037
John Marshall Bancorp, Inc.		686		12,499
Kearny Financial Corp.		4,148		32,313
Lakeland Bancorp, Inc.		4,291		61,533
Lakeland Financial Corp.		1,551		78,589
Live Oak Bancshares, Inc.		2,023		47,662
Mercantile Bank Corp.		1,091		30,613
Metrocity Bankshares, Inc.		1,165		19,048
Metropolitan Bank Holding Corp.(a)		700		22,463
Midland States Bancorp, Inc.		1,479		29,580
MidWestOne Financial Group, Inc.		1,014		20,990
National Bank Holdings Corp., Class A		2,053		65,285
NBT Bancorp, Inc.		2,022		65,189
New York Community Bancorp, Inc., Class A		41,247		440,930
Nicolet Bankshares, Inc.(a)(b)		838		48,026
Northfield Bancorp, Inc.		2,668		27,801
Northwest Bancshares, Inc.		6,509		76,090
OceanFirst Financial Corp.		3,869		61,904
OFG Bancorp		2,383		60,933
Old National Bancorp		17,870		239,637
Old Second Bancorp, Inc.		2,552		31,364
Origin Bancorp, Inc.		1,878		55,270
Pacific Premier Bancorp, Inc.		5,451		121,230
PacWest Bancorp		7,064		71,700
Park National Corp.		862		93,372
Pathward Financial, Inc.		1,555		69,244
Peapack-Gladstone Financial Corp.		1,131		30,039
Peoples Bancorp, Inc.		1,953		50,895
Pinnacle Financial Partners, Inc.		4,644		251,844
Popular, Inc.		4,369		262,184
Premier Financial Corp.		2,258		37,505
Prosperity Bancshares, Inc.		5,585		349,733

Security	Shares		Value
Banks (continued)
Provident Financial Services, Inc.		4,581	$	80,076
QCR Holdings, Inc.		1,096		45,374
RBB Bancorp		1,041		12,950
Republic Bancorp, Inc., Class A		588		23,108
S&T Bancorp, Inc.		2,069		56,960
Sandy Spring Bancorp, Inc.		2,817		63,326
Seacoast Banking Corp. of Florida		5,016		111,305
ServisFirst Bancshares, Inc.		2,967		149,833
Shore Bancshares, Inc.		1,229		16,321
Simmons First National Corp., Class A		6,638		110,921
SmartFinancial, Inc.		1,155		24,879
South Plains Financial, Inc.		913		18,744
Southern Missouri Bancorp, Inc.		627		22,748
Southside Bancshares, Inc.		1,959		62,159
SouthState Corp.		4,599		317,239
Stellar Bancorp, Inc.		2,751		63,108
Stock Yards Bancorp, Inc.		1,815		88,209
Synovus Financial Corp.		8,812		271,410
Texas Capital Bancshares, Inc.(a)		2,978		149,644
Tompkins Financial Corp.		816		47,834
Towne Bank		4,340		102,815
TriCo Bancshares		2,147		76,884
Triumph Financial, Inc.(a)		1,243		64,586
TrustCo Bank Corp.		786		23,454
Trustmark Corp.		3,772		90,113
UMB Financial Corp.		2,647		168,376
United Bankshares, Inc.		8,081		267,724
United Community Banks, Inc.		6,324		157,468
Univest Financial Corp.		2,009		40,421
Valley National Bancorp		25,752		241,554
Veritex Holdings, Inc.		3,247		55,881
Washington Federal, Inc.		3,982		111,655
Washington Trust Bancorp, Inc.		1,168		32,832
WesBanco, Inc.		3,714		98,867
Westamerica BanCorp		1,491		60,400
Wintrust Financial Corp.		3,737		255,499
WSFS Financial Corp.		3,344		117,608
				13,204,854
Beverages — 0.4%
Boston Beer Co., Inc., Class A, NVS(a)		568		180,346
Celsius Holdings, Inc.(a)(b)		2,428		232,044
Coca-Cola Consolidated, Inc.		279		164,459
Duckhorn Portfolio, Inc.(a)		2,518		38,022
MGP Ingredients, Inc.(b)		939		92,660
National Beverage Corp.(a)		1,390		69,083
Vita Coco Co., Inc.(a)		1,423		30,808
				807,422
Biotechnology — 5.7%
2seventy bio, Inc.(a)		2,252		21,417
ACADIA Pharmaceuticals, Inc.(a)		7,223		154,067
Adicet Bio, Inc.(a)(b)		1,844		10,769
ADMA Biologics, Inc.(a)(b)		12,321		41,275
Agenus, Inc.(a)		16,382		24,737
Agios Pharmaceuticals, Inc.(a)		3,324		76,020
Akero Therapeutics, Inc.(a)		1,889		84,514
Alector, Inc.(a)		3,615		23,859
Alkermes PLC(a)		9,916		283,102
Allogene Therapeutics, Inc.(a)(b)		5,387		29,251
ALX Oncology Holdings, Inc.(a)(b)		1,300		7,722
Amicus Therapeutics, Inc.(a)		15,010		173,215
AnaptysBio, Inc.(a)		1,221		25,421
Anavex Life Sciences Corp.(a)(b)		4,735		38,543

SCHEDULES   OF   INVESTMENTS 21

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Apellis Pharmaceuticals, Inc.(a)		5,664	$	472,547
Arcellx, Inc.(a)		1,675		71,489
Arcturus Therapeutics Holdings, Inc.(a)(b)		1,465		38,998
Arcus Biosciences, Inc.(a)(b)		3,201		57,138
Arcutis Biotherapeutics, Inc.(a)(b)		2,368		32,773
Arrowhead Pharmaceuticals, Inc.(a)		6,516		230,732
Atara Biotherapeutics, Inc.(a)		5,774		15,648
Aurinia Pharmaceuticals, Inc.(a)		8,616		96,930
Avid Bioservices, Inc.(a)(b)		3,783		68,283
Avidity Biosciences, Inc.(a)		4,039		50,084
Beam Therapeutics, Inc.(a)		3,567		109,543
Biohaven Ltd.(a)		3,919		51,261
Blueprint Medicines Corp.(a)		3,596		183,576
Bridgebio Pharma, Inc.(a)		7,020		101,930
C4 Therapeutics, Inc.(a)		2,551		7,704
CareDx, Inc.(a)		3,187		25,783
Caribou Biosciences, Inc.(a)		3,200		13,760
Catalyst Pharmaceuticals, Inc.(a)		5,737		91,333
Celldex Therapeutics, Inc.(a)		2,833		89,070
Century Therapeutics, Inc.(a)		1,204		3,769
Cerevel Therapeutics Holdings, Inc.(a)(b)		3,860		112,094
Chinook Therapeutics, Inc.(a)		2,711		54,247
Cogent Biosciences, Inc.(a)(b)		4,230		45,515
Coherus Biosciences, Inc.(a)		3,948		28,544
Crinetics Pharmaceuticals, Inc.(a)		2,622		51,234
CRISPR Therapeutics AG(a)(b)		4,708		230,409
CTI BioPharma Corp.(a)(b)		6,329		30,759
Cullinan Oncology, Inc.(a)(b)		1,564		15,218
Cytokinetics, Inc.(a)		5,687		212,694
Day One Biopharmaceuticals, Inc.(a)		1,615		20,026
Deciphera Pharmaceuticals, Inc.(a)		3,349		47,589
Denali Therapeutics, Inc.(a)(b)		6,647		165,111
Design Therapeutics, Inc.(a)(b)		1,761		11,358
Dynavax Technologies Corp.(a)		7,166		74,598
Dyne Therapeutics, Inc.(a)		1,519		15,737
Eagle Pharmaceuticals, Inc.(a)		602		16,904
Editas Medicine, Inc.(a)(b)		4,094		33,407
Emergent BioSolutions, Inc.(a)		2,641		23,320
Enanta Pharmaceuticals, Inc.(a)		1,204		42,802
EQRx, Inc.(a)(b)		13,782		23,154
Erasca, Inc.(a)(b)		4,575		12,627
Exact Sciences Corp.(a)		10,716		686,574
Exelixis, Inc.(a)		19,491		356,685
Fate Therapeutics, Inc.(a)		4,976		30,204
FibroGen, Inc.(a)		5,293		90,616
Geron Corp.(a)		23,287		57,286
Gossamer Bio, Inc.(a)		4,581		5,909
Halozyme Therapeutics, Inc.(a)		8,141		261,570
Heron Therapeutics, Inc.(a)		6,744		16,118
HilleVax, Inc.(a)		777		10,878
Ideaya Biosciences, Inc.(a)		2,429		44,354
IGM Biosciences, Inc.(a)(b)		526		5,697
ImmunoGen, Inc.(a)		11,840		63,818
Immunovant, Inc.(a)		3,426		55,296
Inhibrx, Inc.(a)		1,790		37,590
Inovio Pharmaceuticals, Inc.(a)(b)		14,813		11,443
Insmed, Inc.(a)(b)		8,212		160,134
Instil Bio, Inc.(a)		4,372		2,857
Intellia Therapeutics, Inc.(a)(b)		5,004		188,901
Intercept Pharmaceuticals, Inc.(a)(b)		2,248		38,935
Ionis Pharmaceuticals, Inc.(a)(b)		8,541		302,095
Iovance Biotherapeutics, Inc.(a)		8,174		46,101

Security	Shares		Value
Biotechnology (continued)
Ironwood Pharmaceuticals, Inc., Class A(a)		8,072	$	84,030
iTeos Therapeutics, Inc.(a)		1,458		20,033
IVERIC bio, Inc.(a)		7,772		255,621
Janux Therapeutics, Inc.(a)		1,017		15,580
Karyopharm Therapeutics, Inc.(a)		6,338		22,690
Keros Therapeutics, Inc.(a)		1,032		45,774
Kezar Life Sciences, Inc.(a)(b)		3,089		7,506
Krystal Biotech, Inc.(a)(b)		1,298		109,032
Kura Oncology, Inc.(a)		3,844		37,441
Kymera Therapeutics, Inc.(a)(b)		2,374		74,876
Lyell Immunopharma, Inc.(a)(b)		8,505		17,265
Madrigal Pharmaceuticals, Inc.(a)		737		229,944
MannKind Corp.(a)(b)		15,676		60,353
MiNK Therapeutics, Inc.(a)		239		428
Mirati Therapeutics, Inc.(a)		3,132		138,779
Mirum Pharmaceuticals, Inc.(a)		1,503		40,356
Monte Rosa Therapeutics, Inc.(a)		1,945		8,830
Morphic Holding, Inc.(a)		1,764		83,367
Myriad Genetics, Inc.(a)		4,907		104,470
Natera, Inc.(a)		6,555		332,470
Nkarta, Inc.(a)(b)		1,932		9,563
Novavax, Inc.(a)(b)		5,272		40,436
Nurix Therapeutics, Inc.(a)		2,600		25,038
Nuvalent, Inc., Class A(a)(b)		1,594		56,412
Organogenesis Holdings, Inc., Class A(a)		4,584		9,397
PMV Pharmaceuticals, Inc.(a)(b)		1,931		8,902
Point Biopharma Global, Inc.(a)(b)		4,795		37,113
Prime Medicine, Inc.(a)(b)		568		7,821
Prometheus Biosciences, Inc.(a)		2,062		399,925
Protagonist Therapeutics, Inc.(a)		2,778		62,783
PTC Therapeutics, Inc.(a)(b)		4,337		239,142
RAPT Therapeutics, Inc.(a)		1,514		27,555
Recursion Pharmaceuticals, Inc., Class A(a)(b)		7,776		37,092
REGENXBIO, Inc.(a)		2,242		43,405
Relay Therapeutics, Inc.(a)(b)		5,369		61,046
Replimune Group, Inc.(a)		2,240		37,475
REVOLUTION Medicines, Inc.(a)(b)		5,347		125,601
Rocket Pharmaceuticals, Inc.(a)		3,571		63,992
Roivant Sciences Ltd.(a)		6,541		55,926
Sage Therapeutics, Inc.(a)		3,124		152,607
Sana Biotechnology, Inc.(a)(b)		5,315		28,116
Sangamo Therapeutics, Inc.(a)		8,220		12,083
Seres Therapeutics, Inc.(a)(b)		5,430		26,471
SpringWorks Therapeutics, Inc.(a)(b)		2,698		63,079
Stoke Therapeutics, Inc.(a)		1,351		12,010
Syndax Pharmaceuticals, Inc.(a)		3,929		80,741
Tango Therapeutics, Inc.(a)		2,631		8,945
TG Therapeutics, Inc.(a)(b)		8,322		206,635
Travere Therapeutics, Inc.(a)		3,825		82,505
Twist Bioscience Corp.(a)(b)		3,472		43,331
Ultragenyx Pharmaceutical, Inc.(a)		4,213		183,982
uniQure NV(a)		2,441		47,380
Vanda Pharmaceuticals, Inc.(a)		3,334		20,471
Vaxcyte, Inc.(a)		4,454		190,765
Vera Therapeutics, Inc., Class A(a)		1,732		11,518
Veracyte, Inc.(a)		4,365		98,824
Vericel Corp.(a)		2,820		88,858
Verve Therapeutics, Inc.(a)(b)		2,512		40,016
Vir Biotechnology, Inc.(a)		4,585		115,313
Viridian Therapeutics, Inc.(a)		2,422		67,889
Xencor, Inc.(a)(b)		3,622		95,766

22 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Zentalis Pharmaceuticals, Inc.(a)(b)		2,616	$	57,630
Zymeworks, Inc.(a)(b)		3,198		26,863
				11,345,938
Broadline Retail — 0.4%
Big Lots, Inc.		1,849		16,623
ContextLogic, Inc., Class A(a)		1,124		8,104
Dillard’s, Inc., Class A(b)		203		60,573
Kohl’s Corp.		6,661		146,742
Macy’s, Inc.		16,401		267,992
Nordstrom, Inc.		6,727		103,999
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		3,494		227,984
Qurate Retail, Inc., Series A(a)		20,439		16,282
				848,299
Building Products — 1.4%
AAON, Inc.		2,537		248,626
American Woodmark Corp.(a)		993		50,166
Apogee Enterprises, Inc.		1,351		57,499
Armstrong World Industries, Inc.		2,762		189,639
AZEK Co., Inc., Class A(a)		6,569		178,283
AZZ, Inc.		1,522		57,425
Gibraltar Industries, Inc.(a)		1,900		95,076
Griffon Corp.		2,892		82,277
Hayward Holdings, Inc.(a)(b)		6,972		83,943
Insteel Industries, Inc.		1,149		31,632
Janus International Group, Inc.(a)		4,814		43,326
JELD-WEN Holding, Inc.(a)		5,034		64,335
Masonite International Corp.(a)(b)		1,354		123,769
PGT Innovations, Inc.(a)		3,647		93,582
Quanex Building Products Corp.		2,001		38,219
Resideo Technologies, Inc.(a)		8,844		157,423
Simpson Manufacturing Co., Inc.		2,561		322,123
Tecnoglass, Inc.		1,206		52,883
Trex Co., Inc.(a)		6,632		362,505
UFP Industries, Inc.		3,708		291,152
Zurn Elkay Water Solutions Corp.		8,719		187,894
				2,811,777
Capital Markets — 2.2%
Affiliated Managers Group, Inc.		2,280		329,186
Artisan Partners Asset Management, Inc., Class A		4,133		143,291
AssetMark Financial Holdings, Inc.(a)		1,284		39,393
Avantax, Inc.(a)		2,450		62,157
B Riley Financial, Inc.(b)		959		30,209
BGC Partners, Inc., Class A		19,531		88,475
Blue Owl Capital, Inc., Class A		21,585		243,047
Bridge Investment Group Holdings, Inc., Class A		1,803		18,012
Brightsphere Investment Group, Inc.		2,014		45,476
CION Investment Corp.		3,369		31,938
Cohen & Steers, Inc.		1,501		90,150
Diamond Hill Investment Group, Inc., Class A		198		32,100
Donnelley Financial Solutions, Inc.(a)(b)		1,521		65,783
Evercore, Inc., Class A		2,164		246,848
Federated Hermes, Inc., Class B		5,098		211,006
Focus Financial Partners, Inc., Class A(a)		3,506		182,102
Freedom Holding Corp.(a)(b)		1,020		77,959
Hamilton Lane, Inc., Class A		2,149		158,338
Houlihan Lokey, Inc., Class A		3,048		278,526
Janus Henderson Group PLC		8,018		208,067
Moelis & Co., Class A		3,881		147,012
Open Lending Corp., Class A(a)		6,529		45,899
Oppenheimer Holdings, Inc., Class A, NVS		463		17,312
Piper Sandler Cos.		829		112,280

Security	Shares		Value
Capital Markets (continued)
PJT Partners, Inc., Class A		1,495	$	102,811
StepStone Group, Inc., Class A		2,964		65,297
Stifel Financial Corp.		6,356		381,169
StoneX Group, Inc.(a)		1,073		105,229
TPG, Inc., Class A		3,090		89,517
Tradeweb Markets, Inc., Class A		6,717		472,944
Victory Capital Holdings, Inc., Class A		1,646		50,269
Virtu Financial, Inc., Class A		5,587		112,019
Virtus Investment Partners, Inc.		409		74,524
WisdomTree, Inc.		6,941		43,312
				4,401,657
Chemicals — 2.3%
AdvanSix, Inc.		1,688		63,604
American Vanguard Corp.		1,726		33,225
Amyris, Inc.(a)(b)		15,822		12,936
Ashland, Inc.		3,006		305,440
Aspen Aerogels, Inc.(a)(b)		3,305		20,689
Avient Corp.		5,151		198,365
Axalta Coating Systems Ltd.(a)		13,311		420,228
Balchem Corp.		1,937		254,522
Cabot Corp.		3,393		243,482
Chase Corp.		455		49,745
Chemours Co.		8,925		259,450
Diversey Holdings Ltd.(a)(b)		4,578		37,219
Ecovyst, Inc.(a)		3,943		44,753
Element Solutions, Inc.		13,551		245,951
Ginkgo Bioworks Holdings, Inc., Class A(a)(b)		61,022		74,447
Hawkins, Inc.		1,132		45,665
HB Fuller Co.		3,231		213,795
Huntsman Corp.		10,862		290,993
Ingevity Corp.(a)		2,112		151,515
Innospec, Inc.		1,501		152,547
Intrepid Potash, Inc.(a)(b)		614		15,829
Koppers Holdings, Inc.		1,291		42,358
Kronos Worldwide, Inc.		1,376		12,797
Livent Corp.(a)(b)		10,797		235,914
LSB Industries, Inc.(a)		3,147		28,103
Mativ Holdings, Inc.		3,332		64,541
Minerals Technologies, Inc.		1,944		115,201
NewMarket Corp.		407		162,637
Origin Materials, Inc., Class A(a)(b)		7,367		29,100
Perimeter Solutions SA(a)		8,805		65,861
PureCycle Technologies, Inc.(a)		8,145		53,513
Quaker Chemical Corp.		825		153,970
Scotts Miracle-Gro Co.		2,467		164,820
Sensient Technologies Corp.		2,537		188,905
Stepan Co.		1,280		118,016
Trinseo PLC		2,088		37,834
Tronox Holdings PLC, Class A		6,966		95,364
				4,703,334
Commercial Services & Supplies — 1.6%
ABM Industries, Inc.		4,003		170,448
ACCO Brands Corp.		5,763		26,394
ACV Auctions, Inc., Class A(a)		7,181		93,568
Aris Water Solutions, Inc., Class A		1,651		12,003
Aurora Innovation, Inc., Class A(a)(b)		23,133		33,080
Brady Corp., Class A, NVS		2,777		141,710
BrightView Holdings, Inc.(a)		2,291		12,669
Brink’s Co.		2,803		176,169
Casella Waste Systems, Inc., Class A(a)		3,051		271,539
CECO Environmental Corp.(a)		1,807		20,979
Cimpress PLC(a)(b)		1,209		62,808

SCHEDULES   OF   INVESTMENTS 23

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Clean Harbors, Inc.(a)		3,030	$	439,835
CoreCivic, Inc.(a)		7,044		61,917
Deluxe Corp.		2,578		39,057
Driven Brands Holdings, Inc.(a)(b)		3,348		102,784
Ennis, Inc.		1,657		32,195
GEO Group, Inc.(a)		7,426		55,918
Harsco Corp.(a)		4,732		32,509
Healthcare Services Group, Inc.		4,455		69,543
Heritage-Crystal Clean, Inc.(a)		977		34,156
HNI Corp.		2,559		66,483
Interface, Inc., Class A		3,572		28,004
KAR Auction Services, Inc.(a)		6,533		88,457
Liquidity Services, Inc.(a)		1,480		19,344
Matthews International Corp., Class A		1,836		69,529
MillerKnoll, Inc.		4,609		78,399
Montrose Environmental Group, Inc.(a)(b)		1,647		50,168
MSA Safety, Inc.		2,218		287,785
SP Plus Corp.(a)(b)		1,200		41,004
Steelcase, Inc., Class A		5,623		44,984
Stericycle, Inc.(a)		5,583		254,864
UniFirst Corp.		911		149,112
Viad Corp.(a)		1,245		23,692
VSE Corp.		627		26,516
				3,117,622
Communications Equipment — 0.6%
ADTRAN Holdings, Inc.		4,222		38,505
Calix, Inc.(a)		3,444		157,391
Cambium Networks Corp.(a)		696		10,537
Clearfield, Inc.(a)(b)		766		33,459
Digi International, Inc.(a)		2,167		65,357
DZS, Inc.(a)		961		6,535
Extreme Networks, Inc.(a)		7,721		137,279
Harmonic, Inc.(a)		6,636		93,501
Infinera Corp.(a)(b)		11,531		72,991
Lumentum Holdings, Inc.(a)		4,116		198,597
NETGEAR, Inc.(a)		1,723		24,346
NetScout Systems, Inc.(a)		4,099		111,534
Ribbon Communications, Inc.(a)		5,250		13,440
Viasat, Inc.(a)(b)		4,596		160,998
Viavi Solutions, Inc.(a)		13,502		120,978
				1,245,448
Construction & Engineering — 1.7%
Ameresco, Inc., Class A(a)(b)		2,042		84,947
API Group Corp.(a)		12,106		275,533
Arcosa, Inc.		2,912		196,676
Argan, Inc.		864		34,759
Comfort Systems U.S.A., Inc.		2,160		322,898
Construction Partners, Inc., Class A(a)		2,537		65,810
Dycom Industries, Inc.(a)(b)		1,774		164,308
EMCOR Group, Inc.		2,871		490,941
Fluor Corp.(a)		8,553		248,550
Granite Construction, Inc.		2,646		100,892
Great Lakes Dredge & Dock Corp.(a)		3,938		22,565
IES Holdings, Inc.(a)		500		21,595
MasTec, Inc.(a)		3,581		318,029
MDU Resources Group, Inc.		12,250		357,945
MYR Group, Inc.(a)		1,001		128,118
Primoris Services Corp.		3,191		80,732
Sterling Infrastructure, Inc.(a)		1,835		67,748

Security	Shares		Value
Construction & Engineering (continued)
Tutor Perini Corp.(a)		2,519	$	13,351
Valmont Industries, Inc.		1,283		372,788
				3,368,185
Construction Materials — 0.3%
Eagle Materials, Inc.		2,172		321,912
Summit Materials, Inc., Class A(a)(b)		7,142		195,762
				517,674
Consumer Finance — 1.0%
Atlanticus Holdings Corp.(a)(b)		338		9,856
Bread Financial Holdings, Inc.		2,962		81,751
Credit Acceptance Corp.(a)(b)		367		179,646
Encore Capital Group, Inc.(a)(b)		1,418		72,857
Enova International, Inc.(a)		1,890		83,009
EZCORP, Inc., Class A, NVS(a)		3,354		28,878
FirstCash Holdings, Inc.		2,267		233,569
Green Dot Corp., Class A(a)		2,814		48,373
LendingClub Corp.(a)(b)		6,487		46,577
Navient Corp.		6,123		101,274
Nelnet, Inc., Class A		1,092		105,160
NerdWallet, Inc., Class A(a)(b)		2,013		27,316
OneMain Holdings, Inc.		7,318		280,792
PRA Group, Inc.(a)		2,357		85,488
PROG Holdings, Inc.(a)		3,078		93,048
SLM Corp.		14,611		219,457
SoFi Technologies, Inc.(a)(b)		49,753		309,961
Upstart Holdings, Inc.(a)(b)		4,243		58,978
World Acceptance Corp.(a)		220		22,198
				2,088,188
Consumer Staples Distribution & Retail — 0.5%
Andersons, Inc.		1,884		84,215
Chefs’ Warehouse, Inc.(a)(b)		2,058		68,449
Fresh Market, Inc. Escrow(a)(c)		16,033		—
Grocery Outlet Holding Corp.(a)(b)		5,318		158,370
Ingles Markets, Inc., Class A(b)		875		80,535
PriceSmart, Inc.		1,520		111,994
SpartanNash Co.		2,163		53,037
Sprouts Farmers Market, Inc.(a)		6,372		220,853
United Natural Foods, Inc.(a)		3,616		98,608
Weis Markets, Inc.		992		81,830
				957,891
Containers & Packaging — 1.0%
Berry Global Group, Inc.		7,359		425,424
Graphic Packaging Holding Co.		18,483		455,791
Greif, Inc., Class A, NVS		1,549		97,262
Greif, Inc., Class B		328		25,827
Myers Industries, Inc.		2,194		41,576
O-I Glass, Inc.(a)		9,269		208,274
Pactiv Evergreen, Inc.		2,367		18,699
Silgan Holdings, Inc.		5,035		248,024
Sonoco Products Co.		5,880		356,446
TriMas Corp.		2,545		64,668
				1,941,991
Distributors — 0.0%
Funko, Inc., Class A(a)(b)		2,004		19,759
Diversified Consumer Services — 1.0%
2U, Inc.(a)		4,672		25,883
Adtalem Global Education, Inc.(a)		2,738		111,081
Bright Horizons Family Solutions, Inc.(a)		3,477		264,669
Chegg, Inc.(a)		7,638		137,331
Coursera, Inc.(a)		5,165		64,253

24 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services (continued)
European Wax Center, Inc., Class A(a)		1,795	$	33,818
Frontdoor, Inc.(a)(b)		4,909		134,310
Graham Holdings Co., Class B		232		133,532
Grand Canyon Education, Inc.(a)		1,846		219,120
H&R Block, Inc.		9,181		311,328
Laureate Education, Inc., Class A		8,096		100,309
Mister Car Wash, Inc.(a)(b)		4,784		42,195
OneSpaWorld Holdings Ltd.(a)		3,534		42,408
Perdoceo Education Corp.(a)		4,024		52,231
Rover Group, Inc., Class A(a)		5,684		25,749
Strategic Education, Inc.		1,338		117,744
Stride, Inc.(a)		2,456		105,510
Udemy, Inc.(a)		3,842		34,924
				1,956,395
Diversified REITs — 0.4%
Alexander & Baldwin, Inc.		4,339		83,439
American Assets Trust, Inc.		3,105		56,511
Armada Hoffler Properties, Inc.		4,033		47,267
Broadstone Net Lease, Inc.		10,409		168,314
Empire State Realty Trust, Inc., Class A(b)		7,655		46,772
Essential Properties Realty Trust, Inc.		8,579		212,330
Gladstone Commercial Corp.		2,359		28,166
Global Net Lease, Inc.		6,226		70,105
One Liberty Properties, Inc.		948		20,875
				733,779
Diversified Telecommunication Services — 0.7%
Anterix, Inc.(a)		1,154		36,443
ATN International, Inc.		641		23,185
Charge Enterprises, Inc.(a)		5,680		6,021
Cogent Communications Holdings, Inc.		2,578		177,985
Consolidated Communications Holdings, Inc.(a)		4,496		17,400
EchoStar Corp., Class A(a)(b)		2,165		36,957
Frontier Communications Parent, Inc.(a)		13,412		302,306
Globalstar, Inc.(a)(b)		41,896		37,958
IDT Corp., Class B(a)		1,244		41,313
Iridium Communications, Inc.		7,557		479,643
Liberty Latin America Ltd., Class A(a)		2,318		20,561
Liberty Latin America Ltd., Class C, NVS(a)		8,906		79,085
Radius Global Infrastructure, Inc., Class A(a)		4,660		68,455
				1,327,312
Electric Utilities — 0.8%
ALLETE, Inc.		3,459		215,772
Hawaiian Electric Industries, Inc.		6,620		259,570
IDACORP, Inc.		3,046		338,472
MGE Energy, Inc.		2,176		166,703
Otter Tail Corp.		2,518		181,170
PNM Resources, Inc.		5,161		248,399
Portland General Electric Co.		5,395		273,095
				1,683,181
Electrical Equipment — 1.6%
Acuity Brands, Inc.		1,931		303,901
Allied Motion Technologies, Inc.		822		28,293
Amprius Technologies, Inc.(a)(b)		742		6,960
Atkore, Inc.(a)(b)		2,374		299,907
Babcock & Wilcox Enterprises, Inc.(a)(b)		4,315		26,839
Blink Charging Co.(a)(b)		2,962		21,119
Bloom Energy Corp., Class A(a)(b)		10,834		180,386
ChargePoint Holdings, Inc., Class A(a)(b)		16,009		138,798
Encore Wire Corp.		1,110		173,526
Energy Vault Holdings, Inc.(a)(b)		3,972		6,713
EnerSys		2,467		204,687

Security	Shares		Value
Electrical Equipment (continued)
ESS Tech, Inc.(a)(b)		3,259	$	3,487
Fluence Energy, Inc., Class A(a)(b)		2,282		41,213
FREYR Battery SA(a)(b)		6,142		43,424
FuelCell Energy, Inc.(a)(b)		24,094		45,297
GrafTech International Ltd.(b)		11,460		53,977
NuScale Power Corp., Class A(a)(b)		1,246		11,052
nVent Electric PLC		10,060		421,816
Preformed Line Products Co.		173		21,501
Sensata Technologies Holding PLC		9,202		399,827
SES AI Corp., Class A(a)(b)		8,470		13,806
SunPower Corp.(a)(b)		5,142		67,977
Sunrun, Inc.(a)(b)		12,895		271,311
Thermon Group Holdings, Inc.(a)		2,039		42,370
Vertiv Holdings Co., Class A		18,201		271,559
Vicor Corp.(a)		1,366		58,697
				3,158,443
Electronic Equipment, Instruments & Components — 2.4%
908 Devices, Inc.(a)(b)		1,293		8,741
Advanced Energy Industries, Inc.		2,253		194,885
Aeva Technologies, Inc.(a)		6,471		6,419
Arlo Technologies, Inc.(a)(b)		5,358		34,506
Avnet, Inc.		5,494		226,682
Badger Meter, Inc.		1,764		233,430
Bel Fuse, Inc., Class B, NVS		610		24,784
Belden, Inc.		2,575		203,142
Benchmark Electronics, Inc.		2,138		45,646
Coherent Corp.(a)(b)		8,374		285,888
CTS Corp.		1,924		75,440
ePlus, Inc.(a)		1,619		70,491
Fabrinet(a)		2,202		209,080
FARO Technologies, Inc.(a)		1,165		27,203
Focus Universal, Inc.(a)(b)		1,629		3,470
Insight Enterprises, Inc.(a)(b)		1,842		222,790
IPG Photonics Corp.(a)		1,933		222,256
Itron, Inc.(a)		2,734		145,996
Kimball Electronics, Inc.(a)		1,493		30,054
Knowles Corp.(a)(b)		5,592		94,393
Lightwave Logic, Inc.(a)(b)		6,681		30,065
Littelfuse, Inc.		1,495		362,149
Methode Electronics, Inc.		2,203		90,301
MicroVision, Inc.(a)(b)		10,239		20,478
Mirion Technologies, Inc., Class A(a)(b)		7,416		60,070
Napco Security Technologies, Inc.(a)		1,792		55,552
National Instruments Corp.		7,878		458,736
nLight, Inc.(a)		2,704		23,714
Novanta, Inc.(a)		2,145		327,842
OSI Systems, Inc.(a)		948		107,086
PAR Technology Corp.(a)(b)		1,625		49,709
PC Connection, Inc.		747		30,082
Plexus Corp.(a)		1,669		145,987
Sanmina Corp.(a)		3,536		184,791
ScanSource, Inc.(a)		1,541		42,146
SmartRent, Inc., Class A(a)(b)		7,342		18,942
TTM Technologies, Inc.(a)		6,203		73,257
Vishay Intertechnology, Inc.		7,851		167,148
Vishay Precision Group, Inc.(a)		754		28,305
Vontier Corp.		9,511		258,033
				4,899,689
Energy Equipment & Services — 1.3%
Archrock, Inc.		8,147		83,833
Bristow Group, Inc.(a)		1,389		31,072
Cactus, Inc., Class A		3,859		156,212

SCHEDULES   OF   INVESTMENTS 25

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services (continued)
ChampionX Corp.		11,972	$	324,202
Core Laboratories NV		2,773		62,420
Diamond Offshore Drilling, Inc.(a)		6,057		69,595
DMC Global, Inc.(a)		1,102		20,872
Dril-Quip, Inc.(a)		2,072		56,524
Helix Energy Solutions Group, Inc.(a)		8,663		62,807
Helmerich & Payne, Inc.		6,329		209,870
Liberty Energy, Inc., Class A		9,027		115,636
Nabors Industries Ltd.(a)		548		54,657
NexTier Oilfield Solutions, Inc.(a)		9,603		77,592
Oceaneering International, Inc.(a)		6,040		107,089
Oil States International, Inc.(a)		3,969		27,942
Patterson-UTI Energy, Inc.		12,912		144,485
ProFrac Holding Corp., Class A(a)		1,945		21,784
ProPetro Holding Corp.(a)		5,729		39,759
RPC, Inc.		4,942		36,521
Select Energy Services, Inc., Class A		5,002		37,165
Solaris Oilfield Infrastructure, Inc., Class A		1,942		14,915
TETRA Technologies, Inc.(a)		6,819		19,434
Tidewater, Inc.(a)(b)		3,056		137,612
Transocean Ltd.(a)(b)		40,044		236,260
U.S. Silica Holdings, Inc.(a)		4,620		60,291
Valaris Ltd.(a)		3,644		218,640
Weatherford International PLC(a)		3,896		251,798
				2,678,987
Entertainment — 0.8%
AMC Entertainment Holdings, Inc., Class A(a)(b)		31,142		171,281
Cinemark Holdings, Inc.(a)		6,547		110,513
Endeavor Group Holdings, Inc., Class A(a)		10,444		269,246
IMAX Corp.(a)		2,794		58,534
Liberty Media Corp. - Liberty Braves, Class A(a)(b)		632		24,755
Liberty Media Corp. - Liberty Braves, Class C, NVS(a)(b)		2,266		86,153
Lions Gate Entertainment Corp., Class A(a)(b)		3,726		42,849
Lions Gate Entertainment Corp., Class B, NVS(a)		7,668		81,818
Madison Square Garden Sports Corp., Class A(b)		1,073		215,137
Playstudios, Inc., Class A(a)		5,367		23,508
Playtika Holding Corp.(a)(b)		5,506		55,060
Sphere Entertainment Co., Class A(a)(b)		1,584		44,574
Vivid Seats, Inc., Class A(a)(b)		1,368		9,822
Warner Music Group Corp., Class A		7,078		215,667
World Wrestling Entertainment, Inc., Class A		2,610		279,714
				1,688,631
Financial Services — 2.0%
Affirm Holdings, Inc., Class A(a)(b)		12,987		128,052
Alerus Financial Corp.		1,174		16,894
A-Mark Precious Metals, Inc.		1,128		40,382
AvidXchange Holdings, Inc.(a)		8,090		60,109
Cannae Holdings, Inc.(a)		4,444		81,059
Cass Information Systems, Inc.		737		26,959
Compass Diversified Holdings		3,758		71,628
Enact Holdings, Inc.		1,864		44,997
Essent Group Ltd.		6,541		277,796
Euronet Worldwide, Inc.(a)(b)		2,847		315,277
EVERTEC, Inc.		3,981		138,101
Federal Agricultural Mortgage Corp., Class C, NVS		567		75,575
Flywire Corp.(a)		3,807		111,050
I3 Verticals, Inc., Class A(a)		1,407		32,713
International Money Express, Inc.(a)(b)		2,027		52,256
Jackson Financial, Inc., Class A		3,595		129,456
Marqeta, Inc., Class A(a)		26,569		107,604
Merchants Bancorp		1,570		36,424

Security	Shares		Value
Financial Services (continued)
MGIC Investment Corp.		17,789	$	264,522
MoneyGram International, Inc.(a)(b)		5,704		57,953
Mr. Cooper Group, Inc.(a)		4,203		194,599
NMI Holdings, Inc., Class A(a)		5,131		120,065
PennyMac Financial Services, Inc., Class A		1,829		114,294
Radian Group, Inc.		9,482		230,128
Remitly Global, Inc.(a)(b)		5,901		99,137
Repay Holdings Corp., Class A(a)		4,788		30,021
Rocket Cos., Inc., Class A(a)		7,307		65,105
Shift4 Payments, Inc., Class A(a)(b)		3,194		216,457
TFS Financial Corp.		3,039		36,590
Voya Financial, Inc.		5,859		448,096
Walker & Dunlop, Inc.		1,860		125,197
Waterstone Financial, Inc.		1,463		20,263
Western Union Co.		17,516		191,450
				3,960,209
Food Products — 1.5%
B&G Foods, Inc.		4,292		68,844
Benson Hill, Inc.(a)(b)		7,567		8,021
Beyond Meat, Inc.(a)(b)		3,692		49,990
BRC, Inc., Class A(a)(b)		2,127		11,082
Calavo Growers, Inc.		1,066		34,069
Cal-Maine Foods, Inc.		2,276		108,110
Flowers Foods, Inc.		11,553		317,823
Fresh Del Monte Produce, Inc.		1,835		52,683
Freshpet, Inc.(a)(b)		2,904		200,289
Hain Celestial Group, Inc.(a)(b)		5,460		97,898
Hostess Brands, Inc., Class A(a)		8,039		207,085
Ingredion, Inc.		3,954		419,796
J & J Snack Foods Corp.		907		138,952
John B. Sanfilippo & Son, Inc.		540		56,133
Lancaster Colony Corp.		1,200		250,944
Mission Produce, Inc.(a)(b)		2,367		26,960
Pilgrim’s Pride Corp.(a)		2,702		61,633
Post Holdings, Inc.(a)(b)		3,228		292,102
Seaboard Corp.		16		63,057
Seneca Foods Corp., Class A(a)		312		14,851
Simply Good Foods Co.(a)		5,084		184,905
Sovos Brands, Inc.(a)(b)		2,260		38,759
Tattooed Chef, Inc., Class A(a)(b)		2,814		4,333
Tootsie Roll Industries, Inc.		1,090		44,559
TreeHouse Foods, Inc.(a)		3,045		162,146
Utz Brands, Inc., Class A		3,993		75,508
Vital Farms, Inc.(a)		1,688		21,741
Westrock Coffee Co.(a)		664		8,121
				3,020,394
Gas Utilities — 0.8%
Chesapeake Utilities Corp.		1,060		130,910
National Fuel Gas Co.		5,535		309,407
New Jersey Resources Corp.		5,833		301,216
Northwest Natural Holding Co.		2,151		101,011
ONE Gas, Inc.		3,256		250,549
Southwest Gas Holdings, Inc.		3,929		220,024
Spire, Inc.		3,176		215,110
				1,528,227
Ground Transportation — 1.0%
ArcBest Corp.		1,461		137,919
Heartland Express, Inc.		2,786		40,341
Landstar System, Inc.(b)		2,163		380,753
Lyft, Inc., Class A(a)		19,355		198,389
Marten Transport Ltd.		3,469		70,039

26 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ground Transportation (continued)
PAM Transportation Services, Inc.(a)		412	$	9,249
Ryder System, Inc.		3,040		240,647
Saia, Inc.(a)		1,594		474,645
Schneider National, Inc., Class B		2,218		58,045
TuSimple Holdings, Inc., Class A(a)		9,130		11,047
Universal Logistics Holdings, Inc.		392		10,035
Werner Enterprises, Inc.		3,548		160,263
XPO, Inc.(a)		6,944		306,786
				2,098,158
Health Care Equipment & Supplies — 4.0%
Alphatec Holdings, Inc.(a)		4,263		61,558
AngioDynamics, Inc.(a)		2,334		19,419
Artivion, Inc.(a)		2,508		34,786
AtriCure, Inc.(a)		2,822		124,140
Atrion Corp.		81		49,839
Avanos Medical, Inc.(a)		2,783		82,210
Axonics, Inc.(a)		2,990		171,805
Bioventus, Inc., Class A(a)		1,826		1,844
Butterfly Network, Inc., Class A(a)(b)		8,564		18,498
Cerus Corp.(a)		10,994		25,396
CONMED Corp.		1,845		231,677
Cue Health, Inc.(a)(b)		5,548		4,366
Cutera, Inc.(a)		1,068		24,350
Embecta Corp.		3,440		95,460
Enovis Corp.(a)		2,885		168,051
Envista Holdings Corp.(a)		9,812		377,664
Establishment Labs Holdings, Inc.(a)		1,347		93,872
Figs, Inc., Class A(a)(b)		7,543		54,310
Glaukos Corp.(a)		2,902		137,874
Globus Medical, Inc., Class A(a)		4,681		272,153
Haemonetics Corp.(a)		3,052		255,483
Heska Corp.(a)		623		72,991
ICU Medical, Inc.(a)(b)		1,217		230,183
Inari Medical, Inc.(a)(b)		2,921		194,013
Inogen, Inc.(a)		1,358		18,075
Inspire Medical Systems, Inc.(a)(b)		1,747		467,550
Integer Holdings Corp.(a)		2,003		164,947
Integra LifeSciences Holdings Corp.(a)		4,373		241,914
iRhythm Technologies, Inc.(a)(b)		1,820		239,148
Lantheus Holdings, Inc.(a)		4,145		354,190
LeMaitre Vascular, Inc.		1,153		62,262
LivaNova PLC(a)		3,253		155,819
Masimo Corp.(a)		2,910		550,398
Merit Medical Systems, Inc.(a)		3,422		278,174
Mesa Laboratories, Inc.		300		49,953
Neogen Corp.(a)		13,022		224,239
Nevro Corp.(a)		2,160		63,223
NuVasive, Inc.(a)		3,139		135,103
Omnicell, Inc.(a)(b)		2,701		164,140
OrthoPediatrics Corp.(a)		985		49,683
Outset Medical, Inc.(a)(b)		2,935		52,801
Paragon 28, Inc.(a)		1,502		27,667
Penumbra, Inc.(a)		2,292		651,203
PROCEPT BioRobotics Corp.(a)		1,990		60,476
Pulmonx Corp.(a)		2,276		26,743
QuidelOrtho Corp.(a)		3,223		289,909
Senseonics Holdings, Inc.(a)(b)		27,672		16,468
SI-BONE, Inc.(a)		1,809		39,979
Silk Road Medical, Inc.(a)		2,301		101,290
STAAR Surgical Co.(a)		2,920		205,772
Surmodics, Inc.(a)		832		19,169
Tandem Diabetes Care, Inc.(a)		3,860		152,779

Security	Shares		Value
Health Care Equipment & Supplies (continued)
TransMedics Group, Inc.(a)(b)		1,937	$	153,217
Treace Medical Concepts, Inc.(a)		2,092		51,233
UFP Technologies, Inc.(a)		423		58,306
Varex Imaging Corp.(a)		2,370		42,044
Vicarious Surgical, Inc., Class A(a)		2,182		4,909
ViewRay, Inc.(a)(b)		8,659		10,218
				7,984,943
Health Care Providers & Services — 2.5%
23andMe Holding Co., Class A(a)(b)		17,853		35,170
Accolade, Inc.(a)(b)		3,759		50,859
Addus HomeCare Corp.(a)		967		79,043
Agiliti, Inc.(a)(b)		1,963		32,821
Amedisys, Inc.(a)		1,953		156,826
AMN Healthcare Services, Inc.(a)		2,615		225,805
Apollo Medical Holdings, Inc.(a)(b)		2,363		83,863
Brookdale Senior Living, Inc.(a)(b)		11,118		47,696
Cano Health, Inc., Class A(a)(b)		11,976		13,892
CareMax, Inc., Class A(a)		4,559		11,489
Castle Biosciences, Inc.(a)		1,465		33,153
Clover Health Investments Corp., Class A(a)(b)		19,446		14,363
Community Health Systems, Inc.(a)		7,587		48,102
CorVel Corp.(a)(b)		548		110,712
Cross Country Healthcare, Inc.(a)		2,099		46,136
DocGo, Inc.(a)(b)		5,037		42,815
Encompass Health Corp.		6,031		386,889
Enhabit, Inc.(a)		3,072		37,632
Ensign Group, Inc.		3,361		326,319
Fulgent Genetics, Inc.(a)		1,164		34,419
GeneDx Holdings Corp., Class A(a)(b)		35,952		9,836
Guardant Health, Inc.(a)(b)		6,217		140,256
HealthEquity, Inc.(a)		5,085		271,793
Hims & Hers Health, Inc., Class A(a)		7,259		84,132
Innovage Holding Corp.(a)		1,198		7,320
Invitae Corp.(a)(b)		13,374		18,189
LifeStance Health Group, Inc.(a)(b)		5,556		45,281
ModivCare, Inc.(a)		767		48,781
National HealthCare Corp.		815		47,197
National Research Corp., Class A		849		36,957
NeoGenomics, Inc.(a)		7,609		111,244
Oak Street Health, Inc.(a)		7,038		274,271
OPKO Health, Inc.(a)		24,510		36,030
Option Care Health, Inc.(a)		10,104		324,844
Owens & Minor, Inc.(a)		4,600		71,484
Patterson Cos., Inc.		5,254		142,436
Pediatrix Medical Group, Inc.(a)		4,895		70,145
Premier, Inc., Class A		7,147		238,210
Privia Health Group, Inc.(a)(b)		3,042		84,050
Progyny, Inc.(a)		4,543		151,009
RadNet, Inc.(a)		2,965		82,012
Select Medical Holdings Corp.		6,279		191,509
Surgery Partners, Inc.(a)(b)		4,071		161,456
Tenet Healthcare Corp.(a)		6,505		476,947
U.S. Physical Therapy, Inc.		781		83,145
				5,026,538
Health Care REITs — 0.4%
CareTrust REIT, Inc.		6,066		118,226
Community Healthcare Trust, Inc.		1,406		50,321
Global Medical REIT, Inc.		3,741		34,716
LTC Properties, Inc.		2,482		83,023
National Health Investors, Inc.		2,641		131,443
Physicians Realty Trust		13,737		198,088

SCHEDULES   OF   INVESTMENTS 27

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care REITs (continued)
Sabra Health Care REIT, Inc.		13,896	$	158,414
Universal Health Realty Income Trust		769		33,452
				807,683
Health Care Technology — 0.7%
American Well Corp., Class A(a)		14,295		31,306
Certara, Inc.(a)(b)		6,386		154,350
Computer Programs & Systems, Inc.(a)		869		22,490
Definitive Healthcare Corp., Class A(a)		2,313		24,749
Doximity, Inc., Class A(a)(b)		7,131		262,064
Evolent Health, Inc., Class A(a)		5,450		198,435
GoodRx Holdings, Inc., Class A(a)		4,548		21,239
Health Catalyst, Inc.(a)		3,292		41,479
HealthStream, Inc.		1,483		36,541
Multiplan Corp., Class A(a)		15,100		14,772
NextGen Healthcare, Inc.(a)		3,203		53,618
Phreesia, Inc.(a)		3,184		100,742
Schrodinger, Inc.(a)		3,198		94,405
Sharecare, Inc., Class A(a)(b)		18,808		28,964
Simulations Plus, Inc.		991		41,374
Teladoc Health, Inc.(a)(b)		9,770		259,198
Veradigm, Inc.(a)		6,542		81,710
				1,467,436
Hotel & Resort REITs — 0.7%
Apple Hospitality REIT, Inc.		12,795		190,518
Chatham Lodging Trust		2,951		30,218
DiamondRock Hospitality Co.		12,617		102,324
Park Hotels & Resorts, Inc.		13,522		162,940
Pebblebrook Hotel Trust(b)		7,927		112,801
RLJ Lodging Trust		9,807		99,051
Ryman Hospitality Properties, Inc.		3,315		297,223
Service Properties Trust		9,927		87,060
Summit Hotel Properties, Inc.		6,367		41,003
Sunstone Hotel Investors, Inc.		12,616		120,230
Xenia Hotels & Resorts, Inc.		6,659		84,303
				1,327,671
Hotels, Restaurants & Leisure — 3.2%
Accel Entertainment, Inc., Class A(a)		3,266		28,904
Bally’s Corp.(a)(b)		1,635		28,122
BJ’s Restaurants, Inc.(a)		1,395		45,393
Bloomin’ Brands, Inc.		5,305		131,405
Bowlero Corp.(a)(b)		2,041		29,860
Boyd Gaming Corp.		4,781		331,802
Brinker International, Inc.(a)(b)		2,638		105,309
Cheesecake Factory, Inc.		2,919		98,341
Chuy’s Holdings, Inc.(a)		1,075		37,496
Cracker Barrel Old Country Store, Inc.		1,344		142,679
Dave & Buster’s Entertainment, Inc.(a)		2,526		89,572
Denny’s Corp.(a)		3,427		38,417
Dine Brands Global, Inc.		939		60,969
DraftKings, Inc., Class A(a)		27,034		592,315
Dutch Bros, Inc., Class A(a)(b)		1,816		56,568
Everi Holdings, Inc.(a)		5,355		81,396
First Watch Restaurant Group, Inc.(a)		667		10,725
Golden Entertainment, Inc.(a)		1,314		55,398
Hilton Grand Vacations, Inc.(a)		4,773		204,284
Hyatt Hotels Corp., Class A(a)		2,910		332,613
Jack in the Box, Inc.		1,246		115,492
Krispy Kreme, Inc.		4,089		62,889
Kura Sushi U.S.A., Inc., Class A(a)		222		15,300
Life Time Group Holdings, Inc.(a)(b)		3,442		71,559
Light & Wonder, Inc., Class A(a)		5,655		340,940

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Lindblad Expeditions Holdings, Inc.(a)(b)		1,946	$	22,009
Marriott Vacations Worldwide Corp.		2,311		310,968
Monarch Casino & Resort, Inc.		792		54,933
Papa John’s International, Inc.		1,943		145,317
Penn Entertainment, Inc.(a)		9,375		279,281
Planet Fitness, Inc., Class A(a)		5,017		417,113
Portillo’s, Inc., Class A(a)		2,590		55,996
RCI Hospitality Holdings, Inc.(b)		506		37,899
Red Rock Resorts, Inc., Class A		2,961		144,497
Ruth’s Hospitality Group, Inc.		1,880		30,381
Sabre Corp.(a)(b)		19,604		78,416
SeaWorld Entertainment, Inc.(a)(b)		2,377		127,550
Shake Shack, Inc., Class A(a)		2,261		123,926
Six Flags Entertainment Corp.(a)		4,482		108,778
Sonder Holdings, Inc., Class A(a)(b)		8,332		3,417
Sweetgreen, Inc., Class A(a)(b)		4,556		36,175
Target Hospitality Corp.(a)		1,439		18,146
Texas Roadhouse, Inc.		4,031		445,909
Travel + Leisure Co.		4,892		187,217
Vacasa, Inc., Class A(a)(b)		4,909		3,911
Wendy’s Co.		10,273		227,033
Wingstop, Inc.		1,808		361,799
Xponential Fitness, Inc., Class A(a)		1,359		44,956
				6,373,375
Household Durables — 2.4%
Cavco Industries, Inc.(a)		486		145,907
Century Communities, Inc.		1,715		115,488
Cricut, Inc., Class A(b)		2,415		22,049
Ethan Allen Interiors, Inc.		1,387		38,739
GoPro, Inc., Class A(a)		7,829		33,508
Green Brick Partners, Inc.(a)		1,635		60,936
Helen of Troy Ltd.(a)		1,442		144,690
Installed Building Products, Inc.		1,423		176,836
iRobot Corp.(a)		1,621		63,754
KB Home		4,940		216,471
La-Z-Boy, Inc.		2,588		74,353
Legacy Housing Corp.(a)		563		12,161
Leggett & Platt, Inc.		7,962		257,252
LGI Homes, Inc.(a)(b)		1,239		147,193
M/I Homes, Inc.(a)		1,664		112,553
MDC Holdings, Inc.		3,514		143,969
Meritage Homes Corp.		2,199		281,582
Mohawk Industries, Inc.(a)(b)		3,184		337,186
Newell Brands, Inc.		22,613		274,748
Skyline Champion Corp.(a)		3,213		238,308
Snap One Holdings Corp.(a)(b)		1,012		9,877
Sonos, Inc.(a)(b)		7,698		162,736
Taylor Morrison Home Corp., Class A(a)		6,514		280,688
Tempur Sealy International, Inc.		10,250		384,067
Toll Brothers, Inc.		6,183		395,156
TopBuild Corp.(a)		1,930		435,176
Traeger, Inc.(a)(b)		3,314		10,075
Tri Pointe Homes, Inc.(a)		6,067		174,002
Vizio Holding Corp., Class A(a)(b)		3,322		28,470
				4,777,930
Household Products — 0.3%
Central Garden & Pet Co.(a)		582		21,441
Central Garden & Pet Co., Class A, NVS(a)		2,515		88,855
Energizer Holdings, Inc.		4,014		134,188
Reynolds Consumer Products, Inc.		3,283		92,022

28 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
Spectrum Brands Holdings, Inc.		2,471	$	164,322
WD-40 Co.		825		157,080
				657,908
Independent Power and Renewable Electricity Producers — 0.3%
Altus Power, Inc., Class A(a)(b)		2,103		9,548
Clearway Energy, Inc., Class A		2,133		61,814
Clearway Energy, Inc., Class C		4,943		150,119
Montauk Renewables, Inc.(a)		3,722		24,751
Ormat Technologies, Inc.(b)		3,170		272,018
Sunnova Energy International, Inc.(a)(b)		5,970		107,221
				625,471
Industrial REITs — 0.7%
First Industrial Realty Trust, Inc.		7,945		416,874
Indus Realty Trust, Inc.		312		20,770
Innovative Industrial Properties, Inc.		1,696		116,261
LXP Industrial Trust		16,649		156,501
Plymouth Industrial REIT, Inc.		2,322		46,997
STAG Industrial, Inc.		10,791		365,491
Terreno Realty Corp.		4,387		270,195
				1,393,089
Insurance — 2.6%
American Equity Investment Life Holding Co.		4,183		161,213
AMERISAFE, Inc.		1,273		70,842
Argo Group International Holdings Ltd.		2,186		64,290
Assured Guaranty Ltd.		3,633		195,710
Axis Capital Holdings Ltd.		4,666		263,816
Bright Health Group, Inc.(a)		14,673		2,358
Brighthouse Financial, Inc.(a)		4,151		183,474
BRP Group, Inc., Class A(a)(b)		3,764		94,815
CNO Financial Group, Inc.		6,942		155,778
Donegal Group, Inc., Class A		1,210		17,037
Employers Holdings, Inc.		1,020		40,382
Enstar Group Ltd.(a)		836		201,142
First American Financial Corp.		6,233		359,083
Goosehead Insurance, Inc., Class A(a)		1,269		72,968
Hagerty, Inc., Class A(a)(b)		1,899		19,009
Hanover Insurance Group, Inc.		2,172		259,684
Hippo Holdings, Inc.(a)(b)		900		16,416
Horace Mann Educators Corp.		1,984		62,060
James River Group Holdings Ltd.		2,320		45,170
Kemper Corp.		3,852		187,400
Lemonade, Inc.(a)(b)		2,837		30,753
MBIA, Inc.(a)(b)		3,070		30,884
Mercury General Corp.		1,672		50,846
National Western Life Group, Inc., Class A		150		38,247
Oscar Health, Inc., Class A(a)		6,922		46,585
Palomar Holdings, Inc.(a)(b)		1,536		77,199
Primerica, Inc.		2,222		405,537
ProAssurance Corp.		2,298		41,272
RenaissanceRe Holdings Ltd.		2,642		569,113
RLI Corp.		2,459		341,924
Ryan Specialty Holdings, Inc., Class A(a)(b)		5,027		205,403
Safety Insurance Group, Inc.		676		49,409
Selective Insurance Group, Inc.		3,656		352,183
SiriusPoint Ltd.(a)		5,293		45,996
Stewart Information Services Corp.		1,375		57,269
Tiptree, Inc.		1,235		17,006
Trupanion, Inc.(a)(b)		2,131		74,819
United Fire Group, Inc.		1,321		35,535
White Mountains Insurance Group Ltd.(b)		153		219,117
				5,161,744

Security	Shares		Value
Interactive Media & Services — 0.6%
Bumble, Inc., Class A(a)		5,601	$	101,994
Cargurus, Inc., Class A(a)		5,676		93,314
Cars.com, Inc.(a)		3,781		73,994
Eventbrite, Inc., Class A(a)(b)		4,931		35,848
fuboTV, Inc.(a)(b)		11,920		13,589
IAC, Inc.(a)(b)		4,702		243,423
MediaAlpha, Inc., Class A(a)		1,337		9,894
Nextdoor Holdings, Inc., Class A(a)(b)		7,668		16,180
QuinStreet, Inc.(a)		3,025		33,608
Rumble, Inc., Class A(a)(b)		4,774		38,001
Shutterstock, Inc.		1,445		96,815
System1, Inc., Class A(a)		1,231		3,545
TripAdvisor, Inc.(a)		6,280		111,344
Vimeo, Inc.(a)		9,300		30,597
Yelp, Inc.(a)		4,221		126,292
Ziff Davis, Inc.(a)(b)		2,843		207,937
ZipRecruiter, Inc., Class A(a)		3,149		53,344
				1,289,719
IT Services — 0.4%
BigCommerce Holdings, Inc., Series 1(a)		3,623		26,774
Cerberus Cyber Sentinel Corp.(a)		6,525		1,384
Cyxtera Technologies, Inc., Class A(a)		3,297		1,072
DigitalOcean Holdings, Inc.(a)(b)		3,661		115,468
Edgio, Inc.(a)(b)		7,732		5,111
Fastly, Inc., Class A(a)(b)		6,736		99,558
Grid Dynamics Holdings, Inc., Class A(a)		3,065		33,317
Hackett Group, Inc.		1,468		27,246
Kyndryl Holdings, Inc.(a)		12,419		179,579
Perficient, Inc.(a)		2,093		135,878
Rackspace Technology, Inc.(a)(b)		3,374		4,926
Squarespace, Inc., Class A(a)		2,482		77,190
Thoughtworks Holding, Inc.(a)(b)		4,110		25,605
Tucows, Inc., Class A(a)		596		13,344
Unisys Corp.(a)(b)		4,048		12,994
				759,446
Leisure Products — 0.9%
Acushnet Holdings Corp.		1,942		97,352
Brunswick Corp.		4,360		369,684
Clarus Corp.		1,669		16,239
Johnson Outdoors, Inc., Class A		345		20,010
Latham Group, Inc.(a)(b)		2,511		6,052
Malibu Boats, Inc., Class A(a)		1,219		69,178
MasterCraft Boat Holdings, Inc.(a)(b)		1,060		31,026
Peloton Interactive, Inc., Class A(a)(b)		19,667		174,643
Polaris, Inc.		3,283		356,698
Smith & Wesson Brands, Inc.		2,748		33,031
Sturm Ruger & Co., Inc.		1,051		60,496
Topgolf Callaway Brands Corp.(a)(b)		8,353		185,186
Vista Outdoor, Inc.(a)(b)		3,406		82,085
YETI Holdings, Inc.(a)		5,199		205,101
				1,706,781
Life Sciences Tools & Services — 0.8%
10X Genomics, Inc., Class A(a)(b)		5,780		303,045
AbCellera Biologics, Inc.(a)(b)		12,556		85,130
Adaptive Biotechnologies Corp.(a)(b)		6,587		47,031
Azenta, Inc.(a)		4,158		180,831
BioLife Solutions, Inc.(a)		2,024		35,541
Bionano Genomics, Inc.(a)(b)		17,368		11,948
CryoPort, Inc.(a)(b)		2,910		61,226
Maravai LifeSciences Holdings, Inc., Class A(a)(b)		6,604		91,069
Medpace Holdings, Inc.(a)		1,518		303,813

SCHEDULES   OF   INVESTMENTS 29

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
NanoString Technologies, Inc.(a)		2,549	$	24,980
OmniAb, Inc., 12.50 Earnout Shares(c)		359		—
OmniAb, Inc., 15.00 Earnout Shares(c)		359		—
Pacific Biosciences of California, Inc.(a)(b)		13,730		145,538
Quanterix Corp.(a)		2,157		27,265
Seer, Inc., Class A(a)		2,197		7,338
SomaLogic, Inc., Class A(a)(b)		8,997		25,192
Sotera Health Co.(a)(b)		5,985		100,369
Syneos Health, Inc., Class A(a)		6,185		242,823
				1,693,139
Machinery — 3.4%
3D Systems Corp.(a)		7,964		72,950
Alamo Group, Inc.		623		110,103
Albany International Corp., Class A		1,877		171,201
Allison Transmission Holdings, Inc.		5,567		271,614
Astec Industries, Inc.		1,366		56,388
Barnes Group, Inc.		3,062		128,696
CIRCOR International, Inc.(a)		1,252		34,856
Columbus McKinnon Corp.		1,712		59,423
Crane NXT Co.		2,876		136,207
Desktop Metal, Inc., Class A(a)(b)		13,832		30,430
Donaldson Co., Inc.		7,348		466,965
Douglas Dynamics, Inc.		1,382		40,506
Energy Recovery, Inc.(a)		3,405		76,715
Enerpac Tool Group Corp., Class A		3,464		82,305
EnPro Industries, Inc.		1,263		119,063
Esab Corp.		3,136		183,017
Evoqua Water Technologies Corp.(a)		7,374		364,644
Federal Signal Corp.		3,646		187,331
Flowserve Corp.		7,851		262,145
Franklin Electric Co., Inc.		2,339		209,270
Gates Industrial Corp. PLC(a)		6,125		82,504
Gorman-Rupp Co.		1,352		33,192
Greenbrier Cos., Inc.		1,953		51,657
Helios Technologies, Inc.		1,976		118,837
Hillenbrand, Inc.		4,187		191,011
Hillman Solutions Corp.(a)		8,751		73,508
Hyliion Holdings Corp., Class A(a)(b)		7,956		10,900
Hyster-Yale Materials Handling, Inc., Class A		641		33,755
Hyzon Motors, Inc., Class A(a)(b)		5,417		4,505
ITT, Inc.		4,994		421,693
John Bean Technologies Corp.		1,913		207,962
Kadant, Inc.		701		130,267
Kennametal, Inc.		4,874		126,529
Lindsay Corp.		661		79,809
Luxfer Holdings PLC		1,605		24,476
Markforged Holding Corp.(a)(b)		5,169		5,039
Microvast Holdings, Inc.(a)(b)		11,221		11,782
Mueller Industries, Inc.		3,439		247,092
Mueller Water Products, Inc., Class A		9,425		126,295
Nikola Corp.(a)(b)		22,142		19,607
Omega Flex, Inc.(b)		178		19,582
Oshkosh Corp.		3,936		301,183
Proterra, Inc.(a)(b)		11,548		13,511
Proto Labs, Inc.(a)		1,666		47,931
REV Group, Inc.		1,911		20,505
Shyft Group, Inc.		1,970		49,408
SPX Technologies, Inc.(a)		2,720		173,210
Standex International Corp.		725		89,037
Symbotic, Inc., Class A(a)		894		23,745
Tennant Co.		1,145		87,501
Terex Corp.		4,093		182,507

Security	Shares		Value
Machinery (continued)
Timken Co.		3,983	$	306,094
Titan International, Inc.(a)		3,063		29,895
Trinity Industries, Inc.		4,961		118,816
Velo3D, Inc.(a)(b)		3,714		8,691
Wabash National Corp.		2,850		73,159
Watts Water Technologies, Inc., Class A		1,652		267,178
				6,876,202
Marine Transportation — 0.2%
Eagle Bulk Shipping, Inc.		571		25,535
Genco Shipping & Trading Ltd.		2,284		35,197
Kirby Corp.(a)		3,618		259,917
Matson, Inc.		2,276		154,836
				475,485
Media — 1.1%
Advantage Solutions, Inc., Class A(a)		5,629		7,205
Altice U.S.A., Inc., Class A(a)(b)		12,880		45,080
AMC Networks, Inc., Class A(a)		1,665		29,454
Boston Omaha Corp., Class A(a)		1,146		23,447
Cable One, Inc.		292		221,456
Clear Channel Outdoor Holdings, Inc.(a)(b)		28,122		35,715
DISH Network Corp., Class A(a)		15,213		114,250
EW Scripps Co., Class A, NVS(a)		3,454		29,117
Gray Television, Inc.		5,093		39,267
iHeartMedia, Inc., Class A(a)(b)		6,220		21,583
Innovid Corp.(a)		4,401		4,133
Integral Ad Science Holding Corp.(a)(b)		2,206		34,700
John Wiley & Sons, Inc., Class A		2,564		98,893
Magnite, Inc.(a)		7,129		67,013
New York Times Co., Class A		9,909		393,883
Nexstar Media Group, Inc., Class A		2,271		393,905
PubMatic, Inc., Class A(a)		2,668		36,445
Scholastic Corp., NVS		1,796		69,092
Sinclair Broadcast Group, Inc., Class A		2,690		53,504
Stagwell, Inc., Class A(a)		6,118		38,054
TechTarget, Inc.(a)		1,600		54,544
TEGNA, Inc.		13,502		230,884
Thryv Holdings, Inc.(a)		1,828		41,057
WideOpenWest, Inc.(a)		3,142		35,913
				2,118,594
Metals & Mining — 1.5%
5E Advanced Materials, Inc.(a)		1,787		7,541
Alpha Metallurgical Resources, Inc.		876		128,387
Arconic Corp.(a)		6,115		151,346
ATI, Inc.(a)(b)		7,778		300,386
Carpenter Technology Corp.		2,920		154,001
Century Aluminum Co.(a)		3,120		26,801
Coeur Mining, Inc.(a)(b)		17,142		58,283
Commercial Metals Co.		7,050		329,164
Compass Minerals International, Inc.		2,035		66,606
Haynes International, Inc.		763		35,869
Hecla Mining Co.		33,995		205,670
Ivanhoe Electric, Inc.(a)(b)		859		10,231
Kaiser Aluminum Corp.		971		63,814
Materion Corp.		1,234		133,654
MP Materials Corp., Class A(a)(b)		5,556		120,398
Piedmont Lithium, Inc.(a)		976		56,120
Ramaco Resources, Inc.		1,439		11,699
Royal Gold, Inc.		3,956		523,933
Ryerson Holding Corp.		1,234		46,608
Schnitzer Steel Industries, Inc., Class A		1,571		45,386
SunCoke Energy, Inc.		5,163		40,168

30 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
TimkenSteel Corp.(a)		2,386	$	39,942
United States Steel Corp.		13,640		312,083
Warrior Met Coal, Inc.		3,135		108,377
Worthington Industries, Inc.		1,828		108,565
				3,085,032
Mortgage Real Estate Investment Trusts (REITs) — 1.2%
AGNC Investment Corp.		34,774		344,610
Apollo Commercial Real Estate Finance, Inc.		7,971		80,667
Arbor Realty Trust, Inc.		10,360		118,829
Ares Commercial Real Estate Corp.		3,479		29,954
ARMOUR Residential REIT, Inc.		10,213		52,086
Blackstone Mortgage Trust, Inc., Class A		10,475		191,064
BrightSpire Capital, Inc., Class A		7,738		44,107
Broadmark Realty Capital, Inc.		8,025		39,403
Chimera Investment Corp.		14,215		80,741
Claros Mortgage Trust, Inc.		7,379		88,253
Dynex Capital, Inc.		3,351		39,743
Ellington Financial, Inc.		3,834		48,960
Franklin BSP Realty Trust, Inc.		4,964		62,695
Granite Point Mortgage Trust, Inc.		3,520		15,735
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		5,351		151,861
Invesco Mortgage Capital, Inc.		2,251		23,883
KKR Real Estate Finance Trust, Inc.		3,497		37,558
Ladder Capital Corp., Class A		6,753		63,141
MFA Financial, Inc.		5,626		60,142
New York Mortgage Trust, Inc.		5,568		57,239
PennyMac Mortgage Investment Trust		5,493		68,278
Ready Capital Corp.		6,047		64,884
Redwood Trust, Inc.		7,012		44,035
Rithm Capital Corp.		28,746		234,567
Starwood Property Trust, Inc.		18,377		328,765
TPG RE Finance Trust, Inc.		3,711		26,460
Two Harbors Investment Corp.		5,898		82,159
				2,479,819
Multi-Utilities — 0.3%
Avista Corp.		4,204		185,270
Black Hills Corp.		3,922		256,067
NorthWestern Corp.		3,482		204,115
Unitil Corp.		979		54,423
				699,875
Office REITs — 0.8%
Brandywine Realty Trust		10,122		39,780
City Office REIT, Inc.		2,409		14,020
Corporate Office Properties Trust		6,769		154,942
Cousins Properties, Inc.		9,177		200,150
Douglas Emmett, Inc.		10,699		137,803
Easterly Government Properties, Inc.		5,478		77,076
Equity Commonwealth		6,660		137,995
Highwoods Properties, Inc.		6,398		146,642
Hudson Pacific Properties, Inc.		7,660		42,590
JBG SMITH Properties		5,989		85,463
Kilroy Realty Corp.		6,326		184,972
Office Properties Income Trust		2,948		19,221
Orion Office REIT, Inc.		3,389		20,808
Paramount Group, Inc.		9,841		42,612
Piedmont Office Realty Trust, Inc., Class A		7,472		48,643
SL Green Realty Corp.		3,878		91,792
Vornado Realty Trust		9,671		145,162
				1,589,671

Security	Shares		Value
Oil, Gas & Consumable Fuels — 2.6%
Amplify Energy Corp.(a)		2,270	$	15,686
Antero Midstream Corp.		20,443		219,967
Arch Resources, Inc., Class A		1,093		133,619
Berry Corp.		3,910		29,872
California Resources Corp.		4,427		179,293
Callon Petroleum Co.(a)		3,084		102,204
Centrus Energy Corp., Class A(a)		620		18,166
Chord Energy Corp.		2,517		358,245
Civitas Resources, Inc.		3,141		216,886
Clean Energy Fuels Corp.(a)(b)		10,508		44,869
CNX Resources Corp.(a)		10,241		159,043
Comstock Resources, Inc.		5,504		63,296
CONSOL Energy, Inc.		1,980		117,493
Crescent Energy Co., Class A		2,244		26,075
CVR Energy, Inc.		1,963		51,705
Delek U.S. Holdings, Inc.		4,452		96,831
Denbury, Inc.(a)		3,005		280,607
Dorian LPG Ltd.		1,926		42,796
DT Midstream, Inc.		5,851		288,279
Earthstone Energy, Inc., Class A(a)(b)		2,250		30,510
Enviva, Inc.		1,846		39,689
Equitrans Midstream Corp.		26,278		135,332
Excelerate Energy, Inc., Class A		1,053		22,640
Gevo, Inc.(a)(b)		16,965		19,679
Gran Tierra Energy, Inc.(a)		22,326		17,892
Green Plains, Inc.(a)(b)		1,656		56,586
Gulfport Energy Corp.(a)		696		62,960
HighPeak Energy, Inc.(b)		849		16,776
International Seaways, Inc.		2,442		97,240
Kinetik Holdings, Inc., Class A		1,306		40,225
Kosmos Energy Ltd.(a)		27,583		176,531
Magnolia Oil & Gas Corp., Class A		10,126		213,861
NextDecade Corp.(a)(b)		3,707		23,095
Northern Oil & Gas, Inc.		4,461		147,971
Par Pacific Holdings, Inc.(a)		3,533		82,778
PBF Energy, Inc., Class A		6,923		241,336
PDC Energy, Inc.		5,551		361,093
Peabody Energy Corp.(a)(b)		7,012		168,428
Permian Resources Corp., Class A		14,198		148,369
Ranger Oil Corp., Class A		1,185		48,822
REX American Resources Corp.(a)		1,125		31,826
Riley Exploration Permian, Inc.		272		11,427
SandRidge Energy, Inc.(a)		1,829		25,917
SilverBow Resources, Inc.(a)(b)		801		19,104
SM Energy Co.		7,443		208,999
Talos Energy, Inc.(a)		3,986		54,329
Tellurian, Inc.(a)(b)		31,979		45,410
Uranium Energy Corp.(a)(b)		22,226		58,010
VAALCO Energy, Inc.		6,282		26,887
Vertex Energy, Inc.(a)(b)		3,650		28,835
Vital Energy, Inc.(a)		1,009		46,949
W&T Offshore, Inc.(a)(b)		5,726		25,023
World Fuel Services Corp.		3,777		89,288
				5,268,749
Paper & Forest Products — 0.2%
Clearwater Paper Corp.(a)		988		35,667
Louisiana-Pacific Corp.		4,308		257,360
Mercer International, Inc.		2,429		23,634
Sylvamo Corp.		1,927		88,295
				404,956
Passenger Airlines — 0.5%
Alaska Air Group, Inc.(a)		7,668		333,251

SCHEDULES   OF   INVESTMENTS 31

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Passenger Airlines (continued)
Allegiant Travel Co.(a)		951	$	98,819
Frontier Group Holdings, Inc.(a)(b)		2,215		21,020
Hawaiian Holdings, Inc.(a)(b)		3,058		25,473
JetBlue Airways Corp.(a)		19,638		140,215
Joby Aviation, Inc., Class A(a)(b)		17,507		75,805
SkyWest, Inc.(a)		3,033		85,834
Spirit Airlines, Inc.		6,601		112,877
Sun Country Airlines Holdings, Inc.(a)		1,924		37,961
Wheels Up Experience, Inc., Class A(a)(b)		10,104		4,673
				935,928
Personal Care Products — 0.8%
Beauty Health Co., Class A(a)		5,601		64,187
BellRing Brands, Inc.(a)		8,066		290,295
Coty, Inc., Class A(a)		22,106		262,398
Edgewell Personal Care Co.		3,096		135,202
elf Beauty, Inc.(a)		3,062		284,031
Herbalife Ltd.(a)(b)		5,860		87,080
Inter Parfums, Inc.		1,080		163,933
Medifast, Inc.		659		60,397
Nu Skin Enterprises, Inc., Class A		3,006		118,617
Olaplex Holdings, Inc.(a)		4,917		18,193
USANA Health Sciences, Inc.(a)		672		44,601
Veru, Inc.(a)(b)		3,113		3,954
				1,532,888
Pharmaceuticals — 1.5%
Aclaris Therapeutics, Inc.(a)		3,073		27,319
Amphastar Pharmaceuticals, Inc.(a)		2,293		82,021
Amylyx Pharmaceuticals, Inc.(a)		2,391		67,904
ANI Pharmaceuticals, Inc.(a)		723		27,272
Arvinas, Inc.(a)		2,918		76,481
Atea Pharmaceuticals, Inc.(a)(b)		4,484		14,663
Axsome Therapeutics, Inc.(a)(b)		2,064		147,638
Cara Therapeutics, Inc.(a)(b)		2,670		11,214
Cassava Sciences, Inc.(a)(b)		2,372		55,078
Collegium Pharmaceutical, Inc.(a)		2,013		46,842
Corcept Therapeutics, Inc.(a)		5,407		121,820
DICE Therapeutics, Inc.(a)		2,030		65,975
Edgewise Therapeutics, Inc.(a)(b)		2,396		21,013
Elanco Animal Health, Inc.(a)		26,974		255,444
Esperion Therapeutics, Inc.(a)(b)		4,232		5,586
Evolus, Inc.(a)		2,272		19,857
Harmony Biosciences Holdings, Inc.(a)		1,768		57,000
Innoviva, Inc.(a)		3,739		43,858
Intra-Cellular Therapies, Inc.(a)		5,304		329,644
Ligand Pharmaceuticals, Inc.(a)		959		73,220
Nektar Therapeutics(a)		11,469		8,628
NGM Biopharmaceuticals, Inc.(a)(b)		2,191		9,881
Pacira BioSciences, Inc.(a)		2,789		126,370
Perrigo Co. PLC		8,104		301,388
Phathom Pharmaceuticals, Inc.(a)		1,427		15,269
Prestige Consumer Healthcare, Inc.(a)(b)		2,996		184,344
Reata Pharmaceuticals, Inc., Class A(a)(b)		1,696		167,666
Revance Therapeutics, Inc.(a)		4,946		157,431
Scilex Holding Co. (Acquired 01/09/23, cost $19,912)(a)(d)		3,943		27,548
SIGA Technologies, Inc.		2,371		13,823
Supernus Pharmaceuticals, Inc.(a)		3,289		121,232
Tarsus Pharmaceuticals, Inc.(a)		1,091		16,278
Theravance Biopharma, Inc.(a)(b)		3,433		37,179
Third Harmonic Bio, Inc.(a)(b)		664		3,008
Tilray Brands, Inc.(a)(b)		36,851		86,600

Security	Shares		Value
Pharmaceuticals (continued)
Ventyx Biosciences, Inc.(a)		1,647	$	61,927
WaVe Life Sciences Ltd.(a)		3,723		14,855
				2,903,276
Professional Services — 2.7%
Alight, Inc., Class A(a)		19,104		176,712
ASGN, Inc.(a)		2,997		214,555
Barrett Business Services, Inc.		421		35,200
CACI International, Inc., Class A(a)(b)		1,415		443,348
CBIZ, Inc.(a)		3,023		159,282
Conduent, Inc.(a)		10,097		35,440
CRA International, Inc.		427		44,895
CSG Systems International, Inc.		1,804		95,035
Dun & Bradstreet Holdings, Inc.		13,120		146,550
ExlService Holdings, Inc.(a)		1,990		354,976
Exponent, Inc.		3,063		281,949
First Advantage Corp.(a)(b)		3,543		45,563
FiscalNote Holdings, Inc., Class A(a)		4,255		7,702
Forrester Research, Inc.(a)		666		20,606
Franklin Covey Co.(a)		723		26,549
FTI Consulting, Inc.(a)		2,075		374,537
Heidrick & Struggles International, Inc.		1,224		30,735
HireRight Holdings Corp.(a)(b)		1,138		12,063
Huron Consulting Group, Inc.(a)(b)		1,194		101,239
ICF International, Inc.		1,023		116,622
Insperity, Inc.		2,147		262,922
KBR, Inc.		8,261		468,646
Kelly Services, Inc., Class A, NVS		2,076		34,067
Kforce, Inc.		1,186		70,140
Korn Ferry		3,193		153,328
Legalzoom.com, Inc.(a)(b)		5,766		54,085
ManpowerGroup, Inc.		3,043		230,385
Maximus, Inc.		3,675		307,414
NV5 Global, Inc.(a)		747		70,763
Paycor HCM, Inc.(a)(b)		2,898		68,103
Planet Labs PBC, Class A(a)(b)		11,838		48,299
Resources Connection, Inc.		1,936		28,246
Science Applications International Corp.		3,288		335,475
Sterling Check Corp.(a)(b)		1,354		15,219
TaskUS, Inc., Class A(a)(b)		1,570		21,132
TriNet Group, Inc.(a)(b)		2,228		206,714
TrueBlue, Inc.(a)		1,924		29,149
TTEC Holdings, Inc.		1,118		38,090
Upwork, Inc.(a)		7,210		69,000
Verra Mobility Corp., Class A(a)(b)		8,382		142,075
				5,376,810
Real Estate Management & Development — 0.5%
Anywhere Real Estate, Inc.(a)		6,575		41,883
Compass, Inc., Class A(a)		15,649		36,619
Cushman & Wakefield PLC(a)		9,751		96,047
DigitalBridge Group, Inc., Class A		8,725		108,452
eXp World Holdings, Inc.		4,495		52,547
Forestar Group, Inc.(a)(b)		1,130		21,854
FRP Holdings, Inc.(a)		380		22,040
Howard Hughes Corp.(a)(b)		2,069		160,079
Kennedy-Wilson Holdings, Inc.		7,092		119,004
Marcus & Millichap, Inc.		1,533		48,243
Newmark Group, Inc., Class A		7,480		47,423
Opendoor Technologies, Inc.(a)(b)		30,182		41,651
Redfin Corp.(a)(b)		6,581		49,028
RMR Group, Inc., Class A		930		22,087
Seritage Growth Properties, Class A(a)		2,142		16,044

32 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
St. Joe Co.		2,065	$	84,871
WeWork, Inc., Class A(a)(b)		13,914		5,865
				973,737
Residential REITs — 0.5%
Apartment Income REIT Corp.		8,942		330,675
Apartment Investment & Management Co., Class A		9,087		71,151
BRT Apartments Corp.		747		12,946
Centerspace		923		52,039
Elme Communities		5,314		91,560
Independence Realty Trust, Inc.		13,458		224,076
NexPoint Residential Trust, Inc.		1,356		58,213
UMH Properties, Inc.		3,375		51,300
Veris Residential, Inc.(a)		4,844		79,199
				971,159
Retail REITs — 1.2%
Acadia Realty Trust		5,700		77,007
Agree Realty Corp.		5,325		362,047
Alexander’s, Inc.		127		23,631
CBL & Associates Properties, Inc.		1,463		33,839
Getty Realty Corp.		2,462		82,058
InvenTrust Properties Corp.		4,100		92,455
Kite Realty Group Trust		13,247		274,478
Macerich Co.(b)		12,810		127,972
Necessity Retail REIT, Inc., Class A		7,994		44,047
NETSTREIT Corp.		3,268		59,543
Phillips Edison & Co., Inc.		7,089		223,587
Retail Opportunity Investments Corp.		7,510		97,855
RPT Realty		5,115		47,570
Saul Centers, Inc.		796		28,680
SITE Centers Corp.		11,147		137,554
Spirit Realty Capital, Inc.		8,421		323,872
Tanger Factory Outlet Centers, Inc.		6,271		122,974
Urban Edge Properties		7,400		108,558
Urstadt Biddle Properties, Inc., Class A		1,853		31,909
Whitestone REIT		2,794		25,006
				2,324,642
Semiconductors & Semiconductor Equipment — 2.6%
Allegro MicroSystems, Inc.(a)		3,942		141,005
Alpha & Omega Semiconductor Ltd.(a)(b)		1,368		32,668
Ambarella, Inc.(a)		2,216		137,348
Amkor Technology, Inc.		6,076		135,920
Axcelis Technologies, Inc.(a)		1,981		234,352
CEVA, Inc.(a)		1,383		34,755
Cirrus Logic, Inc.(a)		3,341		286,624
Cohu, Inc.(a)		2,863		96,884
Credo Technology Group Holding Ltd.(a)(b)		5,480		44,443
Diodes, Inc.(a)		2,735		217,979
FormFactor, Inc.(a)		4,672		127,592
Ichor Holdings Ltd.(a)(b)		1,710		47,624
Impinj, Inc.(a)		1,287		113,784
indie Semiconductor, Inc., Class A(a)		4,145		31,378
Kulicke & Soffa Industries, Inc.		3,407		162,378
Lattice Semiconductor Corp.(a)		8,263		658,561
MACOM Technology Solutions Holdings, Inc.(a)		3,128		182,488
Magnachip Semiconductor Corp.(a)		2,571		22,830
MaxLinear, Inc.(a)		4,367		105,376
MKS Instruments, Inc.		3,436		288,177
Navitas Semiconductor Corp.(a)(b)		4,686		24,976
Onto Innovation, Inc.(a)		2,979		241,239
PDF Solutions, Inc.(a)		1,771		63,845
Photronics, Inc.(a)		3,687		53,314

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Power Integrations, Inc.		3,423	$	249,126
Rambus, Inc.(a)		6,480		287,323
Semtech Corp.(a)		3,809		74,237
Silicon Laboratories, Inc.(a)(b)		1,917		267,038
SiTime Corp.(a)		978		106,084
SMART Global Holdings, Inc.(a)		3,022		46,599
Synaptics, Inc.(a)(b)		2,376		210,419
Ultra Clean Holdings, Inc.(a)		2,774		79,170
Universal Display Corp.		2,624		350,199
Veeco Instruments, Inc.(a)		3,092		56,955
				5,212,690
Software — 5.9%
8x8, Inc.(a)(b)		6,976		20,021
A10 Networks, Inc.		3,837		54,255
ACI Worldwide, Inc.(a)		6,802		172,295
Adeia, Inc.		6,409		48,965
Agilysys, Inc.(a)		1,204		93,960
Alarm.com Holdings, Inc.(a)		3,037		144,835
Alkami Technology, Inc.(a)		2,153		25,814
Altair Engineering, Inc., Class A(a)(b)		3,148		217,369
Alteryx, Inc., Class A(a)		3,704		152,346
American Software, Inc., Class A		1,950		23,283
Amplitude, Inc., Class A(a)(b)		3,231		36,672
Appfolio, Inc., Class A(a)(b)		1,146		160,005
Appian Corp., Class A(a)(b)		2,477		93,011
AppLovin Corp., Class A(a)(b)		7,426		126,242
Asana, Inc., Class A(a)		4,600		74,428
AvePoint, Inc., Class A(a)(b)		5,367		23,293
Blackbaud, Inc.(a)		2,694		186,842
Blackline, Inc.(a)		3,289		183,230
Blend Labs, Inc., Class A(a)(b)		10,822		6,408
Box, Inc., Class A(a)		8,620		228,085
Braze, Inc., Class A(a)		2,128		62,563
C3.ai, Inc., Class A(a)(b)		5,156		91,880
CCC Intelligent Solutions Holdings, Inc.(a)(b)		6,395		55,509
Cerence, Inc.(a)		2,447		62,521
Clear Secure, Inc., Class A(b)		4,685		113,330
Clearwater Analytics Holdings, Inc., Class A(a)(b)		3,939		60,700
CommVault Systems, Inc.(a)		2,693		156,921
Confluent, Inc., Class A(a)(b)		9,295		204,490
Consensus Cloud Solutions, Inc.(a)		1,062		39,644
Couchbase, Inc.(a)		1,448		22,241
CS Disco, Inc.(a)		1,022		6,009
Cvent Holding Corp.(a)(b)		3,922		32,984
Digital Turbine, Inc.(a)		5,372		63,014
Dolby Laboratories, Inc., Class A		3,616		302,623
Domo, Inc., Class B(a)		1,830		29,060
DoubleVerify Holdings, Inc.(a)		5,303		156,014
Dropbox, Inc., Class A(a)		16,263		330,789
E2open Parent Holdings, Inc., Class A(a)(b)		10,279		64,655
Ebix, Inc.		1,390		22,601
Elastic NV(a)		4,661		266,842
Enfusion, Inc., Class A(a)		782		6,553
EngageSmart, Inc.(a)		1,767		30,339
Envestnet, Inc.(a)		2,878		182,408
Everbridge, Inc.(a)		2,437		64,044
EverCommerce, Inc.(a)(b)		1,730		20,881
Expensify, Inc., Class A(a)		2,637		20,015
Five9, Inc.(a)		4,242		275,051
Freshworks, Inc., Class A(a)(b)		9,735		130,060
Gitlab, Inc., Class A(a)		3,787		114,973
Guidewire Software, Inc.(a)(b)		4,946		376,836

SCHEDULES   OF   INVESTMENTS 33

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
HashiCorp, Inc., Class A(a)(b)		4,930	$	132,173
Informatica, Inc., Class A(a)		2,381		36,810
Instructure Holdings, Inc.(a)(b)		1,063		28,201
Intapp, Inc.(a)		941		37,941
InterDigital, Inc.		1,638		110,958
Jamf Holding Corp.(a)		2,670		50,516
JFrog Ltd.(a)		3,637		67,539
LivePerson, Inc.(a)		4,173		19,321
LiveRamp Holdings, Inc.(a)		3,909		94,168
Marathon Digital Holdings, Inc.(a)(b)		6,653		66,996
Matterport, Inc., Class A(a)(b)		13,366		31,143
MeridianLink, Inc.(a)(b)		1,177		17,584
MicroStrategy, Inc., Class A(a)(b)		577		189,475
Mitek Systems, Inc.(a)(b)		2,612		23,560
Model N, Inc.(a)(b)		2,058		63,386
Momentive Global, Inc.(a)		7,630		71,646
N-able, Inc.(a)		3,988		50,847
nCino, Inc.(a)(b)		4,666		115,390
NCR Corp.(a)		8,294		184,873
New Relic, Inc.(a)		3,527		252,075
Nutanix, Inc., Class A(a)		13,900		333,322
Olo, Inc., Class A(a)(b)		6,369		43,628
ON24, Inc.(a)		2,538		22,081
OneSpan, Inc.(a)		2,115		31,175
PagerDuty, Inc.(a)(b)		4,967		149,308
Pegasystems, Inc.		2,474		112,864
PowerSchool Holdings, Inc., Class A(a)		2,392		49,945
Progress Software Corp.		2,604		142,908
PROS Holdings, Inc.(a)		2,450		69,507
Q2 Holdings, Inc.(a)		3,470		85,431
Qualtrics International, Inc., Class A(a)(b)		6,814		122,175
Qualys, Inc.(a)(b)		2,090		236,045
Rapid7, Inc.(a)		3,557		172,906
Rimini Street, Inc.(a)		2,937		10,984
RingCentral, Inc., Class A(a)		4,717		130,001
Riot Platforms, Inc.(a)(b)		10,131		121,167
Samsara, Inc., Class A(a)		6,813		122,975
SEMrush Holdings, Inc., Class A(a)(b)		2,105		20,334
SentinelOne, Inc., Class A(a)(b)		13,176		211,738
Smartsheet, Inc., Class A(a)		7,901		322,914
SolarWinds Corp.(a)		2,967		25,576
SoundHound AI, Inc., Class A(a)(b)		6,966		18,530
SoundThinking, Inc.(a)(b)		518		15,411
Sprinklr, Inc., Class A(a)		3,712		44,396
Sprout Social, Inc., Class A(a)		2,848		140,293
SPS Commerce, Inc.(a)		2,172		319,936
Sumo Logic, Inc.(a)		6,728		80,736
Telos Corp.(a)(b)		3,298		5,607
Tenable Holdings, Inc.(a)		6,798		251,458
Teradata Corp.(a)		6,122		236,983
UiPath, Inc., Class A(a)		21,247		299,158
Varonis Systems, Inc.(a)		6,482		150,123
Verint Systems, Inc.(a)		3,964		144,646
Vertex, Inc., Class A(a)		2,158		44,563
Workiva, Inc., Class A(a)(b)		2,765		258,306
Xperi, Inc.(a)		2,474		23,478
Yext, Inc.(a)		6,344		55,700
ZeroFox Holdings, Inc.(a)		1,847		1,778
Zeta Global Holdings Corp., Class A(a)		7,564		73,446
Zuora, Inc., Class A(a)		7,611		59,290
				11,842,333

Security	Shares		Value
Specialized REITs — 0.7%
EPR Properties		4,538	$	190,414
Farmland Partners, Inc.		3,012		31,445
Four Corners Property Trust, Inc.		5,074		129,438
Gladstone Land Corp.		1,981		31,914
National Storage Affiliates Trust		5,084		195,988
Outfront Media, Inc.		8,803		146,658
PotlatchDeltic Corp.		4,876		225,418
Rayonier, Inc.		8,907		279,324
Safehold, Inc.		2,420		67,082
Uniti Group, Inc.		14,452		49,426
				1,347,107
Specialty Retail — 2.8%
Abercrombie & Fitch Co., Class A(a)		2,985		70,267
Academy Sports & Outdoors, Inc.(b)		4,709		299,116
American Eagle Outfitters, Inc.		10,452		139,952
America’s Car-Mart, Inc.(a)(b)		354		28,458
Arhaus, Inc., Class A(a)(b)		1,245		9,985
Arko Corp., Class A		4,357		36,424
Asbury Automotive Group, Inc.(a)		1,334		258,076
AutoNation, Inc.(a)		2,057		270,907
Boot Barn Holdings, Inc.(a)		1,814		131,461
Buckle, Inc.		1,818		60,958
Caleres, Inc.		2,195		50,046
Camping World Holdings, Inc., Class A		2,443		54,699
Carvana Co., Class A(a)(b)		6,001		41,647
Chewy, Inc., Class A(a)(b)		5,603		173,749
Chico’s FAS, Inc.(a)		7,574		38,173
Children’s Place, Inc.(a)(b)		750		22,230
Designer Brands, Inc., Class A		3,017		24,709
Destination XL Group, Inc.(a)		3,428		15,049
Dick’s Sporting Goods, Inc.		3,601		522,181
EVgo, Inc., Class A(a)(b)		4,243		25,416
Foot Locker, Inc.		4,772		200,376
Franchise Group, Inc.		1,655		48,409
Gap, Inc.		12,677		121,699
Genesco, Inc.(a)		720		24,955
Group 1 Automotive, Inc.		879		197,318
Guess?, Inc.		1,822		34,345
Haverty Furniture Cos., Inc.		781		23,539
Hibbett, Inc.		767		41,671
Leslie’s, Inc.(a)		9,048		98,171
Lithia Motors, Inc., Class A		1,646		363,585
MarineMax, Inc.(a)(b)		1,342		39,079
Monro, Inc.		1,880		91,894
National Vision Holdings, Inc.(a)		4,742		99,772
ODP Corp.(a)		2,416		104,395
OneWater Marine, Inc., Class A(a)		641		16,922
Overstock.com, Inc.(a)		2,720		55,379
Petco Health & Wellness Co., Inc.(a)(b)		4,714		46,951
PetMed Express, Inc.		1,383		21,257
Revolve Group, Inc., Class A(a)(b)		2,439		50,365
RH(a)		1,130		288,297
Sally Beauty Holdings, Inc.(a)		6,494		92,410
Shoe Carnival, Inc.		1,022		23,761
Signet Jewelers Ltd.		2,727		200,653
Sleep Number Corp.(a)(b)		1,332		30,037
Sonic Automotive, Inc., Class A		999		44,475
Sportsman’s Warehouse Holdings, Inc.(a)		2,365		14,710
Torrid Holdings, Inc.(a)		1,281		4,381
TravelCenters of America, Inc.(a)		756		65,114
Upbound Group, Inc.		3,047		81,233
Urban Outfitters, Inc.(a)		3,643		98,580

34 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Valvoline, Inc.		10,376	$	358,491
Victoria’s Secret & Co.(a)(b)		4,872		151,081
Warby Parker, Inc., Class A(a)(b)		3,701		38,971
Wayfair, Inc., Class A(a)(b)		4,646		161,820
Winmark Corp.		166		55,431
Zumiez, Inc.(a)(b)		971		16,978
				5,680,008
Technology Hardware, Storage & Peripherals — 0.3%
Avid Technology, Inc.(a)		2,033		59,994
Corsair Gaming, Inc.(a)		2,506		43,654
Eastman Kodak Co.(a)		4,484		14,752
IonQ, Inc.(a)(b)		9,276		51,111
Super Micro Computer, Inc.(a)		2,809		296,153
Xerox Holdings Corp.		6,876		107,747
				573,411
Textiles, Apparel & Luxury Goods — 1.5%
Capri Holdings Ltd.(a)		7,558		313,657
Carter’s, Inc.		2,312		161,308
Columbia Sportswear Co.		2,142		178,943
Crocs, Inc.(a)		3,717		459,681
G-III Apparel Group Ltd.(a)(b)		2,585		40,585
Hanesbrands, Inc.		20,913		109,584
Kontoor Brands, Inc.		2,982		134,697
Levi Strauss & Co., Class A		5,826		84,244
Movado Group, Inc.		965		24,723
Oxford Industries, Inc.		898		92,665
PVH Corp.		3,812		327,108
Ralph Lauren Corp., Class A		2,477		284,335
Skechers U.S.A., Inc., Class A(a)		8,076		429,562
Steven Madden Ltd.		4,418		154,807
Under Armour, Inc., Class A(a)		11,346		100,639
Under Armour, Inc., Class C, NVS(a)		11,735		94,349
Wolverine World Wide, Inc.		4,703		78,728
				3,069,615
Tobacco — 0.1%
Turning Point Brands, Inc.		918		21,839
Universal Corp.		1,481		81,292
Vector Group Ltd.		8,028		102,277
				205,408
Trading Companies & Distributors — 2.0%
Air Lease Corp., Class A		6,202		249,444
Alta Equipment Group, Inc., Class A		1,496		21,153
Applied Industrial Technologies, Inc.		2,320		314,731
Beacon Roofing Supply, Inc.(a)(b)		3,053		183,730
BlueLinx Holdings, Inc.(a)		547		38,323
Boise Cascade Co.		2,385		162,919
Core & Main, Inc., Class A(a)(b)		4,447		115,889
Custom Truck One Source, Inc.(a)		3,629		22,790
Distribution Solutions Group, Inc.(a)		251		11,717
DXP Enterprises, Inc.(a)		939		23,663
GATX Corp.		2,120		241,489
Global Industrial Co.		996		26,543
GMS, Inc.(a)		2,506		145,498
H&E Equipment Services, Inc.		2,056		75,044
Herc Holdings, Inc.		1,510		151,030
Hudson Technologies, Inc.(a)		2,253		17,416

Security	Shares		Value
Trading Companies & Distributors (continued)
McGrath RentCorp		1,470	$	130,654
MRC Global, Inc.(a)		4,958		48,291
MSC Industrial Direct Co., Inc., Class A		2,856		259,125
NOW, Inc.(a)		6,690		71,382
Rush Enterprises, Inc., Class A		2,546		135,218
Rush Enterprises, Inc., Class B		439		25,717
SiteOne Landscape Supply, Inc.(a)(b)		2,724		402,444
Titan Machinery, Inc.(a)(b)		1,219		38,216
Transcat, Inc.(a)		419		31,966
Triton International Ltd.		3,551		293,561
Univar Solutions, Inc.(a)		9,821		348,645
Veritiv Corp.		808		92,815
WESCO International, Inc.		2,695		388,080
				4,067,493
Water Utilities — 0.3%
American States Water Co.		2,236		198,445
Artesian Resources Corp., Class A, NVS		486		26,623
California Water Service Group		3,304		185,288
Middlesex Water Co.		1,050		76,629
SJW Group		1,623		123,218
York Water Co.		862		36,239
				646,442
Wireless Telecommunication Services — 0.1%
Gogo, Inc.(a)		3,903		52,339
Shenandoah Telecommunications Co.		3,002		62,472
Telephone & Data Systems, Inc.		6,045		60,450
United States Cellular Corp.(a)		849		18,033
				193,294
Total Long-Term Investments — 99.7% (Cost: $225,844,869)				199,734,068
Short-Term Securities
Money Market Funds — 12.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(e)(f)(g)		24,576,755		24,584,128
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(e)(f)		345,266		345,266
Total Short-Term Securities — 12.5% (Cost: $24,918,931)				24,929,394
Total Investments — 112.2% (Cost: $250,763,800)				224,663,462
Liabilities in Excess of Other Assets — (12.2)%				(24,404,157	)
Net Assets — 100.0%			$	200,259,305

^(a)  Non-income producing security.

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

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

^(d)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $27,548, representing 0.0% of its net assets as of period end, and an original cost of $19,912.

^(e)  Affiliate of the Fund.

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

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

SCHEDULES   OF   INVESTMENTS 35

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	22,100,871	$	2,475,975	(a)	$	—	$	(2,948	)	$	10,230	$	24,584,128		24,576,755	$	423,271	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		250,000		95,266	(a)		—		—			—		345,266		345,266		11,379			—
								$	(2,948	)	$	10,230	$	24,929,394			$	434,650		$	—

^(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		2		06/16/23	$	178	$	(2,847	)
S&P Mid 400 E-Mini Index		1		06/16/23		250		1,639
							$	(1,208	)

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)	$	—	$	—	$	1,639	$	—	$	—	$	—	$	1,639
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	2,847	$	—	$	—	$	—	$	2,847

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

For the period ended April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(43,488)	$	—	$	—	$	—	$	(43,488)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	10,811	$	—	$	—	$	—	$	10,811

36 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Small-Cap ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	413,051

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	$	199,706,520		$	27,548	$	—	$	199,734,068
Short-Term Securities
Money Market Funds		24,929,394			—		—		24,929,394
	$	224,635,914		$	27,548	$	—	$	224,663,462
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,639		$	—	$	—	$	1,639
Liabilities
Equity Contracts		(2,847	)		—		—		(2,847	)
	$	(1,208	)	$	—	$	—	$	(1,208	)

^(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 37

Schedule of Investments April 30, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.7%
Axon Enterprise, Inc.(a)		1,347	$	283,826
Boeing Co.(a)		11,271		2,330,617
General Dynamics Corp.		4,519		986,678
HEICO Corp.		793		133,732
HEICO Corp., Class A		1,383		185,640
Howmet Aerospace, Inc.		7,301		323,361
Huntington Ingalls Industries, Inc.		809		163,143
L3Harris Technologies, Inc.		3,813		744,107
Lockheed Martin Corp.		4,555		2,115,570
Northrop Grumman Corp.		2,884		1,330,303
Raytheon Technologies Corp.		29,362		2,933,264
Textron, Inc.		4,190		280,479
TransDigm Group, Inc.		1,035		791,775
				12,602,495
Air Freight & Logistics — 0.6%
CH Robinson Worldwide, Inc.		2,367		238,759
Expeditors International of Washington, Inc.		3,168		360,645
FedEx Corp.		4,637		1,056,216
United Parcel Service, Inc., Class B		14,628		2,630,261
				4,285,881
Automobile Components — 0.1%
Aptiv PLC(a)		5,457		561,307
BorgWarner, Inc.		4,627		222,698
Lear Corp.		1,179		150,511
				934,516
Automobiles — 1.5%
Ford Motor Co.		78,472		932,247
General Motors Co.		28,049		926,739
Lucid Group, Inc.(a)(b)		12,870		102,188
Rivian Automotive, Inc., Class A(a)(b)		10,866		139,302
Tesla, Inc.(a)		53,905		8,857,131
				10,957,607
Banks — 3.1%
Bank of America Corp.		139,890		4,095,979
BOK Financial Corp.		579		48,561
Citigroup, Inc.		38,793		1,825,986
Citizens Financial Group, Inc.		9,883		305,780
Comerica, Inc.		2,636		114,323
Commerce Bancshares, Inc.		2,322		129,684
Cullen/Frost Bankers, Inc.		1,276		140,679
East West Bancorp, Inc.		2,774		143,388
Fifth Third Bancorp		13,784		361,141
First Citizens BancShares, Inc., Class A		239		240,716
First Horizon Corp.		10,778		189,154
First Republic Bank(b)		3,639		12,773
Huntington Bancshares, Inc.		28,829		322,885
JPMorgan Chase & Co.		58,791		8,127,268
KeyCorp		18,612		209,571
M&T Bank Corp.		3,405		428,349
PNC Financial Services Group, Inc.		8,064		1,050,336
Regions Financial Corp.		18,758		342,521
Truist Financial Corp.		26,570		865,650
U.S. Bancorp		27,828		953,944
Webster Financial Corp.		3,532		131,744
Wells Fargo & Co.		76,373		3,035,827
Western Alliance Bancorp		2,122		78,769
Zions Bancorp N.A.		2,953		82,270
				23,237,298

Security	Shares		Value
Beverages — 1.7%
Brown-Forman Corp., Class A		1,124	$	74,049
Brown-Forman Corp., Class B, NVS		3,663		238,425
Coca-Cola Co.		78,008		5,004,213
Constellation Brands, Inc., Class A		3,246		744,860
Keurig Dr Pepper, Inc.		17,128		560,086
Molson Coors Beverage Co., Class B		3,767		224,061
Monster Beverage Corp.(a)		15,196		850,976
PepsiCo, Inc.		27,604		5,269,327
				12,965,997
Biotechnology — 2.4%
AbbVie, Inc.		35,446		5,356,599
Alnylam Pharmaceuticals, Inc.(a)		2,459		489,833
Amgen, Inc.		10,702		2,565,697
Biogen, Inc.(a)		2,899		881,963
BioMarin Pharmaceutical, Inc.(a)		3,701		355,444
Gilead Sciences, Inc.		24,994		2,054,757
Horizon Therapeutics PLC(a)		4,555		506,334
Incyte Corp.(a)		3,719		276,731
Karuna Therapeutics, Inc.(a)		598		118,667
Moderna, Inc.(a)		6,598		876,808
Neurocrine Biosciences, Inc.(a)		1,938		195,816
Regeneron Pharmaceuticals, Inc.(a)		2,153		1,726,254
Sarepta Therapeutics, Inc.(a)		1,751		214,970
Seagen, Inc.(a)		2,763		552,600
United Therapeutics Corp.(a)		925		212,870
Vertex Pharmaceuticals, Inc.(a)		5,146		1,753,397
				18,138,740
Broadline Retail — 2.8%
Amazon.com, Inc.(a)		178,686		18,842,439
Coupang, Inc., Class A(a)		20,389		341,719
eBay, Inc.		10,888		505,530
Etsy, Inc.(a)		2,491		251,666
MercadoLibre, Inc.(a)(b)		927		1,184,233
				21,125,587
Building Products — 0.6%
A O Smith Corp.		2,594		177,144
Advanced Drainage Systems, Inc.(b)		1,277		109,464
Allegion PLC		1,738		192,014
Builders FirstSource, Inc.(a)		2,961		280,614
Carlisle Cos., Inc.		1,045		225,563
Carrier Global Corp.		16,640		695,885
Fortune Brands Innovations, Inc.		2,549		164,895
Johnson Controls International PLC		13,728		821,484
Lennox International, Inc.		655		184,651
Masco Corp.		4,496		240,581
Owens Corning		1,880		200,803
Trane Technologies PLC		4,588		852,496
				4,145,594
Capital Markets — 3.0%
Ameriprise Financial, Inc.		2,118		646,244
Ares Management Corp., Class A		3,083		270,040
Bank of New York Mellon Corp.		14,762		628,714
BlackRock, Inc.(c)		3,002		2,014,942
Blackstone, Inc., Class A, NVS		14,284		1,275,990
Carlyle Group, Inc.		4,323		131,117
Charles Schwab Corp.		30,555		1,596,193
CME Group, Inc., Class A		7,218		1,340,888
Coinbase Global, Inc., Class A(a)(b)		3,159		169,923
FactSet Research Systems, Inc.		771		317,413
Franklin Resources, Inc.		5,728		153,969
Goldman Sachs Group, Inc.		6,787		2,330,927

38 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Interactive Brokers Group, Inc., Class A		2,053	$	159,826
Intercontinental Exchange, Inc.		11,209		1,220,996
Invesco Ltd.		9,058		155,164
Jefferies Financial Group, Inc.		3,700		118,511
KKR & Co., Inc., Class A		11,619		616,620
LPL Financial Holdings, Inc.		1,599		333,935
MarketAxess Holdings, Inc.		757		241,006
Moody’s Corp.		3,162		990,085
Morgan Stanley		26,186		2,355,954
Morningstar, Inc.		498		88,798
MSCI, Inc., Class A		1,597		770,473
Nasdaq, Inc.		6,751		373,803
Northern Trust Corp.		4,154		324,677
Raymond James Financial, Inc.		3,892		352,343
Robinhood Markets, Inc., Class A(a)(b)		10,150		89,828
S&P Global, Inc.		6,599		2,392,665
SEI Investments Co.		1,985		116,936
State Street Corp.		7,019		507,193
T Rowe Price Group, Inc.		4,511		506,721
				22,591,894
Chemicals — 1.7%
Air Products & Chemicals, Inc.		4,451		1,310,196
Albemarle Corp.		2,345		434,904
Celanese Corp., Class A		1,980		210,355
CF Industries Holdings, Inc.		3,973		284,387
Corteva, Inc.		14,254		871,204
Dow, Inc.		14,127		768,509
DuPont de Nemours, Inc.		9,214		642,400
Eastman Chemical Co.		2,363		199,130
Ecolab, Inc.		4,984		836,515
FMC Corp.		2,524		311,916
International Flavors & Fragrances, Inc.		5,133		497,696
Linde PLC		9,871		3,646,841
LyondellBasell Industries NV, Class A		5,075		480,146
Mosaic Co.		6,883		294,937
Olin Corp.		2,475		137,115
PPG Industries, Inc.		4,709		660,484
RPM International, Inc.		2,583		211,883
Sherwin-Williams Co.		4,722		1,121,664
Westlake Corp.		670		76,233
				12,996,515
Commercial Services & Supplies — 0.5%
Cintas Corp.		1,726		786,659
Copart, Inc.(a)		8,636		682,676
Republic Services, Inc.		4,126		596,702
Rollins, Inc.		4,606		194,604
Tetra Tech, Inc.		1,058		146,395
Waste Management, Inc.		7,457		1,238,235
				3,645,271
Communications Equipment — 0.8%
Arista Networks, Inc.(a)		4,969		795,835
Ciena Corp.(a)		2,920		134,437
Cisco Systems, Inc.		82,339		3,890,518
F5, Inc.(a)		1,229		165,128
Juniper Networks, Inc.		6,472		195,131
Motorola Solutions, Inc.		3,355		977,647
				6,158,696
Construction & Engineering — 0.1%
AECOM		2,819		234,118

Security	Shares		Value
Construction & Engineering (continued)
Quanta Services, Inc.		2,842	$	482,117
WillScot Mobile Mini Holdings Corp.(a)		4,240		192,496
				908,731
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		1,235		448,552
Vulcan Materials Co.		2,687		470,547
				919,099
Consumer Finance — 0.5%
Ally Financial, Inc.		6,154		162,343
American Express Co.		11,932		1,925,109
Capital One Financial Corp.		7,651		744,442
Discover Financial Services		5,351		553,668
Synchrony Financial		8,789		259,363
				3,644,925
Consumer Staples Distribution & Retail — 1.9%
Albertsons Cos., Inc., Class A		3,182		66,504
BJ’s Wholesale Club Holdings, Inc.(a)		2,673		204,137
Casey’s General Stores, Inc.		743		170,013
Costco Wholesale Corp.		8,894		4,475,639
Dollar General Corp.		4,496		995,684
Dollar Tree, Inc.(a)		4,155		638,665
Kroger Co.		13,131		638,560
Performance Food Group Co.(a)		3,192		200,106
Sysco Corp.		10,209		783,439
Target Corp.		9,213		1,453,351
U.S. Foods Holding Corp.(a)		4,065		156,096
Walgreens Boots Alliance, Inc.		14,279		503,335
Walmart, Inc.		28,107		4,243,314
				14,528,843
Containers & Packaging — 0.3%
Amcor PLC		30,227		331,590
AptarGroup, Inc.		1,297		153,708
Avery Dennison Corp.		1,638		285,798
Ball Corp.		6,359		338,172
Crown Holdings, Inc.		2,405		206,301
International Paper Co.		7,137		236,306
Packaging Corp. of America		1,831		247,661
Sealed Air Corp.		2,824		135,524
Westrock Co.		5,109		152,912
				2,087,972
Distributors — 0.1%
Genuine Parts Co.		2,818		474,298
LKQ Corp.		5,143		296,905
Pool Corp.		783		275,084
				1,046,287
Diversified Consumer Services — 0.0%
ADT, Inc.		4,289		28,736
Service Corp. International		3,141		220,467
				249,203
Diversified REITs — 0.0%
WP Carey, Inc.		4,236		314,311
Diversified Telecommunication Services — 0.8%
AT&T Inc.		142,867		2,524,460
Lumen Technologies, Inc.		18,688		44,290
Verizon Communications, Inc.		84,179		3,268,671
				5,837,421
Electric Utilities — 1.8%
Alliant Energy Corp.		5,097		281,049

SCHEDULES   OF   INVESTMENTS 39

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
American Electric Power Co., Inc.		10,290	$	951,002
Avangrid, Inc.		1,377		55,438
Constellation Energy Corp.		6,597		510,608
Duke Energy Corp.		15,413		1,524,037
Edison International		7,681		565,322
Entergy Corp.		4,095		440,540
Evergy, Inc.		4,652		288,936
Eversource Energy		7,018		544,667
Exelon Corp.		19,987		848,248
FirstEnergy Corp.		10,820		430,636
NextEra Energy, Inc.		39,828		3,052,020
NRG Energy, Inc.		4,694		160,394
OGE Energy Corp.		3,964		148,809
PG&E Corp.(a)		32,077		548,837
Pinnacle West Capital Corp.		2,225		174,573
PPL Corp.		14,685		421,753
Southern Co.		21,787		1,602,434
Xcel Energy, Inc.		10,956		765,934
				13,315,237
Electrical Equipment — 0.6%
AMETEK, Inc.		4,596		633,926
Eaton Corp. PLC		7,965		1,331,111
Emerson Electric Co.		11,405		949,580
Generac Holdings, Inc.(a)(b)		1,260		128,797
Hubbell, Inc.		1,085		292,212
Plug Power, Inc.(a)(b)		10,624		95,935
Regal Rexnord Corp.		1,327		172,722
Rockwell Automation, Inc.		2,304		652,977
				4,257,260
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		11,958		902,470
Arrow Electronics, Inc.(a)		1,173		134,226
CDW Corp.		2,702		458,232
Cognex Corp.		3,422		163,195
Corning, Inc.		15,263		507,037
Flex Ltd.(a)		9,039		185,932
Jabil, Inc.		2,644		206,629
Keysight Technologies, Inc.(a)		3,564		515,497
TD SYNNEX Corp.		820		73,013
TE Connectivity Ltd.		6,377		780,354
Teledyne Technologies, Inc.(a)		931		385,806
Trimble, Inc.(a)		4,885		230,084
Zebra Technologies Corp., Class A(a)		1,035		298,111
				4,840,586
Energy Equipment & Services — 0.4%
Baker Hughes Co., Class A		20,160		589,479
Halliburton Co.		18,047		591,039
NOV, Inc.		7,843		131,370
Schlumberger NV		28,414		1,402,231
				2,714,119
Entertainment — 1.3%
Activision Blizzard, Inc.		14,291		1,110,554
Electronic Arts, Inc.		5,202		662,111
Liberty Media Corp. - Liberty Formula One, Class A(a)		511		33,103
Liberty Media Corp. - Liberty Formula One, Class C, NVS(a)		4,137		298,650
Live Nation Entertainment, Inc.(a)		2,828		191,682
Netflix, Inc.(a)		8,926		2,944,955
ROBLOX Corp., Class A(a)		7,239		257,708
Roku, Inc., Class A(a)(b)		2,497		140,356

Security	Shares		Value
Entertainment (continued)
Take-Two Interactive Software, Inc.(a)		3,159	$	392,632
Walt Disney Co.(a)		36,615		3,753,037
				9,784,788
Financial Services — 4.4%
Apollo Global Management, Inc.		8,750		554,662
Berkshire Hathaway, Inc., Class B(a)		36,112		11,864,598
Block, Inc., Class A(a)		10,740		652,885
Equitable Holdings, Inc.		7,008		182,138
Fidelity National Information Services, Inc.		11,893		698,357
Fiserv, Inc.(a)		12,707		1,551,779
FleetCor Technologies, Inc.(a)		1,491		318,955
Global Payments, Inc.		5,291		596,349
Jack Henry & Associates, Inc.		1,441		235,373
Mastercard, Inc., Class A		16,910		6,426,307
PayPal Holdings, Inc.(a)		22,660		1,722,160
Toast, Inc., Class A(a)(b)		6,170		112,294
Visa, Inc., Class A		32,569		7,579,783
WEX, Inc.(a)		872		154,649
				32,650,289
Food Products — 1.1%
Archer-Daniels-Midland Co.		11,003		859,114
Bunge Ltd.		3,010		281,736
Campbell Soup Co.		4,052		220,024
Conagra Brands, Inc.		9,629		365,517
Darling Ingredients, Inc.(a)		3,176		189,194
General Mills, Inc.		11,818		1,047,429
Hershey Co.		2,930		800,066
Hormel Foods Corp.		5,767		233,218
J M Smucker Co.		2,124		327,967
Kellogg Co.		5,181		361,478
Kraft Heinz Co.		15,861		622,861
Lamb Weston Holdings, Inc.		2,886		322,684
McCormick & Co., Inc., NVS		5,068		445,224
Mondelez International, Inc., Class A		27,344		2,097,832
Tyson Foods, Inc., Class A		5,778		361,067
				8,535,411
Gas Utilities — 0.1%
Atmos Energy Corp.		2,879		328,609
UGI Corp.		4,151		140,636
				469,245
Ground Transportation — 0.9%
Avis Budget Group, Inc.(a)		500		88,335
CSX Corp.		42,138		1,291,108
Hertz Global Holdings, Inc.(a)		3,145		52,459
JB Hunt Transport Services, Inc.		1,670		292,734
Knight-Swift Transportation Holdings, Inc.		3,260		183,603
Norfolk Southern Corp.		4,582		930,283
Old Dominion Freight Line, Inc.		1,812		580,547
Uber Technologies, Inc.(a)		39,932		1,239,889
U-Haul Holding Co.		197		12,029
Union Pacific Corp.		12,264		2,400,065
				7,071,052
Health Care Equipment & Supplies — 2.9%
Abbott Laboratories		34,947		3,860,595
Align Technology, Inc.(a)		1,461		475,263
Baxter International, Inc.		10,107		481,902
Becton Dickinson & Co.		5,709		1,508,946
Boston Scientific Corp.(a)		28,744		1,498,137
Cooper Cos., Inc.		982		374,584
DENTSPLY SIRONA, Inc.		4,244		177,951

40 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Dexcom, Inc.(a)		7,767	$	942,448
Edwards Lifesciences Corp.(a)		12,409		1,091,744
GE HealthCare Technologies, Inc.(a)		7,302		593,945
Hologic, Inc.(a)		4,959		426,524
IDEXX Laboratories, Inc.(a)		1,666		819,938
Insulet Corp.(a)		1,389		441,757
Intuitive Surgical, Inc.(a)		7,017		2,113,661
Medtronic PLC		26,661		2,424,818
Novocure Ltd.(a)(b)		1,801		118,686
ResMed, Inc.		2,930		706,013
Shockwave Medical, Inc.(a)		720		208,915
STERIS PLC		1,993		375,780
Stryker Corp.		6,754		2,023,836
Teleflex, Inc.		943		256,986
Zimmer Biomet Holdings, Inc.		4,207		582,417
				21,504,846
Health Care Providers & Services — 3.0%
Acadia Healthcare Co., Inc.(a)		1,816		131,279
agilon health, Inc.(a)(b)		3,930		95,381
AmerisourceBergen Corp.		3,236		539,927
Cardinal Health, Inc.		5,181		425,360
Centene Corp.(a)		11,077		763,538
Chemed Corp.		294		162,068
Cigna Group		5,980		1,514,674
CVS Health Corp.		25,730		1,886,266
DaVita, Inc.(a)		1,113		100,571
Elevance Health, Inc.		4,793		2,246,239
HCA Healthcare, Inc.		4,250		1,221,153
Henry Schein, Inc.(a)		2,751		222,308
Humana, Inc.		2,498		1,325,164
Laboratory Corp. of America Holdings		1,791		406,038
McKesson Corp.		2,733		995,468
Molina Healthcare, Inc.(a)		1,172		349,127
Quest Diagnostics, Inc.		2,231		309,685
R1 RCM, Inc.(a)		2,748		42,841
UnitedHealth Group, Inc.		18,727		9,215,369
Universal Health Services, Inc., Class B		1,272		191,245
				22,143,701
Health Care REITs — 0.2%
Healthpeak Properties, Inc.		11,108		244,043
Medical Properties Trust, Inc.		12,016		105,380
Omega Healthcare Investors, Inc.		4,675		125,103
Ventas, Inc.		8,007		384,736
Welltower, Inc.		9,431		747,124
				1,606,386
Health Care Technology — 0.1%
Veeva Systems, Inc., Class A(a)		2,804		502,140
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		14,444		233,559
Hotels, Restaurants & Leisure — 2.3%
Airbnb, Inc., Class A(a)		7,962		952,813
Aramark		5,285		183,389
Booking Holdings, Inc.(a)		777		2,087,263
Caesars Entertainment, Inc.(a)		4,360		197,464
Carnival Corp.(a)(b)		20,097		185,093
Chipotle Mexican Grill, Inc.(a)		552		1,141,326
Choice Hotels International, Inc.		581		74,089
Churchill Downs, Inc.		667		195,118
Darden Restaurants, Inc.		2,434		369,798
Domino’s Pizza, Inc.		716		227,309

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
DoorDash, Inc., Class A(a)		5,326	$	325,898
Expedia Group, Inc.(a)		2,944		276,618
Hilton Worldwide Holdings, Inc.		5,360		771,947
Las Vegas Sands Corp.(a)		6,547		418,026
Marriott International, Inc., Class A		5,368		909,017
McDonald’s Corp.		14,680		4,341,610
MGM Resorts International		6,328		284,254
Norwegian Cruise Line Holdings Ltd.(a)(b)		8,202		109,497
Royal Caribbean Cruises Ltd.(a)		4,373		286,125
Starbucks Corp.		23,035		2,632,670
Vail Resorts, Inc.		823		197,948
Wyndham Hotels & Resorts, Inc.		1,822		124,297
Wynn Resorts Ltd.(a)		2,097		239,645
Yum! Brands, Inc.		5,628		791,184
				17,322,398
Household Durables — 0.3%
DR Horton, Inc.		6,264		687,912
Garmin Ltd.		3,064		300,793
Lennar Corp., Class A		5,055		570,255
Lennar Corp., Class B		315		30,813
NVR, Inc.(a)		61		356,240
PulteGroup, Inc.		4,532		304,324
Whirlpool Corp.		1,065		148,663
				2,399,000
Household Products — 1.4%
Church & Dwight Co., Inc.		4,914		477,248
Clorox Co.		2,459		407,260
Colgate-Palmolive Co.		16,718		1,334,096
Kimberly-Clark Corp.		6,788		983,513
Procter & Gamble Co.		47,285		7,394,428
				10,596,545
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		13,359		316,074
Vistra Corp.		7,496		178,855
				494,929
Industrial Conglomerates — 0.8%
3M Co.		11,024		1,170,969
General Electric Co.		21,832		2,160,713
Honeywell International, Inc.		13,392		2,676,258
				6,007,940
Industrial REITs — 0.4%
Americold Realty Trust, Inc.		5,325		157,567
EastGroup Properties, Inc.		874		145,573
Prologis, Inc.		18,501		2,317,250
Rexford Industrial Realty, Inc.		3,802		212,038
				2,832,428
Insurance — 2.3%
Aflac, Inc.		11,260		786,511
Allstate Corp.		5,290		612,370
American Financial Group, Inc.		1,426		175,013
American International Group, Inc.		14,943		792,577
Aon PLC, Class A		4,107		1,335,514
Arch Capital Group Ltd.(a)		7,360		552,515
Arthur J. Gallagher & Co.		4,266		887,584
Assurant, Inc.		1,064		131,010
Brown & Brown, Inc.		4,771		307,205
Chubb Ltd.		8,329		1,678,793
Cincinnati Financial Corp.		3,174		337,841
CNA Financial Corp.		538		20,934
Erie Indemnity Co., Class A, NVS		492		106,926

SCHEDULES   OF   INVESTMENTS 41

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Everest Re Group Ltd.		776	$	293,328
Fidelity National Financial, Inc., Class A		5,572		197,750
Globe Life, Inc.		1,778		192,949
Hartford Financial Services Group, Inc.		6,309		447,876
Kinsale Capital Group, Inc.		428		139,832
Lincoln National Corp.		3,084		67,015
Loews Corp.		3,858		222,105
Markel Corp.(a)		270		369,503
Marsh & McLennan Cos., Inc.		9,908		1,785,323
MetLife, Inc.		13,210		810,169
Old Republic International Corp.		5,577		140,931
Principal Financial Group, Inc.		4,561		340,661
Progressive Corp.		11,741		1,601,472
Prudential Financial, Inc.		7,379		641,973
Reinsurance Group of America, Inc.		1,306		185,870
Travelers Cos., Inc.		4,647		841,758
Unum Group		3,736		157,659
W. R. Berkley Corp.		4,064		239,451
Willis Towers Watson PLC		2,141		495,856
				16,896,274
Interactive Media & Services — 4.8%
Alphabet, Inc., Class A(a)		119,376		12,813,820
Alphabet, Inc., Class C, NVS(a)		104,066		11,262,022
Match Group, Inc.(a)		5,644		208,264
Meta Platforms, Inc., Class A(a)		44,611		10,720,915
Pinterest, Inc., Class A(a)		11,809		271,607
Snap, Inc., Class A, NVS(a)		19,753		172,049
ZoomInfo Technologies, Inc., Class A(a)		5,380		117,876
				35,566,553
IT Services — 1.4%
Accenture PLC, Class A		12,622		3,537,820
Akamai Technologies, Inc.(a)		3,193		261,730
Cloudflare, Inc., Class A(a)(b)		5,744		270,255
Cognizant Technology Solutions Corp., Class A		10,202		609,161
DXC Technology Co.(a)		4,509		107,540
EPAM Systems, Inc.(a)		1,162		328,195
Gartner, Inc.(a)		1,576		476,677
GoDaddy, Inc., Class A(a)		3,114		235,668
International Business Machines Corp.		18,145		2,293,709
MongoDB, Inc., Class A(a)		1,382		331,625
Okta, Inc., Class A(a)		3,097		212,237
Snowflake, Inc., Class A(a)(b)		5,756		852,349
Twilio, Inc., Class A(a)		3,537		186,082
VeriSign, Inc.(a)		1,824		404,563
				10,107,611
Leisure Products — 0.0%
Hasbro, Inc.		2,534		150,063
Mattel, Inc.(a)		7,294		131,292
				281,355
Life Sciences Tools & Services — 1.7%
Agilent Technologies, Inc.		5,945		805,131
Avantor, Inc.(a)		13,435		261,714
Bio-Rad Laboratories, Inc., Class A(a)		435		196,094
Bio-Techne Corp.		3,197		255,376
Bruker Corp.		2,011		159,130
Charles River Laboratories International, Inc.(a)		1,008		191,641
Danaher Corp.		13,138		3,112,524
Illumina, Inc.(a)		3,138		645,047
IQVIA Holdings, Inc.(a)		3,719		700,027
Mettler-Toledo International, Inc.(a)		441		657,752
PerkinElmer, Inc.		2,514		328,052

Security	Shares		Value
Life Sciences Tools & Services (continued)
Repligen Corp.(a)		1,024	$	155,269
Thermo Fisher Scientific, Inc.		7,861		4,362,069
Waters Corp.(a)(b)		1,202		361,033
West Pharmaceutical Services, Inc.		1,489		537,886
				12,728,745
Machinery — 1.8%
AGCO Corp.		1,253		155,297
Caterpillar, Inc.		10,430		2,282,084
Chart Industries, Inc.(a)(b)		836		111,272
Cummins, Inc.		2,841		667,749
Deere & Co.		5,419		2,048,490
Dover Corp.		2,809		410,563
Fortive Corp.		7,042		444,280
Graco, Inc.		3,357		266,176
IDEX Corp.		1,515		312,575
Illinois Tool Works, Inc.		5,560		1,345,186
Ingersoll Rand, Inc.		8,090		461,292
Lincoln Electric Holdings, Inc.		1,172		196,662
Middleby Corp.(a)		1,096		154,404
Nordson Corp.		1,081		233,831
Otis Worldwide Corp.		8,287		706,881
PACCAR, Inc.		10,469		781,930
Parker-Hannifin Corp.		2,576		836,891
Pentair PLC		3,332		193,523
RBC Bearings, Inc.(a)(b)		581		131,893
Snap-on, Inc.		1,074		278,606
Stanley Black & Decker, Inc.		2,993		258,416
Toro Co.		2,096		218,529
Westinghouse Air Brake Technologies Corp.		3,611		352,686
Xylem, Inc.		3,616		375,485
				13,224,701
Media — 0.9%
Charter Communications, Inc., Class A(a)		2,119		781,275
Comcast Corp., Class A		84,313		3,488,029
Fox Corp., Class A, NVS		5,991		199,261
Fox Corp., Class B		2,808		85,756
Interpublic Group of Cos., Inc.		7,774		277,765
Liberty Broadband Corp., Class A(a)		344		29,078
Liberty Broadband Corp., Class C, NVS(a)		2,384		202,116
Liberty Media Corp. - Liberty SiriusXM, Class A(a)		1,456		40,914
Liberty Media Corp. - Liberty SiriusXM, Class C, NVS(a)		3,121		87,201
News Corp., Class A, NVS		7,784		137,076
News Corp., Class B		2,439		43,292
Omnicom Group, Inc.		4,023		364,363
Paramount Global, Class B, NVS		10,068		234,886
Sirius XM Holdings, Inc.(b)		13,972		53,094
Trade Desk, Inc., Class A(a)		8,872		570,824
				6,594,930
Metals & Mining — 0.5%
Alcoa Corp.		3,537		131,364
Cleveland-Cliffs, Inc.(a)		10,313		158,614
Freeport-McMoRan, Inc.		28,557		1,082,596
Newmont Corp.		15,929		755,035
Nucor Corp.		5,089		754,088
Reliance Steel & Aluminum Co.		1,168		289,430
Southern Copper Corp.		1,703		130,842
Steel Dynamics, Inc.		3,354		348,648
				3,650,617
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.		9,340		186,613

42 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities — 0.8%
Ameren Corp.		5,148	$	458,018
CenterPoint Energy, Inc.		12,535		381,941
CMS Energy Corp.		5,863		365,030
Consolidated Edison, Inc.		7,106		699,728
Dominion Energy, Inc.		16,682		953,209
DTE Energy Co.		3,849		432,666
NiSource, Inc.		8,276		235,535
Public Service Enterprise Group, Inc.		10,043		634,718
Sempra Energy		6,294		978,654
WEC Energy Group, Inc.		6,346		610,295
				5,749,794
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		3,168		393,402
Boston Properties, Inc.		2,849		152,023
				545,425
Oil, Gas & Consumable Fuels — 4.3%
Antero Resources Corp.(a)		5,609		128,951
APA Corp.		6,504		239,672
Cheniere Energy, Inc.		4,974		761,022
Chesapeake Energy Corp.		2,147		177,514
Chevron Corp.		35,655		6,010,720
ConocoPhillips		24,529		2,523,789
Coterra Energy, Inc.		15,851		405,786
Devon Energy Corp.		13,054		697,475
Diamondback Energy, Inc.		3,696		525,571
EOG Resources, Inc.		11,763		1,405,326
EQT Corp.		7,374		256,910
Exxon Mobil Corp.		82,537		9,767,429
Hess Corp.		5,569		807,839
HF Sinclair Corp.		2,687		118,523
Kinder Morgan, Inc.		39,498		677,391
Marathon Oil Corp.		12,772		308,571
Marathon Petroleum Corp.		9,130		1,113,860
Matador Resources Co.		2,238		109,729
Murphy Oil Corp.		2,919		107,156
New Fortress Energy, Inc., Class A		968		29,321
Occidental Petroleum Corp.		14,624		899,815
ONEOK, Inc.		8,990		588,036
Ovintiv, Inc.		4,907		177,044
Phillips 66		9,297		920,403
Pioneer Natural Resources Co.		4,769		1,037,496
Range Resources Corp.		4,828		127,701
Southwestern Energy Co.(a)		22,093		114,663
Targa Resources Corp.		4,498		339,734
Texas Pacific Land Corp.		124		183,229
Valero Energy Corp.		7,729		886,284
Williams Cos., Inc.		24,445		739,706
				32,186,666
Passenger Airlines — 0.2%
American Airlines Group, Inc.(a)		13,138		179,202
Delta Air Lines, Inc.(a)		12,794		438,962
Southwest Airlines Co.		11,806		357,604
United Airlines Holdings, Inc.(a)		6,503		284,832
				1,260,600
Personal Care Products — 0.2%
Estee Lauder Cos., Inc., Class A		4,659		1,149,468
Pharmaceuticals — 4.1%
Bristol-Myers Squibb Co.		42,614		2,845,337
Catalent, Inc.(a)		3,635		182,186
Eli Lilly & Co.		15,807		6,257,359

Security	Shares			Value
Pharmaceuticals (continued)
Jazz Pharmaceuticals PLC(a)		1,247		$	175,166
Johnson & Johnson		52,402			8,578,207
Merck & Co., Inc.		50,816			5,867,724
Organon & Co.		4,958			122,116
Pfizer, Inc.		112,508			4,375,436
Royalty Pharma PLC, Class A		7,514			264,117
Viatris, Inc.		24,141			225,236
Zoetis, Inc., Class A		9,353			1,644,070
					30,536,954
Professional Services — 0.9%
Automatic Data Processing, Inc.		8,304			1,826,880
Booz Allen Hamilton Holding Corp., Class A		2,662			254,807
Broadridge Financial Solutions, Inc.		2,366			344,040
Ceridian HCM Holding, Inc.(a)(b)		3,045			193,297
Clarivate PLC(a)(b)		8,586			76,072
Concentrix Corp.		865			83,481
CoStar Group, Inc.(a)		8,121			624,911
Equifax, Inc.		2,472			515,115
Genpact Ltd.		3,318			147,817
Jacobs Solutions, Inc.		2,523			291,305
Leidos Holdings, Inc.		2,775			258,796
Paychex, Inc.		6,436			707,059
Paycom Software, Inc.(a)		957			277,884
Paylocity Holding Corp.(a)		844			163,137
Robert Half International, Inc.		2,157			157,461
SS&C Technologies Holdings, Inc.		4,350			254,649
TransUnion		3,849			264,850
Verisk Analytics, Inc.		3,144			610,282
					7,051,843
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		6,372			488,477
Jones Lang LaSalle, Inc.(a)		969			134,730
Zillow Group, Inc., Class A(a)		1,179			50,438
Zillow Group, Inc., Class C, NVS(a)(b)		3,312			144,204
					817,849
Residential REITs — 0.4%
American Homes 4 Rent, Class A		6,263			208,308
AvalonBay Communities, Inc.		2,822			509,004
Camden Property Trust		2,216			243,871
Equity LifeStyle Properties, Inc.		3,482			239,910
Equity Residential		6,861			433,958
Essex Property Trust, Inc.		1,288			283,012
Invitation Homes, Inc.		11,555			385,590
Mid-America Apartment Communities, Inc.		2,311			355,432
Sun Communities, Inc.		2,459			341,629
UDR, Inc.		6,207			256,535
					3,257,249
Retail REITs — 0.3%
Brixmor Property Group, Inc.		5,921			126,295
Federal Realty Investment Trust		1,468			145,171
Kimco Realty Corp.		12,549			240,815
National Retail Properties, Inc.		3,605			156,817
Realty Income Corp.		12,524			787,008
Regency Centers Corp.		3,111			191,109
Simon Property Group, Inc.		6,578			745,419
					2,392,634
Semiconductors & Semiconductor Equipment — 5.8%
Advanced Micro Devices, Inc.(a)		32,316	��		2,888,081
Analog Devices, Inc.		10,155			1,826,681
Applied Materials, Inc.		16,895			1,909,642

SCHEDULES   OF   INVESTMENTS 43

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Broadcom, Inc.		8,376	$	5,247,564
Enphase Energy, Inc.(a)		2,736		449,251
Entegris, Inc.		2,947		220,789
First Solar, Inc.(a)		1,989		363,152
Intel Corp.		82,918		2,575,433
KLA Corp.		2,784		1,076,127
Lam Research Corp.		2,700		1,415,016
Marvell Technology, Inc.		17,047		673,016
Microchip Technology, Inc.		10,953		799,459
Micron Technology, Inc.		21,846		1,406,009
Monolithic Power Systems, Inc.		891		411,615
NVIDIA Corp.		49,306		13,681,922
NXP Semiconductors NV		5,199		851,284
ON Semiconductor Corp.(a)		8,688		625,188
Qorvo, Inc.(a)		1,982		182,503
QUALCOMM, Inc.		22,348		2,610,246
Skyworks Solutions, Inc.		3,195		338,351
SolarEdge Technologies, Inc.(a)		1,121		320,191
Teradyne, Inc.		3,107		283,918
Texas Instruments, Inc.		18,163		3,036,854
Wolfspeed, Inc.(a)		2,536		118,051
				43,310,343
Software — 9.8%
Adobe, Inc.(a)		9,176		3,464,491
ANSYS, Inc.(a)		1,751		549,674
Aspen Technology, Inc.(a)		579		102,483
Atlassian Corp., Class A(a)		3,018		445,638
Autodesk, Inc.(a)		4,323		842,077
Bentley Systems, Inc., Class B		4,008		170,581
BILL Holdings, Inc.(a)(b)		1,872		143,788
Black Knight, Inc.(a)		3,119		170,422
Cadence Design Systems, Inc.(a)		5,492		1,150,299
Crowdstrike Holdings, Inc., Class A(a)		4,390		527,020
Datadog, Inc., Class A(a)		5,028		338,787
DocuSign, Inc.(a)		4,003		197,908
Dynatrace, Inc.(a)		4,323		182,776
Fair Isaac Corp.(a)		499		363,247
Fortinet, Inc.(a)		13,038		822,046
Gen Digital, Inc.		11,618		205,290
HubSpot, Inc.(a)		977		411,268
Intuit, Inc.		5,631		2,499,883
Manhattan Associates, Inc.(a)		1,242		205,775
Microsoft Corp.		149,197		45,842,270
Oracle Corp.		30,803		2,917,660
Palantir Technologies, Inc., Class A(a)		35,696		276,644
Palo Alto Networks, Inc.(a)		6,081		1,109,539
Procore Technologies, Inc.(a)		1,380		73,706
PTC, Inc.(a)		2,117		266,297
Roper Technologies, Inc.		2,124		965,953
Salesforce, Inc.(a)		20,043		3,975,930
ServiceNow, Inc.(a)		4,065		1,867,542
Splunk, Inc.(a)		3,022		260,617
Synopsys, Inc.(a)		3,048		1,131,783
Tyler Technologies, Inc.(a)		846		320,659
Unity Software, Inc.(a)(b)		4,866		131,236
VMware, Inc., Class A(a)		4,170		521,375
Workday, Inc., Class A(a)		4,025		749,214
Zoom Video Communications, Inc., Class A(a)		4,289		263,473
Zscaler, Inc.(a)		1,737		156,504
				73,623,855
Specialized REITs — 1.2%
American Tower Corp.		9,327		1,906,346

Security	Shares		Value
Specialized REITs (continued)
Crown Castle, Inc.		8,691	$	1,069,775
CubeSmart		4,543		206,661
Digital Realty Trust, Inc.		5,722		567,336
Equinix, Inc.		1,859		1,346,065
Extra Space Storage, Inc.		2,678		407,163
Gaming & Leisure Properties, Inc.		5,229		271,908
Iron Mountain, Inc.		5,874		324,480
Lamar Advertising Co., Class A		1,771		187,159
Life Storage, Inc.		1,730		232,477
Public Storage		3,154		929,894
SBA Communications Corp.		2,150		560,913
VICI Properties, Inc.		20,186		685,113
Weyerhaeuser Co.		14,725		440,425
				9,135,715
Specialty Retail — 2.2%
Advance Auto Parts, Inc.		1,162		145,866
AutoZone, Inc.(a)		378		1,006,731
Bath & Body Works, Inc.		4,530		159,003
Best Buy Co., Inc.		3,917		291,895
Burlington Stores, Inc.(a)		1,302		251,039
CarMax, Inc.(a)(b)		3,124		218,774
Five Below, Inc.(a)		1,126		222,227
Floor & Decor Holdings, Inc., Class A(a)(b)		2,158		214,376
GameStop Corp., Class A(a)(b)		5,111		98,591
Home Depot, Inc.		20,428		6,139,431
Lowe’s Cos., Inc.		12,121		2,519,107
Murphy U.S.A., Inc.		412		113,395
O’Reilly Automotive, Inc.(a)		1,245		1,142,051
Penske Automotive Group, Inc.		517		71,646
Ross Stores, Inc.		6,873		733,555
TJX Cos., Inc.		23,145		1,824,289
Tractor Supply Co.		2,226		530,678
Ulta Beauty, Inc.(a)		1,018		561,356
Williams-Sonoma, Inc.		1,314		159,047
				16,403,057
Technology Hardware, Storage & Peripherals — 7.0%
Apple Inc.		298,091		50,580,081
Dell Technologies, Inc., Class C		4,872		211,883
Hewlett Packard Enterprise Co.		25,703		368,067
HP, Inc.		17,383		516,449
NetApp, Inc.		4,353		273,760
Pure Storage, Inc., Class A(a)		5,556		126,843
Seagate Technology Holdings PLC		3,919		230,320
Western Digital Corp.(a)		6,365		219,211
				52,526,614
Textiles, Apparel & Luxury Goods — 0.6%
Deckers Outdoor Corp.(a)		521		249,736
Lululemon Athletica, Inc.(a)		2,328		884,477
NIKE, Inc., Class B		24,967		3,163,818
Tapestry, Inc.		4,748		193,766
VF Corp.		6,582		154,743
				4,646,540
Tobacco — 0.6%
Altria Group, Inc.		35,787		1,700,240
Philip Morris International, Inc.		31,071		3,106,168
				4,806,408
Trading Companies & Distributors — 0.3%
Fastenal Co.		11,415		614,583
United Rentals, Inc.		1,399		505,193

44 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Watsco, Inc.(b)		678	$	234,846
WW Grainger, Inc.		897		623,926
				1,978,548
Water Utilities — 0.1%
American Water Works Co., Inc.		3,863		572,690
Essential Utilities, Inc.		4,808		205,301
				777,991
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.(a)		11,871		1,708,237
Total Long-Term Investments — 99.7% (Cost: $667,311,227)				745,707,931
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(c)(d)(e)		5,528,959		5,530,618
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(c)(d)		1,674,057		1,674,057
Total Short-Term Securities — 0.9% (Cost: $7,201,389)				7,204,675
Total Investments — 100.6% (Cost: $674,512,616)				752,912,606
Liabilities in Excess of Other Assets — (0.6)%				(4,767,219	)
Net Assets — 100.0%			$	748,145,387

^(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 April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	15,484,927	$	—	$	(9,957,584	)(a)	$	2,633	$	642	$	5,530,618		5,528,959	$	68,761	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,733,000		—		(58,943	)(a)		—		—		1,674,057		1,674,057		43,673			1
BlackRock, Inc.		1,846,554		184,596		(162,644	)		54,937		91,499		2,014,942		3,002		44,723			—
								$	57,570	$	92,141	$	9,219,617			$	157,157		$	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.

SCHEDULES   OF   INVESTMENTS 45

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar U.S. Equity ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		11		06/16/23	$	2,304	$	113,123

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)	$	—	$	—	$	113,123	$	—	$	—	$	—	$	113,123

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

For the period ended April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(297,208)	$	—	$	—	$	—	$	(297,208)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	231,868	$	—	$	—	$	—	$	231,868

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,826,256

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

46 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar U.S. Equity 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	$	745,707,931	$	—	$	—	$	745,707,931
Short-Term Securities
Money Market Funds		7,204,675		—		—		7,204,675
	$	752,912,606	$	—	$	—	$	752,912,606
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	113,123	$	—	$	—	$	113,123

^(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 47

Schedule of Investments   April 30, 2023 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.9%
Boeing Co.(a)		24,114	$	4,986,293
General Dynamics Corp.		6,645		1,450,869
L3Harris Technologies, Inc.		8,183		1,596,912
Lockheed Martin Corp.		9,743		4,525,136
Northrop Grumman Corp.		6,169		2,845,575
Raytheon Technologies Corp.		62,820		6,275,718
Textron, Inc.		3,219		215,480
TransDigm Group, Inc.		895		684,675
				22,580,658
Air Freight & Logistics — 1.1%
CH Robinson Worldwide, Inc.		3,139		316,631
Expeditors International of Washington, Inc.		6,847		779,462
FedEx Corp.		9,968		2,270,511
United Parcel Service, Inc., Class B		31,296		5,627,334
				8,993,938
Automobile Components — 0.1%
Aptiv PLC(a)		4,702		483,648
BorgWarner, Inc.		6,684		321,701
Lear Corp.		1,420		181,277
				986,626
Automobiles — 0.5%
Ford Motor Co.		167,469		1,989,532
General Motors Co.		59,887		1,978,666
				3,968,198
Banks — 6.3%
Bank of America Corp.		299,294		8,763,328
BOK Financial Corp.		1,232		103,328
Citigroup, Inc.		83,056		3,909,446
Citizens Financial Group, Inc.		21,159		654,659
Comerica, Inc.		3,769		163,462
Commerce Bancshares, Inc.		3,345		186,818
Cullen/Frost Bankers, Inc.		1,723		189,961
East West Bancorp, Inc.		6,106		315,619
Fifth Third Bancorp		29,182		764,568
First Citizens BancShares, Inc., Class A		264		265,896
First Horizon Corp.		22,849		401,000
Huntington Bancshares, Inc.		61,973		694,098
JPMorgan Chase & Co.		125,781		17,387,965
KeyCorp		40,153		452,123
M&T Bank Corp.		7,241		910,918
PNC Financial Services Group, Inc.		17,213		2,241,993
Regions Financial Corp.		40,139		732,938
Truist Financial Corp.		56,834		1,851,652
U.S. Bancorp		59,592		2,042,814
Webster Financial Corp.		7,408		276,318
Wells Fargo & Co.		163,401		6,495,190
Western Alliance Bancorp		2,852		105,866
Zions Bancorp N.A.		6,374		177,580
				49,087,540
Beverages — 2.0%
Coca-Cola Co.		112,326		7,205,713
Constellation Brands, Inc., Class A		4,900		1,124,403
Keurig Dr Pepper, Inc.		24,735		808,835
Molson Coors Beverage Co., Class B		8,136		483,929
PepsiCo, Inc.		32,709		6,243,821
				15,866,701
Biotechnology — 3.6%
AbbVie, Inc.		75,836		11,460,336

Security	Shares		Value
Biotechnology (continued)
Amgen, Inc.		22,898	$	5,489,566
Biogen, Inc.(a)		6,158		1,873,448
Gilead Sciences, Inc.		53,474		4,396,098
Horizon Therapeutics PLC(a)		4,042		449,309
Moderna, Inc.(a)		14,166		1,882,520
Regeneron Pharmaceuticals, Inc.(a)		3,025		2,425,415
United Therapeutics Corp.(a)		1,309		301,240
				28,277,932
Broadline Retail — 2.8%
Amazon.com, Inc.(a)		188,287		19,854,864
Coupang, Inc., Class A(a)		44,042		738,144
eBay, Inc.		23,272		1,080,519
				21,673,527
Building Products — 0.7%
A O Smith Corp.		3,061		209,036
Allegion PLC		2,054		226,926
Builders FirstSource, Inc.(a)		3,805		360,600
Carlisle Cos., Inc.		744		160,592
Carrier Global Corp.		24,141		1,009,577
Fortune Brands Innovations, Inc.		5,470		353,854
Johnson Controls International PLC		20,343		1,217,325
Lennox International, Inc.		712		200,720
Masco Corp.		9,754		521,936
Owens Corning		2,706		289,028
Trane Technologies PLC		4,222		784,490
				5,334,084
Capital Markets — 4.0%
Ameriprise Financial, Inc.		2,692		821,383
Bank of New York Mellon Corp.		31,483		1,340,861
BlackRock, Inc.(b)		6,421		4,309,775
Blackstone, Inc., Class A, NVS		19,306		1,724,605
Carlyle Group, Inc.		9,288		281,705
CME Group, Inc., Class A		15,428		2,866,060
Coinbase Global, Inc., Class A(a)(c)		6,779		364,642
Franklin Resources, Inc.		12,389		333,016
Goldman Sachs Group, Inc.		14,521		4,987,092
Intercontinental Exchange, Inc.		23,977		2,611,815
Invesco Ltd.		19,369		331,791
Jefferies Financial Group, Inc.		7,803		249,930
KKR & Co., Inc., Class A		24,740		1,312,952
Moody’s Corp.		3,382		1,058,972
Morgan Stanley		56,025		5,040,569
Nasdaq, Inc.		7,676		425,020
Northern Trust Corp.		8,959		700,236
SEI Investments Co.		1,994		117,467
State Street Corp.		14,909		1,077,324
T Rowe Price Group, Inc.		9,585		1,076,683
				31,031,898
Chemicals — 2.2%
Air Products & Chemicals, Inc.		6,029		1,774,696
Celanese Corp., Class A		4,316		458,532
CF Industries Holdings, Inc.		8,459		605,495
Corteva, Inc.		17,525		1,071,128
Dow, Inc.		30,150		1,640,160
DuPont de Nemours, Inc.		19,592		1,365,954
Eastman Chemical Co.		5,111		430,704
Ecolab, Inc.		3,792		636,449
FMC Corp.		3,525		435,620
International Flavors & Fragrances, Inc.		10,943		1,061,033
Linde PLC		10,489		3,875,161
LyondellBasell Industries NV, Class A		7,015		663,689

48 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Mosaic Co.		14,500	$	621,325
Olin Corp.		2,124		117,670
PPG Industries, Inc.		10,070		1,412,418
RPM International, Inc.		2,084		170,951
Sherwin-Williams Co.		3,814		905,978
Westlake Corp.		696		79,191
				17,326,154
Commercial Services & Supplies — 0.3%
Cintas Corp.		1,397		636,711
Republic Services, Inc.		3,651		528,007
Waste Management, Inc.		5,999		996,134
				2,160,852
Communications Equipment — 1.3%
Cisco Systems, Inc.		176,163		8,323,702
F5, Inc.(a)		1,462		196,434
Juniper Networks, Inc.		13,823		416,764
Motorola Solutions, Inc.		3,920		1,142,288
				10,079,188
Construction & Engineering — 0.1%
AECOM		3,104		257,787
Quanta Services, Inc.		2,455		416,466
				674,253
Consumer Finance — 0.9%
Ally Financial, Inc.		13,011		343,230
American Express Co.		25,530		4,119,010
Capital One Financial Corp.		16,334		1,589,298
Discover Financial Services		4,458		461,269
Synchrony Financial		18,691		551,572
				7,064,379
Consumer Staples Distribution & Retail — 2.3%
Albertsons Cos., Inc., Class A		6,838		142,914
BJ’s Wholesale Club Holdings, Inc.(a)		3,344		255,381
Casey’s General Stores, Inc.		638		145,987
Dollar General Corp.		4,355		964,458
Kroger Co.		27,915		1,357,507
Sysco Corp.		21,712		1,666,179
Target Corp.		19,739		3,113,827
U.S. Foods Holding Corp.(a)		4,333		166,387
Walgreens Boots Alliance, Inc.		30,778		1,084,925
Walmart, Inc.		60,135		9,078,581
				17,976,146
Containers & Packaging — 0.5%
Amcor PLC		63,409		695,597
AptarGroup, Inc.		1,483		175,750
Avery Dennison Corp.		1,653		288,415
Ball Corp.		13,520		718,994
Crown Holdings, Inc.		2,875		246,617
International Paper Co.		15,354		508,371
Packaging Corp. of America		3,996		540,499
Sealed Air Corp.		4,018		192,824
Westrock Co.		11,091		331,954
				3,699,021
Distributors — 0.1%
Genuine Parts Co.		3,443		579,491
LKQ Corp.		7,308		421,891
Pool Corp.		576		202,360
				1,203,742

Security	Shares		Value
Diversified Consumer Services — 0.0%
ADT, Inc.		9,142	$	61,252
Service Corp. International		2,496		175,194
				236,446
Diversified REITs — 0.1%
WP Carey, Inc.		9,066		672,697
Diversified Telecommunication Services — 1.6%
AT&T Inc.		305,662		5,401,048
Lumen Technologies, Inc.		40,533		96,063
Verizon Communications, Inc.		180,099		6,993,244
				12,490,355
Electric Utilities — 3.2%
Alliant Energy Corp.		10,839		597,662
American Electric Power Co., Inc.		22,048		2,037,676
Avangrid, Inc.		2,965		119,371
Duke Energy Corp.		33,019		3,264,919
Edison International		16,379		1,205,494
Entergy Corp.		8,741		940,357
Evergy, Inc.		9,904		615,137
Eversource Energy		14,931		1,158,795
Exelon Corp.		42,506		1,803,955
FirstEnergy Corp.		23,326		928,375
NextEra Energy, Inc.		56,951		4,364,155
NRG Energy, Inc.		4,359		148,947
OGE Energy Corp.		8,528		320,141
PG&E Corp.(a)		69,051		1,181,463
Pinnacle West Capital Corp.		4,915		385,631
PPL Corp.		31,633		908,500
Southern Co.		46,684		3,433,608
Xcel Energy, Inc.		23,408		1,636,453
				25,050,639
Electrical Equipment — 0.8%
Eaton Corp. PLC		17,009		2,842,544
Emerson Electric Co.		24,535		2,042,784
Generac Holdings, Inc.(a)(c)		1,372		140,246
Regal Rexnord Corp.		2,876		374,340
Rockwell Automation, Inc.		1,957		554,634
				5,954,548
Electronic Equipment, Instruments & Components — 0.4%
Arrow Electronics, Inc.(a)		2,494		285,388
Corning, Inc.		22,568		749,709
Flex Ltd.(a)		12,461		256,323
Jabil, Inc.		2,199		171,852
TD SYNNEX Corp.		1,793		159,649
TE Connectivity Ltd.		8,941		1,094,110
Trimble, Inc.(a)		4,392		206,863
Zebra Technologies Corp., Class A(a)		840		241,945
				3,165,839
Energy Equipment & Services — 0.3%
Baker Hughes Co., Class A		17,612		514,975
Halliburton Co.		19,161		627,523
NOV, Inc.		16,730		280,227
Schlumberger NV		22,138		1,092,510
				2,515,235
Entertainment — 0.9%
Activision Blizzard, Inc.		15,884		1,234,346
Electronic Arts, Inc.		4,619		587,906
Liberty Media Corp. - Liberty Formula One, Class A(a)		424		27,467
Liberty Media Corp. - Liberty Formula One, Class C, NVS(a)		3,795		273,961

SCHEDULES   OF   INVESTMENTS 49

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
Netflix, Inc.(a)		6,526	$	2,153,123
Walt Disney Co.(a)		30,159		3,091,297
				7,368,100
Financial Services — 4.2%
Apollo Global Management, Inc.		7,685		487,152
Berkshire Hathaway, Inc., Class B(a)		77,261		25,384,102
Equitable Holdings, Inc.		14,904		387,355
Fidelity National Information Services, Inc.		25,518		1,498,417
Fiserv, Inc.(a)		12,487		1,524,912
FleetCor Technologies, Inc.(a)		1,603		342,914
Global Payments, Inc.		6,247		704,099
PayPal Holdings, Inc.(a)		28,996		2,203,696
WEX, Inc.(a)		766		135,850
				32,668,497
Food Products — 1.9%
Archer-Daniels-Midland Co.		23,487		1,833,865
Bunge Ltd.		6,465		605,124
Campbell Soup Co.		8,695		472,139
Conagra Brands, Inc.		20,385		773,815
Darling Ingredients, Inc.(a)		4,183		249,181
General Mills, Inc.		25,305		2,242,782
Hormel Foods Corp.		5,940		240,214
J M Smucker Co.		4,587		708,279
Kellogg Co.		11,013		768,377
Kraft Heinz Co.		34,104		1,339,264
McCormick & Co., Inc., NVS		6,297		553,191
Mondelez International, Inc., Class A		58,461		4,485,128
Tyson Foods, Inc., Class A		12,203		762,565
				15,033,924
Gas Utilities — 0.1%
Atmos Energy Corp.		3,808		434,645
UGI Corp.		8,916		302,074
				736,719
Ground Transportation — 1.2%
Avis Budget Group, Inc.(a)(c)		1,062		187,624
CSX Corp.		58,700		1,798,568
Hertz Global Holdings, Inc.(a)(c)		4,134		68,955
Knight-Swift Transportation Holdings, Inc.		4,230		238,234
Norfolk Southern Corp.		9,745		1,978,527
Uber Technologies, Inc.(a)		45,908		1,425,443
U-Haul Holding Co.		265		16,181
Union Pacific Corp.		18,000		3,522,600
				9,236,132
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		53,243		5,881,754
Baxter International, Inc.		21,628		1,031,223
Becton Dickinson & Co.		12,175		3,217,974
Boston Scientific Corp.(a)		33,564		1,749,356
Cooper Cos., Inc.		840		320,418
DENTSPLY SIRONA, Inc.		9,152		383,743
Hologic, Inc.(a)		4,628		398,054
Medtronic PLC		57,041		5,187,879
Stryker Corp.		7,510		2,250,372
Teleflex, Inc.		1,062		289,416
Zimmer Biomet Holdings, Inc.		8,999		1,245,822
				21,956,011
Health Care Providers & Services — 2.4%
AmerisourceBergen Corp.		6,943		1,158,440
Cardinal Health, Inc.		11,019		904,660
Centene Corp.(a)		15,711		1,082,959

Security	Shares		Value
Health Care Providers & Services (continued)
Chemed Corp.		334	$	184,117
Cigna Group		8,596		2,177,281
CVS Health Corp.		55,065		4,036,815
DaVita, Inc.(a)		2,339		211,352
Elevance Health, Inc.		5,825		2,729,886
HCA Healthcare, Inc.		6,036		1,734,324
Henry Schein, Inc.(a)		5,870		474,355
Laboratory Corp. of America Holdings		3,804		862,405
McKesson Corp.		5,880		2,141,731
Molina Healthcare, Inc.(a)		942		280,612
Quest Diagnostics, Inc.		4,747		658,931
Universal Health Services, Inc., Class B		2,734		411,057
				19,048,925
Health Care REITs — 0.3%
Healthpeak Properties, Inc.		11,293		248,107
Medical Properties Trust, Inc.		25,463		223,311
Omega Healthcare Investors, Inc.		9,975		266,931
Ventas, Inc.		11,458		550,557
Welltower, Inc.		12,570		995,795
				2,284,701
Hotels, Restaurants & Leisure — 1.5%
Aramark		6,667		231,345
Carnival Corp.(a)(c)		43,412		399,825
Darden Restaurants, Inc.		3,066		465,817
Domino’s Pizza, Inc.		514		163,180
Expedia Group, Inc.(a)		6,324		594,203
Las Vegas Sands Corp.(a)		5,663		361,583
McDonald’s Corp.		18,304		5,413,408
Norwegian Cruise Line Holdings Ltd.(a)(c)		17,947		239,592
Royal Caribbean Cruises Ltd.(a)		4,411		288,612
Starbucks Corp.		17,602		2,011,733
Wyndham Hotels & Resorts, Inc.		1,302		88,822
Wynn Resorts Ltd.(a)		4,458		509,460
Yum! Brands, Inc.		4,852		682,094
				11,449,674
Household Durables — 0.6%
DR Horton, Inc.		13,405		1,472,137
Garmin Ltd.		6,530		641,050
Lennar Corp., Class A		7,175		809,412
Lennar Corp., Class B		408		39,911
NVR, Inc.(a)		130		759,200
PulteGroup, Inc.		9,650		647,997
Whirlpool Corp.		2,378		331,945
				4,701,652
Household Products — 2.8%
Church & Dwight Co., Inc.		5,811		564,364
Clorox Co.		2,166		358,733
Colgate-Palmolive Co.		35,825		2,858,835
Kimberly-Clark Corp.		14,490		2,099,456
Procter & Gamble Co.		101,164		15,820,027
				21,701,415
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		28,775		680,816
Vistra Corp.		9,622		229,581
				910,397
Industrial Conglomerates — 1.3%
3M Co.		23,619		2,508,810
General Electric Co.		16,542		1,637,162
Honeywell International, Inc.		28,651		5,725,616
				9,871,588

50 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial REITs — 0.3%
Americold Realty Trust, Inc.		11,470	$	339,398
Prologis, Inc.		14,865		1,861,841
				2,201,239
Insurance — 2.8%
Aflac, Inc.		24,066		1,681,010
Allstate Corp.		11,315		1,309,824
American Financial Group, Inc.		1,864		228,769
American International Group, Inc.		31,901		1,692,029
Aon PLC, Class A		3,837		1,247,716
Arch Capital Group Ltd.(a)		8,947		671,651
Assurant, Inc.		1,237		152,312
Chubb Ltd.		12,582		2,536,028
Cincinnati Financial Corp.		4,480		476,851
CNA Financial Corp.		1,248		48,560
Everest Re Group Ltd.		1,152		435,456
Fidelity National Financial, Inc., Class A		11,968		424,744
Globe Life, Inc.		3,919		425,290
Hartford Financial Services Group, Inc.		13,589		964,683
Lincoln National Corp.		6,559		142,527
Loews Corp.		8,478		488,079
Marsh & McLennan Cos., Inc.		9,577		1,725,680
MetLife, Inc.		28,292		1,735,148
Old Republic International Corp.		11,798		298,135
Principal Financial Group, Inc.		9,767		729,497
Prudential Financial, Inc.		15,774		1,372,338
Reinsurance Group of America, Inc.		2,899		412,586
Travelers Cos., Inc.		9,885		1,790,569
Unum Group		8,147		343,803
Willis Towers Watson PLC		2,098		485,897
				21,819,182
Interactive Media & Services — 5.5%
Alphabet, Inc., Class A(a)		101,567		10,902,202
Alphabet, Inc., Class C, NVS(a)		88,542		9,582,015
Meta Platforms, Inc., Class A(a)		95,445		22,937,342
				43,421,559
IT Services — 1.2%
Accenture PLC, Class A		8,560		2,399,282
Akamai Technologies, Inc.(a)		3,413		279,764
Cognizant Technology Solutions Corp., Class A		21,773		1,300,066
DXC Technology Co.(a)		9,795		233,611
International Business Machines Corp.		38,771		4,901,042
				9,113,765
Leisure Products — 0.0%
Hasbro, Inc.		5,528		327,368
Mattel, Inc.(a)		7,902		142,236
				469,604
Life Sciences Tools & Services — 0.8%
Avantor, Inc.(a)		10,443		203,430
IQVIA Holdings, Inc.(a)		3,775		710,568
PerkinElmer, Inc.		5,433		708,952
Thermo Fisher Scientific, Inc.		7,429		4,122,352
Waters Corp.(a)		894		268,522
				6,013,824
Machinery — 1.8%
AGCO Corp.		2,636		326,706
Caterpillar, Inc.		12,096		2,646,605
Cummins, Inc.		6,044		1,420,582
Deere & Co.		4,486		1,695,798
Dover Corp.		2,972		434,388
Fortive Corp.		6,309		398,035

Security	Shares		Value
Machinery (continued)
Illinois Tool Works, Inc.		11,908	$	2,881,021
Middleby Corp.(a)		1,298		182,862
Otis Worldwide Corp.		11,075		944,697
PACCAR, Inc.		10,358		773,639
Parker-Hannifin Corp.		2,873		933,380
Pentair PLC		7,151		415,330
Snap-on, Inc.		2,294		595,087
Stanley Black & Decker, Inc.		6,391		551,799
Westinghouse Air Brake Technologies Corp.		3,105		303,265
				14,503,194
Media — 1.5%
Charter Communications, Inc., Class A(a)		2,680		988,116
Comcast Corp., Class A		180,387		7,462,610
Fox Corp., Class A, NVS		12,656		420,939
Fox Corp., Class B		5,931		181,133
Interpublic Group of Cos., Inc.		16,763		598,942
Liberty Media Corp. - Liberty SiriusXM, Class A(a)(c)		3,176		89,246
Liberty Media Corp. - Liberty SiriusXM, Class C, NVS(a)		6,515		182,029
News Corp., Class A, NVS		16,279		286,673
News Corp., Class B		5,128		91,022
Omnicom Group, Inc.		8,670		785,242
Paramount Global, Class A(c)		353		9,340
Paramount Global, Class B, NVS		21,880		510,460
Sirius XM Holdings, Inc.(c)		14,273		54,237
				11,659,989
Metals & Mining — 0.9%
Alcoa Corp.		7,536		279,887
Cleveland-Cliffs, Inc.(a)		22,326		343,374
Freeport-McMoRan, Inc.		61,263		2,322,480
Newmont Corp.		34,112		1,616,909
Nucor Corp.		4,794		710,375
Reliance Steel & Aluminum Co.		2,502		619,996
Southern Copper Corp.		3,622		278,278
Steel Dynamics, Inc.		7,178		746,153
				6,917,452
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.		20,290		405,394
Multi-Utilities — 1.5%
Ameren Corp.		7,233		643,520
CenterPoint Energy, Inc.		18,492		563,451
CMS Energy Corp.		8,287		515,949
Consolidated Edison, Inc.		15,198		1,496,547
Dominion Energy, Inc.		35,747		2,042,584
DTE Energy Co.		8,319		935,139
NiSource, Inc.		17,572		500,099
Public Service Enterprise Group, Inc.		21,377		1,351,026
Sempra Energy		13,485		2,096,783
WEC Energy Group, Inc.		13,519		1,300,122
				11,445,220
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		3,824		474,864
Boston Properties, Inc.		6,076		324,216
				799,080
Oil, Gas & Consumable Fuels — 7.0%
Antero Resources Corp.(a)		11,757		270,293
APA Corp.		6,349		233,961
Chesapeake Energy Corp.		4,660		385,289
Chevron Corp.		52,365		8,827,692
ConocoPhillips		30,872		3,176,420

SCHEDULES   OF   INVESTMENTS 51

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Coterra Energy, Inc.		17,383	$	445,005
Devon Energy Corp.		15,008		801,877
Diamondback Energy, Inc.		7,898		1,123,096
EOG Resources, Inc.		25,191		3,009,569
EQT Corp.		7,697		268,163
Exxon Mobil Corp.		176,587		20,897,306
Hess Corp.		4,403		638,699
HF Sinclair Corp.		3,848		169,735
Kinder Morgan, Inc.		84,654		1,451,816
Marathon Oil Corp.		13,649		329,760
Marathon Petroleum Corp.		11,877		1,448,994
Matador Resources Co.		1,603		78,595
Murphy Oil Corp.		3,421		125,585
Occidental Petroleum Corp.		31,214		1,920,597
ONEOK, Inc.		19,154		1,252,863
Ovintiv, Inc.		5,286		190,719
Phillips 66		20,008		1,980,792
Pioneer Natural Resources Co.		6,835		1,486,954
Range Resources Corp.		5,423		143,438
Southwestern Energy Co.(a)		30,632		158,980
Targa Resources Corp.		4,135		312,317
Valero Energy Corp.		16,554		1,898,247
Williams Cos., Inc.		52,098		1,576,486
				54,603,248
Passenger Airlines — 0.2%
American Airlines Group, Inc.(a)		12,932		176,393
Delta Air Lines, Inc.(a)		14,309		490,942
Southwest Airlines Co.		12,056		365,176
United Airlines Holdings, Inc.(a)		14,069		616,222
				1,648,733
Personal Care Products — 0.1%
Estee Lauder Cos., Inc., Class A		4,089		1,008,838
Pharmaceuticals — 5.4%
Bristol-Myers Squibb Co.		91,174		6,087,688
Catalent, Inc.(a)		3,433		172,062
Jazz Pharmaceuticals PLC(a)		2,682		376,741
Johnson & Johnson		112,114		18,353,062
Merck & Co., Inc.		59,084		6,822,429
Organon & Co.		10,831		266,767
Pfizer, Inc.		240,709		9,361,173
Royalty Pharma PLC, Class A		16,005		562,576
Viatris, Inc.		52,386		488,761
				42,491,259
Professional Services — 0.5%
Booz Allen Hamilton Holding Corp., Class A		2,326		222,645
Clarivate PLC(a)(c)		9,750		86,385
Concentrix Corp.		1,061		102,397
Equifax, Inc.		1,747		364,040
Genpact Ltd.		3,499		155,880
Jacobs Solutions, Inc.		3,065		353,885
Leidos Holdings, Inc.		5,904		550,607
Paychex, Inc.		6,335		695,963
Robert Half International, Inc.		4,621		337,333
SS&C Technologies Holdings, Inc.		9,468		554,257
TransUnion		3,253		223,839
				3,647,231
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		9,134		700,212
Jones Lang LaSalle, Inc.(a)		2,023		281,278
				981,490

Security	Shares		Value
Residential REITs — 0.3%
American Homes 4 Rent, Class A		4,842	$	161,045
AvalonBay Communities, Inc.		2,448		441,546
Equity LifeStyle Properties, Inc.		2,776		191,266
Equity Residential		5,641		356,793
Essex Property Trust, Inc.		1,586		348,492
Mid-America Apartment Communities, Inc.		2,374		365,121
UDR, Inc.		5,368		221,860
				2,086,123
Retail REITs — 0.5%
Brixmor Property Group, Inc.		8,776		187,192
Federal Realty Investment Trust		1,365		134,985
Kimco Realty Corp.		26,732		512,987
National Retail Properties, Inc.		7,804		339,474
Realty Income Corp.		15,129		950,706
Regency Centers Corp.		3,909		240,130
Simon Property Group, Inc.		13,984		1,584,667
				3,950,141
Semiconductors & Semiconductor Equipment — 4.6%
Analog Devices, Inc.		13,099		2,356,248
Applied Materials, Inc.		36,153		4,086,374
Broadcom, Inc.		9,321		5,839,606
First Solar, Inc.(a)		4,232		772,679
Intel Corp.		177,402		5,510,106
KLA Corp.		5,943		2,297,207
Lam Research Corp.		5,787		3,032,851
Microchip Technology, Inc.		13,845		1,010,547
Micron Technology, Inc.		27,644		1,779,168
NXP Semiconductors NV		11,084		1,814,894
Qorvo, Inc.(a)		4,317		397,509
QUALCOMM, Inc.		26,971		3,150,213
Skyworks Solutions, Inc.		4,655		492,964
Teradyne, Inc.		2,592		236,857
Texas Instruments, Inc.		18,242		3,050,062
Wolfspeed, Inc.(a)(c)		2,996		139,464
				35,966,749
Software — 0.8%
Gen Digital, Inc.		24,689		436,255
Oracle Corp.		44,866		4,249,708
Roper Technologies, Inc.		2,698		1,226,996
VMware, Inc., Class A(a)		4,648		581,139
				6,494,098
Specialized REITs — 1.0%
American Tower Corp.		9,278		1,896,331
Crown Castle, Inc.		9,244		1,137,844
CubeSmart		3,386		154,029
Digital Realty Trust, Inc.		5,814		576,458
Gaming & Leisure Properties, Inc.		7,559		393,068
Iron Mountain, Inc.		7,769		429,160
Lamar Advertising Co., Class A		2,552		269,695
Life Storage, Inc.		1,454		195,389
Public Storage		2,586		762,430
VICI Properties, Inc.		29,032		985,346
Weyerhaeuser Co.		31,333		937,170
				7,736,920
Specialty Retail — 2.4%
Advance Auto Parts, Inc.		2,558		321,106
AutoZone, Inc.(a)		274		729,747
Bath & Body Works, Inc.		9,727		341,418
Best Buy Co., Inc.		8,423		627,682
Burlington Stores, Inc.(a)		1,259		242,748

52 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
CarMax, Inc.(a)(c)		6,841	$	479,075
GameStop Corp., Class A(a)(c)		10,761		207,580
Home Depot, Inc.		29,446		8,849,701
Lowe’s Cos., Inc.		15,508		3,223,028
Murphy U.S.A., Inc.		570		156,881
O’Reilly Automotive, Inc.(a)		1,273		1,167,735
Penske Automotive Group, Inc.(c)		1,091		151,191
TJX Cos., Inc.		25,289		1,993,279
Williams-Sonoma, Inc.		2,840		343,753
				18,834,924
Technology Hardware, Storage & Peripherals — 0.5%
Dell Technologies, Inc., Class C		10,364		450,730
Hewlett Packard Enterprise Co.		54,768		784,278
HP, Inc.		37,164		1,104,143
NetApp, Inc.		6,173		388,220
Seagate Technology Holdings PLC		8,299		487,732
Western Digital Corp.(a)		13,734		472,999
				3,688,102
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		16,739		2,121,166
Tapestry, Inc.		10,259		418,670
VF Corp.		14,067		330,715
				2,870,551
Tobacco — 1.3%
Altria Group, Inc.		76,567		3,637,698
Philip Morris International, Inc.		66,477		6,645,706
				10,283,404

Security	Shares		Value
Water Utilities — 0.1%
American Water Works Co., Inc.		3,151	$	467,136
Essential Utilities, Inc.		4,394		187,624
				654,760
Total Long-Term Investments — 99.8% (Cost: $711,193,882)				780,754,404
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(b)(d)(e)		2,354,836		2,355,543
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(b)(d)		2,347,896		2,347,896
Total Short-Term Securities — 0.6% (Cost: $4,701,959)				4,703,439
Total Investments — 100.4% (Cost: $715,895,841)				785,457,843
Liabilities in Excess of Other Assets — (0.4)%				(3,083,662	)
Net Assets — 100.0%			$	782,374,181

^(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 April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,897,401	$	—		$	(1,544,285	)(a)	$	1,722	$	705	$	2,355,543		2,354,836	$	98,303	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,050,000		297,896	(a)		—			—		—		2,347,896		2,347,896		46,691			1
BlackRock, Inc.		3,367,025		1,033,853			(362,663	)		23,877		247,683		4,309,775		6,421		116,010			—
									$	25,599	$	248,388	$	9,013,214			$	261,004		$	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.

SCHEDULES   OF   INVESTMENTS 53

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Value ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Consumer Staples Index		5		06/16/23	$	391	$	7,992
E-Mini Financial Select Sector Index		7		06/16/23		719		18,873
S&P 500 E-Mini Index		2		06/16/23		419		5,521
							$	32,386

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)	$	—	$	—	$	32,386	$	—	$	—	$	—	$	32,386

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

For the period ended April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(34,386)	$	—	$	—	$	—	$	(34,386)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	86,274	$	—	$	—	$	—	$	86,274

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	2,111,264

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

54 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) April 30, 2023 iShares^® Morningstar Value 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	$	780,754,404	$	—	$	—	$	780,754,404
Short-Term Securities
Money Market Funds		4,703,439		—		—		4,703,439
	$	785,457,843	$	—	$	—	$	785,457,843
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	32,386	$	—	$	—	$	32,386

^(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

Statements of Assets and Liabilities

April 30, 2023

	iShares Morningstar Mid-Cap Value ETF			iShares Morningstar Small-Cap ETF			iShares Morningstar U.S. Equity ETF		iShares Morningstar Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	514,827,086		$	199,734,068		$	743,692,989	$	776,444,629
Investments, at value — affiliated(c)		12,747,062			24,929,394			9,219,617		9,013,214
Cash		17,486			56,336			42,535		36,837
Cash pledged:
Futures contracts		68,000			30,000			125,000		82,000
Receivables:
Investments sold		1,565,854			767,522			112,843		16,988
Securities lending income — affiliated		10,937			42,416			4,688		3,455
Dividends — unaffiliated		435,116			71,217			587,634		1,097,851
Dividends — affiliated		3,746			1,383			5,570		7,145
Variation margin on futures contracts		5,716			3,690			19,113		12,942
Total assets		529,681,003			225,636,026			753,809,989		786,715,061
LIABILITIES
Collateral on securities loaned		11,875,090			24,584,539			5,533,459		2,355,189
Payables:
Investments purchased		1,565,854			785,575			112,843		1,959,934
Investment advisory fees		25,200			6,607			18,300		25,757
Total liabilities		13,466,144			25,376,721			5,664,602		4,340,880
NET ASSETS	$	516,214,859		$	200,259,305		$	748,145,387	$	782,374,181
NET ASSETS CONSIST OF:
Paid-in capital	$	527,902,048		$	259,287,288		$	738,065,306	$	759,051,080
Accumulated earnings (loss)		(11,687,189	)		(59,027,983	)		10,080,081		23,323,101
NET ASSETS	$	516,214,859		$	200,259,305		$	748,145,387	$	782,374,181
NET ASSET VALUE
Shares outstanding		8,300,000			4,300,000			13,100,000		12,050,000
Net asset value	$	62.19		$	46.57		$	57.11	$	64.93
Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited
Par value		None			None			None		None
(a) Investments, at cost — unaffiliated	$	491,005,295		$	225,844,869		$	665,889,705	$	706,496,520
(b) Securities loaned, at value	$	11,857,447		$	24,040,096		$	5,439,425	$	2,331,318
(c)  Investments, at cost — affiliated	$	12,741,518		$	24,918,931		$	8,622,911	$	9,399,321

See notes to financial statements.

56 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations

Year Ended April 30, 2023

	iShares Morningstar Mid-Cap Value ETF			iShares Morningstar Small-Cap ETF			iShares Morningstar U.S. Equity ETF			iShares Morningstar Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	12,112,942		$	3,047,064		$	12,264,293		$	18,637,357
Dividends — affiliated		28,072			11,379			88,396			162,701
Securities lending income — affiliated — net		143,732			423,271			68,761			98,303
Foreign taxes withheld		—			(1,766	)		(2,875	)		(3,721	)
Total investment income		12,284,746			3,479,948			12,418,575			18,894,640
EXPENSES
Investment advisory		294,339			81,546			221,928			306,054
Total expenses		294,339			81,546			221,928			306,054
Net investment income		11,990,407			3,398,402			12,196,647			18,588,586
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(11,260,444	)		(13,167,878	)		(16,211,441	)		(344,051	)
Investments — affiliated		(643	)		(2,948	)		(3,277	)		(10,107	)
Capital gain distributions from underlying funds — affiliated		—			—			1			1
Futures contracts		(61,860	)		(43,488	)		(297,208	)		(34,386	)
In-kind redemptions — unaffiliated(a)		17,922,126			886,227			6,691,831			10,900,277
In-kind redemptions — affiliated(a)		—			—			60,847			35,706
		6,599,179			(12,328,087	)		(9,759,247	)		10,547,440
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(33,210,541	)		3,198,881			7,680,664			(10,804,932	)
Investments — affiliated		3,021			10,230			92,141			248,388
Futures contracts		40,990			10,811			231,868			86,274
		(33,166,530	)		3,219,922			8,004,673			(10,470,270	)
Net realized and unrealized gain (loss)		(26,567,351	)		(9,108,165	)		(1,754,574	)		77,170
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,576,944	)	$	(5,709,763	)	$	10,442,073		$	18,665,756

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

See notes to financial statements.

FINANCIAL   STATEMENTS 57

Statements of Changes in Net Assets

	iShares Morningstar Mid-Cap Value ETF						iShares Morningstar Small-Cap ETF
	Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/23			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	11,990,407		$	9,049,985		$	3,398,402		$	2,981,463
Net realized gain (loss)		6,599,179			34,370,084			(12,328,087	)		7,667,954
Net change in unrealized appreciation (depreciation)		(33,166,530	)		(29,467,257	)		3,219,922			(46,929,295	)
Net increase (decrease) in net assets resulting from operations		(14,576,944	)		13,952,812			(5,709,763	)		(36,279,878	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(11,819,760	)		(9,487,846	)		(3,393,435	)		(2,987,187	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		45,120,668			35,331,452			9,391,283			(2,562,649	)
NET ASSETS
Total increase (decrease) in net assets		18,723,964			39,796,418			288,085			(41,829,714	)
Beginning of year		497,490,895			457,694,477			199,971,220			241,800,934
End of year	$	516,214,859		$	497,490,895		$	200,259,305		$	199,971,220

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

See notes to financial statements.

58 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Morningstar U.S. Equity ETF						iShares Morningstar Value ETF
	Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/23			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	12,196,647		$	11,447,954		$	18,588,586		$	16,182,799
Net realized gain (loss)		(9,759,247	)		19,314,762			10,547,440			10,355,512
Net change in unrealized appreciation (depreciation)		8,004,673			(42,727,180	)		(10,470,270	)		1,105,337
Net increase (decrease) in net assets resulting from operations		10,442,073			(11,964,464	)		18,665,756			27,643,648
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,049,075	)		(11,513,059	)		(18,183,374	)		(16,144,141	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(40,561,179	)		(77,396,311	)		(6,551,556	)		89,185,958
NET ASSETS
Total increase (decrease) in net assets		(42,168,181	)		(100,873,834	)		(6,069,174	)		100,685,465
Beginning of year		790,313,568			891,187,402			788,443,355			687,757,890
End of year	$	748,145,387		$	790,313,568		$	782,374,181		$	788,443,355

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

See notes to financial statements.

FINANCIAL   STATEMENTS 59

Financial Highlights

(For a share outstanding throughout each period)

	iShares Morningstar Mid-Cap Value ETF
		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)
Net asset value, beginning of year	$	65.46		$	64.01		$	40.13		$	53.28		$	52.55
Net investment income(b)		1.53			1.24			1.14			1.50			1.23
Net realized and unrealized gain (loss)(c)		(3.29	)		1.50			23.92			(13.08	)		0.73
Net increase (decrease) from investment operations		(1.76	)		2.74			25.06			(11.58	)		1.96
Distributions from net investment income(d)		(1.51	)		(1.29	)		(1.18	)		(1.57	)		(1.23	)
Net asset value, end of year	$	62.19		$	65.46		$	64.01		$	40.13		$	53.28
Total Return(e)
Based on net asset value		(2.60	)%		4.28	%		63.45	%		(22.07	)%		3.83	%
Ratios to Average Net Assets(f)
Total expenses		0.06	%		0.06	%		0.27	%		0.30	%		0.30	%
Net investment income		2.44	%		1.88	%		2.32	%		2.95	%		2.36	%
Supplemental Data
Net assets, end of year (000)	$	516,215		$	497,491		$	457,694		$	331,048		$	463,524
Portfolio turnover rate(g)		37	%		42	%		95	%		51	%		35	%

^(a)  Per share amounts reflect a three-for-one stock split effective after the close of trading on April 16, 2021.

^(b)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

60 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Small-Cap ETF
		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)
Net asset value, beginning of year	$	48.77		$	58.27		$	35.60		$	43.90		$	42.58
Net investment income(b)		0.79			0.72			0.56			0.57			0.58
Net realized and unrealized gain (loss)(c)		(2.20	)		(9.50	)		22.71			(8.23	)		1.34
Net increase (decrease) from investment operations		(1.41	)		(8.78	)		23.27			(7.66	)		1.92
Distributions from net investment income(d)		(0.79	)		(0.72	)		(0.60	)		(0.64	)		(0.60	)
Net asset value, end of year	$	46.57		$	48.77		$	58.27		$	35.60		$	43.90
Total Return(e)
Based on net asset value		(2.85	)%		(15.22	)%		65.95	%		(17.58	)%		4.56	%
Ratios to Average Net Assets(f)
Total expenses		0.04	%		0.04	%		0.22	%		0.25	%		0.25	%
Net investment income		1.67	%		1.28	%		1.24	%		1.34	%		1.33	%
Supplemental Data
Net assets, end of year (000)	$	200,259		$	199,971		$	241,801		$	185,115		$	237,032
Portfolio turnover rate(g)		28	%		41	%		175	%		62	%		67	%

^(a)  Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(b)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 61

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar U.S. Equity ETF
		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)
Net asset value, beginning of year	$	57.06		$	59.02		$	40.80		$	41.90		$	38.08
Net investment income(b)		0.90			0.79			0.66			0.81			0.81
Net realized and unrealized gain (loss)(c)		0.04			(1.95	)		18.21			(0.88	)		3.82
Net increase (decrease) from investment operations		0.94			(1.16	)		18.87			(0.07	)		4.63
Distributions from net investment income(d)		(0.89	)		(0.80	)		(0.65	)		(1.03	)		(0.81	)
Net asset value, end of year	$	57.11		$	57.06		$	59.02		$	40.80		$	41.90
Total Return(e)
Based on net asset value		1.77	%		(2.08	)%		46.58	%		(0.13	)%		12.33	%
Ratios to Average Net Assets(f)
Total expenses		0.03	%		0.03	%		0.18	%		0.20	%		0.20	%
Net investment income		1.65	%		1.27	%		1.32	%		1.90	%		2.05	%
Supplemental Data
Net assets, end of year (000)	$	748,145		$	790,314		$	891,187		$	718,065		$	863,172
Portfolio turnover rate(g)		4	%		6	%		131	%		49	%		38	%

^(a)  Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(b)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

62 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Value ETF
		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)
Net asset value, beginning of year	$	64.89		$	63.68		$	48.12		$	54.18		$	50.55
Net investment income(b)		1.54			1.38			1.55			1.65			1.49
Net realized and unrealized gain (loss)(c)		0.00(d)			1.20			15.58			(6.04	)		3.58
Net increase (decrease) from investment operations		1.54			2.58			17.13			(4.39	)		5.07
Distributions from net investment income(e)		(1.50	)		(1.37	)		(1.57	)		(1.67	)		(1.44	)
Net asset value, end of year	$	64.93		$	64.89		$	63.68		$	48.12		$	54.18
Total Return(f)
Based on net asset value		2.53	%		4.02	%		36.36	%		(8.23	)%		10.22	%
Ratios to Average Net Assets(g)
Total expenses		0.04	%		0.04	%		0.22	%		0.25	%		0.25	%
Net investment income		2.43	%		2.08	%		2.88	%		3.06	%		2.86	%
Supplemental Data
Net assets, end of year (000)	$	782,374		$	788,443		$	687,758		$	447,483		$	492,996
Portfolio turnover rate(h)		27	%		21	%		112	%		36	%		24	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on April 16, 2021.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is less than $0.005 per share.

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

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

^(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.

FINANCIAL   HIGHLIGHTS 63

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
Morningstar Mid-Cap Value	Diversified
Morningstar Small-Cap	Diversified
Morningstar U.S. Equity	Diversified
Morningstar Value	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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 April 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the 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.

64 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.

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 65

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)
Morningstar Mid-Cap Value
Barclays Bank PLC	$	2,591,890	$	(2,591,890	)	$	—		$	—
Barclays Capital, Inc.		4,987		(4,987	)		—			—
BMO Capital Markets Corp.		7,752		(7,752	)		—			—
BNP Paribas SA		2,826		(2,826	)		—			—
BofA Securities, Inc.		944,801		(929,615	)		—			15,186
Citigroup Global Markets, Inc.		328		(328	)		—			—
Goldman Sachs & Co. LLC		2,423,161		(2,412,155	)		—			11,006
J.P. Morgan Securities LLC		1,648,202		(1,635,775	)		—			12,427
Jefferies LLC		14,490		(14,490	)		—			—
Morgan Stanley		1,391,031		(1,391,031	)		—			—
RBC Capital Market LLC		1,151,090		(1,151,090	)		—			—
Toronto-Dominion Bank		746,380		(746,380	)		—			—
UBS AG		675,216		(662,572	)		—			12,644
Wells Fargo Bank N.A.		250,497		(250,424	)		—			73
Wells Fargo Securities LLC		4,796		(4,796	)		—			—
	$	11,857,447	$	(11,806,111	)	$	—		$	51,336
Morningstar Small-Cap
Barclays Bank PLC	$	876,359	$	(876,359	)	$	—		$	—
Barclays Capital, Inc.		255,230		(255,230	)		—			—
BMO Capital Markets Corp.		8,372		(8,372	)		—			—
BNP Paribas SA		2,455,202		(2,455,202	)		—			—
BofA Securities, Inc.		1,577,119		(1,577,119	)		—			—
Citadel Clearing LLC		295,555		(295,555	)		—			—
Citigroup Global Markets, Inc.		924,245		(924,245	)		—			—
Credit Suisse Securities (USA) LLC		83,194		(83,194	)		—			—
Goldman Sachs & Co. LLC		5,154,900		(5,154,900	)		—			—
HSBC Bank PLC		580,766		(580,766	)		—			—
ING Financial Markets LLC		13,415		(13,415	)		—			—
J.P. Morgan Securities LLC		3,018,475		(3,018,475	)		—			—
Jefferies LLC		412,285		(412,285	)		—			—
Morgan Stanley		3,308,870		(3,308,870	)		—			—
National Financial Services LLC		1,003,130		(1,003,130	)		—			—
Natixis SA		662,158		(662,158	)		—			—
Pershing LLC		71		(71	)		—			—
RBC Capital Market LLC		24,676		(24,676	)		—			—
Scotia Capital (USA), Inc.		216,873		(216,873	)		—			—
SG Americas Securities LLC		230,048		(230,048	)		—			—
State Street Bank & Trust Co.		205,106		(205,106	)		—			—
Toronto-Dominion Bank		407,922		(407,922	)		—			—
UBS AG		1,120,677		(1,120,677	)		—			—
UBS Securities LLC		52,436		(52,436	)		—			—
Wells Fargo Bank N.A.		741,067		(741,067	)		—			—
Wells Fargo Securities LLC		411,945		(411,945	)		—			—
	$	24,040,096	$	(24,040,096	)	$	—		$	—
Morningstar U.S. Equity
Barclays Bank PLC	$	140,747	$	(140,747	)	$	—		$	—
Barclays Capital, Inc.		8,899		(8,899	)		—			—
BNP Paribas SA		1,610,850		(1,610,850	)		—			—
BofA Securities, Inc.		420,681		(420,681	)		—			—
Citadel Clearing LLC		357,128		(357,128	)		—			—
Citigroup Global Markets, Inc.		160,717		(160,717	)		—			—
Goldman Sachs & Co. LLC		673,974		(673,974	)		—			—
J.P. Morgan Securities LLC		306,386		(306,386	)		—			—
Morgan Stanley		440,179		(440,179	)		—			—
Natixis SA		205,932		(204,191	)		—			1,741
RBC Capital Market LLC		50,014		(50,014	)		—			—
Toronto-Dominion Bank		1,063,918		(1,063,918	)		—			—
	$	5,439,425	$	(5,437,684	)	$	—		$	1,741
Morningstar Value
Barclays Bank PLC	$	35,179	$	(35,179	)	$	—		$	—
BNP Paribas SA		83,745		(83,745	)		—			—
BofA Securities, Inc.		477,823		(477,823	)		—			—
Goldman Sachs & Co. LLC		501,852		(497,708	)		—			4,144
J.P. Morgan Securities LLC		5,893		(5,893	)		—			—
Jefferies LLC		9,234		(9,234	)		—			—

66 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

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)
Morningstar Value (continued)
Morgan Stanley	$	178,089	$	(178,089	)	$	—		$	—
Natixis SA		26,321		(26,037	)		—			284
Toronto-Dominion Bank		361,215		(361,215	)		—			—
UBS AG		237,189		(232,748	)		—			4,441
UBS Securities LLC		285,313		(285,313	)		—			—
Wells Fargo Bank N.A.		129,465		(128,701	)		—			764
									��
	$	2,331,318	$	(2,321,685	)	$	—		$	9,633

^(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 April 30, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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) 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
Morningstar Mid-Cap Value	0.06%
Morningstar Small-Cap	0.04
Morningstar U.S. Equity	0.03
Morningstar 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.

NOTES   TO  FINANCIAL  STATEMENTS 67

Notes to Financial Statements  (continued)

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 April 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Morningstar Mid-Cap Value	$	38,444
Morningstar Small-Cap		109,031
Morningstar U.S. Equity		20,462
Morningstar Value		26,555

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

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

For the year ended April 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Morningstar Mid-Cap Value	$	105,877,754	$	103,998,945	$	(7,627,860	)
Morningstar Small-Cap		24,202,645		20,493,113		(3,213,309	)
Morningstar U.S. Equity		6,878,490		8,406,921		(11,474,578	)
Morningstar Value		122,743,769		101,898,576		5,227,356

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

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

7. PURCHASES AND SALES

For the year ended April 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Morningstar Mid-Cap Value	$	182,629,611	$	182,618,124
Morningstar Small-Cap		56,631,599		55,976,437
Morningstar U.S. Equity		31,625,944		31,585,968
Morningstar Value		203,250,426		202,994,101

68 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (continued)

For the year ended April 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Morningstar Mid-Cap Value	$	107,153,899	$	62,747,225
Morningstar Small-Cap		17,632,796		9,092,428
Morningstar U.S. Equity		11,033,707		51,752,033
Morningstar Value		47,290,297		54,038,640

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Morningstar Mid-Cap Value	$	17,687,863	$	(17,687,863	)
Morningstar Small-Cap		824,916		(824,916	)
Morningstar U.S. Equity		6,576,121		(6,576,121	)
Morningstar Value		10,674,984		(10,674,984	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended April 30, 2023		Year Ended April 30, 2022
Morningstar Mid-Cap Value
Ordinary income	$	11,819,760	$	9,487,846
Morningstar Small-Cap
Ordinary income	$	3,393,435	$	2,987,187
Morningstar U.S. Equity
Ordinary income	$	12,049,075	$	11,513,059
Morningstar Value
Ordinary income	$	18,183,374	$	16,144,141

As of April 30, 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
Morningstar Mid-Cap Value	$	110,841	$	(33,455,274	)	$	21,657,244		$	(11,687,189	)
Morningstar Small-Cap		54,030		(31,567,199	)		(27,514,814	)		(59,027,983	)
Morningstar U.S. Equity		723,384		(68,380,131	)		77,736,828			10,080,081
Morningstar Value		1,481,338		(45,692,589	)		67,534,352			23,323,101

^(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 characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of realized gains/losses for tax purposes and the realization for tax purposes of unrealized gains (losses) on certain futures contracts.

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.

For the year ended April 30, 2023, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Amounts
Morningstar Value	$  386,280

NOTES   TO  FINANCIAL  STATEMENTS 69

Notes to Financial Statements  (continued)

As of April 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Morningstar Mid-Cap Value	$	505,916,904	$	55,988,408	$	(34,331,164	)	$	21,657,244
Morningstar Small-Cap		252,178,276		26,050,778		(53,565,592	)		(27,514,814	)
Morningstar U.S. Equity		675,175,778		154,380,486		(76,643,658	)		77,736,828
Morningstar Value		717,923,491		110,535,820		(43,001,468	)		67,534,352

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 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 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.

70 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

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.

The Funds invests a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invests.

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 04/30/23						Year Ended 04/30/22
iShares ETF	Shares			Amount			Shares			Amount
Morningstar Mid-Cap Value
Shares sold		1,750,000		$	108,029,844			2,650,000		$	174,198,554
Shares redeemed		(1,050,000	)		(62,909,176	)		(2,200,000	)		(138,867,102	)
		700,000		$	45,120,668			450,000		$	35,331,452
Morningstar Small-Cap
Shares sold		400,000		$	18,341,725			50,000		$	2,817,190
Shares redeemed		(200,000	)		(8,950,442	)		(100,000	)		(5,379,839	)
		200,000		$	9,391,283			(50,000	)	$	(2,562,649	)
Morningstar U.S. Equity
Shares sold		200,000		$	10,798,586			100,000		$	6,211,849
Shares redeemed		(950,000	)		(51,359,765	)		(1,350,000	)		(83,608,160	)
		(750,000	)	$	(40,561,179	)		(1,250,000	)	$	(77,396,311	)
Morningstar Value
Shares sold		750,000		$	47,324,307			1,600,000		$	105,690,073
Shares redeemed		(850,000	)		(53,875,863	)		(250,000	)		(16,504,115	)
		(100,000	)	$	(6,551,556	)		1,350,000		$	89,185,958

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 71

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 April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023 and each of the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

iShares Morningstar Mid-Cap Value ETF

iShares Morningstar Small-Cap ETF

iShares Morningstar U.S. Equity ETF

iShares Morningstar 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 April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 21, 2023

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

72 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 April 30, 2023:

iShares ETF	Qualified Dividend Income
Morningstar Mid-Cap Value	$	10,237,944
Morningstar Small-Cap		2,335,817
Morningstar U.S. Equity		11,532,410
Morningstar Value		17,793,411

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2023:

iShares ETF	Qualified Business Income
Morningstar Mid-Cap Value	$	805,033
Morningstar Small-Cap		304,676
Morningstar U.S. Equity		396,079
Morningstar Value		435,484

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received    Deduction
Morningstar Mid-Cap Value		82.36%
Morningstar Small-Cap		66.57
Morningstar U.S. Equity		91.76
Morningstar Value		93.23

IMPORTANT  TAX  INFORMATION 73

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 Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar U.S. Equity ETF and iShares Morningstar 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.

74 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.

April 30, 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
Morningstar Mid-Cap Value	$	1.506013	$	—	$	—	$	1.506013		100	%		—	%		—	%		100	%
Morningstar Small-Cap		0.786688		—		—		0.786688		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.

SUPPLEMENTAL   INFORMATION 75

Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of April 30, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
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).

76 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Trustee and Officer Information (unaudited) (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 77

Trustee and Officer Information (unaudited) (continued)

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

78 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 79

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

80 2 0 2 3   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Want to know more?

iShares.com   |   1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©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-410-0423

APRIL 30, 2023

2023 Annual Report

iShares Trust

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

The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

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

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	8.63%	2.66%
U.S. small cap equities (Russell 2000® Index)	(3.45)	(3.65)
International equities (MSCI Europe, Australasia, Far East Index)	24.19	8.42
Emerging market equities (MSCI Emerging Markets Index)	16.36	(6.51)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.09	2.83
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	7.14	(1.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	6.91	(0.43)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.65	2.87
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.21	1.21
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	7
Disclosure of Expenses	7
Schedule of Investments	8
Financial Statements:
Statement of Assets and Liabilities	12
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	23
Important Tax Information	24
Statement Regarding Liquidity Risk Management Program	25
Supplemental Information	26
Trustee and Officer Information	27
General Information	30
Glossary of Terms Used in this Report	31

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended April 30, 2023 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 1.50%. Despite headwinds, including elevated inflation and rapid tightening of monetary policy, equities were supported by the economy’s continued resilience. While inflation was high throughout the reporting period, the pace of inflationary growth slackened, driving investor optimism. Markets endured in the face of disruption from the banking industry late in the reporting period. In March 2023, two banks suddenly failed, representing the second and third largest bank failures in U.S. history by asset value and leading to concern about the stability of a third bank. However, government agencies acted swiftly to organize a sale of the failed banks’ assets and inject liquidity, and equity prices recovered.

Inflation was a significant driver of the economic outlook. As the reporting period began, the consumer price index, a widely followed measure of inflation, stood at a multi-decade high. Strong consumer spending and a tight labor market, along with continued supply chain disruptions in Asia, combined to drive prices higher. The rate of inflation began to decline beginning in July 2022, continuing to decelerate for 10 consecutive months. Nonetheless, inflation remained elevated by historic standards, and higher prices negatively impacted both consumers and businesses.

The U.S. economy recovered from a contraction in the first half of 2022 to post modest growth in the second half of 2022 and the first quarter of 2023. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest posted level since 1969. Furthermore, the labor force participation rate — which measures the total proportion of working age persons employed or looking for work — rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

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

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

4 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of April 30, 2023 iShares^® Core U.S. REIT ETF

Investment Objective

The iShares Core U.S. REIT ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate equities, as represented by the FTSE Nareit Equity REITs 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		(14.84	)%		5.84	%		4.98	%		(14.84	)%		32.80	%		62.60	%
Fund Market		(14.93	)		5.82			4.97			(14.93	)		32.68			62.44
Index		(14.80	)		5.90			5.16			(14.80	)		33.18			65.33

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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 of sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$       1,000.00	$       1,038.40	$         0.40			$       1,000.00	$       1,024.40	$         0.40		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND   SUMMARY 5

Fund Summary as of April 30, 2023 (continued) iShares^® Core U.S. REIT ETF

Portfolio Management Commentary

U.S. real estate investment trusts (“REITs”) declined sharply during the reporting period amid a slowing economy, higher inflation, and rising interest rates. REITs typically take on substantial debt in order to finance the purchase of the properties they manage, and the sharp rise in interest rates made financing more expensive for REITs. Furthermore, higher interest rates meant increased bond yields, making dividend yields from REITs comparatively less attractive to income-oriented investors, although many REITs raised dividends during the reporting period.

Diversified REITs, which own and operate a mix of property types, detracted the most from the Index’s performance. REITs with residential properties such as apartment buildings declined, particularly those that operate in large cities where the real estate markets failed to fully recover from the impact of the pandemic. New apartment buildings constructed during the reporting period added to supply, putting downward pressure on rents. In addition, shifting demographics and concerns about the economic outlook led to fewer households being formed, limiting demand for apartments. Property values for apartment complexes also declined from peak levels.

Diversified REITs with a substantial office property component further detracted from the Index’s performance. Managers of office properties contended with weak office leasing rates, as some businesses continued to allow workers to work from home and many technology companies laid off employees. REITs that build and manage offices and laboratories for the biotechnology industry scaled back development due to high material and labor costs coupled with lingering supply shortages.

Diversified REITs focused on industrial properties also weighed on the Index’s return. A slowdown in e-commerce sales growth raised concerns among investors regarding the outlook for warehouses and logistics facilities used for order fulfilment. Consequently, logistics companies scaled back plans to build new facilities.

Portfolio Information

INDUSTRY ALLOCATION
Industry	Percent of    Total Investments(a)
Specialized REITs	27.1%
Residential REITs	18.3
Industrial REITs	16.6
Retail REITs	16.0
Health Care REITs	10.2
Office REITs	5.5
Hotel & Resort REITs	3.4
Diversified REITs	2.9

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Prologis, Inc.	11.6%
Equinix, Inc.	6.8
Public Storage	4.7
Realty Income Corp.	4.0
Welltower, Inc.	3.8
Simon Property Group, Inc.	3.7
VICI Properties, Inc.	3.4
Digital Realty Trust, Inc.	2.9
AvalonBay Communities, Inc.	2.5
Equity Residential	2.4

^(a) Excludes money market funds.

6 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 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.

ABOUT   FUND   PERFORMANCE  /   DISCLOSURE   OF   EXPENSES 7

Schedule of Investments April 30, 2023 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified REITs — 2.8%
Alexander & Baldwin, Inc.		136,778	$	2,630,241
Alpine Income Property Trust, Inc.		24,729		397,642
American Assets Trust, Inc.		92,705		1,687,231
Armada Hoffler Properties, Inc.		126,232		1,479,439
Broadstone Net Lease, Inc.		327,096		5,289,142
CTO Realty Growth, Inc.		41,611		700,729
Empire State Realty Trust, Inc., Class A(a)		249,181		1,522,496
Essential Properties Realty Trust, Inc.		266,205		6,588,574
Gladstone Commercial Corp.		74,873		893,984
Global Net Lease, Inc.		197,989		2,229,356
One Liberty Properties, Inc.		31,062		683,985
Star Holdings(b)		24,183		390,314
WP Carey, Inc.		397,288		29,478,770
				53,971,903
Health Care REITs — 10.2%
CareTrust REIT, Inc.		187,818		3,660,573
Community Healthcare Trust, Inc.		44,670		1,598,739
Diversified Healthcare Trust		445,972		407,351
Global Medical REIT, Inc.		115,607		1,072,833
Healthcare Realty Trust, Inc.		721,476		14,270,795
Healthpeak Properties, Inc.		1,039,967		22,848,075
LTC Properties, Inc.		75,437		2,523,368
Medical Properties Trust, Inc.		1,130,380		9,913,433
National Health Investors, Inc.		79,137		3,938,648
Omega Healthcare Investors, Inc.		447,187		11,966,724
Physicians Realty Trust		430,446		6,207,031
Sabra Health Care REIT, Inc.		436,542		4,976,579
Universal Health Realty Income Trust		24,189		1,052,222
Ventas, Inc.		759,849		36,510,744
Welltower, Inc.(a)		900,463		71,334,679
				192,281,794
Hotel & Resort REITs — 3.4%
Apple Hospitality REIT, Inc.		406,328		6,050,224
Ashford Hospitality Trust, Inc.(a)(b)		66,147		224,900
Braemar Hotels & Resorts, Inc.		121,419		461,392
Chatham Lodging Trust		89,476		916,234
DiamondRock Hospitality Co.		398,375		3,230,821
Hersha Hospitality Trust, Class A		60,675		382,252
Host Hotels & Resorts, Inc.		1,347,175		21,783,820
Park Hotels & Resorts, Inc.		423,990		5,109,079
Pebblebrook Hotel Trust(a)		244,507		3,479,335
RLJ Lodging Trust		304,148		3,071,895
Ryman Hospitality Properties, Inc.		101,824		9,129,540
Service Properties Trust		310,290		2,721,243
Summit Hotel Properties, Inc.		199,400		1,284,136
Sunstone Hotel Investors, Inc.		400,571		3,817,442
Xenia Hotels & Resorts, Inc.		215,319		2,725,939
				64,388,252
Industrial REITs — 16.6%
Americold Realty Trust, Inc.		511,457		15,134,013
EastGroup Properties, Inc.		78,271		13,036,818
First Industrial Realty Trust, Inc.		250,669		13,152,602
Indus Realty Trust, Inc.		10,074		670,626
Industrial Logistics Properties Trust		126,197		259,966
Innovative Industrial Properties, Inc.		52,639		3,608,403
LXP Industrial Trust		514,589		4,837,137
Plymouth Industrial REIT, Inc.		71,118		1,439,428
Prologis, Inc.		1,753,697		219,650,549
Rexford Industrial Realty, Inc.		372,057		20,749,619

Security	Shares		Value
Industrial REITs (continued)
STAG Industrial, Inc.		341,281	$	11,559,188
Terreno Realty Corp.		152,630		9,400,482
				313,498,831
Office REITs — 5.5%
Alexandria Real Estate Equities, Inc.		326,971		40,603,259
Boston Properties, Inc.		298,245		15,914,353
Brandywine Realty Trust		319,395		1,255,222
City Office REIT, Inc.		72,149		419,907
Corporate Office Properties Trust		213,082		4,877,447
Cousins Properties, Inc.		287,870		6,278,445
Douglas Emmett, Inc.		322,165		4,149,485
Easterly Government Properties, Inc.(a)		172,499		2,427,061
Franklin Street Properties Corp.		190,213		220,647
Highwoods Properties, Inc.		197,787		4,533,278
Hudson Pacific Properties, Inc.		262,708		1,460,657
JBG SMITH Properties		203,010		2,896,953
Kilroy Realty Corp.		220,760		6,455,022
Office Properties Income Trust		90,058		587,178
Orion Office REIT, Inc.		109,202		670,500
Paramount Group, Inc.		355,296		1,538,432
Piedmont Office Realty Trust, Inc., Class A		233,189		1,518,060
Postal Realty Trust, Inc., Class A		34,210		525,808
SL Green Realty Corp.		121,208		2,868,993
Vornado Realty Trust		335,642		5,037,987
				104,238,694
Residential REITs — 18.2%
American Homes 4 Rent, Class A		585,720		19,481,047
Apartment Income REIT Corp.		285,894		10,572,360
Apartment Investment & Management Co., Class A		283,638		2,220,886
AvalonBay Communities, Inc.		265,852		47,951,725
BRT Apartments Corp.		22,379		387,828
Camden Property Trust		197,279		21,710,554
Centerspace		28,523		1,608,127
Elme Communities		164,858		2,840,503
Equity LifeStyle Properties, Inc.		337,968		23,285,995
Equity Residential		704,848		44,581,636
Essex Property Trust, Inc.		122,308		26,874,737
Independence Realty Trust, Inc.		424,105		7,061,348
Invitation Homes, Inc.		1,161,460		38,757,920
Mid-America Apartment Communities, Inc.		218,503		33,605,762
NexPoint Residential Trust, Inc.		42,924		1,842,727
Sun Communities, Inc.		231,530		32,166,463
UDR, Inc.		623,869		25,784,506
UMH Properties, Inc.		99,593		1,513,814
Veris Residential, Inc.(b)		163,481		2,672,914
				344,920,852
Retail REITs — 16.0%
Acadia Realty Trust		172,387		2,328,948
Agree Realty Corp.		165,576		11,257,512
Alexander’s, Inc.		4,080		759,166
Brixmor Property Group, Inc.		567,560		12,106,055
CBL & Associates Properties, Inc.		50,787		1,174,703
Federal Realty Investment Trust		152,733		15,103,766
Getty Realty Corp.		78,064		2,601,873
InvenTrust Properties Corp.		128,691		2,901,982
Kimco Realty Corp.		1,149,399		22,056,967
Kite Realty Group Trust		412,302		8,542,897
Macerich Co.		406,732		4,063,253
National Retail Properties, Inc.		344,373		14,980,226
Necessity Retail REIT, Inc., Class A		253,833		1,398,620
NETSTREIT Corp.		104,731		1,908,199

8 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments   (continued) April 30, 2023 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
Phillips Edison & Co., Inc.		221,824	$	6,996,329
Realty Income Corp.		1,194,629		75,070,486
Regency Centers Corp.		326,087		20,031,524
Retail Opportunity Investments Corp.		227,722		2,967,218
RPT Realty		159,157		1,480,160
Saul Centers, Inc.		22,442		808,585
Simon Property Group, Inc.		620,924		70,363,108
SITE Centers Corp.		363,655		4,487,503
Spirit Realty Capital, Inc.		264,825		10,185,170
Tanger Factory Outlet Centers, Inc.		192,284		3,770,689
Urban Edge Properties		217,066		3,184,358
Urstadt Biddle Properties, Inc., Class A		53,908		928,296
Whitestone REIT		89,934		804,909
				302,262,502
Specialized REITs — 27.0%
CubeSmart		425,346		19,348,989
Digital Realty Trust, Inc.		546,079		54,143,733
EPR Properties		140,759		5,906,248
Equinix, Inc.		175,921		127,380,878
Extra Space Storage, Inc.		252,181		38,341,599
Farmland Partners, Inc.		93,641		977,612
Four Corners Property Trust, Inc.		158,474		4,042,672
Gaming & Leisure Properties, Inc.		464,626		24,160,552
Gladstone Land Corp.(a)		61,057		983,628
Iron Mountain, Inc.		549,347		30,345,928
Lamar Advertising Co., Class A		164,533		17,387,847
Life Storage, Inc.		160,078		21,511,282
National Storage Affiliates Trust		161,255		6,216,380

Security	Shares		Value
Specialized REITs (continued)
Outfront Media, Inc.		276,505	$	4,606,573
Public Storage		297,637		87,752,317
Safehold, Inc.		76,483		2,120,109
VICI Properties, Inc.		1,908,318		64,768,313
				509,994,660
Total Long-Term Investments — 99.7% (Cost: $2,183,992,204)				1,885,557,488
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(c)(d)(e)		10,976,050		10,979,342
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(c)(d)		3,910,036		3,910,036
Total Short-Term Securities — 0.8% (Cost: $14,884,885)				14,889,378
Total Investments — 100.5% (Cost: $2,198,877,089)				1,900,446,866
Liabilities in Excess of Other Assets — (0.5)%				(9,109,461	)
Net Assets — 100.0%			$	1,891,337,405

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

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash
Funds: Institutional, SL Agency Shares	$	3,621,730	$	7,326,066	(a)	$	—		$	27,169	$	4,377	$	10,979,342		10,976,050	$	66,627	(b)	$	—
BlackRock Cash
Funds: Treasury, SL Agency Shares		7,350,000		—			(3,439,964	)(a)		—		—		3,910,036		3,910,036		144,871			2
									$	27,169	$	4,377	$	14,889,378			$	211,498		$	2

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

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

SCHEDULE   OF   INVESTMENTS 9

Schedule of Investments   (continued) April 30, 2023 iShares^® Core U.S. REIT ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		172		06/16/23	$	5,722	$	200,163

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	200,163	$	—	$	—	$	—	$	200,163

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

For the period ended April 30, 2023, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(1,974,599	)	$	—	$	—	$	—	$	(1,974,599	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	237,060		$	—	$	—	$	—	$	237,060

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	6,473,025

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

10 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments   (continued) April 30, 2023 iShares^® Core U.S. REIT ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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	$	1,885,557,488	$	—	$	—	$	1,885,557,488
Short-Term Securities
Money Market Funds		14,889,378		—		—		14,889,378
	$	1,900,446,866	$	—	$	—	$	1,900,446,866
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	200,163	$	—	$	—	$	200,163

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

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 11

Statement of Assets and Liabilities

April 30, 2023

	iShares Core U.S. REIT ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	1,885,557,488
Investments, at value — affiliated(c)		14,889,378
Cash pledged:
Futures contracts		390,000
Receivables:
Investments sold		179,016
Securities lending income — affiliated		2,348
Dividends — unaffiliated		1,498,501
Dividends — affiliated		17,867
Variation margin on futures contracts		54,712
Total assets		1,902,589,310
LIABILITIES
Bank overdraft		108
Collateral on securities loaned		10,950,323
Payables:
Investments purchased		179,016
Investment advisory fees		122,458
Total liabilities		11,251,905
NET ASSETS	$	1,891,337,405
NET ASSETS CONSIST OF:
Paid-in capital	$	2,223,559,677
Accumulated loss		(332,222,272	)
NET ASSETS	$	1,891,337,405
NET ASSET VALUE
Shares outstanding		37,200,000
Net asset value	$	50.84
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	2,183,992,204
(b) Securities loaned, at value	$	10,919,632
(c) Investments, at cost — affiliated	$	14,884,885

See notes to financial statements.

12 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statement of Operations

Year Ended April 30, 2023

	iShares  Core U.S. REIT ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	65,683,722
Dividends — affiliated		144,871
Securities lending income — affiliated — net		66,627
Total investment income		65,895,220
EXPENSES
Investment advisory		1,587,647
Total expenses		1,587,647
Net investment income		64,307,573
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(10,633,387	)
Investments — affiliated		27,169
Capital gain distributions from underlying funds — affiliated		2
Futures contracts		(1,974,599	)
In-kind redemptions — unaffiliated(a)		92,903,248
		80,322,433
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(491,048,674	)
Investments — affiliated		4,377
Futures contracts		237,060
		(490,807,237	)
Net realized and unrealized loss		(410,484,804	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(346,177,231	)

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

See notes to financial statements.

FINANCIAL   STATEMENTS 13

Statements of Changes in Net Assets

	iShares Core U.S. REIT ETF
	Year Ended 04/30/23			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	64,307,573		$	47,545,870
Net realized gain		80,322,433			188,023,089
Net change in unrealized appreciation (depreciation)		(490,807,237	)		15,691,617
Net increase (decrease) in net assets resulting from operations		(346,177,231	)		251,260,576
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(65,460,022	)		(57,050,953	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(15,575,503	)		137,648,377
NET ASSETS
Total increase (decrease) in net assets		(427,212,756	)		331,858,000
Beginning of year		2,318,550,161			1,986,692,161
End of year	$	1,891,337,405		$	2,318,550,161

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

See notes to financial statements.

14 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core U.S. REIT ETF
	Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Net asset value, beginning of year	$	61.83		$	56.60		$	42.45		$	51.60		$	45.73
Net investment income(a)		1.71			1.24			1.17			1.62			1.79
Net realized and unrealized gain (loss)(b)		(10.95	)		5.45			14.39			(8.95	)		6.59
Net increase (decrease) from investment operations		(9.24	)		6.69			15.56			(7.33	)		8.38
Distributions(c)
From net investment income		(1.75	)		(1.43	)		(1.41	)		(1.80	)		(2.44	)
From net realized gain		—			(0.03	)		—			(0.02	)		(0.07	)
Total distributions		(1.75	)		(1.46	)		(1.41	)		(1.82	)		(2.51	)
Net asset value, end of year	$	50.84		$	61.83		$	56.60		$	42.45		$	51.60
Total Return(d)
Based on net asset value		(14.84	)%		11.82	%		37.43	%		(14.60	)%		18.82	%
Ratios to Average Net Assets(e)
Total expenses		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income		3.24	%		2.00	%		2.48	%		3.12	%		3.64	%
Supplemental Data
Net assets, end of year (000)	$	1,891,337		$	2,318,550		$	1,986,692		$	1,339,443		$	1,290,051
Portfolio turnover rate(f)		8	%		9	%		5	%		8	%		11	%

^(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 15

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Core U.S. REIT	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or

16 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements   (continued)

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 Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of 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.

NOTES   TO   FINANCIAL   STATEMENTS 17

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:

Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Barclays Capital, Inc.	$	6,519,806	$	(6,519,806	)	$	—		$	—
BNP Paribas SA		180,101		(180,101	)		—			—
Goldman Sachs & Co. LLC		3,746,420		(3,717,614	)		—			28,806
J.P. Morgan Securities LLC		356,619		(356,619	)		—			—
National Financial Services LLC		116,686		(116,686	)		—			—
	$	10,919,632	$	(10,890,826	)	$	—		$	28,806

^(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 April 30, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
Core U.S. REIT	0.08%

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

ETF Servicing Fees: The Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Fund does not pay BRIL for ETF Services.

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

18 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements   (continued)

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

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

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded 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 April 30, 2023, the Fund paid BTC $26,269 for securities lending agent services.

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

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

For the year ended April 30, 2023, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core U.S. REIT	$	13,035,249	$	33,464,597	$	(10,358,265	)

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

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

7. PURCHASES AND SALES

For the year ended April 30, 2023, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core U.S. REIT	$	178,770,491	$  161,509,360

For the year ended April 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core U.S. REIT	$	610,465,644	$  644,502,651

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

NOTES   TO   FINANCIAL   STATEMENTS 19

Notes to Financial Statements   (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2023, permanent differences attributable to 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 U.S. REIT	$	87,389,161	$	(87,389,161	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended April 30, 2023		Year Ended April 30, 2022
Core U.S. REIT
Ordinary income	$	65,460,022	$	55,839,536
Long term capital gains		—		1,211,417
	$	65,460,022	$	57,050,953

As of April 30, 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
Core U.S. REIT	$	(10,634,310	)	$	(321,587,962	)	$	(332,222,272	)

^(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 characterization of corporate actions, 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.

As of April 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core U.S. REIT	$	2,222,034,828	$	65,041,750	$	(386,629,712	)	$	(321,587,962	)

9. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

20 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements   (continued)

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

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

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

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

The Fund invests a significant portion of its assets in securities 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 their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 04/30/23						Year Ended 04/30/22
Share Class	Shares			Amount			Shares			Amount
Shares sold		11,700,000		$	614,069,077			11,850,000		$	729,451,592
Shares redeemed		(12,000,000	)		(629,644,580	)		(9,450,000	)		(591,803,215	)
		(300,000	)	$	(15,575,503	)		2,400,000		$	137,648,377

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

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

NOTES   TO   FINANCIAL   STATEMENTS 21

Notes to Financial Statements   (continued)

11. SUBSEQUENT EVENTS

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

22 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 iShares Core U.S. REIT ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Core U.S. REIT ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of April 30, 2023, the related statement of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2023 and the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; 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

June 21, 2023

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

REPORT   OF   INDEPENDENT   REGISTERED   PUBLIC   ACCOUNTING   FIRM 23

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, is hereby designated is qualified dividend income for individuals for the fiscal year ended April 30, 2023:

iShares ETF	Qualified Dividend Income
iShares Core U.S. REIT ETF	$	394,965

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2023:

iShares ETF	Qualified Business Income
iShares Core U.S. REIT ETF	$	36,611,572

24 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 U.S. REIT ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the 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 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.

STATEMENT   REGARDING   LIQUIDITY   RISK   MANAGEMENT   PROGRAM 25

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.

April 30, 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 U.S. REIT	$	1.753845	$	—	$	—	$	1.753845		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.

26 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Trustee and Officer Information (unaudited)

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 April 30, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
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 27

Trustee and Officer Information (unaudited)  (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).

28 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Trustee and Officer Information (unaudited)  (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 29

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.

30 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation

REIT              Real Estate Investment Trust

GLOSSARY   OF   TERMS   USED   IN   THIS   REPORT 31

Want to know more?

iShares.com  |  1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©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-412-0423

(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 nine series of the registrant for which the fiscal year-end is April 30, 2023 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $114,300 for the fiscal year ended April 30, 2022 and $119,700 for the fiscal year ended April 30, 2023.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended April 30, 2022 and April 30, 2023 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $87,300 for the fiscal year ended April 30, 2022 and $87,300 for the fiscal year ended April 30, 2023. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended April 30, 2022 and April 30, 2023 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $87,300 for the fiscal year ended April 30, 2022 and $87,300 for the fiscal year ended April 30, 2023.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

Item 5. Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a) (4) Change in Registrant’s independent public accountant – Not Applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: June 21, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: June 21, 2023

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: June 21, 2023