iShares Trust

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2023
	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		8.63	%		2.66	%

U.S. small cap equities (Russell 2000^® Index)		(3.45	)		(3.65	)

International equities (MSCI Europe, Australasia, Far East Index)		24.19			8.42

Emerging market equities (MSCI Emerging Markets Index)		16.36			(6.51	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.09			2.83

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		7.14			(1.68	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		6.91			(0.43	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.65			2.87

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.21			1.21

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

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

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

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

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

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

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

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

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

Stocks in the communication services sector detracted the most from the Index’s return, particularly high-valuation stocks with growth prospects in the interactive media and services industry. Demand for online advertisements slowed during the reporting period as businesses cut back on marketing expenditures in a more challenging economic environment. Heightened competition also worked against large companies in the industry, which lost market share to new players. Significant expenditures on low-profitability ventures in virtual reality also dented earnings.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.4%
General Dynamics Corp.		3,427	$	748,251
Huntington Ingalls Industries, Inc.		416		83,891
L3Harris Technologies, Inc.		5,067		988,825
Lockheed Martin Corp.		5,462		2,536,826
Raytheon Technologies Corp.		19,372		1,935,263

				6,293,056

Air Freight & Logistics — 1.4%
CH Robinson Worldwide, Inc.		4,142		417,804
FedEx Corp.		4,900		1,116,122
United Parcel Service, Inc., Class B		11,056		1,987,979

				3,521,905

Automobile Components — 0.1%
Autoliv, Inc.		877		75,255
Dana, Inc.		1,516		22,422
LCI Industries		333		37,616
Lear Corp.		660		84,255

				219,548

Automobiles — 0.3%
Ford Motor Co.		60,586		719,762
Thor Industries, Inc.		701		55,393

				775,155

Banks — 9.1%
Associated Banc-Corp.		2,371		42,275
Atlantic Union Bankshares Corp.		1,232		35,260
Bank of America Corp.		161,585		4,731,209
Bank of Hawaii Corp.		631		30,559
Bank OZK		2,779		99,266
Banner Corp.		212		10,583
BOK Financial Corp.		379		31,787
Cathay General Bancorp		1,910		60,872
Citigroup, Inc.		50,820		2,392,097
Citizens Financial Group, Inc.		7,537		233,195
Columbia Banking System, Inc.		1,200		25,632
Comerica, Inc.		3,011		130,587
Cullen/Frost Bankers, Inc.		479		52,810
CVB Financial Corp.		1,317		19,715
East West Bancorp, Inc.		1,225		63,320
Fifth Third Bancorp		14,071		368,660
First Financial Bancorp		654		13,538
First Hawaiian, Inc.		2,130		40,704
First Horizon Corp.		7,846		137,697
First Interstate BancSystem, Inc., Class A		2,115		54,123
First Merchants Corp.		731		21,331
FNB Corp.		4,644		53,313
Fulton Financial Corp.		2,426		28,942
Glacier Bancorp, Inc.		922		30,638
Hancock Whitney Corp.		785		28,668
Heartland Financial U.S.A., Inc.		334		10,875
Home BancShares, Inc.		2,362		51,421
Huntington Bancshares, Inc.		23,353		261,554
Independent Bank Group, Inc.		622		22,628
International Bancshares Corp.		610		26,029
JPMorgan Chase & Co.		44,902		6,207,252
KeyCorp		20,780		233,983
M&T Bank Corp.		3,391		426,588
New York Community Bancorp, Inc., Class A		15,984		170,869
Old National Bancorp		3,649		48,933
Pacific Premier Bancorp, Inc.		361		8,029
PacWest Bancorp		1,678		17,032


Security	Shares		Value

Banks (continued)
Park National Corp.		140	$	15,165
PNC Financial Services Group, Inc.		9,021		1,174,985
Popular, Inc.		2,778		166,708
Prosperity Bancshares, Inc.		1,052		65,876
Regions Financial Corp.		13,211		241,233
SouthState Corp.		1,033		71,256
Synovus Financial Corp.		2,318		71,394
Towne Bank		700		16,583
Truist Financial Corp.		24,506		798,405
Trustmark Corp.		329		7,860
U.S. Bancorp		19,649		673,568
United Bankshares, Inc.		1,579		52,312
United Community Banks, Inc.		781		19,447
Valley National Bancorp		5,800		54,404
Washington Federal, Inc.		1,940		54,398
Webster Financial Corp.		2,561		95,525
Wells Fargo & Co.		91,722		3,645,950
WesBanco, Inc.		1,823		48,528
Zions Bancorp N.A.		4,298		119,742

				23,615,313

Beverages — 1.9%
Coca-Cola Co.		37,154		2,383,429
Molson Coors Beverage Co., Class B		1,882		111,941
PepsiCo, Inc.		13,246		2,528,529

				5,023,899

Biotechnology — 3.3%
AbbVie, Inc.		24,611		3,719,214
Amgen, Inc.		14,121		3,385,369
Gilead Sciences, Inc.		17,856		1,467,942

				8,572,525

Broadline Retail — 0.0%
Nordstrom, Inc.		1,732		26,777


Building Products — 0.7%
A O Smith Corp.		2,598		177,417
Fortune Brands Innovations, Inc.		3,943		255,073
Johnson Controls International PLC		11,219		671,345
Masco Corp.		7,737		414,007
Owens Corning		2,753		294,048

				1,811,890

Capital Markets — 4.3%
Artisan Partners Asset Management, Inc., Class A		1,511		52,386
Bank of New York Mellon Corp.		17,530		746,603
BlackRock, Inc.^(a)		1,971		1,322,935
Blackstone, Inc., Class A, NVS		11,876		1,060,883
Blue Owl Capital, Inc., Class A		4,740		53,372
Carlyle Group, Inc.		3,041		92,234
CME Group, Inc., Class A		4,076		757,199
Cohen & Steers, Inc.		311		18,679
Federated Hermes, Inc., Class B		2,144		88,740
Franklin Resources, Inc.		4,119		110,719
Goldman Sachs Group, Inc.		5,810		1,995,386
Houlihan Lokey, Inc., Class A		916		83,704
Invesco Ltd.		7,960		136,355
Janus Henderson Group PLC		4,493		116,593
Jefferies Financial Group, Inc.		5,827		186,639
Moelis & Co., Class A		1,895		71,783
Morgan Stanley		37,053		3,333,658
Northern Trust Corp.		2,259		176,563
State Street Corp.		3,839		277,406


Security	Shares		Value

Capital Markets (continued)
Stifel Financial Corp.		1,210	$	72,564
T Rowe Price Group, Inc.		5,025		564,458

				11,318,859

Chemicals — 2.0%
Air Products & Chemicals, Inc.		1,623		477,746
Avient Corp.		784		30,192
Cabot Corp.		461		33,081
Celanese Corp., Class A		2,059		218,748
Chemours Co.		4,649		135,147
Dow, Inc.		19,476		1,059,494
DuPont de Nemours, Inc.		17,264		1,203,646
Eastman Chemical Co.		5,258		443,092
Huntsman Corp.		8,099		216,972
International Flavors & Fragrances, Inc.		3,029		293,692
LyondellBasell Industries NV, Class A		5,364		507,488
NewMarket Corp.		184		73,526
Olin Corp.		4,844		268,358
Scotts Miracle-Gro Co.		970		64,806
Sensient Technologies Corp.		405		30,156
Tronox Holdings PLC, Class A		1,592		21,795

				5,077,939

Commercial Services & Supplies — 0.0%
Brady Corp., Class A, NVS		635		32,404


Communications Equipment — 2.9%
Cisco Systems, Inc.		150,449		7,108,715
Juniper Networks, Inc.		12,150		366,323

				7,475,038

Construction & Engineering — 0.0%
MDU Resources Group, Inc.		1,486		43,421


Consumer Finance — 0.3%
Discover Financial Services		7,345		759,987


Consumer Staples Distribution & Retail — 1.6%
Albertsons Cos., Inc., Class A		1,284		26,836
Kroger Co.		13,400		651,642
Sysco Corp.		5,926		454,761
Target Corp.		16,239		2,561,702
Walgreens Boots Alliance, Inc.		14,479		510,385

				4,205,326

Containers & Packaging — 0.6%
Amcor PLC		36,631		401,842
Greif, Inc., Class A, NVS		341		21,411
Greif, Inc., Class B		111		8,740
International Paper Co.		15,145		501,451
Packaging Corp. of America		1,921		259,835
Sonoco Products Co.		1,860		112,753
Westrock Co.		6,331		189,487

				1,495,519

Distributors — 0.1%
LKQ Corp.		6,654		384,135


Diversified Consumer Services — 0.1%
H&R Block, Inc.		4,189		142,049


Diversified REITs — 0.1%
WP Carey, Inc.		2,458		182,384


Diversified Telecommunication Services — 2.4%
AT&T Inc.		146,875		2,595,281


Security	Shares		Value

Diversified Telecommunication Services (continued)
Cogent Communications Holdings, Inc.		796	$	54,956
Verizon Communications, Inc.		94,176		3,656,854

				6,307,091

Electric Utilities — 1.9%
Alliant Energy Corp.		2,590		142,813
American Electric Power Co., Inc.		3,446		318,479
Duke Energy Corp.		10,576		1,045,755
Edison International		5,016		369,177
Entergy Corp.		945		101,663
Evergy, Inc.		2,660		165,213
Eversource Energy		3,442		267,134
Exelon Corp.		8,588		364,475
FirstEnergy Corp.		3,075		122,385
Hawaiian Electric Industries, Inc.		1,227		48,111
IDACORP, Inc.		498		55,338
MGE Energy, Inc.		268		20,531
NRG Energy, Inc.		6,360		217,321
OGE Energy Corp.		3,022		113,446
Otter Tail Corp.		327		23,528
Pinnacle West Capital Corp.		1,659		130,165
Portland General Electric Co.		1,260		63,781
PPL Corp.		13,710		393,751
Southern Co.		10,117		744,105
Xcel Energy, Inc.		3,673		256,779

				4,963,950

Electrical Equipment — 0.5%
Eaton Corp. PLC		2,752		459,914
Emerson Electric Co.		10,321		859,327

				1,319,241

Electronic Equipment, Instruments & Components — 0.4%
Avnet, Inc.		4,338		178,986
Corning, Inc.		19,379		643,770
National Instruments Corp.		2,725		158,677

				981,433

Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A		14,168		414,272
Helmerich & Payne, Inc.		1,692		56,107

				470,379

Financial Services — 1.1%
Apollo Global Management, Inc.		2,417		153,214
Equitable Holdings, Inc.		12,870		334,491
Essent Group Ltd.		1,551		65,871
Fidelity National Information Services, Inc.		31,609		1,856,081
MGIC Investment Corp.		8,974		133,443
TFS Financial Corp.		1,454		17,506
Walker & Dunlop, Inc.		329		22,145
Western Union Co.		13,658		149,282

				2,732,033

Food Products — 1.7%
Bunge Ltd.		1,720		160,992
Cal-Maine Foods, Inc.		688		32,680
Campbell Soup Co.		2,323		126,139
Conagra Brands, Inc.		6,611		250,954
Flowers Foods, Inc.		2,320		63,823
General Mills, Inc.		9,837		871,853
Hormel Foods Corp.		2,510		101,504
Ingredion, Inc.		854		90,669
J M Smucker Co.		1,431		220,961
Kellogg Co.		3,415		238,265
Kraft Heinz Co.		10,791		423,763


Security	Shares		Value

Food Products (continued)
Mondelez International, Inc., Class A		20,384	$	1,563,860
Tyson Foods, Inc., Class A		5,968		372,940

				4,518,403

Gas Utilities — 0.1%
National Fuel Gas Co.		1,016		56,794
New Jersey Resources Corp.		898		46,373
ONE Gas, Inc.		234		18,006
Spire, Inc.		594		40,232
UGI Corp.		2,732		92,560

				253,965

Ground Transportation — 1.8%
Norfolk Southern Corp.		6,657		1,351,571
Ryder System, Inc.		1,391		110,111
Union Pacific Corp.		15,970		3,125,329

				4,587,011

Health Care Equipment & Supplies — 0.9%
Baxter International, Inc.		7,463		355,836
Medtronic PLC		21,316		1,938,690

				2,294,526

Health Care Providers & Services — 1.1%
Cardinal Health, Inc.		7,815		641,611
CVS Health Corp.		19,232		1,409,898
Patterson Cos., Inc.		1,374		37,249
Premier, Inc., Class A		2,408		80,259
Quest Diagnostics, Inc.		5,012		695,716
Select Medical Holdings Corp.		2,081		63,470

				2,928,203

Health Care REITs — 0.2%
Healthpeak Properties, Inc.		7,361		161,721
Medical Properties Trust, Inc.		5,864		51,427
National Health Investors, Inc.		1,307		65,050
Omega Healthcare Investors, Inc.		6,546		175,171
Physicians Realty Trust		696		10,036
Sabra Health Care REIT, Inc.		3,524		40,174
Ventas, Inc.		2,800		134,540

				638,119

Hotel & Resort REITs — 0.0%
Apple Hospitality REIT, Inc.		2,794		41,603


Hotels, Restaurants & Leisure — 2.3%
Bloomin’ Brands, Inc.		1,400		34,678
Cracker Barrel Old Country Store, Inc.		653		69,323
Darden Restaurants, Inc.		3,199		486,024
Marriott Vacations Worldwide Corp.		1,047		140,884
McDonald’s Corp.		8,127		2,403,560
Papa John’s International, Inc.		582		43,528
Red Rock Resorts, Inc., Class A		2,324		113,411
Starbucks Corp.		13,637		1,558,573
Travel + Leisure Co.		2,402		91,925
Vail Resorts, Inc.		439		105,588
Wendy’s Co.		4,442		98,168
Wyndham Hotels & Resorts, Inc.		1,681		114,678
Yum! Brands, Inc.		5,261		739,591

				5,999,931

Household Durables — 0.8%
Garmin Ltd.		3,357		329,557
KB Home		1,855		81,286
Leggett & Platt, Inc.		2,628		84,911
Lennar Corp., Class A		5,603		632,074
Lennar Corp., Class B		338		33,063


Security	Shares		Value

Household Durables (continued)
MDC Holdings, Inc.		1,020	$	41,789
Newell Brands, Inc.		12,012		145,946
PulteGroup, Inc.		6,798		456,486
Toll Brothers, Inc.		2,684		171,534

				1,976,646

Household Products — 3.6%
Clorox Co.		1,934		320,309
Colgate-Palmolive Co.		13,051		1,041,470
Energizer Holdings, Inc.		1,070		35,770
Kimberly-Clark Corp.		4,775		691,850
Procter & Gamble Co.		46,559		7,280,896
Reynolds Consumer Products, Inc.		646		18,107
Spectrum Brands Holdings, Inc.		917		60,981

				9,449,383

Independent Power and Renewable Electricity Producers — 0.2%
AES Corp.		5,648		133,632
Clearway Energy, Inc., Class A		617		17,881
Clearway Energy, Inc., Class C		1,284		38,995
Vistra Corp.		17,069		407,266

				597,774

Industrial Conglomerates — 1.4%
3M Co.		15,589		1,655,864
Honeywell International, Inc.		10,353		2,068,943

				3,724,807

Industrial REITs — 0.4%
EastGroup Properties, Inc.		77		12,825
First Industrial Realty Trust, Inc.		495		25,973
LXP Industrial Trust		2,038		19,157
Prologis, Inc.		7,579		949,270

				1,007,225

Insurance — 3.4%
Aflac, Inc.		12,612		880,948
Allstate Corp.		8,371		969,027
American International Group, Inc.		23,215		1,231,324
Axis Capital Holdings Ltd.		755		42,688
Cincinnati Financial Corp.		1,689		179,777
CNA Financial Corp.		369		14,358
Everest Re Group Ltd.		292		110,376
Fidelity National Financial, Inc., Class A		7,307		259,325
First American Financial Corp.		2,447		140,972
Hanover Insurance Group, Inc.		441		52,726
Hartford Financial Services Group, Inc.		7,914		561,815
Kemper Corp.		797		38,774
MetLife, Inc.		18,393		1,128,043
Old Republic International Corp.		4,013		101,408
Principal Financial Group, Inc.		5,535		413,409
Prudential Financial, Inc.		10,926		950,562
Reinsurance Group of America, Inc.		597		84,965
Travelers Cos., Inc.		4,619		836,686
Unum Group		2,341		98,790
Willis Towers Watson PLC		3,362		778,639

				8,874,612

Interactive Media & Services — 0.0%
Shutterstock, Inc.		248		16,616


IT Services — 1.9%
Cognizant Technology Solutions Corp., Class A		17,131		1,022,892
International Business Machines Corp.		31,231		3,947,911

				4,970,803


Security	Shares		Value

Leisure Products — 0.2%
Brunswick Corp.		1,465	$	124,217
Hasbro, Inc.		2,618		155,038
Polaris, Inc.		1,638		177,969

				457,224

Machinery — 1.6%
Allison Transmission Holdings, Inc.		3,217		156,957
Caterpillar, Inc.		7,608		1,664,630
Cummins, Inc.		2,187		514,033
Flowserve Corp.		1,092		36,462
Hillenbrand, Inc.		1,574		71,806
Illinois Tool Works, Inc.		3,611		873,645
Kennametal, Inc.		1,362		35,358
Snap-on, Inc.		700		181,587
Stanley Black & Decker, Inc.		6,031		520,717

				4,055,195

Marine Transportation — 0.0%
Matson, Inc.		1,744		118,644


Media — 1.0%
Comcast Corp., Class A		42,319		1,750,737
Fox Corp., Class B		3,339		101,973
Interpublic Group of Cos., Inc.		5,787		206,770
John Wiley & Sons, Inc., Class A		730		28,156
Nexstar Media Group, Inc., Class A		1,520		263,644
Omnicom Group, Inc.		4,140		374,960

				2,726,240

Metals & Mining — 0.3%
Newmont Corp.		15,494		734,415
Southern Copper Corp.		1,300		99,879
Worthington Industries, Inc.		666		39,554

				873,848

Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Blackstone Mortgage Trust, Inc., Class A		1,254		22,873
Claros Mortgage Trust, Inc.		4,069		48,665
Rithm Capital Corp.		8,514		69,475
Starwood Property Trust, Inc.		3,072		54,958

				195,971

Multi-Utilities — 1.0%
Ameren Corp.		1,136		101,070
Black Hills Corp.		289		18,869
CenterPoint Energy, Inc.		5,302		161,552
CMS Energy Corp.		2,719		169,285
Consolidated Edison, Inc.		2,644		260,355
Dominion Energy, Inc.		7,059		403,351
DTE Energy Co.		335		37,657
Public Service Enterprise Group, Inc.		7,326		463,003
Sempra Energy		4,363		678,403
WEC Energy Group, Inc.		3,610		347,174

				2,640,719

Office REITs — 0.2%
Boston Properties, Inc.		2,810		149,942
Corporate Office Properties Trust		1,672		38,272
Cousins Properties, Inc.		1,927		42,028
Douglas Emmett, Inc.		4,327		55,732
Highwoods Properties, Inc.		2,477		56,773
Kilroy Realty Corp.		2,264		66,199
Vornado Realty Trust		5,516		82,795

				491,741

Oil, Gas & Consumable Fuels — 8.5%
Antero Midstream Corp.		9,665		103,995


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
California Resources Corp.		2,269	$	91,895
Chesapeake Energy Corp.		6,053		500,462
Chevron Corp.		20,510		3,457,576
Chord Energy Corp.		859		122,261
Civitas Resources, Inc.		475		32,799
Coterra Energy, Inc.		24,744		633,446
CVR Energy, Inc.		534		14,066
Devon Energy Corp.		24,064		1,285,740
Diamondback Energy, Inc.		5,626		800,017
DT Midstream, Inc.		1,635		80,556
EOG Resources, Inc.		5,210		622,439
Equitrans Midstream Corp.		14,346		73,882
Exxon Mobil Corp.		66,347		7,851,504
HF Sinclair Corp.		3,232		142,564
Kinder Morgan, Inc.		44,324		760,157
Magnolia Oil & Gas Corp., Class A		5,229		110,436
ONEOK, Inc.		8,083		528,709
Phillips 66		8,396		831,204
Pioneer Natural Resources Co.		11,188		2,433,949
Valero Energy Corp.		9,371		1,074,573
Williams Cos., Inc.		21,878		662,028

				22,214,258

Personal Care Products — 0.0%
Nu Skin Enterprises, Inc., Class A		1,248		49,246


Pharmaceuticals — 6.0%
Bristol-Myers Squibb Co.		57,127		3,814,370
Johnson & Johnson		35,262		5,772,389
Merck & Co., Inc.		22,645		2,614,818
Organon & Co.		4,027		99,185
Perrigo Co. PLC		1,236		45,967
Pfizer, Inc.		81,486		3,168,991
Viatris, Inc.		17,974		167,697

				15,683,417

Professional Services — 0.2%
ManpowerGroup, Inc.		1,469		111,218
Paychex, Inc.		3,042		334,194
Robert Half International, Inc.		2,024		147,752
TTEC Holdings, Inc.		328		11,175

				604,339

Real Estate Management & Development — 0.0%
Kennedy-Wilson Holdings, Inc.		2,973		49,887


Residential REITs — 0.4%
Apartment Income REIT Corp.		1,571		58,096
AvalonBay Communities, Inc.		1,628		293,642
Equity LifeStyle Properties, Inc.		1,026		70,691
Equity Residential		4,173		263,942
Essex Property Trust, Inc.		946		207,865
Mid-America Apartment Communities, Inc.		1,214		186,713

				1,080,949

Retail REITs — 0.5%
Brixmor Property Group, Inc.		3,886		82,888
Federal Realty Investment Trust		327		32,337
Kimco Realty Corp.		7,743		148,588
Kite Realty Group Trust		3,067		63,548
National Retail Properties, Inc.		1,913		83,216
Regency Centers Corp.		1,943		119,359
Retail Opportunity Investments Corp.		613		7,987
Simon Property Group, Inc.		5,800		657,256

				1,195,179


Security	Shares		Value

Semiconductors & Semiconductor Equipment — 10.2%
Analog Devices, Inc.		15,954	$	2,869,806
Broadcom, Inc.		13,036		8,167,054
Intel Corp.		163,700		5,084,522
NXP Semiconductors NV		12,887		2,110,117
QUALCOMM, Inc.		34,413		4,019,438
Skyworks Solutions, Inc.		5,383		570,060
Texas Instruments, Inc.		21,917		3,664,522

				26,485,519

Software — 2.6%
Gen Digital, Inc.		26,306		464,827
Oracle Corp.		66,992		6,345,482

				6,810,309

Specialized REITs — 1.0%
American Tower Corp.		688		140,620
Crown Castle, Inc.		6,646		818,056
Digital Realty Trust, Inc.		2,635		261,260
EPR Properties		2,028		85,095
Extra Space Storage, Inc.		1,396		212,248
Iron Mountain, Inc.		4,384		242,172
Lamar Advertising Co., Class A		1,246		131,677
Outfront Media, Inc.		3,338		55,611
PotlatchDeltic Corp.		1,186		54,829
Public Storage		1,308		385,638
Rayonier, Inc.		251		7,871
Uniti Group, Inc.		10,542		36,054
Weyerhaeuser Co.		9,067		271,194

				2,702,325

Specialty Retail — 5.1%
American Eagle Outfitters, Inc.		3,991		53,439
Dick’s Sporting Goods, Inc.		2,677		388,192
Foot Locker, Inc.		3,028		127,146
Gap, Inc.		6,607		63,427
Home Depot, Inc.		21,945		6,595,350
Lowe’s Cos., Inc.		27,564		5,728,626
Penske Automotive Group, Inc.		589		81,624
Signet Jewelers Ltd.		2,179		160,331

				13,198,135

Technology Hardware, Storage & Peripherals — 0.5%
Hewlett Packard Enterprise Co.		43,762		626,672
NetApp, Inc.		10,589		665,942

				1,292,614


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 0.4%
Hanesbrands, Inc.		13,214	$	69,241
Kontoor Brands, Inc.		1,175		53,075
Ralph Lauren Corp., Class A		1,663		190,896
Steven Madden Ltd.		1,792		62,791
Tapestry, Inc.		9,142		373,085
VF Corp.		10,819		254,355

				1,003,443

Tobacco — 2.1%
Altria Group, Inc.		58,081		2,759,428
Philip Morris International, Inc.		27,109		2,710,087

				5,469,515

Trading Companies & Distributors — 0.3%
Air Lease Corp., Class A		1,239		49,832
Fastenal Co.		5,258		283,091
MSC Industrial Direct Co., Inc., Class A		813		73,763
Triton International Ltd.		2,301		190,224
Watsco, Inc.		355		122,965

				719,875

Water Utilities — 0.0%
Essential Utilities, Inc.		944		40,309


Total Long-Term Investments — 99.7% (Cost: $266,934,343)				259,789,784


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.75%^(a)(b)		859,810		859,810


Total Short-Term Securities — 0.3% (Cost: $859,810)				859,810


Total Investments — 100.0% (Cost: $267,794,153)				260,649,594

Other Assets Less Liabilities — 0.0%				49,887


Net Assets — 100.0%			$	260,699,481

^(a)	Affiliate of the Fund.

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

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

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

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

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

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

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


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.2%
BWX Technologies, Inc.		71,257	$	4,601,777
Curtiss-Wright Corp.		9,930		1,686,412
General Dynamics Corp.		278,326		60,769,699
HEICO Corp.		2,572		433,742
HEICO Corp., Class A		5,708		766,185
Huntington Ingalls Industries, Inc.		52,096		10,505,679
L3Harris Technologies, Inc.		228,323		44,557,233
Lockheed Martin Corp.		325,668		151,256,503
Northrop Grumman Corp.		120,301		55,491,242
Raytheon Technologies Corp.		1,852,520		185,066,748

				515,135,220

Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		156,400		15,776,068
Expeditors International of Washington, Inc.		107,513		12,239,280
Forward Air Corp.		13,258		1,398,851
United Parcel Service, Inc., Class B		1,431,617		257,419,053

				286,833,252

Automobile Components — 0.0%
Gentex Corp.		222,387		6,135,657


Automobiles — 0.0%
Thor Industries, Inc.		61,069		4,825,672


Banks — 7.3%
Associated Banc-Corp.		326,642		5,824,027
Atlantic Union Bankshares Corp.		130,119		3,724,006
BancFirst Corp.		18,065		1,443,213
Bank of America Corp.		10,524,105		308,145,794
Bank of Hawaii Corp.		87,945		4,259,176
Bank OZK		208,047		7,431,439
BOK Financial Corp.		37,955		3,183,286
Cadence Bank		119,539		2,417,079
Cathay General Bancorp		140,803		4,487,392
Citigroup, Inc.		4,349,621		204,736,660
Comerica, Inc.		300,451		13,030,560
Commerce Bancshares, Inc.		107,317		5,993,654
Community Bank System, Inc.		53,253		2,660,520
Cullen/Frost Bankers, Inc.		100,755		11,108,239
CVB Financial Corp.		235,800		3,529,926
East West Bancorp, Inc.		211,244		10,919,202
Fifth Third Bancorp		1,505,434		39,442,371
First Financial Bankshares, Inc.		146,152		4,276,408
First Horizon Corp.		843,065		14,795,791
First Merchants Corp.		111,626		3,257,247
First Republic Bank^(a)		100,198		351,695
Fulton Financial Corp.		350,085		4,176,514
Glacier Bancorp, Inc.		187,294		6,223,780
Heartland Financial U.S.A., Inc.		56,894		1,852,469
Hilltop Holdings, Inc.		57,742		1,791,157
Home BancShares, Inc.		339,678		7,394,790
Independent Bank Corp.		33,994		1,903,664
Independent Bank Group, Inc.		54,152		1,970,050
JPMorgan Chase & Co.		4,750,235		656,672,486
Lakeland Financial Corp.		38,155		1,933,314
M&T Bank Corp.		330,442		41,569,604
Park National Corp.		27,354		2,962,985
PNC Financial Services Group, Inc.		930,349		121,177,957
Popular, Inc.		138,447		8,308,204
Prosperity Bancshares, Inc.		160,398		10,044,123
Regions Financial Corp.		1,924,324		35,138,156
ServisFirst Bancshares, Inc.		44,600		2,252,300


Security	Shares		Value

Banks (continued)
Simmons First National Corp., Class A		177,423	$	2,964,738
SouthState Corp.		108,882		7,510,680
Stock Yards Bancorp, Inc.		34,848		1,693,613
Synovus Financial Corp.		292,245		9,001,146
Towne Bank		117,817		2,791,085
U.S. Bancorp		3,184,123		109,151,736
UMB Financial Corp.		46,192		2,938,273
United Community Banks, Inc.		154,182		3,839,132
Washington Federal, Inc.		116,724		3,272,941
WesBanco, Inc.		133,555		3,555,234
Wintrust Financial Corp.		65,222		4,459,228
WSFS Financial Corp.		31,138		1,095,123
Zions Bancorp N.A.		299,363		8,340,253

				1,721,002,420

Beverages — 3.6%
Brown-Forman Corp., Class A		41,610		2,741,267
Brown-Forman Corp., Class B, NVS		132,379		8,616,549
Coca-Cola Co.		6,365,215		408,328,542
Constellation Brands, Inc., Class A		132,430		30,388,712
PepsiCo, Inc.		2,042,465		389,886,144

				839,961,214

Biotechnology — 4.5%
AbbVie, Inc.		3,904,372		590,028,697
Amgen, Inc.		1,110,319		266,187,877
Gilead Sciences, Inc.		2,547,720		209,448,061

				1,065,664,635

Broadline Retail — 0.0%
Dillard’s, Inc., Class A		880		262,583


Building Products — 0.5%
A O Smith Corp.		127,005		8,673,172
AAON, Inc.		12,255		1,200,990
Advanced Drainage Systems, Inc.		20,385		1,747,402
Allegion PLC		70,421		7,780,112
Carlisle Cos., Inc.		32,865		7,093,910
Fortune Brands Innovations, Inc.		108,584		7,024,299
Lennox International, Inc.		29,530		8,324,802
Masco Corp.		279,915		14,978,252
Owens Corning		110,280		11,779,007
Simpson Manufacturing Co., Inc.		22,766		2,863,508
Trane Technologies PLC		179,557		33,363,486
UFP Industries, Inc.		28,345		2,225,649

				107,054,589

Capital Markets — 6.0%
Ameriprise Financial, Inc.		88,262		26,930,501
Bank of New York Mellon Corp.		1,217,480		51,852,473
BlackRock, Inc.^(b)		242,559		162,805,601
CME Group, Inc., Class A		1,985,744		368,891,663
Cohen & Steers, Inc.		42,888		2,575,853
Evercore, Inc., Class A		44,522		5,078,625
FactSet Research Systems, Inc.		18,582		7,650,024
Goldman Sachs Group, Inc.		540,883		185,760,857
Hamilton Lane, Inc., Class A		41,094		3,027,806
Houlihan Lokey, Inc., Class A		65,918		6,023,587
Intercontinental Exchange, Inc.		460,551		50,167,820
Jefferies Financial Group, Inc.		341,754		10,946,381
MarketAxess Holdings, Inc.		16,870		5,370,902
Moody’s Corp.		92,235		28,880,623
Morgan Stanley		2,377,469		213,900,886
Morningstar, Inc.		10,137		1,807,528
MSCI, Inc., Class A		46,047		22,215,375


Security	Shares		Value

Capital Markets (continued)
Nasdaq, Inc.		274,989	$	15,226,141
Northern Trust Corp.		376,491		29,426,537
Raymond James Financial, Inc.		170,687		15,452,294
S&P Global, Inc.		197,033		71,440,225
SEI Investments Co.		82,664		4,869,736
State Street Corp.		594,395		42,950,983
Stifel Financial Corp.		130,407		7,820,508
T Rowe Price Group, Inc.		530,336		59,572,643

				1,400,645,572

Chemicals — 1.9%
Air Products & Chemicals, Inc.		275,995		81,241,888
Albemarle Corp.		41,288		7,657,272
Ashland, Inc.		37,062		3,765,870
Avient Corp.		112,254		4,322,901
Balchem Corp.		11,314		1,486,660
Cabot Corp.		58,706		4,212,743
Celanese Corp., Class A		132,382		14,064,264
Eastman Chemical Co.		250,888		21,142,332
Ecolab, Inc.		183,850		30,857,384
HB Fuller Co.		33,815		2,237,539
Innospec, Inc.		16,914		1,718,970
International Flavors & Fragrances, Inc.		522,479		50,659,564
Linde PLC		363,724		134,377,832
NewMarket Corp.		9,150		3,656,340
PPG Industries, Inc.		248,337		34,831,748
Quaker Chemical Corp.		8,396		1,566,945
RPM International, Inc.		137,062		11,243,196
Sensient Technologies Corp.		52,588		3,915,702
Sherwin-Williams Co.		144,988		34,440,449
Stepan Co.		18,052		1,664,394
Westlake Corp.		23,188		2,638,331

				451,702,324

Commercial Services & Supplies — 0.5%
ABM Industries, Inc.		68,263		2,906,638
Brady Corp., Class A, NVS		43,794		2,234,808
Cintas Corp.		50,874		23,186,843
MSA Safety, Inc.		29,559		3,835,280
Republic Services, Inc.		177,659		25,693,045
Tetra Tech, Inc.		20,263		2,803,791
Waste Management, Inc.		360,853		59,919,641

				120,580,046

Communications Equipment — 1.6%
Cisco Systems, Inc.		7,090,083		335,006,422
Motorola Solutions, Inc.		122,969		35,833,166

				370,839,588

Construction & Engineering — 0.1%
Comfort Systems U.S.A., Inc.		8,056		1,204,291
MDU Resources Group, Inc.		331,894		9,697,943

				10,902,234

Construction Materials — 0.1%
Martin Marietta Materials, Inc.		25,212		9,156,999
Vulcan Materials Co.		67,393		11,801,862

				20,958,861

Consumer Finance — 0.5%
American Express Co.		396,113		63,908,871
Discover Financial Services		331,451		34,295,235
FirstCash Holdings, Inc.		34,655		3,570,505
Nelnet, Inc., Class A		11,351		1,093,101
Synchrony Financial		672,041		19,831,930

				122,699,642


Security	Shares		Value

Consumer Staples Distribution & Retail — 2.2%
Casey’s General Stores, Inc.		14,568	$	3,333,450
Costco Wholesale Corp.		182,994		92,086,241
Dollar General Corp.		127,454		28,225,963
Kroger Co.		798,152		38,814,132
Sysco Corp.		739,193		56,725,671
Target Corp.		678,514		107,035,583
Walmart, Inc.		1,277,228		192,823,111

				519,044,151

Containers & Packaging — 0.2%
AptarGroup, Inc.		48,107		5,701,160
Avery Dennison Corp.		76,220		13,298,866
Ball Corp.		252,931		13,450,871
Silgan Holdings, Inc.		59,258		2,919,049
Sonoco Products Co.		183,265		11,109,524

				46,479,470

Distributors — 0.2%
Genuine Parts Co.		167,214		28,143,788
Pool Corp.		24,480		8,600,314

				36,744,102

Diversified Consumer Services — 0.1%
Graham Holdings Co., Class B		2,273		1,308,271
H&R Block, Inc.		271,249		9,198,054
Service Corp. International		140,708		9,876,294

				20,382,619

Electric Utilities — 4.3%
ALLETE, Inc.		140,707		8,777,303
Alliant Energy Corp.		492,546		27,158,986
American Electric Power Co., Inc.		1,066,174		98,535,801
Duke Energy Corp.		1,824,330		180,389,750
Edison International		918,790		67,622,944
Entergy Corp.		467,289		50,270,951
Evergy, Inc.		534,666		33,208,105
Eversource Energy		660,087		51,229,352
IDACORP, Inc.		89,347		9,928,239
MGE Energy, Inc.		46,350		3,550,874
NextEra Energy, Inc.		2,792,162		213,963,374
Otter Tail Corp.		56,920		4,095,394
PNM Resources, Inc.		146,808		7,065,869
Portland General Electric Co.		191,394		9,688,364
Southern Co.		2,552,247		187,717,767
Xcel Energy, Inc.		922,911		64,520,708

				1,017,723,781

Electrical Equipment — 0.8%
AMETEK, Inc.		79,955		11,028,193
Eaton Corp. PLC		406,216		67,886,818
Emerson Electric Co.		802,447		66,811,737
Hubbell, Inc.		53,568		14,426,934
nVent Electric PLC		141,389		5,928,441
Regal Rexnord Corp.		32,497		4,229,810
Rockwell Automation, Inc.		100,240		28,409,018

				198,720,951

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		351,089		26,496,687
Avnet, Inc.		132,216		5,455,232
Badger Meter, Inc.		12,377		1,637,848
CDW Corp.		89,313		15,146,592
Cognex Corp.		55,653		2,654,092
Corning, Inc.		1,380,427		45,857,785
Littelfuse, Inc.		12,394		3,002,322
National Instruments Corp.		161,070		9,379,106


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
TD SYNNEX Corp.		35,216	$	3,135,633
TE Connectivity Ltd.		306,181		37,467,369

				150,232,666

Financial Services — 1.6%
Equitable Holdings, Inc.		505,114		13,127,913
Fidelity National Information Services, Inc.		987,477		57,984,649
Jack Henry & Associates, Inc.		48,759		7,964,295
Mastercard, Inc., Class A		300,790		114,309,224
Visa, Inc., Class A		738,976		171,981,885
Walker & Dunlop, Inc.		47,543		3,200,119

				368,568,085

Food Products — 1.7%
Archer-Daniels-Midland Co.		691,753		54,012,074
Flowers Foods, Inc.		347,571		9,561,678
Hershey Co.		142,484		38,906,681
Hormel Foods Corp.		442,498		17,894,619
Ingredion, Inc.		106,366		11,292,878
J & J Snack Foods Corp.		17,170		2,630,444
J M Smucker Co.		160,907		24,845,650
Kellogg Co.		521,800		36,405,986
Lamb Weston Holdings, Inc.		89,780		10,038,302
Lancaster Colony Corp.		19,948		4,171,526
McCormick & Co., Inc., NVS		300,441		26,393,742
Mondelez International, Inc., Class A		1,802,593		138,294,935
Tyson Foods, Inc., Class A		531,316		33,201,937

				407,650,452

Gas Utilities — 0.4%
Atmos Energy Corp.		206,931		23,619,104
National Fuel Gas Co.		171,247		9,572,707
New Jersey Resources Corp.		163,637		8,450,215
ONE Gas, Inc.		101,344		7,798,421
Southwest Gas Holdings, Inc.		140,272		7,855,232
Spire, Inc.		125,295		8,486,230
UGI Corp.		460,652		15,606,890

				81,388,799

Ground Transportation — 1.3%
CSX Corp.		1,701,643		52,138,342
JB Hunt Transport Services, Inc.		44,008		7,714,162
Landstar System, Inc.		15,040		2,647,491
Norfolk Southern Corp.		321,898		65,354,951
Old Dominion Freight Line, Inc.		23,225		7,441,058
Ryder System, Inc.		72,766		5,760,157
Schneider National, Inc., Class B		33,543		877,820
Union Pacific Corp.		876,160		171,464,512
Werner Enterprises, Inc.		36,276		1,638,587

				315,037,080

Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		1,996,391		220,541,314
Baxter International, Inc.		828,891		39,521,523
Becton Dickinson & Co.		245,792		64,965,284
DENTSPLY SIRONA, Inc.		158,298		6,637,435
Medtronic PLC		2,572,709		233,987,884
ResMed, Inc.		68,022		16,390,581
STERIS PLC		60,062		11,324,690
Stryker Corp.		211,890		63,492,838

				656,861,549

Health Care Providers & Services — 2.5%
AmerisourceBergen Corp.		115,649		19,296,036
Cardinal Health, Inc.		397,932		32,670,217
Chemed Corp.		2,478		1,365,998


Security	Shares		Value

Health Care Providers & Services (continued)
Elevance Health, Inc.		145,937	$	68,393,375
Encompass Health Corp.		61,480		3,943,942
Ensign Group, Inc.		8,678		842,547
HCA Healthcare, Inc.		105,619		30,347,507
Humana, Inc.		45,560		24,169,124
McKesson Corp.		50,629		18,441,107
Quest Diagnostics, Inc.		122,939		17,065,163
UnitedHealth Group, Inc.		731,078		359,756,173

				576,291,189

Hotels, Restaurants & Leisure — 2.1%
Domino’s Pizza, Inc.		27,897		8,856,461
McDonald’s Corp.		936,364		276,929,653
Starbucks Corp.		1,324,585		151,386,820
Texas Roadhouse, Inc.		65,928		7,292,955
Wingstop, Inc.		7,438		1,488,418
Yum! Brands, Inc.		299,480		42,100,898

				488,055,205

Household Durables — 0.2%
DR Horton, Inc.		186,570		20,489,117
Garmin Ltd.		255,057		25,038,946

				45,528,063

Household Products — 3.3%
Church & Dwight Co., Inc.		177,655		17,253,854
Colgate-Palmolive Co.		1,217,947		97,192,170
Kimberly-Clark Corp.		705,977		102,289,007
Procter & Gamble Co.		3,510,534		548,977,307
WD-40 Co.		15,287		2,910,645

				768,622,983

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		1,002,429		23,717,470


Industrial Conglomerates — 0.7%
Honeywell International, Inc.		790,188		157,911,170


Insurance — 2.9%
Aflac, Inc.		800,631		55,924,075
Allstate Corp.		429,452		49,713,364
American Equity Investment Life Holding Co.		34,116		1,314,831
American Financial Group, Inc.		77,749		9,542,135
Aon PLC, Class A		86,130		28,007,753
Arthur J. Gallagher & Co.		127,230		26,471,474
Assurant, Inc.		61,757		7,604,139
Assured Guaranty Ltd.		61,035		3,287,955
Axis Capital Holdings Ltd.		130,963		7,404,648
Brown & Brown, Inc.		105,890		6,818,257
Chubb Ltd.		378,382		76,266,676
Cincinnati Financial Corp.		207,302		22,065,225
CNA Financial Corp.		61,611		2,397,284
CNO Financial Group, Inc.		144,453		3,241,525
Erie Indemnity Co., Class A, NVS		28,221		6,133,270
Everest Re Group Ltd.		37,821		14,296,338
First American Financial Corp.		223,084		12,851,869
Globe Life, Inc.		36,944		4,009,163
Hanover Insurance Group, Inc.		48,184		5,760,879
Hartford Financial Services Group, Inc.		410,429		29,136,355
Kinsale Capital Group, Inc.		2,934		958,567
Marsh & McLennan Cos., Inc.		402,998		72,616,210
MetLife, Inc.		1,087,634		66,704,593
Old Republic International Corp.		576,921		14,578,794
Primerica, Inc.		30,175		5,507,239
Principal Financial Group, Inc.		389,831		29,116,477
Reinsurance Group of America, Inc.		84,000		11,954,880


Security	Shares		Value

Insurance (continued)
RenaissanceRe Holdings Ltd.		17,141	$	3,692,343
RLI Corp.		19,253		2,677,130
Selective Insurance Group, Inc.		41,346		3,982,860
Travelers Cos., Inc.		272,978		49,447,235
Unum Group		313,630		13,235,186
W. R. Berkley Corp.		70,336		4,144,197
Willis Towers Watson PLC		83,015		19,226,274

				670,089,200

IT Services — 0.7%
Accenture PLC, Class A		597,289		167,414,134


Leisure Products — 0.1%
Acushnet Holdings Corp.		25,539		1,280,270
Brunswick Corp.		73,372		6,221,212
Polaris, Inc.		66,726		7,249,780

				14,751,262

Life Sciences Tools & Services — 0.3%
Agilent Technologies, Inc.		105,726		14,318,472
Danaher Corp.		147,831		35,022,642
Thermo Fisher Scientific, Inc.		47,432		26,320,017
West Pharmaceutical Services, Inc.		9,840		3,554,602

				79,215,733

Machinery — 2.2%
AGCO Corp.		25,738		3,189,968
Caterpillar, Inc.		559,368		122,389,718
Cummins, Inc.		192,172		45,168,107
Donaldson Co., Inc.		95,440		6,065,212
Dover Corp.		103,960		15,194,794
EnPro Industries, Inc.		14,281		1,346,270
Franklin Electric Co., Inc.		22,708		2,031,685
Graco, Inc.		126,726		10,048,104
Hillenbrand, Inc.		73,465		3,351,473
IDEX Corp.		45,045		9,293,684
Illinois Tool Works, Inc.		344,049		83,239,215
Ingersoll Rand, Inc.		35,683		2,034,645
ITT, Inc.		53,257		4,497,021
Kadant, Inc.		3,142		583,878
Lincoln Electric Holdings, Inc.		48,123		8,075,039
Nordson Corp.		35,869		7,758,823
Oshkosh Corp.		67,980		5,201,830
Otis Worldwide Corp.		316,567		27,003,165
PACCAR, Inc.		383,908		28,674,088
Parker-Hannifin Corp.		105,312		34,213,763
Pentair PLC		145,098		8,427,292
Snap-on, Inc.		77,947		20,220,231
Stanley Black & Decker, Inc.		314,886		27,187,257
Terex Corp.		33,134		1,477,445
Timken Co.		51,982		3,994,817
Toro Co.		69,938		7,291,736
Trinity Industries, Inc.		180,037		4,311,886
Watts Water Technologies, Inc., Class A		10,435		1,687,653
Xylem, Inc.		130,684		13,570,227

				507,529,026

Marine Transportation — 0.0%
Matson, Inc.		40,258		2,738,752


Media — 1.6%
Cable One, Inc.		4,730		3,587,279
Comcast Corp., Class A		7,240,476		299,538,492
Interpublic Group of Cos., Inc.		770,630		27,534,610
John Wiley & Sons, Inc., Class A		76,696		2,958,165
Nexstar Media Group, Inc., Class A		66,265		11,493,664


Security	Shares		Value

Media (continued)
Omnicom Group, Inc.		354,434	$	32,101,087
Sirius XM Holdings, Inc.		981,538		3,729,845

				380,943,142

Metals & Mining — 0.3%
Nucor Corp.		168,844		25,019,304
Reliance Steel & Aluminum Co.		44,234		10,961,185
Royal Gold, Inc.		49,872		6,605,048
Southern Copper Corp.		256,794		19,729,483
Steel Dynamics, Inc.		95,638		9,941,570
Worthington Industries, Inc.		34,790		2,066,178

				74,322,768

Multi-Utilities — 1.8%
Ameren Corp.		408,674		36,359,726
Black Hills Corp.		148,255		9,679,569
CMS Energy Corp.		529,483		32,965,612
Consolidated Edison, Inc.		698,405		68,771,940
DTE Energy Co.		384,468


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(1.75	)%		10.66	%		10.11	%		(1.75	)%		65.91	%		69.50	%

Fund Market		(1.71	)		10.65			10.12			(1.71	)		65.88			69.52

Index		(1.62	)		10.92			10.37			(1.62	)		67.88			71.77




Sector	Percent of Total Investments^(a)

Information Technology		18.5%
Financials		18.3
Health Care		11.3
Consumer Staples		11.1
Industrials		10.3
Consumer Discretionary		9.3
Energy		8.7
Communication Services		3.5
Utilities		3.3
Materials		2.9
Real Estate		2.8


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		3.13	%		11.12	%		10.89	%		3.13	%		69.40	%		150.61	%

Fund Market		3.12			11.11			10.89			3.12			69.37			150.62

Index		3.20			11.21			10.96			3.20			70.08			151.98




Sector	Percent of Total Investments^(a)

Health Care		19.6%
Financials		18.3
Information Technology		16.0
Consumer Staples		11.0
Industrials		10.8
Energy		7.2
Utilities		6.8
Consumer Discretionary		6.2
Materials		2.5
Communication Services		1.6


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		3.16	%		8.01	%		7.97	%		3.16	%		46.97	%		115.32	%

Fund Market		3.18			8.01			7.97			3.18			46.98			115.33

Index		3.24			8.10			8.10			3.24			47.60			117.94


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


	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		35
Statements of Operations		36
Statements of Changes in Net Assets		37
Financial Highlights		39
Notes to Financial Statements		43
Report of Independent Registered Public Accounting Firm		51
Important Tax Information		52
Statement Regarding Liquidity Risk Management Program		53
Supplemental Information		54
Trustee and Officer Information		56
General Information		59
Glossary of Terms Used in this Report		60


4		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


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


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


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




Security	Percent of Total Investments^(a)

Microsoft Corp.		3.5%
Apple Inc.		3.2
Exxon Mobil Corp.		3.1
Johnson & Johnson		3.0
JPMorgan Chase & Co.		2.8
Chevron Corp.		2.7
AbbVie, Inc.		2.5
Procter & Gamble Co.		2.4
Pfizer, Inc.		2.1
Home Depot, Inc.		1.9


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


Actual					Hypothetical 5% Return


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


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



		2023 Annual Report


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


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

									$	(67,192	)	$	91,922	$	2,182,745			$	42,216	$	—


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	17,829	$	—	$	—	$	—	$	17,829


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


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	259,789,784	$	—	$	—	$	259,789,784
Short-Term Securities
Money Market Funds		859,810		—		—		859,810

	$	260,649,594	$	—	$	—	$	260,649,594

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	17,829	$	—	$	—	$	17,829