iSHARES TRUST

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and moderating inflation provided a supportive backdrop for investors during the 12-month reporting period ended September 30, 2023. Significantly tighter monetary policy helped to rein in inflation while the economy proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were substantial, as the durability of consumer sentiment and spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. All major classes of equities rose, although large-capitalization U.S. stocks posted significantly higher returns than small-capitalization U.S. stocks due primarily to the performance of large technology companies. International developed market equities also advanced strongly, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at two of its meetings late in the period.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2023

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		5.18	%		21.62	%

U.S. small cap equities (Russell 2000^® Index)		(0.19	)		8.93

International equities (MSCI Europe, Australasia, Far East Index)		(1.28	)		25.65

Emerging market equities (MSCI Emerging Markets Index)		(2.05	)		11.70

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.50			4.47

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.98	)		(2.90	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.05	)		0.64

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.05	)		2.66

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.22			10.28

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

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

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

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

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

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

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

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

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 — 1.5%
Boeing Co. (The)^(a)		16,253	$	3,115,375
General Dynamics Corp.		7,118		1,572,864
L3Harris Technologies, Inc.		5,505		958,531
Lockheed Martin Corp.		6,591		2,695,455
Northrop Grumman Corp.		4,182		1,840,875
RTX Corp.		42,594		3,065,490


				13,248,590

Air Freight & Logistics — 0.6%
FedEx Corp.		6,748		1,787,680
United Parcel Service, Inc., Class B		21,108		3,290,104


				5,077,784

Automobiles — 2.6%
Ford Motor Co.		114,239		1,418,848
General Motors Co.		39,999		1,318,767
Tesla, Inc.^(a)		80,425		20,123,944


				22,861,559

Banks — 3.2%
Bank of America Corp.		203,032		5,559,016
Citigroup, Inc.		56,682		2,331,331
JPMorgan Chase & Co.		84,141		12,202,128
PNC Financial Services Group, Inc. (The)		11,586		1,422,413
Truist Financial Corp.		38,597		1,104,260
U.S. Bancorp		44,826		1,481,948
Wells Fargo & Co.		106,975		4,370,998


				28,472,094

Beverages — 1.9%
Coca-Cola Co. (The)		113,524		6,355,074
Constellation Brands, Inc., Class A		4,710		1,183,764
Keurig Dr Pepper, Inc.		27,734		875,562
Monster Beverage Corp.^(a)		21,651		1,146,420
PepsiCo, Inc.		40,156		6,804,033


				16,364,853

Biotechnology — 2.4%
AbbVie, Inc.		51,437		7,667,199
Amgen, Inc.		15,571		4,184,862
Gilead Sciences, Inc.		36,387		2,726,842
Moderna, Inc.^(a)		9,685		1,000,363
Regeneron Pharmaceuticals, Inc.^(a)		3,026		2,490,277
Vertex Pharmaceuticals, Inc.^(a)		7,509		2,611,180


				20,680,723

Broadline Retail — 3.8%
Amazon.com, Inc.^(a)		262,614		33,383,492


Building Products — 0.1%
Johnson Controls International PLC		19,989		1,063,615


Capital Markets — 2.5%
BlackRock, Inc.^(b)		4,333		2,801,241
Blackstone, Inc., Class A, NVS		20,765		2,224,762
Charles Schwab Corp. (The)		43,301		2,377,225
CME Group, Inc., Class A		10,453		2,092,900
Goldman Sachs Group, Inc. (The)		9,411		3,045,117
Intercontinental Exchange, Inc.		16,537		1,819,401
Moody’s Corp.		4,619		1,460,389
Morgan Stanley		35,043		2,861,962
S&P Global, Inc.		9,351		3,416,949


				22,099,946

Chemicals — 1.3%
Air Products & Chemicals, Inc.		6,456		1,829,630


Security	Shares		Value

Chemicals (continued)
Dow, Inc.		20,712	$	1,067,911
Ecolab, Inc.		7,248		1,227,811
Linde PLC		14,299		5,324,233
Sherwin-Williams Co. (The)		6,919		1,764,691


				11,214,276

Commercial Services & Supplies — 0.2%
Waste Management, Inc.		11,838		1,804,585


Communications Equipment — 1.0%
Arista Networks, Inc.^(a)		7,293		1,341,401
Cisco Systems, Inc.		119,518		6,425,288
Motorola Solutions, Inc.		4,811		1,309,747


				9,076,436

Consumer Finance — 0.4%
American Express Co.		17,281		2,578,152
Capital One Financial Corp.		11,032		1,070,656


				3,648,808

Consumer Staples Distribution & Retail — 1.9%
Costco Wholesale Corp.		12,914		7,295,894
Dollar General Corp.		6,373		674,263
Sysco Corp.		14,763		975,096
Target Corp.		13,455		1,487,719
Walmart, Inc.		41,605		6,653,888


				17,086,860

Diversified Telecommunication Services — 0.8%
AT&T Inc.		208,681		3,134,388
Verizon Communications, Inc.		122,665		3,975,573


				7,109,961

Electric Utilities — 1.1%
American Electric Power Co., Inc.		14,993		1,127,773
Duke Energy Corp.		22,446		1,981,084
Exelon Corp.		29,007		1,096,175
NextEra Energy, Inc.		59,006		3,380,454
Southern Co. (The)		31,838		2,060,555


				9,646,041

Electrical Equipment — 0.5%
Eaton Corp. PLC		11,607		2,475,541
Emerson Electric Co.		16,598		1,602,869


				4,078,410

Energy Equipment & Services — 0.3%
Schlumberger NV		41,524		2,420,849


Entertainment — 1.3%
Activision Blizzard, Inc.		21,158		1,981,024
Netflix, Inc.^(a)		12,782		4,826,483
Walt Disney Co. (The)^(a)		53,303		4,320,208


				11,127,715

Financial Services — 4.9%
Berkshire Hathaway, Inc., Class B^(a)		53,376		18,697,613
Fiserv, Inc.^(a)		17,687		1,997,923
Mastercard, Inc., Class A		24,455		9,681,979
PayPal Holdings, Inc.^(a)		32,674		1,910,122
Visa, Inc., Class A		47,203		10,857,162


				43,144,799

Food Products — 0.8%
Archer-Daniels-Midland Co.		15,613		1,177,532
General Mills, Inc.		17,097		1,094,037
Hershey Co. (The)		4,287		857,743


Security	Shares		Value

Food Products (continued)
Kraft Heinz Co. (The)		23,376	$	786,369
Mondelez International, Inc., Class A		39,637		2,750,808


				6,666,489

Ground Transportation — 1.1%
CSX Corp.		58,318		1,793,279
Norfolk Southern Corp.		6,638		1,307,221
Uber Technologies, Inc.^(a)		56,528		2,599,723
Union Pacific Corp.		17,767		3,617,894


				9,318,117

Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		50,458		4,886,857
Becton Dickinson & Co.		8,245		2,131,580
Boston Scientific Corp.^(a)		41,923		2,213,534
Edwards Lifesciences Corp.^(a)		17,521		1,213,855
GE HealthCare Technologies, Inc.		11,388		774,840
Intuitive Surgical, Inc.^(a)		10,180		2,975,512
Medtronic PLC		38,715		3,033,707
Stryker Corp.		10,354		2,829,438


				20,059,323

Health Care Providers & Services — 3.2%
Centene Corp.^(a)		15,762		1,085,687
Cigna Group (The)		8,530		2,440,177
CVS Health Corp.		37,323		2,605,892
Elevance Health, Inc.		6,910		3,008,752
HCA Healthcare, Inc.		5,949		1,463,335
Humana, Inc.		3,639		1,770,446
McKesson Corp.		3,945		1,715,483
UnitedHealth Group, Inc.		27,095		13,661,028


				27,750,800

Hotels, Restaurants & Leisure — 1.9%
Airbnb, Inc., Class A^(a)(c)		11,796		1,618,529
Booking Holdings, Inc.^(a)		1,081		3,333,750
Chipotle Mexican Grill, Inc.^(a)		803		1,470,959
Las Vegas Sands Corp.		9,624		441,164
Marriott International, Inc., Class A		7,248		1,424,667
McDonald’s Corp.		21,258		5,600,208
Starbucks Corp.		32,885		3,001,414


				16,890,691

Household Products — 1.5%
Colgate-Palmolive Co.		23,888		1,698,676
Kimberly-Clark Corp.		9,825		1,187,351
Procter & Gamble Co. (The)		68,623		10,009,351


				12,895,378

Industrial Conglomerates — 1.0%
3M Co.		15,997		1,497,639
General Electric Co.		31,600		3,493,380
Honeywell International, Inc.		19,406		3,585,064


				8,576,083

Industrial REITs — 0.3%
Prologis, Inc.		26,890		3,017,327


Insurance — 1.5%
American International Group, Inc.		21,165		1,282,599
Aon PLC, Class A		5,884		1,907,711
Chubb Ltd.		12,002		2,498,576
Marsh & McLennan Cos., Inc.		14,454		2,750,596
MetLife, Inc.		18,825		1,184,281
Progressive Corp. (The)		17,018		2,370,607
Travelers Cos., Inc. (The)		6,714		1,096,463


				13,090,833


Security	Shares		Value

Interactive Media & Services — 7.0%
Alphabet, Inc., Class A^(a)		173,217	$	22,667,177
Alphabet, Inc., Class C, NVS^(a)		148,248		19,546,499
Meta Platforms, Inc., Class A^(a)		64,474		19,355,739


				61,569,415

IT Services — 1.2%
Accenture PLC, Class A		18,418		5,656,352
International Business Machines Corp.		26,485		3,715,846
Snowflake, Inc., Class A^(a)		9,056		1,383,485


				10,755,683

Life Sciences Tools & Services — 1.2%
Danaher Corp.		19,184		4,759,550
Thermo Fisher Scientific, Inc.		11,245		5,691,882


				10,451,432

Machinery — 1.0%
Caterpillar, Inc.		15,053		4,109,469
Deere & Co.		7,865		2,968,094
Illinois Tool Works, Inc.		8,826		2,032,716


				9,110,279

Media — 0.7%
Charter Communications, Inc., Class A^(a)		2,982		1,311,543
Comcast Corp., Class A		119,266		5,288,255


				6,599,798

Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		41,544		1,549,176
Newmont Corp.		23,276		860,048
Southern Copper Corp.		2,469		185,891


				2,595,115

Multi-Utilities — 0.3%
Dominion Energy, Inc.		24,457		1,092,494
Sempra		18,362		1,249,167


				2,341,661

Oil, Gas & Consumable Fuels — 4.1%
Chevron Corp.		51,574		8,696,408
ConocoPhillips		35,342		4,233,972
EOG Resources, Inc.		17,128		2,171,145
Exxon Mobil Corp.		116,761		13,728,758
Kinder Morgan, Inc.		57,064		946,121
Marathon Petroleum Corp.		12,345		1,868,292
Occidental Petroleum Corp.		20,299		1,316,999
Pioneer Natural Resources Co.		6,771		1,554,283
Valero Energy Corp.		10,297		1,459,188


				35,975,166

Personal Care Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A		6,707		969,497
Kenvue, Inc.		50,737		1,018,799


				1,988,296

Pharmaceuticals — 4.9%
Bristol-Myers Squibb Co.		61,274		3,556,343
Eli Lilly & Co.		24,668		13,249,923
Johnson & Johnson		70,248		10,941,126
Merck & Co., Inc.		74,039		7,622,315
Pfizer, Inc.		164,698		5,463,033
Zoetis, Inc., Class A		13,491		2,347,164


				43,179,904

Professional Services — 0.3%
Automatic Data Processing, Inc.		12,043		2,897,305


Semiconductors & Semiconductor Equipment — 7.9%
Advanced Micro Devices, Inc.^(a)		46,722		4,803,956


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Analog Devices, Inc.		14,735	$	2,579,951
Applied Materials, Inc.		24,605		3,406,562
Broadcom, Inc.		11,777		9,781,741
Intel Corp.		121,686		4,325,937
KLA Corp.		3,996		1,832,805
Lam Research Corp.		3,905		2,447,537
Micron Technology, Inc.		31,854		2,167,028
NVIDIA Corp.		69,261		30,127,842
QUALCOMM, Inc.		32,518		3,611,449
Texas Instruments, Inc.		26,459		4,207,246


				69,292,054

Software — 12.1%
Adobe, Inc.^(a)		13,356		6,810,224
Atlassian Corp., Class A^(a)		4,209		848,156
Autodesk, Inc.^(a)		6,250		1,293,188
Cadence Design Systems, Inc.^(a)		7,868		1,843,472
Fortinet, Inc.^(a)		19,108		1,121,258
Intuit, Inc.		7,963		4,068,615
Microsoft Corp.		216,934		68,496,911
Oracle Corp.		44,320		4,694,374
Palo Alto Networks, Inc.^(a)(c)		8,778		2,057,914
Roper Technologies, Inc.		3,092		1,497,394
Salesforce, Inc.^(a)		27,590		5,594,700
ServiceNow, Inc.^(a)		5,934		3,316,869
Synopsys, Inc.^(a)		4,422		2,029,565
VMware, Inc., Class A^(a)		6,273		1,044,329
Workday, Inc., Class A^(a)		5,754		1,236,247


				105,953,216

Specialized REITs — 0.7%
American Tower Corp.		13,569		2,231,422
Crown Castle, Inc.		12,589		1,158,566
Equinix, Inc.		2,720		1,975,427
Public Storage		4,578		1,206,394


				6,571,809

Specialty Retail — 2.1%
AutoZone, Inc.^(a)		526		1,336,035
Home Depot, Inc. (The)		29,520		8,919,763
Lowe’s Cos., Inc.		17,092		3,552,401
O’Reilly Automotive, Inc.^(a)		1,742		1,583,234
TJX Cos., Inc. (The)		33,633		2,989,301


				18,380,734


Security	Shares		Value

Technology Hardware, Storage & Peripherals — 8.5%
Apple Inc.		435,005	$	74,477,206


Textiles, Apparel & Luxury Goods — 0.5%
Lululemon Athletica, Inc.^(a)		3,238		1,248,605
NIKE, Inc., Class B		34,661		3,314,285


				4,562,890

Tobacco — 0.7%
Altria Group, Inc.		52,192		2,194,674
Philip Morris International, Inc.		45,235		4,187,856


				6,382,530

Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.^(a)		15,514		2,172,736


Total Long-Term Investments — 99.8% (Cost: $846,818,267)				877,133,666


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(b)(d)(e)		186,898		186,973
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(b)(d)		4,710,637		4,710,637


Total Short-Term Securities — 0.6% (Cost: $4,897,574)				4,897,610


Total Investments — 100.4% (Cost: $851,715,841)				882,031,276

Liabilities in Excess of Other Assets — (0.4)%				(3,268,853	)


Net Assets — 100.0%			$	878,762,423

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 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 September 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 — 0.6%
Boeing Co. (The)^(a)(b)		26,784	$	5,133,957
Lockheed Martin Corp.		80,007		32,719,663
Northrop Grumman Corp.		2,908		1,280,072


				39,133,692

Air Freight & Logistics — 0.2%
United Parcel Service, Inc., Class B		70,828		11,039,960


Automobiles — 3.8%
Tesla, Inc.^(a)		976,448		244,326,819


Beverages — 1.7%
Coca-Cola Co. (The)		683,643		38,270,335
Constellation Brands, Inc., Class A		5,697		1,431,827
Monster Beverage Corp.^(a)		263,797		13,968,051
PepsiCo, Inc.		336,888		57,082,303


				110,752,516

Biotechnology — 2.5%
AbbVie, Inc.		624,503		93,088,417
Amgen, Inc.		128,551		34,549,367
Regeneron Pharmaceuticals, Inc.^(a)		2,486		2,045,878
Vertex Pharmaceuticals, Inc.^(a)(b)		83,416		29,007,080


				158,690,742

Broadline Retail — 6.3%
Amazon.com, Inc.^(a)		3,188,429		405,313,095


Capital Markets — 0.7%
Blackstone, Inc., Class A, NVS^(b)		251,956		26,994,566
Moody’s Corp.		51,315		16,224,264
S&P Global, Inc.		9,418		3,441,431


				46,660,261

Chemicals — 0.6%
Ecolab, Inc.		68,184		11,550,369
Linde PLC		16,342		6,084,944
Sherwin-Williams Co. (The)		70,222		17,910,121


				35,545,434

Commercial Services & Supplies — 0.3%
Waste Management, Inc.		129,488		19,739,151


Communications Equipment — 0.5%
Arista Networks, Inc.^(a)		88,875		16,346,779
Motorola Solutions, Inc.		53,691		14,616,838


				30,963,617

Consumer Finance — 0.2%
American Express Co.		68,526		10,223,394


Consumer Staples Distribution & Retail — 2.0%
Costco Wholesale Corp.		156,789		88,579,513
Dollar General Corp.		77,364		8,185,111
Sysco Corp.		179,181		11,834,905
Target Corp.		162,910		18,012,959


				126,612,488

Entertainment — 0.9%
Netflix, Inc.^(a)		155,184		58,597,478


Financial Services — 4.3%
Fiserv, Inc.^(a)		58,877		6,650,746
Mastercard, Inc., Class A		296,910		117,549,638
PayPal Holdings, Inc.^(a)(b)		360,245		21,059,923
Visa, Inc., Class A		573,092		131,816,891


				277,077,198


Security	Shares		Value

Food Products — 0.1%
Hershey Co. (The)		38,593	$	7,721,687


Ground Transportation — 0.8%
CSX Corp.		79,582		2,447,146
Uber Technologies, Inc.^(a)		686,315		31,563,627
Union Pacific Corp.		92,216		18,777,944


				52,788,717

Health Care Equipment & Supplies — 1.0%
Abbott Laboratories		38,519		3,730,565
Edwards Lifesciences Corp.^(a)		213,313		14,778,325
GE HealthCare Technologies, Inc.		10,406		708,024
Intuitive Surgical, Inc.^(a)		123,578		36,120,614
Stryker Corp.		31,872		8,709,661


				64,047,189

Health Care Providers & Services — 2.6%
Cigna Group (The)		7,637		2,184,717
Elevance Health, Inc.		11,154		4,856,675
HCA Healthcare, Inc.		14,938		3,674,449
Humana, Inc.		19,138		9,311,020
McKesson Corp.		18,277		7,947,753
UnitedHealth Group, Inc.		276,655		139,486,684


				167,461,298

Hotels, Restaurants & Leisure — 2.6%
Airbnb, Inc., Class A^(a)(b)		143,634		19,708,021
Booking Holdings, Inc.^(a)(b)		13,130		40,492,264
Chipotle Mexican Grill, Inc.^(a)		9,710		17,787,069
Las Vegas Sands Corp.		108,863		4,990,280
Marriott International, Inc., Class A		87,836		17,265,044
McDonald’s Corp.		106,593		28,080,860
Starbucks Corp.		399,258		36,440,278


				164,763,816

Household Products — 0.6%
Kimberly-Clark Corp.		111,927		13,526,378
Procter & Gamble Co. (The)		156,780		22,867,931


				36,394,309

Industrial Conglomerates — 0.1%
Honeywell International, Inc.		30,349		5,606,674


Insurance — 0.7%
Marsh & McLennan Cos., Inc.		140,358		26,710,128
Progressive Corp. (The)		154,654		21,543,302


				48,253,430

Interactive Media & Services — 11.6%
Alphabet, Inc., Class A^(a)		2,103,042		275,204,076
Alphabet, Inc., Class C, NVS^(a)		1,799,899		237,316,683
Meta Platforms, Inc., Class A^(a)		782,779		234,998,084


				747,518,843

IT Services — 1.3%
Accenture PLC, Class A		223,610		68,672,867
Snowflake, Inc., Class A^(a)		109,792		16,772,924


				85,445,791

Life Sciences Tools & Services — 0.7%
Thermo Fisher Scientific, Inc.		84,163		42,600,786


Machinery — 1.4%
Caterpillar, Inc.		137,067		37,419,291
Deere & Co.		89,274		33,690,222
Illinois Tool Works, Inc.		87,531		20,159,265


				91,268,778


Security	Shares		Value

Media — 0.2%
Charter Communications, Inc., Class A^(a)(b)		36,219	$	15,929,841


Metals & Mining — 0.0%
Southern Copper Corp.		30,091		2,265,551


Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		25,513		3,687,904
Kenvue, Inc.		208,057		4,177,785


				7,865,689

Pharmaceuticals — 3.2%
Eli Lilly & Co.		299,493		160,866,675
Merck & Co., Inc.		165,634		17,052,021
Zoetis, Inc., Class A		163,791		28,496,358


				206,415,054

Professional Services — 0.5%
Automatic Data Processing, Inc.		125,636		30,225,509


Semiconductors & Semiconductor Equipment — 10.3%
Advanced Micro Devices, Inc.^(a)		322,711		33,181,145
Applied Materials, Inc.		252,401		34,944,919
Broadcom, Inc.		142,983		118,758,820
KLA Corp.		48,593		22,287,665
Lam Research Corp.		44,955		28,176,445
NVIDIA Corp.		840,907		365,786,136
QUALCOMM, Inc.		344,273		38,234,959
Texas Instruments, Inc.		130,873		20,810,116


				662,180,205

Software — 18.9%
Adobe, Inc.^(a)		162,153		82,681,815
Atlassian Corp., Class A^(a)		51,071		10,291,317
Autodesk, Inc.^(a)		76,165		15,759,300
Cadence Design Systems, Inc.^(a)		95,772		22,439,380
Fortinet, Inc.^(a)		232,795		13,660,411
Intuit, Inc.		96,676		49,395,635
Microsoft Corp.		2,633,812		831,626,139
Oracle Corp.		221,291		23,439,143
Palo Alto Networks, Inc.^(a)(b)		106,528		24,974,424
Salesforce, Inc.^(a)		252,565		51,215,131
ServiceNow, Inc.^(a)		72,050		40,273,068
Synopsys, Inc.^(a)		53,691		24,642,558
VMware, Inc., Class A^(a)		75,951		12,644,322
Workday, Inc., Class A^(a)		69,839		15,004,909


				1,218,047,552


Security	Shares		Value

Specialized REITs — 0.8%
American Tower Corp.		164,743	$	27,091,986
Crown Castle, Inc.		16,213		1,492,082
Equinix, Inc.		16,622		12,071,894
Public Storage		32,163		8,475,594


				49,131,556

Specialty Retail — 3.2%
AutoZone, Inc.^(a)(b)		5,342		13,568,627
Home Depot, Inc. (The)		358,405		108,295,655
Lowe’s Cos., Inc.		152,091		31,610,593
O’Reilly Automotive, Inc.^(a)		18,005		16,364,024
TJX Cos., Inc. (The)		407,574		36,225,177


				206,064,076

Technology Hardware, Storage & Peripherals — 14.0%
Apple Inc.		5,281,433		904,234,144


Textiles, Apparel & Luxury Goods — 0.6%
Lululemon Athletica, Inc.^(a)		39,449		15,211,929
NIKE, Inc., Class B		224,458		21,462,674


				36,674,603


Total Long-Term Investments — 99.9% (Cost: $5,519,698,880)				6,427,580,943


Short-Term Securities

Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		69,761,005		69,788,910
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(c)(d)		20,227,183		20,227,183


Total Short-Term Securities — 1.4% (Cost: $90,007,158)				90,016,093


Total Investments — 101.3% (Cost: $5,609,706,038)				6,517,597,036

Liabilities in Excess of Other Assets — (1.3)%				(81,470,936	)


Net Assets — 100.0%			$	6,436,126,100

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

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 September 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.


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.9%
Boeing Co. (The)^(a)		68,866	$	13,200,235
General Dynamics Corp.		34,981		7,729,752
L3Harris Technologies, Inc.		27,025		4,705,593
Northrop Grumman Corp.		19,294		8,493,026
RTX Corp.		208,881		15,033,165


				49,161,771

Air Freight & Logistics — 1.2%
FedEx Corp.		33,142		8,779,978
United Parcel Service, Inc., Class B		74,840		11,665,311


				20,445,289

Automobiles — 0.8%
Ford Motor Co.		560,767		6,964,726
General Motors Co.		196,157		6,467,296


				13,432,022

Banks — 8.2%
Bank of America Corp.		995,668		27,261,390
Citigroup, Inc.		278,005		11,434,346
JPMorgan Chase & Co.		412,625		59,838,877
PNC Financial Services Group, Inc. (The)		56,916		6,987,577
Truist Financial Corp.		189,537		5,422,654
U.S. Bancorp		219,016		7,240,669
Wells Fargo & Co.		524,604		21,435,319


				139,620,832

Beverages — 2.1%
Coca-Cola Co. (The)		280,589		15,707,372
Constellation Brands, Inc., Class A		20,711		5,205,296
Keurig Dr Pepper, Inc.		136,187		4,299,423
PepsiCo, Inc.		60,850		10,310,424


				35,522,515

Biotechnology — 2.2%
Amgen, Inc.		24,435		6,567,151
Gilead Sciences, Inc.		178,657		13,388,556
Moderna, Inc.^(a)(b)		47,497		4,905,965
Regeneron Pharmaceuticals, Inc.^(a)		13,802		11,358,494
Vertex Pharmaceuticals, Inc.^(a)		3,110		1,081,471


				37,301,637

Building Products — 0.3%
Johnson Controls International PLC		98,170		5,223,626


Capital Markets — 5.2%
BlackRock, Inc.^(c)		21,248		13,736,620
Charles Schwab Corp. (The)		211,850		11,630,565
CME Group, Inc., Class A		51,317		10,274,690
Goldman Sachs Group, Inc. (The)		46,149		14,932,432
Intercontinental Exchange, Inc		80,904		8,901,058
Moody’s Corp.		1,985		627,597
Morgan Stanley		171,852		14,035,153
S&P Global, Inc.		42,049		15,365,125


				89,503,240

Chemicals — 2.4%
Air Products & Chemicals, Inc.		31,697		8,982,930
Dow, Inc.		101,120		5,213,747
Ecolab, Inc.		7,925		1,342,495
Linde PLC		63,531		23,655,768
Sherwin-Williams Co. (The)		5,711		1,456,590


				40,651,530

Commercial Services & Supplies — 0.1%
Waste Management, Inc.		5,830		888,725


Security	Shares		Value

Communications Equipment — 1.9%
Cisco Systems, Inc.		586,118	$	31,509,704
Motorola Solutions, Inc.		1,881		512,083


				32,021,787

Consumer Finance — 0.8%
American Express Co.		56,830		8,478,468
Capital One Financial Corp.		54,164		5,256,616


				13,735,084

Consumer Staples Distribution & Retail — 1.9%
Walmart, Inc.		204,032		32,630,838


Diversified Telecommunication Services — 2.0%
AT&T Inc.		1,023,368		15,370,987
Verizon Communications, Inc.		601,549		19,496,203


				34,867,190

Electric Utilities — 2.8%
American Electric Power Co., Inc.		73,603		5,536,418
Duke Energy Corp.		110,175		9,724,046
Exelon Corp.		142,047		5,367,956
NextEra Energy, Inc.		289,367		16,577,835
Southern Co. (The)		155,752		10,080,269


				47,286,524

Electrical Equipment — 1.2%
Eaton Corp. PLC		56,921		12,140,111
Emerson Electric Co.		81,567		7,876,925


				20,017,036

Energy Equipment & Services — 0.7%
Schlumberger NV		203,633		11,871,804


Entertainment — 1.8%
Activision Blizzard, Inc		103,843		9,722,820
Walt Disney Co. (The)^(a)		261,398		21,186,308


				30,909,128

Financial Services — 5.8%
Berkshire Hathaway, Inc., Class B^(a)		261,756		91,693,127
Fiserv, Inc.^(a)		63,012		7,117,836
PayPal Holdings, Inc.^(a)		15,266		892,450


				99,703,413

Food Products — 1.7%
Archer-Daniels-Midland Co.		76,287		5,753,565
General Mills, Inc.		83,942		5,371,449
Hershey Co. (The)		5,464		1,093,237
Kraft Heinz Co. (The)		114,775		3,861,031
Mondelez International, Inc., Class A		194,378		13,489,833


				29,569,115

Ground Transportation — 1.4%
CSX Corp.		254,549		7,827,382
Norfolk Southern Corp.		32,471		6,394,514
Union Pacific Corp.		49,838		10,148,512


				24,370,408

Health Care Equipment & Supplies — 4.2%
Abbott Laboratories		231,855		22,455,157
Becton Dickinson & Co.		40,507		10,472,275
Boston Scientific Corp.^(a)		205,221		10,835,669
GE HealthCare Technologies, Inc.		51,378		3,495,759
Medtronic PLC		189,860		14,877,429
Stryker Corp.		37,879		10,351,194


				72,487,483

Health Care Providers & Services — 4.0%
Centene Corp.^(a)		77,296		5,324,148


Security	Shares		Value

Health Care Providers & Services (continued)
Cigna Group (The)		38,644	$	11,054,889
CVS Health Corp.		183,031		12,779,224
Elevance Health, Inc.		29,378		12,791,769
HCA Healthcare, Inc.		23,173		5,700,095
Humana, Inc.		10,106		4,916,771
McKesson Corp.		11,994		5,215,591
UnitedHealth Group, Inc.		21,126		10,651,518


				68,434,005

Hotels, Restaurants & Leisure — 1.0%
Las Vegas Sands Corp.		3,193		146,367
McDonald’s Corp.		61,194		16,120,947


				16,267,314

Household Products — 2.8%
Colgate-Palmolive Co.		117,296		8,340,919
Kimberly-Clark Corp		2,818		340,555
Procter & Gamble Co. (The)		273,259		39,857,558


				48,539,032

Industrial Conglomerates — 2.3%
3M Co.		78,585		7,357,128
General Electric Co.		154,968		17,131,712
Honeywell International, Inc.		82,893		15,313,653


				39,802,493

Industrial REITs — 0.9%
Prologis, Inc.		131,869		14,797,021


Insurance — 2.6%
American International Group, Inc.		103,412		6,266,767
Aon PLC, Class A		28,895		9,368,337
Chubb Ltd.		58,916		12,265,133
Marsh & McLennan Cos., Inc.		14,079		2,679,234
MetLife, Inc.		92,420		5,814,142
Progressive Corp. (The)		20,968		2,920,842
Travelers Cos., Inc. (The)		32,941		5,379,595


				44,694,050

IT Services — 1.1%
International Business Machines Corp.		129,881		18,222,304


Life Sciences Tools & Services — 2.0%
Danaher Corp.		94,079		23,341,000
Thermo Fisher Scientific, Inc.		21,175		10,718,150


				34,059,150

Machinery — 0.5%
Caterpillar, Inc.		18,455		5,038,215
Deere & Co.		2,507		946,092
Illinois Tool Works, Inc.		8,035		1,850,541


				7,834,848

Media — 1.5%
Comcast Corp., Class A		584,880		25,933,579


Metals & Mining — 0.7%
Freeport-McMoRan, Inc.		204,152		7,612,828
Newmont Corp.		113,696		4,201,067


				11,813,895

Multi-Utilities — 0.7%
Dominion Energy, Inc.		119,452		5,335,921
Sempra		90,035		6,125,081


				11,461,002

Oil, Gas & Consumable Fuels — 10.3%
Chevron Corp.		252,919		42,647,202
ConocoPhillips		173,318		20,763,496


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
EOG Resources, Inc.		83,997	$	10,647,460
Exxon Mobil Corp.		572,595		67,325,720
Kinder Morgan, Inc.		280,228		4,646,180
Marathon Petroleum Corp.		60,600		9,171,204
Occidental Petroleum Corp.		99,681		6,467,303
Pioneer Natural Resources Co.		33,261		7,635,063
Valero Energy Corp.		50,314		7,129,997


				176,433,625

Personal Care Products — 0.4%
Estee Lauder Cos., Inc. (The), Class A		22,505		3,253,098
Kenvue, Inc.		163,756		3,288,220


				6,541,318

Pharmaceuticals — 7.5%
Bristol-Myers Squibb Co.		300,489		17,440,382
Johnson & Johnson		344,497		53,655,408
Merck & Co., Inc.		296,278		30,501,820
Pfizer, Inc.		807,679		26,790,712


				128,388,322

Professional Services — 0.1%
Automatic Data Processing, Inc.		8,420		2,025,684


Semiconductors & Semiconductor Equipment — 4.2%
Advanced Micro Devices, Inc.^(a)		98,752		10,153,681
Analog Devices, Inc.		72,260		12,652,003
Applied Materials, Inc.		18,697		2,588,600
Intel Corp.		596,747		21,214,356
Lam Research Corp.		1,010		633,038
Micron Technology, Inc.		156,214		10,627,238
QUALCOMM, Inc.		20,412		2,266,957
Texas Instruments, Inc.		76,815		12,214,353


				72,350,226

Software — 1.6%
Oracle Corp.		128,017		13,559,561
Roper Technologies, Inc.		15,105		7,315,049
Salesforce, Inc.^(a)		33,283		6,749,127


				27,623,737

Specialized REITs — 0.7%
Crown Castle, Inc.		55,272		5,086,682
Equinix, Inc.		6,644		4,825,272
Public Storage		9,381		2,472,081


				12,384,035

Specialty Retail — 0.4%
AutoZone, Inc.^(a)		431		1,094,736
Lowe’s Cos., Inc.		22,380		4,651,459
O’Reilly Automotive, Inc.^(a)		1,293		1,175,156


				6,921,351

Textiles, Apparel & Luxury Goods — 0.5%
NIKE, Inc., Class B		79,379		7,590,220


Tobacco — 1.8%
Altria Group, Inc.		255,307		10,735,659
Philip Morris International, Inc.		221,830		20,537,022


				31,272,681

Wireless Telecommunication Services — 0.6%
T-Mobile U.S., Inc.^(a)		76,117		10,660,186


Total Long-Term Investments — 99.8% (Cost: $1,697,337,819)				1,705,271,075


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		429,489	$	429,661
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(c)(d)		13,925,444		13,925,444


Total Short-Term Securities — 0.8% (Cost: $ 14,355,105)				14,355,105


Total Investments — 100.6% (Cost: $ 1,711,692,924)				1,719,626,180

Liabilities in Excess of Other Assets — (0.6)%				(10,081,762	)


Net Assets — 100.0%			$	1,709,544,418

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

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 September 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.

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

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

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

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

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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

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

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

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

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

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

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

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

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:

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

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

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

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

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

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

For the six months ended September 30, 2023, in-kind transactions were as follows:

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

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

As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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

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

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

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

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

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.

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

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


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		6.90	%		23.72	%		10.63	%		12.46	%		23.72	%		65.69	%		223.48	%
Fund Market		6.97			23.57			10.62			12.45			23.57			65.61			223.42
Index		6.98			23.89			10.79			12.63			23.89			66.91			228.52


Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,069.00	$ 0.78			$ 1,000.00	$ 1,024.25	$ 0.76		0.15	%



Sector	Percent of Total Investments	^(a)
Information Technology	30.7	%
Health Care	13.9
Financials	12.6
Consumer Discretionary	10.9
Communication Services	10.1
Consumer Staples	7.0
Industrials	6.3
Energy	4.4
Materials	1.6
Utilities	1.4
Real Estate	1.1


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.05	%		29.71	%		13.48	%		15.57	%		29.71	%		88.20	%		324.97	%
Fund Market		11.11			29.75			13.48			15.57			29.75			88.18			325.07
Index		11.16			29.95			13.65			15.79			29.95			89.61			333.24


Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,110.50	$	1.06		$	1,000.00	$	1,024.00	$	1.01		0.20	%


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
Semi-Annual Report:
Fund Summary		4
About Fund Performance		7
Disclosure of Expenses		7
Schedules of Investments		8
Financial Statements:
Statements of Assets and Liabilities		21
Statements of Operations		22
Statements of Changes in Net Assets		23
Financial Highlights		25
Notes to Financial Statements		28
Board Review and Approval of Investment Advisory Contract		35
Supplemental Information		42
General Information		43
Glossary of Terms Used in this Report		44


Fund Summary as of September 30, 2023		iShares^® Russell Top 200 ETF



Security	Percent of Total Investments	^(a)
Apple Inc.	8.5	%
Microsoft Corp.	7.8
Amazon.com, Inc	3.8
NVIDIA Corp.	3.4
Alphabet, Inc., Class A	2.6
Tesla, Inc.	2.3
Alphabet, Inc., Class C, NVS	2.2
Meta Platforms, Inc., Class A	2.2
Berkshire Hathaway, Inc., Class B	2.1
Exxon Mobil Corp.	1.6


4		2 0 2 3 I S H A R E S S E M I - 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 September 30, 2023		iShares^® Russell Top 200 Growth ETF


Fund Summary as of September 30, 2023		iShares^® Russell Top 200 Value ETF


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


Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,637,124	$	—		$	(1,452,748	)^(a)	$	2,585	$	12		$	186,973		186,898	$	5,660	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,169,890		3,540,747	^(a)		—			—		—			4,710,637		4,710,637		37,496			—
BlackRock, Inc.		2,821,679		468,177			(396,443	)		52,259		(144,431	)		2,801,241		4,333		43,245			—


									$	54,844	$	(144,419	)	$	7,698,851			$	86,401		$	—


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		7		12/15/23	$	1,514	$	(48,595	)


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	48,595	$	—	$	—	$	—	$	48,595


Futures contracts
Average notional value of contracts — long	$	1,430,200


	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	877,133,666		$	—	$	—	$	877,133,666
Short-Term Securities
Money Market Funds		4,897,610			—		—		4,897,610

	$	882,031,276		$	—	$	—	$	882,031,276

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(48,595	)	$	—	$	—	$	(48,595	)


Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	40,094,246	$	29,682,661	^(a)	$	—	$	9,252	$	2,751	$	69,788,910		69,761,005	$	51,221	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,923,181		12,304,002	^(a)		—		—		—		20,227,183		20,227,183		262,173			—

								$	9,252	$	2,751	$	90,016,093			$	313,394		$	—


Futures contracts
Average notional value of contracts — long	$	9,369,915


Futures contracts
Average notional value of contracts — long	$	4,010,243


	iShares Russell Top 200 ETF		iShares Russell Top 200 Growth ETF		iShares Russell Top 200 Value ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	874,332,425	$	6,427,580,943	$	1,691,534,455
Investments, at value — affiliated^(c)		7,698,851		90,016,093		28,091,725
Cash		160		30		31
Cash pledged:
Futures contracts		80,000		444,000		199,000
Receivables:
Investments sold		2,789		2,484,047		3,360
Securities lending income — affiliated		5,356		11,472		1,716
Dividends — unaffiliated		470,571		1,278,980		1,765,955
Dividends — affiliated		7,033		46,290		15,375
Variation margin on futures contracts		—		4,455		—


Total assets		882,597,185		6,521,866,310		1,721,611,617


LIABILITIES
Collateral on securities loaned		184,792		69,734,936		429,661
Payables:
Investments purchased		2,789		2,484,047		3,360
Income dividend distributions		3,530,653		12,442,884		11,323,107
Investment advisory fees		112,328		1,078,343		286,781
Variation margin on futures contracts		4,200		—		24,290


Total liabilities		3,834,762		85,740,210		12,067,199


Commitments and contingent liabilities

NET ASSETS	$	878,762,423	$	6,436,126,100	$	1,709,544,418

NET ASSETS CONSIST OF:
Paid-in capital	$	854,731,373	$	5,441,094,732	$	1,729,961,563
Accumulated earnings (loss)		24,031,050		995,031,368		(20,417,145	)


NET ASSETS	$	878,762,423	$	6,436,126,100	$	1,709,544,418


NET ASSET VALUE
Shares outstanding		8,500,000		41,850,000		26,150,000


Net asset value	$	103.38	$	153.79	$	65.37


Shares authorized		Unlimited		Unlimited		Unlimited


Par value		None		None		None


^(a)Investments, at cost — unaffiliated	$	843,738,324	$	5,519,698,880	$	1,683,017,044
^(b)Securities loaned, at value	$	181,063	$	68,091,553	$	433,818
^(c)Investments, at cost — affiliated	$	7,977,517	$	90,007,158	$	28,675,880


	iShares Russell Top 200 ETF			iShares Russell Top 200 Growth ETF			iShares Russell Top 200 Value ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	6,587,535		$	29,381,325		$	20,318,772
Dividends — affiliated		80,741			262,173			275,842
Securities lending income — affiliated — net		5,660			51,221			3,016


Total investment income		6,673,936			29,694,719			20,597,630


EXPENSES
Investment advisory		658,428			6,634,539			1,696,857
Interest expense		2			—			—


Total expenses		658,430			6,634,539			1,696,857


Net investment income		6,015,506			23,060,180			18,900,773


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(7,042,918	)		(32,768,712	)		(36,239,319	)
Investments — affiliated		(7,628	)		9,252			(312,749	)
Futures contracts		178,105			2,034,687			212,745
In-kind redemptions — unaffiliated^(a)		26,966,743			414,929,652			63,946,716
In-kind redemptions — affiliated^(a)		62,472			—			123,213


		20,156,774			384,204,879			27,730,606

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		31,004,483			276,723,961			(25,795,513	)
Investments — affiliated		(144,419	)		2,751			(334,742	)
Futures contracts		(133,612	)		(1,188,142	)		(209,616	)


		30,726,452			275,538,570			(26,339,871	)


Net realized and unrealized gain		50,883,226			659,743,449			1,390,735


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	56,898,732		$	682,803,629		$	20,291,508


	iShares Russell Top 200 ETF						iShares Russell Top 200 Growth ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	6,015,506		$	13,073,805		$	23,060,180		$	40,265,299
Net realized gain		20,156,774			110,322,010			384,204,879			164,547,020
Net change in unrealized appreciation (depreciation)		30,726,452			(214,427,844	)		275,538,570			(695,673,179	)


Net increase (decrease) in net assets resulting from operations		56,898,732			(91,032,029	)		682,803,629			(490,860,860	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,047,268	)		(12,861,101	)		(22,917,015	)		(40,613,805	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		24,503,742			(134,788,881	)		(158,311,702	)		1,645,653,871


NET ASSETS
Total increase (decrease) in net assets		75,355,206			(238,682,011	)		501,574,912			1,114,179,206
Beginning of period		803,407,217			1,042,089,228			5,934,551,188			4,820,371,982


End of period	$	878,762,423		$	803,407,217		$	6,436,126,100		$	5,934,551,188


	iShares Russell Top 200 Value ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	18,900,773		$	30,750,705
Net realized gain		27,730,606			76,431,473
Net change in unrealized appreciation (depreciation)		(26,339,871	)		(169,370,607	)


Net increase (decrease) in net assets resulting from operations		20,291,508			(62,188,429	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(18,951,758	)		(30,093,801	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		151,046,871			361,717,362


NET ASSETS
Total increase in net assets		152,386,621			269,435,132
Beginning of period		1,557,157,797			1,287,722,665


End of period	$	1,709,544,418		$	1,557,157,797


	iShares Russell Top 200 Growth ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19

Net asset value, beginning of period	$	138.98		$	158.56		$	134.47		$	84.14		$	82.24		$	73.61

Net investment income^(a)		0.53			1.14			0.89			0.93			1.04			1.00
Net realized and unrealized gain^(b)		14.81			(19.62	)		24.09			50.31			1.90			8.60


Net increase from investment operations		15.34			(18.48	)		24.98			51.24			2.94			9.60


Distributions from net investment income^(c)		(0.53	)		(1.10	)		(0.89	)		(0.91	)		(1.04	)		(0.97	)


Net asset value, end of period	$	153.79		$	138.98		$	158.56		$	134.47		$	84.14		$	82.24


Total Return^(d)
Based on net asset value		11.05	%^(e)		(11.60	)%		18.58	%		61.04	%		3.55	%		13.11	%


Ratios to Average Net Assets^(f)
Total expenses		0.20	%^(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%


Net investment income		0.70	%^(g)		0.87	%		0.57	%		0.77	%		1.16	%		1.27	%


Supplemental Data
Net assets, end of period (000)	$	6,436,126		$	5,934,551		$	4,820,372		$	3,529,895		$	1,678,603		$	1,377,486


Portfolio turnover rate^(h)		12	%		12	%		10	%		11	%		20	%		15	%


iShares ETF		Diversification Classification
Russell Top 200		Diversified
Russell Top 200 Growth^(a)		Diversified
Russell Top 200 Value		Diversified


iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received^(a)			Non-Cash Collateral Received, at Fair Value^(a)		Net Amount
Russell Top 200
RBC Capital Market LLC.	$	64,077	$	(64,077	)	$	—	$	—
Wells Fargo Bank N.A.		116,986		(116,986	)		—		—


	$	181,063	$	(181,063	)	$	—	$	—

Russell Top 200 Growth
Barclays Bank PLC.	$	18,472	$	(18,472	)	$	—	$	—
BofA Securities, Inc.		45,876,057		(45,876,057	)		—		—
J.P. Morgan Securities LLC.		841,824		(841,824	)		—		—
Jefferies LLC.		1,495,282		(1,495,282	)		—		—
RBC Capital Market LLC.		69,017		(69,017	)		—		—
SG Americas Securities LLC.		3,138,829		(3,138,829	)		—		—
UBS AG		992,674		(992,674	)		—		—
Virtu Americas LLC.		616,790		(616,790	)		—		—
Wells Fargo Bank N.A.		15,042,608		(15,042,608	)		—		—


	$	68,091,553	$	(68,091,553	)	$	—	$	—

Russell Top 200 Value
UBS AG	$	433,818	$	(429,661	)	$	—	$	4,157


iShares ETF	Investment Advisory Fees
Russell Top 200		0.15	%
Russell Top 200 Growth		0.20
Russell Top 200 Value		0.20


iShares ETF	Amounts
Russell Top 200	$	2,302
Russell Top 200 Growth		20,563
Russell Top 200 Value		1,245


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Russell Top 200	$	15,144,123	$	11,251,609	$	(5,358,059	)
Russell Top 200 Growth		377,820,217		416,467,370		(26,203,412	)
Russell Top 200 Value		182,295,048		107,588,757		(18,767,837	)


iShares ETF	In-kind Purchases		In-kind Sales
Russell Top 200	$	132,599,266	$	108,188,363
Russell Top 200 Growth		737,968,814		896,083,001
Russell Top 200 Value		378,889,836		232,483,424


iShares ETF	Non-Expiring Capital Loss Carryforwards
Russell Top 200	$	23,957,521
Russell Top 200 Growth		288,680,613
Russell Top 200 Value		49,966,749


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russell Top 200	$	854,353,451	$	87,973,330	$	(60,344,100	)	$	27,629,230
Russell Top 200 Growth		5,617,044,957		1,002,326,927		(102,098,858	)		900,228,069
Russell Top 200 Value		1,718,540,606		118,137,034		(117,182,811	)		954,223


	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Russell Top 200
Shares sold		1,300,000		$	132,934,356			3,600,000		$	333,290,298
Shares redeemed		(1,050,000	)		(108,430,614	)		(5,000,000	)		(468,079,179	)


		250,000		$	24,503,742			(1,400,000	)	$	(134,788,881	)