MARCH 31, 2023

2023 Annual Report

iShares Trust
• iShares Russell Top 200 ETF | IWL | NYSE Arca
• iShares Russell Top 200 Growth ETF | IWY | NYSE Arca
• iShares Russell Top 200 Value ETF | IWX | NYSE Arca

NM0523U-2925508-1/48
The Markets in Review

Dear Shareholder,

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

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

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to T tal Returns as of March 31, 2023
To
fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate
6-Month
t 12-Month
t
bond market also fa f ced inflationary headwinds, and higher interest rates led to rising borrowing costs fo f r
corporate issuers. U.S. large cap equities
15.62% (7.73)%
(S&P 500 Index)
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, U.S. small cap equities
9.14 (11.61)
raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated (Russell 2000 Index)
the reduction of its balance sheet. International equities
(MSCI Europe, Australasia, 27.27 (1.38)
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy Far East Index)
costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a Emerging market
more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. equities (MSCI Emerging 14.04 (10.70)
Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to Markets Index)
get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is 3-month Treasury bills
high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe (ICE BofA
f 3-Month U.S. 1.93 2.52
investors should expect a period of higher volatility as markets adjust to the new economic reality and Treasury Bill Index)
policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period
U.S. Treasury securities
highlighted the potential fo
f r the knock-on effffects of substantially higher interest rates to disrupt markets with (ICE BofA
f 10-Ye
Y ar U.S. 4.38 (6.90)
little warning. Treasury Index)

While we faf vor an overw

r eight to equities in the long term, we prefe
f r an underw
r eight stance on equities overall U.S. investment grade
bonds (Bloomberg 4.89 (4.78)
in the near term. Expectations fo f r corporate earnings remain elevated, which seems inconsistent with the
U.S. Aggregate Bond Index)
possibility of a recession. Nevertheless, we are overw r eight on emerging market stocks as we believe a
weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where Tax-exempt municipal
T
bonds (Bloomberg Municipal 7.00 0.26
we believe that valuations are appealing and higher yields provide attractive income, although we are neutral
Bond Index)
on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we
believe there are still some strong opportunities fo f r a six- to twelve-month horizon, particularly short-term U.S. high yield bonds
U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency. (Bloomberg U.S.
7.88 (3.35)
Corporate High Yield 2%
Overall, our view is that investors need to think globally, position themselves to be prepared fo
f r a decarbonizing Issuer Capped Index)
economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor Past perf
rformance is not an indication of future results. Index
and visit iShares.com fo f r further insight about investing in today’s markets. perf
rformance is shown fo f r illustrative purposes only. Yo
Yu
cannot invest directly in an index.
Sincerely,

Rob Kapito
President, BlackRock, Inc.

2 T H I S PA G E I S NO T P NM0523U-2925508-2/48
A R T O F Y O U R F U N D R E P O R T
T ble of Contents
Ta
Page
The Markets in Review ............................................................................................................................................................ 2
Annual Report:
Market Overview .................................................................................................................................................................. 4
Fund Summary ................................................................................................................................................................... 5
About Fund Perf rformance .......................................................................................................................................................... 11
Disclosure of Expenses ........................................................................................................................................................... 11
Schedules of Investments ......................................................................................................................................................... 12
Financial Statements:
Statements of Assets and Liabilities ............................................................................................................................................. 25
Statements of Operations ....................................................................................................................................................... 26
Statements of Changes in Net Assets ........................................................................................................................................... 27
Financial Highlights ............................................................................................................................................................... 29
Notes to Financial Statements ..................................................................................................................................................... 32
Report of Independent Registered Public Accounting Firm .......................................................................................................................... 39
Important Ta
T x Infof rmation ......................................................................................................................................................... 40
Statement Regarding Liquidity Risk Management Program .......................................................................................................................... 41
Supplemental Info f rmation ......................................................................................................................................................... 42
f rmation ....................................................................................................................................................
Trustee and Offficer Info 43
f rmation ...............................................................................................................................................................
General Info 46
T rms Used in this Report .............................................................................................................................................
Glossary of Te 47

NM0523U-2925508-3/48 3
Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks declined fof r the 12 months ended March 31, 2023 (“reporting period”), when the Russell 3000 Index, a broad measure of U.S. equity market perf rformance,
returned -8.58%. Elevated inflation and rapid tightening of monetary policy dampened growth and weighed on equities. Higher interest rates drove bond yields higher and
increased borrowing costs fo f r businesses and consumers. Equities began to recover in the second half of the reporting period, as the broader economy remained resilient and
the pace of inflation declined. In March 2023, two banks suddenly fa f iled, representing the second and third largest bank fa f ilures in U.S. history by asset value. This drove
concern among investors about the resiliency of the financial system in the fa f ce of rapidly rising interest rates. However, government agencies acted swiftfly to organize a sale
of the fa
f iled 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 fo
f llowed measure of inflation, stood at multi-decade
highs. Strong consumer spending and a tight labor market, along with continued supply chain disruptions in Asia, combined to drive prices higher. But the rate of inflation began
to decline as the reporting period wore on, decelerating fo f r nine consecutive months beginning in July 2022. Nonetheless, inflation remained elevated by historic standards,
and higher prices negatively impacted both consumers and businesses.

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

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

Despite economic headwinds, corporate profits remained robust, and many companies were able to suffficiently raise prices to preserve profit margins even in the fa
f ce of rising
labor and input costs. Nonetheless, profits declined overall in the fo
f urth quarter of 2022, and the yield curve (a graphical representation of U.S. Treasury rates at difffferent
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 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-4/48
Fund Summary as of March 31, 2023 iShares Russell To
T p 200 ETF

Investment Obj
b ective
The iShares Russell ToT p 200 ETF (the “Fund) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the Russell
T p 200 Index (the ”Index“). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due
To
to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Perf
rformance
A erage Annual To
Av T tal Returns Cumulative To
T tal Returns
1 Ye
Y ar 5 Ye
Y ars
r 10 Ye
Y ars
r 1 Ye
Y ar 5 Ye
Y ars
r 10 Ye
Y ars
r
A ..........................................................................................
Fund NAV (8.41)% 11.75% 12.59% (8.41)% 74.30% 227.44%
Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.55) 11.72 12.59 (8.55) 74.06 227.46
Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.27) 11.92 12.77 (8.27) 75.63 232.50

GROWTH OF $10,000 INVESTMENT

(AT
A NET ASSET VA
V LUE)

$40,000

35,000 $33,250
$32,744
30,000

25,000

20,000

15,000

10,000

5,000
Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23

Fund Index
Past perf
rformance is not an indication of future results. Perf
rformance 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 Perf rformance” fo
f r more info
f rmation.

Expense Example
Actual Hypothetical 5% Return
Begini nin
i g E di
En ding Exxpenses
E Begini nin
i g E di
En di ng Expenses
Ex Annualilized
Account Va
V lue Account Va
V lue Paid Duriring Account Va
V lue Account VaV lue Paid Duriring Expense
Ex
(10/
0/01/2
/ 2)
2 ( 3/
(0 3/31/2
/ 3)
3 t e Perirod(a
th (a)
(10/
0/01/2
/ 2)
2 ( 3/
(0 3/31/2
/ 3)
3 t e Perirod(a
th (a)
Ratito
$ 1,000.00 $ 1,157.30 $ 0.81 $ 1,000.00 $ 1,024.18 $ 0.76 0.15%

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

F U N D SU M M A R Y NM0523U-2925508-5/48 5
Fund Summary as of March 31, 2023 (continued) iShares Russell To
T p 200 ETF

Portfo
f lio Management Commentary
Large-capitalization U.S. stocks declined fof r the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The
consumer discretionary sector detracted the most from the Index’s return. While consumer spending continued to grow, rising inflation drove up costs fo f r companies, and
consumers increasingly sought bargains as higher prices eroded personal spending power. Within the sector, the internet and direct marketing retail industry detracted
significantly. The sharp rise in e-commerce, which boosted the industry early in the pandemic, waned as more workers returned to the offfice and brick-and-mortar retailers
gained market share. Stocks in the automobiles industry also declined amid concerns about the market fo f r electric vehicles in the weakening economy and production volumes
that fa
f iled to meet analysts’ expectations.

The info
f rmation technology sector also detracted significantly from the Index’s return, as sharply higher interest rates reduced the current value of future earnings. The
softfware and services industry declined notably amid high inflation and slow growth, as cuts to corporate info
f rmation technology budgets tempered revenue growth. Slowing
sales growth fo
f r cloud-based softfware further constrained earnings. Changing consumer behavior patterns pressured the IT services industry, as a return to in-person
spending slowed revenue growth fo f r online payment platfo
f rm providers.

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

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

Portfo
f lio Info
f rmation

SECTOR ALLOCAT
A ION TEN LARGEST HOLDINGS
Perc
r ent of Perc
r ent of
Sector T tal Inve
To v stm t (a
t ents (a)
Securirty
t T tal Inve
To v stm t (a
t ents ( a)

Info
f rmation Te T chnology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.9% Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8%
Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.0 Microsoftf Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7
Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.2 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3
Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3
Communication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.3 Alphabet, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2
Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7 Berkshire Hathaway, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0
Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9 Alphabet, Inc., Class C, NVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9
Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 T sla, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Te 1.9
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 Meta Platfof rms, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7
Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4
(a)
Excludes money market funds.

6 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-6/48
Fund Summary as of March 31, 2023 iShares Russell To
T p 200 Growth ETF

Investment Obj
b ective
The iShares Russell To T p 200 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth
characteristics, as represented by the Russell To T p 200 Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that
collectively has an investment profile similar to the Index. Due to representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Perf
rformance
A erage Annual To
Av T tal Returns Cumulative To
T tal Returns
1 Ye
Y ar 5 Ye
Y ars
r 10 Ye
Y ars
r 1 Ye
Y ar 5 Ye
Y ars
r 10 Ye
Y ars
r
A ..........................................................................................
Fund NAV (11.60)% 14.61% 15.38% (11.60)% 97.73% 318.21%
Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.80) 14.59 15.38 (11.80) 97.54 318.27
Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.44) 14.79 15.61 (11.44) 99.34 326.38

GROWTH OF $10,000 INVESTMENT

(AT
A NET ASSET VA
V LUE)

$55,000
50,000
45,000 $42,638
$41,820
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23

Fund Index
Past perf
rformance is not an indication of future results. Perf
rformance 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 Perf rformance” fo
f r more info
f rmation.

Expense Example
Actual Hypothetical 5% Return
Begini nin
i g E di
En ding Exxpenses
E Begini nin
i g E di
En di ng Expenses
Ex Annualilized
Account Va
V lue Account Va
V lue Paid Duriring Account Va
V lue Account VaV lue Paid Duriring Expense
Ex
(10/
0/01/2
/ 2)
2 ( 3/
(0 3/31/2
/ 3)
3 t e Perirod(a
th (a)
(10/
0/01/2
/ 2)
2 ( 3/
(0 3/31/2
/ 3)
3 t e Perirod(a
th (a)
Ratito
$ 1,000.00 $ 1,168.10 $ 1.08 $ 1,000.00 $ 1,023.93 $ 1.01 0.20%

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

F U N D SU M M A R Y NM0523U-2925508-7/48 7
Fund Summary as of March 31, 2023 (continued) iShares Russell To
T p 200 Growth ETF

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

The consumer discretionary sector detracted the most from the Index’s return. Rising inflation drove up costs fo
f r companies, and consumers increasingly sought bargains as
higher prices eroded personal spending power. Within the sector, the internet and direct marketing retail industry detracted significantly from the Index’s perf rformance. The
sharp rise in e-commerce, which boosted the industry early in the pandemic, waned as more workers returned to the offfice and brick-and-mortar retailers gained market share.
Excess warehouse capacity also weighed on industry cash flow. Slowing revenue growth from data cloud services further pressured the industry’s profitability, as business
customers tried to reduce expenditures amid economic uncertainty. The automobiles industry also declined amid concerns about the market fo f r electric vehicles (“EVs”) in the
weakening economy. While EV sales continued to grow, production did not meet analysts’ expectations, and price discounts on some new models negatively impacted
revenues.

The communication services sector also detracted significantly from the Index’s return, as the rising interest rate environment negatively impacted the interactive media and
services industry, particularly high-valuation stocks with growth prospects. Demand fo
f r online advertisements slowed during the reporting period, as businesses cut back on
marketing expenditures in a more challenging economic environment. Stifff competition among companies producing disruptive new artificial intelligence products also
pressured the industry, as analysts attempted to chart the potential impact of the new technologies.

Portfo
f lio Info
f rmation

SECTOR ALLOCAT
A ION TEN LARGEST HOLDINGS
Perc
r ent of Perc
r ent of
Sector T tal Inve
To v stm t (a
t ents (a)
Securirty
t T tal Inve
To v stm t (a
t ents ( a)

Info
f rmation TeT chnology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.3% Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.6%
Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.2 Microsoftf Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.5
Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.5 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8
Communication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8 NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1
Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7 Alphabet, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4
Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6 T sla, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Te 3.4
Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 Alphabet, Inc., Class C, NVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0
Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 UnitedHealth Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5
Other (each representing less than 1%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Visa, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3
Mastercard, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9
(a)
Excludes money market funds.

8 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-8/48
Fund Summary as of March 31, 2023 iShares Russell To
T p 200 Va
V lue ETF

Investment Obj
b ective
The iShares Russell To T p 200 Va
V lue ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value
characteristics, as represented by the Russell To T p 200 Va
V lue 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.

Perf
rformance
A erage Annual To
Av T tal Returns Cumulative To
T tal Returns
1 Ye
Y ar 5 Ye
Y ars
r 10 Ye
Y ars
r 1 Ye
Y ar 5 Ye
Y ars
r 10 Ye
Y ars
r
A ..........................................................................................
Fund NAV (4.37)% 7.76% 9.08% (4.37)% 45.29% 138.44%
Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.51) 7.73 9.07 (4.51) 45.11 138.30
Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.16) 7.96 9.30 (4.16) 46.69 143.43

GROWTH OF $10,000 INVESTMENT

(AT
A NET ASSET VA
V LUE)

$26,000
$24,343
24,000 $23,844
22,000
20,000
18,000
16,000
14,000
12,000
10,000
8,000
Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23

Fund Index
Past perf
rformance is not an indication of future results. Perf
rformance 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 Perf rformance” fo
f r more info
f rmation.

Expense Example
Actual Hypothetical 5% Return
Begini nin
i g E di
En ding Exxpenses
E Begini nin
i g E di
En di ng Expenses
Ex Annualilized
Account Va
V lue Account Va
V lue Paid Duriring Account Va
V lue Account VaV lue Paid Duriring Expense
Ex
(10/
0/01/2
/ 2)
2 ( 3/
(0 3/31/2
/ 3)
3 t e Perirod(a
th (a)
(10/
0/01/2
/ 2)
2 ( 3/
(0 3/31/2
/ 3)
3 t e Perirod(a
th (a)
Ratito
$ 1,000.00 $ 1,142.60 $ 1.07 $ 1,000.00 $ 1,023.93 $ 1.01 0.20%

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

F U N D SU M M A R Y NM0523U-2925508-9/48 9
Fund Summary as of March 31, 2023 (continued) iShares Russell To
T p 200 Va
V lue ETF

Portfo
f lio Management Commentary
Value-oriented large-capitalization U.S. stocks declined fo
V f r the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on
equities. The financials sector detracted the most from the Index’s perf rformance amid tightening financial conditions. The banking industry fa f ced significant challenges as the
potential impact of a slowing economy outweighed the benefits of being able to charge more fo f r loans. While bank profitability is typically supported by higher interest rates,
persistently high inflation led to significant tightening from the Fed, and investors became concerned about the long-term effffect of this tightening on loan growth and credit
losses. Bank stocks were further pressured late in the reporting period aftfer the sudden fa f ilure of two regional banks. Despite government actions to contain the impact, these
bank fa
f ilures weighed heavily on the industry. The financial services industry also fa f ced headwinds due to weak economic growth, declining prices fo f r stocks and bonds, and
concerns about the balance sheet liquidity of a large discount broker fo f llowing the bank fa
f ilures.

The infof rmation technology sector also detracted significantly from the Index’s return, as sharply higher interest rates reduced the current value of future earnings. High
inflation and slow growth weighed on the sector, as consumers and businesses oftfen seek to reduce spending on technology products and services during a downturn.

On the upside, stocks in the energy sector contributed to the Index’s return despite lower oil prices and a sharp decline in the price of natural gas. The price of oil and natural
gas surged in the aftfermath of Russia’s invasion of Ukraine. While prices subsequently fef ll as markets stabilized, the relatively high average prices of energy commodities
supported profitability in the oil, gas, and consumable fuels industry.

Portfo
f lio Info
f rmation

SECTOR ALLOCAT
A ION TEN LARGEST HOLDINGS
Perc
r ent of Perc
r ent of
Sector T tal Inve
To v stm t (a
t ents (a)
Securirty
t T tal Inve
To v stm t (a
t ents ( a)

Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.6% Berkshire Hathaway, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5%

Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.8 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7
Communication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.3 Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3
Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4 JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1
Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2 Meta Platfof rms, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0
Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.9 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6
Info
f rmation Te T chnology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8
Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 Walmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7
Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 Procter & Gamble Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
(a)
Excludes money market funds.

10 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-10/48
About Fund Perf
rformance

Past perfrformance 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 fo f r an extended period of time and may continue to affffect adversely the value and liquidity of each Fund’s investments. As a result, current
perf
rformance may be lower or higher than the perf rformance data quoted. Perf rformance data current to the most recent month-end is available at iShares.com. Perf rformance
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. Perfrformance fo
f r certain funds may reflect a waiver of a portion of investment advisory fe
f es. Without such a waiver,
perf
rformance would have been lower.

Net asset value or “NAV

A ” is the value of one share of a fund as calculated in accordance with the standard fo f rmula fo
f r 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 fo f r trading, as of the time that such fund’s NAV
A is calculated. Market and NAV
A returns
assume that dividends and capital gain distributions have been reinvested at Market Price and NAV A , 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 portfo
f lio of securities and therefo
f re does
not incur the expenses incurred by a fund. These expenses negatively impact fund perf rformance. 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 fo f llowing charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and
(2) ongoing expenses, including management fe f es 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 infof rmation about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fe
f e 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 info

f rmation 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 befo
f re 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 fe
f es paid on purchases and sales of fund shares. Therefo f re, the hypothetical examples are useful in comparing ongoing expenses only and will not
help shareholders determine the relative total expenses of owning difffferent funds. If these transactional expenses were included, shareholder expenses would have been
higher.

AB O U T F U N D PE R F O R M A N C E / DI S C L O S U R E O F EX P E N S E S NM0523U-2925508-11/48 11
Schedule of Investments iShares Russell To
T p 200 ETF
March 31, 2023 (Percentages shown are based on Net Assets)

Securirty
t Share
r s V lue
Va Securirty
t Share
r s V lue
Va

Common Stocks Chemicals (continued)

Dow, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,950 $ 1,093,659
Aerospace & Defe f nse — 1.9% Ecolab, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,032 1,164,007
Boeing Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,752 $ 3,346,198 Linde PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,046 4,992,510
General Dynamics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,905 1,575,790
r in-Williams Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sherw 6,818 1,532,482
T chnologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
L3Harris Te 5,414 1,062,443
Lockheed Martin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,474 3,060,454 10,594,092
Northrop Grumman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,093 1,889,820 Commercial Services & Supplies — 0.2%
T chnologies Corp. . . . . . . . . . . . . . . . . . . . . . . . . .
Raytheon Te 41,787 4,092,201 Waste Management, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,648 1,900,604
15,026,906 Communications Equipment — 0.8%
Air Freight & Logistics — 0.7% Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,830 6,107,288
FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,632 1,515,346 Consumer Finance — 0.5%
United Parcel Service, Inc., Class B . . . . . . . . . . . . . . . . . . . 20,898 4,054,003 American Express Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,913 2,789,799
5,569,349 Capital One Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,794 1,037,951
Automobiles — 2.3% 3,827,750
Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,341 1,415,497 Consumer Staples Distribution & Retail — 2.2%
General Motors Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,443 1,446,769 Costco Wholesale Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,587 6,254,103
T sla, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Te 73,475 15,243,123 Dollar General Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,418 1,350,732
18,105,389 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,437 1,114,969
Banks — 3.4% T rget Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ta 13,165 2,180,519
Bank of America Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199,668 5,710,505 Walgreens Boots Alliance, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 20,377 704,637
Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,029 2,580,310 Walmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,409 5,958,307
JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,922 10,805,566 17,563,267
PNC Financial Services Group, Inc.. . . . . . . . . . . . . . . . . . . . 11,468 1,457,583 Diversified Te
T lecommunication Services — 1.1%
Truist Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,757 1,287,513 A &T Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AT 203,542 3,918,184
U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,229 1,414,205 V rizon Communications, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
Ve 119,488 4,646,888
Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,052 4,076,364
8,565,072
27,332,046
Electric Utilities — 1.4%
Beverages — 2.1% American Electric Power Co., Inc. . . . . . . . . . . . . . . . . . . . . . 14,660 1,333,913
Coca-Cola Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,001 6,885,392 Duke Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,887 2,111,439
Constellation Brands, Inc., Class A . . . . . . . . . . . . . . . . . . . . 4,294 969,972 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,152 1,179,287
Keurig Dr Pepper, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,475 863,478 NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,459 4,351,860
Monster Beverage Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,887 1,128,107 Southern Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,912 2,150,857
PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,302 7,164,754
11,127,356
17,011,703
Electrical Equipment — 0.4%
Biotechnology — 2.6% Eaton Corp. PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,353 1,945,223
AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,243 8,007,227 Emerson Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,105 1,403,390
Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,180 3,669,765
3,348,613
Gilead Sciences, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,687 2,960,950
Moderna, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,413 1,445,649 Energy Equipment & Services — 0.2%
Regeneron Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . 2,946 2,420,640 Schlumberger NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,151 1,971,414
V rtex Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . .
Ve 7,269 2,290,244 Entertainment — 1.4%
20,794,475 Activision Blizzard, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,052 1,887,431
Broadline Retail — 3.3% Netflix, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,445 4,299,498
Amazon.com, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,684 26,099,730 Walt Disney Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,799 5,186,634
11,373,563
Building Products — 0.2%
Johnson Controls International PLC . . . . . . . . . . . . . . . . . . . 19,591 1,179,770 Financial Services — 5.2%
Berkshire Hathaway, Inc., Class B(a) . . . . . . . . . . . . . . . . . . . 51,289 15,836,505
Capital Markets — 2.6% Block, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,190 1,042,793
BlackRock, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,217 2,821,679 Fidelity National Info f rmation Services, Inc. . . . . . . . . . . . . . 16,793 912,364
Blackstone, Inc., Class A, NVS . . . . . . . . . . . . . . . . . . . . . . . . 20,143 1,769,361 Fiserv, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,751 1,893,366
Charles Schwab Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,210 2,263,340 Mastercard, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,190 8,790,888
CME Group, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,194 1,952,355 PayPal Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,401 2,460,532
Goldman Sachs Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,324 3,049,974 Visa, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,212 10,418,957
Intercontinental Exchange, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 15,715 1,638,917
41,355,405
Moody’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,537 1,388,413
Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,048 3,077,214 Food Products — 0.8%
S&P Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,148 3,153,956 Archer-Daniels-Midland Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,490 1,233,933
General Mills, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,716 1,428,549
21,115,209
Chemicals — 1.3%
Air Products & Chemicals, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 6,307 1,811,434

12 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-12/48
Schedule of Investments (continued) iShares Russell To
T p 200 ETF
March 31, 2023 (Percentages shown are based on Net Assets)

Securirty
t Share
r s V lue
Va Securirty
t Share
r s V lue
Va

Food Products (continued) Interactive Media & Services — 5.8%

Kraftf Heinz Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,958 $ 771,776 Alphabet, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,009 $ 17,738,764
Mondelez International, Inc., Class A . . . . . . . . . . . . . . . . . . 38,759 2,702,278 Alphabet, Inc., Class C, NVS(a) . . . . . . . . . . . . . . . . . . . . . . . . 148,713 15,466,152
6,136,536 f rms, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . .
Meta Platfo 63,261 13,407,536
Ground Transportation — 1.0% 46,612,452
CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,791 1,790,143 IT Services — 1.3%
rfolk Southern Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Norf 6,444 1,366,128 Accenture PLC, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,014 5,148,581
T chnologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Uber Te 54,628 1,731,708 T chnology Solutions Corp., Class A . . . . . . . .
Cognizant Te 14,603 889,761
Union Pacific Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,471 3,516,213 International Business Machines Corp. . . . . . . . . . . . . . . . . 25,584 3,353,806
8,404,192 Snowflake, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,837 1,363,461
Health Care Equipment & Supplies — 2.5% 10,755,609
Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,749 4,936,324 Life
f Sciences To T ols & Services — 1.5%
Baxter International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,340 581,630 Danaher Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,403 4,638,292
Becton Dickinson & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,071 1,997,895 Illumina, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,453 1,035,545
Boston Scientific Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,536 2,028,016 Thermo Fisher Scientific, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 11,124 6,411,540
Edwards Lifef sciences Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 17,611 1,456,958 12,085,377
GE HealthCare Te T chnologies, Inc.(a) . . . . . . . . . . . . . . . . . . . 10,341 848,272
Machinery — 1.1%
Intuitive Surgical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,014 2,558,277
Caterpillar, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,793 3,385,230
Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,998 3,063,399
Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,719 3,187,021
Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,987 2,850,989
T ol Works, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Illinois To 8,686 2,114,607
20,321,760
8,686,858
Health Care Providers & Services — 3.3%
Media — 0.7%
Centene Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,613 986,898
Charter Communications, Inc., Class A(a) . . . . . . . . . . . . . . 2,999 1,072,473
Cigna Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,329 2,128,309
Comcast Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,921 4,508,295
CVS Health Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,493 2,711,795
Elevance Health, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,858 3,153,377 5,580,768
HCA Healthcare, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,121 1,613,985 Metals & Mining — 0.4%
Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,593 1,744,258 Freeport-McMoRan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,584 1,660,292
McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,883 1,382,542 Newmont Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,591 1,107,411
UnitedHealth Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,592 12,567,113 Southern Copper Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,393 182,466
26,288,277 2,950,169
Hotels, Restaurants & Leisure — 1.8% Multi-Utilities — 0.3%
Airbnb, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,646 1,324,362 Dominion Energy, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,735 1,327,024
Booking Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,101 2,920,304 Sempra Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,919 1,348,196
Marriott International, Inc., Class A. . . . . . . . . . . . . . . . . . . . . 7,559 1,255,096 2,675,220
McDonald’s Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,010 5,874,606 Oil, Gas & Consumable Fuels — 4.3%
Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,598 3,394,430 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,983 8,971,026
14,768,798 ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,803 3,452,805
Household Products — 1.6% EOG Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,655 1,909,163
Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,504 1,766,326 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,156 12,847,327
Kimberly-Clark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,598 1,288,243 Kinder Morgan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,290 985,638
Procter & Gamble Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,107 9,978,140 Marathon Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,865 1,734,588
13,032,709 Occidental Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,635 1,413,103
Pioneer Natural Resources Co. . . . . . . . . . . . . . . . . . . . . . . . . 6,749 1,378,416
Industrial Conglomerates — 1.0%
V lero Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Va 10,997 1,535,181
3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,695 1,649,702
General Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,809 2,945,340 34,227,247
Honeywell International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 19,159 3,661,668 Personal Care Products — 0.2%
8,256,710 Estee Lauder Cos., Inc., Class A . . . . . . . . . . . . . . . . . . . . . . 6,513 1,605,194
Industrial REITsT — 0.4% Pharmaceuticals — 5.0%
Prologis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,169 3,265,106 Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,545 4,196,374
Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,955 8,226,626
Insurance — 1.5%
Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,820 11,597,100
American International Group, Inc. . . . . . . . . . . . . . . . . . . . . . 21,195 1,067,380
Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,917 7,651,250
Aon PLC, Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,814 1,833,096
Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,679 6,555,703
Chubb Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,827 2,296,567
Zoetis, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,385 2,227,799
Marsh & McLennan Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 14,081 2,345,190
f , Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
MetLife 18,732 1,085,332 40,454,852
Progressive Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,596 2,374,224 Profe
f ssional Services — 0.3%
Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,634 1,137,134 Automatic Data Processing, Inc. . . . . . . . . . . . . . . . . . . . . . . . 11,870 2,642,618
12,138,923 Semiconductors & Semiconductor Equipment — 6.9%
Advanced Micro Devices, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 45,918 4,500,423

S C H E D U L E S O F I N V E S T M E N T S NM0523U-2925508-13/48 13
Schedule of Investments (continued) iShares Russell To
T p 200 ETF
March 31, 2023 (Percentages shown are based on Net Assets)

Securirty
t Share
r s V lue
Va Securirty
t Share
r s V lue
Va

Semiconductors & Semiconductor Equipment (continued) Technology Hardware, Storage & Peripherals — 8.8%
T
Analog Devices, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,373 $ 2,834,643 Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427,271 $ 70,456,988
Applied Materials, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,922 2,938,339
Textiles, Apparel & Luxury Goods — 0.5%
T
Broadcom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,228 7,203,211
NIKE, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,200 4,194,288
Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,703 3,845,357
KLA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,928 1,567,940 Tobacco — 0.8%
T
Lam Research Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,829 2,029,830 Altria Group, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,966 2,274,103
T chnology, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Marvell Te 24,171 1,046,604 Philip Morris International, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 44,053 4,284,154
T chnology, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Micron Te 30,911 1,865,170 6,558,257
NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,260 18,682,810 Wireless Te
T lecommunication Services — 0.3%
QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,855 4,064,061 T Mobile U.S., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T- 16,671 2,414,628
T xas Instruments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Te 25,798 4,798,686
T tal Long-Te
To T rm Investments — 99.8%
55,377,074 (Cost: $802,292,132) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 801,747,479
Soft
f ware — 11.1%
Adobe, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,998 5,009,039
Atlassian Corp., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,147 709,842
Short-Te
T rm Securities
Autodesk, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,175 1,285,388 Money Market Funds — 0.3%
Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,835 3,493,078 BlackRock Cash Funds: Institutional, SL Agency
Microsoftf Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212,720 61,327,176 Shares, 5.01%(b)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,636,633 1,637,124
Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,456 4,037,931 BlackRock Cash Funds: Treasury, SL Agency Shares,
Palo Alto Networks, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,439 1,685,606 4.73%(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,169,890 1,169,890
Roper Te T chnologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,003 1,323,392 T tal Short-Te
To T rm Securities — 0.3%
Salesfof rce, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,360 5,465,981 (Cost: $2,806,990) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,807,014
ServiceNow, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,764 2,678,646
VMware, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,088 760,087 T tal Investments — 100.1%
To
Workday, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,663 1,169,636 (Cost: $805,099,122) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 804,554,493
Liabilities in Excess of Other Assets — (0.1)% . . . . . . . . . . . . . . . . . . . . . . . . . (1,147,276)
88,945,802
Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 803,407,217
Specialized REITs T — 1.0%
American ToT wer Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,190 2,695,245 (a)
Non-income producing security.
Crown Castle, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,235 1,637,532 (b)
Afffiliate of the Fund.
Digital Realty Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,132 799,457 (c)
All or a portion of this security is on loan.
Equinix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,625 1,892,730 (d)
Annualized 7-day yield as of period end.
Public Storage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,443 1,342,408 (e)
All or a portion of this security was purchased with the cash collateral from loaned
8,367,372 securities.
Specialty Retail — 1.8%
Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,971 8,549,922
Lowe’s Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,199 3,439,284
TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,995 2,585,488
14,574,694

Affiliates

Investments in issuers considered to be afffiliate(s) of the Fund during the year ended March 31, 2023 fo
f r purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as fof llows:

Capital
Change in i Gaini
Net Unrer alilized Share
r s Dis
i tr
tributitons
Value at
V Purc
r hases Prroceeds
P d Realilized Appre
r cia
i titon Value at
V Held at from Underlrlying
fr
Affffiliated Issuer 03/
3/31/2
/ 2 at Cost from Sale
fr Gain
i (L
( oss)s ( epre
(D r cia
i titon)
n 03/
3/31/2
/ 3 03/
3/31/2
/ 3 Income Fundsd
BlackRock Cash Funds: Institutional,
SL Agency Shares . . . . . . . . . . . . . . . . $ 249,903 $ 1,381,728(a) $ — $ 5,434 $ 59 $ 1,637,124 1,636,633 $ 14,072(b) $ —
BlackRock Cash Funds: Treasury, SL
Agency Shares . . . . . . . . . . . . . . . . . . . 1,385,000 — (215,110)(a) — — 1,169,890 1,169,890 33,759 1
BlackRock, Inc. . . . . . . . . . . . . . . . . . . . . . 3,604,590 1,038,890 (1,730,601) 703,995 (795,195) 2,821,679 4,217 — —
$ 709,429 $ (795,136) $ 5,628,693 $ 47,831 $ 1

(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fe
f es and collateral investment expenses, and other
payments to and from borrowers of securities.

14 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-14/48
Schedule of Investments (continued) iShares Russell To
T p 200 ETF
March 31, 2023

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
V lue/
Va e
Notitonal Unre
U r alilized
Number of Expiriratiton
Ex Amount Appre
r cia
i titon
Descririptiton Contr
tracts
t Date ( 00)
(0 0 ( epre
(D r cia
i titon)
n
Long Contracts
S&P 500 E-mini Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 06/16/23 $ 1,448 $ 85,017

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fa

f ir values of derivative financial instruments located in the Statements of Assets and Liabilities were as fo
f llows:

Fore
r ig
i n
Curr
rrency
c Intere
r st
Commodid ty
t Cre
r di
dt Equity
t E change
Ex Rate Otht er
Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t T tal
To
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 85,017 $ — $ — $ — $ 85,017

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

For the period ended March 31, 2023, the effffect of derivative financial instruments in the Statements of Operations was as fo
f llows:

Fore
r ig
i n
Curr
rrency
c Intere
r st
Commodid ty
t Cre
r di
dt Equity
t E change
Ex Rate Otht er
Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t T tal
To
Net Realized Gain (Loss) from
Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ (230,224) $ — $ — $ — $ (230,224)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ (13,507) $ — $ — $ — $ (13,507)

A erage Quarterly Balances of Outstanding Derivative Financial Instruments

Av
Futures contracts
A erage notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Av $1,498,366
For more info
f rmation about the Fund’s investment risks regarding derivative financial instruments, refe
f r to the Notes to Financial Statements.

SC H E D U L E S O F I N V E S T M E N T S NM0523U-2925508-15/48 15
Schedule of Investments (continued) iShares Russell To
T p 200 ETF
March 31, 2023

Fair Va
V lue Hierarchy as of Period End

Various inputs are used in determining the fa

V f ir value of financial instruments. For a description of the input levels and info
f rmation about the Fund’s policy regarding valuation
of financial instruments, refe
f r to the Notes to Financial Statements.

The fo
f llowing table summarizes the Fund’s financial instruments categorized in the fa
f ir value hierarchy. The breakdown of the Fund’s financial instruments into maj
a or
categories is disclosed in the Schedule of Investments above.

Leve
v l1 Leve
v l2 Leve
v l3 T tal
To
Assets
Investments
Long-Te
T rm Investments
Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 801,747,479 $ — $ — $ 801,747,479
Short-Te
T rm Securities
Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,807,014 — — 2,807,014
$ 804,554,493 $ — $ — $ 804,554,493
Derivative Financial Instruments(a)
Assets
Equity Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 85,017 $ — $ — $ 85,017

(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to fifinancia
i l statements
t .

16 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-16/48
Schedule of Investments iShares Russell To
T p 200 Growth ETF
March 31, 2023 (Percentages shown are based on Net Assets)

Securirty
t Share
r s V lue
Va Securirty
t Share
r s V lue
Va

Common Stocks Ground Transportation — 1.2%

CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197,532 $ 5,914,108
Aerospace & Defe f nse — 1.0% T chnologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . .
Uber Te 617,645 19,579,347
Boeing Co.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,193 $ 13,636,519 Union Pacific Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,659 46,019,910
Lockheed Martin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,718 40,048,740
Northrop Grumman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 6,212 2,868,205 71,513,365

56,553,464 Health Care Equipment & Supplies — 1.3%

Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,266 8,532,775
Air Freight & Logistics — 0.8% Baxter International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,881 1,171,414
United Parcel Service, Inc., Class B . . . . . . . . . . . . . . . . 243,969 47,327,546
Edwards Lifef sciences Corp.(a) . . . . . . . . . . . . . . . . . . . . . . 229,667 19,000,351
Automobiles — 3.4% GE HealthCare Te T chnologies, Inc.(a) . . . . . . . . . . . . . . . . 7,534 618,014
T sla, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Te 961,597 199,492,914 Intuitive Surgical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,651 30,822,711
Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,922 19,960,633
Beverages — 2.7%
Coca-Cola Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,089,548 67,584,662 80,105,898
Monster Beverage Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 252,259 13,624,509 Health Care Providers & Services — 3.2%
PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 434,633 79,233,596 Cigna Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,365 4,437,278
160,442,767 Elevance Health, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,216 12,514,189
HCA Healthcare, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,876 1,285,704
Biotechnology — 3.0%
Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,218 16,126,010
AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 657,565 104,796,134
McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,011 3,564,417
Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166,878 40,342,757
UnitedHealth Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 316,696 149,667,363
Moderna, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,214 1,107,926
Regeneron Pharmaceuticals, Inc.(a). . . . . . . . . . . . . . . . . 5,644 4,637,505 187,594,961
V rtex Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . .
Ve 89,747 28,276,587 Hotels, Restaurants & Leisure — 1.8%
179,160,909 Airbnb, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139,482 17,351,561
Booking Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 14,428 38,268,971
Broadline Retail — 5.8%
Marriott International, Inc., Class A . . . . . . . . . . . . . . . . . 98,726 16,392,465
Amazon.com, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,306,977 341,577,654
McDonald’s Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,765 18,668,162
Capital Markets — 1.0% Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153,805 16,015,715
Blackstone, Inc., Class A, NVS . . . . . . . . . . . . . . . . . . . . . 264,265 23,213,037 106,696,874
Charles Schwab Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313,408 16,416,311
Household Products — 1.3%
Moody’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,080 17,161,602
Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189,686 14,254,903
56,790,950 Kimberly-Clark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,987 9,930,535
Chemicals — 0.8% Procter & Gamble Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374,139 55,630,728
Ecolab, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,576 13,503,275 79,816,166
Linde PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,654 13,739,178
Industrial Conglomerates — 0.3%
r in-Williams Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sherw 88,888 19,979,356
General Electric Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,563 2,157,023
47,221,809 Honeywell International, Inc. . . . . . . . . . . . . . . . . . . . . . . . 73,820 14,108,478
Commercial Services & Supplies — 0.4% 16,265,501
Waste Management, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,203 23,366,434
Insurance — 1.3%
Consumer Finance — 0.0% Aon PLC, Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,741 22,619,220
American Express Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,918 2,295,774 Marsh & McLennan Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . 164,798 27,447,107
Consumer Staples Distribution & Retail — 2.2% Progressive Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188,829 27,013,877
Costco Wholesale Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 164,729 81,848,898 77,080,204
Dollar General Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,754 17,626,867 Interactive Media & Services — 7.0%
Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189,122 14,605,892 Alphabet, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,947,115 201,974,239
T rget Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ta 95,074 15,747,107 Alphabet, Inc., Class C, NVS(a) . . . . . . . . . . . . . . . . . . . . . 1,693,261 176,099,144
129,828,764 f rms, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . .
Meta Platfo 176,339 37,373,288
Electrical Equipment — 0.1% 415,446,671
Emerson Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,541 5,885,523 IT Services — 1.9%
Entertainment — 0.5% Accenture PLC, Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 235,750 67,379,708
Netflix, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,571 25,417,309 International Business Machines Corp. . . . . . . . . . . . . . 223,534 29,303,072
Walt Disney Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,403 4,546,202 Snowflake, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . 108,060 16,672,577

29,963,511 113,355,357
Financial Services — 4.4% Life
f Sciences To
T ols & Services — 0.2%
Fiserv, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,849 2,243,532 Danaher Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,360 4,123,374
Mastercard, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . 316,596 115,054,152 Thermo Fisher Scientific, Inc.. . . . . . . . . . . . . . . . . . . . . . . 17,730 10,219,040
PayPal Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,839 9,935,914 14,342,414
Visa, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 604,799 136,357,983 Machinery — 1.8%
263,591,581 Caterpillar, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,620 38,587,001

S C H E D U L E S O F I N V E S T M E N T S NM0523U-2925508-17/48 17
Schedule of Investments (continued) iShares Russell To
T p 200 Growth ETF
March 31, 2023 (Percentages shown are based on Net Assets)

Securirty
t Share
r s V lue
Va Securirty
t Share
r s V lue
Va

Machinery (continued) Soft

f ware (continued)
Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,018 $ 41,708,312 ServiceNow, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,401 $ 35,040,353
T ol Works, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Illinois To 102,363 24,920,272 VMware, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,725 4,834,816
105,215,585 Workday, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,066 15,297,591
Media — 0.2% 1,068,906,964
Charter Communications, Inc., Class A(a) . . . . . . . . . . . 39,028 13,956,803 Specialized REITs T — 1.4%
American ToT wer Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,310 27,036,225
Metals & Mining — 0.0%
Crown Castle, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,366 21,463,386
Southern Copper Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,608 1,571,360
Equinix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,935 18,700,172
Oil, Gas & Consumable Fuels — 0.7% Public Storage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,220 13,964,911
EOG Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,964 18,222,043 81,164,694
Occidental Petroleum Corp.(b) . . . . . . . . . . . . . . . . . . . . . . 244,212 15,246,155
Specialty Retail — 2.3%
Pioneer Natural Resources Co. . . . . . . . . . . . . . . . . . . . . . 48,537 9,913,197
Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219,922 64,903,381
43,381,395 Lowe’s Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,251 38,844,372
Personal Care Products — 0.4% TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 431,708 33,828,639
Estee Lauder Cos., Inc., Class A . . . . . . . . . . . . . . . . . . . 85,491 21,070,112 137,576,392
Pharmaceuticals — 2.7% Technology Hardware, Storage & Peripherals — 15.5%
T
Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255,192 87,638,037 Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,591,901 922,104,475
Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 394,370 41,957,024
Textiles, Apparel & Luxury Goods — 0.9%
T
Zoetis, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,085 29,141,147
NIKE, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 447,589 54,892,315
158,736,208
T tal Long-Te
To T rm Investments — 99.8%
Profe
f ssional Services — 0.5% (Cost: $5,293,935,887) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,925,093,989
Automatic Data Processing, Inc. . . . . . . . . . . . . . . . . . . . . 142,561 31,738,355
Semiconductors & Semiconductor Equipment — 9.8% Short-Te
T rm Securities
Advanced Micro Devices, Inc.(a) . . . . . . . . . . . . . . . . . . . . 473,548 46,412,440
Analog Devices, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,870 7,468,721 Money Market Funds — 0.8%
Applied Materials, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313,085 38,456,231 BlackRock Cash Funds: Institutional, SL Agency
Broadcom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146,949 94,273,661 Shares, 5.01%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,082,221 40,094,246
KLA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,455 20,539,292 BlackRock Cash Funds: Treasury, SL Agency
Lam Research Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,123 26,571,205 Shares, 4.73%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,923,181 7,923,181
T chnology, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Micron Te 76,561 4,619,691 T tal Short-Te
To T rm Securities — 0.8%
NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 880,272 244,513,153 (Cost: $48,011,243) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,017,427
QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 416,897 53,187,719 T tal Investments — 100.6%
To
T xas Instruments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Te 231,279 43,020,207 (Cost: $5,341,947,130) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,973,111,416
579,062,320 Liabilities in Excess of Other Assets — (0.6)% . . . . . . . . . . . . . . . . . . . . . . . (38,560,228)
Soft
f ware — 18.0% Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,934,551,188
Adobe, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,113 65,556,447
Atlassian Corp., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . 54,148 9,268,513 (a)
Non-income producing security.
Autodesk, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,924 16,845,140 (b)
All or a portion of this security is on loan.
Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,529 45,710,504 (c)
Afffiliate of the Fund.
Microsoftf Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,783,965 802,617,109 (d)
Annualized 7-day yield as of period end.
(e)
Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390,628 36,297,154 All or a portion of this security was purchased with the cash collateral from loaned
Palo Alto Networks, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 110,747 22,120,606 securities.
Salesfof rce, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,678 15,318,731

18 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-18/48
Schedule of Investments (continued) iShares Russell To
T p 200 Growth ETF
March 31, 2023

Affiliates

Investments in issuers considered to be afffiliate(s) of the Fund during the year ended March 31, 2023 fo
f r purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as fof llows:

Capital
Change in i Gaini
Net Unrer alilized Share
r s Dis
i tr
tributitons
Value at
V Purc
r hases Prroceeds
P d Realilized Appre
r cia
i titon Value at
V Held at from Underlrlying
fr
Affffiliated Issuer 03/
3/31/2
/ 2 at Cost from Sale
fr Gain
i (L
( oss)s ( epre
(D r cia
i titon)
n 03/
3/31/2
/ 3 03/
3/31/2
/ 3 Income Fundsd
BlackRock Cash
Funds: Institutional, SL
Agency Shares . . . . . . . . . . . . . . $ 8,926,531 $ 31,124,831(a) $ — $ 37,894 $ 4,990 $ 40,094,246 40,082,221 $ 120,319(b) $ —
BlackRock Cash
Funds: Treasury, SL Agency
Shares . . . . . . . . . . . . . . . . . . . . . . 6,166,000 1,757,181(a) — — — 7,923,181 7,923,181 194,167 4
$ 37,894 $ 4,990 $ 48,017,427 $ 314,486 $ 4

(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fe
f es and collateral investment expenses, and other
payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
V lue/
Va e
Notitonal Unre
U r alilized
Number of Expiriratiton
Ex Amount Appre
r cia
i titon
Descririptiton Contr
tracts
t Date ( 00)
(0 0 ( epre
(D r cia
i titon)
n
Long Contracts
T chnology Select Sector Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
E-mini Te 13 06/16/23 $ 1,996 $ 200,811
Nasdaq 100 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 06/16/23 6,651 663,321
$ 864,132

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fa

f ir values of derivative financial instruments located in the Statements of Assets and Liabilities were as fo
f llows:

Fore
r ig
i n
Curr
rrency
c Intere
r st
Commodid ty
t Cre
r di
dt Equity
t E change
Ex Rate Otht er
Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t T tal
To
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . $ — $ — $ 864,132 $ — $ — $ — $ 864,132

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

For the period ended March 31, 2023, the effffect of derivative financial instruments in the Statements of Operations was as fo
f llows:

Fore
r ig
i n
Curr
rrency
c Intere
r st
Commodid ty
t Cre
r di
dt Equity
t E change
Ex Rate Otht er
Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t T tal
To
Net Realized Gain (Loss) from
Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ (319,077) $ — $ — $ — $ (319,077)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 361,996 $ — $ — $ — $ 361,996

SC H E D U L E S O F I N V E S T M E N T S NM0523U-2925508-19/48 19
Schedule of Investments (continued) iShares Russell To
T p 200 Growth ETF
March 31, 2023

A erage Quarterly Balances of Outstanding Derivative Financial Instruments

Av
Futures contracts
A erage notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Av $7,388,034
For more info
f rmation about the Fund’s investment risks regarding derivative financial instruments, refe
f r to the Notes to Financial Statements.

Fair Va
V lue Hierarchy as of Period End

Various inputs are used in determining the fa

V f ir value of financial instruments. For a description of the input levels and info
f rmation about the Fund’s policy regarding valuation
of financial instruments, refe
f r to the Notes to Financial Statements.

The fo
f llowing table summarizes the Fund’s financial instruments categorized in the fa
f ir value hierarchy. The breakdown of the Fund’s financial instruments into maj
a or
categories is disclosed in the Schedule of Investments above.

Leve
v l1 Leve
v l2 Leve
v l3 T tal
To
Assets
Investments
Long-Te
T rm Investments
Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,925,093,989 $ — $ — $ 5,925,093,989
Short-Te
T rm Securities
Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,017,427 — — 48,017,427
$ 5,973,111,416 $ — $ — $ 5,973,111,416
Derivative Financial Instruments(a)
Assets
Equity Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 864,132 $ — $ — $ 864,132

(a)
Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to fifinancia
i l statements
t .

20 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-20/48
Schedule of Investments iShares Russell To
T p 200 Va
V lue ETF
March 31, 2023 (Percentages shown are based on Net Assets)

Securirty
t Share
r s V lue
Va Securirty
t Share
r s V lue
Va

Common Stocks Communications Equipment — 1.7%

Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 519,962 $ 27,181,014
Aerospace & Defe f nse — 3.1%
Boeing Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,302 $ 10,260,794 Consumer Finance — 1.0%
General Dynamics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,774 7,022,935 American Express Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,532 11,634,253
T chnologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
L3Harris Te 24,017 4,713,096 Capital One Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 48,142 4,629,335
Northrop Grumman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,102 7,434,615 16,263,588
T chnologies Corp. . . . . . . . . . . . . . . . . . . . . . . .
Raytheon Te 185,976 18,212,630 Consumer Staples Distribution & Retail — 2.2%
47,644,070 T rget Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ta 26,308 4,357,394
Air Freight & Logistics — 0.6% Walgreens Boots Alliance, Inc. . . . . . . . . . . . . . . . . . . . . . . . 90,702 3,136,475
FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,573 6,757,135 Walmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,843 26,517,851
United Parcel Service, Inc., Class B . . . . . . . . . . . . . . . . . . 10,045 1,948,629 34,011,720
8,705,764 Diversified Te
T lecommunication Services — 2.4%
Automobiles — 0.8% A &T Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AT 905,884 17,438,267
Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 498,581 6,282,121 V rizon Communications, Inc. . . . . . . . . . . . . . . . . . . . . . . .
Ve 531,789 20,681,274
General Motors Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,946 6,453,699 38,119,541
12,735,820 Electric Utilities — 3.2%
Banks — 7.8% American Electric Power Co., Inc.. . . . . . . . . . . . . . . . . . . . 65,033 5,917,353
Bank of America Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 888,641 25,415,133 Duke Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,413 9,397,432
Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244,915 11,484,064 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,580 5,260,546
JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369,052 48,091,166 NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,273 19,368,123
PNC Financial Services Group, Inc. . . . . . . . . . . . . . . . . . . 50,930 6,473,203 Southern Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,573 9,572,329
Truist Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,917 5,760,070 49,515,783
U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174,940 6,306,587 Electrical Equipment — 0.8%
Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 485,348 18,142,308 Eaton Corp. PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,495 8,651,813
121,672,531 Emerson Electric Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,932 4,263,935
Beverages — 1.4% 12,915,748
Coca-Cola Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,507 7,661,139 Energy Equipment & Services — 0.6%
Constellation Brands, Inc., Class A. . . . . . . . . . . . . . . . . . . 19,157 4,327,375 Schlumberger NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,692 8,773,777
Keurig Dr Pepper, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108,421 3,825,093
Monster Beverage Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,989 377,476 Entertainment — 2.6%
PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,112 4,942,517 Activision Blizzard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,255 8,409,645
Netflix, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,408 10,505,356
21,133,600
Walt Disney Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215,091 21,537,062
Biotechnology — 2.0%
40,452,063
Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,794 2,609,450
Gilead Sciences, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,826 13,177,793 Financial Services — 6.1%
Moderna, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,459 6,060,113 Berkshire Hathaway, Inc., Class B(a) . . . . . . . . . . . . . . . . . 228,268 70,482,310
Regeneron Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . 11,200 9,202,704 Block, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,782 4,653,234
V rtex Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . .
Ve 1,799 566,811 Fidelity National Info f rmation Services, Inc. . . . . . . . . . . . 74,909 4,069,806
Fiserv, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,700 7,652,131
31,616,871
PayPal Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,787 7,577,825
Building Products — 0.3%
94,435,306
Johnson Controls International PLC . . . . . . . . . . . . . . . . . . 87,085 5,244,259
Food Products — 1.8%
Capital Markets — 4.8% Archer-Daniels-Midland Co. . . . . . . . . . . . . . . . . . . . . . . . . . 69,145 5,508,091
BlackRock, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,767 12,557,375 General Mills, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,581 6,373,692
Charles Schwab Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,578 4,482,576 Kraftf Heinz Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,356 3,416,726
CME Group, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,371 8,689,454 Mondelez International, Inc., Class A . . . . . . . . . . . . . . . . . 172,500 12,026,700
Goldman Sachs Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 41,497 13,574,084
27,325,209
Intercontinental Exchange, Inc. . . . . . . . . . . . . . . . . . . . . . . 69,808 7,280,276
Moody’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,142 349,475 Ground Transportation — 0.8%
Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,983 13,695,307 CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198,758 5,950,815
S&P Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,711 14,035,931 rfolk Southern Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Norf 28,752 6,095,424
T chnologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . .
Uber Te 32,440 1,028,348
74,664,478
13,074,587
Chemicals — 2.0%
Air Products & Chemicals, Inc. . . . . . . . . . . . . . . . . . . . . . . . 28,009 8,044,465 Health Care Equipment & Supplies — 4.1%
Dow, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,034 4,880,844 Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188,321 19,069,385
Ecolab, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,649 604,019 Baxter International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,934 2,187,563
Linde PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,384 17,553,049 Becton Dickinson & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,923 8,892,379
Boston Scientific Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,521 9,031,466
31,082,377
GE HealthCare Te T chnologies, Inc.(a)(c) . . . . . . . . . . . . . . . 43,701 3,584,793
Commercial Services & Supplies — 0.0% Intuitive Surgical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,521 899,510
Waste Management, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,305 539,277

S C H E D U L E S O F I N V E S T M E N T S NM0523U-2925508-21/48 21
Schedule of Investments (continued) iShares Russell To
T p 200 Va
V lue ETF
March 31, 2023 (Percentages shown are based on Net Assets)

Securirty
t Share
r s V lue
Va Securirty
t Share
r s V lue
Va

Health Care Equipment & Supplies (continued) Media — 1.3%

Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,110 $ 13,633,648 Comcast Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 529,271 $ 20,064,664
Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,669 5,900,379
Metals & Mining — 0.8%
63,199,123 Freeport-McMoRan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,299 7,376,032
Health Care Providers & Services — 3.4% Newmont Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,480 4,925,530
Centene Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,262 4,378,051 Southern Copper Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,690 281,362
Cigna Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,179 7,967,170 12,582,924
CVS Health Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162,412 12,068,836
Multi-Utilities — 0.8%
Elevance Health, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,229 9,761,307
Dominion Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,284 5,886,428
HCA Healthcare, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,630 6,758,118
Sempra Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,791 6,014,808
Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,701 2,282,147
McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,934 4,961,201 11,901,236
UnitedHealth Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,651 5,033,556 Oil, Gas & Consumable Fuels — 8.8%
53,210,386 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244,705 39,926,068
ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,893 15,366,935
Hotels, Restaurants & Leisure — 1.9%
EOG Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,002 2,292,829
McDonald’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,783 19,791,635
Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 521,413 57,178,150
Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,854 9,668,887
Kinder Morgan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,243 4,399,265
29,460,522 Marathon Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 57,336 7,730,613
Household Products — 2.0% Occidental Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 17,654 1,102,139
Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,403 3,036,285 Pioneer Natural Resources Co. . . . . . . . . . . . . . . . . . . . . . . 13,527 2,762,754
Kimberly-Clark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,383 2,333,146 V lero Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Va 48,500 6,770,600
Procter & Gamble Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,434 25,490,522 137,529,353
30,859,953 Pharmaceuticals — 8.1%
Industrial Conglomerates — 2.0% Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269,462 18,676,411
3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,745 7,330,897 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,830 6,810,019
General Electric Co.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,442 12,374,655 Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332,989 51,613,295
Honeywell International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 60,200 11,505,424 Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,963 19,784,603
31,210,976 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 715,120 29,176,896
Industrial REITsT — 0.9% 126,061,224
Prologis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,469 14,531,837 Profe
f ssional Services — 0.1%
Automatic Data Processing, Inc. . . . . . . . . . . . . . . . . . . . . . 4,349 968,218
Insurance — 1.8%
American International Group, Inc. . . . . . . . . . . . . . . . . . . . 93,933 4,730,466 Semiconductors & Semiconductor Equipment — 3.2%
Aon PLC, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,536 484,286 Advanced Micro Devices, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 43,324 4,246,185
Chubb Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,580 10,209,984 Analog Devices, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,109 10,079,717
Marsh & McLennan Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . 6,675 1,111,721 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 523,844 17,113,983
f , Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
MetLife 83,563 4,841,640 T chnology, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Marvell Te 107,289 4,645,614
Progressive Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,583 1,370,944 T chnology, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Micron Te 111,406 6,722,238
Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,584 5,070,994 T xas Instruments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Te 36,167 6,727,424
27,820,035 49,535,161
Interactive Media & Services — 4.2% Soft
f ware — 2.1%
Alphabet, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,941 10,263,150 Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,534 5,624,819
Alphabet, Inc., Class C, NVS(a) . . . . . . . . . . . . . . . . . . . . . . 86,042 8,948,368 T chnologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Roper Te 13,352 5,884,093
f rms, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . .
Meta Platfo 221,577 46,961,029 f rce, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Salesfo 95,709 19,120,744
66,172,547 VMware, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,915 1,737,288
IT Services — 0.6% 32,366,944
T chnology Solutions Corp., Class A . . . . . .
Cognizant Te 64,879 3,953,077 Specialized REITs T — 0.6%
International Business Machines Corp. . . . . . . . . . . . . . . . 37,802 4,955,464 American ToT wer Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,656 2,790,467
Snowflake, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,475 381,868 Digital Realty Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,267 3,565,409
9,290,409 Equinix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,865 2,065,779
Public Storage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,093 1,236,659
Life
f Sciences To T ols & Services — 3.1%
Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,334 19,239,221 9,658,314
Illumina, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,872 4,621,234 Specialty Retail — 1.2%
Thermo Fisher Scientific, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 43,466 25,052,498 Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,156 15,982,519
48,912,953 Lowe’s Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,533 2,106,284
Machinery — 0.2% 18,088,803
Caterpillar, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,479 1,940,334 Tobacco — 1.9%
T
T ol Works, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Illinois To 3,939 958,950 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,829 10,121,110
2,899,284 Philip Morris International, Inc. . . . . . . . . . . . . . . . . . . . . . . . 196,060 19,066,835
29,187,945

22 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-22/48
Schedule of Investments (continued) iShares Russell To
T p 200 Va
V lue ETF
March 31, 2023 (Percentages shown are based on Net Assets)

Securirty
t Share
r s V lue
Va

Wireless Te
T lecommunication Services — 0.7%
T Mobile U.S., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T- 74,196 $ 10,746,549
T tal Long-Te
To T rm Investments — 99.8%
(Cost: $1,519,302,827) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,553,366,743

Short-Te
T rm Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.01%(b)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,045,677 4,046,890
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.73%(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,378,970 2,378,970
T tal Short-Te
To T rm Securities — 0.4%
(Cost: $6,426,265) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,425,860
T tal Investments — 100.2%
To
(Cost: $1,525,729,092) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,559,792,603
Liabilities in Excess of Other Assets — (0.2)% . . . . . . . . . . . . . . . . . . . . . . . (2,634,806)
Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,557,157,797

(a)
Non-income producing security.
(b)
Afffiliate 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 afffiliate(s) of the Fund during the year ended March 31, 2023 fo
f r purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as fof llows:

Capital
Change in i Gaini
Net Unrer alilized Share
r s Dis
i tr
tributitons
Value at
V Purc
r hases Pror ceeds
d Realilized Appre
r cia
i titon Value at
V Held at from Underlrlying
fr
Affffiliated Issuer 03/
3/31/2
/ 2 at Cost from Sale
fr Gain
i (L
( oss)s ( epre
(D r cia
i titon)
n 03/
3/31/2
/ 3 03/
3/31/2
/ 3 Income Fundsd
BlackRock Cash
Funds: Institutional, SL
Agency Shares. . . . . . . . . . . . . . $ 1,178,770 $ 2,864,748(a) $ — $ 3,581 $ (209) $ 4,046,890 4,045,677 $ 20,889(b) $ —
BlackRock Cash
Funds: Treasury, SL Agency
Shares . . . . . . . . . . . . . . . . . . . . . 1,740,000 638,970(a) — — — 2,378,970 2,378,970 67,630 1
BlackRock, Inc. . . . . . . . . . . . . . . . . 10,349,918 6,069,609 (3,235,512) 1,461,494 (2,088,134) 12,557,375 18,767 342,900 —
$ 1,465,075 $ (2,088,343) $ 18,983,235 $ 431,419 $ 1

(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fe
f es and collateral investment expenses, and other
payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
V lue/
Va e
Notitonal Unre
U r alilized
Number of Expiriratiton
Ex Amount Appre
r cia
i titon
Descririptiton Contr
tracts
t Date ( 00)
(0 0 ( epre
(D r cia
i titon)
n
Long Contracts
E-Mini Consumer Staples Select Sector Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 06/16/23 $ 530 $ 20,523
A erage Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
E-Mini Dow Jones Industrial Av 10 06/16/23 1,673 63,446
E-Mini Financials Select Sector Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 06/16/23 1,198 (5,704)
$ 78,265

S C H E D U L E S O F I N V E S T M E N T S NM0523U-2925508-23/48 23
Schedule of Investments (continued) iShares Russell To
T p 200 Va
V lue ETF
March 31, 2023

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fa

f ir values of derivative financial instruments located in the Statements of Assets and Liabilities were as fo
f llows:

Fore
r ig
i n
Curr
rrency
c Intere
r st
Commodid ty
t Cre
r di
dt Equity
t E change
Ex Rate Otht er
Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t T tal
To
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 78,265 $ — $ — $ — $ 78,265

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

For the period ended March 31, 2023, the effffect of derivative financial instruments in the Statements of Operations was as fo
f llows:

Fore
r ig
i n
Curr
rrency
c Intere
r st
Commodid ty
t Cre
r di
dt Equity
t E change
Ex Rate Otht er
Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t Contr
tracts
t T tal
To
Net Realized Gain (Loss) from
Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ (242,914) $ — $ — $ — $ (242,914)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ (17,865) $ — $ — $ — $ (17,865)

A erage Quarterly Balances of Outstanding Derivative Financial Instruments

Av
Futures contracts
A erage notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Av $3,126,066
For more info
f rmation about the Fund’s investment risks regarding derivative financial instruments, refe
f r to the Notes to Financial Statements.

Fair Va
V lue Hierarchy as of Period End

Various inputs are used in determining the fa

V f ir value of financial instruments. For a description of the input levels and info
f rmation about the Fund’s policy regarding valuation
of financial instruments, refe
f r to the Notes to Financial Statements.

The fo
f llowing table summarizes the Fund’s financial instruments categorized in the fa
f ir value hierarchy. The breakdown of the Fund’s financial instruments into maj
a or
categories is disclosed in the Schedule of Investments above.

Leve
v l1 Leve
v l2 Leve
v l3 T tal
To
Assets
Investments
Long-Te
T rm Investments
Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,553,366,743 $ — $ — $ 1,553,366,743
Short-Te
T rm Securities
Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,425,860 — — 6,425,860
$ 1,559,792,603 $ — $ — $ 1,559,792,603
Derivative Financial Instruments(a)
Assets
Equity Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 78,265 $ — $ — $ 78,265

(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to fifinancia
i l statements
t .

24 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-24/48
Statements of Assets and Liabilities
March 31, 2023

iShares iShares iShares

Russell To
Tp Russell To
T p 200 Russell To
T p 200
200 ETF Growth ETF V lue ETF
Va

ASSETS
Investments, at value — unafffiliated(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 798,925,800 $ 5,925,093,989 $ 1,540,809,368
Investments, at value — afffiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,628,693 48,017,427 18,983,235
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 6 8
Cash pledged:
Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 549,000 195,000
Receivables:
Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,503,133 24,347,976 7,643,465
Securities lending income — afffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,114 13,684 1,156
Dividends — unafffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 483,266 1,661,329 1,521,554
Dividends — afffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,774 30,823 10,440
V riation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Va 20,212 138,475 37,820
T tal assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To 810,648,008 5,999,852,709 1,569,202,046

LIABILITIES
Collateral on securities loaned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,635,740 40,052,275 4,047,421
Payables:
Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,503,133 17,409,698 1,260,816
Capital shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 6,949,122 6,477,941
Investment advisory fe f es . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,918 890,426 258,071
T tal liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To 7,240,791 65,301,521 12,044,249
NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 803,407,217 $ 5,934,551,188 $ 1,557,157,797

NET ASSETS CONSIST OF:

Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 830,227,631 $ 5,599,406,434 $ 1,578,914,692
Accumulated earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,820,414) 335,144,754 (21,756,895)
NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 803,407,217 $ 5,934,551,188 $ 1,557,157,797

NET ASSET VA V LUE

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,250,000 $ 42,700,000 $ 23,900,000
Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 97.38 $ 138.98 $ 65.15
Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlimited Unlimited Unlimited
Par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None None

(a)
Investments, at cost — unafffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 799,336,182 $ 5,293,935,887 $ 1,506,496,444
(b)
Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,658,841 $ 39,687,747 $ 4,065,098
(c)
Investments, at cost — afffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,762,940 $ 48,011,243 $ 19,232,648

See notes to fifinancia

i l statements
t .

F I N A N C I A L STAT E M E N T S NM0523U-2925508-25/48 25
Statements of Operations
Y ar Ended March 31, 2023
Ye

iShares iShares iShares

Russell To
Tp Russell To
T p 200 Russell To
T p 200
200 ETF Growth ETF V lue ETF
Va

INVESTMENT INCOME
Dividends — unafffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,324,281 $ 49,206,170 $ 33,156,969
Dividends — afffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,759 194,167 410,530
Securities lending income — afffiliated — net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,072 120,319 20,889
Foreign taxes withheld. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,106) (3,089) (2,692)
T tal investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To 14,371,006 49,517,567 33,585,696

EXPENSES
Investment advisory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,297,201 9,252,268 2,834,991
T tal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To 1,297,201 9,252,268 2,834,991
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,073,805 40,265,299 30,750,705

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:
Investments — unafffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,069,815) (204,641,431) (9,802,597)
Investments — afffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349,417 37,894 707,490
Capital gain distributions from underlying funds — afffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4 1
Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (230,224) (319,077) (242,914)
In-kind redemptions — unafffiliated(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,912,619 369,469,630 85,011,908
In-kind redemptions — afffiliated(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,012 — 757,585
110,322,010 164,547,020 76,431,473
Net change in unrealized appreciation (depreciation) on:
Investments — unafffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (213,619,201) (696,040,165) (167,264,399)
Investments — afffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (795,136) 4,990 (2,088,343)
Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,507) 361,996 (17,865)
(214,427,844) (695,673,179) (169,370,607)
Net realized and unrealized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (104,105,834) (531,126,159) (92,939,134)
NET DECREASE IN NET ASSETS RESULT A IONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
L ING FROM OPERAT $ (91,032,029) $ (490,860,860) $ (62,188,429)

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

See notes to fifinancia

i l statements
t .

26 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-26/48
Statements of Changes in Net Assets

iShares Russell To
T p 200 ETF iShares Russell To
T p 200 Growth ETF
Y ar Ended
Ye Y ar Ended
Ye Y ar Ended
Ye Y ar Ended
Ye
03/31/23 03/31/22 03/31/23 03/31/22

INCREA
E SE (D
( ECREA
E SE)
E IN NET ASSETS
T

OPERAT
A IONS
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13,073,805 $ 11,557,048 $ 40,265,299 $ 24,224,459
Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,322,010 88,803,279 164,547,020 438,653,331
Net change in unrealized appreciation (depreciation). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (214,427,844) 31,330,490 (695,673,179) 169,212,054
Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (91,032,029) 131,690,817 (490,860,860) 632,089,844

DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,861,101) (11,546,241) (40,613,805) (24,456,769)

CAPITA
T L SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (134,788,881) 56,024,466 1,645,653,871 682,843,598

NET ASSETS
T
T tal increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To (238,682,011) 176,169,042 1,114,179,206 1,290,476,673
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,042,089,228 865,920,186 4,820,371,982 3,529,895,309
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 803,407,217 $ 1,042,089,228 $ 5,934,551,188 $ 4,820,371,982

(a)
Distributions fo
f r annual periods determined in accordance with U.S. fe
f deral income tax regulations.

See notes to fifinancia

i l statements
t .

F I N A N C I A L STAT E M E N T S NM0523U-2925508-27/48 27
Statements of Changes in Net Assets (continued)

iShares Russell To
T p 200 Va
V lue ETF
Y ar Ended
Ye Y ar Ended
Ye
03/31/23 03/31/22

INCREA
E SE (D
( ECREA
E SE)
E IN NET ASSETS
T

OPERAT
A IONS
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,750,705 $ 22,977,803
Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,431,473 132,334,923
Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (169,370,607) (24,705,658)
Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (62,188,429) 130,607,068

DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (30,093,801) (22,928,866)

CAPITA
T L SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361,717,362 26,107,292

NET ASSETS
T
T tal increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To 269,435,132 133,785,494
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,287,722,665 1,153,937,171
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,557,157,797 $ 1,287,722,665

(a)
Distributions fo
f r annual periods determined in accordance with U.S. fe
f deral income tax regulations.

See notes to fifinancia

i l statements
t .

28 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-28/48
Financial Highlights
(For a share outstanding throughout each period)

iShares Russell To
T p 200 ETF
Y ar Ended
Ye Y ar Ended
Ye Y ar Ended
Ye Y ar Ended
Ye Y ar Ended
Ye
03/31/23 03/31/22 03/31/21 03/31/20 03/31/19
Net asset value, beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 107.99 $ 94.64 $ 61.54 $ 65.66 $ 60.63
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(a)
1.42 1.26 1.23 1.28 1.21
Net realized and unrealized gain(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.59) 13.37 33.09 (3.94) 4.97
Net increase from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9.17) 14.63 34.32 (2.66) 6.18
Distributions from net investment income(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.44) (1.28) (1.22) (1.46) (1.15)
Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 97.38 $ 107.99 $ 94.64 $ 61.54 $ 65.66

Total Return(d)
T
Based on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.41)% 15.48% 56.06% (4.24)% 10.27%

A erage Net Assets(e)

Ratios to Av
T tal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To 0.15% 0.15% 0.15% 0.15% 0.15%
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.51% 1.20% 1.48% 1.82% 1.91%

Supplemental Data
Net assets, end of year (000). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 803,407 $ 1,042,089 $ 865,920 $ 369,243 $ 213,382
f lio turnover rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Portfo (f)
5% 4% 5% 5% 5%

(a)
Based on average shares outstanding.
(b)
The amounts reported fo f r a share outstanding may not accord with the change in aggregate gains and losses in securities fo
f r 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 fo
f r annual periods determined in accordance with U.S. fe f deral income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Excludes fef es and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Portfo
f lio turnover rate excludes in-kind transactions.

See notes to fifinancia

i l statements
t .

F I N A N C I A L HI G H L I G H T S NM0523U-2925508-29/48 29
Financial Highlights
(For a share outstanding throughout each period)

iShares Russell To
T p 200 Growth ETF
Y ar Ended
Ye Y ar Ended
Ye Y ar Ended
Ye Y ar Ended
Ye Y ar Ended
Ye
03/31/23 03/31/22 03/31/21 03/31/20 03/31/19
Net asset value, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 158.56 $ 134.47 $ 84.14 $ 82.24 $ 73.61
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(a)
1.14 0.89 0.93 1.04 1.00
Net realized and unrealized gain(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19.62) 24.09 50.31 1.90 8.60
Net increase from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18.48) 24.98 51.24 2.94 9.60
Distributions from net investment income(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.10) (0.89) (0.91) (1.04) (0.97)
Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 138.98 $ 158.56 $ 134.47 $ 84.14 $ 82.24

Total Return(d)
T
Based on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.60)% 18.58% 61.04% 3.55% 13.11%

A erage Net Assets(e)

Ratios to Av
T tal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To 0.20% 0.20% 0.20% 0.20% 0.20%
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.87% 0.57% 0.77% 1.16% 1.27%

Supplemental Data
Net assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,934,551 $ 4,820,372 $ 3,529,895 $ 1,678,603 $ 1,377,486
f lio turnover rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Portfo (f)
12% 10% 11% 20% 15%

(a)
Based on average shares outstanding.
(b)
The amounts reported fo f r a share outstanding may not accord with the change in aggregate gains and losses in securities fo
f r 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 fo
f r annual periods determined in accordance with U.S. fe f deral income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Excludes fef es and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Portfo
f lio turnover rate excludes in-kind transactions.

See notes to fifinancia

i l statements
t .

30 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-30/48
Financial Highlights
(For a share outstanding throughout each period)

iShares Russell To
T p 200 Va
V lue ETF
Y ar Ended
Ye Y ar Ended
Ye Y ar Ended
Ye Y ar Ended
Ye Y ar Ended
Ye
03/31/23 03/31/22 03/31/21 03/31/20 03/31/19
Net asset value, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 69.61 $ 63.58 $ 44.04 $ 52.57 $ 50.39
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(a)
1.40 1.30 1.26 1.40 1.31
Net realized and unrealized gain(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.52) 6.01 19.49 (8.38) 2.13
Net increase from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.12) 7.31 20.75 (6.98) 3.44
Distributions from net investment income(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.34) (1.28) (1.21) (1.55) (1.26)
Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 65.15 $ 69.61 $ 63.58 $ 44.04 $ 52.57

Total Return(d)
T
Based on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.37)% 11.56% 47.63% (13.72)% 6.92%

A erage Net Assets(e)

Ratios to Av
T tal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To 0.20% 0.20% 0.20% 0.20% 0.20%
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.17% 1.91% 2.31% 2.56% 2.54%

Supplemental Data
Net assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,557,158 $ 1,287,723 $ 1,153,937 $ 389,726 $ 425,831
f lio turnover rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Portfo (f)
18% 15% 17% 17% 14%

(a)
Based on average shares outstanding.
(b)
The amounts reported fo f r a share outstanding may not accord with the change in aggregate gains and losses in securities fo
f r 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 fo
f r annual periods determined in accordance with U.S. fe f deral income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Excludes fef es and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Portfo
f lio turnover rate excludes in-kind transactions.

See notes to fifinancia

i l statements
t .

F I N A N C I A L HI G H L I G H T S NM0523U-2925508-31/48 31
Notes to Financial Statements

1. ORGA
G NI
NIZATI
T ON
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 portfo
f lios.

These financial statements relate only to the fo

f llowing funds (each, a “Fund” and collectively, the “Funds”):

Dive
v rs
r ififcatiton
iShare
r s ETF
T Classififcatiton
T p 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To Diversified
T p 200 Growth(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To Diversified
Russell To V lue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T p 200 Va Diversified

(a)
The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely
as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses
from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

2. SIGNI
NIFICA
C NT ACCOUNTI
TING POLICIE
I S
The financial statements are prepared in confo f rmity with accounting principles generally accepted in the United States of America (“U.S. GAAA P”), which may require
management to make estimates and assumptions that affffect 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 diffffer from those estimates. Each Fund is considered an investment company under U.S. GAA A P and fof llows 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 faf ir value. Under the applicable fo
f reign tax laws, a withholding tax at
various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income
received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Ta
T xes: The Funds may be subj b ect to fo
f reign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign
currency transactions. All fo
f reign taxes are recorded in accordance with the applicable fo f reign tax regulations and rates that exist in the fo
f reign jurisdiction in which each Fund
invests. These fo
f reign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as fo f llows: fo
f reign taxes withheld at source are presented as a
reduction of income, fo
f reign taxes on securities lending income are presented as a reduction of securities lending income, fo f reign taxes on stock dividends are presented as
“Other fo
f reign taxes”, and fof reign taxes on capital gains from sales of investments and fo f reign taxes on fo
f reign currency transactions are included in their respective net
realized gain (loss) categories. Foreign taxes payable or defe f rred as of March 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on
collectability, which includes fa
f ctors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims
recorded as well as profe f ssional and other fe
f es, if any, associated with recovery of fo
f reign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/
r deposit cash and/or securities to/with an exchange, or
broker-dealer or custodian as collateral fo
f r 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 effffect on net assets or net asset value (“NAV
A ”) 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 diffffer from net
investment income and net realized capital gains fo
f r financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested
in additional shares of the Funds.

The character and timing of distributions are determined in accordance with U.S. fe
f deral income tax regulations, which may diffffer from U.S. GAA
A P.

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. I VE
IN V STM
TMENT VA
V LUA
U TI
T ON AND FA
F IR
I VA
V LUE ME
MEASUREM
EMENTS
T
Investment Va V luation Policies: Each Fund’s investments are valued at fa f ir value (also refe
f rred to as “market value” within the financial statements) each day that the Fund’s
listing exchange is open and, fo f r financial reporting purposes, as of the report date. U.S. GAA A P defines fa
f ir value as the price a fund would receive to sell an asset or pay to
transfe
f r 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 F ”), the Fund’s investment adviser, as the valuation designee fo f r each Fund. Each Fund determines the fa f ir values of its

32 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-32/48
Notes to Financial Statements (continued)

financial instruments using various independent dealers or pricing services under BFA F ’s policies. If a security’s market price is not readily available or does not otherw r ise
accurately represent the fa
f ir value of the security, the security will be valued in accordance with BFAF ’s policies and procedures as reflecting fa f ir value. BFA
F has fof rmed a
committee (the “Va
V luation Committee”) to develop pricing policies and procedures and to oversee the pricing function fo f r all financial instruments, with assistance from other
BlackRock pricing committees.

Fair Va
V lue Inputs and Methodologies: The fo
f llowing methods and inputs are used to establish the fa
f ir value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s offficial closing price, as applicable, on the exchange where the stock is primarily
traded. Equity investments traded on a recognized exchange fof r 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
A .
• 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 affffect the value of such investment, or in the event that
application of these methods of valuation results in a price fo
f r 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 Va
V luation Committee, in accordance with BFA
F ’s policies and procedures as reflecting fa
f ir value (“Fair Va
V lued Investments”). The
f ir valuation approaches that may be used by the Va
fa V luation Committee include market approach, income approach and cost approach. Va V luation techniques such as
discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fa f ir value. When determining the
price fo
f r Fair Va
V lued Investments, the VaV luation 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 fa f ctors that the VaV luation Committee deems
relevant and consistent with the principles of fa
f ir value measurement.

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

Fair Va
V lue Hierarchy: VaV rious inputs are used in determining the fa f ir value of financial instruments. These inputs to valuation techniques are categorized into a fa
f ir value
hierarchy consisting of three broad levels fo
f r financial reporting purposes as fof llows:
• Level 1 – Unadjusted price quotations in active markets/exchanges fo
f r identical assets or liabilities that each Fund has the ability to access;
• Level 2 – Other observable inputs (including, but not limited to, quoted prices fo
f r similar assets or liabilities in markets that are active, quoted prices fo
f r identical or similar
assets or liabilities in markets that are not active, inputs other than quoted prices that are observable fo f r the assets or liabilities (such as interest rates, yield curves,
volatilities, prepayment speeds, loss severities, credit risks and defa
f ult rates) or other market–corroborated inputs); and
• Level 3 – Unobservable inputs based on the best info
f rmation available in the circumstances, to the extent observable inputs are not available (including the Va
V luation
Committee’s assumptions used in determining the fa
f ir value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets fo f r 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 fa f ir value is greatest fo
f r instruments categorized in Level 3. The
inputs used to measure fa f ir value may fa
f ll into difffferent levels of the faf ir value hierarchy. In such cases, fo
f r disclosure purposes, the fa f ir value hierarchy classification is
determined based on the lowest level input that is significant to the fa f ir value measurement in its entirety. Investments classified within Level 3 have significant unobservable
inputs used by the Va
V luation Committee in determining the price fo f r Fair Va
V lued 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 fo f r 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. SECURITI
TIES AND OTH
T ER
E IN
I VE
V STM
TMENTS
T
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are
subj
b ect to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price befo
f re the
warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid fo f r the warrant. Thus, investments in warrants may involve more risk
than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the
price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains
with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial
collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities fo f r securities traded on U.S. exchanges and
a value of at least 105% fo f r all other securities. The collateral is maintained thereaftfer 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, aftfer notice, is required to return
borrowed securities within the standard time period fo f r 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 F or
its afffiliates 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
defa
f ult. 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.

NO T E S T O F I N A N C I A L STAT E M E N T S NM0523U-2925508-33/48 33
Notes to Financial Statements (continued)

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of defa f ult
(including bankruptcy or insolvency) fo f r the non-defa f ulting party to liquidate the collateral and calculate a net exposure to the defa f ulting party or request additional collateral.
In the event that a borrower defaf ults, the Funds, as lender, would offffset 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 leftf with a net amount payable to the defa f ulting party. However, bankruptcy
or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offffset in the event of an MSLA counterparty’s bankruptcy or
insolvency. Under the MSLA, absent an event of defa f ult, 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 defa f ult, 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 f the defa
f ulting party’s net payment obligation fo
f r all
transactions under the MSLA. The defa f ulting party remains liable fof r any deficiency.

As of period end, the fo

f llowing table is a summary of the securities on loan by counterparty which are subj
b ect to offffset under an MSLA:

Non-Cash
Securirtites Cash Colllatera
r l Receivev d,
d Net
iShare
r s ETF
T and Counterp
r art
rty Loaned at Va
V lue Colllatera v d(a
r l Receive (a)
at Fa V lue(a
F iri Va ( a)
Amount(b
( b)

Russell To
T p 200
BNP Paribas SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,658,841 $ (1,640,238) $ — $ 18,603
Russell To
T p 200 Growth
Barclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 513,276 $ (513,276) $ — $ —
J.P. Morgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,524,100 (26,524,100) — —
T ronto-Dominion Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To 12,501,670 (12,501,670) — —
Virtu Americas LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,701 (148,701) — —
$ 39,687,747 $ (39,687,747) $ — $ —
Russell To
T p 200 Va
V lue
Barclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,401 $ (30,401) $ — $ —
BNP Paribas SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 755,742 (755,742) — —
f Securities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
BofA 3,278,955 (3,243,000) — 35,955
$ 4,065,098 $ (4,029,143) $ — $ 35,955

(a)
Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements
of Assets and Liabilities.
(b)
The market value of the loaned securities is determined as of March 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The
net amount would be subj b ect to the borrower defa
f ult indemnity in the event of defa
f ult 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
T mitigate these
risks, each Fund benefits from a borrower defa f ult indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows fo f r 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 defa f ult. Each Fund could incur a loss if the value of an
investment purchased with cash collateral fa f lls below the market value of the loaned securities or if the value of an investment purchased with cash collateral fa f lls below the
value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DER
E IVA
V TI
T VE
V FI
FINANCIA
I L IN
I STR
T UME
MENTS
T
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 fo
f reign currencies (fo
f reign 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 fo f rm 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 f of the contract.
Amounts pledged, which are considered restricted, are included in cash pledged fo f r 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 fo f r 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”). Va
V riation 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
difffference 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 imperfrfect correlation in the movements in the price of futures contracts and interest rates, fo
f reign currency exchange rates or underlying assets.

6. I VE
IN V STM
TMENT ADVI
V SORY AGREE
EEMENT AND OTH
T ER
E TR
TRANSA
S CTI
T ONS WI
W TH
T AFF
FFILIA
I TE
T S
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA F manages the investment of each Fund’s assets. BFA F is a Califo
f rnia
corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA F is responsible fof r substantially all expenses of the Funds, except (i) interest and
taxes; (ii) brokerage commissions and other expenses connected with the execution of portfo
f lio transactions; (iii) distribution fe
f es; (iv) the advisory fe
f e payable to BFA
F ; and
(v) litigation expenses and any extraordinary expenses (in each case as determined by a maj
a ority of the independent trustees).

34 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-34/48
Notes to Financial Statements (continued)

For its investment advisory services to each of the fo

f llowing Funds, BFA
F is entitled to an annual investment advisory fe
f e, accrued daily and paid monthly by the Funds, based
on the average daily net assets of each Fund as fof llows:

iShare
r s ETF
T Inve
v stm
t ent Advi
visory
r Fees
T p 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To 0.15%
T p 200 Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To 0.20
Russell To V lue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T p 200 Va 0.20

Distributor: BlackRock Investments, LLC (“BRIL”), an afffiliate of BFA

F , is the distributor fo
f r each Fund. Pursuant to the distribution agreement, BFA
F is responsible fo
f r any fe
f es
or expenses fo
f r distribution services provided to the Funds.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perf rform 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 fe
f e from Authorized Participants on each
creation or redemption order fo
f r the ETF Services provided. Each Fund does not pay BRIL fof r ETF Services.

Prior to April 25, 2022, ETF Services were perf

rformed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A.
(“BTC”), an afffiliate of BFA
F , to serve as securities lending agent fof r the Funds, subj
b ect 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 fo f r fe
f es in connection with the investment of cash collateral received fof r securities
on loan (the “collateral investment fe f es”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury,
managed by BFA F , or its afffiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effffectively limit the collateral investment
f es each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subj
fe b ect to a sales load, distribution fe
f e or service fe
f e. The
money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fe f e of up to 2% of the value redeemed or temporarily
restrict redemptions fo f r up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fa f ll below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fe
f es and other payments to and from borrowers of securities,
and less the collateral investment fe
f es. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation fo
f r 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 fe
f es) and the amount retained
can never be less than 70% of the total of securities lending income plus the collateral investment fe
f es.

In addition, commencing the business day fo f llowing the date that the aggregate securities lending income plus the collateral investment fe
f es 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 fo
f r the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fe
f es), and the amount retained can never be less than
70% of the total of securities lending income plus the collateral investment fe
f es.

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

iShare
r s ETF
T Amounts
t
T p 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To $ 4,906
T p 200 Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To 48,245
Russell To V lue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T p 200 Va 6,520

Officers and Trustees: Certain offficers and/or trustees of the Trust are offficers and/or trustees of BlackRock or its afffiliates.

Other Transactions: Cross trading is the buying or selling of portfo

f lio securities between funds to which BFA
F (or an afffiliate) serves as investment adviser. At its regularly
scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter fof r compliance with the requirements and restrictions set fof rth by
Rule 17a-7.

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

Net Realilized
iShare
r s ETF
T Purc
r hases Sales Gain
i (L
( oss) s
T p 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To $ 18,667,521 $ 18,462,481 $ (6,930,340)
T p 200 Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To 412,316,889 316,817,617 (149,755,398)
Russell To V lue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T p 200 Va 187,135,237 196,134,146 1,130

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

A fund, in order to improve its portfo

f lio 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.

NO T E S T O F I N A N C I A L STATE M E N T S NM0523U-2925508-35/48 35
Notes to Financial Statements (continued)

7
7. PURCHA
H SES AND SA
S LES
For the year ended March 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as fo
f llows:

iShare
r s ETF
T Purc
r hases Sales
T p 200. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To $ 42,025,142 $ 42,258,036
T p 200 Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To 563,450,685 561,923,855
Russell To V lue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T p 200 Va 259,577,390 258,112,301

For the year ended March 31, 2023, in-kind transactions were as fo
f llows:

In-ki
kind In-ki
ki nd
iShare
r s ETF
T Purc
r hases Sales
T p 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To $ 334,380,701 $ 468,764,504
T p 200 Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To 2,455,567,125 814,279,402
Russell To V lue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T p 200 Va 733,047,970 373,425,596

8. I COME
IN M TA
T X IN
I FORMA
M TI
T ON
Each Fund is treated as an entity separate from the Trust’s other funds fo
f r fe
f deral 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. Therefo f re, no
U.S. fe
f deral income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of March 31, 2023, inclusive of the open tax return years, and does not believe that
there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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

iShare
r s ETF
T Paid-in
i capital Accumulated earn
r in
i gs (l(oss)
s
T p 200. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To $ 122,830,815 $ (122,830,815)
T p 200 Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To 368,542,676 (368,542,676)
Russell To V lue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T p 200 Va 84,851,353 (84,851,353)

The tax character of distributions paid was as fo

f llows:

Y ar En
Ye E ded Y ar En
Ye E ded
iShare
r s ETF
T Marc
r h 31, 2023 Marc
r h 31, 2022
Russell To
T p 200
Ordinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,861,101 $ 11,546,241
Russell To
T p 200 Growth
Ordinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,613,805 $ 24,456,769
Russell To
T p 200 Va
V lue
Ordinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,093,801 $ 22,928,866

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

Non-exp
x iriring
Undi
U distr
tributed Capital Loss Net Un
U re
r alilized
iShare
r s ETF
T Ord
rdinary
r Income Carr
rryforw rds(a
rward ( a)
Gain
i s (L
( osses) s (b
(b)
T tal
To
T p 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To $ 319,346 $ (23,957,521) $ (3,182,239) $ (26,820,414)
T p 200 Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To — (288,680,613) 623,825,367 335,144,754
Russell To V lue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T p 200 Va 994,025 (49,966,749) 27,215,829 (21,756,895)

(a)
Amounts available to offffset future realized capital gains.
(b)
The difffference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax defe
f rral of losses on wash sales, the realization fo
f r tax purposes of
unrealized gains(losses) on certain futures contracts and characterization of corporate actions.

36 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-36/48
Notes to Financial Statements (continued)

As of March 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) fo
f r U.S. fe
f deral income
tax purposes were as fo
f llows:

Net Unre
r alilized
Gro
r ss Unre
r alilized Gro
r ss Unre
r alilized Appre
r cia
i titon
iShare
r s ETF
T T x Cost
Ta Appre
r cia
i titon Depre
r cia
i titon ( epre
(D r cia
i titon)
n
T p 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To $ 807,736,732 $ 61,177,348 $ (64,359,587) $ (3,182,239)
T p 200 Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To 5,349,286,049 782,578,329 (158,752,962) 623,825,367
Russell To V lue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T p 200 Va 1,532,576,774 122,304,922 (95,089,093) 27,215,829

9. PRIN
I CIP
IPAL RISKS
K
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subj b ect the Fund to various
risks, including, among others, fluctuations in the market (market risk) or fa f ilure of an issuer to meet all of its obligations. The value of securities or other instruments may also
be affffected by various fa
f ctors, 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 infef ctious 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 subj b ect.

BFA
F uses a “passive” or index approach to try to achieve each Fund’s investment obj b ective fo
f llowing the securities included in its underlying index during upturns as well as
downturns. BFA F does not take steps to reduce market exposure or to lessen the effffects of a declining market. Divergence from the underlying index and the composition of
the portfo
f lio is monitored by BFA
F .

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
A per share of $1.00, which may
be subj
b ect to redemption gates or liquidity fe
f es under certain circumstances.

Infe
f ctious Illness Risk: An outbreak of an infe
f ctious 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 fo f reseen. An infe
f ctious 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 prefe
V f rred 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 fa f ctors which affffect 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 diffficulty 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 fa f lling prices. This volatility may cause a fund’s NAV A 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 A of a fund may lose value, regardless of the
individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfo f lio investment may diffffer from each Fund’s valuation of the investment, particularly fo
f r securities that
trade in thin or volatile markets or that are valued using a fa
f ir 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 fa f il to or be unable to perfrform on its commitments related to
unsettled or open transactions, including making timely interest and/or principal payments or otherw
r ise honoring its obligations. The Funds manage counterparty credit risk by
entering into transactions only with counterparties that BFA
F 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 suffffer a mark-to-market loss if the value of the contract decreases due to an unfa
f vorable change in the market rates or values of the underlying
instrument. Losses can also occur if the counterparty does not perf rform 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 defa
f ult. The clearinghouse stands between the buyer and the seller of the contract; therefo f re, credit risk is limited to fa
f ilure of the clearinghouse. While offffset rights
may exist under applicable law, a Fund does not have a contractual right of offffset against a clearing broker or clearinghouse in the event of a defa f ult (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 shortfa
f ll in the aggregate amount of margin held by the clearing broker fof r all its clients, typically the shortfaf ll 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 portfo

f lio, where this is appropriate and consistent with a fund’s obj
b ectives, minimizes the risk that a price change of a particular investment
will have a material impact on the NAV
A of a fund. The investment concentrations within each Fund’s portfo f lio are disclosed in its Schedule of Investments.

NO T E S T O F I N A N C I A L STAT E M E N T S NM0523U-2925508-37/48 37
Notes to Financial Statements (continued)

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this
manner, it assumes the risk that economic, regulatory, political and social conditions affffecting such sectors may have a significant impact on the fund and could affffect the
income from, or the value or liquidity of, the fund’s portfo
f lio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments fo f r a limited
period of time. Large redemptions of fund shares by these shareholders may fof rce a fund to sell portfo
f lio securities, which may negatively impact the fund’s NAV
A , 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. CA
C PI
P TA
T L SHA
H RE TR
TRANSA
S CTI
T ONS
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
A . Except when
aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as fo

f llows:

Year Ended
Y Year Ended
Y
03/31/23 03/31/22
iShare
r s ETF
T Share
r s Amount Share
r s Amount
Russell To
T p 200
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,600,000 $ 333,290,298 2,650,000 $ 283,025,557
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,000,000) (468,079,179) (2,150,000) (227,001,091)
(1,400,000) $ (134,788,881) 500,000 $ 56,024,466
Russell To
T p 200 Growth
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,450,000 $ 2,459,950,957 10,200,000 $ 1,599,356,266
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,150,000) (814,297,086) (6,050,000) (916,512,668)
12,300,000 $ 1,645,653,871 4,150,000 $ 682,843,598
Russell To
T p 200 Va
V lue
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,250,000 $ 736,022,834 6,300,000 $ 425,716,600
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,850,000) (374,305,472) (5,950,000) (399,609,308)
5,400,000 $ 361,717,362 350,000 $ 26,107,292

The consideration fof r the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfo
f lio of securities and a specified amount
of cash. Certain funds in the Trust may be offffered in Creation Units solely or partially fo
f r cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a
purchase transaction fe f e and a redemption transaction fef e directly to BRIL, to offffset transfe
f r and other transaction costs associated with the issuance and redemption of
Creation Units, including Creation Units fo
f r cash. Investors transacting in Creation Units fo f r cash may also pay an additional variable charge to compensate the relevant fund
f r 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
fo
portfo
f lio securities. Such variable charges, if any, are included in shares sold in the table above.

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

11. SUBSEQUENT EVENTS

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

38 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-38/48
Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

T
iShares Trust and Shareholders of each of the three funds listed in the table below

Opinions on the Financial Statements

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

iShares Russell To
T p 200 ETF
iShares Russell To
T p 200 Growth ETF
iShares Russell To
T p 200 Va
V lue ETF

Basis fo
f r 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. fe
f deral 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 perf
rform 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 perf

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

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
May 25, 2023

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

RE P O R T O F I N D E P E N D E N T RE G I S T E R E D PU B L I C AC C O U N T I N G F I R M NM0523U-2925508-39/48 39
Important Ta
T x Info
f rmation (unaudited)

The fo
f llowing amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income fo
f r individuals fo
f r the fiscal year ended March 31,
2023:
Qualilfifed Divi
v dend
iShare
r s ETF
T Income
T p 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To $ 13,782,554
T p 200 Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To 47,034,459
Russell To V lue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T p 200 Va 32,612,676

The fo
f llowing maximum amounts, or maximum amounts allowable by law, are hereby designated as qualified business income fo
f r individuals fo
f r the fiscal year ended
March 31, 2023:
Qualilfifed Busin
i ess
iShare
r s ETF
T Income
T p 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To $ 204,781
T p 200 Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To 1,043,569
Russell To V lue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T p 200 Va 295,830

The fo
f llowing percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2023 qualified fo
f r the
dividends-received deduction fo
f r corporate shareholders:
Divi
v dends
d -Receive
v d
iShare
r s ETF
T Deductiton
T p 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To 100.00%
T p 200 Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russell To 100.00
Russell To V lue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T p 200 Va 100.00

40 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-40/48
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”) fof r iShares Russell To
T p 200 ETF, iShares Russell To
T p 200 Growth ETF and iShares Russell To
T p 200 Va
V lue 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 fo
f r 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 effffectiveness 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 fof r categorizing each Fund’s investments (including derivative transactions) into one of fo
f ur liquidity
buckets. It also refe
f renced 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 affffecting 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 fa
f ctors fo
f r consideration under the Liquidity Rule fo
f r assessing, managing and periodically reviewing each Fund’s
liquidity risk, as fo
f llows:

a) The Fund’s investment strategy and liquidity of portfo f lio investments during both normal and reasonably fo f reseeable stressed conditions. During the
Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate fo f r an open-end fund structure, with a fof cus on funds with more
significant and consistent holdings of less liquid and illiquid assets. The Committee also faf ctored 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 fa
f ctor fo
f r
consideration under the Liquidity Rule is a Fund’s use of borrowings fo f r investment purposes. However, the Funds do not borrow fo f r investment purposes.

b) Short-term and long-term cash flow proj o ections during both normal and reasonably fo f reseeable stressed conditions. During the Program Reporting Period,
the Committee reviewed historical redemption activity and used this info
f rmation as a component to establish each ETF’s reasonably anticipated trading size (“RAT
A S”).
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 proj
o ections.

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 portfo f lio 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 A fo
f r 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 effef ct of the composition of baskets on the overall liquidity of an ETF’s portfo f lio. 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 effffective in implementing the requirements of the Liquidity Rule.

STAT E M E N T RE G A R D I N G L I Q U I D I T Y RI S K M A N A G E M E N T PR O G R A M NM0523U-2925508-41/48 41
Supplemental Info
f rmation (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 fo f r tax reporting
purposes. The actual amounts and sources fo f r tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subj b ect to changes
based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will info
f rm them how to report these distributions fo
f r fe
f deral income tax purposes.

March 31, 2023

Total Cumulative Distributions

T % Breakdown of the To T tal Cumulative
f r the Fiscal Ye
fo Y ar-to-Date Distributions fo
f r the Fiscal Ye
Y ar-to-Date
Net Net
Inve
v stm
t ent Net Realilized Return
r of T tal Per
To Inve
v stm
t ent Net Realilized Return
r of T tal Per
To
iShare
r s ETF
T Income Capital Gaini s Capital Share
r Income Capital Gaini s Capital Share
r
Russell To V lue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T p 200 Va $ 1.343796 $ — $ — $ 1.343796 100% —% —% 100%

Premium/Discount Info
f rmation
Info
f rmation on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be fo
f und at iShares.com.

42 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-42/48
Trustee and Offficer Info
f rmation

The Board of Trustees has responsibility fo f r the overall management and operations of the Funds, including general supervision of the duties perf rformed by BFA F and other
service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each offficer shall hold offfice 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 refe f rred to as
independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA F or its afffiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index
and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs)
(the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the
Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds
within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the
address of each Trustee and offficer 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 Ya
Y rds, New Yo
Y rk, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional info f rmation about the Funds’ Trustees and
offficers may be fo
f und in the Funds’ combined Statement of Additional Info f rmation, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-
474-2737).

Interested Trustees
Name (Ye
Y ar of Principal Occupation(s)
Birth) Position(s) During Past 5 Ye
Y ars Other Directorships Held by Trustee
Robert S. Trustee (since 2009). President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Director of BlackRock, Inc. (since 2006); Director of
Kapito(a) (1957) Head of BlackRock’s Portfo
f lio Management Group (since its fo
f rmation in 1998) and iShares, Inc. (since 2009); Trustee of iShares
BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of U.S. ETF Trust (since 2011).
Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes
Children’s Cancer Fund (since 2002).
Salim Ramji(b) Trustee (since 2019). Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of Director of iShares, Inc. (since 2019); Trustee of
(1970) BlackRock’s ETF and Index Investments Business (since 2019); Head of iShares U.S. ETF Trust (since 2019).
BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of
Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey &
Company (2010-2014).
(a)
Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his afffiliations with BlackRock, Inc. and its afffiliates.
(b)
Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his afffiliations with BlackRock, Inc. and its afffiliates.

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

T R U S T E E A N D O F F I C E R I N F O R M AT I O N NM0523U-2925508-43/48 43
Trustee and Offficer Info
f rmation (continued)

Independent Trustees
Name (Ye
Y ar of Principal Occupation(s)
Birth) Position(s) During Past 5 Ye
Y ars Other Directorships Held by Trustee
Cecilia H. Trustee (since Chair of the Finance Committee (since 2019) and Trustee and Member of the Director of iShares, Inc. (since 2005); Trustee of
Herbert (1949) 2005); Nominating Finance, Audit and Quality Committees of Stanfo f rd Health Care (since 2016); iShares U.S. ETF Trust (since 2011).
and Governance Trustee of WNET,T New YoY rk’s public media company (since 2011) and Member of
and Equity Plus the Audit Committee (since 2018), Investment Committee (since 2011) and
Committee Chairs Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of
(since 2022). the Investment Committee, Archdiocese of San Francisco; Trustee of Forw r ard
Funds (14 portfo
f lios) (2009-2018); Trustee of Salient MF Trust (4 portfo
f lios) (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 fo f r the
Arts (since 2021); Member of the Wyoming State Investment Funds Committee
(since 2022).
Drew E. Trustee (since Senior Managing Director of New Yo
Y rk Life
f Insurance Company (2010-2015). Director of iShares, Inc. (since 2017); Trustee of
Lawton (1959) 2017); 15(c) iShares U.S. ETF Trust (since 2017); Director of
Committee Chair Jackson Financial Inc. (since 2021).
(since 2017).
John E. Trustee (since Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Director of iShares, Inc. (since 2003); Trustee of
Martinez (1961) 2003); Securities Foundation (2017-2020); and Director of Reading Partners (2012-2016). iShares U.S. ETF Trust (since 2011).
Lending
Committee Chair
(since 2019).
Madhav V. Trustee (since Dean, and George Pratt Shultz Profe f ssor of Accounting, University of Chicago Director of iShares, Inc. (since 2011); Trustee of
Raj
a an (1964) 2011); Fixed Booth School of Business (since 2017); Advisory Board Member (since 2016) and iShares U.S. ETF Trust (since 2011).
Income Plus Director (since 2020) of C.M. Capital Corporation; Chair of the Board fo
f r the Center
Committee Chair f r Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Profe
fo f ssor of
(since 2019). Accounting, Stanfof rd University Graduate School of Business (2001-2017);
Profe
f ssor of Law (by courtesy), Stanfo f rd Law School (2005-2017); Senior
Associate Dean fo f r Academic Affffairs and Head of MBA Program, Stanfo f rd
University Graduate School of Business (2010-2016).

Officers
Name (Ye
Y ar of Principal Occupation(s)
Birth) Position(s) During Past 5 Ye
Y ars
Dominik President (since 2023). Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-
Rohé (1973) 2023).
Trent Treasurer and Chief Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Offficer of iShares Delaware Trust Sponsor LLC, BlackRock
Walker (1974) Financial Offficer Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of
(since 2020). PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO
Funds, PIMCO Va
V riable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, T PIMCO Managed Accounts
Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Chief Compliance Chief Compliance Offficer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the
Park (1967) Offficer (since 2006). BlackRock Fixed-Income Complex (since 2014); Chief Compliance Offficer of BFA
F (since 2006).
Marisa Secretary (since 2022). Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rolland (1980)
Rachel Executive Vice Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of
Aguirre (1982) President (since 2022). EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfo
f lio Engineering (2020-2021); Head of Developed Markets Portfo
f lio
Engineering (2016-2019).
Jennife
f r Executive Vice Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
Hsui (1976) President (since 2022).
James Executive Vice Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core
Mauro (1970) President (since 2022). Portfo
f lio Management (since 2020).

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

44 2023 I SH A R E S AN L R E P O R T T O S H A R E H O L D E R S
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Trustee and Offficer Info
f rmation (continued)

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

T R U S T E E A N D O F F I C E R I N F O R M AT I O N NM0523U-2925508-45/48 45
General Info
f rmation

Electronic Delivery
Shareholders can sign up fo f r 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.

T enroll in electronic delivery:

To

• Go to icsdelivery.
y 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 prefe
f rence 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 difffferent
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.

A ailability of Quarterly Schedule of Investments

Av
The Funds file their complete schedule of portfo
f lio holdings with the SEC fo
f r 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 portfo f lio holdings fo
f r the first and third quarters of each fiscal year
available at iShares.com/fundreports.

A ailability of Proxy Vo
Av V ting Policies and Proxy Vo
V ting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfo
f lio securities and info
f rmation about how the iShares
Funds voted proxies relating to portfo
f lio 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 portfo
f lio securities is available in the Fund Prospectus. The Fund discloses its
portfo
f lio holdings daily and provides info
f rmation regarding its top holdings in Fund fa
f ct sheets at iShares.com.

46 2023 I SH A R E S AN REPORT TO SHAREHOLDERS

N U A L NM0523U-2925508-46/48
Glossary of Te
T rms Used in this Report

Portfo
f lio Abbreviation
NVS Non-Vo
V ting Shares
REIT Real Estate Investment Trust
S&P Standard & Poor’s

G L O S S A R Y O F T E R M S US E D I N T H I S RE P O R T NM0523U-2925508-47/48 47
Want to know more?
e
iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

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

iS-AR-305-0323

NM0523U-2925508-48/48