# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-25-154694
**Filing Date:** 2025-7
**Character Count:** 644130
**Document Hash:** ddb49817ca2a900228788e6b1a8aebf4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154694.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154694

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iSHARES TRUST
- **CENTRAL INDEX KEY:** 0001100663

**ORGANIZATION NAME:**
- **EIN:** 943351276
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 251099717

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES TRUST
- **DATE OF NAME CHANGE:** 19991213

## Series and Classes Contracts Data

### iShares Select Dividend ETF (Series ID: S000004334)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000012064 | iShares Select Dividend ETF | DVY             |

### iShares Morningstar U.S. Equity ETF (Series ID: S000004367)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000012097 | iShares Morningstar U.S. Equity ETF | ILCB            |

### iShares Morningstar Value ETF (Series ID: S000004369)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000012099 | iShares Morningstar Value ETF | ILCV            |

### iShares Morningstar Mid-Cap Value ETF (Series ID: S000004432)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000012195 | iShares Morningstar Mid-Cap Value ETF | IMCV            |

### iShares Morningstar Small-Cap ETF (Series ID: S000004433)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000012196 | iShares Morningstar Small-Cap ETF | ISCB            |

### iShares Core U.S. REIT ETF (Series ID: S000015627)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000042588 | iShares Core U.S. REIT ETF | USRT            |

### iShares Core High Dividend ETF (Series ID: S000031844)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000099165 | iShares Core High Dividend ETF | HDV             |

### iShares Core Dividend Growth ETF (Series ID: S000045648)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000141931 | iShares Core Dividend Growth ETF | DGRO            |

### iShares Core Dividend ETF (Series ID: S000059298)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000194634 | iShares Core Dividend ETF | DIVB            |

?xml version='1.0' encoding='ASCII'? iShares Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-09729

Name of Fund:

iShares Trust

Fund Address: c/o BlackRock Fund Advisors,

400 Howard Street, San Francisco, CA 94105

Name and address of agent for service: The Corporation Trust Company,

1209 Orange Street, Wilmington, DE 19801

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(415) 670-2000

Date of fiscal year end:

04/30/2025

Date of reporting period:

04/30/2025

Item 1 — Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith

![TSR - iShares Fund Logo](g11791images_28163.jpg)

### iShares Core U.S. REIT ETF

### USRT \| NYSE Arca

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about iShares Core U.S. REIT ETF (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Core U.S. REIT ETF | $9 | 0.08% |

---

How did the Fund perform last year?

* For the reporting period ended April 30, 2025, the Fund returned 15.03%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 11.40% and the FTSE Nareit Equity REITs Index returned 15.07%. 

What contributed to performance?

Real estate investment trusts ("REITs") gained during the reporting period, supported by solid economic growth, attractive dividend yields and as the U.S. Federal Reserve began to lower interest rates. Specialized REITs, which include data center and self storage REITs, were the largest contributors to the Fund's return. Data center REITs own and lease facilities that are purpose-built to support the massive computational and storage needs of artificial intelligence ("AI"), cloud computing, and digital services, making them critical infrastructure as AI adoption accelerates. Buoyed by an aging population, healthcare REITs were also significant contributors, as increasing demand for senior living and long-term healthcare facilities drove occupancy and rent growth. Retail REITs gained amid increased consumer spending, while multi-family residential REITs were supported by recovering rent growth, supported by favorable demographics, steady job growth, and the high cost of homeownership, which made renting more attractive.

What detracted from performance?

During the reporting period, hotel and resort REITs detracted from the Fund's return amid broader economic uncertainties and the potential impact of tariffs and trade policies on travel demand.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g11791chartimages_9971217.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 15.03% | 8.92% | 5.65% |
| Russell 3000<sup>®</sup> Index | 11.40 | 15.12 | 11.68 |
| FTSE Nareit Equity REITs Index | 15.07 | 8.98 | 5.74 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$2857294569 |
| Number of Portfolio Holdings | &nbsp;&nbsp;135 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2168686 |
| Portfolio Turnover Rate | &nbsp;&nbsp;7% |

---

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

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

**Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Specialized REITs | 28.3% |
| Residential REITs | 16.9% |
| Health Care REITs | 16.9% |
| Retail REITs | 16.7% |
| Industrial REITs | 12.5% |
| Office REITs | 3.8% |
| Diversified REITs | 2.5% |
| Hotel & Resort REITs | 2.4% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Prologis, Inc. | 8.4% |
| Welltower, Inc. | 8.3% |
| Equinix, Inc. | 7.4% |
| Digital Realty Trust, Inc. | 4.7% |
| Simon Property Group, Inc. | 4.5% |
| Realty Income Corp. | 4.5% |
| Public Storage | 4.2% |
| VICI Properties, Inc. | 3.0% |
| Extra Space Storage, Inc. | 2.7% |
| AvalonBay Communities, Inc. | 2.6% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Material fund changes
This is a summary of planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective June 23, 2025, the Fund's principal investment strategy was updated for a new Underlying Index, the FTSE Nareit Equity REITs 40 Act Capped Index. The updates reflect, among other things, that the Fund's new Underlying Index will, on a quarterly basis, comply with the diversification requirements for ETFs classified as "diversified" under the Investment Company Act of 1940 rules.

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents 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 Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE Russell or FTSE International Limited, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g11791images_28171.jpg)

iShares Core U.S. REIT ETF

Annual Shareholder Report — April 30, 2025

USRT-04/25-AR

![TSR - iShares Fund Logo](g11791images_28163.jpg)

### iShares Core Dividend ETF

### DIVB \| Cboe BZX Exchange

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about iShares Core Dividend ETF (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Core Dividend ETF | $5 | 0.05% |

---

How did the Fund perform last year?

* For the reporting period ended April 30, 2025, the Fund returned 12.25%. 

* For the same period, the Morningstar US Market Index returned 11.51% and the Morningstar<sup>®</sup> US Dividend and Buyback Index<sup>℠</sup> returned 12.34%. 

What contributed to performance?

The information technology sector was the largest contributor to the Fund's return during the reporting period. Software and services stocks gained on growing demand for integrated platforms that combine cybersecurity, artificial intelligence ("AI"), and cloud capabilities to address evolving business needs. The technology hardware and equipment segment gained on demand for AI infrastructure solutions, while semiconductor firms benefited as clients increased their AI outlays and data center spending. In the financials sector, diversified banks exhibited robust earnings, witnessing increases in advisory fees and deal-making revenues. The capital markets space, which includes asset management and custody banks, investment banking and brokerage, and financial exchanges and data, was further supported by increased trading activity and solid investment banking revenues. In the healthcare sector, several biotechnology firms benefited from solid fundamentals, cutting edge therapies, and strategic acquisitions and partnerships.

What detracted from performance?

Energy stocks were the largest detractor from the Fund's return during the reporting period, facing several headwinds. The oil, gas, and consumable fuels segment was marked by significant volatility as OPEC+, a coalition of the Organization of the Petroleum Exporting Countries and 10 non-OPEC oil-producing nations, announced production increases amid slowing energy demand in major economies and trade uncertainty, negatively pressuring oil prices.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: November 7, 2017 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g11791chartimages_9971437.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *Since Fund<br>Inception* |
| Fund NAV | 12.25% | 15.18% | 11.31% |
| Morningstar US Market Index | 11.51 | 15.18 | 12.12 |
| Morningstar<sup>®</sup> US Dividend and Buyback Index<sup>℠</sup> | 12.34 | 15.38 | 11.53 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$736860933 |
| Number of Portfolio Holdings | &nbsp;&nbsp;410 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$265007 |
| Portfolio Turnover Rate | &nbsp;&nbsp;36% |

---

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

The inception date of the Fund was November 7, 2017.

**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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 21.8% |
| Information Technology | 20.8% |
| Industrials | 11.7% |
| Health Care | 9.7% |
| Consumer Staples | 8.1% |
| Energy | 7.8% |
| Consumer Discretionary | 6.3% |
| Communication Services | 4.4% |
| Real Estate | 3.5% |
| Utilities | 3.4% |
| Materials | 2.5% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Cisco Systems, Inc. | 4.8% |
| International Business Machines Corp. | 3.4% |
| JPMorgan Chase & Co. | 3.3% |
| Accenture PLC, Class A | 3.2% |
| Exxon Mobil Corp. | 2.8% |
| Texas Instruments, Inc. | 2.5% |
| Wells Fargo & Co. | 2.4% |
| Verizon Communications, Inc. | 2.2% |
| Automatic Data Processing, Inc. | 2.0% |
| Fidelity National Information Services, Inc. | 1.9% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents 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 Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc., and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g11791images_28171.jpg)

iShares Core Dividend ETF

Annual Shareholder Report — April 30, 2025

DIVB-04/25-AR

![TSR - iShares Fund Logo](g11791images_28163.jpg)

### iShares Core Dividend Growth ETF

### DGRO \| NYSE Arca

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about iShares Core Dividend Growth ETF (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Core Dividend Growth ETF | $8 | 0.08% |

---

How did the Fund perform last year?

* For the reporting period ended April 30, 2025, the Fund returned 9.99%. 

* For the same period, the Morningstar US Market Index returned 11.51% and the Morningstar<sup>®</sup> US Dividend Growth Index<sup>℠</sup> returned 10.07%. 

What contributed to performance?

During the reporting period, financials stocks were the largest contributor to the Fund's return. Capital markets firms, which include asset management and custody banks, investment banking and brokerage, and financial exchanges and data, were further supported by increased trading activity and solid investment banking revenues. Diversified banks contributed, as interest rates remained relatively high, keeping lending rates elevated and helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits). Information technology stocks also had a positive impact on performance. An innovative multinational technology company within the technology hardware and equipment segment gained due to its consistently strong brand recognition and a robust ecosystem of its products and services. Semiconductor firms were positive, as firms increased their artificial intelligence outlays and data center spending. In the healthcare sector, several biotechnology firms benefited from solid fundamentals, cutting edge therapies, and strategic acquisitions and partnerships.

What detracted from performance?

Energy stocks were the largest detractor from the Fund's return during the reporting period, facing several headwinds. The oil, gas, and consumable fuels segment was marked by significant volatility as OPEC+, a coalition of the Organization of the Petroleum Exporting Countries and 10 non-OPEC oil-producing nations, announced production increases amid slowing energy demand in major economies and trade uncertainty, negatively pressuring oil prices.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g11791chartimages_9971129.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 9.99% | 13.22% | 11.22% |
| Morningstar US Market Index | 11.51 | 15.18 | 11.81 |
| Morningstar<sup>®</sup> US Dividend Growth Index<sup>℠</sup> | 10.07 | 13.30 | 11.30 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$30052745645 |
| Number of Portfolio Holdings | &nbsp;&nbsp;414 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$23614904 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

**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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 22.0% |
| Information Technology | 17.2% |
| Health Care | 16.3% |
| Consumer Staples | 11.6% |
| Industrials | 11.0% |
| Utilities | 7.0% |
| Consumer Discretionary | 5.9% |
| Energy | 4.8% |
| Materials | 2.9% |
| Communication Services | 1.3% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Microsoft Corp. | 3.1% |
| JPMorgan Chase & Co. | 3.1% |
| Apple Inc. | 2.9% |
| Exxon Mobil Corp. | 2.9% |
| Johnson & Johnson | 2.8% |
| Broadcom, Inc. | 2.6% |
| AbbVie, Inc. | 2.6% |
| Procter & Gamble Co. (The) | 2.2% |
| CME Group, Inc., Class A | 2.2% |
| Home Depot, Inc. (The) | 2.1% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents 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 Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc., and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g11791images_28171.jpg)

iShares Core Dividend Growth ETF

Annual Shareholder Report — April 30, 2025

DGRO-04/25-AR

![TSR - iShares Fund Logo](g11791images_28163.jpg)

### iShares Core High Dividend ETF

### HDV \| NYSE Arca

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about iShares Core High Dividend ETF (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Core High Dividend ETF | $8 | 0.08% |

---

How did the Fund perform last year?

* For the reporting period ended April 30, 2025, the Fund returned 10.69%. 

* For the same period, the Morningstar US Market Index returned 11.51% and the Morningstar<sup>®</sup> Dividend Yield Focus Index<sup>℠</sup> returned 10.74%. 

What contributed to performance?

Consumer staples stocks were the main contributor to the Fund's return during the reporting period. Tobacco companies were helped by their defensive nature and further boosted by the success of their smoke-free products, such as tobacco pouches and e-cigarettes. Utilities stocks benefited from a substantial rise in electricity demand that was largely fueled by the rapid expansion of data centers and the accelerated adoption of artificial intelligence ("AI") technologies, both of which require significant computational power and energy. The convergence of AI, cloud computing, and data increased the load on energy grids, creating tailwinds for companies that generate, transmit, and distribute electricity. Within the communication sector, integrated telecommunication services companies were supported by modernization efforts. These providers benefited from growth in both wireless and wireline services, such as fiber broadband and enterprise connectivity.

What detracted from performance?

Energy stocks were the largest detractor from the Fund's return during the reporting period, facing several headwinds. The oil, gas, and consumable fuels segment was marked by significant volatility as OPEC+, a coalition of the Organization of the Petroleum Exporting Countries and 10 non-OPEC oil-producing nations, announced production increases amid slowing energy demand in major economies and trade uncertainty, negatively pressuring oil prices.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g11791chartimages_9971173.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 10.69% | 11.16% | 7.98% |
| Morningstar US Market Index | 11.51 | 15.18 | 11.81 |
| Morningstar<sup>®</sup> Dividend Yield Focus Index<sup>℠</sup> | 10.74 | 11.24 | 8.07 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$11025390051 |
| Number of Portfolio Holdings | &nbsp;&nbsp;79 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$8721314 |
| Portfolio Turnover Rate | &nbsp;&nbsp;82% |

---

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

**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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Consumer Staples | 22.3% |
| Energy | 20.1% |
| Health Care | 17.2% |
| Financials | 12.5% |
| Utilities | 9.9% |
| Information Technology | 7.8% |
| Communication Services | 4.0% |
| Consumer Discretionary | 3.0% |
| Industrials | 2.2% |
| Materials | 1.0% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Exxon Mobil Corp. | 7.8% |
| Johnson & Johnson | 5.4% |
| Progressive Corp. (The) | 5.1% |
| AbbVie, Inc. | 5.0% |
| Chevron Corp. | 4.7% |
| Philip Morris International, Inc. | 4.5% |
| Procter & Gamble Co. (The) | 4.3% |
| CME Group, Inc., Class A | 4.2% |
| AT&T Inc. | 4.0% |
| Coca-Cola Co. (The) | 3.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents 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 Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc., and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g11791images_28171.jpg)

iShares Core High Dividend ETF

Annual Shareholder Report — April 30, 2025

HDV-04/25-AR

![TSR - iShares Fund Logo](g11791images_28163.jpg)

### iShares Select Dividend ETF

### DVY \| NASDAQ

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about iShares Select Dividend ETF (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Select Dividend ETF | $40 | 0.38% |

---

How did the Fund perform last year?

* For the reporting period ended April 30, 2025, the Fund returned 11.61%. 

* For the same period, the S&P Total Market Index<sup>™</sup> returned 11.25% and the Dow Jones U.S. Select Dividend Index<sup>™</sup> returned 12.00%. 

What contributed to performance?

Utilities stocks contributed the most to the Fund's return during the reporting period. A substantial rise in electricity demand was largely fueled by the rapid expansion of data centers and the accelerated adoption of artificial intelligence ("AI") technologies, both of which require significant computational power and energy. The convergence of AI, cloud computing, and data increased the load on energy grids, creating tailwinds for companies that generate, transmit, and distribute electricity. Financials stocks were also meaningful contributors, with banks exhibiting robust earnings, witnessing increases in advisory fees and deal-making revenues. Insurance companies also contributed, as property and casualty firms experienced a surge in premium growth and a favorable underwriting environment. In consumer staples, tobacco companies were helped by their defensive nature and further boosted by the success of their smoke-free products, such as tobacco pouches and e-cigarettes.

What detracted from performance?

Chemicals stocks in the materials sector were modest detractors from the Fund's return during the reporting period. These companies were pressured by weak global demand and rising raw material costs.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g11791chartimages_9971481.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 11.61% | 13.83% | 8.86% |
| S&P Total Market Index<sup>™</sup> | 11.25 | 15.02 | 11.59 |
| Dow Jones U.S. Select Dividend Index<sup>™</sup> | 12.00 | 14.29 | 9.29 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$19002472720 |
| Number of Portfolio Holdings | &nbsp;&nbsp;104 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$73810690 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

The Fund has added the S&P Total Market Index™ in response to new regulatory requirements.

**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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Utilities | 26.7% |
| Financials | 24.0% |
| Consumer Staples | 12.0% |
| Consumer Discretionary | 7.2% |
| Materials | 6.7% |
| Communication Services | 6.1% |
| Energy | 5.4% |
| Health Care | 5.4% |
| Information Technology | 3.9% |
| Industrials | 2.6% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Altria Group, Inc. | 2.6% |
| Ford Motor Co. | 2.2% |
| Verizon Communications, Inc. | 2.2% |
| Pfizer, Inc. | 2.0% |
| Edison International | 2.0% |
| LyondellBasell Industries NV, Class A | 1.7% |
| Eversource Energy | 1.6% |
| Dominion Energy, Inc. | 1.5% |
| Prudential Financial, Inc. | 1.5% |
| FirstEnergy Corp. | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Material fund changes
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective December 11, 2024, the investment management agreement was amended to disclose the breakpoint fees to the sixth decimal place.

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents 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 Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC, and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g11791images_28171.jpg)

iShares Select Dividend ETF

Annual Shareholder Report — April 30, 2025

DVY-04/25-AR

![TSR - iShares Fund Logo](g11791images_28163.jpg)

### iShares Morningstar Mid-Cap Value ETF

### IMCV \| NASDAQ

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about iShares Morningstar Mid-Cap Value ETF (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Morningstar Mid-Cap Value ETF | $6 | 0.06% |

---

How did the Fund perform last year?

* For the reporting period ended April 30, 2025, the Fund returned 5.39%. 

* For the same period, the Morningstar US Market Index returned 11.51% and the Morningstar<sup>®</sup> US Mid Cap Broad Value Index<sup>℠</sup> returned 5.42%. 

What contributed to performance?

Utilities stocks were the largest contributor to the Fund's return during the reporting period, primarily driven by a substantial rise in electricity demand. This increase in power consumption was largely fueled by the rapid expansion of data centers and the accelerated adoption of artificial intelligence ("AI") technologies, both of which require significant computational power and energy. Financials stocks also contributed. Within the insurance segment, property and casualty firms experienced a surge in premium growth and a favorable underwriting environment.

What detracted from performance?

Healthcare stocks weighed on the Fund's performance during the reporting period. A combination of macroeconomic pressures and trade war threats negatively impacted biotechnology and life sciences firms. These firms were further pressured by uncertainty surrounding policy changes from the new U.S. presidential administration. Chemicals stocks in the materials sector were modest detractors, pressured by weak global demand and rising raw material costs.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g11791chartimages_9971261.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 5.39% | 14.90% | 8.04% |
| Morningstar US Market Index | 11.51 | 15.18 | 11.81 |
| Morningstar<sup>®</sup> US Mid Cap Broad Value Index<sup>℠</sup> | 5.42 | 15.00 | 8.23 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$643405888 |
| Number of Portfolio Holdings | &nbsp;&nbsp;292 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$380139 |
| Portfolio Turnover Rate | &nbsp;&nbsp;31% |

---

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

The performance of the Morningstar<sup>®</sup> US Mid Cap Broad Value Index℠ in this report reflects the performance of the Morningstar<sup>®</sup> US Mid Value Index℠ through March 21, 2021 and, beginning on March 22, 2021, the performance of the Morningstar<sup>®</sup> US Mid Cap Broad Value 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 18.4% |
| Utilities | 13.1% |
| Energy | 11.2% |
| Real Estate | 9.4% |
| Consumer Staples | 8.7% |
| Industrials | 8.6% |
| Health Care | 7.4% |
| Information Technology | 7.3% |
| Materials | 7.1% |
| Consumer Discretionary | 6.8% |
| Communication Services | 2.0% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Williams Cos., Inc. (The) | 1.4% |
| Capital One Financial Corp. | 1.4% |
| Newmont Corp. | 1.2% |
| American Electric Power Co., Inc. | 1.1% |
| Aflac, Inc. | 1.1% |
| Cheniere Energy, Inc. | 1.0% |
| Kinder Morgan, Inc. | 1.0% |
| ONEOK, Inc. | 1.0% |
| Truist Financial Corp. | 1.0% |
| American International Group, Inc. | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents 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 Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc., and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g11791images_28171.jpg)

iShares Morningstar Mid-Cap Value ETF

Annual Shareholder Report — April 30, 2025

IMCV-04/25-AR

![TSR - iShares Fund Logo](g11791images_28163.jpg)

### iShares Morningstar Small-Cap ETF

### ISCB \| NYSE Arca

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about iShares Morningstar Small-Cap ETF (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Morningstar Small-Cap ETF | $4 | 0.04% |

---

How did the Fund perform last year?

* For the reporting period ended April 30, 2025, the Fund returned 2.51%. 

* For the same period, the Morningstar US Market Index returned 11.51% and the Morningstar<sup>®</sup> US Small Cap Extended Index<sup>℠</sup> returned 2.48%. 

What contributed to performance?

Small-cap financials were the largest contributor to the Fund's performance during the reporting period. Banks exhibited robust earnings, witnessing increases in advisory fees and deal-making revenues. Within the capital markets space, firms were supported by increased trading activity and solid investment banking revenues. Insurance companies also contributed, as property and casualty firms experienced a surge in premium growth and a favorable underwriting environment. Real estate stocks also provided a modest contribution to performance.

What detracted from performance?

Energy stocks detracted from the Fund's return during the reporting period, as companies operating within the oil, gas, and consumable fuels segment suffered from falling crude prices, supply increases, as well as reduced profit margins and investor confidence. Within the information technology sector, small-cap semiconductors and semiconductor equipment names detracted. While demand for artificial intelligence chips surged, semiconductor companies exposed to PCs, smartphones, industrial, and automotive sectors faced significant challenges. Weak end-market demand in these segments, coupled with excess inventory from prior overproduction, pressured sales and margins. Geopolitical factors, such as U.S.-China trade restrictions and tariffs further constrained growth by limiting access to key international markets.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g11791chartimages_9971305.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 2.51% | 9.88% | 5.76% |
| Morningstar US Market Index | 11.51 | 15.18 | 11.81 |
| Morningstar<sup>®</sup> US Small Cap Extended Index<sup>℠</sup> | 2.48 | 9.79 | 5.80 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$214782793 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1586 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$90177 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

The performance of the Morningstar<sup>®</sup> US Small Cap Extended Index℠ in this report reflects the performance of the Morningstar<sup>®</sup> US Small Core Index℠ through March 21, 2021 and, beginning on March 22, 2021, the performance of the Morningstar<sup>®</sup> US Small Cap Extended 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 18.9% |
| Industrials | 18.3% |
| Consumer Discretionary | 13.6% |
| Health Care | 12.1% |
| Information Technology | 11.3% |
| Real Estate | 6.2% |
| Materials | 5.1% |
| Communication Services | 3.8% |
| Consumer Staples | 3.8% |
| Energy | 3.7% |
| Utilities | 3.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Tapestry, Inc. | 0.3% |
| BJ's Wholesale Club Holdings, Inc. | 0.3% |
| Duolingo, Inc., Class A | 0.3% |
| SoFi Technologies, Inc. | 0.3% |
| Insmed, Inc. | 0.3% |
| Royal Gold, Inc. | 0.3% |
| Rivian Automotive, Inc., Class A | 0.3% |
| Encompass Health Corp. | 0.3% |
| Crown Holdings, Inc. | 0.3% |
| TKO Group Holdings, Inc., Class A | 0.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents 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 Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc., and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g11791images_28171.jpg)

iShares Morningstar Small-Cap ETF

Annual Shareholder Report — April 30, 2025

ISCB-04/25-AR

![TSR - iShares Fund Logo](g11791images_28163.jpg)

### iShares Morningstar U.S. Equity ETF

### ILCB \| NYSE Arca

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about iShares Morningstar U.S. Equity ETF (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Morningstar U.S. Equity ETF | $3 | 0.03% |

---

How did the Fund perform last year?

* For the reporting period ended April 30, 2025, the Fund returned 12.08%. 

* For the same period, the Morningstar US Market Index returned 11.51% and the Morningstar<sup>®</sup> US Large-Mid Cap Index<sup>℠</sup> returned 12.11%. 

What contributed to performance?

Stock selection across the information technology sector was the largest driver of the Fund's return during the reporting period. Within the technology hardware and equipment segment, an innovative multinational technology company gained due to its consistently strong brand recognition and a robust ecosystem of its products and services. Software and services stocks benefited from strong trends in application software and systems software names as companies prioritized secure, scalable infrastructure and automation to support data-driven decision-making. Semiconductor firms were positive, as firms increased their artificial intelligence outlays and data center spending. Companies within the financials sector were another large contributor, as these firms were supported by robust earnings, growing trading volumes, and the prospects of a loosening regulatory regime under the new presidential administration. In the communication sector, media and entertainment names were positively impacted by robust subscriber growth and strong advertising revenue.

What detracted from performance?

There were no significant detractors from the Fund's performance during the reporting period.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g11791chartimages_9971349.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 12.08% | 15.11% | 11.63% |
| Morningstar US Market Index | 11.51 | 15.18 | 11.81 |
| Morningstar<sup>®</sup> US Large-Mid Cap Index<sup>℠</sup> | 12.11 | 15.17 | 11.77 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$937821106 |
| Number of Portfolio Holdings | &nbsp;&nbsp;598 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$312971 |
| Portfolio Turnover Rate | &nbsp;&nbsp;4% |

---

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

The performance of the Morningstar<sup>®</sup> US Large-Mid Cap Index℠ in this report reflects the performance of the Morningstar<sup>®</sup> US Large Core Index℠ through March 21, 2021 and, beginning on March 22, 2021, the performance of the Morningstar<sup>®</sup> US Large-Mid Cap 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 30.1% |
| Financials | 14.5% |
| Health Care | 10.8% |
| Consumer Discretionary | 10.5% |
| Communication Services | 9.2% |
| Industrials | 8.9% |
| Consumer Staples | 6.0% |
| Energy | 3.1% |
| Utilities | 2.4% |
| Real Estate | 2.4% |
| Materials | 2.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Apple Inc. | 6.5% |
| Microsoft Corp. | 6.0% |
| NVIDIA Corp. | 5.2% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 2.5% |
| Berkshire Hathaway, Inc., Class B | 2.0% |
| Alphabet, Inc., Class A | 1.9% |
| Broadcom, Inc. | 1.8% |
| Alphabet, Inc., Class C, NVS | 1.7% |
| Tesla, Inc. | 1.6% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents 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 Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc., and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g11791images_28171.jpg)

iShares Morningstar U.S. Equity ETF

Annual Shareholder Report — April 30, 2025

ILCB-04/25-AR

![TSR - iShares Fund Logo](g11791images_28163.jpg)

### iShares Morningstar Value ETF

### ILCV \| NYSE Arca

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about iShares Morningstar Value ETF (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Morningstar Value ETF | $4 | 0.04% |

---

How did the Fund perform last year?

* For the reporting period ended April 30, 2025, the Fund returned 9.20%. 

* For the same period, the Morningstar US Market Index returned 11.51% and the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value Index℠ returned 9.23%. 

What contributed to performance?

Financial services stocks registered robust performance during the reporting period, contributing to the Fund's return. Overall, these firms were supported by strong earnings, growing trading volumes, and the prospects of a loosening regulatory regime under the new presidential administration. Banks exhibited robust earnings, witnessing increases in advisory fees and deal-making revenues. Within the financial services segment, a multinational conglomerate holding company was supported by its long-term, value-oriented investment strategy, which focuses on well-run businesses and quality investments. Additionally, capital markets firms were supported by increased trading activity and solid investment banking revenues. Consumer staples stocks also benefited performance. Tobacco companies were helped by their defensive nature and further boosted by the success of their smoke-free products, such as tobacco pouches and e-cigarettes.

What detracted from performance?

Within the energy sector, oil, gas, and consumable fuels stocks detracted from the Fund's return. The oil and gas environment was marked by significant volatility as OPEC+, a coalition of the Organization of the Petroleum Exporting Countries and 10 non-OPEC oil-producing nations, announced production increases amid slowing energy demand in major economies, and trade uncertainty.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g11791chartimages_9971393.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 9.20% | 13.05% | 9.09% |
| Morningstar US Market Index | 11.51 | 15.18 | 11.81 |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Value Index℠ | 9.23 | 13.12 | 9.25 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$994320633 |
| Number of Portfolio Holdings | &nbsp;&nbsp;425 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$392497 |
| Portfolio Turnover Rate | &nbsp;&nbsp;22% |

---

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

The performance of the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value Index℠ in this report reflects the performance of the Morningstar<sup>®</sup> US Large Value Index℠ through March 21, 2021 and, beginning on March 22, 2021, the performance of the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 19.8% |
| Information Technology | 17.1% |
| Health Care | 14.3% |
| Consumer Staples | 10.4% |
| Industrials | 9.6% |
| Communication Services | 6.4% |
| Energy | 6.0% |
| Consumer Discretionary | 5.8% |
| Utilities | 4.4% |
| Real Estate | 3.1% |
| Materials | 3.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Apple Inc. | 7.5% |
| Berkshire Hathaway, Inc., Class B | 4.1% |
| JPMorgan Chase & Co. | 2.9% |
| Exxon Mobil Corp. | 1.9% |
| Walmart, Inc. | 1.8% |
| Procter & Gamble Co. (The) | 1.6% |
| UnitedHealth Group, Inc. | 1.6% |
| Alphabet, Inc., Class A | 1.6% |
| Johnson & Johnson | 1.6% |
| Home Depot, Inc. (The) | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents 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 Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc., and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g11791images_28171.jpg)

iShares Morningstar Value ETF

Annual Shareholder Report — April 30, 2025

ILCV-04/25-AR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.  |

---

Item 3 – Audit Committee Financial Expert – The registrant's board of trustees (the "board of trustees"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Richard L. Fagnani

Laura F. Fergerson

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties,

------

obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the nine series of the registrant for which the fiscal year-end is April 30, 2025 (the "Funds"), and whose annual financial statements are reported in Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u> – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds' annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $119,700 for the fiscal year ended April 30, 2024 and $119,700 for the fiscal year ended April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u> – There were no fees billed for the fiscal years ended April 30, 2024 and April 30, 2025 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Funds financial statements and are not reported under (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u> – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $58,200 for the fiscal year ended April 30, 2024 and $87,300 for the fiscal year ended April 30, 2025. These services related to the review of the Funds' tax returns and excise tax calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u> – There were no other fees billed in each of the fiscal years ended April 30, 2024 and April 30, 2025 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

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

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's principal accountant for services rendered to the Funds, and rendered to the registrant's investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $58,200 for the fiscal year ended April 30, 2024 and $87,300 for the fiscal year ended April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee has considered whether the provision of non-audit services rendered to the registrant's investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if

#### 2

------

any, is compatible with maintaining the principal accountant's independence, and has determined that the provision of these services, if any, does not compromise the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following individuals are members of the registrant's separately designated standing Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Richard L. Fagnani

Laura F. Fergerson

Cecilia H. Herbert

John E. Martinez

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

#### 3

------

---

| | |
|:---|:---|
| ![LOGO](g11791g73l08.jpg)  | **APRIL 30, 2025** |

---

**2025 Annual Financial Statements**<br> **and Additional Information**<br>

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

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedule of Investments](#fin111791_1) | 3 |
|  [Statement of Assets and Liabilities](#fin111791_2) | 7 |
|  [Statement of Operations](#fin111791_3) | 8 |
|  [Statements of Changes in Net Assets](#fin111791_4) | 9 |
|  [Financial Highlights](#fin111791_5) | 10 |
|  [Notes to Financial Statements](#fin111791_6) | 11 |
|  [Report of Independent Registered Public Accounting Firm](#fin111791_7) | 18 |
|  [Important Tax Information](#fin111791_8) | 19 |
|  [Additional Information](#fin111791_9) | 20 |
|  [Glossary of Terms Used in these Financial Statements](#fin111791_10) | 21 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments<br> April 30, 2025 | **iShares**<sup>®</sup> **Core U.S. REIT ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security*<br>| *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Diversified REITs — 2.5%** |  |  |
|  Alexander & Baldwin, Inc. | 183001 | $3143957 |
|  Alpine Income Property Trust, Inc. | 31199 | 482025 |
|  American Assets Trust, Inc. | 120790 | 2262397 |
|  Armada Hoffler Properties, Inc. | 200191 | 1355293 |
|  Broadstone Net Lease, Inc. | 473363 | 7659013 |
|  CTO Realty Growth, Inc. | 73424 | 1341456 |
|  Essential Properties Realty Trust, Inc. | 439579 | 14141256 |
|  Gladstone Commercial Corp. | 110759 | 1565025 |
|  Global Net Lease, Inc. | 503790 | 3803615 |
|  NexPoint Diversified Real Estate Trust | 92012 | 322962 |
|  One Liberty Properties, Inc. | 40684 | 992690 |
|  WP Carey, Inc. | 547916 | 34211875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71281564 |
| **Health Care REITs — 16.9%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 433553 | 31501961 |
|  American Healthcare REIT, Inc. | 380949 | 12297034 |
|  CareTrust REIT, Inc. | 472263 | 13823138 |
|  Community Healthcare Trust, Inc. | 69317 | 1183934 |
|  Diversified Healthcare Trust | 555789 | 1256083 |
|  Global Medical REIT, Inc. | 155345 | 1202370 |
|  Healthcare Realty Trust, Inc. | 893281 | 13872654 |
|  Healthpeak Properties, Inc. | 1766628 | 31516644 |
|  LTC Properties, Inc. | 112212 | 4025045 |
|  Medical Properties Trust, Inc. | 1499429 | 8276848 |
|  National Health Investors, Inc. | 109783 | 8307280 |
|  Omega Healthcare Investors, Inc. | 682002 | 26632178 |
|  Sabra Health Care REIT, Inc. | 594185 | 10606202 |
|  Sila Realty Trust, Inc. | 144096 | 3711913 |
|  Universal Health Realty Income Trust | 32899 | 1257071 |
|  Ventas, Inc. | 1058488 | 74178839 |
|  Welltower, Inc. | 1559053 | 237895897 |
|  |  | 481545091 |
| **Hotel & Resort REITs — 2.4%** |  |  |
|  Apple Hospitality REIT, Inc. | 572445 | 6737678 |
|  Braemar Hotels & Resorts, Inc. | 165091 | 308720 |
|  Chatham Lodging Trust | 123898 | 851179 |
|  DiamondRock Hospitality Co. | 519136 | 3810458 |
|  Host Hotels & Resorts, Inc. | 1762407 | 24885187 |
|  Park Hotels & Resorts, Inc. | 516351 | 5132529 |
|  Pebblebrook Hotel Trust<sup>(a)</sup>  | 299191 | 2707678 |
|  RLJ Lodging Trust | 377299 | 2644866 |
|  Ryman Hospitality Properties, Inc. | 147271 | 12952484 |
|  Service Properties Trust | 421662 | 758992 |
|  Summit Hotel Properties, Inc. | 262408 | 1068001 |
|  Sunstone Hotel Investors, Inc. | 502827 | 4193577 |
|  Xenia Hotels & Resorts, Inc. | 256353 | 2737850 |
|  |  | 68789199 |
| **Industrial REITs — 12.4%** |  |  |
|  Americold Realty Trust, Inc. | 718686 | 13899387 |
|  EastGroup Properties, Inc. | 124204 | 20297418 |
|  First Industrial Realty Trust, Inc. | 333948 | 15889246 |
|  Industrial Logistics Properties Trust | 170753 | 447373 |
|  Innovative Industrial Properties, Inc. | 70638 | 3836350 |
|  Lineage, Inc.<sup>(a)</sup>  | 156101 | 7528751 |
|  LXP Industrial Trust | 730874 | 5766596 |
|  Plymouth Industrial REIT, Inc. | 101628 | 1511208 |
|  Prologis, Inc. | 2337804 | 238923569 |
|  Rexford Industrial Realty, Inc. | 556687 | 18426340 |

---

---

| | | |
|:---|:---|:---|
| *Security*<br>| *Shares* | *Value* |
| **Industrial REITs (continued)** |  |  |
|  STAG Industrial, Inc. | 457633 | $15115618 |
|  Terreno Realty Corp. | 247801 | 13958630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355600486 |
| **Office REITs — 3.8%** |  |  |
|  Brandywine Realty Trust | 428490 | 1696820 |
|  BXP, Inc. | 397103 | 25307374 |
|  City Office REIT, Inc. | 95290 | 484073 |
|  COPT Defense Properties | 283554 | 7403595 |
|  Cousins Properties, Inc. | 422524 | 11636311 |
|  Douglas Emmett, Inc. | 354303 | 4900011 |
|  Easterly Government Properties, Inc. | 100249 | 2022022 |
|  Empire State Realty Trust, Inc., Class A | 343267 | 2444061 |
|  Highwoods Properties, Inc. | 263752 | 7501107 |
|  Hudson Pacific Properties, Inc. | 350243 | 717998 |
|  JBG SMITH Properties | 205037 | 2866417 |
|  Kilroy Realty Corp. | 295908 | 9324061 |
|  NET Lease Office Properties<sup>(a)(b)</sup>  | 37895 | 1145566 |
|  Orion Properties, Inc. | 152890 | 279789 |
|  Paramount Group, Inc.<sup>(a)</sup>  | 466266 | 2000281 |
|  Peakstone Realty Trust, Class E | 93824 | 1079914 |
|  Piedmont Office Realty Trust, Inc., Class A | 311384 | 1840280 |
|  Postal Realty Trust, Inc., Class A | 56983 | 754455 |
|  SL Green Realty Corp. | 180213 | 9481006 |
|  Vornado Realty Trust | 443164 | 15634826 |
|  |  | 108519967 |
| **Residential REITs — 16.9%** |  |  |
|  American Homes 4 Rent, Class A | 853725 | 31920778 |
|  Apartment Investment & Management Co., Class A | 348513 | 2756738 |
|  AvalonBay Communities, Inc. | 358744 | 75329065 |
|  BRT Apartments Corp. | 29680 | 459150 |
|  Camden Property Trust | 261641 | 29774746 |
|  Centerspace | 41686 | 2516167 |
|  Elme Communities | 221752 | 3452679 |
|  Equity LifeStyle Properties, Inc. | 477337 | 30921891 |
|  Equity Residential | 955233 | 67114671 |
|  Essex Property Trust, Inc. | 161435 | 45064580 |
|  Independence Realty Trust, Inc. | 567672 | 11029867 |
|  Invitation Homes, Inc. | 1547570 | 52911418 |
|  Mid-America Apartment Communities, Inc. | 293646 | 46880584 |
|  NexPoint Residential Trust, Inc. | 56463 | 2104941 |
|  Sun Communities, Inc. | 318764 | 39663804 |
|  UDR, Inc. | 830107 | 34764881 |
|  UMH Properties, Inc. | 181651 | 3209773 |
|  Veris Residential, Inc. | 197278 | 3061754 |
|  |  | 482937487 |
| **Retail REITs — 16.7%** |  |  |
|  Acadia Realty Trust | 294552 | 5625943 |
|  Agree Realty Corp. | 257615 | 19993500 |
|  Alexander's, Inc. | 5361 | 1106510 |
|  Brixmor Property Group, Inc. | 757651 | 18873087 |
|  CBL & Associates Properties, Inc. | 55534 | 1303383 |
|  Curbline Properties Corp. | 239030 | 5471397 |
|  Federal Realty Investment Trust | 213465 | 20069979 |
|  FrontView REIT, Inc. | 35612 | 443013 |
|  Getty Realty Corp. | 126579 | 3542946 |
|  InvenTrust Properties Corp. | 194064 | 5406623 |
|  Kimco Realty Corp. | 1665758 | 33281845 |
|  Kite Realty Group Trust | 544053 | 11778748 |
|  Macerich Co. (The) | 627191 | 9194620 |
|  NETSTREIT Corp. | 206027 | 3352059 |
|  NNN REIT, Inc. | 471688 | 19391094 |

---

S C H E D U L E O F I N V E S T M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core U.S. REIT ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security*<br>| *Shares* | *Value* |
| **Retail REITs (continued)** |  |  |
|  Phillips Edison & Co., Inc. | 308448 | $10703146 |
|  Realty Income Corp. | 2204398 | 127546468 |
|  Regency Centers Corp. | 456557 | 32954284 |
|  Saul Centers, Inc. | 27014 | 883358 |
|  Simon Property Group, Inc. | 818253 | 128776657 |
|  SITE Centers Corp. | 120568 | 1427525 |
|  Tanger, Inc. | 271294 | 8548474 |
|  Urban Edge Properties | 314356 | 5680413 |
|  Whitestone REIT | 125428 | 1635581 |
|  |  | 476990653 |
| **Specialized REITs — 28.2%** |  |  |
|  CubeSmart | 565745 | 23008849 |
|  Digital Realty Trust, Inc. | 838090 | 134546969 |
|  EPR Properties | 189205 | 9363755 |
|  Equinix, Inc. | 243842 | 209887002 |
|  Extra Space Storage, Inc. | 528930 | 77498824 |
|  Farmland Partners, Inc. | 112186 | 1128591 |
|  Four Corners Property Trust, Inc. | 242352 | 6773738 |
|  Gaming & Leisure Properties, Inc. | 658617 | 31521410 |
|  Gladstone Land Corp. | 86637 | 860305 |
|  Iron Mountain, Inc. | 736305 | 66024469 |
|  Lamar Advertising Co., Class A | 220181 | 25058800 |
|  National Storage Affiliates Trust | 176917 | 6581312 |
|  Outfront Media, Inc. | 363456 | 5499089 |
|  Public Storage | 399981 | 120166292 |
|  Safehold, Inc. | 130587 | 2056745 |
|  VICI Properties, Inc. | 2664443 | 85315465 |
|  |  | 805291615 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $2,997,047,360)** |  | 2850956062 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.4%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(c)(d)(e)</sup>  | 5871293 | $5873641 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%<sup>(c)(d)</sup>  | 5262548 | 5262548 |
|  **Total Short-Term Securities — 0.4%<br>(Cost: $11,136,056)** |  | 11136189 |
|  **Total Investments — 100.2%<br>(Cost: $3,008,183,416)** |  | 2862092251 |
|  **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (4797682) |
|  **Net Assets — 100.0%** |  | $2857294569 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer*<br>| *Value at<br>04/30/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain<br>(Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>04/30/25* | *Shares<br>Held at<br>04/30/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $2558636 | $3319592 <sup>(a)</sup> | $— | $(4384) | $(203) | $5873641 | 5871293 | $78132 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 6904914 |  | (1642366)<sup>(a)</sup> |  |  | 5262548 | 5262548 | 341568 |  |
|  |  |  |  | $(4384) | $(203) | $11136189 |  | $419700 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

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

4 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core U.S. REIT ETF** |

---

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow Jones U.S. Real Estate Index | 181 | 06/20/25 | $6500 | $20522 |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $20522 | $— | $— | $— | $20522 |

---

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

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(722770) | $— | $— | $— | $(722770) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $491025 | $— | $— | $— | $491025 |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $6995638 |

---

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

S C H E D U L E O F I N V E S T M E N T S 5

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core U.S. REIT ETF** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $2850956062 | $— | $— | $2850956062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 11136189 |  |  | 11136189 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862092251 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862092251 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $20522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $20522 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

6 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statement of Assets and Liabilities

April 30, 2025

---

| | |
|:---|:---|
|  | iShares<br> Core U.S. REIT ETF |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $2850956062 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 11136189 |
|  Cash | 110 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 417000 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 762119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 23861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 27371 |
|  Total assets | 2863324597 |
|  **LIABILITIES** |  |
|  Collateral on securities loaned | 5849150 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 180878 |
|  Total liabilities | 6030028 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $2857294569 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $3055373969 |
|  Accumulated loss | (198079400) |
|  NET ASSETS | $2857294569 |
|  **NET ASSET VALUE** |  |
|  Shares outstanding | $51000000 |
|  Net asset value | $56.03 |
|  Shares authorized | Unlimited |
|  Par value |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $2997047360 |
|  <sup>(b) </sup>Securities loaned, at value | $5291647 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $11136056 |

---

*See notes to financial statements.* 

S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S 7

------

Statement of Operations

Year Ended April 30, 2025

---

| | |
|:---|:---|
|  | iShares<br> Core U.S. REIT ETF |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $83405481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 341568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 2927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 78132 |
|  Total investment income | 83828108 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 2168686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 28 |
|  Total expenses | 2168714 |
|  Net investment income | 81659394 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (17171576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (4384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (722770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | 54672074 |
|  | 36773344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 211193498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 491025 |
|  | 211684320 |
|  Net realized and unrealized gain | 248457664 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $330117058 |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

8 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF |
|  | Year Ended<br> 04/30/25 | Year Ended<br> 04/30/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $81659394 | $72517108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 36773344 | 24029229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 211684320 | (59524903) |
|  Net increase in net assets resulting from operations | 330117058 | 37021434 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (76166281) | (68921006) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 365462812 | 378443147 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 619413589 | 346543575 |
|  Beginning of year | 2237880980 | 1891337405 |
|  End of year | $2857294569 | $2237880980 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 9

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF |
|  | Year Ended<br> 04/30/25 | Year Ended<br> 04/30/24 | Year Ended<br> 04/30/23 | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 |
|  **Net asset value, beginning of year** | $50.06 | $50.84 | $61.83 | $56.60 | $42.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.73 | 1.77 | 1.71 | 1.24 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | 5.85 | (0.85) | (10.95) | 5.45 | 14.39 |
|  Net increase (decrease) from investment operations | 7.58 | 0.92 | (9.24) | 6.69 | 15.56 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.61) | (1.70) | (1.75) | (1.43) | (1.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.03) |  |
|  Total distributions | (1.61) | (1.70) | (1.75) | (1.46) | (1.41) |
|  **Net asset value, end of year** | $56.03 | $50.06 | $50.84 | $61.83 | $56.60 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 15.03% | 1.82% | (14.84)% | 11.82% | 37.43% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
|  Net investment income | 3.01% | 3.47% | 3.24% | 2.00% | 2.48% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $2857295 | $2237881 | $1891337 | $2318550 | $1986692 |
|  Portfolio turnover rate<sup>(f)</sup>  | 7% | 5% | 8% | 9% | 5% |

---

<sup>(a)</sup> Based on average shares outstanding.

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

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

10 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements

*1. ORGANIZATION* 

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

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

<u>*iShares ETF*</u>   <u>*Diversification<br>Classification*</u> <br> <u> Core U.S. REIT</u>   <u>Diversified</u>

*2. SIGNIFICANT ACCOUNTING POLICIES* 

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

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

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

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

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

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

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

**Segment Reporting:** The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 11

------

Notes to Financial Statements (continued)

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

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

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

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

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

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

*4. SECURITIES AND OTHER INVESTMENTS* 

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

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

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

12 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *Counterparty* | *Securities<br>Loaned at Value* | *Cash<br>Collateral Received <br><sup>(a)</sup>* |  | *Net<br>Amount* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | $25726 | $(25726) | $– | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Securities, Inc. | 1972607 | (1972607) | – |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc. | 1260034 | (1260034) | – |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 1974455 | (1974455) | – |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Financial Services LLC | 58825 | (58825) | – |  |
|  | $5291647 | $(5291647) | $– | $— |

---

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

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

*5. DERIVATIVE FINANCIAL INSTRUMENTS* 

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

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

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

*6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES* 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Core U.S. REIT | 0.08% |

---

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

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 13

------

Notes to Financial Statements (continued)

managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SLAgency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% 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.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, the Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income - affiliated - net in its Statement of Operations. For the year ended April 30, 2025, the Fund paid BTC $21,727 for securities lending agent services.

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

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

For the year ended April 30, 2025, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized* <br> *Gain (Loss)*  |
|  Core U.S. REIT | $13335248 | $22547736 | $(3858334) |

---

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

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

*7. PURCHASES AND SALES* 

For the year ended April 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Core U.S. REIT | $230853775 | $190128261 |

---

For the year ended April 30, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind*<br> *Sales* |
|  Core U.S. REIT | $626949663 | $290270407 |

---

14 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

*8. INCOME TAX INFORMATION* 

The Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute 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 Fund as of April 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  Core U.S. REIT | $54337339 | $(54337339) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>04/30/25* | *Year Ended<br>04/30/24* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $76166281 | $68921006 |

---

As of April 30, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Total* |
|  <br> Core U.S. REIT | $9190828 | $(32683125) | $(174587103) | $(198079400) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the characterization of corporate actions and undistributed capital gains from underlying REIT investments. 

As of April 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Core U.S. REIT | $3039242194 | $192001420 | $(369151363) | $(177149943) |

---

*9. PRINCIPAL RISKS* 

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

BFA uses an indexing approach to try to achieve the Fund's investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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

**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,

N O T E S T O F I N A N C I A L S T A T E M E N T S 15

------

Notes to Financial Statements (continued)

market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, 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 Fund.

**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 the Fund's portfolio are disclosed in its Schedule of Investments.

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

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

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

**10.**  ***CAPITAL SHARE TRANSACTIONS*** 

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 04/30/25  | Year Ended<br> 04/30/25  | Year Ended<br> 04/30/24  | Year Ended<br> 04/30/24  |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 11000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634727230 | 13100000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659303907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4700000) | (269264418) | (5600000) | (280860760) |
|  | 6300000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365462812 | 7500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378443147 |

---

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. Authorized Participants 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. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to

16 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

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.

To the extent applicable, to facilitate the timely settlement of orders for the Fund using a clearing facility outside of the continuous net settlement process, the Fund, at its sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, the Fund's custodian, and the Fund. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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

**11.**  ***SUBSEQUENT EVENTS*** 

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

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

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of iShares Core U.S. REIT ETF

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Core U.S. REIT ETF (one of the funds constituting iShares Trust, referred to hereafter as the "Fund") as of April 30, 2025, the related statement of operations for the year ended April 30, 2025, the statement of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2025 and the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 24, 2025

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

18 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, is hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend<br>Income* |
|  iShares Core U.S. REIT ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356163 |

---

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business<br>Income* |
|  iShares Core U.S. REIT ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82048169 |

---

I M P O R T A N T T A X I N F O R M A T I O N 19

------

Additional Information

#### Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com.**

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

To enroll in electronic delivery:

• Go to **icsdelivery.com.** 

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

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

#### Availability of Portfolio Holdings Information
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, when available, at **iShares.com.**

20 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| Portfolio Abbreviation | Portfolio Abbreviation |
| REIT | Real Estate Investment Trust |

---

G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 21

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

### Want to know more?
**iShares.com** \| 1-800-474-2737

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

#### Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

---

| | |
|:---|:---|
| ![LOGO](g11791g73l08.jpg)  | ![LOGO](g11791g43e33.gif) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g11791g73l08.jpg)  | **APRIL 30, 2025** |

---

**2025 Annual Financial Statements**<br> **and Additional Information**<br>

#### iShares Trust
· iShares Core Dividend ETF \| DIVB \| Cboe BZX Exchange

· iShares Core Dividend Growth ETF \| DGRO \| NYSE Arca

· iShares Core High Dividend ETF \| HDV \| NYSE Arca

· iShares Select Dividend ETF \| DVY \| NASDAQ

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedules of Investments](#fin211791_1) | 3 |
|  [Statements of Assets and Liabilities](#fin211791_2) | 24 |
|  [Statements of Operations](#fin211791_3) | 25 |
|  [Statements of Changes in Net Assets](#fin211791_4) | 26 |
|  [Financial Highlights](#fin211791_5) | 28 |
|  [Notes to Financial Statements](#fin211791_6) | 32 |
|  [Report of Independent Registered Public Accounting Firm](#fin211791_7) | 40 |
|  [Important Tax Information](#fin211791_8) | 41 |
|  [Additional Information](#fin211791_9) | 42 |
|  [Glossary of Terms Used in these Financial Statements](#fin211791_10) | 44 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments<br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
|  Huntington Ingalls Industries, Inc. | 1405 | $323628 |
|  L3Harris Technologies, Inc. | 5598 | 1231672 |
|  Lockheed Martin Corp. | 12436 | 5941299 |
|  Northrop Grumman Corp. | 5475 | 2663587 |
|  RTX Corp. | 64453 | 8129457 |
|  |  | 18289643 |
| **Air Freight & Logistics — 1.0%** |  |  |
|  CH Robinson Worldwide, Inc. | 2716 | 242321 |
|  Expeditors International of Washington, Inc. | 8800 | 967208 |
|  FedEx Corp. | 10909 | 2294490 |
|  United Parcel Service, Inc., Class B | 42202 | 4021851 |
|  |  | 7525870 |
| **Automobile Components — 0.1%** |  |  |
|  Autoliv, Inc. | 5191 | 483957 |
|  Lear Corp. | 4663 | 399852 |
|  |  | 883809 |
| **Automobiles — 0.5%** |  |  |
|  Ford Motor Co. | 285559 | 2858445 |
|  Harley-Davidson, Inc. | 15257 | 342062 |
|  Thor Industries, Inc. | 1564 | 113265 |
|  |  | 3313772 |
| **Banks — 10.5%** |  |  |
|  Bank of America Corp. | 302918 | 12080370 |
|  Bank OZK | 4825 | 205545 |
|  BOK Financial Corp. | 941 | 87673 |
|  Cadence Bank | 353 | 10329 |
|  Cathay General Bancorp | 1460 | 60867 |
|  Citigroup, Inc. | 77246 | 5282081 |
|  Citizens Financial Group, Inc. | 35383 | 1305279 |
|  Columbia Banking System, Inc. | 11084 | 248503 |
|  Comerica, Inc. | 6334 | 340452 |
|  Commerce Bancshares, Inc. | 3476 | 211132 |
|  Cullen/Frost Bankers, Inc. | 1874 | 218265 |
|  East West Bancorp, Inc. | 4551 | 389338 |
|  Fifth Third Bancorp | 29883 | 1073995 |
|  First Financial Bankshares, Inc. | 2469 | 82736 |
|  First Hawaiian, Inc. | 4570 | 104470 |
|  First Horizon Corp. | 28471 | 514756 |
|  FNB Corp. | 12029 | 157460 |
|  Glacier Bancorp, Inc. | 2894 | 117959 |
|  Hancock Whitney Corp. | 3190 | 166167 |
|  Home BancShares, Inc. | 7308 | 202797 |
|  Huntington Bancshares, Inc. | 51702 | 751230 |
|  International Bancshares Corp. | 882 | 53837 |
|  JPMorgan Chase & Co. | 99425 | 24321343 |
|  KeyCorp | 44362 | 658332 |
|  M&T Bank Corp. | 6673 | 1132808 |
|  Old National Bancorp | 8827 | 181748 |
|  PNC Financial Services Group, Inc. (The) | 14965 | 2404726 |
|  Popular, Inc. | 1907 | 181966 |
|  Prosperity Bancshares, Inc. | 3404 | 231132 |
|  Regions Financial Corp. | 48143 | 982599 |
|  SouthState Corp. | 2142 | 185883 |
|  Synovus Financial Corp. | 7590 | 328799 |
|  Truist Financial Corp. | 65749 | 2520817 |
|  U.S. Bancorp | 53147 | 2143950 |
|  United Bankshares, Inc. | 5006 | 171656 |
|  United Community Banks, Inc. | 3219 | 88877 |
|  Valley National Bancorp | 2811 | 24175 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  Webster Financial Corp. | 6343 | $300024 |
|  Wells Fargo & Co. | 246305 | 17490118 |
|  Western Alliance Bancorp | 2084 | 145276 |
|  Zions Bancorp N.A. | 5167 | 232360 |
|  |  | 77391830 |
| **Beverages — 2.2%** |  |  |
|  Coca-Cola Co. (The) | 104145 | 7555720 |
|  Keurig Dr. Pepper, Inc. | 42542 | 1471528 |
|  Molson Coors Beverage Co., Class B | 9748 | 560802 |
|  PepsiCo, Inc. | 46292 | 6276269 |
|  |  | 15864319 |
| **Biotechnology — 2.3%** |  |  |
|  AbbVie, Inc. | 50329 | 9819188 |
|  Amgen, Inc. | 13192 | 3837816 |
|  Gilead Sciences, Inc. | 33146 | 3531375 |
|  |  | 17188379 |
| **Broadline Retail — 0.4%** |  |  |
|  eBay, Inc. | 34333 | 2340137 |
|  Macy's, Inc. | 13123 | 149865 |
|  Nordstrom, Inc. | 3284 | 79276 |
|  |  | 2569278 |
| **Building Products — 0.4%** |  |  |
| A. O. Smith Corp. | 5851 | 397049 |
|  Johnson Controls International PLC | 21037 | 1765004 |
|  Masco Corp. | 9455 | 573068 |
|  |  | 2735121 |
| **Capital Markets — 5.1%** |  |  |
|  Ameriprise Financial, Inc. | 4867 | 2292454 |
|  Ares Management Corp., Class A | 2925 | 446150 |
|  Artisan Partners Asset Management, Inc., Class A | 4006 | 148142 |
|  Bank of New York Mellon Corp. (The) | 41614 | 3346182 |
|  BlackRock, Inc.<sup>(a)</sup>  | 4279 | 3912119 |
|  Blackstone, Inc., Class A | 19987 | 2632488 |
|  Blue Owl Capital, Inc., Class A | 15936 | 295294 |
|  Carlyle Group, Inc. (The) | 10663 | 412018 |
|  CME Group, Inc., Class A | 11911 | 3300300 |
|  Cohen & Steers, Inc. | 582 | 44418 |
|  Evercore, Inc., Class A | 2121 | 435420 |
|  Federated Hermes, Inc., Class B | 5793 | 235254 |
|  Franklin Resources, Inc. | 20611 | 386662 |
|  Goldman Sachs Group, Inc. (The) | 16264 | 8905353 |
|  Invesco Ltd. | 19470 | 271217 |
|  Janus Henderson Group PLC | 4937 | 163958 |
|  Jefferies Financial Group, Inc. | 5147 | 240519 |
|  Moelis & Co., Class A | 1345 | 72065 |
|  Morgan Stanley | 61410 | 7087942 |
|  Northern Trust Corp. | 10730 | 1008406 |
|  Stifel Financial Corp. | 4684 | 401372 |
|  T Rowe Price Group, Inc. | 12227 | 1082701 |
|  Victory Capital Holdings, Inc., Class A | 2523 | 144543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37264977 |
| **Chemicals — 1.0%** |  |  |
|  Air Products & Chemicals, Inc. | 4413 | 1196320 |
|  Ashland, Inc. | 5981 | 325307 |
|  Avient Corp. | 2292 | 76346 |
|  CF Industries Holdings, Inc. | 14954 | 1171945 |
|  Dow, Inc. | 54231 | 1658926 |
|  Eastman Chemical Co. | 5691 | 438207 |
|  FMC Corp. | 6789 | 284595 |
|  International Flavors & Fragrances, Inc. | 4152 | 325766 |

---

S C H E D U L E O F I N V E S T M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Chemicals (continued)** |  |  |  |
|  LyondellBasell Industries NV, Class A | 17549 | $| 1021527 |
|  NewMarket Corp. | 179 |  | 110139 |
|  PPG Industries, Inc. | 7890 |  | 858905 |
|  Scotts Miracle-Gro Co. (The) | 1636 |  | 82422 |
|  Sensient Technologies Corp. | 726 |  | 68208 |
|  |  |  | 7618613 |
| **Commercial Services & Supplies — 0.0%** |  |  |  |
|  ABM Industries, Inc. | 2914 |  | 142028 |
| **Communications Equipment — 5.0%** |  |  |  |
|  Cisco Systems, Inc. | 609315 |  | 35175755 |
|  Juniper Networks, Inc. | 47660 |  | 1731011 |
|  |  |  | 36906766 |
| **Construction Materials — 0.3%** |  |  |  |
|  CRH PLC | 26904 |  | 2567180 |
| **Consumer Finance — 0.5%** |  |  |  |
|  Ally Financial, Inc. | 8909 |  | 290968 |
|  Capital One Financial Corp. | 6745 |  | 1215854 |
|  Discover Financial Services | 8612 |  | 1573154 |
|  OneMain Holdings, Inc. | 10322 |  | 485856 |
|  |  |  | 3565832 |
| **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** |
|  Albertsons Cos., Inc., Class A | 7977 |  | 175334 |
|  Dollar General Corp. | 5678 |  | 531972 |
|  Kroger Co. (The) | 10826 |  | 781746 |
|  Sysco Corp. | 21022 |  | 1500971 |
|  Target Corp. | 17763 |  | 1717682 |
|  Walgreens Boots Alliance, Inc. | 55257 |  | 606169 |
|  |  |  | 5313874 |
| **Containers & Packaging — 0.4%** |  |  |  |
|  Amcor PLC | 83413 |  | 767400 |
|  International Paper Co. | 17752 |  | 810911 |
|  Packaging Corp. of America | 2081 |  | 386254 |
|  Sealed Air Corp. | 2314 |  | 63774 |
|  Smurfit WestRock PLC | 22122 |  | 929567 |
|  Sonoco Products Co. | 3872 |  | 158752 |
|  |  |  | 3116658 |
| **Distributors — 0.1%** |  |  |  |
|  Genuine Parts Co. | 5154 |  | 605853 |
|  LKQ Corp. | 10063 |  | 384507 |
|  |  |  | 990360 |
| **Diversified Consumer Services — 0.2%** |  |  |  |
|  ADT, Inc. | 13943 |  | 111823 |
|  H&R Block, Inc. | 11521 |  | 695523 |
|  Service Corp. International | 5844 |  | 466935 |
|  |  |  | 1274281 |
| **Diversified REITs — 0.1%** |  |  |  |
|  WP Carey, Inc. | 10097 |  | 630457 |
| **Diversified Telecommunication Services — 4.0%** | **Diversified Telecommunication Services — 4.0%** | **Diversified Telecommunication Services — 4.0%** | **Diversified Telecommunication Services — 4.0%** |
|  AT&T Inc. | 441548 |  | 12230880 |
|  Cogent Communications Holdings, Inc. | 3569 |  | 193975 |
|  Iridium Communications, Inc. | 17935 |  | 432771 |
|  Verizon Communications, Inc. | 368846 |  | 16251355 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29108981 |
| **Electric Utilities — 2.2%** |  |  |  |
|  ALLETE, Inc. | 1856 |  | 121549 |
|  Alliant Energy Corp. | 4820 |  | 294213 |
|  American Electric Power Co., Inc. | 9239 |  | 1000953 |
|  Duke Energy Corp. | 21193 |  | 2585970 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Electric Utilities (continued)** |  |  |  |
|  Edison International | 19405 | $| 1038362 |
|  Entergy Corp. | 8736 |  | 726573 |
|  Evergy, Inc. | 7669 |  | 529928 |
|  Eversource Energy | 7688 |  | 457282 |
|  Exelon Corp. | 26867 |  | 1260062 |
|  FirstEnergy Corp. | 18742 |  | 803657 |
|  IDACORP, Inc. | 201 |  | 23736 |
|  MGE Energy, Inc. | 644 |  | 58231 |
|  NextEra Energy, Inc. | 23171 |  | 1549677 |
|  NRG Energy, Inc. | 12442 |  | 1363394 |
|  OGE Energy Corp. | 6589 |  | 299009 |
|  Otter Tail Corp. | 873 |  | 69299 |
|  Pinnacle West Capital Corp. | 2196 |  | 209015 |
|  PPL Corp. | 18328 |  | 668972 |
|  Southern Co. (The) | 28298 |  | 2600303 |
|  TXNM Energy, Inc. | 125 |  | 6650 |
|  Xcel Energy, Inc. | 6748 |  | 477084 |
|  |  |  | 16143919 |
| **Electrical Equipment — 0.3%** |  |  |  |
|  Emerson Electric Co. | 15461 |  | 1625105 |
|  Rockwell Automation, Inc. | 3207 |  | 794310 |
|  |  |  | 2419415 |
| **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
|  Avnet, Inc. | 23502 |  | 1104359 |
|  Corning, Inc. | 83368 |  | 3699872 |
|  TE Connectivity PLC | 64252 |  | 9405208 |
|  |  |  | 14209439 |
| **Energy Equipment & Services — 0.3%** |  |  |  |
|  Baker Hughes Co., Class A | 19997 |  | 707894 |
|  Helmerich & Payne, Inc. | 6253 |  | 118119 |
|  Patterson-UTI Energy, Inc. | 25448 |  | 143527 |
|  Schlumberger NV | 41610 |  | 1383532 |
|  |  |  | 2353072 |
| **Entertainment — 0.0%** |  |  |  |
|  Warner Music Group Corp., Class A | 4160 |  | 126672 |
| **Financial Services — 2.3%** |  |  |  |
|  Enact Holdings, Inc. | 4032 |  | 144305 |
|  Equitable Holdings, Inc. | 4476 |  | 221338 |
|  Essent Group Ltd. | 3261 |  | 185649 |
|  Fidelity National Information Services, Inc. | 180104 |  | 14206604 |
|  Global Payments, Inc. | 11395 |  | 869552 |
|  MGIC Investment Corp. | 22204 |  | 553102 |
|  Radian Group, Inc. | 9637 |  | 307806 |
|  TFS Financial Corp. | 4073 |  | 52786 |
|  Voya Financial, Inc. | 8666 |  | 513027 |
|  Walker & Dunlop, Inc. | 1035 |  | 79219 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17133388 |
| **Food Products — 1.8%** |  |  |  |
|  Bunge Global SA | 13969 |  | 1099640 |
|  Conagra Brands, Inc. | 22254 |  | 549896 |
|  Flowers Foods, Inc. | 10009 |  | 176058 |
|  General Mills, Inc. | 39832 |  | 2260068 |
|  Hershey Co. (The) | 5756 |  | 962346 |
|  Hormel Foods Corp. | 9174 |  | 274303 |
|  Ingredion, Inc. | 2416 |  | 320893 |
|  J M Smucker Co. (The) | 6136 |  | 713433 |
|  Kellanova | 5670 |  | 469306 |
|  Kraft Heinz Co. (The) | 52866 |  | 1538400 |
|  McCormick & Co., Inc., NVS | 4812 |  | 368888 |
|  Mondelez International, Inc., Class A | 55105 |  | 3754304 |

---

4 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Food Products (continued)** |  |  |
|  The Campbell's Co. | 7641 | $278591 |
|  Tyson Foods, Inc., Class A | 8269 | 506393 |
|  |  | 13272519 |
| **Gas Utilities — 0.1%** |  |  |
|  MDU Resources Group, Inc. | 5111 | 87602 |
|  National Fuel Gas Co. | 2020 | 155096 |
|  New Jersey Resources Corp. | 1936 | 94748 |
|  UGI Corp. | 8181 | 268255 |
|  |  | 605701 |
| **Ground Transportation — 1.1%** |  |  |
|  CSX Corp. | 105916 | 2973062 |
|  Norfolk Southern Corp. | 5430 | 1216591 |
|  Ryder System, Inc. | 2795 | 384788 |
|  Union Pacific Corp. | 15003 | 3235547 |
|  |  | 7809988 |
| **Health Care Equipment & Supplies — 1.3%** |  |  |
|  Abbott Laboratories | 32502 | 4249636 |
|  Baxter International, Inc. | 11165 | 348013 |
|  DENTSPLY SIRONA, Inc. | 21870 | 303993 |
|  Medtronic PLC | 52002 | 4407690 |
|  |  | 9309332 |
| **Health Care Providers & Services — 1.7%** |  |  |
|  Cardinal Health, Inc. | 9376 | 1324735 |
|  Cigna Group (The) | 15715 | 5343729 |
|  CVS Health Corp. | 74403 | 4963424 |
|  Labcorp Holdings, Inc. | 3022 | 728332 |
|  Quest Diagnostics, Inc. | 2673 | 476382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12836602 |
| **Health Care REITs — 0.2%** |  |  |
|  Healthcare Realty Trust, Inc. | 34860 | 541376 |
|  Healthpeak Properties, Inc. | 38688 | 690194 |
|  National Health Investors, Inc. | 962 | 72794 |
|  Sabra Health Care REIT, Inc. | 11046 | 197171 |
|  |  | 1501535 |
| **Hotel & Resort REITs — 0.1%** |  |  |
|  Apple Hospitality REIT, Inc. | 7800 | 91806 |
|  Host Hotels & Resorts, Inc. | 38331 | 541234 |
|  Ryman Hospitality Properties, Inc. | 671 | 59014 |
|  |  | 692054 |
| **Hotels, Restaurants & Leisure — 1.6%** |  |  |
|  Boyd Gaming Corp. | 5434 | 375707 |
|  Choice Hotels International, Inc. | 1534 | 193453 |
|  Darden Restaurants, Inc. | 4438 | 890440 |
|  McDonald's Corp. | 21438 | 6852657 |
|  Red Rock Resorts, Inc., Class A | 1262 | 53887 |
|  Starbucks Corp. | 29834 | 2388212 |
|  Wendy's Co. (The) | 14387 | 179837 |
|  Wyndham Hotels & Resorts, Inc. | 4325 | 368922 |
|  Yum! Brands, Inc. | 5413 | 814332 |
|  |  | 12117447 |
| **Household Durables — 0.0%** |  |  |
|  KB Home | 5356 | 289385 |
|  Newell Brands, Inc. | 13385 | 63980 |
|  |  | 353365 |
| **Household Products — 2.3%** |  |  |
|  Clorox Co. (The) | 4063 | 578165 |
|  Colgate-Palmolive Co. | 27816 | 2564357 |
|  Kimberly-Clark Corp. | 13427 | 1769410 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Household Products (continued)** |  |  |  |
|  Procter & Gamble Co. (The) | 72746 | $| 11826317 |
|  Reynolds Consumer Products, Inc. | 1624 |  | 37352 |
|  |  |  | 16775601 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  AES Corp. (The) | 34275 |  | 342750 |
|  Clearway Energy, Inc., Class A | 1870 |  | 51145 |
|  Clearway Energy, Inc., Class C | 3736 |  | 109614 |
|  |  |  | 503509 |
| **Industrial Conglomerates — 0.9%** |  |  |  |
|  3M Co. | 13522 |  | 1878341 |
|  Honeywell International, Inc. | 20779 |  | 4373980 |
|  |  |  | 6252321 |
| **Industrial REITs — 0.4%** |  |  |  |
|  Americold Realty Trust, Inc. | 1563 |  | 30228 |
|  First Industrial Realty Trust, Inc. | 2577 |  | 122614 |
|  Innovative Industrial Properties, Inc. | 2321 |  | 126053 |
|  Prologis, Inc. | 25280 |  | 2583616 |
|  STAG Industrial, Inc. | 3428 |  | 113227 |
|  |  |  | 2975738 |
| **Insurance — 3.3%** |  |  |  |
|  Aflac, Inc. | 27514 |  | 2990221 |
|  Allstate Corp. (The) | 4737 |  | 939773 |
|  American Financial Group, Inc. | 2103 |  | 266366 |
|  American International Group, Inc. | 58704 |  | 4785550 |
|  Assurant, Inc. | 2286 |  | 440604 |
|  Assured Guaranty Ltd. | 4035 |  | 353991 |
|  Axis Capital Holdings Ltd. | 2030 |  | 195530 |
|  Cincinnati Financial Corp. | 3696 |  | 514520 |
|  CNO Financial Group, Inc. | 5929 |  | 224946 |
|  F&G Annuities & Life, Inc. | 295 |  | 10269 |
|  Fidelity National Financial, Inc., Class A | 6771 |  | 433682 |
|  First American Financial Corp. | 3846 |  | 233875 |
|  Hanover Insurance Group, Inc. (The) | 685 |  | 113778 |
|  Hartford Insurance Group, Inc. (The) | 15144 |  | 1857714 |
|  Kemper Corp. | 1188 |  | 70235 |
|  Mercury General Corp. | 538 |  | 29816 |
|  MetLife, Inc. | 41932 |  | 3160415 |
|  Old Republic International Corp. | 22211 |  | 835134 |
|  Principal Financial Group, Inc. | 14926 |  | 1106763 |
|  Prudential Financial, Inc. | 22077 |  | 2267529 |
|  Travelers Cos., Inc. (The) | 6566 |  | 1734278 |
|  Unum Group | 8521 |  | 661741 |
|  Willis Towers Watson PLC | 3307 |  | 1017895 |
|  |  |  | 24244625 |
| **IT Services — 7.2%** |  |  |  |
|  Accenture PLC, Class A | 77890 |  | 23300794 |
|  Cognizant Technology Solutions Corp., Class A | 72723 |  | 5350231 |
|  International Business Machines Corp. | 102026 |  | 24671927 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53322952 |
| **Leisure Products — 0.1%** |  |  |  |
|  Acushnet Holdings Corp. | 1824 |  | 120785 |
|  Brunswick Corp. | 5086 |  | 234210 |
|  Hasbro, Inc. | 5066 |  | 313586 |
|  Polaris, Inc. | 4952 |  | 168170 |
|  |  |  | 836751 |
| **Machinery — 2.3%** |  |  |  |
|  Caterpillar, Inc. | 21923 |  | 6780126 |
|  CNH Industrial NV | 60178 |  | 696259 |
|  Cummins, Inc. | 2475 |  | 727254 |

---

S C H E D U L E O F I N V E S T M E N T S 5

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Machinery (continued)** |  |  |  |
|  Deere & Co. | 10987 | $| 5093134 |
|  Illinois Tool Works, Inc. | 10325 |  | 2477071 |
|  Snap-on, Inc. | 1842 |  | 578038 |
|  Stanley Black & Decker, Inc. | 5047 |  | 302921 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16654803 |
| **Media — 0.4%** |  |  |  |
|  Interpublic Group of Cos., Inc. (The) | 41875 |  | 1051900 |
|  Omnicom Group, Inc. | 17744 |  | 1351383 |
|  Sirius XM Holdings, Inc. | 22061 |  | 472547 |
|  |  |  | 2875830 |
| **Metals & Mining — 0.7%** |  |  |  |
|  Newmont Corp. | 33155 |  | 1746605 |
|  Nucor Corp. | 14961 |  | 1785895 |
|  Southern Copper Corp. | 2226 |  | 199272 |
|  Steel Dynamics, Inc. | 10055 |  | 1304234 |
|  |  |  | 5036006 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
|  Rithm Capital Corp. | 25439 |  | 284408 |
|  Starwood Property Trust, Inc. | 17144 |  | 328993 |
|  |  |  | 613401 |
| **Multi-Utilities — 1.0%** |  |  |  |
|  Ameren Corp. | 3492 |  | 346546 |
|  Avista Corp. | 1254 |  | 52003 |
|  CenterPoint Energy, Inc. | 6773 |  | 262657 |
|  CMS Energy Corp. | 4403 |  | 324281 |
|  Consolidated Edison, Inc. | 13318 |  | 1501605 |
|  Dominion Energy, Inc. | 28097 |  | 1527915 |
|  DTE Energy Co. | 5310 |  | 727470 |
|  NiSource, Inc. | 4876 |  | 190700 |
|  Public Service Enterprise Group, Inc. | 12447 |  | 994889 |
|  Sempra | 11063 |  | 821649 |
|  WEC Energy Group, Inc. | 7895 |  | 864660 |
|  |  |  | 7614375 |
| **Office REITs — 0.1%** |  |  |  |
|  BXP, Inc. | 7715 |  | 491677 |
|  COPT Defense Properties | 3730 |  | 97390 |
|  Kilroy Realty Corp. | 6699 |  | 211086 |
|  SL Green Realty Corp. | 594 |  | 31250 |
|  |  |  | 831403 |
| **Oil, Gas & Consumable Fuels — 7.5%** |  |  |  |
|  Antero Midstream Corp. | 12265 |  | 202986 |
|  APA Corp. | 20303 |  | 315509 |
|  California Resources Corp. | 2640 |  | 91106 |
|  Chevron Corp. | 97740 |  | 13298504 |
|  Chord Energy Corp. | 5416 |  | 488686 |
|  Civitas Resources, Inc. | 10819 |  | 294818 |
|  ConocoPhillips | 57951 |  | 5164593 |
|  Coterra Energy, Inc. | 22771 |  | 559256 |
|  Devon Energy Corp. | 33947 |  | 1032328 |
|  Diamondback Energy, Inc. | 8332 |  | 1099907 |
|  DT Midstream, Inc. | 683 |  | 66388 |
|  EOG Resources, Inc. | 20324 |  | 2242347 |
|  Expand Energy Corp. | 3780 |  | 392742 |
|  Exxon Mobil Corp. | 195185 |  | 20617391 |
|  Kinder Morgan, Inc. | 56617 |  | 1489027 |
|  Magnolia Oil & Gas Corp., Class A | 8058 |  | 165431 |
|  Murphy Oil Corp. | 9815 |  | 201502 |
|  ONEOK, Inc. | 16373 |  | 1345206 |
|  Ovintiv, Inc. | 12882 |  | 432577 |
|  PBF Energy, Inc., Class A | 14354 |  | 246602 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |  |
|  Peabody Energy Corp. | 14027 | $| 173093 |
|  Permian Resources Corp., Class A | 19048 |  | 224766 |
|  Phillips 66 | 26697 |  | 2778090 |
|  Targa Resources Corp. | 4130 |  | 705817 |
|  Williams Cos., Inc. (The) | 25330 |  | 1483578 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55112250 |
| **Paper & Forest Products — 0.0%** |  |  |  |
|  Louisiana-Pacific Corp. | 1481 |  | 127825 |
| **Passenger Airlines — 0.1%** |  |  |  |
|  Southwest Airlines Co. | 15264 |  | 426781 |
| **Personal Care Products — 0.1%** |  |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 6323 |  | 379127 |
|  Interparfums, Inc. | 377 |  | 41168 |
|  |  |  | 420295 |
| **Pharmaceuticals — 4.3%** |  |  |  |
|  Bristol-Myers Squibb Co. | 103397 |  | 5190529 |
|  Johnson & Johnson | 68732 |  | 10743499 |
|  Merck & Co., Inc. | 81330 |  | 6929316 |
|  Organon & Co. | 16305 |  | 210824 |
|  Perrigo Co. PLC | 4204 |  | 108127 |
|  Pfizer, Inc. | 306837 |  | 7489891 |
|  Royalty Pharma PLC, Class A | 14884 |  | 488493 |
|  Viatris, Inc. | 73003 |  | 614685 |
|  |  |  | 31775364 |
| **Professional Services — 3.0%** |  |  |  |
|  Automatic Data Processing, Inc. | 48612 |  | 14612767 |
|  Dun & Bradstreet Holdings, Inc. | 6450 |  | 57857 |
|  Genpact Ltd. | 24187 |  | 1215639 |
|  Insperity, Inc. | 1619 |  | 105251 |
|  ManpowerGroup, Inc. | 4213 |  | 181454 |
|  Paychex, Inc. | 38486 |  | 5662060 |
|  Robert Half, Inc. | 7494 |  | 331984 |
|  |  |  | 22167012 |
| **Residential REITs — 0.6%** |  |  |  |
|  American Homes 4 Rent, Class A | 2254 |  | 84277 |
|  AvalonBay Communities, Inc. | 2755 |  | 578495 |
|  Camden Property Trust | 3214 |  | 365753 |
|  Equity LifeStyle Properties, Inc. | 2343 |  | 151780 |
|  Equity Residential | 11549 |  | 811433 |
|  Essex Property Trust, Inc. | 1941 |  | 541830 |
|  Independence Realty Trust, Inc. | 3738 |  | 72629 |
|  Invitation Homes, Inc. | 16233 |  | 555006 |
|  Mid-America Apartment Communities, Inc. | 2940 |  | 469371 |
|  UDR, Inc. | 9917 |  | 415324 |
|  |  |  | 4045898 |
| **Retail REITs — 0.5%** |  |  |  |
|  Brixmor Property Group, Inc. | 9791 |  | 243894 |
|  Federal Realty Investment Trust | 1282 |  | 120534 |
|  Kimco Realty Corp. | 23360 |  | 466733 |
|  Kite Realty Group Trust | 8644 |  | 187142 |
|  NNN REIT, Inc. | 5629 |  | 231408 |
|  Phillips Edison & Co., Inc. | 831 |  | 28836 |
|  Regency Centers Corp. | 6608 |  | 476965 |
|  Simon Property Group, Inc. | 12958 |  | 2039330 |
|  Tanger, Inc. | 1068 |  | 33653 |
|  |  |  | 3828495 |
| **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** |
|  Microchip Technology, Inc. | 120173 |  | 5537572 |

---

6 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Skyworks Solutions, Inc. | 30992 | $| 1992166 |
|  Texas Instruments, Inc. | 115822 |  | 18537311 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26067049 |
| **Software — 0.3%** |  |  |  |
|  Dolby Laboratories, Inc., Class A | 1975 |  | 151660 |
|  Gen Digital, Inc. | 93134 |  | 2409377 |
|  |  |  | 2561037 |
| **Specialized REITs — 1.5%** |  |  |  |
|  American Tower Corp. | 12041 |  | 2714162 |
|  Crown Castle, Inc. | 23700 |  | 2506512 |
|  CubeSmart | 7815 |  | 317836 |
|  EPR Properties | 4371 |  | 216321 |
|  Extra Space Storage, Inc. | 7567 |  | 1108717 |
|  Gaming & Leisure Properties, Inc. | 8354 |  | 399822 |
|  Iron Mountain, Inc. | 7649 |  | 685886 |
|  Lamar Advertising Co., Class A | 3387 |  | 385474 |
|  PotlatchDeltic Corp. | 3212 |  | 123309 |
|  Public Storage | 5236 |  | 1573052 |
|  Rayonier, Inc. | 4721 |  | 115476 |
|  VICI Properties, Inc. | 9469 |  | 303197 |
|  Weyerhaeuser Co. | 20353 |  | 527346 |
|  |  |  | 10977110 |
| **Specialty Retail — 2.5%** |  |  |  |
|  American Eagle Outfitters, Inc. | 12932 |  | 136174 |
|  Best Buy Co., Inc. | 11705 |  | 780606 |
|  Dick's Sporting Goods, Inc. | 2825 |  | 530366 |
|  Gap, Inc. (The) | 5512 |  | 120713 |
|  Home Depot, Inc. (The) | 30801 |  | 11103452 |
|  Lowe's Cos., Inc. | 25479 |  | 5696085 |
|  Penske Automotive Group, Inc. | 895 |  | 139325 |
|  |  |  | 18506721 |
| **Technology Hardware, Storage & Peripherals — 2.7%** | **Technology Hardware, Storage & Peripherals — 2.7%** | **Technology Hardware, Storage & Peripherals — 2.7%** | **Technology Hardware, Storage & Peripherals — 2.7%** |
|  Hewlett Packard Enterprise Co. | 245903 |  | 3988547 |
|  HP, Inc. | 303315 |  | 7755765 |
|  NetApp, Inc. | 61446 |  | 5514778 |
|  Seagate Technology Holdings PLC | 26244 |  | 2388991 |
|  |  |  | 19648081 |
| **Textiles, Apparel & Luxury Goods — 0.8%** |  |  |  |
|  Kontoor Brands, Inc. | 2424 |  | 145804 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
|  NIKE, Inc., Class B | 68245 | $3849018 |
|  Ralph Lauren Corp., Class A | 2137 | 480718 |
|  Steven Madden Ltd. | 5974 | 125454 |
|  Tapestry, Inc. | 17487 | 1235457 |
|  VF Corp. | 6223 | 73929 |
|  |  | 5910380 |
| **Tobacco — 1.0%** |  |  |
|  Philip Morris International, Inc. | 44724 | 7663905 |
| **Trading Companies & Distributors — 0.2%** |  |  |
|  Fastenal Co. | 9943 | 805085 |
|  Herc Holdings, Inc. | 911 | 99700 |
|  MSC Industrial Direct Co., Inc., Class A | 3573 | 273263 |
|  Rush Enterprises, Inc., Class A | 2079 | 106008 |
|  Rush Enterprises, Inc., Class B | 342 | 19781 |
|  Watsco, Inc. | 322 | 148069 |
|  |  | 1451906 |
| **Water Utilities — 0.0%** |  |  |
|  American States Water Co. | 248 | 20115 |
|  Essential Utilities, Inc. | 3122 | 128408 |
|  |  | 148523 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $702,849,293)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734522423 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.3%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%<sup>(a)(b)</sup>  | 2006283 | 2006283 |
|  **Total Short-Term Securities — 0.3%<br>(Cost: $2,006,283)** |  | 2006283 |
|  **Total Investments — 100.0%<br>(Cost: $704,855,576)** |  | 736528706 |
|  **Other Assets Less Liabilities — 0.0%** |  | 332227 |
|  **Net Assets — 100.0%** |  | $736860933 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

S C H E D U L E O F I N V E S T M E N T S 7

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net*<br> *Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>04/30/25* | *Shares<br>Held at<br>04/30/25* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup>  | $— | $— | $(61)<sup>(b)</sup> | $61 | $— | $— |  | $18926 <sup>(c)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 806429 | 1199854 <sup>(b)</sup> |  |  |  | 2006283 | 2006283 | 74882 |  |
|  BlackRock, Inc. | 1646624 | 2877725 | (1069638) | 56739 | 400669 | 3912119 | 4279 | 63757 |  |
|  |  |  |  | $56800 | $400669 | $5918402 |  | $157565 | $— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold). 

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

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 6 | 06/20/25 | $168 | $4544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 1000 Value E-Mini Index | 23 | 06/20/25 | 2069 | 47901 |
|  |  |  |  | $52445 |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $52445 | $— | $— | $— | $52445 |

---

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

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(83795) | $— | $— | $— | $(83795) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $89022 | $— | $— | $— | $89022 |

---

8 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF** |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $1980246 |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $734522423 | $— | $— | $734522423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2006283 |  |  | 2006283 |
|  | $736528706 | $— | $— | $736528706 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $52445 | $— | $— | $52445 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments <br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.4%** |  |  |
|  BWX Technologies, Inc. | 64584 | $7047406 |
|  Curtiss-Wright Corp. | 7213 | 2487692 |
|  General Dynamics Corp. | 382546 | 104098417 |
|  HEICO Corp. | 2550 | 639438 |
|  HEICO Corp., Class A | 6800 | 1366324 |
|  Huntington Ingalls Industries, Inc. | 80512 | 18545134 |
|  L3Harris Technologies, Inc. | 302748 | 66610615 |
|  Lockheed Martin Corp. | 431157 | 205985257 |
|  Northrop Grumman Corp. | 180940 | 88027310 |
|  RTX Corp. | 1894250 | 238921752 |
|  |  | 733729345 |
| **Air Freight & Logistics — 0.1%** |  |  |
|  CH Robinson Worldwide, Inc. | 215639 | 19239312 |
|  Expeditors International of Washington, Inc. | 125574 | 13801838 |
|  |  | 33041150 |
| **Automobile Components — 0.0%** |  |  |
|  Gentex Corp. | 332586 | 7243723 |
| **Automobiles — 0.0%** |  |  |
|  Thor Industries, Inc. | 93844 | 6796182 |
| **Banks — 8.6%** |  |  |
|  Atlantic Union Bankshares Corp. | 187747 | 5200592 |
|  BancFirst Corp. | 41924 | 4939486 |
|  Bank of America Corp. | 12855166 | 512664020 |
|  Bank OZK | 307806 | 13112536 |
|  BOK Financial Corp. | 46546 | 4336691 |
|  Cadence Bank | 145900 | 4269034 |
|  Cathay General Bancorp | 152149 | 6343092 |
|  Citigroup, Inc. | 4474691 | 305979370 |
|  Commerce Bancshares, Inc. | 190783 | 11588159 |
|  Cullen/Frost Bankers, Inc. | 140985 | 16420523 |
|  East West Bancorp, Inc. | 288134 | 24649864 |
|  Fifth Third Bancorp | 1921405 | 69055296 |
|  First Bancorp | 357887 | 7028901 |
|  First Financial Bankshares, Inc. | 227712 | 7630629 |
|  Fulton Financial Corp. | 431216 | 7192683 |
|  Home BancShares, Inc. | 460402 | 12776155 |
|  JPMorgan Chase & Co. | 3814640 | 933137237 |
|  M&T Bank Corp. | 382364 | 64910113 |
|  PNC Financial Services Group, Inc. (The) | 1086406 | 174574580 |
|  Popular, Inc. | 170116 | 16232469 |
|  Prosperity Bancshares, Inc. | 251773 | 17095387 |
|  Regions Financial Corp. | 3214506 | 65608067 |
|  ServisFirst Bancshares, Inc. | 64170 | 4570187 |
|  SouthState Corp. | 174514 | 15144325 |
|  Synovus Financial Corp. | 374292 | 16214329 |
|  U.S. Bancorp | 5410471 | 218258400 |
|  UMB Financial Corp. | 86016 | 8134533 |
|  United Community Banks, Inc. | 238669 | 6589651 |
|  Western Alliance Bancorp | 162442 | 11323832 |
|  Wintrust Financial Corp. | 95887 | 10659758 |
|  Zions Bancorp N.A. | 382799 | 17214471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592854370 |
| **Beverages — 3.8%** |  |  |
|  Brown-Forman Corp., Class A | 83784 | 2899764 |
|  Brown-Forman Corp., Class B, NVS | 574139 | 20003003 |
|  Coca-Cola Co. (The) | 7825367 | 567730376 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Beverages (continued)** |  |  |
|  Constellation Brands, Inc., Class A | 243811 | $45724315 |
|  PepsiCo, Inc. | 3631138 | 492309690 |
|  |  | 1128667148 |
| **Biotechnology — 4.6%** |  |  |
|  AbbVie, Inc. | 3943476 | 769372168 |
|  Amgen, Inc. | 1182294 | 343952970 |
|  Gilead Sciences, Inc. | 2430863 | 258984144 |
|  |  | 1372309282 |
| **Broadline Retail — 0.1%** |  |  |
|  Dillard's, Inc., Class A | 690 | 239195 |
|  eBay, Inc. | 571334 | 38942126 |
|  |  | 39181321 |
| **Building Products — 0.8%** |  |  |
| A. O. Smith Corp. | 178659 | 12123800 |
|  AAON, Inc. | 19799 | 1807055 |
|  Advanced Drainage Systems, Inc. | 30114 | 3417638 |
|  Allegion PLC | 96431 | 13423195 |
|  Armstrong World Industries, Inc. | 27951 | 4053454 |
|  Carlisle Cos., Inc. | 39939 | 15156052 |
|  Carrier Global Corp. | 806433 | 50434320 |
|  CSW Industrials, Inc. | 4128 | 1289917 |
|  Fortune Brands Innovations, Inc. | 146948 | 7908741 |
|  Griffon Corp. | 31428 | 2140561 |
|  Lennox International, Inc. | 18525 | 10128544 |
|  Masco Corp. | 273926 | 16602655 |
|  Owens Corning | 120471 | 17517688 |
|  Simpson Manufacturing Co., Inc. | 21763 | 3344755 |
|  Trane Technologies PLC | 161313 | 61832886 |
|  UFP Industries, Inc. | 54815 | 5418463 |
|  |  | 226599724 |
| **Capital Markets — 7.3%** |  |  |
|  Ameriprise Financial, Inc. | 86281 | 40640077 |
|  Ares Management Corp., Class A | 340168 | 51885825 |
|  Bank of New York Mellon Corp. (The) | 1201544 | 96616153 |
|  BlackRock, Inc.<sup>(a)</sup>  | 235513 | 215320115 |
|  CME Group, Inc., Class A | 2346607 | 650197867 |
|  Cohen & Steers, Inc. | 61318 | 4679790 |
|  Evercore, Inc., Class A | 42261 | 8675761 |
|  FactSet Research Systems, Inc. | 26279 | 11358309 |
|  Goldman Sachs Group, Inc. (The) | 504751 | 276376410 |
|  Hamilton Lane, Inc., Class A | 38634 | 5968567 |
|  Houlihan Lokey, Inc., Class A | 56635 | 9179401 |
|  Intercontinental Exchange, Inc. | 440087 | 73921413 |
|  Jefferies Financial Group, Inc. | 340257 | 15900210 |
|  KKR & Co., Inc., Class A | 291915 | 33357127 |
|  MarketAxess Holdings, Inc. | 39965 | 8855844 |
|  Moody's Corp. | 96019 | 43508129 |
|  Morgan Stanley | 2914595 | 336402555 |
|  Morningstar, Inc. | 11930 | 3396710 |
|  MSCI, Inc., Class A | 75210 | 40997723 |
|  Nasdaq, Inc. | 368448 | 28079422 |
|  Northern Trust Corp. | 436960 | 41065501 |
|  Raymond James Financial, Inc. | 187155 | 25647721 |
|  S&P Global, Inc. | 178279 | 89148414 |
|  SEI Investments Co. | 108087 | 8462131 |
|  State Street Corp. | 747637 | 65866820 |
|  Stifel Financial Corp. | 127568 | 10931302 |
|  Victory Capital Holdings, Inc., Class A | 103889 | 5951801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202391098 |

---

10 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Chemicals — 1.9%** |  |  |  |
|  Air Products & Chemicals, Inc. | 384797 | $| 104314619 |
|  Albemarle Corp. | 187610 |  | 10984565 |
|  Ashland, Inc. | 101934 |  | 5544190 |
|  Avient Corp. | 183173 |  | 6101493 |
|  Balchem Corp. | 10705 |  | 1675868 |
|  Cabot Corp. | 82932 |  | 6513479 |
|  Corteva, Inc. | 567509 |  | 35179883 |
|  Eastman Chemical Co. | 305968 |  | 23559536 |
|  Ecolab, Inc. | 186946 |  | 47003833 |
|  HB Fuller Co. | 78263 |  | 4229332 |
|  Linde PLC | 422785 |  | 191618846 |
|  Mosaic Co. (The) | 785481 |  | 23878622 |
|  NewMarket Corp. | 10399 |  | 6398505 |
|  PPG Industries, Inc. | 417377 |  | 45435660 |
|  RPM International, Inc. | 160343 |  | 17116615 |
|  Sherwin-Williams Co. (The) | 136509 |  | 48176756 |
|  Westlake Corp. | 47146 |  | 4357705 |
|  |  |  | 582089507 |
| **Commercial Services & Supplies — 0.6%** |  |  |  |
|  ABM Industries, Inc. | 115221 |  | 5615872 |
|  Brady Corp., Class A, NVS | 52556 |  | 3694161 |
|  Cintas Corp. | 202172 |  | 42795769 |
|  MSA Safety, Inc. | 36298 |  | 5714031 |
|  Republic Services, Inc. | 148786 |  | 37308089 |
|  Tetra Tech, Inc. | 153836 |  | 4798145 |
|  Waste Management, Inc. | 356038 |  | 83085028 |
|  |  |  | 183011095 |
| **Communications Equipment — 1.6%** |  |  |  |
|  Cisco Systems, Inc. | 7593321 |  | 438362421 |
|  Motorola Solutions, Inc. | 127459 |  | 56131669 |
|  |  |  | 494494090 |
| **Construction & Engineering — 0.0%** |  |  |  |
|  Comfort Systems U.S.A., Inc. | 10759 |  | 4277241 |
|  Quanta Services, Inc. | 16786 |  | 4913094 |
|  Valmont Industries, Inc. | 11164 |  | 3273508 |
|  |  |  | 12463843 |
| **Construction Materials — 0.3%** |  |  |  |
|  CRH PLC | 699554 |  | 66751443 |
|  Martin Marietta Materials, Inc. | 30045 |  | 15742979 |
|  Vulcan Materials Co. | 77462 |  | 20320606 |
|  |  |  | 102815028 |
| **Consumer Finance — 0.7%** |  |  |  |
|  American Express Co. | 425935 |  | 113473343 |
|  Discover Financial Services | 310165 |  | 56657841 |
|  FirstCash Holdings, Inc. | 39184 |  | 5249089 |
|  Synchrony Financial | 520690 |  | 27049845 |
|  |  |  | 202430118 |
| **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** |
|  Casey's General Stores, Inc. | 13947 |  | 6451743 |
|  Costco Wholesale Corp. | 160370 |  | 159487965 |
|  Dollar General Corp. | 498190 |  | 46675421 |
|  Kroger Co. (The) | 959454 |  | 69282173 |
|  Sysco Corp. | 977939 |  | 69824845 |
|  Target Corp. | 1387923 |  | 134212154 |
|  Walmart, Inc. | 3045663 |  | 296190727 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782125028 |
| **Containers & Packaging — 0.3%** |  |  |  |
|  AptarGroup, Inc. | 57031 |  | 8551799 |
|  Avery Dennison Corp. | 114172 |  | 19535971 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Containers & Packaging (continued)** |  |  |  |
|  Silgan Holdings, Inc. | 94273 | $| 4869200 |
|  Smurfit WestRock PLC | 1406712 |  | 59110038 |
|  |  |  | 92067008 |
| **Distributors — 0.2%** |  |  |  |
|  Genuine Parts Co. | 333408 |  | 39192110 |
|  Pool Corp. | 38435 |  | 11266836 |
|  |  |  | 50458946 |
| **Diversified Consumer Services — 0.1%** |  |  |  |
|  H&R Block, Inc. | 296377 |  | 17892280 |
|  Service Corp. International | 163017 |  | 13025058 |
|  |  |  | 30917338 |
| **Electric Utilities — 4.4%** |  |  |  |
|  Alliant Energy Corp. | 598421 |  | 36527618 |
|  American Electric Power Co., Inc. | 1388158 |  | 150393038 |
|  Duke Energy Corp. | 1994282 |  | 243342290 |
|  Edison International | 1652237 |  | 88411202 |
|  Entergy Corp. | 881010 |  | 73273602 |
|  IDACORP, Inc. | 115240 |  | 13608691 |
|  MGE Energy, Inc. | 54026 |  | 4885031 |
|  NextEra Energy, Inc. | 4598778 |  | 307566273 |
|  NRG Energy, Inc. | 267655 |  | 29329635 |
|  OGE Energy Corp. | 549418 |  | 24932589 |
|  Otter Tail Corp. | 81734 |  | 6488045 |
|  Southern Co. (The) | 2557368 |  | 234996545 |
|  TXNM Energy, Inc. | 210356 |  | 11190939 |
|  Xcel Energy, Inc. | 1318825 |  | 93240927 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318186425 |
| **Electrical Equipment — 1.0%** |  |  |  |
|  AMETEK, Inc. | 105020 |  | 17809292 |
|  Eaton Corp. PLC | 367413 |  | 108155365 |
|  Emerson Electric Co. | 780925 |  | 82083027 |
|  Hubbell, Inc. | 60691 |  | 22041757 |
|  nVent Electric PLC | 171554 |  | 9420030 |
|  Regal Rexnord Corp. | 56291 |  | 5957839 |
|  Rockwell Automation, Inc. | 165412 |  | 40969244 |
|  |  |  | 286436554 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
|  Amphenol Corp., Class A | 910978 |  | 70099757 |
|  Avnet, Inc. | 189246 |  | 8892669 |
|  Badger Meter, Inc. | 14852 |  | 3279619 |
|  CDW Corp. | 145100 |  | 23297256 |
|  Cognex Corp. | 112241 |  | 3064179 |
|  Littelfuse, Inc. | 24823 |  | 4525481 |
|  TD SYNNEX Corp. | 50877 |  | 5637172 |
|  TE Connectivity PLC | 392597 |  | 57468349 |
|  |  |  | 176264482 |
| **Energy Equipment & Services — 0.0%** |  |  |  |
|  Cactus, Inc., Class A | 58486 |  | 2218959 |
| **Entertainment — 0.0%** |  |  |  |
|  Warner Music Group Corp., Class A | 215579 |  | 6564380 |
| **Financial Services — 1.9%** |  |  |  |
|  Equitable Holdings, Inc. | 407755 |  | 20163485 |
|  Essent Group Ltd. | 165746 |  | 9435920 |
|  Jack Henry & Associates, Inc. | 67120 |  | 11640622 |
|  Mastercard, Inc., Class A | 338806 |  | 185686016 |
|  MGIC Investment Corp. | 456817 |  | 11379311 |
|  Radian Group, Inc. | 384356 |  | 12276331 |
|  Visa, Inc., Class A | 882231 |  | 304810810 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Financial Services (continued)** |  |  |
|  Voya Financial, Inc. | 198023 | $11722962 |
|  Walker & Dunlop, Inc. | 81093 | 6206858 |
|  |  | 573322315 |
| **Food Products — 2.1%** |  |  |
|  Archer-Daniels-Midland Co. | 1490679 | 71179922 |
|  General Mills, Inc. | 1607534 | 91211479 |
|  Hershey Co. (The) | 340915 | 56997579 |
|  Hormel Foods Corp. | 827797 | 24751130 |
|  Ingredion, Inc. | 113615 | 15090344 |
|  J & J Snack Foods Corp. | 28190 | 3653142 |
|  J M Smucker Co. (The) | 298816 | 34743337 |
|  Kellanova | 525708 | 43512851 |
|  Lamb Weston Holdings, Inc. | 300394 | 15863807 |
|  Lancaster Colony Corp. | 29876 | 4863215 |
|  McCormick & Co., Inc., NVS | 399272 | 30608192 |
|  Mondelez International, Inc., Class A | 2801978 | 190898761 |
|  Tyson Foods, Inc., Class A | 673065 | 41218501 |
|  |  | 624592260 |
| **Gas Utilities — 0.3%** |  |  |
|  Atmos Energy Corp. | 263158 | 42271070 |
|  MDU Resources Group, Inc. | 430303 | 7375393 |
|  National Fuel Gas Co. | 184092 | 14134584 |
|  New Jersey Resources Corp. | 269710 | 13199607 |
|  ONE Gas, Inc. | 161735 | 12697815 |
|  |  | 89678469 |
| **Ground Transportation — 1.1%** |  |  |
|  CSX Corp. | 2450155 | 68775851 |
|  JB Hunt Transport Services, Inc. | 68267 | 8914305 |
|  Knight-Swift Transportation Holdings, Inc. | 149825 | 5868645 |
|  Landstar System, Inc. | 24727 | 3317127 |
|  Old Dominion Freight Line, Inc. | 85009 | 13030179 |
|  Ryder System, Inc. | 71362 | 9824407 |
|  Union Pacific Corp. | 985260 | 212481172 |
|  |  | 322211686 |
| **Health Care Equipment & Supplies — 2.5%** |  |  |
|  Abbott Laboratories | 2268379 | 296590554 |
|  Becton Dickinson & Co. | 389717 | 80706494 |
|  DENTSPLY SIRONA, Inc. | 640647 | 8904993 |
|  Medtronic PLC | 2828457 | 239740016 |
|  ResMed, Inc. | 101475 | 24007970 |
|  STERIS PLC | 71749 | 16124870 |
|  Stryker Corp. | 240926 | 90087050 |
|  |  | 756161947 |
| **Health Care Providers & Services — 2.6%** |  |  |
|  Cardinal Health, Inc. | 279511 | 39492109 |
|  Cencora, Inc. | 107142 | 31357249 |
|  Chemed Corp. | 3657 | 2126582 |
|  Elevance Health, Inc. | 265473 | 111652634 |
|  Ensign Group, Inc. (The) | 8855 | 1142207 |
|  HCA Healthcare, Inc. | 111727 | 38554753 |
|  Humana, Inc. | 122647 | 32162949 |
|  McKesson Corp. | 40453 | 28834494 |
|  Quest Diagnostics, Inc. | 144332 | 25722849 |
|  UnitedHealth Group, Inc. | 1159101 | 476900516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787946342 |
| **Hotels, Restaurants & Leisure — 1.6%** |  |  |
|  Churchill Downs, Inc. | 18474 | 1670235 |
|  Domino's Pizza, Inc. | 34157 | 16749568 |
|  McDonald's Corp. | 1223483 | 391086341 |
|  Texas Roadhouse, Inc. | 67944 | 11275986 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** |  |  |  |
|  Wingstop, Inc. | 10580 | $| 2791956 |
|  Yum! Brands, Inc. | 372232 |  | 55998582 |
|  |  |  | 479572668 |
| **Household Durables — 0.3%** |  |  |  |
|  DR Horton, Inc. | 258774 |  | 32693507 |
|  Garmin Ltd. | 153779 |  | 28736682 |
|  PulteGroup, Inc. | 125763 |  | 12900768 |
|  |  |  | 74330957 |
| **Household Products — 3.2%** |  |  |  |
|  Church & Dwight Co., Inc. | 191369 |  | 19010596 |
|  Clorox Co. (The) | 296114 |  | 42137022 |
|  Colgate-Palmolive Co. | 1299173 |  | 119770759 |
|  Kimberly-Clark Corp. | 835625 |  | 110118663 |
|  Procter & Gamble Co. (The) | 4048309 |  | 658133594 |
|  WD-40 Co. | 16768 |  | 3829141 |
|  |  |  | 952999775 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  Vistra Corp. | 176702 |  | 22905880 |
| **Industrial Conglomerates — 0.7%** |  |  |  |
|  Honeywell International, Inc. | 1029878 |  | 216789319 |
| **Insurance — 3.4%** |  |  |  |
|  Aflac, Inc. | 791068 |  | 85973270 |
|  Allstate Corp. (The) | 354475 |  | 70324295 |
|  American Financial Group, Inc. | 135141 |  | 17116959 |
|  Aon PLC, Class A | 106637 |  | 37833741 |
|  Arthur J. Gallagher & Co. | 132082 |  | 42357377 |
|  Assurant, Inc. | 58964 |  | 11364721 |
|  Assured Guaranty Ltd. | 54668 |  | 4796024 |
|  Axis Capital Holdings Ltd. | 108324 |  | 10433768 |
|  Brown & Brown, Inc. | 90254 |  | 9982092 |
|  Chubb Ltd. | 344958 |  | 98685585 |
|  Cincinnati Financial Corp. | 258410 |  | 35973256 |
|  CNO Financial Group, Inc. | 126014 |  | 4780971 |
|  Erie Indemnity Co., Class A, NVS | 23693 |  | 8496784 |
|  Everest Group Ltd. | 71847 |  | 25780859 |
|  Fidelity National Financial, Inc., Class A | 602849 |  | 38612478 |
|  First American Financial Corp. | 259781 |  | 15797283 |
|  Globe Life, Inc. | 47612 |  | 5872464 |
|  Hanover Insurance Group, Inc. (The) | 57680 |  | 9580648 |
|  Hartford Insurance Group, Inc. (The) | 372990 |  | 45754683 |
|  Kinsale Capital Group, Inc. | 2419 |  | 1052894 |
|  Marsh & McLennan Cos., Inc. | 504196 |  | 113681072 |
|  MetLife, Inc. | 1154902 |  | 87044964 |
|  Old Republic International Corp. | 499855 |  | 18794548 |
|  Primerica, Inc. | 36770 |  | 9636314 |
|  Principal Financial Group, Inc. | 600079 |  | 44495858 |
|  Reinsurance Group of America, Inc. | 89672 |  | 16796462 |
|  RenaissanceRe Holdings Ltd. | 23157 |  | 5602373 |
|  RLI Corp. | 47749 |  | 3533903 |
|  Selective Insurance Group, Inc. | 76864 |  | 6704847 |
|  Travelers Cos., Inc. (The) | 274243 |  | 72435804 |
|  Unum Group | 252038 |  | 19573271 |
| W. R. Berkley Corp. | 113391 |  | 8129001 |
|  Willis Towers Watson PLC | 79300 |  | 24408540 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011407109 |
| **IT Services — 2.4%** |  |  |  |
|  Accenture PLC, Class A | 822631 |  | 246090064 |
|  Cognizant Technology Solutions Corp., Class A | 564585 |  | 41536518 |
|  International Business Machines Corp. | 1786546 |  | 432022554 |
|  |  |  | 719649136 |

---

12 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
|  Acushnet Holdings Corp. | 27054 | $1791516 |
|  Brunswick Corp. | 149702 | 6893777 |
|  |  | 8685293 |
| **Life Sciences Tools & Services — 0.4%** |  |  |
|  Agilent Technologies, Inc. | 170168 | 18310077 |
|  Danaher Corp. | 249246 | 49682205 |
|  Thermo Fisher Scientific, Inc. | 83809 | 35954061 |
|  West Pharmaceutical Services, Inc. | 19500 | 4120155 |
|  |  | 108066498 |
| **Machinery — 2.5%** |  |  |
|  AGCO Corp. | 58146 | 4932525 |
|  Allison Transmission Holdings, Inc. | 64023 | 5905481 |
|  Caterpillar, Inc. | 581426 | 179817619 |
|  Cummins, Inc. | 215580 | 63346027 |
|  Donaldson Co., Inc. | 139469 | 9167297 |
|  Dover Corp. | 112000 | 19112800 |
|  Enpro, Inc. | 12260 | 1831644 |
|  Franklin Electric Co., Inc. | 33982 | 2887111 |
|  Graco, Inc. | 159855 | 13045767 |
|  IDEX Corp. | 82326 | 14322254 |
|  Illinois Tool Works, Inc. | 506357 | 121480108 |
|  Ingersoll Rand, Inc. | 23212 | 1750881 |
|  ITT, Inc. | 55338 | 7582413 |
|  Kadant, Inc. | 3522 | 1038990 |
|  Lincoln Electric Holdings, Inc. | 64777 | 11413707 |
|  Mueller Water Products, Inc., Class A | 117008 | 3070290 |
|  Nordson Corp. | 55982 | 10612508 |
|  Oshkosh Corp. | 99572 | 8340151 |
|  Otis Worldwide Corp. | 453618 | 43669805 |
|  PACCAR, Inc. | 477847 | 43106578 |
|  Parker-Hannifin Corp. | 98618 | 59669807 |
|  Pentair PLC | 137686 | 12492251 |
|  Snap-on, Inc. | 99820 | 31324514 |
|  Stanley Black & Decker, Inc. | 446528 | 26800611 |
|  Terex Corp. | 91840 | 3232768 |
|  Timken Co. (The) | 90629 | 5822913 |
|  Toro Co. (The) | 154956 | 10580396 |
|  Watts Water Technologies, Inc., Class A | 17257 | 3585142 |
|  Xylem, Inc. | 226764 | 27340935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747283293 |
| **Marine Transportation — 0.0%** |  |  |
|  Matson, Inc. | 27107 | 2957103 |
| **Media — 1.2%** |  |  |
|  Comcast Corp., Class A | 9595658 | 328171504 |
|  New York Times Co. (The), Class A | 122408 | 6372560 |
|  Omnicom Group, Inc. | 494452 | 37657464 |
|  |  | 372201528 |
| **Metals & Mining — 0.3%** |  |  |
|  Nucor Corp. | 280813 | 33520648 |
|  Reliance, Inc. | 63909 | 18420491 |
|  Royal Gold, Inc. | 53790 | 9827971 |
|  Steel Dynamics, Inc. | 152540 | 19785963 |
|  |  | 81555073 |
| **Multi-Utilities — 2.0%** |  |  |
|  Ameren Corp. | 528473 | 52445660 |
|  CMS Energy Corp. | 656085 | 48320660 |
|  Consolidated Edison, Inc. | 825733 | 93101396 |
|  DTE Energy Co. | 493740 | 67642380 |
|  NiSource, Inc. | 961899 | 37619870 |
|  Public Service Enterprise Group, Inc. | 1084514 | 86685204 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
|  Sempra | 1634421 | $| 121388448 |
|  WEC Energy Group, Inc. | 775562 |  | 84939550 |
|  |  |  | 592143168 |
| **Oil, Gas & Consumable Fuels — 4.8%** |  |  |  |
|  ConocoPhillips | 2929327 |  | 261061622 |
|  Diamondback Energy, Inc. | 336509 |  | 44422553 |
|  EOG Resources, Inc. | 1271889 |  | 140327513 |
|  Exxon Mobil Corp. | 8081348 |  | 853632789 |
|  Ovintiv, Inc. | 578508 |  | 19426299 |
|  Phillips 66 | 1102113 |  | 114685879 |
|  Texas Pacific Land Corp. | 6673 |  | 8600630 |
|  |  |  | 1442157285 |
| **Paper & Forest Products — 0.0%** |  |  |  |
|  Louisiana-Pacific Corp. | 56013 |  | 4834482 |
| **Personal Care Products — 0.0%** |  |  |  |
|  Interparfums, Inc. | 32873 |  | 3589732 |
| **Pharmaceuticals — 6.1%** |  |  |  |
|  Eli Lilly & Co. | 422111 |  | 379456683 |
|  Johnson & Johnson | 5293883 |  | 827486852 |
|  Merck & Co., Inc. | 6350352 |  | 541049990 |
|  Perrigo Co. PLC | 401883 |  | 10336431 |
|  Royalty Pharma PLC, Class A | 776051 |  | 25469994 |
|  Zoetis, Inc., Class A | 401451 |  | 62786936 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846586886 |
| **Professional Services — 1.1%** |  |  |  |
|  Automatic Data Processing, Inc. | 616430 |  | 185298858 |
|  Booz Allen Hamilton Holding Corp., Class A | 181817 |  | 21821676 |
|  Broadridge Financial Solutions, Inc. | 132795 |  | 32189508 |
|  Exponent, Inc. | 51811 |  | 4076490 |
|  Genpact Ltd. | 138734 |  | 6972771 |
|  Insperity, Inc. | 73241 |  | 4761397 |
|  Jacobs Solutions, Inc. | 93596 |  | 11587185 |
|  KBR, Inc. | 109044 |  | 5758614 |
|  Robert Half, Inc. | 335029 |  | 14841785 |
|  SS&C Technologies Holdings, Inc. | 190804 |  | 14424782 |
|  Verisk Analytics, Inc. | 54696 |  | 16213535 |
|  |  |  | 317946601 |
| **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** |
|  Analog Devices, Inc. | 636807 |  | 124126420 |
|  Applied Materials, Inc. | 629032 |  | 94801413 |
|  Broadcom, Inc. | 4034119 |  | 776446884 |
|  KLA Corp. | 95728 |  | 67267108 |
|  Lam Research Corp. | 1115311 |  | 79934339 |
|  Microchip Technology, Inc. | 1339569 |  | 61727339 |
|  Monolithic Power Systems, Inc. | 28758 |  | 17056370 |
|  NXP Semiconductors NV | 366673 |  | 67581501 |
|  Power Integrations, Inc. | 67315 |  | 3306513 |
|  QUALCOMM, Inc. | 1776924 |  | 263802137 |
|  Skyworks Solutions, Inc. | 474731 |  | 30515709 |
|  Universal Display Corp. | 37859 |  | 4756226 |
|  |  |  | 1591321959 |
| **Software — 4.1%** |  |  |  |
|  Intuit, Inc. | 141854 |  | 89009129 |
|  Microsoft Corp. | 2375425 |  | 938910486 |
|  Oracle Corp. | 1241964 |  | 174769174 |
|  Roper Technologies, Inc. | 44746 |  | 25061340 |
|  |  |  | 1227750129 |
| **Specialty Retail — 3.1%** |  |  |  |
|  Dick's Sporting Goods, Inc. | 92666 |  | 17397115 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Specialty Retail (continued)** |  |  |  |
|  Group 1 Automotive, Inc. | 4569 | $| 1844185 |
|  Home Depot, Inc. (The) | 1767941 |  | 637325051 |
|  Lithia Motors, Inc., Class A | 14048 |  | 4112693 |
|  Lowe's Cos., Inc. | 814655 |  | 182124272 |
|  Murphy U.S.A., Inc. | 5720 |  | 2851820 |
|  Penske Automotive Group, Inc. | 44116 |  | 6867538 |
|  Ross Stores, Inc. | 270500 |  | 37599500 |
|  Tractor Supply Co. | 684058 |  | 34627016 |
|  Williams-Sonoma, Inc. | 115875 |  | 17899211 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942648401 |
| **Technology Hardware, Storage & Peripherals — 3.2%** | **Technology Hardware, Storage & Peripherals — 3.2%** | **Technology Hardware, Storage & Peripherals — 3.2%** | **Technology Hardware, Storage & Peripherals — 3.2%** |
|  Apple Inc. | 4026779 |  | 855690538 |
|  HP, Inc. | 2759100 |  | 70550187 |
|  NetApp, Inc. | 338583 |  | 30387824 |
|  |  |  | 956628549 |
| **Textiles, Apparel & Luxury Goods — 0.4%** |  |  |  |
|  Columbia Sportswear Co. | 37765 |  | 2347850 |
|  Kontoor Brands, Inc. | 138658 |  | 8340279 |
|  NIKE, Inc., Class B | 1828633 |  | 103134901 |
|  Steven Madden Ltd. | 172360 |  | 3619560 |
|  |  |  | 117442590 |
| **Trading Companies & Distributors — 0.7%** |  |  |  |
|  Air Lease Corp., Class A | 149239 |  | 6978416 |
|  Applied Industrial Technologies, Inc. | 22494 |  | 5472340 |
|  Boise Cascade Co. | 26331 |  | 2456156 |
|  Fastenal Co. | 931445 |  | 75419102 |
|  Ferguson Enterprises, Inc. | 307583 |  | 52184532 |
|  GATX Corp. | 40058 |  | 5846866 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
|  Rush Enterprises, Inc., Class A | 58232 | $2969250 |
|  Rush Enterprises, Inc., Class B | 10830 | 626407 |
|  Watsco, Inc. | 53804 | 24741231 |
|  WW Grainger, Inc. | 27144 | 27803870 |
|  |  | 204498170 |
| **Water Utilities — 0.3%** |  |  |
|  American States Water Co. | 76623 | 6214892 |
|  American Water Works Co., Inc. | 304294 | 44734261 |
|  California Water Service Group | 120762 | 6116595 |
|  Essential Utilities, Inc. | 609937 | 25086709 |
|  |  | 82152457 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $24,573,242,162)** | **Total Long-Term Investments — 99.7%<br>(Cost: $24,573,242,162)** | 29947373204 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.2%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%<sup>(a)(b)</sup>  | 71530596 | 71530596 |
|  **Total Short-Term Securities — 0.2%<br>(Cost: $71,530,596)** | **Total Short-Term Securities — 0.2%<br>(Cost: $71,530,596)** | 71530596 |
|  **Total Investments — 99.9%<br>(Cost: $24,644,772,758)** | **Total Investments — 99.9%<br>(Cost: $24,644,772,758)** | 30018903800 |
|  **Other Assets Less Liabilities — 0.1%** |  | 33841845 |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30052745645 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net*<br> *Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>04/30/25* | *Shares<br>Held at<br>04/30/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $— | $— | $(2300)<sup>(b)</sup> | $2300 | $— | $— |  | $919727 <sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 72964605 |  | (1434009)<sup>(b)</sup> |  |  | 71530596 | 71530596 | 3399906 |  |
|  BlackRock, Inc. | 165862326 | 89103037 | (82918785) | 19334837 | 23938700 | 215320115 | 235513 | 4717973 |  |
|  |  |  |  | $19337137 | $23938700 | $286850711 |  | $9037606 | $— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold). 

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

14 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF** |

---

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Consumer Staples Select Sector Index | 85 | 06/20/25 | $7050 | $116139 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Health Care Select Sector Index | 41 | 06/20/25 | 5841 | (30509) |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Technology Select Sector Index | 21 | 06/20/25 | 4473 | 178400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 1000 Value E-Mini Index | 420 | 06/20/25 | 37773 | 164428 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 151 | 06/20/25 | 42182 | (1020445) |
|  |  |  |  | $(591987) |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $458967 | $— | $— | $— | $458967 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $1050954 | $— | $— | $— | $1050954 |

---

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

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $634091 | $— | $— | $— | $634091 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1611927 | $— | $— | $— | $1611927 |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $97058095 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29947373204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29947373204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 71530596 |  |  | 71530596 |
|  | $30018903800 | $— | $— | $30018903800 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $458967 | $— | $— | $458967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (1050954) |  |  | (1050954) |
|  | $(591987) | $— | $— | $(591987) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

16 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments<br> April 30, 2025 | **iShares**<sup>®</sup> **Core High Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Common Stocks** |  |  |  |
| **Aerospace & Defense — 1.3%** |  |  |  |
|  Lockheed Martin Corp. | 308240 | $| 147261660 |
| **Beverages — 7.4%** |  |  |  |
|  Coca-Cola Co. (The) | 5594196 |  | 405858920 |
|  Keurig Dr. Pepper, Inc. | 1573014 |  | 54410554 |
|  PepsiCo, Inc. | 2595863 |  | 351947106 |
|  |  |  | 812216580 |
| **Biotechnology — 6.7%** |  |  |  |
|  AbbVie, Inc. | 2819065 |  | 549999581 |
|  Gilead Sciences, Inc. | 1737800 |  | 185145212 |
|  |  |  | 735144793 |
| **Capital Markets — 7.1%** |  |  |  |
|  Artisan Partners Asset Management, Inc., Class A | 313181 |  | 11581433 |
|  Blackstone, Inc., Class A | 1546815 |  | 203731004 |
|  Carlyle Group, Inc. (The) | 371431 |  | 14352094 |
|  CME Group, Inc., Class A | 1677518 |  | 464806688 |
|  Cohen & Steers, Inc. | 42829 |  | 3268709 |
|  Lazard, Inc. | 204900 |  | 7970610 |
|  Moelis & Co., Class A | 135512 |  | 7260733 |
|  T Rowe Price Group, Inc. | 610186 |  | 54031970 |
|  TPG, Inc., Class A | 194337 |  | 9026954 |
|  Victory Capital Holdings, Inc., Class A | 72725 |  | 4166415 |
|  |  |  | 780196610 |
| **Chemicals — 0.7%** |  |  |  |
|  Eastman Chemical Co. | 219770 |  | 16922290 |
|  LyondellBasell Industries NV, Class A | 990484 |  | 57656074 |
|  |  |  | 74578364 |
| **Communications Equipment — 2.8%** |  |  |  |
|  Cisco Systems, Inc. | 5428287 |  | 313375008 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
|  Sysco Corp. | 699951 |  | 49976501 |
| **Containers & Packaging — 0.3%** |  |  |  |
|  Amcor PLC | 3836113 |  | 35292240 |
| **Diversified Telecommunication Services — 4.0%** | **Diversified Telecommunication Services — 4.0%** | **Diversified Telecommunication Services — 4.0%** | **Diversified Telecommunication Services — 4.0%** |
|  AT&T Inc. | 15983598 |  | 442745665 |
| **Electric Utilities — 6.7%** |  |  |  |
|  ALLETE, Inc. | 133791 |  | 8761973 |
|  Alliant Energy Corp. | 429746 |  | 26231696 |
|  American Electric Power Co., Inc. | 992355 |  | 107511741 |
|  Duke Energy Corp. | 1425621 |  | 173954274 |
|  Evergy, Inc. | 476884 |  | 32952684 |
|  Exelon Corp. | 1929325 |  | 90485342 |
|  IDACORP, Inc. | 83007 |  | 9802297 |
|  OGE Energy Corp. | 393704 |  | 17866287 |
|  PPL Corp. | 1155450 |  | 42173925 |
|  Southern Co. (The) | 1828197 |  | 167993022 |
|  Xcel Energy, Inc. | 942388 |  | 66626832 |
|  |  |  | 744360073 |
| **Energy Equipment & Services — 0.6%** |  |  |  |
|  Schlumberger NV | 2073895 |  | 68957009 |
| **Financial Services — 0.1%** |  |  |  |
|  Western Union Co. (The) | 1480691 |  | 14673648 |
| **Food Products — 1.4%** |  |  |  |
|  Hormel Foods Corp. | 594965 |  | 17789454 |
|  Mondelez International, Inc., Class A | 2003117 |  | 136472361 |
|  |  |  | 154261815 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Gas Utilities — 0.4%** |  |  |  |
|  Atmos Energy Corp. | 189337 | $| 30413202 |
|  New Jersey Resources Corp. | 192497 |  | 9420803 |
|  |  |  | 39834005 |
| **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** |
|  Medtronic PLC | 2025481 |  | 171679770 |
| **Hotels, Restaurants & Leisure — 2.9%** |  |  |  |
|  Darden Restaurants, Inc. | 178794 |  | 35873228 |
|  McDonald's Corp. | 874689 |  | 279594339 |
|  |  |  | 315467567 |
| **Household Products — 5.3%** |  |  |  |
|  Clorox Co. (The) | 211621 |  | 30113668 |
|  Kimberly-Clark Corp. | 599054 |  | 78943336 |
|  Procter & Gamble Co. (The) | 2894061 |  | 470487497 |
|  Reynolds Consumer Products, Inc. | 114259 |  | 2627957 |
|  |  |  | 582172458 |
| **Insurance — 5.2%** |  |  |  |
|  Old Republic International Corp. | 355133 |  | 13353001 |
|  Progressive Corp. (The) | 1999774 |  | 563416327 |
|  |  |  | 576769328 |
| **IT Services — 2.8%** |  |  |  |
|  International Business Machines Corp. | 1277138 |  | 308837511 |
| **Leisure Products — 0.2%** |  |  |  |
|  Hasbro, Inc. | 307027 |  | 19004971 |
| **Machinery — 0.2%** |  |  |  |
|  Snap-on, Inc. | 71460 |  | 22424863 |
| **Multi-Utilities — 2.4%** |  |  |  |
|  Ameren Corp. | 378594 |  | 37571668 |
|  CMS Energy Corp. | 468740 |  | 34522701 |
|  DTE Energy Co. | 353304 |  | 48402648 |
|  NiSource, Inc. | 690717 |  | 27013942 |
|  Public Service Enterprise Group, Inc. | 774785 |  | 61928565 |
|  WEC Energy Group, Inc. | 554344 |  | 60711755 |
|  |  |  | 270151279 |
| **Oil, Gas & Consumable Fuels — 19.4%** |  |  |  |
|  Antero Midstream Corp. | 932831 |  | 15438353 |
|  Chevron Corp. | 3786555 |  | 515198673 |
|  ConocoPhillips | 2094128 |  | 186628687 |
|  Coterra Energy, Inc. | 1186351 |  | 29136781 |
|  EOG Resources, Inc. | 909276 |  | 100320421 |
|  Exxon Mobil Corp. | 8119020 |  | 857612083 |
|  Kinder Morgan, Inc. | 4397998 |  | 115667347 |
|  ONEOK, Inc. | 1405482 |  | 115474401 |
|  Phillips 66 | 789469 |  | 82152144 |
|  Williams Cos., Inc. (The) | 2115677 |  | 123915202 |
|  |  |  | 2141544092 |
| **Pharmaceuticals — 8.9%** |  |  |  |
|  Johnson & Johnson | 3784456 |  | 591548317 |
|  Merck & Co., Inc. | 4539671 |  | 386779969 |
|  |  |  | 978328286 |
| **Professional Services — 0.6%** |  |  |  |
|  Paychex, Inc. | 452133 |  | 66517807 |
| **Semiconductors & Semiconductor Equipment — 2.1%** | **Semiconductors & Semiconductor Equipment — 2.1%** | **Semiconductors & Semiconductor Equipment — 2.1%** | **Semiconductors & Semiconductor Equipment — 2.1%** |
|  Texas Instruments, Inc. | 1457701 |  | 233305045 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core High Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Tobacco — 7.7%** |  |  |
|  Altria Group, Inc. | 6173936 | $365188315 |
|  Philip Morris International, Inc. | 2856612 | 489509032 |
|  |  | 854697347 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
|  MSC Industrial Direct Co., Inc., Class A | 102732 | 7856943 |
| **Water Utilities — 0.3%** |  |  |
|  American Water Works Co., Inc. | 218282 | 32089637 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $10,620,255,082)** |  | 10993720875 |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 0.1%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%<sup>(a)(b)</sup>  | 12578606 | 12578606 |
|  **Total Short-Term Securities — 0.1%<br>(Cost: $12,578,606)** |  | 12578606 |
|  **Total Investments — 99.8%<br>(Cost: $10,632,833,688)** |  | 11006299481 |
| **Other Assets Less Liabilities — 0.2%** |  | 19090570 |
|  **Net Assets — 100.0%** |  | $11025390051 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>04/30/25* | *Shares<br>Held at<br>04/30/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Funds: Treasury, SL Agency Shares | $12064701 | $513905 <sup>(a)</sup> | $— | $— | $— | $12578606 | 12578606 | $921067 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Consumer Staples Select Sector Index | 191 | 06/20/25 | $15842 | $363764 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Dow Jones Industrial Average Index | 38 | 06/20/25 | 7746 | 166615 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Energy Select Sector Index | 81 | 06/20/25 | 6854 | (322253) |
|  |  |  |  | $208126 |

---

18 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Core High Dividend ETF** |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $530379 | $— | $— | $— | $530379 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $322253 | $— | $— | $— | $322253 |

---

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

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(1314021) | $— | $— | $— | $(1314021) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(225924) | $— | $— | $— | $(225924) |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $27160534 |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $10993720875 | $— | $— | $10993720875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 12578606 |  |  | 12578606 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11006299481 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11006299481 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $530379 | $— | $— | $530379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (322253) |  |  | (322253) |
|  | $208126 | $— | $— | $208126 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments<br> April 30, 2025 | **iShares**<sup>®</sup> **Select Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Common Stocks** |  |  |  |
| **Aerospace & Defense — 1.0%** |  |  |  |
|  Lockheed Martin Corp. | 409418 | $| 195599450 |
| **Automobiles — 2.2%** |  |  |  |
|  Ford Motor Co. | 41955931 |  | 419978869 |
| **Banks — 12.0%** |  |  |  |
|  Citizens Financial Group, Inc. | 5554900 |  | 204920261 |
|  Comerica, Inc. | 3061547 |  | 164558151 |
|  Fifth Third Bancorp | 5398790 |  | 194032513 |
|  First Horizon Corp. | 9318100 |  | 168471248 |
|  FNB Corp. | 8010977 |  | 104863689 |
|  Huntington Bancshares, Inc. | 16029370 |  | 232906746 |
|  KeyCorp | 18747990 |  | 278220171 |
|  Regions Financial Corp. | 12382982 |  | 252736663 |
|  Truist Financial Corp. | 6617090 |  | 253699231 |
|  U.S. Bancorp | 6130533 |  | 247305701 |
|  United Bankshares, Inc. | 2814240 |  | 96500290 |
|  Valley National Bancorp | 10282990 |  | 88433714 |
|  |  |  | 2286648378 |
| **Beverages — 1.0%** |  |  |  |
|  Coca-Cola Co. (The) | 2554820 |  | 185352191 |
| **Biotechnology — 0.9%** |  |  |  |
|  Gilead Sciences, Inc. | 1560335 |  | 166238091 |
| **Capital Markets — 3.8%** |  |  |  |
|  Franklin Resources, Inc. | 6529899 |  | 122500905 |
|  Invesco Ltd. | 10228406 |  | 142481696 |
|  Janus Henderson Group PLC | 2934129 |  | 97442424 |
|  Lazard, Inc. | 2460962 |  | 95731422 |
|  T Rowe Price Group, Inc. | 2986168 |  | 264425176 |
|  |  |  | 722581623 |
| **Chemicals — 2.7%** |  |  |  |
|  Chemours Co. (The) | 3709423 |  | 45922657 |
|  FMC Corp. | 2510776 |  | 105251730 |
|  Huntsman Corp. | 3405828 |  | 45331570 |
|  LyondellBasell Industries NV, Class A | 5462472 |  | 317970495 |
|  |  |  | 514476452 |
| **Consumer Finance — 0.7%** |  |  |  |
|  OneMain Holdings, Inc. | 2806076 |  | 132081997 |
| **Containers & Packaging — 3.1%** |  |  |  |
|  International Paper Co. | 3970864 |  | 181389068 |
|  Packaging Corp. of America | 738361 |  | 137047185 |
|  Smurfit WestRock PLC | 4180875 |  | 175680367 |
|  Sonoco Products Co. | 2067402 |  | 84763482 |
|  |  |  | 578880102 |
| **Distributors — 1.1%** |  |  |  |
|  Genuine Parts Co. | 1715871 |  | 201700636 |
| **Diversified Consumer Services — 0.9%** |  |  |  |
|  H&R Block, Inc. | 2845549 |  | 171785793 |
| **Diversified Telecommunication Services — 3.6%** | **Diversified Telecommunication Services — 3.6%** | **Diversified Telecommunication Services — 3.6%** | **Diversified Telecommunication Services — 3.6%** |
|  AT&T Inc. | 10001296 |  | 277035899 |
|  Verizon Communications, Inc. | 9264014 |  | 408172457 |
|  |  |  | 685208356 |
| **Electric Utilities — 15.6%** |  |  |  |
|  Alliant Energy Corp. | 3190228 |  | 194731517 |
|  American Electric Power Co., Inc. | 2139092 |  | 231749227 |
|  Edison International | 7198863 |  | 385211159 |
|  Entergy Corp. | 2133414 |  | 177436042 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Electric Utilities (continued)** |  |  |  |
|  Eversource Energy | 5059372 | $| 300931447 |
|  Exelon Corp. | 5325474 |  | 249764731 |
|  FirstEnergy Corp. | 6533253 |  | 280145889 |
|  IDACORP, Inc. | 1110560 |  | 131146030 |
|  NextEra Energy, Inc. | 2812671 |  | 188111436 |
|  OGE Energy Corp. | 4285252 |  | 194464736 |
|  Pinnacle West Capital Corp. | 2372538 |  | 225818167 |
|  PPL Corp. | 5691691 |  | 207746721 |
|  Xcel Energy, Inc. | 2852921 |  | 201701515 |
|  |  |  | 2968958617 |
| **Financial Services — 0.4%** |  |  |  |
|  Western Union Co. (The) | 6896763 |  | 68346921 |
| **Food Products — 6.0%** |  |  |  |
|  Archer-Daniels-Midland Co. | 5787956 |  | 276374899 |
|  Bunge Global SA | 2950900 |  | 232294848 |
|  Conagra Brands, Inc. | 10056340 |  | 248492161 |
|  General Mills, Inc. | 4041602 |  | 229320498 |
|  The Campbell's Co. | 4221230 |  | 153906046 |
|  |  |  | 1140388452 |
| **Gas Utilities — 1.8%** |  |  |  |
|  New Jersey Resources Corp. | 1997894 |  | 97776932 |
|  Southwest Gas Holdings, Inc. | 1298055 |  | 93732552 |
|  UGI Corp. | 4484292 |  | 147039935 |
|  |  |  | 338549419 |
| **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** |
|  CVS Health Corp. | 3978749 |  | 265422346 |
| **Hotels, Restaurants & Leisure — 1.0%** |  |  |  |
|  McDonald's Corp. | 473092 |  | 151223858 |
|  Wendy's Co. (The) | 3613703 |  | 45171287 |
|  |  |  | 196395145 |
| **Household Durables — 0.8%** |  |  |  |
|  Newell Brands, Inc. | 8771239 |  | 41926522 |
|  Whirlpool Corp. | 1308921 |  | 99844494 |
|  |  |  | 141771016 |
| **Household Products — 1.1%** |  |  |  |
|  Kimberly-Clark Corp. | 1588761 |  | 209366925 |
| **Insurance — 7.0%** |  |  |  |
|  Cincinnati Financial Corp. | 1170362 |  | 162926094 |
|  Fidelity National Financial, Inc., Class A | 3344276 |  | 214200878 |
|  Lincoln National Corp. | 166147 |  | 5295105 |
|  MetLife, Inc. | 2107112 |  | 158813031 |
|  Old Republic International Corp. | 4850515 |  | 182379364 |
|  Principal Financial Group, Inc. | 2557570 |  | 189643815 |
|  Prudential Financial, Inc. | 2789898 |  | 286550424 |
|  Unum Group | 1748095 |  | 135757058 |
|  |  |  | 1335565769 |
| **IT Services — 0.8%** |  |  |  |
|  International Business Machines Corp. | 653098 |  | 157932158 |
| **Media — 2.5%** |  |  |  |
|  Interpublic Group of Cos., Inc. (The) | 7756558 |  | 194844737 |
|  Nexstar Media Group, Inc., Class A | 538344 |  | 80568563 |
|  Omnicom Group, Inc. | 2599311 |  | 197963526 |
|  |  |  | 473376826 |
| **Metals & Mining — 0.9%** |  |  |  |
|  Newmont Corp. | 3183403 |  | 167701670 |
| **Multi-Utilities — 9.2%** |  |  |  |
|  Black Hills Corp. | 1472829 |  | 89695286 |

---

20 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Select Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Multi-Utilities (continued)** |  |  |  |
|  CenterPoint Energy, Inc. | 4751807 | $| 184275076 |
|  CMS Energy Corp. | 2626117 |  | 193413517 |
|  Dominion Energy, Inc. | 5381364 |  | 292638574 |
|  DTE Energy Co. | 1566483 |  | 214608171 |
|  NiSource, Inc. | 4578862 |  | 179079293 |
|  Public Service Enterprise Group, Inc. | 2312843 |  | 184865541 |
|  Sempra | 2483167 |  | 184424813 |
|  WEC Energy Group, Inc. | 2056610 |  | 225239927 |
|  |  |  | 1748240198 |
| **Oil, Gas & Consumable Fuels — 5.4%** |  |  |  |
|  Chevron Corp. | 1809940 |  | 246260436 |
|  Exxon Mobil Corp. | 2124706 |  | 224432695 |
|  HF Sinclair Corp. | 3874102 |  | 116494247 |
|  ONEOK, Inc. | 2887238 |  | 237215474 |
|  Valero Energy Corp. | 1739411 |  | 201928223 |
|  |  |  | 1026331075 |
| **Pharmaceuticals — 3.1%** |  |  |  |
|  Merck & Co., Inc. | 2432597 |  | 207257264 |
|  Pfizer, Inc. | 15787750 |  | 385378978 |
|  |  |  | 592636242 |
| **Professional Services — 0.5%** |  |  |  |
|  Robert Half, Inc. | 2278019 |  | 100916242 |
| **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** |
|  Skyworks Solutions, Inc. | 3304236 |  | 212396290 |
| **Specialty Retail — 1.2%** |  |  |  |
|  Best Buy Co., Inc. | 3472217 |  | 231562152 |
| **Technology Hardware, Storage & Peripherals — 1.9%** | **Technology Hardware, Storage & Peripherals — 1.9%** | **Technology Hardware, Storage & Peripherals — 1.9%** | **Technology Hardware, Storage & Peripherals — 1.9%** |
|  HP, Inc. | 7127031 |  | 182238183 |
|  Seagate Technology Holdings PLC | 1931297 |  | 175805966 |
|  |  |  | 358044149 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Tobacco — 3.9%** |  |  |
|  Altria Group, Inc. | 8295078 | $490653864 |
|  Philip Morris International, Inc. | 1439429 | 246660553 |
|  |  | 737314417 |
| **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** |
|  MSC Industrial Direct Co., Inc., Class A | 962673 | 73625231 |
|  Watsco, Inc. | 270338 | 124312226 |
|  |  | 197937457 |
|  **Total Long-Term Investments — 99.6%<br>(Cost: $18,280,013,493)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18929685424 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.3%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%<sup>(a)(b)</sup>  | 51046182 | 51046182 |
|  **Total Short-Term Securities — 0.3%<br>(Cost: $51,046,182)** |  | 51046182 |
|  **Total Investments — 99.9%<br>(Cost: $18,331,059,675)** |  | 18980731606 |
|  **Other Assets Less Liabilities — 0.1%** |  | 21741114 |
|  **Net Assets — 100.0%** |  | $19002472720 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* |  | *Value at<br>04/30/25* | *Shares<br>Held at<br>04/30/25* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup>  | $— | $— | $(2081) <sup>(b)</sup> | $2081 | $– $|  |  | $34816 <sup>(c)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 64708693 |  | (13662511) <sup>(b)</sup> |  | – | 51046182 | 51046182 | 2302801 |  |
|  |  |  |  | $2081 | $– $| 51046182 |  | $2337617 | $— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold). 

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Select Dividend ETF** |

---

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Energy Select Sector Index | 140 | 06/20/25 | $11847 | $(693433) |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Financials Select Sector Index | 216 | 06/20/25 | 32606 | 287274 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Utilities Select Sector Index | 332 | 06/20/25 | 26550 | 321187 |
|  |  |  |  | $(84972) |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $608461 | $— | $— | $— | $608461 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $693433 | $— | $— | $— | $693433 |

---

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

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $6848394 | $— | $— | $— | $6848394 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(564668) | $— | $— | $— | $(564668) |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $63710271 |

---

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

22 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Select Dividend ETF** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $18929685424 | $— | $— | $18929685424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 51046182 |  |  | 51046182 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18980731606 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18980731606 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $608461 | $— | $— | $608461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (693433) |  |  | (693433) |
|  | $(84972) | $— | $— | $(84972) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

Statements of Assets and Liabilities

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Core Dividend<br> ETF | iShares<br> Core Dividend<br>Growth ETF | iShares<br> Core High<br> Dividend ETF | iShares<br> Select Dividend ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $730610304 | $29732053089 | $10993720875 | $18929685424 |
|  Investments, at value — affiliated<sup>(b)</sup>  | 5918402 | 286850711 | 12578606 | 51046182 |
|  Cash | 297341 | 533073 | 3013 | 194 |
|  Cash pledged: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 262000 | 8049000 | 1576000 | 4229000 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold |  | 160979 | 62630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 1234705 | 26592446 | 18149944 | 23618542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 6537 | 230231 | 55145 | 163802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 2406 | 178108 |  |  |
|  Total assets | 738331695 | 30054647637 | 11026146213 | 19008743144 |
|  **LIABILITIES** |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1442324 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 28438 | 1901992 | 714885 | 5876120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  | 41277 | 394304 |
|  Total liabilities | 1470762 | 1901992 | 756162 | 6270424 |
|  **Commitments and contingent liabilities** |  |  |  |  |
|  NET ASSETS | $736860933 | $30052745645 | $11025390051 | $&nbsp;&nbsp;&nbsp;&nbsp;19002472720 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
|  Paid-in capital | $739318281 | $25695102269 | $11628732017 | $20050349921 |
|  Accumulated earnings (loss) | (2457348) | 4357643376 | (603341966) | (1047877201) |
|  NET ASSETS | $736860933 | $30052745645 | $11025390051 | $19002472720 |
|  **NET ASSET VALUE** |  |  |  |  |
|  Shares outstanding | 15850000 | 499550000 | 95700000 | 147950000 |
|  Net asset value | $46.49 | $60.16 | $115.21 | $128.44 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $699345022 | $24414318291 | $10620255082 | $18280013493 |
|  <sup>(b) </sup>Investments, at cost — affiliated | $5510554 | $230454467 | $12578606 | $51046182 |

---

*See notes to financial statements.* 

24 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Operations

Year Ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Core Dividend<br> ETF | iShares<br> Core Dividend<br>Growth ETF | iShares<br> Core High<br> Dividend ETF | iShares<br> Select Dividend ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $15620700 | $699225929 | $391828489 | $806681861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 138639 | 8117879 | 921067 | 2302801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 172 | 19874 | 9136 | 31096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 18926 | 919727 |  | 34816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (2955) | (261072) |  |  |
|  Total investment income | 15775482 | 708022337 | 392758692 | 809050574 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 265007 | 23614904 | 8721314 | 73810690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 221 | 628 | 270 | 2486 |
|  Total expenses | 265228 | 23615532 | 8721584 | 73813176 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment by affiliate |  |  |  | (974) |
|  Total expenses after payment by affiliate | 265228 | 23615532 | 8721584 | 73812202 |
|  Net investment income | 15510254 | 684406805 | 384037108 | 735238372 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (9270774) | (47745274) | 585895820 | (628062401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 39875 | 9750148 |  | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (83795) | 634091 | (1314021) | 6848394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | 25971002 | 1363738203 | 230594046 | 1343967175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup>  | 16925 | 9586989 |  |  |
|  | 16673233 | 1335964157 | 815175845 | 722755249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 8162377 | 619189562 | (128468364) | 604084561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 400669 | 23938700 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 89022 | 1611927 | (225924) | (564668) |
|  | 8652068 | 644740189 | (128694288) | 603519893 |
|  Net realized and unrealized gain | 25325301 | 1980704346 | 686481557 | 1326275142 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $40835555 | $2665111151 | $1070518665 | $2061513514 |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

S T A T E M E N T S O F O P E R A T I O N S 25

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF |
|  | Year Ended<br> 04/30/25 | Year Ended<br> 04/30/24 | Year Ended<br> 04/30/25 | Year Ended<br> 04/30/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $15510254 | $8771932 | $684406805 | $619421720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 16673233 | 4636627 | 1335964157 | 750284109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8652068 | 30200237 | 644740189 | 1642953258 |
|  Net increase in net assets resulting from operations | 40835555 | 43608796 | 2665111151 | 3012659087 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (14603091) | (8487745) | (669265034) | (616886891) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 378542343 | 36265594 | 1572860704 | 577063593 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 404774807 | 71386645 | 3568706821 | 2972835789 |
|  Beginning of year | 332086126 | 260699481 | 26484038824 | 23511203035 |
|  End of year | $736860933 | $332086126 | $30052745645 | $26484038824 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

26 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF |
|  | Year Ended<br> 04/30/25 | Year Ended<br> 04/30/24 | Year Ended<br> 04/30/25 | Year Ended<br> 04/30/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $384037108 | $398212935 | $735238372 | $759697635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 815175845 | 173800298 | 722755249 | 973422120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (128694288) | 269955781 | 603519893 | (847997840) |
|  Net increase in net assets resulting from operations | 1070518665 | 841969014 | 2061513514 | 885121915 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (391600925) | (372509745) | (723622177) | (737378830) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 154661189 | (1415312932) | (461536679) | (3444012541) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 833578929 | (945853663) | 876354658 | (3296269456) |
|  Beginning of year | 10191811122 | 11137664785 | 18126118062 | 21422387518 |
|  End of year | $11025390051 | $10191811122 | $19002472720 | $18126118062 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 27

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend ETF |
|  | Year Ended<br> 04/30/25 | Year Ended<br> 04/30/24 | Year Ended<br> 04/30/23 | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 |
|  **Net asset value, beginning of year** | $42.58 | $37.51 | $39.14 | $38.39 | $25.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.38 | 1.27 | 0.96 | 0.77 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | 3.83 | 5.04 | (1.68) | 0.68 | 12.43 |
|  Net increase (decrease) from investment operations | 5.21 | 6.31 | (0.72) | 1.45 | 13.13 |
|  Distributions from net investment income<sup>(c)</sup>  | (1.30) | (1.24) | (0.91) | (0.70) | (0.68) |
|  **Net asset value, end of year** | $46.49 | $42.58 | $37.51 | $39.14 | $38.39 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 12.25% | 17.14% | (1.75)% | 3.71% | 51.33% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.05% | 0.05% | 0.15% | 0.25% | 0.25% |
|  Net investment income | 2.93% | 3.21% | 2.54% | 1.87% | 2.20% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $736861 | $332086 | $260699 | $260263 | $67180 |
|  Portfolio turnover rate<sup>(f)</sup>  | 36% | 36% | 65% | 25% | 30% |

---

<sup>(a)</sup> Based on average shares outstanding.

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

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

28 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF |
|  | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/23 | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 |
|  **Net asset value, beginning of year** | $55.95 | $50.88 | $50.58 | $49.87 | $36.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.41 | 1.33 | 1.22 | 1.10 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(b)</sup>  | 4.19 | 5.07 | 0.28 | 0.68 | 13.44 |
|  Net increase from investment operations | 5.60 | 6.40 | 1.50 | 1.78 | 14.52 |
|  Distributions from net investment income<sup>(c)</sup>  | (1.39) | (1.33) | (1.20) | (1.07) | (1.04) |
|  **Net asset value, end of year** | $60.16 | $55.95 | $50.88 | $50.58 | $49.87 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 9.99% | 12.77% | 3.13% | 3.51% | 40.52% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
|  Net investment income | 2.32% | 2.53% | 2.47% | 2.10% | 2.53% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $30052746 | $26484039 | $23511203 | $22742798 | $18403156 |
|  Portfolio turnover rate<sup>(f)</sup>  | 25% | 25% | 30% | 22% | 31% |

---

<sup>(a)</sup> Based on average shares outstanding.

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

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 29

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Core High Dividend ETF |
|  | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/23 | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 |
|  **Net asset value, beginning of year** | $107.85 | $102.75 | $103.67 | $95.59 | $81.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 4.04 | 3.95 | 3.95 | 3.68 | 3.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | 7.39 | 4.84 | (0.88) | 7.80 | 13.72 |
|  Net increase from investment operations | 11.43 | 8.79 | 3.07 | 11.48 | 17.28 |
|  Distributions from net investment income<sup>(c)</sup>  | (4.07) | (3.69) | (3.99) | (3.40) | (3.54) |
|  **Net asset value, end of year** | $115.21 | $107.85 | $102.75 | $103.67 | $95.59 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 10.69% | 8.82% | 3.16% | 12.21% | 21.70% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
|  Net investment income | 3.52% | 3.87% | 3.86% | 3.68% | 4.13% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $11025390 | $10191811 | $11137665 | $9630902 | $6839327 |
|  Portfolio turnover rate<sup>(f)</sup>  | 82% | 67% | 74% | 74% | 75% |

---

<sup>(a)</sup> Based on average shares outstanding.

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

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

30 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Select Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF |
|  | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/23 | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 |
|  **Net asset value, beginning of year** | $119.41 | $117.61 | $123.50 | $118.37 | $80.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 4.92 | 4.60 | 4.24 | 3.91 | 3.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | 8.96 | 1.67 | (5.87) | 4.97 | 37.74 |
|  Net increase (decrease) from investment operations | 13.88 | 6.27 | (1.63) | 8.88 | 41.25 |
|  Distributions from net investment income<sup>(c)</sup>  | (4.85) | (4.47) | (4.26) | (3.75) | (3.54) |
|  **Net asset value, end of year** | $128.44 | $119.41 | $117.61 | $123.50 | $118.37 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 11.61 %<sup>(e)</sup> | 5.58% | (1.23)% | 7.63% | 52.54% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.38 %<sup>(g)</sup> | 0.38% | 0.38% | 0.38% | 0.38% |
|  Net investment income | 3.76% | 4.04% | 3.52% | 3.23% | 3.78% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $19002473 | $18126118 | $21422388 | $21666936 | $18495567 |
|  Portfolio turnover rate<sup>(h)</sup>  | 19% | 17% | 15% | 15% | 55% |

---

<sup>(a)</sup> Based on average shares outstanding.

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

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes payment from an affiliate with no financial impact to the expense ratios.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 31

------

Notes to Financial Statements

*1. ORGANIZATION* 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification*<br> *Classification* |
|  Core Dividend | Diversified |
|  Core Dividend Growth | Diversified |
|  Core High Dividend | Non-Diversified |
|  Select Dividend | Diversified |

---

*2. SIGNIFICANT ACCOUNTING POLICIES* 

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

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

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign 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 "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2025, 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.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**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.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

32 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

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

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

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

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

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

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

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

*4. SECURITIES AND OTHER INVESTMENTS* 

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 33

------

Notes to Financial Statements (continued)

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.

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 Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

*5. DERIVATIVE FINANCIAL INSTRUMENTS* 

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

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

*6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES* 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Core Dividend | 0.05% |
|  Core Dividend Growth | 0.08 |
|  Core High Dividend | 0.08 |

---

34 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
|  First $46 billion | 0.4000% |
|  Over $46 billion, up to and including $81 billion | 0.380000 |
|  Over $81 billion, up to and including $111 billion | 0.361000 |
|  Over $111 billion, up to and including $141 billion | 0.342950 |
|  Over $141 billion, up to and including $171 billion | 0.325802 |
|  Over $171 billion | 0.309512 |

---

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

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("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. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the 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 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 84% 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.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended April 30, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Core Dividend | $4447 |
|  Core Dividend Growth | 216139 |
|  Select Dividend | 11991 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers 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.

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

------

Notes to Financial Statements (continued)

For the year ended April 30, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  Core Dividend | $116170779 | $75928777 | $(5890519) |
|  Core Dividend Growth | 3986605143 | 1600668008 | 83969486 |
|  Core High Dividend | 2614243115 | 1277506928 | 79158965 |
|  Select Dividend | 404864991 | 592841609 | (35382982) |

---

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.

For the year ended April 30, 2025 iShares Select Dividend ETF received a reimbursement of $974 from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.

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

**7.**  ***PURCHASES AND SALES*** 

For the year ended April 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Core Dividend | $190735047 | $190294925 |
|  Core Dividend Growth | 7293741767 | 7262459423 |
|  Core High Dividend | 8972170083 | 8974516172 |
|  Select Dividend | 3709541602 | 3665956235 |

---

For the year ended April 30, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind*<br> *Purchases* | *In-kind*<br> *Sales* |
|  Core Dividend | $447155392 | $69193441 |
|  Core Dividend Growth | 5352488620 | 3797708010 |
|  Core High Dividend | 1868323804 | 1729828230 |
|  Select Dividend | 3469973127 | 3995480388 |

---

**8.**  ***INCOME TAX INFORMATION*** 

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2025, 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. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  Core Dividend | $25978780 | $(25978780) |
|  Core Dividend Growth | 1371024843 | (1371024843) |
|  Core High Dividend | 223633550 | (223633550) |
|  Select Dividend | 1340565173 | (1340565173) |

---

36 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>04/30/25* | *Year Ended<br>04/30/24* |
|  Core Dividend |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $146030 91 | $8487745 |
|  Core Dividend Growth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $669265034 | $616886891 |
|  Core High Dividend |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $391600925 | $372509745 |
|  Select Dividend |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $723622177 | $737378830 |

---

As of April 30, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Total* |
|  Core Dividend | $2083608 | $(35496754) | $30955798 | $(2457348) |
|  Core Dividend Growth | 70285502 | (1045626635) | 5332984509 | 4357643376 |
|  Core High Dividend | 36309001 | (999400456) | 359749489 | (603341966) |
|  Select Dividend | 61183117 | (1670716085) | 561655767 | (1047877201) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income and undistributed capital gains from underlying REIT investments. 

For the year ended April 30, 2025, the iShares Core High Dividend utilized $581,479,022 of its capital loss carryforwards.

As of April 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross<br>Unrealized<br>Appreciation* | *Gross<br>Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Core Dividend | $705571086 | $64722700 | $(33765080) | $30957620 |
|  Core Dividend Growth | 24685919291 | 6145085749 | (812101240) | 5332984509 |
|  Core High Dividend | 10646549992 | 973221093 | (613471604) | 359749489 |
|  Select Dividend | 18419075839 | 2130184078 | (1568528311) | 561655767 |

---

**9.**  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each 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, tariffs 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 an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 mandatory and discretionary liquidity fees under certain circumstances.

**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. Each Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

N O T E S T O F I N A N C I A L S T A T E M E N T S 37

------

Notes to Financial Statements (continued)

**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.

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

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

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

**10.**  ***CAPITAL SHARE TRANSACTIONS*** 

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>04/30/25 | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Core Dividend |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 9650000 | $450411441 | 1650000 | $67441257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1600000) | (71869098) | (800000) | (31175663) |
|  | 8050000 | $378542343 | 850000 | $36265594 |
|  Core Dividend Growth |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 88300000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391633220 | 44300000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310691239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (62100000) | (3818772516) | (33000000) | (1733627646) |
|  | 26200000 | $1572860704 | 11300000 | $577063593 |

---

38 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>04/30/25 | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Core High Dividend |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 16150000 | $1883315929 | 6500000 | $660365834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (14950000) | (1728654740) | (20400000) | (2075678766) |
|  | 1200000 | $154661189 | (13900000) | $(1415312932) |
|  Select Dividend |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 26850000 | $3570138163 | 8350000 | $959530770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (30700000) | (4031674842) | (38700000) | (4403543311) |
|  | (3850000) | $(461536679) | (30350000) | $(3444012541) |

---

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. Authorized Participants 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. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Fund's custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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

**11.**  ***SUBSEQUENT EVENTS*** 

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 39

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of each of the four funds listed in the table below

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025 and each of the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

iShares Core Dividend ETF iShares Core Dividend Growth ETF iShares Core High Dividend ETF iShares Select Dividend ETF

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 24, 2025

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

40 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend<br>Income* |
|  Core Dividend | $14742410 |
|  Core Dividend Growth | 701674134 |
|  Core High Dividend | 388307284 |
|  Select Dividend | 797648134 |

---

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business<br>Income* |
|  Core Dividend | $662274 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received* <br> *Deduction*  |
|  Core Dividend | 89.93% |
|  Core Dividend Growth | 98.61 |
|  Core High Dividend | 98.16 |
|  Select Dividend | 100.00 |

---

I M P O R T A N T T A X I N F O R M A T I O N 41

------

Additional Information

#### Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com.**

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

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

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

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

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

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

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

Remuneration information at an individual AIF level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated

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

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

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above. The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

#### Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares Select Dividend ETF is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

42 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Additional Information (continued)

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

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

To enroll in electronic delivery:

• Go to **icsdelivery.com.** 

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

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

#### Availability of Portfolio Holdings Information
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, when available, at **iShares.com.**

A D D I T I O N A L I N F O R M A T I O N 43

------

Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| Portfolio Abbreviation | Portfolio Abbreviation |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

44 2 0 2 5 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

### Want to know more?
**iShares.com** \| 1-800-474-2737

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

#### Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

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

<sup>©</sup>2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

---

| | |
|:---|:---|
| ![LOGO](g11791g73l08.jpg)  | ![LOGO](g11791g80j58.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g11791g73l08.jpg)  | **APRIL 30, 2025**  |

---

**2025 Annual Financial Statements**<br> **and Additional Information**<br>

#### iShares Trust
· iShares Morningstar Mid-Cap Value ETF \| IMCV \| NASDAQ

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

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

· iShares Morningstar Value ETF \| ILCV \| NYSE Arca

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedules of Investments](#fin311791_1) | 3 |
|  [Statements of Assets and Liabilities](#fin311791_2) | 42 |
|  [Statements of Operations](#fin311791_3) | 43 |
|  [Statements of Changes in Net Assets](#fin311791_4) | 44 |
|  [Financial Highlights](#fin311791_5) | 46 |
|  [Notes to Financial Statements](#fin311791_6) | 50 |
|  [Report of Independent Registered Public Accounting Firm](#fin311791_7) | 59 |
|  [Important Tax Information](#fin311791_8) | 60 |
|  [Additional Information](#fin311791_9) | 61 |
|  [Glossary of Terms Used in these Financial Statements](#fin311791_10) | 62 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments <br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 0.6%** |  |  |
|  L3Harris Technologies, Inc. | 13747 | $3024615 |
|  Textron, Inc. | 14458 | 1017409 |
|  |  | 4042024 |
| **Air Freight & Logistics — 0.3%** |  |  |
|  Expeditors International of Washington, Inc. | 17709 | 1946396 |
| **Automobile Components — 0.1%** |  |  |
|  Aptiv PLC<sup>(a)</sup>  | 16272 | 928480 |
| **Automobiles — 1.7%** |  |  |
|  Ford Motor Co. | 498432 | 4989304 |
|  General Motors Co. | 126005 | 5700466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10689770 |
| **Banks — 3.7%** |  |  |
|  Citizens Financial Group, Inc. | 55880 | 2061413 |
|  East West Bancorp, Inc. | 17719 | 1515861 |
|  Fifth Third Bancorp | 86396 | 3105072 |
|  Huntington Bancshares, Inc. | 183305 | 2663422 |
|  KeyCorp | 126124 | 1871680 |
|  M&T Bank Corp. | 21083 | 3579050 |
|  Regions Financial Corp. | 116615 | 2380112 |
|  Truist Financial Corp. | 165524 | 6346190 |
|  |  | 23522800 |
| **Beverages — 0.9%** |  |  |
|  Brown-Forman Corp., Class A | 3019 | 104488 |
|  Brown-Forman Corp., Class B, NVS | 18942 | 659939 |
|  Constellation Brands, Inc., Class A | 10506 | 1970295 |
|  Keurig Dr. Pepper, Inc. | 91868 | 3177714 |
|  |  | 5912436 |
| **Biotechnology — 0.7%** |  |  |
|  Biogen, Inc.<sup>(a)</sup>  | 18309 | 2216854 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup>  | 9682 | 616646 |
|  Moderna, Inc.<sup>(a)(b)</sup>  | 42481 | 1212408 |
|  Summit Therapeutics, Inc.<sup>(a)(b)</sup>  | 7432 | 179260 |
|  United Therapeutics Corp.<sup>(a)(b)</sup>  | 1324 | 401291 |
|  |  | 4626459 |
| **Broadline Retail — 0.6%** |  |  |
|  Coupang, Inc., Class A<sup>(a)</sup>  | 71512 | 1671235 |
|  eBay, Inc. | 35042 | 2388463 |
|  |  | 4059698 |
| **Building Products — 1.4%** |  |  |
|  Allegion PLC | 3952 | 550118 |
|  Builders FirstSource, Inc.<sup>(a)(b)</sup>  | 14550 | 1740616 |
|  Johnson Controls International PLC | 47699 | 4001946 |
|  Masco Corp. | 16996 | 1030128 |
|  Owens Corning | 11024 | 1603000 |
|  |  | 8925808 |
| **Capital Markets — 2.8%** |  |  |
|  Ameriprise Financial, Inc. | 3831 | 1804478 |
|  Bank of New York Mellon Corp. (The) | 54057 | 4346723 |
|  Carlyle Group, Inc. (The) | 27582 | 1065768 |
|  Jefferies Financial Group, Inc. | 7060 | 329914 |
|  Nasdaq, Inc. | 19681 | 1499889 |
|  Northern Trust Corp. | 25135 | 2362187 |
|  Raymond James Financial, Inc. | 8338 | 1142640 |
|  State Street Corp. | 37230 | 3279963 |
|  T Rowe Price Group, Inc. | 27260 | 2413873 |
|  |  | 18245435 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Chemicals — 2.9%** |  |  |  |
|  Albemarle Corp. | 14921 | $| 873625 |
|  Celanese Corp., Class A | 9093 |  | 404729 |
|  CF Industries Holdings, Inc. | 22027 |  | 1726256 |
|  Corteva, Inc. | 49319 |  | 3057285 |
|  Dow, Inc. | 54229 |  | 1658865 |
|  DuPont de Nemours, Inc. | 29945 |  | 1976071 |
|  Eastman Chemical Co. | 15120 |  | 1164240 |
|  International Flavors & Fragrances, Inc. | 32296 |  | 2533944 |
|  LyondellBasell Industries NV, Class A | 32885 |  | 1914236 |
|  PPG Industries, Inc. | 19134 |  | 2082927 |
|  RPM International, Inc. | 5415 |  | 578051 |
|  Westlake Corp. | 4460 |  | 412238 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18382467 |
| **Commercial Services & Supplies — 0.2%** |  |  |  |
|  Veralto Corp. | 15042 |  | 1442528 |
| **Communications Equipment — 0.4%** |  |  |  |
|  F5, Inc.<sup>(a)</sup>  | 4033 |  | 1067697 |
|  Juniper Networks, Inc. | 41029 |  | 1490173 |
|  |  |  | 2557870 |
| **Construction & Engineering — 0.1%** |  |  |  |
|  AECOM | 5145 |  | 507554 |
| **Consumer Finance — 1.9%** |  |  |  |
|  Capital One Financial Corp. | 48215 |  | 8691236 |
|  Discover Financial Services | 12857 |  | 2348588 |
|  Synchrony Financial | 27939 |  | 1451431 |
|  |  |  | 12491255 |
| **Consumer Staples Distribution & Retail — 2.3%** | **Consumer Staples Distribution & Retail — 2.3%** | **Consumer Staples Distribution & Retail — 2.3%** | **Consumer Staples Distribution & Retail — 2.3%** |
|  Dollar General Corp. | 27769 |  | 2601678 |
|  Dollar Tree, Inc.<sup>(a)</sup>  | 26039 |  | 2129209 |
|  Kroger Co. (The) | 85600 |  | 6181176 |
|  Performance Food Group Co.<sup>(a)</sup>  | 7119 |  | 574218 |
|  Sysco Corp. | 37595 |  | 2684283 |
|  U.S. Foods Holding Corp.<sup>(a)</sup>  | 9695 |  | 636574 |
|  |  |  | 14807138 |
| **Containers & Packaging — 1.9%** |  |  |  |
|  Amcor PLC | 288233 |  | 2651743 |
|  Avery Dennison Corp. | 4600 |  | 787106 |
|  Ball Corp. | 16593 |  | 861840 |
|  International Paper Co. | 66113 |  | 3020042 |
|  Packaging Corp. of America | 11298 |  | 2097022 |
|  Smurfit WestRock PLC | 63283 |  | 2659152 |
|  |  |  | 12076905 |
| **Distributors — 0.5%** |  |  |  |
|  Genuine Parts Co. | 17741 |  | 2085455 |
|  Pool Corp. | 2808 |  | 823137 |
|  |  |  | 2908592 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
|  Service Corp. International | 9801 |  | 783100 |
| **Diversified REITs — 0.3%** |  |  |  |
|  WP Carey, Inc. | 27469 |  | 1715164 |
| **Electric Utilities — 6.8%** |  |  |  |
|  Alliant Energy Corp. | 32428 |  | 1979405 |
|  American Electric Power Co., Inc. | 67424 |  | 7304716 |
|  Edison International | 48539 |  | 2597322 |
|  Entergy Corp. | 53546 |  | 4453421 |
|  Evergy, Inc. | 29230 |  | 2019793 |
|  Eversource Energy | 46362 |  | 2757612 |
|  Exelon Corp. | 125994 |  | 5909119 |

---

S C H E D U L E O F I N V E S T M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Electric Utilities (continued)** |  |  |  |
|  FirstEnergy Corp. | 64250 | $| 2755040 |
|  NRG Energy, Inc. | 24773 |  | 2714625 |
|  PG&E Corp. | 155746 |  | 2572924 |
|  PPL Corp. | 93176 |  | 3400924 |
|  Xcel Energy, Inc. | 72689 |  | 5139112 |
|  |  |  | 43604013 |
| **Electrical Equipment — 0.4%** |  |  |  |
|  Regal Rexnord Corp. | 5242 |  | 554813 |
|  Rockwell Automation, Inc. | 7200 |  | 1783296 |
|  |  |  | 2338109 |
| **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** |
|  CDW Corp. | 10508 |  | 1687165 |
|  Corning, Inc. | 45883 |  | 2036288 |
|  Flex Ltd.<sup>(a)</sup>  | 28856 |  | 990915 |
|  Jabil, Inc. | 7729 |  | 1132762 |
|  Keysight Technologies, Inc.<sup>(a)</sup>  | 14430 |  | 2098122 |
|  TE Connectivity PLC | 20996 |  | 3073395 |
|  Teledyne Technologies, Inc.<sup>(a)</sup>  | 2708 |  | 1262009 |
|  Trimble, Inc.<sup>(a)</sup>  | 8724 |  | 542109 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup>  | 1589 |  | 397758 |
|  |  |  | 13220523 |
| **Energy Equipment & Services — 1.6%** |  |  |  |
|  Baker Hughes Co., Class A | 50828 |  | 1799311 |
|  Halliburton Co. | 112671 |  | 2233139 |
|  Schlumberger NV | 179056 |  | 5953612 |
|  |  |  | 9986062 |
| **Entertainment — 0.6%** |  |  |  |
|  Electronic Arts, Inc. | 8824 |  | 1280274 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)</sup>  | 283134 |  | 2454772 |
|  |  |  | 3735046 |
| **Financial Services — 0.9%** |  |  |  |
|  Corpay, Inc.<sup>(a)</sup>  | 2174 |  | 707354 |
|  Equitable Holdings, Inc. | 35580 |  | 1759431 |
|  Fidelity National Information Services, Inc. | 24908 |  | 1964743 |
|  Global Payments, Inc. | 21106 |  | 1610599 |
|  |  |  | 6042127 |
| **Food Products — 3.8%** |  |  |  |
|  Archer-Daniels-Midland Co. | 60379 |  | 2883097 |
|  Bunge Global SA | 17934 |  | 1411764 |
|  Conagra Brands, Inc. | 60542 |  | 1495993 |
|  General Mills, Inc. | 70591 |  | 4005333 |
|  Hershey Co. (The) | 12249 |  | 2047910 |
|  Hormel Foods Corp. | 36625 |  | 1095088 |
|  J M Smucker Co. (The) | 13421 |  | 1560460 |
|  Kellanova | 33379 |  | 2762780 |
|  Kraft Heinz Co. (The) | 111671 |  | 3249626 |
|  Lamb Weston Holdings, Inc. | 11723 |  | 619092 |
|  McCormick & Co., Inc., NVS | 13103 |  | 1004476 |
|  The Campbell's Co. | 25144 |  | 916750 |
|  Tyson Foods, Inc., Class A | 23041 |  | 1411031 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24463400 |
| **Gas Utilities — 0.5%** |  |  |  |
|  Atmos Energy Corp. | 19601 |  | 3148509 |
| **Ground Transportation — 0.7%** |  |  |  |
|  JB Hunt Transport Services, Inc. | 5420 |  | 707744 |
|  Norfolk Southern Corp. | 13872 |  | 3108022 |
|  U-Haul Holding Co.<sup>(a)(b)</sup>  | 480 |  | 29467 |
|  U-Haul Holding Co., NVS<sup>(b)</sup>  | 6129 |  | 335869 |
|  |  |  | 4181102 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Health Care Equipment & Supplies — 1.7%** |  |  |  |
|  Align Technology, Inc.<sup>(a)</sup>  | 5364 | $| 929581 |
|  Baxter International, Inc. | 64068 |  | 1997000 |
|  Cooper Cos., Inc. (The)<sup>(a)</sup>  | 5803 |  | 473931 |
|  GE HealthCare Technologies, Inc. | 32010 |  | 2251263 |
|  Hologic, Inc.<sup>(a)</sup>  | 28305 |  | 1647351 |
|  Solventum Corp.<sup>(a)(b)</sup>  | 17559 |  | 1161001 |
|  Zimmer Biomet Holdings, Inc. | 25161 |  | 2592841 |
|  |  |  | 11052968 |
| **Health Care Providers & Services — 3.5%** |  |  |  |
|  Cardinal Health, Inc. | 30827 |  | 4355547 |
|  Cencora, Inc. | 9422 |  | 2757537 |
|  Centene Corp.<sup>(a)</sup>  | 63969 |  | 3828544 |
|  DaVita, Inc.<sup>(a)(b)</sup>  | 2463 |  | 348638 |
|  Humana, Inc. | 15244 |  | 3997586 |
|  Labcorp Holdings, Inc. | 10742 |  | 2588929 |
|  Molina Healthcare, Inc.<sup>(a)</sup>  | 3672 |  | 1200781 |
|  Quest Diagnostics, Inc. | 14045 |  | 2503100 |
|  Tenet Healthcare Corp.<sup>(a)</sup>  | 4505 |  | 643990 |
|  Universal Health Services, Inc., Class B | 3171 |  | 561489 |
|  |  |  | 22786141 |
| **Health Care REITs — 0.7%** |  |  |  |
|  Alexandria Real Estate Equities, Inc. | 9293 |  | 675230 |
|  Healthpeak Properties, Inc. | 90254 |  | 1610131 |
|  Ventas, Inc. | 29525 |  | 2069112 |
|  |  |  | 4354473 |
| **Hotel & Resort REITs — 0.2%** |  |  |  |
|  Host Hotels & Resorts, Inc. | 88764 |  | 1253348 |
| **Hotels, Restaurants & Leisure — 0.8%** |  |  |  |
|  Carnival Corp.<sup>(a)</sup>  | 130845 |  | 2399697 |
|  Darden Restaurants, Inc. | 8757 |  | 1757005 |
|  Expedia Group, Inc. | 7166 |  | 1124560 |
|  |  |  | 5281262 |
| **Household Durables — 1.9%** |  |  |  |
|  DR Horton, Inc. | 36384 |  | 4596755 |
|  Garmin Ltd. | 5011 |  | 936406 |
|  Lennar Corp., Class A | 28807 |  | 3128728 |
|  Lennar Corp., Class B | 1215 |  | 125595 |
|  NVR, Inc.<sup>(a)(b)</sup>  | 138 |  | 983353 |
|  PulteGroup, Inc. | 15903 |  | 1631330 |
|  Toll Brothers, Inc. | 7966 |  | 803530 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12205697 |
| **Household Products — 0.7%** |  |  |  |
|  Clorox Co. (The) | 9598 |  | 1365796 |
|  Kimberly-Clark Corp. | 24840 |  | 3273415 |
|  |  |  | 4639211 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  AES Corp. (The) | 90051 |  | 900510 |
| **Industrial REITs — 0.0%** |  |  |  |
|  Lineage, Inc.<sup>(b)</sup>  | 4391 |  | 211778 |
| **Insurance — 9.0%** |  |  |  |
|  Aflac, Inc. | 62751 |  | 6819779 |
|  Allstate Corp. (The) | 18976 |  | 3764649 |
|  American International Group, Inc. | 76779 |  | 6259024 |
|  Arch Capital Group Ltd. | 47324 |  | 4291340 |
|  Cincinnati Financial Corp. | 9930 |  | 1382355 |
|  Everest Group Ltd. | 5520 |  | 1980742 |
|  Fidelity National Financial, Inc., Class A | 32580 |  | 2086749 |
|  Hartford Insurance Group, Inc. (The) | 36530 |  | 4481135 |

---

4 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Insurance (continued)** |  |  |
|  Loews Corp. | 22724 | $1973125 |
|  Markel Group, Inc.<sup>(a)</sup>  | 619 | 1125714 |
|  MetLife, Inc. | 73763 | 5559517 |
|  Principal Financial Group, Inc. | 29659 | 2199215 |
|  Prudential Financial, Inc. | 45030 | 4625031 |
|  Reinsurance Group of America, Inc. | 8397 | 1572842 |
|  RenaissanceRe Holdings Ltd. | 6223 | 1505530 |
|  Travelers Cos., Inc. (The) | 15136 | 3997872 |
|  Unum Group | 20833 | 1617891 |
| W. R. Berkley Corp. | 15422 | 1105603 |
|  Willis Towers Watson PLC | 5504 | 1694131 |
|  |  | 58042244 |
| **IT Services — 1.0%** |  |  |
|  Akamai Technologies, Inc.<sup>(a)</sup>  | 12674 | 1021271 |
|  Cognizant Technology Solutions Corp., Class A | 63667 | 4683981 |
|  Twilio, Inc., Class A<sup>(a)</sup>  | 6745 | 652309 |
|  |  | 6357561 |
| **Life Sciences Tools & Services — 0.9%** |  |  |
|  Agilent Technologies, Inc. | 15309 | 1647249 |
|  Avantor, Inc.<sup>(a)</sup>  | 39563 | 513923 |
|  IQVIA Holdings, Inc.<sup>(a)</sup>  | 8691 | 1347714 |
|  Revvity, Inc. | 7861 | 734453 |
|  Waters Corp.<sup>(a)</sup>  | 2763 | 960778 |
|  West Pharmaceutical Services, Inc. | 3387 | 715639 |
|  |  | 5919756 |
| **Machinery — 2.6%** |  |  |
|  CNH Industrial NV | 116099 | 1343266 |
|  Cummins, Inc. | 9605 | 2822333 |
|  Dover Corp. | 5468 | 933114 |
|  Fortive Corp. | 16880 | 1176367 |
|  Otis Worldwide Corp. | 19354 | 1863210 |
|  PACCAR, Inc. | 65271 | 5888097 |
|  Pentair PLC | 5055 | 458640 |
|  Snap-on, Inc. | 3927 | 1232332 |
|  Stanley Black & Decker, Inc. | 11852 | 711357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16428716 |
| **Media — 1.5%** |  |  |
|  Charter Communications, Inc., Class A<sup>(a)</sup>  | 12303 | 4821054 |
|  Fox Corp., Class A, NVS | 27770 | 1382668 |
|  Fox Corp., Class B | 17077 | 789640 |
|  News Corp., Class A, NVS | 14551 | 394623 |
|  News Corp., Class B | 4454 | 139945 |
|  Omnicom Group, Inc. | 24889 | 1895546 |
|  |  | 9423476 |
| **Metals & Mining — 2.4%** |  |  |
|  Newmont Corp. | 143896 | 7580441 |
|  Nucor Corp. | 29379 | 3506971 |
|  Reliance, Inc. | 7024 | 2024528 |
|  Steel Dynamics, Inc. | 17979 | 2332056 |
|  |  | 15443996 |
| **Multi-Utilities — 5.4%** |  |  |
|  Ameren Corp. | 33819 | 3356198 |
|  CenterPoint Energy, Inc. | 80784 | 3132803 |
|  CMS Energy Corp. | 23358 | 1720317 |
|  Consolidated Edison, Inc. | 43663 | 4923003 |
|  Dominion Energy, Inc. | 45322 | 2464610 |
|  DTE Energy Co. | 26058 | 3569946 |
|  NiSource, Inc. | 59332 | 2320474 |
|  Public Service Enterprise Group, Inc. | 36262 | 2898422 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Multi-Utilities (continued)** |  |  |  |
|  Sempra | 79606 | $| 5912338 |
|  WEC Energy Group, Inc. | 39925 |  | 4372586 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34670697 |
| **Office REITs — 0.2%** |  |  |  |
|  BXP, Inc. | 20030 |  | 1276512 |
| **Oil, Gas & Consumable Fuels — 9.6%** |  |  |  |
|  Cheniere Energy, Inc. | 28384 |  | 6559826 |
|  Coterra Energy, Inc. | 94222 |  | 2314092 |
|  Devon Energy Corp. | 83030 |  | 2524942 |
|  Diamondback Energy, Inc. | 23980 |  | 3165600 |
|  EQT Corp. | 71335 |  | 3526802 |
|  Expand Energy Corp. | 25445 |  | 2643736 |
|  Kinder Morgan, Inc. | 249168 |  | 6553119 |
|  Marathon Petroleum Corp. | 40663 |  | 5587503 |
|  Occidental Petroleum Corp. | 84984 |  | 3349220 |
|  ONEOK, Inc. | 77902 |  | 6400428 |
|  Phillips 66 | 52273 |  | 5439528 |
|  Valero Energy Corp. | 39844 |  | 4625490 |
|  Williams Cos., Inc. (The) | 153849 |  | 9010936 |
|  |  |  | 61701222 |
| **Passenger Airlines — 1.1%** |  |  |  |
|  Delta Air Lines, Inc. | 52096 |  | 2168757 |
|  Southwest Airlines Co. | 75213 |  | 2102955 |
|  United Airlines Holdings, Inc.<sup>(a)</sup>  | 41500 |  | 2856030 |
|  |  |  | 7127742 |
| **Personal Care Products — 0.9%** |  |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 14262 |  | 855149 |
|  Kenvue, Inc. | 219290 |  | 5175244 |
|  |  |  | 6030393 |
| **Pharmaceuticals — 0.5%** |  |  |  |
|  Royalty Pharma PLC, Class A | 51161 |  | 1679104 |
|  Viatris, Inc. | 152507 |  | 1284109 |
|  |  |  | 2963213 |
| **Professional Services — 0.7%** |  |  |  |
|  Jacobs Solutions, Inc. | 5658 |  | 700460 |
|  Leidos Holdings, Inc. | 5138 |  | 756211 |
|  Paychex, Inc. | 13958 |  | 2053501 |
|  SS&C Technologies Holdings, Inc. | 16086 |  | 1216102 |
|  |  |  | 4726274 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
|  CBRE Group, Inc., Class A<sup>(a)</sup>  | 10638 |  | 1299751 |
|  Jones Lang LaSalle, Inc.<sup>(a)</sup>  | 2589 |  | 588765 |
|  Zillow Group, Inc., Class A<sup>(a)(b)</sup>  | 3804 |  | 250988 |
|  Zillow Group, Inc., Class C, NVS<sup>(a)</sup>  | 11677 |  | 786212 |
|  |  |  | 2925716 |
| **Residential REITs — 1.8%** |  |  |  |
|  American Homes 4 Rent, Class A | 16937 |  | 633275 |
|  AvalonBay Communities, Inc. | 8084 |  | 1697478 |
|  Camden Property Trust | 7246 |  | 824595 |
|  Equity LifeStyle Properties, Inc. | 8741 |  | 566242 |
|  Equity Residential | 27019 |  | 1898355 |
|  Essex Property Trust, Inc. | 4094 |  | 1142840 |
|  Invitation Homes, Inc. | 36730 |  | 1255799 |
|  Mid-America Apartment Communities, Inc. | 9743 |  | 1555470 |
|  Sun Communities, Inc. | 8366 |  | 1040981 |
|  UDR, Inc. | 23058 |  | 965669 |
|  |  |  | 11580704 |

---

S C H E D U L E O F I N V E S T M E N T S 5

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Retail REITs — 2.0%** |  |  |  |
|  Kimco Realty Corp. | 85288 | $| 1704054 |
|  Realty Income Corp. | 67878 |  | 3927421 |
|  Regency Centers Corp. | 11316 |  | 816789 |
|  Simon Property Group, Inc. | 38909 |  | 6123499 |
|  |  |  | 12571763 |
| **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** |
|  Microchip Technology, Inc. | 44035 |  | 2029133 |
|  ON Semiconductor Corp.<sup>(a)</sup>  | 36730 |  | 1458181 |
|  Skyworks Solutions, Inc. | 20224 |  | 1299999 |
|  |  |  | 4787313 |
| **Software — 1.0%** |  |  |  |
|  Gen Digital, Inc. | 31457 |  | 813793 |
|  MicroStrategy, Inc., Class A<sup>(a)(b)</sup>  | 8676 |  | 3297834 |
|  Zoom Communications, Inc., Class A<sup>(a)</sup>  | 30326 |  | 2351478 |
|  |  |  | 6463105 |
| **Specialized REITs — 3.8%** |  |  |  |
|  Crown Castle, Inc. | 54747 |  | 5790043 |
|  Digital Realty Trust, Inc. | 20555 |  | 3299900 |
|  Extra Space Storage, Inc. | 15347 |  | 2248643 |
|  Gaming & Leisure Properties, Inc. | 33254 |  | 1591536 |
|  Iron Mountain, Inc. | 14870 |  | 1333393 |
|  Public Storage | 12068 |  | 3625589 |
|  VICI Properties, Inc. | 133906 |  | 4287670 |
|  Weyerhaeuser Co. | 91907 |  | 2381310 |
|  |  |  | 24558084 |
| **Specialty Retail — 1.1%** |  |  |  |
|  Best Buy Co., Inc. | 24941 |  | 1663315 |
|  CarMax, Inc.<sup>(a)</sup>  | 11233 |  | 726438 |
|  Dick's Sporting Goods, Inc. | 4610 |  | 865481 |
|  Tractor Supply Co. | 31429 |  | 1590936 |
|  Ulta Beauty, Inc.<sup>(a)</sup>  | 3103 |  | 1227671 |
|  Williams-Sonoma, Inc. | 6952 |  | 1073876 |
|  |  |  | 7147717 |
| **Technology Hardware, Storage & Peripherals — 2.1%** | **Technology Hardware, Storage & Peripherals — 2.1%** | **Technology Hardware, Storage & Peripherals — 2.1%** | **Technology Hardware, Storage & Peripherals — 2.1%** |
|  Dell Technologies, Inc., Class C | 23429 |  | 2149845 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
|  Hewlett Packard Enterprise Co. | 165129 | $2678393 |
|  HP, Inc. | 119409 | 3053288 |
|  NetApp, Inc. | 14384 | 1290964 |
|  Seagate Technology Holdings PLC | 25543 | 2325179 |
|  Western Digital Corp.<sup>(a)</sup>  | 43705 | 1916901 |
|  |  | 13414570 |
| **Trading Companies & Distributors — 0.5%** |  |  |
|  Ferguson Enterprises, Inc. | 10246 | 1738336 |
|  United Rentals, Inc. | 2628 | 1659451 |
|  |  | 3397787 |
| **Water Utilities — 0.2%** |  |  |
|  American Water Works Co., Inc. | 10443 | 1535225 |
|  **Total Long-Term Investments — 99.9%<br>(Cost: $581,147,984)** |  | 642469944 |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 1.5%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(c)(d)(e)</sup>  | 9130548 | 9134200 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%<sup>(c)(d)</sup>  | 564701 | 564701 |
|  **Total Short-Term Securities — 1.5%<br>(Cost: $9,696,804)** |  | 9698901 |
|  **Total Investments — 101.4%<br>(Cost: $590,844,788)** |  | 652168845 |
|  **Liabilities in Excess of Other Assets — (1.4)%** | **Liabilities in Excess of Other Assets — (1.4)%** | (8762957) |
|  **Net Assets — 100.0%** |  | $643405888 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>04/30/25* | *Shares<br>Held at<br>04/30/25* | *Income* | *Capital<br>Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $5589216 | $3547205 <sup>(a)</sup> | $— | $(2416) | $195 | $9134200 | 9130548 | $78095 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 944816 |  | (380115)<sup>(a)</sup> |  |  | 564701 | 564701 | 61880 |  |
|  |  |  |  | $(2416) | $195 | $9698901 |  | $139975 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

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

6 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF** |

---

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Utilities Select Sector Index | 6 | 06/20/25 | $480 | $8252 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Mid 400 E-Mini Index | 1 | 06/20/25 | 286 | (8097) |
|  |  |  |  | $155 |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $8252 | $— | $— | $— | $8252 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $8097 | $— | $— | $— | $8097 |

---

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

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(110708) | $— | $— | $— | $(110708) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15398 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15398 |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $1152020 |

---

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

S C H E D U L E O F I N V E S T M E N T S 7

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $642469944 | $— | $— | $642469944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 9698901 |  |  | 9698901 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652168845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652168845 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $8252 | $— | $— | $8252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (8097) |  |  | (8097) |
|  | $155 | $— | $— | $155 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

8 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments <br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 1.9%** |  |  |
|  AAR Corp.<sup>(a)</sup>  | 1758 | $93983 |
|  AeroVironment, Inc.<sup>(a)(b)</sup>  | 1383 | 209552 |
|  Archer Aviation, Inc., Class A<sup>(a)</sup>  | 21938 | 182744 |
|  ATI, Inc.<sup>(a)</sup>  | 6987 | 379953 |
|  BWX Technologies, Inc. | 4547 | 496169 |
|  Cadre Holdings, Inc. | 1101 | 32094 |
|  Ducommun, Inc.<sup>(a)</sup>  | 660 | 37831 |
|  Hexcel Corp. | 4122 | 199793 |
|  Huntington Ingalls Industries, Inc. | 1969 | 453540 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup>  | 7305 | 246799 |
|  Leonardo DRS, Inc. | 3635 | 134350 |
|  Loar Holdings, Inc.<sup>(a)(b)</sup>  | 638 | 60342 |
|  Mercury Systems, Inc.<sup>(a)</sup>  | 2677 | 133850 |
|  Moog, Inc., Class A | 1425 | 238331 |
|  Rocket Lab U.S.A., Inc., Class A<sup>(a)(b)</sup>  | 13360 | 291114 |
|  Spirit AeroSystems Holdings, Inc., Class A<sup>(a)</sup>  | 5700 | 205200 |
|  Standardaero, Inc.<sup>(a)</sup>  | 3816 | 103108 |
|  Triumph Group, Inc.<sup>(a)</sup>  | 3774 | 95860 |
|  V2X, Inc.<sup>(a)</sup>  | 621 | 30901 |
|  Woodward, Inc. | 2820 | 528947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154461 |
| **Air Freight & Logistics — 0.4%** |  |  |
|  CH Robinson Worldwide, Inc. | 5771 | 514889 |
|  Forward Air Corp.<sup>(a)</sup>  | 1290 | 18989 |
|  GXO Logistics, Inc.<sup>(a)(b)</sup>  | 5899 | 213780 |
|  Hub Group, Inc., Class A | 3089 | 97581 |
|  |  | 845239 |
| **Automobile Components — 1.2%** |  |  |
|  Adient PLC<sup>(a)</sup>  | 4401 | 55673 |
|  American Axle & Manufacturing Holdings, Inc.<sup>(a)(b)</sup>  | 5982 | 22851 |
|  Autoliv, Inc. | 3449 | 321550 |
|  BorgWarner, Inc. | 11302 | 320751 |
|  Dana, Inc. | 6482 | 89063 |
|  Dorman Products, Inc.<sup>(a)</sup>  | 1292 | 146384 |
|  Fox Factory Holding Corp.<sup>(a)</sup>  | 2024 | 41107 |
|  Garrett Motion, Inc. | 4892 | 45104 |
|  Gentex Corp. | 11521 | 250927 |
|  Gentherm, Inc.<sup>(a)</sup>  | 1536 | 39951 |
|  Goodyear Tire & Rubber Co. (The)<sup>(a)</sup>  | 14063 | 153005 |
|  LCI Industries | 1258 | 96967 |
|  Lear Corp. | 2837 | 243273 |
|  Mobileye Global, Inc., Class A<sup>(a)(b)</sup>  | 4277 | 62359 |
|  Modine Manufacturing Co.<sup>(a)(b)</sup>  | 2457 | 200590 |
|  Patrick Industries, Inc. | 1641 | 126324 |
|  Phinia, Inc. | 2081 | 83552 |
|  QuantumScape Corp., Class A<sup>(a)(b)</sup>  | 17885 | 69930 |
|  Standard Motor Products, Inc. | 983 | 26639 |
|  Visteon Corp.<sup>(a)</sup>  | 1382 | 109441 |
|  XPEL, Inc.<sup>(a)</sup>  | 1070 | 30645 |
|  |  | 2536086 |
| **Automobiles — 0.5%** |  |  |
|  Harley-Davidson, Inc. | 5591 | 125350 |
|  Lucid Group, Inc.<sup>(a)(b)</sup>  | 60833 | 152691 |
|  Rivian Automotive, Inc., Class A<sup>(a)(b)</sup>  | 42444 | 579785 |
|  Thor Industries, Inc. | 2552 | 184816 |
|  Winnebago Industries, Inc. | 1409 | 44834 |
|  |  | 1087476 |
| **Banks — 7.6%** |  |  |
|  1st Source Corp. | 962 | 57672 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Banks (continued)** |  |  |
|  Amalgamated Financial Corp. | 854 | $24049 |
|  Amerant Bancorp, Inc., Class A | 1665 | 28039 |
|  Ameris Bancorp | 3291 | 192853 |
|  Associated Banc-Corp. | 8266 | 182348 |
|  Atlantic Union Bankshares Corp. | 6273 | 173762 |
|  Axos Financial, Inc.<sup>(a)</sup>  | 2650 | 168222 |
|  Banc of California, Inc. | 7061 | 95182 |
|  BancFirst Corp. | 1051 | 123829 |
|  Bancorp, Inc. (The)<sup>(a)</sup>  | 2279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110098 |
|  Bank First Corp. | 472 | 51533 |
|  Bank of Hawaii Corp. | 1969 | 130171 |
|  Bank OZK | 5384 | 229358 |
|  BankUnited, Inc. | 3666 | 119915 |
|  Banner Corp. | 1648 | 100759 |
|  Berkshire Hills Bancorp, Inc. | 2103 | 52217 |
|  BOK Financial Corp. | 1188 | 110686 |
|  Brookline Bancorp, Inc. | 4358 | 45498 |
|  Burke & Herbert Financial Services Corp. | 672 | 37572 |
|  Business First Bancshares, Inc. | 1451 | 33446 |
|  Byline Bancorp, Inc. | 1503 | 38387 |
|  Cadence Bank | 8475 | 247978 |
|  Capitol Federal Financial, Inc. | 5976 | 33884 |
|  Cathay General Bancorp | 3382 | 140996 |
|  Central Pacific Financial Corp. | 904 | 23224 |
|  City Holding Co. | 743 | 86091 |
|  Coastal Financial Corp.<sup>(a)</sup>  | 622 | 51097 |
|  Columbia Banking System, Inc. | 10277 | 230410 |
|  Columbia Financial, Inc.<sup>(a)</sup>  | 1408 | 18966 |
|  Comerica, Inc. | 6602 | 354857 |
|  Commerce Bancshares, Inc. | 6681 | 405804 |
|  Community Financial System, Inc. | 2624 | 143244 |
|  Community Trust Bancorp, Inc. | 824 | 40343 |
|  ConnectOne Bancorp, Inc. | 1849 | 41658 |
|  Cullen/Frost Bankers, Inc. | 3001 | 349526 |
|  Customers Bancorp, Inc.<sup>(a)</sup>  | 1458 | 72900 |
|  CVB Financial Corp. | 6502 | 120547 |
|  Dime Community Bancshares, Inc. | 2108 | 54155 |
|  Eagle Bancorp, Inc. | 1410 | 25310 |
|  Eastern Bankshares, Inc. | 9923 | 148051 |
|  Enterprise Financial Services Corp. | 1953 | 101595 |
|  Equity Bancshares, Inc., Class A | 778 | 29945 |
|  FB Financial Corp. | 1876 | 79843 |
|  First Bancorp | 2002 | 81001 |
|  First Bancorp | 7899 | 155136 |
|  First Busey Corp. | 4456 | 92640 |
|  First Commonwealth Financial Corp. | 4959 | 75972 |
|  First Community Bankshares, Inc. | 822 | 30973 |
|  First Financial Bancorp | 4639 | 107393 |
|  First Financial Bankshares, Inc. | 7072 | 236983 |
|  First Hawaiian, Inc. | 6454 | 147538 |
|  First Horizon Corp. | 26016 | 470369 |
|  First Interstate BancSystem, Inc., Class A | 4745 | 124295 |
|  First Merchants Corp. | 2953 | 105245 |
|  First Mid Bancshares, Inc. | 1145 | 38277 |
|  Five Star Bancorp | 790 | 21867 |
|  Flagstar Financial, Inc.<sup>(b)</sup>  | 15244 | 178507 |
|  FNB Corp. | 17986 | 235437 |
|  Fulton Financial Corp. | 8329 | 138928 |
|  German American Bancorp, Inc. | 1516 | 57472 |
|  Glacier Bancorp, Inc. | 5633 | 229601 |
|  Great Southern Bancorp, Inc. | 465 | 25575 |
|  Hancock Whitney Corp. | 4307 | 224352 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Banks (continued)** |  |  |
|  Heritage Commerce Corp. | 3290 | $29742 |
|  Heritage Financial Corp. | 1661 | 37904 |
|  Hilltop Holdings, Inc. | 2342 | 69159 |
|  Home BancShares, Inc. | 9783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271478 |
|  Hope Bancorp, Inc. | 5852 | 58344 |
|  Horizon Bancorp, Inc. | 2338 | 34322 |
|  Independent Bank Corp. | 2109 | 124621 |
|  Independent Bank Corp. | 998 | 30399 |
|  International Bancshares Corp. | 2719 | 165968 |
|  Lakeland Financial Corp. | 1214 | 67583 |
|  Live Oak Bancshares, Inc. | 1681 | 43941 |
|  Mercantile Bank Corp. | 834 | 35287 |
|  Metrocity Bankshares, Inc. | 1085 | 29913 |
|  Metropolitan Bank Holding Corp.<sup>(a)(b)</sup>  | 515 | 31894 |
|  MidWestOne Financial Group, Inc. | 839 | 23274 |
|  National Bank Holdings Corp., Class A | 1875 | 67800 |
|  NB Bancorp, Inc.<sup>(a)</sup>  | 1952 | 33477 |
|  NBT Bancorp, Inc. | 2331 | 98695 |
|  Nicolet Bankshares, Inc. | 713 | 83286 |
|  Northeast Bank | 436 | 36110 |
|  Northwest Bancshares, Inc. | 5920 | 73112 |
|  OceanFirst Financial Corp. | 3085 | 51088 |
|  OFG Bancorp | 2234 | 87908 |
|  Old National Bancorp | 15841 | 326166 |
|  Old Second Bancorp, Inc. | 2466 | 38938 |
|  Origin Bancorp, Inc. | 1488 | 47676 |
|  Orrstown Financial Services, Inc. | 979 | 29341 |
|  Pacific Premier Bancorp, Inc. | 4772 | 97062 |
|  Park National Corp. | 725 | 108823 |
|  Pathward Financial, Inc. | 1209 | 95958 |
|  Peoples Bancorp, Inc. | 1905 | 55264 |
|  Pinnacle Financial Partners, Inc. | 3840 | 384922 |
|  Popular, Inc. | 3529 | 336737 |
|  Prosperity Bancshares, Inc. | 4785 | 324901 |
|  Provident Financial Services, Inc. | 5901 | 96599 |
|  QCR Holdings, Inc. | 846 | 54948 |
|  Renasant Corp. | 4488 | 143930 |
|  Republic Bancorp, Inc., Class A | 512 | 34739 |
|  S&T Bancorp, Inc. | 1902 | 69309 |
|  Seacoast Banking Corp. of Florida | 4192 | 99392 |
|  ServisFirst Bancshares, Inc. | 2667 | 189944 |
|  Simmons First National Corp., Class A | 6069 | 113248 |
|  Southside Bancshares, Inc. | 1489 | 41975 |
|  SouthState Corp. | 4866 | 422271 |
|  Stellar Bancorp, Inc. | 2655 | 66269 |
|  Stock Yards Bancorp, Inc. | 1370 | 99722 |
|  Synovus Financial Corp. | 7371 | 319312 |
|  Texas Capital Bancshares, Inc.<sup>(a)</sup>  | 2366 | 161243 |
|  Tompkins Financial Corp. | 699 | 41660 |
|  Towne Bank | 3610 | 118949 |
|  TriCo Bancshares | 1707 | 65856 |
|  Triumph Financial, Inc.<sup>(a)(b)</sup>  | 1176 | 62822 |
|  TrustCo Bank Corp. | 906 | 27588 |
|  Trustmark Corp. | 2755 | 92430 |
|  UMB Financial Corp. | 3457 | 326928 |
|  United Bankshares, Inc. | 6974 | 239138 |
|  United Community Banks, Inc. | 5915 | 163313 |
|  Univest Financial Corp. | 1568 | 46319 |
|  Valley National Bancorp | 23428 | 201481 |
|  Veritex Holdings, Inc. | 2566 | 59736 |
|  WaFd, Inc. | 3861 | 110154 |
|  Webster Financial Corp. | 8581 | 405881 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Banks (continued)** |  |  |
|  WesBanco, Inc. | 4692 | $139728 |
|  Westamerica BanCorp. | 1247 | 60392 |
|  Western Alliance Bancorp | 5455 | 380268 |
|  Wintrust Financial Corp. | 3260 | 362414 |
|  WSFS Financial Corp. | 2874 | 148155 |
|  Zions Bancorp N.A. | 7353 | 330664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16411451 |
| **Beverages — 0.8%** |  |  |
|  Boston Beer Co., Inc. (The), Class A<sup>(a)</sup>  | 471 | 115772 |
|  Celsius Holdings, Inc.<sup>(a)</sup>  | 7908 | 276464 |
|  Coca-Cola Consolidated, Inc. | 261 | 353866 |
|  MGP Ingredients, Inc. | 713 | 21012 |
|  Molson Coors Beverage Co., Class B | 8699 | 500454 |
|  National Beverage Corp. | 1196 | 53102 |
|  Primo Brands Corp., Class A | 7844 | 256264 |
|  Vita Coco Co., Inc. (The)<sup>(a)</sup>  | 1885 | 62299 |
|  |  | 1639233 |
| **Biotechnology — 4.6%** |  |  |
|  89bio, Inc.<sup>(a)</sup>  | 5159 | 41375 |
|  ACADIA Pharmaceuticals, Inc.<sup>(a)</sup>  | 6019 | 87877 |
|  ADMA Biologics, Inc.<sup>(a)(b)</sup>  | 11488 | 273414 |
|  Agios Pharmaceuticals, Inc.<sup>(a)</sup>  | 2818 | 83666 |
|  Akero Therapeutics, Inc.<sup>(a)</sup>  | 3057 | 139430 |
|  Alkermes PLC<sup>(a)(b)</sup>  | 8428 | 242474 |
|  Amicus Therapeutics, Inc.<sup>(a)</sup>  | 13093 | 100554 |
|  AnaptysBio, Inc.<sup>(a)(b)</sup>  | 712 | 15821 |
|  Annexon, Inc.<sup>(a)</sup>  | 3297 | 6132 |
|  Apellis Pharmaceuticals, Inc.<sup>(a)</sup>  | 4029 | 77397 |
|  Apogee Therapeutics, Inc.<sup>(a)</sup>  | 1101 | 43214 |
|  Applied Therapeutics, Inc.<sup>(a)(b)</sup>  | 5088 | 2082 |
|  Arbutus Biopharma Corp.<sup>(a)</sup>  | 6852 | 24325 |
|  Arcellx, Inc.<sup>(a)</sup>  | 1947 | 126458 |
|  Arcus Biosciences, Inc.<sup>(a)</sup>  | 3206 | 28053 |
|  Arcutis Biotherapeutics, Inc.<sup>(a)</sup>  | 5067 | 75549 |
|  Ardelyx, Inc.<sup>(a)</sup>  | 10919 | 60109 |
|  ArriVent Biopharma, Inc.<sup>(a)(b)</sup>  | 480 | 10205 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup>  | 5849 | 81243 |
|  ARS Pharmaceuticals, Inc.<sup>(a)</sup>  | 1841 | 25719 |
|  Astria Therapeutics, Inc.<sup>(a)</sup>  | 1651 | 8519 |
|  Aurinia Pharmaceuticals, Inc.<sup>(a)</sup>  | 6814 | 56147 |
|  Avidity Biosciences, Inc.<sup>(a)</sup>  | 4477 | 146174 |
|  Beam Therapeutics, Inc.<sup>(a)</sup>  | 4406 | 87812 |
|  Bicara Therapeutics, Inc.<sup>(a)(b)</sup>  | 1375 | 19759 |
|  BioCryst Pharmaceuticals, Inc.<sup>(a)</sup>  | 10198 | 90252 |
|  Biohaven Ltd.<sup>(a)</sup>  | 4392 | 97151 |
|  Blueprint Medicines Corp.<sup>(a)</sup>  | 3090 | 276555 |
|  Bridgebio Pharma, Inc.<sup>(a)(b)</sup>  | 5921 | 227130 |
|  Capricor Therapeutics, Inc.<sup>(a)(b)</sup>  | 1952 | 24790 |
|  CareDx, Inc.<sup>(a)</sup>  | 2524 | 42605 |
|  Cargo Therapeutics, Inc.<sup>(a)</sup>  | 1171 | 5351 |
|  Catalyst Pharmaceuticals, Inc.<sup>(a)</sup>  | 5080 | 123393 |
|  Celldex Therapeutics, Inc.<sup>(a)</sup>  | 2845 | 59261 |
|  CG oncology, Inc.<sup>(a)</sup>  | 1546 | 41649 |
|  Cogent Biosciences, Inc.<sup>(a)(b)</sup>  | 3883 | 20230 |
|  Crinetics Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | 4311 | 143944 |
|  CRISPR Therapeutics AG<sup>(a)(b)</sup>  | 4249 | 164309 |
|  Cullinan Therapeutics, Inc.<sup>(a)</sup>  | 1976 | 16361 |
|  Cytokinetics, Inc.<sup>(a)</sup>  | 5765 | 246973 |
|  Day One Biopharmaceuticals, Inc.<sup>(a)</sup>  | 3367 | 26195 |
|  Denali Therapeutics, Inc.<sup>(a)</sup>  | 6051 | 100749 |
|  Dianthus Therapeutics, Inc.<sup>(a)(b)</sup>  | 662 | 14465 |
|  Disc Medicine, Inc.<sup>(a)(b)</sup>  | 923 | 45615 |

---

10 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Biotechnology (continued)** |  |  |
|  Dynavax Technologies Corp.<sup>(a)</sup>  | 6535 | $76786 |
|  Dyne Therapeutics, Inc.<sup>(a)(b)</sup>  | 3421 | 40334 |
|  Erasca, Inc.<sup>(a)</sup>  | 9358 | 13663 |
|  Exelixis, Inc.<sup>(a)</sup>  | 14380 | 562977 |
|  Geron Corp.<sup>(a)</sup>  | 24360 | 34348 |
|  Gyre Therapeutics, Inc.<sup>(a)(b)</sup>  | 704 | 6871 |
|  Halozyme Therapeutics, Inc.<sup>(a)</sup>  | 6308 | 387437 |
|  Humacyte, Inc.<sup>(a)</sup>  | 4475 | 6489 |
|  Ideaya Biosciences, Inc.<sup>(a)</sup>  | 4193 | 84405 |
|  ImmunityBio, Inc.<sup>(a)(b)</sup>  | 3819 | 9586 |
|  Immunome, Inc.<sup>(a)</sup>  | 3293 | 28945 |
|  Immunovant, Inc.<sup>(a)</sup>  | 3164 | 51099 |
|  Insmed, Inc.<sup>(a)</sup>  | 8795 | 633240 |
|  Intellia Therapeutics, Inc.<sup>(a)</sup>  | 4594 | 40749 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)</sup>  | 7298 | 224122 |
|  Iovance Biotherapeutics, Inc.<sup>(a)(b)</sup>  | 10944 | 39289 |
|  Ironwood Pharmaceuticals, Inc., Class A<sup>(a)</sup>  | 7119 | 6637 |
|  Janux Therapeutics, Inc.<sup>(a)</sup>  | 1054 | 34993 |
|  Keros Therapeutics, Inc.<sup>(a)</sup>  | 1375 | 19855 |
|  Kiniksa Pharmaceuticals International PLC<sup>(a)</sup>  | 1656 | 44662 |
|  Krystal Biotech, Inc.<sup>(a)</sup>  | 1253 | 212860 |
|  Kura Oncology, Inc.<sup>(a)(b)</sup>  | 2682 | 17594 |
|  Kymera Therapeutics, Inc.<sup>(a)(b)</sup>  | 2172 | 74434 |
|  Lexicon Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | 8315 | 6077 |
|  Madrigal Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | 788 | 263121 |
|  MannKind Corp.<sup>(a)</sup>  | 14487 | 73015 |
|  MiMedx Group, Inc.<sup>(a)</sup>  | 5835 | 40145 |
|  Mineralys Therapeutics, Inc.<sup>(a)(b)</sup>  | 1673 | 23773 |
|  Mirum Pharmaceuticals, Inc.<sup>(a)</sup>  | 1695 | 73648 |
|  Myriad Genetics, Inc.<sup>(a)</sup>  | 4318 | 31996 |
|  Novavax, Inc.<sup>(a)(b)</sup>  | 7278 | 48544 |
|  Nurix Therapeutics, Inc.<sup>(a)(b)</sup>  | 2801 | 32296 |
|  Nuvalent, Inc., Class A<sup>(a)</sup>  | 1777 | 136385 |
|  Olema Pharmaceuticals, Inc.<sup>(a)</sup>  | 1307 | 6744 |
|  ORIC Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | 1833 | 10466 |
|  Oruka Therapeutics, Inc.<sup>(b)</sup>  | 1246 | 13008 |
|  Perspective Therapeutics, Inc.<sup>(a)(b)</sup>  | 2422 | 5934 |
|  Praxis Precision Medicines, Inc.<sup>(a)(b)</sup>  | 694 | 26122 |
|  Protagonist Therapeutics, Inc.<sup>(a)</sup>  | 2742 | 125638 |
|  Prothena Corp. PLC<sup>(a)(b)</sup>  | 1805 | 16606 |
|  PTC Therapeutics, Inc.<sup>(a)</sup>  | 3829 | 190837 |
|  Recursion Pharmaceuticals, Inc., Class A<sup>(a)(b)</sup>  | 15906 | 88915 |
|  Relay Therapeutics, Inc.<sup>(a)</sup>  | 6182 | 20586 |
|  Revolution Medicines, Inc.<sup>(a)</sup>  | 7743 | 312662 |
|  Rhythm Pharmaceuticals, Inc.<sup>(a)</sup>  | 2532 | 165061 |
|  Rocket Pharmaceuticals, Inc.<sup>(a)</sup>  | 4149 | 31657 |
|  Roivant Sciences Ltd.<sup>(a)</sup>  | 21415 | 248842 |
|  Sana Biotechnology, Inc.<sup>(a)(b)</sup>  | 6117 | 11622 |
|  Savara, Inc.<sup>(a)</sup>  | 5692 | 18214 |
|  Scholar Rock Holding Corp.<sup>(a)</sup>  | 3290 | 108274 |
|  Soleno Therapeutics, Inc.<sup>(a)</sup>  | 1261 | 94398 |
|  SpringWorks Therapeutics, Inc.<sup>(a)</sup>  | 2729 | 126353 |
|  Spyre Therapeutics, Inc.<sup>(a)(b)</sup>  | 1877 | 28587 |
|  Stoke Therapeutics, Inc.<sup>(a)(b)</sup>  | 1959 | 19120 |
|  Syndax Pharmaceuticals, Inc.<sup>(a)</sup>  | 4124 | 58355 |
|  Tectonic Therapeutic, Inc.<sup>(a)(b)</sup>  | 266 | 5549 |
|  TG Therapeutics, Inc.<sup>(a)(b)</sup>  | 7067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321619 |
|  Tourmaline Bio, Inc.<sup>(a)</sup>  | 876 | 15076 |
|  Twist Bioscience Corp.<sup>(a)</sup>  | 2686 | 102928 |
|  Tyra Biosciences, Inc.<sup>(a)(b)</sup>  | 763 | 7859 |
|  Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup>  | 4156 | 162001 |
|  Upstream Bio, Inc.<sup>(a)(b)</sup>  | 832 | 7704 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Biotechnology (continued)** |  |  |
|  Vera Therapeutics, Inc., Class A<sup>(a)</sup>  | 2359 | $55130 |
|  Veracyte, Inc.<sup>(a)</sup>  | 3762 | 114741 |
|  Vericel Corp.<sup>(a)</sup>  | 2413 | 91742 |
|  Viking Therapeutics, Inc.<sup>(a)(b)</sup>  | 5132 | 148161 |
|  Vir Biotechnology, Inc.<sup>(a)</sup>  | 4695 | 28733 |
|  Viridian Therapeutics, Inc.<sup>(a)(b)</sup>  | 3087 | 41829 |
|  Xencor, Inc.<sup>(a)</sup>  | 3112 | 34294 |
|  Y-mAbs Therapeutics, Inc.<sup>(a)</sup>  | 1398 | 5942 |
|  Zenas Biopharma, Inc.<sup>(a)(b)</sup>  | 656 | 7596 |
|  Zymeworks, Inc.<sup>(a)(b)</sup>  | 2111 | 27464 |
|  |  | 9917230 |
| **Broadline Retail — 0.5%** |  |  |
|  Dillard's, Inc., Class A<sup>(b)</sup>  | 210 | 72799 |
|  Etsy, Inc.<sup>(a)</sup>  | 5802 | 252271 |
|  Kohl's Corp. | 5639 | 37781 |
|  Macy's, Inc. | 13717 | 156648 |
|  Nordstrom, Inc. | 5330 | 128666 |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)(b)</sup>  | 3067 | 325439 |
|  Savers Value Village, Inc.<sup>(a)(b)</sup>  | 1362 | 13062 |
|  |  | 986666 |
| **Building Products — 1.9%** |  |  |
| A. O. Smith Corp. | 5984 | 406074 |
|  AAON, Inc. | 3373 | 307854 |
|  American Woodmark Corp.<sup>(a)(b)</sup>  | 775 | 45725 |
|  Apogee Enterprises, Inc. | 1080 | 42844 |
|  Armstrong World Industries, Inc. | 2180 | 316143 |
|  AZEK Co., Inc. (The), Class A<sup>(a)</sup>  | 7222 | 357922 |
|  AZZ, Inc. | 1437 | 124674 |
|  CSW Industrials, Inc.<sup>(b)</sup>  | 818 | 255609 |
|  Fortune Brands Innovations, Inc. | 6240 | 335837 |
|  Gibraltar Industries, Inc.<sup>(a)</sup>  | 1526 | 80802 |
|  Griffon Corp. | 1872 | 127502 |
|  Hayward Holdings, Inc.<sup>(a)(b)</sup>  | 7079 | 94363 |
|  Janus International Group, Inc.<sup>(a)(b)</sup>  | 5740 | 39491 |
|  JELD-WEN Holding, Inc.<sup>(a)</sup>  | 4100 | 22632 |
|  Masterbrand, Inc.<sup>(a)</sup>  | 6381 | 77529 |
|  Quanex Building Products Corp. | 2144 | 35247 |
|  Resideo Technologies, Inc.<sup>(a)</sup>  | 7210 | 120984 |
|  Simpson Manufacturing Co., Inc. | 2113 | 324747 |
|  Tecnoglass, Inc. | 1143 | 81462 |
|  Trex Co., Inc.<sup>(a)(b)</sup>  | 5378 | 310956 |
|  UFP Industries, Inc. | 3053 | 301789 |
|  Zurn Elkay Water Solutions Corp. | 7236 | 245734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055920 |
| **Capital Markets — 2.8%** |  |  |
|  Acadian Asset Management, Inc. | 1451 | 39090 |
|  Affiliated Managers Group, Inc. | 1495 | 247617 |
|  Artisan Partners Asset Management, Inc., Class A | 3466 | 128173 |
|  BGC Group, Inc., Class A | 17249 | 156276 |
|  Cohen & Steers, Inc. | 1305 | 99598 |
|  DigitalBridge Group, Inc., Class A<sup>(b)</sup>  | 7828 | 65755 |
|  Donnelley Financial Solutions, Inc.<sup>(a)(b)</sup>  | 1284 | 61889 |
|  Evercore, Inc., Class A | 1797 | 368906 |
|  Federated Hermes, Inc., Class B | 4237 | 172065 |
|  Franklin Resources, Inc. | 14240 | 267142 |
|  Freedom Holding Corp.<sup>(a)(b)</sup>  | 859 | 122691 |
|  Hamilton Lane, Inc., Class A | 1939 | 299556 |
|  Houlihan Lokey, Inc., Class A | 2599 | 421246 |
|  Invesco Ltd. | 16192 | 225555 |
|  Janus Henderson Group PLC | 6518 | 216463 |
|  Kayne Anderson BDC, Inc.<sup>(b)</sup>  | 2083 | 33057 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Capital Markets (continued)** |  |  |
|  Lazard, Inc. | 4499 | $175011 |
|  MarketAxess Holdings, Inc. | 1875 | 415481 |
|  Moelis & Co., Class A | 3305 | 177082 |
|  Open Lending Corp.<sup>(a)</sup>  | 5032 | 6240 |
|  P10, Inc., Class A | 2759 | 30542 |
|  Perella Weinberg Partners, Class A | 2742 | 47080 |
|  Piper Sandler Cos | 769 | 185421 |
|  PJT Partners, Inc., Class A | 1151 | 163108 |
|  SEI Investments Co. | 5590 | 437641 |
|  StepStone Group, Inc., Class A | 3306 | 165333 |
|  Stifel Financial Corp. | 5037 | 431620 |
|  StoneX Group, Inc.<sup>(a)</sup>  | 2059 | 182355 |
|  TPG, Inc., Class A | 4355 | 202290 |
|  Victory Capital Holdings, Inc., Class A | 2109 | 120825 |
|  Virtu Financial, Inc., Class A | 4232 | 165683 |
|  Virtus Investment Partners, Inc. | 358 | 54985 |
|  WisdomTree, Inc. | 5772 | 50216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5935992 |
| **Chemicals — 1.8%** |  |  |
|  AdvanSix, Inc. | 1417 | 30352 |
|  Ashland, Inc. | 2326 | 126511 |
|  Aspen Aerogels, Inc.<sup>(a)</sup>  | 2871 | 15503 |
|  Avient Corp. | 4599 | 153193 |
|  Axalta Coating Systems Ltd.<sup>(a)</sup>  | 10258 | 333385 |
|  Balchem Corp. | 1596 | 249854 |
|  Cabot Corp. | 2751 | 216063 |
|  Chemours Co. (The) | 7386 | 91439 |
|  Ecovyst, Inc.<sup>(a)(b)</sup>  | 5348 | 31981 |
|  Element Solutions, Inc. | 11319 | 231021 |
|  FMC Corp. | 6173 | 258772 |
|  Hawkins, Inc. | 983 | 119710 |
|  HB Fuller Co. | 2681 | 144881 |
|  Huntsman Corp. | 8273 | 110114 |
|  Ingevity Corp.<sup>(a)</sup>  | 1702 | 56132 |
|  Innospec, Inc. | 1238 | 110776 |
|  Koppers Holdings, Inc. | 1039 | 26037 |
|  Kronos Worldwide, Inc. | 1104 | 8512 |
|  Mativ Holdings, Inc. | 2560 | 13082 |
|  Minerals Technologies, Inc. | 1614 | 83266 |
|  Mosaic Co. (The) | 15967 | 485397 |
|  NewMarket Corp. | 357 | 219662 |
|  Olin Corp. | 5967 | 129007 |
|  Orion SA | 2727 | 32833 |
|  Perimeter Solutions, Inc.<sup>(a)</sup>  | 6299 | 63809 |
|  PureCycle Technologies, Inc.<sup>(a)(b)</sup>  | 6043 | 40548 |
|  Quaker Chemical Corp. | 703 | 74476 |
|  Scotts Miracle-Gro Co. (The) | 2114 | 106503 |
|  Sensient Technologies Corp. | 2077 | 195134 |
|  Stepan Co. | 1064 | 53796 |
|  Tronox Holdings PLC | 5781 | 31275 |
|  |  | 3843024 |
| **Commercial Services & Supplies — 1.2%** |  |  |
|  ABM Industries, Inc. | 3154 | 153726 |
|  ACV Auctions, Inc., Class A<sup>(a)</sup>  | 8232 | 120928 |
|  Brady Corp., Class A, NVS | 2181 | 153303 |
|  BrightView Holdings, Inc.<sup>(a)(b)</sup>  | 2156 | 29580 |
|  Brink's Co. (The) | 2194 | 195793 |
|  Casella Waste Systems, Inc., Class A<sup>(a)(b)</sup>  | 3031 | 355991 |
|  CECO Environmental Corp.<sup>(a)</sup>  | 1479 | 35186 |
|  Cimpress PLC<sup>(a)(b)</sup>  | 791 | 33238 |
|  CoreCivic, Inc.<sup>(a)</sup>  | 5512 | 124792 |
|  Deluxe Corp. | 1994 | 29112 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Commercial Services & Supplies (continued)** |  |  |
|  Driven Brands Holdings, Inc.<sup>(a)</sup>  | 3106 | $51311 |
|  Enviri Corp.<sup>(a)</sup>  | 3972 | 27288 |
|  GEO Group, Inc. (The)<sup>(a)</sup>  | 6533 | 204352 |
|  Healthcare Services Group, Inc.<sup>(a)</sup>  | 3606 | 51241 |
|  HNI Corp. | 2379 | 100632 |
|  Interface, Inc., Class A | 2937 | 55216 |
|  Liquidity Services, Inc.<sup>(a)</sup>  | 1164 | 36992 |
|  Matthews International Corp., Class A | 1474 | 30143 |
|  MillerKnoll, Inc. | 3486 | 57170 |
|  Montrose Environmental Group, Inc.<sup>(a)(b)</sup>  | 1664 | 24344 |
|  MSA Safety, Inc. | 1843 | 290125 |
|  OPENLANE, Inc.<sup>(a)</sup>  | 5371 | 99417 |
|  Pitney Bowes, Inc. | 1953 | 16952 |
|  Pursuit Attractions and Hospitality, Inc.<sup>(a)</sup>  | 994 | 29114 |
|  Steelcase, Inc., Class A | 4527 | 44908 |
|  UniFirst Corp. | 731 | 130462 |
|  Vestis Corp. | 6490 | 56852 |
|  VSE Corp.<sup>(b)</sup>  | 918 | 105129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643297 |
| **Communications Equipment — 0.6%** |  |  |
|  Applied Optoelectronics, Inc.<sup>(a)</sup>  | 2291 | 29302 |
|  Calix, Inc.<sup>(a)</sup>  | 2959 | 121053 |
|  Ciena Corp.<sup>(a)</sup>  | 7138 | 479388 |
|  CommScope Holding Co., Inc.<sup>(a)</sup>  | 10427 | 38997 |
|  Digi International, Inc.<sup>(a)</sup>  | 1762 | 47926 |
|  Extreme Networks, Inc.<sup>(a)</sup>  | 6481 | 85290 |
|  Harmonic, Inc.<sup>(a)</sup>  | 5308 | 47666 |
|  Lumentum Holdings, Inc.<sup>(a)</sup>  | 3319 | 195954 |
|  NETGEAR, Inc.<sup>(a)</sup>  | 1479 | 35673 |
|  NetScout Systems, Inc.<sup>(a)</sup>  | 3399 | 71447 |
|  Ribbon Communications, Inc.<sup>(a)</sup>  | 4274 | 13720 |
|  Viasat, Inc.<sup>(a)</sup>  | 4022 | 37284 |
|  Viavi Solutions, Inc.<sup>(a)</sup>  | 11075 | 117173 |
|  |  | 1320873 |
| **Construction & Engineering — 1.5%** |  |  |
|  Ameresco, Inc., Class A<sup>(a)</sup>  | 1547 | 16445 |
|  API Group Corp.<sup>(a)</sup>  | 9263 | 350419 |
|  Arcosa, Inc. | 2399 | 192088 |
|  Argan, Inc. | 637 | 97544 |
|  Centuri Holdings, Inc.<sup>(a)(b)</sup>  | 705 | 12662 |
|  Construction Partners, Inc., Class A<sup>(a)(b)</sup>  | 2318 | 190401 |
|  Dycom Industries, Inc.<sup>(a)</sup>  | 1457 | 244120 |
|  Fluor Corp.<sup>(a)</sup>  | 8438 | 294402 |
|  Granite Construction, Inc. | 2185 | 177619 |
|  Great Lakes Dredge & Dock Corp.<sup>(a)</sup>  | 2944 | 26761 |
|  IES Holdings, Inc.<sup>(a)(b)</sup>  | 443 | 87129 |
|  Limbach Holdings, Inc.<sup>(a)</sup>  | 518 | 49593 |
|  MasTec, Inc.<sup>(a)</sup>  | 3042 | 387307 |
|  MYR Group, Inc.<sup>(a)</sup>  | 829 | 101403 |
|  Primoris Services Corp. | 2687 | 161139 |
|  Sterling Infrastructure, Inc.<sup>(a)</sup>  | 1552 | 231915 |
|  Tutor Perini Corp.<sup>(a)</sup>  | 2214 | 47512 |
|  Valmont Industries, Inc. | 984 | 288529 |
|  WillScot Holdings Corp., Class A | 9482 | 238188 |
|  |  | 3195176 |
| **Construction Materials — 0.3%** |  |  |
|  Eagle Materials, Inc. | 1688 | 382146 |
|  Knife River Corp.<sup>(a)(b)</sup>  | 2526 | 235878 |
|  United States Lime & Minerals, Inc. | 529 | 49467 |
|  |  | 667491 |

---

12 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Consumer Finance — 1.4%** |  |  |
|  Ally Financial, Inc. | 13453 | $439375 |
|  Bread Financial Holdings, Inc. | 2289 | 108613 |
|  Credit Acceptance Corp.<sup>(a)</sup>  | 293 | 142814 |
|  Encore Capital Group, Inc.<sup>(a)(b)</sup>  | 1145 | 39388 |
|  Enova International, Inc.<sup>(a)</sup>  | 1285 | 117950 |
|  EZCORP, Inc., Class A, NVS<sup>(a)(b)</sup>  | 2678 | 43839 |
|  FirstCash Holdings, Inc. | 1972 | 264169 |
|  LendingClub Corp.<sup>(a)</sup>  | 5591 | 54624 |
|  LendingTree, Inc.<sup>(a)</sup>  | 570 | 29406 |
|  Navient Corp. | 3704 | 45855 |
|  Nelnet, Inc., Class A | 697 | 73945 |
|  NerdWallet, Inc., Class A<sup>(a)</sup>  | 1888 | 16916 |
|  OneMain Holdings, Inc. | 5628 | 264910 |
|  PRA Group, Inc.<sup>(a)</sup>  | 1906 | 34880 |
|  PROG Holdings, Inc. | 2165 | 57069 |
|  SLM Corp. | 10883 | 314628 |
|  SoFi Technologies, Inc.<sup>(a)</sup>  | 53539 | 669773 |
|  Upstart Holdings, Inc.<sup>(a)</sup>  | 3776 | 180493 |
|  World Acceptance Corp.<sup>(a)</sup>  | 196 | 25308 |
|  |  | 2923955 |
| **Consumer Staples Distribution & Retail — 1.1%** |  |  |
|  Albertsons Cos., Inc., Class A | 19445 | 427401 |
|  Andersons, Inc. (The) | 1617 | 60977 |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup>  | 6095 | 716528 |
|  Chefs' Warehouse, Inc. (The)<sup>(a)</sup>  | 1761 | 100324 |
|  Grocery Outlet Holding Corp.<sup>(a)</sup>  | 4842 | 81297 |
|  Ingles Markets, Inc., Class A | 714 | 44047 |
|  Maplebear, Inc.<sup>(a)</sup>  | 7251 | 289242 |
|  Natural Grocers by Vitamin Cottage, Inc. | 369 | 18509 |
|  PriceSmart, Inc. | 1280 | 129907 |
|  SpartanNash Co. | 1676 | 33252 |
|  United Natural Foods, Inc.<sup>(a)</sup>  | 2963 | 79142 |
|  Walgreens Boots Alliance, Inc. | 35575 | 390258 |
|  Weis Markets, Inc. | 802 | 68964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439848 |
| **Containers & Packaging — 1.1%** |  |  |
|  AptarGroup, Inc. | 3255 | 488087 |
|  Crown Holdings, Inc. | 5993 | 577306 |
|  Graphic Packaging Holding Co. | 15149 | 383421 |
|  Greif, Inc., Class A, NVS | 1355 | 71110 |
|  O-I Glass, Inc.<sup>(a)</sup>  | 7725 | 97799 |
|  Sealed Air Corp. | 6744 | 185865 |
|  Silgan Holdings, Inc. | 4096 | 211558 |
|  Sonoco Products Co. | 4835 | 198235 |
|  TriMas Corp. | 1972 | 47427 |
|  |  | 2260808 |
| **Distributors — 0.3%** |  |  |
|  A-Mark Precious Metals, Inc. | 823 | 20048 |
|  GigaCloud Technology, Inc., Class A<sup>(a)(b)</sup>  | 1138 | 14271 |
|  LKQ Corp. | 13262 | 506741 |
|  |  | 541060 |
| **Diversified Consumer Services — 1.5%** |  |  |
|  ADT, Inc. | 14954 | 119931 |
|  Adtalem Global Education, Inc.<sup>(a)</sup>  | 1844 | 195833 |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup>  | 2847 | 357071 |
|  Coursera, Inc.<sup>(a)</sup>  | 5382 | 45316 |
|  Duolingo, Inc., Class A<sup>(a)(b)</sup>  | 1818 | 708075 |
|  Frontdoor, Inc.<sup>(a)</sup>  | 3874 | 159260 |
|  Graham Holdings Co., Class B | 171 | 157329 |
|  Grand Canyon Education, Inc.<sup>(a)</sup>  | 1386 | 247221 |
|  H&R Block, Inc. | 6898 | 416432 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Diversified Consumer Services (continued)** |  |  |
|  KinderCare Learning Cos., Inc.<sup>(a)(b)</sup>  | 1322 | $16208 |
|  Laureate Education, Inc., Class A<sup>(a)</sup>  | 6622 | 132903 |
|  Mister Car Wash, Inc.<sup>(a)</sup>  | 4786 | 32832 |
|  OneSpaWorld Holdings Ltd. | 4786 | 79926 |
|  Perdoceo Education Corp. | 2997 | 75285 |
|  Strategic Education, Inc. | 1110 | 90554 |
|  Stride, Inc.<sup>(a)</sup>  | 2091 | 297445 |
|  Udemy, Inc.<sup>(a)</sup>  | 4681 | 32158 |
|  Universal Technical Institute, Inc.<sup>(a)(b)</sup>  | 2022 | 56737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220516 |
| **Diversified REITs — 0.3%** |  |  |
|  Alexander & Baldwin, Inc. | 3576 | 61436 |
|  American Assets Trust, Inc. | 2354 | 44090 |
|  Armada Hoffler Properties, Inc. | 3941 | 26681 |
|  Broadstone Net Lease, Inc. | 8625 | 139553 |
|  Essential Properties Realty Trust, Inc. | 9295 | 299020 |
|  Gladstone Commercial Corp. | 1919 | 27115 |
|  Global Net Lease, Inc. | 9902 | 74760 |
|  |  | 672655 |
| **Diversified Telecommunication Services — 0.6%** |  |  |
|  Anterix, Inc.<sup>(a)</sup>  | 609 | 18179 |
|  AST SpaceMobile, Inc., Class A<sup>(a)(b)</sup>  | 9016 | 209261 |
|  Cogent Communications Holdings, Inc. | 2162 | 117505 |
|  Frontier Communications Parent, Inc.<sup>(a)</sup>  | 9018 | 326902 |
|  Globalstar, Inc.<sup>(a)</sup>  | 2593 | 49837 |
|  IDT Corp., Class B | 1008 | 50652 |
|  Iridium Communications, Inc. | 5135 | 123908 |
|  Liberty Global Ltd., Class A<sup>(a)</sup>  | 8344 | 91367 |
|  Liberty Global Ltd., Class C, NVS<sup>(a)</sup>  | 7497 | 85016 |
|  Liberty Latin America Ltd., Class A<sup>(a)</sup>  | 1595 | 8645 |
|  Liberty Latin America Ltd., Class C, NVS<sup>(a)</sup>  | 5500 | 30250 |
|  Lumen Technologies, Inc.<sup>(a)</sup>  | 49413 | 174922 |
|  |  | 1286444 |
| **Electric Utilities — 1.1%** |  |  |
|  ALLETE, Inc. | 2851 | 186712 |
|  Hawaiian Electric Industries, Inc.<sup>(a)</sup>  | 8599 | 90289 |
|  IDACORP, Inc. | 2637 | 311403 |
|  MGE Energy, Inc. | 1797 | 162485 |
|  OGE Energy Corp. | 9981 | 452938 |
|  Oklo, Inc., Class A<sup>(a)(b)</sup>  | 4394 | 104314 |
|  Otter Tail Corp. | 2050 | 162729 |
|  Pinnacle West Capital Corp. | 5637 | 536530 |
|  Portland General Electric Co. | 5088 | 214306 |
|  TXNM Energy, Inc. | 4488 | 238762 |
|  |  | 2460468 |
| **Electrical Equipment — 1.0%** |  |  |
|  Acuity, Inc. | 1530 | 372723 |
|  American Superconductor Corp.<sup>(a)(b)</sup>  | 1861 | 36941 |
|  Array Technologies, Inc.<sup>(a)(b)</sup>  | 6951 | 33226 |
|  Atkore, Inc. | 1697 | 108387 |
|  Bloom Energy Corp., Class A<sup>(a)(b)</sup>  | 10021 | 183585 |
|  EnerSys | 2016 | 174586 |
|  Enovix Corp.<sup>(a)(b)</sup>  | 8052 | 53948 |
|  Eos Energy Enterprises, Inc., Class A<sup>(a)(b)</sup>  | 10396 | 54267 |
|  Fluence Energy, Inc., Class A<sup>(a)(b)</sup>  | 2951 | 12070 |
|  Generac Holdings, Inc.<sup>(a)</sup>  | 2995 | 342568 |
|  NANO Nuclear Energy, Inc.<sup>(a)(b)</sup>  | 1274 | 28983 |
|  NEXTracker, Inc., Class A<sup>(a)</sup>  | 6315 | 256452 |
|  NuScale Power Corp., Class A<sup>(a)(b)</sup>  | 5398 | 89445 |
|  Plug Power, Inc.<sup>(a)(b)</sup>  | 39922 | 34836 |
|  Powell Industries, Inc. | 476 | 87160 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Electrical Equipment (continued)** |  |  |  |
|  Preformed Line Products Co. | 126 | $| 17309 |
|  Sensata Technologies Holding PLC | 7554 |  | 161656 |
|  Shoals Technologies Group, Inc., Class A<sup>(a)</sup>  | 8202 |  | 29609 |
|  Sunrun, Inc.<sup>(a)(b)</sup>  | 11063 |  | 76224 |
|  Thermon Group Holdings, Inc.<sup>(a)(b)</sup>  | 1604 |  | 42073 |
|  Vicor Corp.<sup>(a)</sup>  | 1160 |  | 46290 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242338 |
| **Electronic Equipment, Instruments & Components — 2.3%** | **Electronic Equipment, Instruments & Components — 2.3%** | **Electronic Equipment, Instruments & Components — 2.3%** | **Electronic Equipment, Instruments & Components — 2.3%** |
|  Advanced Energy Industries, Inc. | 1856 |  | 180793 |
|  Arlo Technologies, Inc.<sup>(a)</sup>  | 4588 |  | 45100 |
|  Arrow Electronics, Inc.<sup>(a)</sup>  | 2640 |  | 293990 |
|  Avnet, Inc. | 4540 |  | 213335 |
|  Badger Meter, Inc. | 1451 |  | 320410 |
|  Bel Fuse, Inc., Class A | 62 |  | 3807 |
|  Bel Fuse, Inc., Class B, NVS | 516 |  | 33937 |
|  Belden, Inc. | 2035 |  | 209829 |
|  Benchmark Electronics, Inc. | 1829 |  | 59497 |
|  Cognex Corp. | 8118 |  | 221621 |
|  Crane NXT Co. | 2844 |  | 133440 |
|  CTS Corp. | 1503 |  | 57234 |
|  ePlus, Inc.<sup>(a)</sup>  | 1319 |  | 82253 |
|  Fabrinet<sup>(a)</sup>  | 1803 |  | 369723 |
|  Insight Enterprises, Inc.<sup>(a)</sup>  | 1390 |  | 192209 |
|  IPG Photonics Corp.<sup>(a)(b)</sup>  | 1279 |  | 76599 |
|  Itron, Inc.<sup>(a)</sup>  | 2264 |  | 251961 |
|  Knowles Corp.<sup>(a)</sup>  | 4670 |  | 73506 |
|  Littelfuse, Inc. | 1234 |  | 224971 |
|  Mirion Technologies, Inc., Class A<sup>(a)</sup>  | 10385 |  | 163875 |
|  Napco Security Technologies, Inc. | 1699 |  | 38822 |
|  nLight, Inc.<sup>(a)</sup>  | 2173 |  | 16754 |
|  Novanta, Inc.<sup>(a)</sup>  | 1773 |  | 210739 |
|  OSI Systems, Inc.<sup>(a)(b)</sup>  | 828 |  | 169525 |
|  PAR Technology Corp.<sup>(a)(b)</sup>  | 1789 |  | 104478 |
|  PC Connection, Inc. | 657 |  | 40760 |
|  Plexus Corp.<sup>(a)</sup>  | 1356 |  | 166015 |
|  Powerfleet, Inc.<sup>(a)</sup>  | 6141 |  | 30951 |
|  Rogers Corp.<sup>(a)</sup>  | 833 |  | 51488 |
|  Sanmina Corp.<sup>(a)</sup>  | 2773 |  | 212939 |
|  ScanSource, Inc.<sup>(a)</sup>  | 1340 |  | 44207 |
|  TD SYNNEX Corp. | 2484 |  | 275227 |
|  TTM Technologies, Inc.<sup>(a)</sup>  | 5074 |  | 101581 |
|  Vishay Intertechnology, Inc. | 5725 |  | 74368 |
|  Vontier Corp. | 7682 |  | 244364 |
|  |  |  | 4990308 |
| **Energy Equipment & Services — 0.9%** |  |  |  |
|  Archrock, Inc. | 7833 |  | 184311 |
|  Atlas Energy Solutions, Inc. | 3857 |  | 52185 |
|  Bristow Group, Inc.<sup>(a)</sup>  | 986 |  | 28634 |
|  Cactus, Inc., Class A | 3265 |  | 123874 |
|  ChampionX Corp. | 9371 |  | 226122 |
|  Core Laboratories, Inc. | 2268 |  | 25787 |
|  Helix Energy Solutions Group, Inc.<sup>(a)</sup>  | 7326 |  | 44615 |
|  Helmerich & Payne, Inc. | 4870 |  | 91994 |
|  Innovex International, Inc.<sup>(a)(b)</sup>  | 1662 |  | 25096 |
|  Kodiak Gas Services, Inc. | 1215 |  | 41322 |
|  Liberty Energy, Inc., Class A | 7947 |  | 91391 |
|  Nabors Industries Ltd.<sup>(a)(b)</sup>  | 457 |  | 12266 |
|  NOV, Inc. | 19664 |  | 228299 |
|  Oceaneering International, Inc.<sup>(a)</sup>  | 5048 |  | 89602 |
|  Patterson-UTI Energy, Inc. | 18536 |  | 104543 |
|  ProFrac Holding Corp., Class A<sup>(a)(b)</sup>  | 1061 |  | 4403 |
|  ProPetro Holding Corp.<sup>(a)</sup>  | 3806 |  | 18954 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Energy Equipment & Services (continued)** |  |  |
|  RPC, Inc. | 4939 | $23362 |
|  Select Water Solutions, Inc., Class A | 4509 | 38417 |
|  Tidewater, Inc.<sup>(a)(b)</sup>  | 2421 | 87616 |
|  Transocean Ltd.<sup>(a)(b)</sup>  | 38925 | 82910 |
|  Valaris Ltd.<sup>(a)</sup>  | 3154 | 101906 |
|  Weatherford International PLC | 3631 | 150323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877932 |
| **Entertainment — 1.0%** |  |  |
|  AMC Entertainment Holdings, Inc., Class A<sup>(a)(b)</sup>  | 17597 | 46984 |
|  Atlanta Braves Holdings, Inc., Class A<sup>(a)(b)</sup>  | 545 | 23680 |
|  Atlanta Braves Holdings, Inc., Class C, NVS<sup>(a)(b)</sup>  | 2303 | 91798 |
|  Cinemark Holdings, Inc. | 5472 | 163667 |
|  IMAX Corp.<sup>(a)</sup>  | 2163 | 52626 |
|  Liberty Media Corp. - Liberty Live, Class A<sup>(a)</sup>  | 990 | 69280 |
|  Liberty Media Corp. - Liberty Live, Class C, NVS<sup>(a)</sup>  | 2311 | 165260 |
|  Lions Gate Entertainment Corp., Class A<sup>(a)(b)</sup>  | 2408 | 21383 |
|  Lions Gate Entertainment Corp., Class B, NVS<sup>(a)</sup>  | 6223 | 49660 |
|  Lionsgate Studios Corp.<sup>(a)(b)</sup>  | 1726 | 12617 |
|  Madison Square Garden Entertainment Corp., Class A<sup>(a)(b)</sup>  | 1958 | 63517 |
|  Madison Square Garden Sports Corp., Class A<sup>(a)</sup>  | 838 | 161374 |
|  Playtika Holding Corp. | 3560 | 18761 |
|  Roku, Inc., Class A<sup>(a)</sup>  | 5955 | 406012 |
|  Sphere Entertainment Co., Class A<sup>(a)(b)</sup>  | 1351 | 36815 |
|  TKO Group Holdings, Inc., Class A | 3507 | 571325 |
|  Warner Music Group Corp., Class A | 6633 | 201975 |
|  |  | 2156734 |
| **Financial Services — 2.3%** |  |  |
|  Affirm Holdings, Inc., Class A<sup>(a)</sup>  | 11350 | 564776 |
|  AvidXchange Holdings, Inc.<sup>(a)</sup>  | 8977 | 72983 |
|  Cannae Holdings, Inc. | 2906 | 51465 |
|  Cantaloupe, Inc.<sup>(a)</sup>  | 2772 | 22176 |
|  Compass Diversified Holdings | 3111 | 53478 |
|  Enact Holdings, Inc. | 1592 | 56978 |
|  Essent Group Ltd. | 5276 | 300363 |
|  Euronet Worldwide, Inc.<sup>(a)</sup>  | 2154 | 213461 |
|  EVERTEC, Inc. | 3006 | 102024 |
|  Federal Agricultural Mortgage Corp., Class C, NVS | 471 | 82580 |
|  Flywire Corp.<sup>(a)</sup>  | 4714 | 44359 |
|  HA Sustainable Infrastructure Capital, Inc. | 5524 | 137990 |
|  Jackson Financial, Inc., Class A | 2981 | 232250 |
|  Marqeta, Inc., Class A<sup>(a)</sup>  | 20327 | 84967 |
|  Merchants Bancorp | 1031 | 31012 |
|  MGIC Investment Corp. | 13274 | 330655 |
|  Mr. Cooper Group, Inc.<sup>(a)</sup>  | 3031 | 360719 |
|  NCR Atleos Corp.<sup>(a)</sup>  | 3620 | 101070 |
|  NMI Holdings, Inc., Class A<sup>(a)</sup>  | 3867 | 139869 |
|  Payoneer Global, Inc.<sup>(a)</sup>  | 11687 | 82160 |
|  PennyMac Financial Services, Inc., Class A | 1387 | 135149 |
|  Radian Group, Inc. | 7617 | 243287 |
|  Remitly Global, Inc.<sup>(a)</sup>  | 7165 | 144876 |
|  Repay Holdings Corp., Class A<sup>(a)(b)</sup>  | 4241 | 16964 |
|  Rocket Cos., Inc., Class A<sup>(b)</sup>  | 6492 | 83812 |
|  Sezzle, Inc.<sup>(a)</sup>  | 840 | 43638 |
|  Shift4 Payments, Inc., Class A<sup>(a)(b)</sup>  | 3167 | 259061 |
|  TFS Financial Corp. | 2640 | 34214 |
|  UWM Holdings Corp., Class A | 6668 | 31340 |
|  Voya Financial, Inc. | 5021 | 297243 |
|  Walker & Dunlop, Inc. | 1677 | 128358 |

---

14 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Financial Services (continued)** |  |  |
|  Western Union Co. (The) | 15803 | $156608 |
|  WEX, Inc.<sup>(a)</sup>  | 1744 | 227365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867250 |
| **Food Products — 1.2%** |  |  |
|  B&G Foods, Inc. | 3717 | 25610 |
|  Cal-Maine Foods, Inc. | 2104 | 196450 |
|  Darling Ingredients, Inc.<sup>(a)</sup>  | 7887 | 253883 |
|  Flowers Foods, Inc. | 9905 | 174229 |
|  Fresh Del Monte Produce, Inc. | 1922 | 65367 |
|  Freshpet, Inc.<sup>(a)</sup>  | 2247 | 165244 |
|  Hain Celestial Group, Inc. (The)<sup>(a)</sup>  | 4465 | 13574 |
|  Ingredion, Inc. | 3220 | 427680 |
|  J & J Snack Foods Corp. | 751 | 97322 |
|  John B. Sanfilippo & Son, Inc. | 447 | 29623 |
|  Lancaster Colony Corp. | 1010 | 164408 |
|  Mission Produce, Inc.<sup>(a)</sup>  | 2229 | 23349 |
|  Pilgrim's Pride Corp. | 2075 | 113253 |
|  Post Holdings, Inc.<sup>(a)</sup>  | 2688 | 304201 |
|  Seaboard Corp. | 13 | 33618 |
|  Simply Good Foods Co. (The)<sup>(a)</sup>  | 4440 | 160328 |
|  Tootsie Roll Industries, Inc. | 765 | 24480 |
|  TreeHouse Foods, Inc.<sup>(a)</sup>  | 2370 | 55197 |
|  Utz Brands, Inc., Class A | 3305 | 43923 |
|  Vital Farms, Inc.<sup>(a)</sup>  | 1323 | 45300 |
|  Westrock Coffee Co.<sup>(a)(b)</sup>  | 1500 | 8700 |
|  WK Kellogg Co. | 3164 | 56731 |
|  |  | 2482470 |
| **Gas Utilities — 0.9%** |  |  |
|  Chesapeake Utilities Corp. | 1088 | 143257 |
|  MDU Resources Group, Inc. | 9446 | 161905 |
|  National Fuel Gas Co. | 4536 | 348274 |
|  New Jersey Resources Corp. | 4894 | 239512 |
|  Northwest Natural Holding Co. | 1900 | 81890 |
|  ONE Gas, Inc. | 2927 | 229799 |
|  Southwest Gas Holdings, Inc. | 2735 | 197494 |
|  Spire, Inc. | 2829 | 216532 |
|  UGI Corp. | 10476 | 343508 |
|  |  | 1962171 |
| **Ground Transportation — 0.7%** |  |  |
|  ArcBest Corp. | 1182 | 69171 |
|  Avis Budget Group, Inc.<sup>(a)</sup>  | 866 | 80218 |
|  FTAI Infrastructure, Inc. | 4917 | 21241 |
|  Heartland Express, Inc. | 2437 | 18521 |
|  Hertz Global Holdings, Inc.<sup>(a)(b)</sup>  | 6555 | 44705 |
|  Knight-Swift Transportation Holdings, Inc. | 7466 | 292443 |
|  Landstar System, Inc. | 1782 | 239055 |
|  Lyft, Inc., Class A<sup>(a)</sup>  | 17308 | 214619 |
|  Marten Transport Ltd. | 2796 | 35901 |
|  RXO, Inc.<sup>(a)</sup>  | 7756 | 109282 |
|  Ryder System, Inc. | 2180 | 300121 |
|  Schneider National, Inc., Class B | 2595 | 55767 |
|  Universal Logistics Holdings, Inc. | 369 | 8022 |
|  Werner Enterprises, Inc. | 3097 | 76372 |
|  |  | 1565438 |
| **Health Care Equipment & Supplies — 2.4%** |  |  |
|  Alphatec Holdings, Inc.<sup>(a)</sup>  | 5210 | 57206 |
|  Artivion, Inc.<sup>(a)</sup>  | 1816 | 43021 |
|  AtriCure, Inc.<sup>(a)</sup>  | 2407 | 71993 |
|  Avanos Medical, Inc.<sup>(a)</sup>  | 2217 | 27823 |
|  Axogen, Inc.<sup>(a)</sup>  | 1794 | 29188 |
|  Bioventus, Inc., Class A<sup>(a)</sup>  | 1471 | 10753 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Health Care Equipment & Supplies (continued)** |  |  |
|  Ceribell, Inc.<sup>(a)</sup>  | 576 | $9268 |
|  CONMED Corp. | 1534 | 75335 |
|  DENTSPLY SIRONA, Inc. | 10348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143837 |
|  Embecta Corp. | 2944 | 35887 |
|  Enovis Corp.<sup>(a)</sup>  | 2619 | 90591 |
|  Envista Holdings Corp.<sup>(a)(b)</sup>  | 8483 | 136407 |
|  Establishment Labs Holdings, Inc.<sup>(a)(b)</sup>  | 1192 | 36177 |
|  Glaukos Corp.<sup>(a)</sup>  | 2603 | 245333 |
|  Globus Medical, Inc., Class A<sup>(a)</sup>  | 5576 | 400190 |
|  Haemonetics Corp.<sup>(a)</sup>  | 2501 | 157613 |
|  ICU Medical, Inc.<sup>(a)</sup>  | 1056 | 144239 |
|  Inspire Medical Systems, Inc.<sup>(a)</sup>  | 1463 | 231710 |
|  Integer Holdings Corp.<sup>(a)</sup>  | 1643 | 207527 |
|  Integra LifeSciences Holdings Corp.<sup>(a)</sup>  | 3429 | 56201 |
|  iRadimed Corp. | 372 | 19497 |
|  iRhythm Technologies, Inc.<sup>(a)(b)</sup>  | 1527 | 163221 |
|  Lantheus Holdings, Inc.<sup>(a)(b)</sup>  | 3399 | 354652 |
|  LeMaitre Vascular, Inc. | 996 | 90377 |
|  LivaNova PLC<sup>(a)</sup>  | 2683 | 99271 |
|  Masimo Corp.<sup>(a)</sup>  | 2213 | 356205 |
|  Merit Medical Systems, Inc.<sup>(a)(b)</sup>  | 2854 | 269560 |
|  Neogen Corp.<sup>(a)</sup>  | 10535 | 53202 |
|  Novocure Ltd.<sup>(a)</sup>  | 4804 | 87145 |
|  Omnicell, Inc.<sup>(a)</sup>  | 2273 | 71054 |
|  Orthofix Medical, Inc.<sup>(a)</sup>  | 1590 | 22117 |
|  OrthoPediatrics Corp.<sup>(a)</sup>  | 813 | 16927 |
|  Penumbra, Inc.<sup>(a)</sup>  | 1842 | 539411 |
|  PROCEPT BioRobotics Corp.<sup>(a)</sup>  | 2543 | 137271 |
|  Pulse Biosciences, Inc.<sup>(a)(b)</sup>  | 837 | 14246 |
|  QuidelOrtho Corp.<sup>(a)(b)</sup>  | 2532 | 70364 |
|  RxSight, Inc.<sup>(a)</sup>  | 1688 | 24847 |
|  STAAR Surgical Co.<sup>(a)</sup>  | 1936 | 35351 |
|  Tandem Diabetes Care, Inc.<sup>(a)</sup>  | 3234 | 54493 |
|  Teleflex, Inc. | 2332 | 319601 |
|  TransMedics Group, Inc.<sup>(a)(b)</sup>  | 1623 | 149332 |
|  UFP Technologies, Inc.<sup>(a)(b)</sup>  | 367 | 76534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5234977 |
| **Health Care Providers & Services — 2.4%** |  |  |
|  Acadia Healthcare Co., Inc.<sup>(a)</sup>  | 4509 | 105511 |
|  AdaptHealth Corp.<sup>(a)</sup>  | 3810 | 32423 |
|  Addus HomeCare Corp.<sup>(a)</sup>  | 877 | 91690 |
|  agilon health, Inc.<sup>(a)(b)</sup>  | 15550 | 66243 |
|  Alignment Healthcare, Inc.<sup>(a)</sup>  | 5294 | 93810 |
|  Amedisys, Inc.<sup>(a)</sup>  | 1590 | 150891 |
|  AMN Healthcare Services, Inc.<sup>(a)</sup>  | 1835 | 37489 |
|  Ardent Health Partners, Inc.<sup>(a)</sup>  | 1125 | 14321 |
|  Astrana Health, Inc.<sup>(a)(b)</sup>  | 1936 | 60345 |
|  Aveanna Healthcare Holdings, Inc.<sup>(a)</sup>  | 2705 | 12470 |
|  BrightSpring Health Services, Inc.<sup>(a)</sup>  | 2688 | 47121 |
|  Brookdale Senior Living, Inc.<sup>(a)</sup>  | 8717 | 57184 |
|  Castle Biosciences, Inc.<sup>(a)</sup>  | 1263 | 25323 |
|  Chemed Corp. | 745 | 433225 |
|  Clover Health Investments Corp., Class A<sup>(a)(b)</sup>  | 18403 | 62570 |
|  Concentra Group Holdings Parent, Inc. | 1090 | 23707 |
|  CorVel Corp.<sup>(a)</sup>  | 1381 | 150198 |
|  Encompass Health Corp. | 4955 | 579685 |
|  Ensign Group, Inc. (The) | 2793 | 360269 |
|  Fulgent Genetics, Inc.<sup>(a)(b)</sup>  | 970 | 16830 |
|  GeneDx Holdings Corp., Class A<sup>(a)(b)</sup>  | 823 | 55018 |
|  Guardant Health, Inc.<sup>(a)(b)</sup>  | 5815 | 274642 |
|  HealthEquity, Inc.<sup>(a)</sup>  | 4245 | 363881 |
|  Henry Schein, Inc.<sup>(a)</sup>  | 6312 | 410091 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Providers & Services (continued)** |  |  |
|  Hims & Hers Health, Inc., Class A<sup>(a)(b)</sup>  | 7805 | $258345 |
|  LifeStance Health Group, Inc.<sup>(a)</sup>  | 4473 | 29388 |
|  National HealthCare Corp. | 715 | 67560 |
|  NeoGenomics, Inc.<sup>(a)</sup>  | 6188 | 39572 |
|  OPKO Health, Inc.<sup>(a)(b)</sup>  | 15798 | 21801 |
|  Option Care Health, Inc.<sup>(a)</sup>  | 8616 | 278383 |
|  Owens & Minor, Inc.<sup>(a)</sup>  | 3315 | 23404 |
|  Pediatrix Medical Group, Inc.<sup>(a)</sup>  | 4248 | 54714 |
|  Pennant Group, Inc. (The)<sup>(a)</sup>  | 1603 | 41069 |
|  Premier, Inc., Class A | 4729 | 96235 |
|  Privia Health Group, Inc.<sup>(a)</sup>  | 5324 | 125008 |
|  Progyny, Inc.<sup>(a)</sup>  | 3540 | 80854 |
|  RadNet, Inc.<sup>(a)</sup>  | 3232 | 169292 |
|  Select Medical Holdings Corp. | 5123 | 93444 |
|  Surgery Partners, Inc.<sup>(a)</sup>  | 3794 | 83278 |
|  U.S. Physical Therapy, Inc. | 753 | 53546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040830 |
| **Health Care REITs — 0.9%** |  |  |
|  American Healthcare REIT, Inc. | 7622 | 246038 |
|  CareTrust REIT, Inc. | 9161 | 268142 |
|  Diversified Healthcare Trust | 8092 | 18288 |
|  Global Medical REIT, Inc. | 2925 | 22640 |
|  Healthcare Realty Trust, Inc. | 17586 | 273111 |
|  LTC Properties, Inc. | 2137 | 76654 |
|  Medical Properties Trust, Inc. | 29703 | 163961 |
|  National Health Investors, Inc. | 2166 | 163901 |
|  Omega Healthcare Investors, Inc. | 13367 | 521981 |
|  PACS Group, Inc.<sup>(a)</sup>  | 1198 | 11537 |
|  Sabra Health Care REIT, Inc. | 10420 | 185997 |
|  Sila Realty Trust, Inc. | 2754 | 70943 |
|  |  | 2023193 |
| **Health Care Technology — 0.4%** |  |  |
|  Certara, Inc.<sup>(a)(b)</sup>  | 5458 | 75648 |
|  Doximity, Inc., Class A<sup>(a)</sup>  | 6141 | 349300 |
|  Evolent Health, Inc., Class A<sup>(a)</sup>  | 5787 | 57060 |
|  GoodRx Holdings, Inc., Class A<sup>(a)(b)</sup>  | 4006 | 18548 |
|  HealthStream, Inc. | 1237 | 41600 |
|  Phreesia, Inc.<sup>(a)</sup>  | 2740 | 68390 |
|  Schrodinger, Inc.<sup>(a)</sup>  | 2765 | 70867 |
|  Teladoc Health, Inc.<sup>(a)</sup>  | 8470 | 60899 |
|  Waystar Holding Corp.<sup>(a)</sup>  | 2322 | 86309 |
|  |  | 828621 |
| **Hotel & Resort REITs — 0.4%** |  |  |
|  Apple Hospitality REIT, Inc. | 11422 | 134437 |
|  DiamondRock Hospitality Co. | 10108 | 74193 |
|  Park Hotels & Resorts, Inc. | 10642 | 105781 |
|  Pebblebrook Hotel Trust | 5773 | 52246 |
|  RLJ Lodging Trust | 7401 | 51881 |
|  Ryman Hospitality Properties, Inc. | 2892 | 254351 |
|  Summit Hotel Properties, Inc. | 5394 | 21954 |
|  Sunstone Hotel Investors, Inc. | 10250 | 85485 |
|  Xenia Hotels & Resorts, Inc. | 5186 | 55386 |
|  |  | 835714 |
| **Hotels, Restaurants & Leisure — 3.3%** |  |  |
|  Accel Entertainment, Inc., Class A<sup>(a)</sup>  | 2744 | 28263 |
|  Aramark | 12833 | 429007 |
|  BJ's Restaurants, Inc.<sup>(a)</sup>  | 965 | 32125 |
|  Bloomin' Brands, Inc. | 3839 | 30789 |
|  Boyd Gaming Corp. | 2991 | 206798 |
|  Brinker International, Inc.<sup>(a)</sup>  | 2184 | 293311 |
|  Caesars Entertainment, Inc.<sup>(a)</sup>  | 10308 | 278935 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** |  |  |
|  Cheesecake Factory, Inc. (The)<sup>(b)</sup>  | 2376 | $119679 |
|  Choice Hotels International, Inc.<sup>(b)</sup>  | 1390 | 175293 |
|  Churchill Downs, Inc. | 3485 | 315079 |
|  Cracker Barrel Old Country Store, Inc. | 1116 | 47653 |
|  Dave & Buster's Entertainment, Inc.<sup>(a)(b)</sup>  | 1628 | 31241 |
|  Dutch Bros, Inc., Class A<sup>(a)</sup>  | 5474 | 327017 |
|  Everi Holdings, Inc.<sup>(a)</sup>  | 4167 | 58546 |
|  First Watch Restaurant Group, Inc.<sup>(a)</sup>  | 1581 | 27920 |
|  Global Business Travel Group I, Class A<sup>(a)</sup>  | 6200 | 41602 |
|  Golden Entertainment, Inc. | 1182 | 30377 |
|  Hilton Grand Vacations, Inc.<sup>(a)</sup>  | 3165 | 106439 |
|  Hyatt Hotels Corp., Class A | 2036 | 229416 |
|  Jack in the Box, Inc. | 977 | 25441 |
|  Krispy Kreme, Inc. | 3832 | 15711 |
|  Kura Sushi U.S.A., Inc., Class A<sup>(a)(b)</sup>  | 265 | 15603 |
|  Life Time Group Holdings, Inc.<sup>(a)</sup>  | 2973 | 91152 |
|  Light & Wonder, Inc., Class A<sup>(a)(b)</sup>  | 4474 | 381990 |
|  Lucky Strike Entertainment Corp., Class A<sup>(b)</sup>  | 1111 | 10443 |
|  Marriott Vacations Worldwide Corp. | 1526 | 83640 |
|  MGM Resorts International<sup>(a)(b)</sup>  | 11319 | 356096 |
|  Monarch Casino & Resort, Inc. | 645 | 50433 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)(b)</sup>  | 21195 | 339756 |
|  Papa John's International, Inc. | 1634 | 56422 |
|  Penn Entertainment, Inc.<sup>(a)(b)</sup>  | 6719 | 102263 |
|  Planet Fitness, Inc., Class A<sup>(a)</sup>  | 4301 | 406832 |
|  Portillo's, Inc., Class A<sup>(a)(b)</sup>  | 2764 | 28580 |
|  Red Rock Resorts, Inc., Class A | 2528 | 107946 |
|  Rush Street Interactive, Inc., Class A<sup>(a)(b)</sup>  | 4021 | 48775 |
|  Sabre Corp.<sup>(a)</sup>  | 19095 | 45255 |
|  Shake Shack, Inc., Class A<sup>(a)</sup>  | 1854 | 162670 |
|  Six Flags Entertainment Corp.<sup>(b)</sup>  | 4550 | 156566 |
|  Sweetgreen, Inc., Class A<sup>(a)(b)</sup>  | 4187 | 81563 |
|  Target Hospitality Corp.<sup>(a)</sup>  | 1899 | 12913 |
|  Travel + Leisure Co. | 3562 | 156479 |
|  United Parks & Resorts, Inc.<sup>(a)</sup>  | 1360 | 59364 |
|  Vail Resorts, Inc. | 1882 | 261974 |
|  Wendy's Co. (The) | 8103 | 101288 |
|  Wingstop, Inc. | 1461 | 385543 |
|  Wyndham Hotels & Resorts, Inc. | 3960 | 337788 |
|  Wynn Resorts Ltd. | 4770 | 383079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7075055 |
| **Household Durables — 1.7%** |  |  |
|  Beazer Homes U.S.A., Inc.<sup>(a)</sup>  | 1409 | 27560 |
|  Cavco Industries, Inc.<sup>(a)</sup>  | 393 | 194083 |
|  Century Communities, Inc. | 1444 | 78756 |
|  Champion Homes, Inc.<sup>(a)</sup>  | 2820 | 243930 |
|  Dream Finders Homes, Inc., Class A<sup>(a)(b)</sup>  | 1118 | 25334 |
|  Ethan Allen Interiors, Inc. | 1156 | 32865 |
|  Green Brick Partners, Inc.<sup>(a)</sup>  | 1546 | 91198 |
|  Helen of Troy Ltd.<sup>(a)</sup>  | 1231 | 34296 |
|  Hovnanian Enterprises, Inc., Class A<sup>(a)</sup>  | 237 | 22942 |
|  Installed Building Products, Inc. | 1186 | 196674 |
|  KB Home | 3337 | 180298 |
|  La-Z-Boy, Inc. | 2150 | 84925 |
|  Legacy Housing Corp.<sup>(a)</sup>  | 510 | 12406 |
|  Leggett & Platt, Inc. | 6406 | 61626 |
|  LGI Homes, Inc.<sup>(a)</sup>  | 1026 | 56030 |
|  M/I Homes, Inc.<sup>(a)</sup>  | 1405 | 149885 |
|  Meritage Homes Corp. | 3607 | 245781 |
|  Mohawk Industries, Inc.<sup>(a)</sup>  | 2650 | 281827 |
|  Newell Brands, Inc. | 19370 | 92589 |
|  Somnigroup International, Inc. | 8435 | 515041 |

---

16 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Household Durables (continued)** |  |  |  |
|  Sonos, Inc.<sup>(a)</sup>  | 5906 | $| 54394 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup>  | 4941 |  | 283366 |
|  TopBuild Corp.<sup>(a)</sup>  | 1462 |  | 432401 |
|  Tri Pointe Homes, Inc.<sup>(a)</sup>  | 4648 |  | 142926 |
|  Whirlpool Corp. | 2710 |  | 206719 |
|  |  |  | 3747852 |
| **Household Products — 0.2%** |  |  |  |
|  Central Garden & Pet Co.<sup>(a)</sup>  | 443 |  | 14867 |
|  Central Garden & Pet Co., Class A, NVS<sup>(a)</sup>  | 2546 |  | 75285 |
|  Energizer Holdings, Inc. | 3255 |  | 88015 |
|  Reynolds Consumer Products, Inc. | 2689 |  | 61847 |
|  Spectrum Brands Holdings, Inc. | 1389 |  | 87646 |
|  WD-40 Co. | 665 |  | 151860 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479520 |
| **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** |
|  Clearway Energy, Inc., Class A | 1708 |  | 46714 |
|  Clearway Energy, Inc., Class C | 4098 |  | 120235 |
|  Montauk Renewables, Inc.<sup>(a)</sup>  | 3490 |  | 7329 |
|  Ormat Technologies, Inc. | 2660 |  | 193116 |
|  Sunnova Energy International, Inc.<sup>(a)(b)</sup>  | 5566 |  | 1049 |
|  Talen Energy Corp.<sup>(a)(b)</sup>  | 2297 |  | 494039 |
|  |  |  | 862482 |
| **Industrial REITs — 1.0%** |  |  |  |
|  Americold Realty Trust, Inc. | 12905 |  | 249583 |
|  EastGroup Properties, Inc. | 2385 |  | 389757 |
|  First Industrial Realty Trust, Inc. | 6186 |  | 294330 |
|  Innovative Industrial Properties, Inc. | 1395 |  | 75762 |
|  LXP Industrial Trust | 14611 |  | 115281 |
|  Plymouth Industrial REIT, Inc. | 2178 |  | 32387 |
|  Rexford Industrial Realty, Inc. | 10046 |  | 332522 |
|  STAG Industrial, Inc. | 9000 |  | 297270 |
|  Terreno Realty Corp. | 4678 |  | 263512 |
|  |  |  | 2050404 |
| **Insurance — 3.6%** |  |  |  |
|  Abacus Global Management, Inc., Class A<sup>(a)(b)</sup>  | 2209 |  | 18246 |
|  American Financial Group, Inc. | 3700 |  | 468642 |
|  AMERISAFE, Inc. | 1056 |  | 49093 |
|  Assurant, Inc. | 2610 |  | 503051 |
|  Assured Guaranty Ltd. | 2455 |  | 215377 |
|  Axis Capital Holdings Ltd. | 3938 |  | 379308 |
|  Baldwin Insurance Group, Inc. (The), Class A<sup>(a)(b)</sup>  | 3336 |  | 138844 |
|  Bowhead Specialty Holdings, Inc.<sup>(a)</sup>  | 551 |  | 22145 |
|  Brighthouse Financial, Inc.<sup>(a)</sup>  | 2967 |  | 172739 |
|  CNO Financial Group, Inc. | 5363 |  | 203472 |
|  Employers Holdings, Inc. | 1020 |  | 49562 |
|  Enstar Group Ltd.<sup>(a)</sup>  | 581 |  | 194292 |
|  F&G Annuities & Life, Inc. | 1175 |  | 40902 |
|  First American Financial Corp. | 5071 |  | 308368 |
|  Genworth Financial, Inc., Class A<sup>(a)</sup>  | 81 |  | 556 |
|  Globe Life, Inc. | 4204 |  | 518521 |
|  Goosehead Insurance, Inc., Class A | 1181 |  | 114805 |
|  Hamilton Insurance Group Ltd., Class B<sup>(a)</sup>  | 2457 |  | 45455 |
|  Hanover Insurance Group, Inc. (The) | 1802 |  | 299312 |
|  HCI Group, Inc. | 410 |  | 59983 |
|  Horace Mann Educators Corp. | 1984 |  | 82415 |
|  Kemper Corp. | 3138 |  | 185519 |
|  Kinsale Capital Group, Inc.<sup>(b)</sup>  | 1098 |  | 477915 |
|  Lemonade, Inc.<sup>(a)(b)</sup>  | 2628 |  | 76790 |
|  Lincoln National Corp. | 8090 |  | 257828 |
|  Mercury General Corp. | 1372 |  | 76036 |
|  Old Republic International Corp. | 11855 |  | 445748 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance (continued)** |  |  |
|  Oscar Health, Inc., Class A<sup>(a)</sup>  | 8450 | $109935 |
|  Palomar Holdings, Inc.<sup>(a)</sup>  | 1288 | 186786 |
|  Primerica, Inc. | 1726 | 452333 |
|  ProAssurance Corp.<sup>(a)</sup>  | 2542 | 59000 |
|  RLI Corp. | 4128 | 305513 |
|  Root, Inc., Class A<sup>(a)(b)</sup>  | 424 | 59220 |
|  Ryan Specialty Holdings, Inc., Class A | 5286 | 346286 |
|  Safety Insurance Group, Inc. | 793 | 60665 |
|  Selective Insurance Group, Inc. | 3046 | 265703 |
|  SiriusPoint Ltd.<sup>(a)</sup>  | 3476 | 58397 |
|  Skyward Specialty Insurance Group, Inc.<sup>(a)</sup>  | 1547 | 82130 |
|  Stewart Information Services Corp. | 1432 | 93767 |
|  Tiptree, Inc. | 1165 | 25991 |
|  Trupanion, Inc.<sup>(a)(b)</sup>  | 1773 | 64892 |
|  White Mountains Insurance Group Ltd. | 129 | 228001 |
|  |  | 7803543 |
| **Interactive Media & Services — 0.6%** |  |  |
|  Bumble, Inc., Class A<sup>(a)</sup>  | 3521 | 14859 |
|  Cargurus, Inc., Class A<sup>(a)</sup>  | 4276 | 119557 |
|  Cars.com, Inc.<sup>(a)</sup>  | 3240 | 37714 |
|  Grindr, Inc.<sup>(a)</sup>  | 1168 | 25661 |
|  IAC, Inc.<sup>(a)</sup>  | 3801 | 132807 |
|  Match Group, Inc. | 12438 | 368911 |
|  MediaAlpha, Inc., Class A<sup>(a)</sup>  | 1263 | 10609 |
|  QuinStreet, Inc.<sup>(a)</sup>  | 2533 | 44378 |
|  Rumble, Inc., Class A<sup>(a)(b)</sup>  | 4194 | 32378 |
|  Shutterstock, Inc. | 1184 | 18897 |
|  Taboola.com Ltd.<sup>(a)(b)</sup>  | 7624 | 22491 |
|  TripAdvisor, Inc.<sup>(a)(b)</sup>  | 5456 | 67927 |
|  Trump Media & Technology Group Corp., Class A<sup>(a)(b)</sup>  | 5024 | 123289 |
|  Vimeo, Inc.<sup>(a)</sup>  | 7828 | 39453 |
|  Webtoon Entertainment, Inc.<sup>(a)(b)</sup>  | 742 | 6678 |
|  Yelp, Inc.<sup>(a)</sup>  | 3332 | 116886 |
|  Ziff Davis, Inc.<sup>(a)</sup>  | 2070 | 61127 |
|  ZipRecruiter, Inc., Class A<sup>(a)</sup>  | 3066 | 15820 |
|  ZoomInfo Technologies, Inc., Class A<sup>(a)</sup>  | 14570 | 124719 |
|  |  | 1384161 |
| **IT Services — 0.6%** |  |  |
|  ASGN, Inc.<sup>(a)</sup>  | 2258 | 113758 |
|  Couchbase, Inc.<sup>(a)(b)</sup>  | 1797 | 31699 |
|  DigitalOcean Holdings, Inc.<sup>(a)</sup>  | 2725 | 84202 |
|  DXC Technology Co.<sup>(a)</sup>  | 9028 | 140115 |
|  EPAM Systems, Inc.<sup>(a)</sup>  | 2771 | 434798 |
|  Fastly, Inc., Class A<sup>(a)</sup>  | 6142 | 35316 |
|  Grid Dynamics Holdings, Inc., Class A<sup>(a)</sup>  | 3175 | 44958 |
|  Hackett Group, Inc. (The) | 1304 | 33304 |
|  Kyndryl Holdings, Inc.<sup>(a)</sup>  | 11350 | 367967 |
|  |  | 1286117 |
| **Leisure Products — 0.6%** |  |  |
|  Acushnet Holdings Corp. | 1473 | 97542 |
|  Brunswick Corp. | 3373 | 155327 |
|  Funko, Inc., Class A<sup>(a)</sup>  | 1662 | 6664 |
|  Hasbro, Inc. | 6500 | 402350 |
|  Latham Group, Inc.<sup>(a)</sup>  | 1951 | 10662 |
|  Malibu Boats, Inc., Class A<sup>(a)</sup>  | 957 | 27332 |
|  Mattel, Inc.<sup>(a)</sup>  | 17118 | 272005 |
|  Peloton Interactive, Inc., Class A<sup>(a)</sup>  | 17121 | 117964 |
|  Polaris, Inc. | 2665 | 90503 |
|  Sturm Ruger & Co., Inc. | 862 | 35049 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Leisure Products (continued)** |  |  |
|  Topgolf Callaway Brands Corp.<sup>(a)</sup>  | 6995 | $46237 |
|  YETI Holdings, Inc.<sup>(a)</sup>  | 4205 | 120053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381688 |
| **Life Sciences Tools & Services — 0.9%** |  |  |
|  10X Genomics, Inc., Class A<sup>(a)</sup>  | 5117 | 42318 |
|  Azenta, Inc.<sup>(a)(b)</sup>  | 1993 | 52496 |
|  BioLife Solutions, Inc.<sup>(a)</sup>  | 1769 | 42651 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup>  | 1027 | 250670 |
|  Bruker Corp. | 4681 | 187521 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup>  | 2554 | 302955 |
|  Cytek Biosciences, Inc.<sup>(a)</sup>  | 5164 | 19158 |
|  Fortrea Holdings, Inc.<sup>(a)</sup>  | 3985 | 24826 |
|  Maravai LifeSciences Holdings, Inc., Class A<sup>(a)(b)</sup>  | 5337 | 10781 |
|  Medpace Holdings, Inc.<sup>(a)</sup>  | 1245 | 383945 |
|  Mesa Laboratories, Inc. | 269 | 31002 |
|  OmniAb, Inc., 12.50 Earnout Shares<sup>(a)(c)</sup>  | 359 |  |
|  OmniAb, Inc., 15.00 Earnout Shares<sup>(a)(c)</sup>  | 359 |  |
|  Repligen Corp.<sup>(a)</sup>  | 2595 | 358084 |
|  Sotera Health Co.<sup>(a)</sup>  | 6438 | 74037 |
|  Standard BioTools, Inc.<sup>(a)</sup>  | 15742 | 17474 |
|  Tempus AI, Inc., Class A<sup>(a)(b)</sup>  | 3970 | 205130 |
|  |  | 2003048 |
| **Machinery — 4.3%** |  |  |
|  AGCO Corp. | 3096 | 262634 |
|  Alamo Group, Inc. | 502 | 83824 |
|  Albany International Corp., Class A | 1544 | 101533 |
|  Allison Transmission Holdings, Inc. | 4358 | 401982 |
|  Astec Industries, Inc. | 1103 | 39962 |
|  Atmus Filtration Technologies, Inc. | 814 | 28221 |
|  Blue Bird Corp.<sup>(a)(b)</sup>  | 1603 | 55897 |
|  Chart Industries, Inc.<sup>(a)</sup>  | 2125 | 286832 |
|  Columbus McKinnon Corp. | 1390 | 20642 |
|  Crane Co. | 2413 | 388445 |
|  Donaldson Co., Inc. | 5968 | 392277 |
|  Energy Recovery, Inc.<sup>(a)</sup>  | 2892 | 44681 |
|  Enerpac Tool Group Corp., Class A | 2720 | 109806 |
|  Enpro, Inc. | 1047 | 156422 |
|  Esab Corp. | 2807 | 337177 |
|  ESCO Technologies, Inc. | 1260 | 197127 |
|  Federal Signal Corp. | 3015 | 245511 |
|  Flowserve Corp. | 6525 | 295126 |
|  Franklin Electric Co., Inc. | 1991 | 169155 |
|  Gates Industrial Corp. PLC<sup>(a)</sup>  | 9362 | 177129 |
|  Gorman-Rupp Co. (The) | 1046 | 37510 |
|  Greenbrier Cos., Inc. (The) | 1547 | 65624 |
|  Helios Technologies, Inc. | 1600 | 43616 |
|  Hillenbrand, Inc. | 3498 | 70765 |
|  Hillman Solutions Corp.<sup>(a)(b)</sup>  | 8991 | 62847 |
|  Hyster-Yale, Inc., Class A | 598 | 22981 |
|  ITT, Inc. | 4064 | 556849 |
|  JBT Marel Corp. | 2370 | 249466 |
|  Kadant, Inc. | 576 | 169920 |
|  Kennametal, Inc. | 3782 | 73673 |
|  Lincoln Electric Holdings, Inc. | 2841 | 500584 |
|  Lindsay Corp. | 551 | 71112 |
|  Middleby Corp. (The)<sup>(a)</sup>  | 2654 | 353911 |
|  Miller Industries, Inc. | 555 | 22650 |
|  Mueller Industries, Inc. | 5444 | 400461 |
|  Mueller Water Products, Inc., Class A | 7763 | 203701 |
|  Oshkosh Corp. | 3236 | 271047 |
|  Proto Labs, Inc.<sup>(a)</sup>  | 1194 | 41981 |
|  RBC Bearings, Inc.<sup>(a)</sup>  | 1531 | 503041 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Machinery (continued)** |  |  |
|  REV Group, Inc. | 2112 | $69062 |
|  SPX Technologies, Inc.<sup>(a)</sup>  | 2285 | 306533 |
|  Standex International Corp. | 578 | 81741 |
|  Symbotic, Inc., Class A<sup>(a)(b)</sup>  | 2081 | 44908 |
|  Tennant Co. | 924 | 66676 |
|  Terex Corp. | 3324 | 117005 |
|  Timken Co. (The) | 3337 | 214402 |
|  Toro Co. (The) | 5140 | 350959 |
|  Trinity Industries, Inc. | 4049 | 101630 |
|  Wabash National Corp. | 2263 | 15637 |
|  Watts Water Technologies, Inc., Class A | 1355 | 281501 |
|  Worthington Enterprises, Inc. | 1619 | 81970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9248146 |
| **Marine Transportation — 0.2%** |  |  |
|  Genco Shipping & Trading Ltd. | 2055 | 26633 |
|  Kirby Corp.<sup>(a)(b)</sup>  | 2881 | 277642 |
|  Matson, Inc. | 1696 | 185016 |
|  |  | 489291 |
| **Media — 1.4%** |  |  |
|  Altice U.S.A., Inc., Class A<sup>(a)(b)</sup>  | 11139 | 27625 |
|  Cable One, Inc. | 222 | 59334 |
|  Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  | 13032 | 12826 |
|  EchoStar Corp., Class A<sup>(a)</sup>  | 6655 | 149604 |
|  Emerald Holding, Inc. | 7449 | 29274 |
|  Gannett Co., Inc.<sup>(a)</sup>  | 6813 | 21802 |
|  Gray Media, Inc. | 4776 | 16000 |
|  Ibotta, Inc., Class A<sup>(a)(b)</sup>  | 334 | 16299 |
|  Integral Ad Science Holding Corp.<sup>(a)</sup>  | 3743 | 26463 |
|  Interpublic Group of Cos., Inc. (The) | 18797 | 472181 |
|  John Wiley & Sons, Inc., Class A | 2196 | 95833 |
|  Liberty Broadband Corp., Class A<sup>(a)</sup>  | 841 | 74891 |
|  Liberty Broadband Corp., Class C, NVS<sup>(a)</sup>  | 5394 | 487564 |
|  Magnite, Inc.<sup>(a)(b)</sup>  | 6285 | 74729 |
|  National CineMedia, Inc. | 3042 | 17431 |
|  New York Times Co. (The), Class A | 7723 | 402059 |
|  Nexstar Media Group, Inc., Class A | 1433 | 214463 |
|  Paramount Global, Class A | 184 | 4169 |
|  Paramount Global, Class B, NVS | 27804 | 326419 |
|  PubMatic, Inc., Class A<sup>(a)</sup>  | 2013 | 19667 |
|  Scholastic Corp. | 1172 | 21131 |
|  Sinclair, Inc., Class A | 1849 | 26626 |
|  Sirius XM Holdings, Inc. | 11952 | 256012 |
|  Stagwell, Inc., Class A<sup>(a)</sup>  | 4556 | 25422 |
|  TechTarget, Inc.<sup>(a)(b)</sup>  | 1471 | 11724 |
|  TEGNA, Inc. | 8140 | 132112 |
|  Thryv Holdings, Inc.<sup>(a)</sup>  | 1991 | 27277 |
|  |  | 3048937 |
| **Metals & Mining — 1.5%** |  |  |
|  Alcoa Corp. | 12194 | 299119 |
|  Alpha Metallurgical Resources, Inc.<sup>(a)</sup>  | 549 | 66621 |
|  Carpenter Technology Corp. | 2436 | 476506 |
|  Century Aluminum Co.<sup>(a)</sup>  | 2661 | 43667 |
|  Cleveland-Cliffs, Inc.<sup>(a)(b)</sup>  | 24285 | 200109 |
|  Coeur Mining, Inc.<sup>(a)</sup>  | 31116 | 172694 |
|  Commercial Metals Co. | 5686 | 253255 |
|  Hecla Mining Co.<sup>(b)</sup>  | 29233 | 167213 |
|  Ivanhoe Electric, Inc.<sup>(a)(b)</sup>  | 4068 | 25628 |
|  Kaiser Aluminum Corp. | 771 | 49699 |
|  Materion Corp. | 1009 | 83757 |
|  Metallus, Inc.<sup>(a)</sup>  | 1971 | 24933 |
|  MP Materials Corp., Class A<sup>(a)(b)</sup>  | 4735 | 115818 |

---

18 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Metals & Mining (continued)** |  |  |  |
|  Royal Gold, Inc. | 3263 | $| 596183 |
|  Ryerson Holding Corp. | 1532 |  | 35818 |
|  SunCoke Energy, Inc. | 4320 |  | 39139 |
|  United States Steel Corp. | 11065 |  | 483651 |
|  Warrior Met Coal, Inc. | 2576 |  | 123184 |
|  Worthington Steel, Inc. | 1593 |  | 40876 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297870 |
| **Mortgage Real Estate Investment Trusts (REITs) — 1.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.2%** |
|  AGNC Investment Corp. | 43818 |  | 386913 |
|  Annaly Capital Management, Inc. | 27753 |  | 543959 |
|  Apollo Commercial Real Estate Finance, Inc. | 6429 |  | 60240 |
|  Arbor Realty Trust, Inc.<sup>(b)</sup>  | 8136 |  | 93808 |
|  ARMOUR Residential REIT, Inc. | 3759 |  | 61911 |
|  Blackstone Mortgage Trust, Inc., Class A | 8184 |  | 155905 |
|  BrightSpire Capital, Inc., Class A | 6597 |  | 33051 |
|  Chimera Investment Corp. | 4017 |  | 49570 |
|  Claros Mortgage Trust, Inc. | 5251 |  | 12917 |
|  Dynex Capital, Inc. | 4104 |  | 50602 |
|  Ellington Financial, Inc. | 4432 |  | 57749 |
|  Franklin BSP Realty Trust, Inc. | 4199 |  | 47785 |
|  KKR Real Estate Finance Trust, Inc. | 3016 |  | 27898 |
|  Ladder Capital Corp., Class A | 6079 |  | 63465 |
|  MFA Financial, Inc. | 5165 |  | 50720 |
|  Orchid Island Capital, Inc. | 3844 |  | 27485 |
|  PennyMac Mortgage Investment Trust | 4387 |  | 56329 |
|  Ready Capital Corp. | 7905 |  | 35177 |
|  Redwood Trust, Inc. | 6772 |  | 42054 |
|  Rithm Capital Corp. | 25525 |  | 285370 |
|  Starwood Property Trust, Inc. | 15633 |  | 299997 |
|  TPG RE Finance Trust, Inc. | 2883 |  | 22026 |
|  Two Harbors Investment Corp. | 5151 |  | 61142 |
|  |  |  | 2526073 |
| **Multi-Utilities — 0.3%** |  |  |  |
|  Avista Corp. | 3886 |  | 161153 |
|  Black Hills Corp. | 3397 |  | 206877 |
|  Northwestern Energy Group, Inc. | 2834 |  | 165024 |
|  Unitil Corp. | 787 |  | 46165 |
|  |  |  | 579219 |
| **Office REITs — 0.7%** |  |  |  |
|  Brandywine Realty Trust | 8159 |  | 32310 |
|  COPT Defense Properties | 5597 |  | 146138 |
|  Cousins Properties, Inc. | 7438 |  | 204843 |
|  Douglas Emmett, Inc. | 7609 |  | 105233 |
|  Easterly Government Properties, Inc. | 1865 |  | 37617 |
|  Empire State Realty Trust, Inc., Class A | 6650 |  | 47348 |
|  Highwoods Properties, Inc. | 5263 |  | 149680 |
|  Hudson Pacific Properties, Inc. | 6549 |  | 13425 |
|  JBG SMITH Properties | 4080 |  | 57038 |
|  Kilroy Realty Corp. | 5734 |  | 180678 |
|  Paramount Group, Inc. | 8928 |  | 38301 |
|  Piedmont Office Realty Trust, Inc., Class A | 6077 |  | 35915 |
|  SL Green Realty Corp. | 3589 |  | 188817 |
|  Vornado Realty Trust | 8560 |  | 301997 |
|  |  |  | 1539340 |
| **Oil, Gas & Consumable Fuels — 2.8%** |  |  |  |
|  Antero Midstream Corp. | 16816 |  | 278305 |
|  Antero Resources Corp.<sup>(a)</sup>  | 14596 |  | 508379 |
|  APA Corp. | 18294 |  | 284289 |
|  BKV Corp.<sup>(a)</sup>  | 860 |  | 15592 |
|  California Resources Corp. | 2944 |  | 101597 |
|  Calumet, Inc.<sup>(a)</sup>  | 3327 |  | 35266 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Centrus Energy Corp., Class A<sup>(a)(b)</sup>  | 675 | $46771 |
|  Chord Energy Corp. | 3043 | 274570 |
|  Civitas Resources, Inc. | 3651 | 99490 |
|  Clean Energy Fuels Corp.<sup>(a)(b)</sup>  | 7953 | 11532 |
|  CNX Resources Corp.<sup>(a)</sup>  | 7592 | 223433 |
|  Comstock Resources, Inc.<sup>(a)</sup>  | 4404 | 80461 |
|  Core Natural Resources, Inc. | 2512 | 181391 |
|  Crescent Energy Co., Class A | 8366 | 69270 |
|  CVR Energy, Inc. | 1652 | 31157 |
|  Delek U.S. Holdings, Inc. | 3053 | 39750 |
|  Dorian LPG Ltd. | 1901 | 40719 |
|  DT Midstream, Inc. | 4808 | 467338 |
|  Excelerate Energy, Inc., Class A | 1228 | 31412 |
|  Granite Ridge Resources, Inc. | 2890 | 13901 |
|  Green Plains, Inc.<sup>(a)</sup>  | 2685 | 9612 |
|  Gulfport Energy Corp.<sup>(a)</sup>  | 639 | 110227 |
|  HF Sinclair Corp. | 8237 | 247687 |
|  HighPeak Energy, Inc. | 797 | 6384 |
|  International Seaways, Inc. | 1710 | 58072 |
|  Kinetik Holdings, Inc., Class A | 922 | 38115 |
|  Kosmos Energy Ltd.<sup>(a)</sup>  | 22933 | 35317 |
|  Magnolia Oil & Gas Corp., Class A | 8509 | 174690 |
|  Matador Resources Co. | 5852 | 231388 |
|  Murphy Oil Corp. | 7676 | 157588 |
|  New Fortress Energy, Inc., Class A | 6380 | 34643 |
|  NextDecade Corp.<sup>(a)</sup>  | 4222 | 31581 |
|  Northern Oil & Gas, Inc. | 4697 | 114137 |
|  Ovintiv, Inc. | 13258 | 445204 |
|  Par Pacific Holdings, Inc.<sup>(a)</sup>  | 2826 | 40468 |
|  PBF Energy, Inc., Class A | 5055 | 86845 |
|  Peabody Energy Corp. | 5983 | 73830 |
|  Permian Resources Corp., Class A | 31178 | 367900 |
|  Range Resources Corp. | 11864 | 402545 |
|  REX American Resources Corp.<sup>(a)(b)</sup>  | 816 | 32411 |
|  Sitio Royalties Corp., Class A | 4044 | 68586 |
|  SM Energy Co. | 5759 | 131248 |
|  Talos Energy, Inc.<sup>(a)</sup>  | 6011 | 41356 |
|  Uranium Energy Corp.<sup>(a)(b)</sup>  | 18715 | 98254 |
|  Vital Energy, Inc.<sup>(a)</sup>  | 1172 | 16619 |
|  Vitesse Energy, Inc. | 1193 | 24397 |
|  World Kinect Corp. | 3054 | 76625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5990352 |
| **Paper & Forest Products — 0.2%** |  |  |
|  Louisiana-Pacific Corp. | 3191 | 275415 |
|  Sylvamo Corp. | 1785 | 106422 |
|  |  | 381837 |
| **Passenger Airlines — 0.5%** |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup>  | 6345 | 280893 |
|  Allegiant Travel Co. | 761 | 35714 |
|  American Airlines Group, Inc.<sup>(a)</sup>  | 30321 | 301694 |
|  Frontier Group Holdings, Inc.<sup>(a)</sup>  | 4372 | 13029 |
|  JetBlue Airways Corp.<sup>(a)(b)</sup>  | 15954 | 69559 |
|  Joby Aviation, Inc., Class A<sup>(a)(b)</sup>  | 24031 | 151395 |
|  SkyWest, Inc.<sup>(a)</sup>  | 1973 | 175932 |
|  Sun Country Airlines Holdings, Inc.<sup>(a)</sup>  | 2060 | 20188 |
|  Wheels Up Experience, Inc., Class A<sup>(a)(b)</sup>  | 4417 | 5080 |
|  |  | 1053484 |
| **Personal Care Products — 0.5%** |  |  |
|  BellRing Brands, Inc.<sup>(a)</sup>  | 6465 | 498710 |
|  Coty, Inc., Class A<sup>(a)</sup>  | 18798 | 94930 |
|  Edgewell Personal Care Co. | 2420 | 73931 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Personal Care Products (continued)** | **Personal Care Products (continued)** |  |
|  elf Beauty, Inc.<sup>(a)</sup>  | 2642 | $163461 |
|  Herbalife Ltd.<sup>(a)</sup>  | 4971 | 35791 |
|  Interparfums, Inc. | 897 | 97952 |
|  Olaplex Holdings, Inc.<sup>(a)(b)</sup>  | 6704 | 8782 |
|  USANA Health Sciences, Inc.<sup>(a)</sup>  | 583 | 16377 |
|  |  | 989934 |
| **Pharmaceuticals — 1.3%** |  |  |
|  Amneal Pharmaceuticals, Inc., Class A<sup>(a)</sup>  | 6479 | 49629 |
|  Amphastar Pharmaceuticals, Inc.<sup>(a)</sup>  | 1867 | 45574 |
|  ANI Pharmaceuticals, Inc.<sup>(a)</sup>  | 879 | 62251 |
|  Arvinas, Inc.<sup>(a)</sup>  | 2410 | 23184 |
|  Avadel Pharmaceuticals PLC<sup>(a)</sup>  | 4469 | 39729 |
|  Axsome Therapeutics, Inc.<sup>(a)</sup>  | 1945 | 218404 |
|  BioAge Labs, Inc.<sup>(a)</sup>  | 704 | 2957 |
|  Cassava Sciences, Inc.<sup>(a)(b)</sup>  | 2310 | 3604 |
|  Collegium Pharmaceutical, Inc.<sup>(a)</sup>  | 1543 | 41653 |
|  Corcept Therapeutics, Inc.<sup>(a)</sup>  | 4877 | 350559 |
|  CorMedix, Inc.<sup>(a)(b)</sup>  | 2934 | 26963 |
|  Edgewise Therapeutics, Inc.<sup>(a)</sup>  | 3402 | 55793 |
|  Elanco Animal Health, Inc.<sup>(a)(b)</sup>  | 24625 | 233445 |
|  Enliven Therapeutics, Inc.<sup>(a)(b)</sup>  | 1284 | 24319 |
|  Evolus, Inc.<sup>(a)(b)</sup>  | 2527 | 28808 |
|  EyePoint Pharmaceuticals, Inc.<sup>(a)</sup>  | 2759 | 18816 |
|  Harmony Biosciences Holdings, Inc.<sup>(a)(b)</sup>  | 1637 | 48242 |
|  Innoviva, Inc.<sup>(a)</sup>  | 2803 | 52388 |
|  Jazz Pharmaceuticals PLC<sup>(a)</sup>  | 3139 | 367137 |
|  LENZ Therapeutics, Inc.<sup>(a)(b)</sup>  | 713 | 20331 |
|  Ligand Pharmaceuticals, Inc.<sup>(a)</sup>  | 919 | 100961 |
|  Liquidia Corp.<sup>(a)(b)</sup>  | 2576 | 35987 |
|  MBX Biosciences, Inc.<sup>(a)(b)</sup>  | 704 | 7385 |
|  Neumora Therapeutics, Inc.<sup>(a)(b)</sup>  | 3628 | 2829 |
|  Nuvation Bio, Inc., Class A<sup>(a)(b)</sup>  | 10254 | 23072 |
|  Ocular Therapeutix, Inc.<sup>(a)</sup>  | 5258 | 43641 |
|  Organon & Co. | 12827 | 165853 |
|  Pacira BioSciences, Inc.<sup>(a)</sup>  | 2324 | 62516 |
|  Perrigo Co. PLC | 6705 | 172453 |
|  Phathom Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | 2017 | 8653 |
|  Pliant Therapeutics, Inc.<sup>(a)</sup>  | 2170 | 3450 |
|  Prestige Consumer Healthcare, Inc.<sup>(a)</sup>  | 2474 | 200963 |
|  Rapport Therapeutics, Inc.<sup>(a)(b)</sup>  | 451 | 5164 |
|  Scilex Holding Co. (Acquired 01/09/23, cost $19,912)<sup>(a)(d)</sup>  | 113 | 512 |
|  Supernus Pharmaceuticals, Inc.<sup>(a)</sup>  | 2625 | 85260 |
|  Tarsus Pharmaceuticals, Inc.<sup>(a)</sup>  | 1225 | 63590 |
|  Third Harmonic Bio, Inc.<sup>(a)(b)</sup>  | 510 | 2637 |
|  Tilray Brands, Inc.<sup>(a)(b)</sup>  | 41082 | 19929 |
|  WaVe Life Sciences Ltd.<sup>(a)</sup>  | 4956 | 38260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756901 |
| **Professional Services — 2.9%** |  |  |
|  Alight, Inc., Class A | 20739 | 105976 |
|  Amentum Holdings, Inc.<sup>(a)</sup>  | 6200 | 135284 |
|  Barrett Business Services, Inc. | 1243 | 50416 |
|  CACI International, Inc., Class A<sup>(a)(b)</sup>  | 1106 | 506404 |
|  CBIZ, Inc.<sup>(a)</sup>  | 2334 | 158945 |
|  Clarivate PLC<sup>(a)</sup>  | 18659 | 80420 |
|  Concentrix Corp. | 2179 | 111260 |
|  CRA International, Inc. | 322 | 52228 |
|  CSG Systems International, Inc. | 1449 | 87128 |
|  Dayforce, Inc.<sup>(a)</sup>  | 7716 | 446525 |
|  Dun & Bradstreet Holdings, Inc. | 13261 | 118951 |
|  ExlService Holdings, Inc.<sup>(a)</sup>  | 8025 | 389052 |
|  Exponent, Inc. | 2510 | 197487 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Professional Services (continued)** | **Professional Services (continued)** |  |  |
|  First Advantage Corp.<sup>(a)</sup>  | 2888 | $| 40721 |
|  FTI Consulting, Inc.<sup>(a)</sup>  | 1751 |  | 291156 |
|  Genpact Ltd. | 7691 |  | 386550 |
|  Heidrick & Struggles International, Inc. | 987 |  | 38513 |
|  Huron Consulting Group, Inc.<sup>(a)(b)</sup>  | 895 |  | 120637 |
|  ICF International, Inc. | 942 |  | 80032 |
|  Insperity, Inc. | 1781 |  | 115783 |
|  KBR, Inc. | 6665 |  | 351979 |
|  Kelly Services, Inc., Class A, NVS | 1636 |  | 18896 |
|  Kforce, Inc. | 954 |  | 36443 |
|  Korn Ferry | 2485 |  | 153325 |
|  Legalzoom.com, Inc.<sup>(a)</sup>  | 5485 |  | 40150 |
|  ManpowerGroup, Inc. | 2412 |  | 103885 |
|  Maximus, Inc. | 2779 |  | 186082 |
|  NV5 Global, Inc.<sup>(a)</sup>  | 2775 |  | 51476 |
|  Parsons Corp.<sup>(a)</sup>  | 2336 |  | 156185 |
|  Paylocity Holding Corp.<sup>(a)</sup>  | 2167 |  | 416281 |
|  Robert Half, Inc. | 5162 |  | 228677 |
|  Science Applications International Corp. | 2538 |  | 307174 |
|  TriNet Group, Inc. | 1586 |  | 124231 |
|  UL Solutions, Inc., Class A | 3063 |  | 175173 |
|  Upwork, Inc.<sup>(a)</sup>  | 6067 |  | 79781 |
|  Verra Mobility Corp., Class A<sup>(a)</sup>  | 8199 |  | 178738 |
|  Willdan Group, Inc.<sup>(a)</sup>  | 584 |  | 22893 |
|  WNS Holdings Ltd.<sup>(a)</sup>  | 1981 |  | 119890 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6264727 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
|  Compass, Inc., Class A<sup>(a)</sup>  | 22695 |  | 175205 |
|  Cushman & Wakefield PLC<sup>(a)</sup>  | 7919 |  | 74201 |
|  eXp World Holdings, Inc. | 3940 |  | 36090 |
|  Forestar Group, Inc.<sup>(a)</sup>  | 979 |  | 18856 |
|  Howard Hughes Holdings, Inc.<sup>(a)(b)</sup>  | 1555 |  | 103454 |
|  Kennedy-Wilson Holdings, Inc. | 5265 |  | 33696 |
|  Landbridge Co. LLC, Class A<sup>(b)</sup>  | 594 |  | 43035 |
|  Marcus & Millichap, Inc. | 1279 |  | 38882 |
|  Newmark Group, Inc., Class A | 7115 |  | 78194 |
|  Opendoor Technologies, Inc., Class A<sup>(a)(b)</sup>  | 30132 |  | 22849 |
|  Redfin Corp.<sup>(a)(b)</sup>  | 5986 |  | 56927 |
|  St. Joe Co. (The) | 1878 |  | 79477 |
|  |  |  | 760866 |
| **Residential REITs — 0.3%** |  |  |  |
|  Apartment Investment & Management Co., Class A | 6243 |  | 49382 |
|  Centerspace | 831 |  | 50159 |
|  Elme Communities | 4292 |  | 66827 |
|  Independence Realty Trust, Inc. | 11064 |  | 214974 |
|  NexPoint Residential Trust, Inc. | 1087 |  | 40523 |
|  UMH Properties, Inc. | 3696 |  | 65308 |
|  Veris Residential, Inc. | 3952 |  | 61335 |
|  |  |  | 548508 |
| **Retail REITs — 1.4%** |  |  |  |
|  Acadia Realty Trust | 5984 |  | 114295 |
|  Agree Realty Corp. | 5307 |  | 411876 |
|  Alexander's, Inc. | 111 |  | 22911 |
|  Brixmor Property Group, Inc. | 14900 |  | 371159 |
|  CBL & Associates Properties, Inc. | 787 |  | 18471 |
|  Curbline Properties Corp. | 4709 |  | 107789 |
|  Federal Realty Investment Trust | 4104 |  | 385858 |
|  Getty Realty Corp. | 2507 |  | 70171 |
|  InvenTrust Properties Corp. | 3877 |  | 108013 |
|  Kite Realty Group Trust | 10885 |  | 235660 |
|  Macerich Co. (The) | 13126 |  | 192427 |

---

20 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Retail REITs (continued)** |  |  |  |
|  NETSTREIT Corp. | 4027 | $| 65519 |
|  NNN REIT, Inc. | 9028 |  | 371141 |
|  Phillips Edison & Co., Inc. | 6043 |  | 209692 |
|  Saul Centers, Inc. | 634 |  | 20732 |
|  SITE Centers Corp. | 2560 |  | 30311 |
|  Tanger, Inc. | 5418 |  | 170721 |
|  Urban Edge Properties | 6257 |  | 113064 |
|  Whitestone REIT | 2231 |  | 29092 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048902 |
| **Semiconductors & Semiconductor Equipment — 2.1%** | **Semiconductors & Semiconductor Equipment — 2.1%** | **Semiconductors & Semiconductor Equipment — 2.1%** | **Semiconductors & Semiconductor Equipment — 2.1%** |
|  ACM Research, Inc., Class A<sup>(a)</sup>  | 2358 |  | 45910 |
|  Allegro MicroSystems, Inc.<sup>(a)</sup>  | 6104 |  | 116403 |
|  Alpha & Omega Semiconductor Ltd.<sup>(a)</sup>  | 1212 |  | 22822 |
|  Ambarella, Inc.<sup>(a)</sup>  | 2010 |  | 96460 |
|  Amkor Technology, Inc. | 5845 |  | 101995 |
|  Axcelis Technologies, Inc.<sup>(a)</sup>  | 1622 |  | 79446 |
|  Cirrus Logic, Inc.<sup>(a)</sup>  | 2674 |  | 256811 |
|  Cohu, Inc.<sup>(a)</sup>  | 2299 |  | 36784 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup>  | 6639 |  | 285809 |
|  Diodes, Inc.<sup>(a)</sup>  | 2271 |  | 87206 |
|  FormFactor, Inc.<sup>(a)</sup>  | 3843 |  | 108142 |
|  Ichor Holdings Ltd.<sup>(a)</sup>  | 1603 |  | 31707 |
|  Impinj, Inc.<sup>(a)(b)</sup>  | 1112 |  | 102449 |
|  indie Semiconductor, Inc., Class A<sup>(a)(b)</sup>  | 7757 |  | 15436 |
|  Kulicke & Soffa Industries, Inc. | 2629 |  | 84733 |
|  Lattice Semiconductor Corp.<sup>(a)</sup>  | 6808 |  | 333115 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup>  | 2826 |  | 293197 |
|  MaxLinear, Inc.<sup>(a)</sup>  | 3783 |  | 37792 |
|  MKS Instruments, Inc. | 2877 |  | 201793 |
|  Onto Innovation, Inc.<sup>(a)</sup>  | 2438 |  | 297363 |
|  PDF Solutions, Inc.<sup>(a)</sup>  | 1470 |  | 26974 |
|  Penguin Solutions, Inc.<sup>(a)(b)</sup>  | 2661 |  | 45423 |
|  Photronics, Inc.<sup>(a)</sup>  | 3047 |  | 55669 |
|  Power Integrations, Inc. | 2814 |  | 138224 |
|  Qorvo, Inc.<sup>(a)</sup>  | 4722 |  | 338426 |
|  Rambus, Inc.<sup>(a)</sup>  | 5326 |  | 259856 |
|  Semtech Corp.<sup>(a)</sup>  | 4279 |  | 133719 |
|  Silicon Laboratories, Inc.<sup>(a)</sup>  | 1586 |  | 161391 |
|  SiTime Corp.<sup>(a)(b)</sup>  | 923 |  | 135552 |
|  SolarEdge Technologies, Inc.<sup>(a)(b)</sup>  | 2899 |  | 35469 |
|  Synaptics, Inc.<sup>(a)(b)</sup>  | 1969 |  | 109595 |
|  Ultra Clean Holdings, Inc.<sup>(a)</sup>  | 2174 |  | 40665 |
|  Universal Display Corp. | 2336 |  | 293472 |
|  Veeco Instruments, Inc.<sup>(a)</sup>  | 2728 |  | 51014 |
|  Wolfspeed, Inc.<sup>(a)(b)</sup>  | 7575 |  | 26891 |
|  |  |  | 4487713 |
| **Software — 5.5%** |  |  |  |
|  A10 Networks, Inc. | 3415 |  | 56279 |
|  ACI Worldwide, Inc.<sup>(a)</sup>  | 5256 |  | 280460 |
|  Adeia, Inc. | 5472 |  | 67360 |
|  Agilysys, Inc.<sup>(a)</sup>  | 1145 |  | 85131 |
|  Alarm.com Holdings, Inc.<sup>(a)</sup>  | 2454 |  | 131534 |
|  Alkami Technology, Inc.<sup>(a)</sup>  | 2339 |  | 62428 |
|  Amplitude, Inc., Class A<sup>(a)</sup>  | 3753 |  | 34490 |
|  Appfolio, Inc., Class A<sup>(a)</sup>  | 1071 |  | 221183 |
|  Appian Corp., Class A<sup>(a)</sup>  | 1760 |  | 54648 |
|  Asana, Inc., Class A<sup>(a)</sup>  | 4397 |  | 70968 |
|  Aurora Innovation, Inc., Class A<sup>(a)(b)</sup>  | 48647 |  | 352204 |
|  AvePoint, Inc., Class A<sup>(a)</sup>  | 4475 |  | 73166 |
|  BILL Holdings, Inc.<sup>(a)</sup>  | 4901 |  | 223339 |
|  Blackbaud, Inc.<sup>(a)</sup>  | 2097 |  | 126952 |
|  BlackLine, Inc.<sup>(a)(b)</sup>  | 2516 |  | 118831 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Software (continued)** |  |  |
|  Blend Labs, Inc., Class A<sup>(a)</sup>  | 8978 | $30076 |
|  Box, Inc., Class A<sup>(a)</sup>  | 7204 | 224909 |
|  Braze, Inc., Class A<sup>(a)</sup>  | 3458 | 107648 |
|  C3.ai, Inc., Class A<sup>(a)(b)</sup>  | 5448 | 119910 |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)(b)</sup>  | 22210 | 205665 |
|  Cipher Mining, Inc.<sup>(a)(b)</sup>  | 11748 | 33482 |
|  Cleanspark, Inc.<sup>(a)(b)</sup>  | 13387 | 109372 |
|  Clear Secure, Inc., Class A | 4589 | 113257 |
|  Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup>  | 10102 | 229719 |
|  Commvault Systems, Inc.<sup>(a)</sup>  | 2166 | 362004 |
|  Confluent, Inc., Class A<sup>(a)</sup>  | 11971 | 285029 |
|  Core Scientific, Inc.<sup>(a)</sup>  | 12041 | 97532 |
|  Daily Journal Corp.<sup>(a)</sup>  | 62 | 23497 |
|  Digimarc Corp.<sup>(a)</sup>  | 712 | 9320 |
|  Dolby Laboratories, Inc., Class A | 2921 | 224304 |
|  DoubleVerify Holdings, Inc.<sup>(a)</sup>  | 7180 | 95207 |
|  Dropbox, Inc., Class A<sup>(a)</sup>  | 10600 | 302630 |
|  E2open Parent Holdings, Inc., Class A<sup>(a)(b)</sup>  | 9461 | 18638 |
|  Elastic NV<sup>(a)</sup>  | 4261 | 367298 |
|  EverCommerce, Inc.<sup>(a)</sup>  | 1128 | 11009 |
|  Five9, Inc.<sup>(a)</sup>  | 3641 | 91535 |
|  Freshworks, Inc., Class A<sup>(a)</sup>  | 9803 | 144790 |
|  Gitlab, Inc., Class A<sup>(a)(b)</sup>  | 6367 | 297148 |
|  Hut 8 Corp.<sup>(a)(b)</sup>  | 3886 | 47837 |
|  Informatica, Inc., Class A<sup>(a)</sup>  | 6575 | 123807 |
|  Intapp, Inc.<sup>(a)</sup>  | 2741 | 148727 |
|  InterDigital, Inc. | 1248 | 250848 |
|  Jamf Holding Corp.<sup>(a)</sup>  | 2622 | 30337 |
|  JFrog Ltd.<sup>(a)(b)</sup>  | 3880 | 131028 |
|  Klaviyo, Inc., Class A<sup>(a)(b)</sup>  | 4204 | 127970 |
|  Life360, Inc.<sup>(a)(b)</sup>  | 3482 | 149378 |
|  LiveRamp Holdings, Inc.<sup>(a)</sup>  | 3245 | 84889 |
|  MARA Holdings, Inc.<sup>(a)(b)</sup>  | 16589 | 221795 |
|  Meridianlink, Inc.<sup>(a)</sup>  | 1220 | 20630 |
|  N-able, Inc.<sup>(a)</sup>  | 3454 | 24385 |
|  nCino, Inc.<sup>(a)(b)</sup>  | 3793 | 87998 |
|  NCR Voyix Corp.<sup>(a)(b)</sup>  | 7621 | 65312 |
|  NextNav, Inc.<sup>(a)(b)</sup>  | 2589 | 32155 |
|  OneSpan, Inc. | 1750 | 26022 |
|  Onestream, Inc., Class A<sup>(a)</sup>  | 2320 | 49648 |
|  Pagaya Technologies Ltd., Class A<sup>(a)(b)</sup>  | 1502 | 16462 |
|  PagerDuty, Inc.<sup>(a)</sup>  | 4239 | 65747 |
|  Pegasystems, Inc. | 2062 | 189869 |
|  Procore Technologies, Inc.<sup>(a)(b)</sup>  | 4260 | 273023 |
|  Progress Software Corp. | 2168 | 129993 |
|  PROS Holdings, Inc.<sup>(a)</sup>  | 2250 | 38430 |
|  Q2 Holdings, Inc.<sup>(a)</sup>  | 2885 | 228636 |
|  Qualys, Inc.<sup>(a)</sup>  | 1824 | 229295 |
|  Rapid7, Inc.<sup>(a)</sup>  | 3113 | 73529 |
|  RingCentral, Inc., Class A<sup>(a)(b)</sup>  | 3884 | 99042 |
|  Riot Platforms, Inc.<sup>(a)(b)</sup>  | 15221 | 110200 |
|  Rubrik, Inc., Class A<sup>(a)</sup>  | 3901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275138 |
|  Samsara, Inc., Class A<sup>(a)(b)</sup>  | 12452 | 493846 |
|  SEMrush Holdings, Inc., Class A<sup>(a)</sup>  | 1603 | 16479 |
|  SentinelOne, Inc., Class A<sup>(a)</sup>  | 13580 | 251230 |
|  SoundHound AI, Inc., Class A<sup>(a)(b)</sup>  | 17659 | 164052 |
|  Sprinklr, Inc., Class A<sup>(a)</sup>  | 5395 | 41488 |
|  Sprout Social, Inc., Class A<sup>(a)</sup>  | 2391 | 49996 |
|  SPS Commerce, Inc.<sup>(a)</sup>  | 1806 | 259179 |
|  Tenable Holdings, Inc.<sup>(a)</sup>  | 5888 | 179996 |
|  Teradata Corp.<sup>(a)</sup>  | 4811 | 103436 |
|  Terawulf, Inc.<sup>(a)(b)</sup>  | 14431 | 40118 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Software (continued)** |  |  |
|  UiPath, Inc., Class A<sup>(a)(b)</sup>  | 22008 | $262775 |
|  Unity Software, Inc.<sup>(a)(b)</sup>  | 14758 | 310951 |
|  Varonis Systems, Inc.<sup>(a)(b)</sup>  | 5453 | 233607 |
|  Verint Systems, Inc.<sup>(a)</sup>  | 3134 | 55284 |
|  Vertex, Inc., Class A<sup>(a)(b)</sup>  | 3227 | 129177 |
|  Weave Communications, Inc.<sup>(a)</sup>  | 1754 | 18592 |
|  Workiva, Inc., Class A<sup>(a)</sup>  | 2534 | 190734 |
|  Yext, Inc.<sup>(a)</sup>  | 5551 | 37747 |
|  Zeta Global Holdings Corp., Class A<sup>(a)</sup>  | 9432 | 123182 |
|  |  | 11776951 |
| **Specialized REITs — 0.9%** |  |  |
|  CubeSmart | 11128 | 452576 |
|  EPR Properties | 3751 | 185637 |
|  Four Corners Property Trust, Inc. | 4781 | 133629 |
|  Lamar Advertising Co., Class A | 4322 | 491887 |
|  National Storage Affiliates Trust | 3440 | 127968 |
|  Outfront Media, Inc. | 6802 | 102914 |
|  PotlatchDeltic Corp. | 3934 | 151026 |
|  Rayonier, Inc. | 6723 | 164445 |
|  Safehold, Inc. | 2344 | 36918 |
|  Uniti Group, Inc. | 12101 | 59537 |
|  |  | 1906537 |
| **Specialty Retail — 2.6%** |  |  |
|  Abercrombie & Fitch Co., Class A<sup>(a)</sup>  | 2472 | 171606 |
|  Academy Sports & Outdoors, Inc. | 3479 | 131089 |
|  Advance Auto Parts, Inc. | 2942 | 96262 |
|  American Eagle Outfitters, Inc. | 9034 | 95128 |
|  Arko Corp., Class A | 3859 | 15532 |
|  Asbury Automotive Group, Inc.<sup>(a)</sup>  | 1003 | 218794 |
|  AutoNation, Inc.<sup>(a)</sup>  | 1318 | 229530 |
|  Bath & Body Works, Inc. | 11034 | 336647 |
|  Boot Barn Holdings, Inc.<sup>(a)</sup>  | 1511 | 157658 |
|  Buckle, Inc. (The) | 1531 | 53218 |
|  Caleres, Inc. | 1833 | 27935 |
|  Camping World Holdings, Inc., Class A | 2742 | 33069 |
|  Chewy, Inc., Class A<sup>(a)</sup>  | 8391 | 314662 |
|  EVgo, Inc., Class A<sup>(a)(b)</sup>  | 4832 | 13336 |
|  Five Below, Inc.<sup>(a)</sup>  | 2718 | 206269 |
|  Foot Locker, Inc.<sup>(a)</sup>  | 4184 | 51338 |
|  GameStop Corp., Class A<sup>(a)(b)</sup>  | 20207 | 562967 |
|  Gap, Inc. (The) | 11109 | 243287 |
|  Group 1 Automotive, Inc. | 670 | 270432 |
|  Guess?, Inc. | 1568 | 17640 |
|  Lithia Motors, Inc., Class A | 1362 | 398739 |
|  MarineMax, Inc.<sup>(a)</sup>  | 975 | 20924 |
|  Monro, Inc. | 1447 | 20171 |
|  Murphy U.S.A., Inc. | 993 | 495080 |
|  National Vision Holdings, Inc.<sup>(a)(b)</sup>  | 3799 | 46918 |
|  ODP Corp. (The)<sup>(a)</sup>  | 1450 | 19836 |
|  Penske Automotive Group, Inc. | 986 | 153491 |
|  Revolve Group, Inc., Class A<sup>(a)</sup>  | 1865 | 37076 |
|  RH<sup>(a)</sup>  | 741 | 136366 |
|  Sally Beauty Holdings, Inc.<sup>(a)</sup>  | 5080 | 41351 |
|  Shoe Carnival, Inc.<sup>(b)</sup>  | 859 | 14929 |
|  Signet Jewelers Ltd. | 2190 | 129867 |
|  Sonic Automotive, Inc., Class A | 740 | 44933 |
|  Upbound Group, Inc. | 2384 | 47442 |
|  Urban Outfitters, Inc.<sup>(a)</sup>  | 2665 | 140659 |
|  Valvoline, Inc.<sup>(a)(b)</sup>  | 6424 | 220086 |
|  Victoria's Secret & Co.<sup>(a)</sup>  | 3481 | 65443 |
|  Warby Parker, Inc., Class A<sup>(a)</sup>  | 3129 | 51660 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Specialty Retail (continued)** |  |  |  |
|  Wayfair, Inc., Class A<sup>(a)(b)</sup>  | 4806 | $| 144949 |
|  Winmark Corp. | 146 |  | 52561 |
|  |  |  | 5528880 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
|  CompoSecure, Inc., Class A | 2080 |  | 22859 |
|  Corsair Gaming, Inc.<sup>(a)</sup>  | 2526 |  | 17884 |
|  Diebold Nixdorf, Inc.<sup>(a)</sup>  | 1632 |  | 72347 |
|  IonQ, Inc.<sup>(a)(b)</sup>  | 9556 |  | 262408 |
|  Xerox Holdings Corp. | 6225 |  | 27452 |
|  |  |  | 402950 |
| **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** |
|  Capri Holdings Ltd.<sup>(a)</sup>  | 5764 |  | 86691 |
|  Carter's, Inc. | 1830 |  | 60481 |
|  Columbia Sportswear Co. | 1698 |  | 105565 |
|  Crocs, Inc.<sup>(a)</sup>  | 2970 |  | 286367 |
|  Figs, Inc., Class A<sup>(a)</sup>  | 6339 |  | 25546 |
|  G-III Apparel Group Ltd.<sup>(a)</sup>  | 2048 |  | 51651 |
|  Hanesbrands, Inc.<sup>(a)</sup>  | 17530 |  | 80463 |
|  Kontoor Brands, Inc. | 2769 |  | 166555 |
|  Levi Strauss & Co., Class A | 4794 |  | 76752 |
|  Oxford Industries, Inc. | 749 |  | 36401 |
|  PVH Corp. | 2818 |  | 194386 |
|  Ralph Lauren Corp., Class A | 1987 |  | 446976 |
|  Skechers U.S.A., Inc., Class A<sup>(a)</sup>  | 6631 |  | 318421 |
|  Steven Madden Ltd. | 3553 |  | 74613 |
|  Tapestry, Inc. | 10283 |  | 726494 |
|  Under Armour, Inc., Class A<sup>(a)(b)</sup>  | 9587 |  | 54838 |
|  Under Armour, Inc., Class C, NVS<sup>(a)(b)</sup>  | 7442 |  | 40484 |
|  VF Corp. | 16423 |  | 195105 |
|  Wolverine World Wide, Inc. | 3989 |  | 52056 |
|  |  |  | 3079845 |
| **Tobacco — 0.1%** |  |  |  |
|  Turning Point Brands, Inc. | 863 |  | 52971 |
|  Universal Corp. | 1243 |  | 72430 |
|  |  |  | 125401 |
| **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** |
|  Air Lease Corp., Class A | 5215 |  | 243853 |
|  Applied Industrial Technologies, Inc. | 1917 |  | 466368 |
|  BlueLinx Holdings, Inc.<sup>(a)</sup>  | 415 |  | 27033 |
|  Boise Cascade Co. | 1972 |  | 183948 |
|  Core & Main, Inc., Class A<sup>(a)(b)</sup>  | 8998 |  | 474015 |
|  Custom Truck One Source, Inc.<sup>(a)(b)</sup>  | 3109 |  | 12529 |
|  Distribution Solutions Group, Inc.<sup>(a)(b)</sup>  | 528 |  | 13749 |
|  DNOW, Inc.<sup>(a)</sup>  | 5347 |  | 84857 |
|  DXP Enterprises, Inc.<sup>(a)</sup>  | 643 |  | 56880 |
|  GATX Corp. | 1735 |  | 253241 |
|  Global Industrial Co. | 669 |  | 17180 |
|  GMS, Inc.<sup>(a)</sup>  | 1915 |  | 140293 |
|  H&E Equipment Services, Inc. | 1690 |  | 151779 |
|  Herc Holdings, Inc. | 1322 |  | 144680 |
|  McGrath RentCorp | 1209 |  | 128964 |
|  MRC Global, Inc.<sup>(a)</sup>  | 4178 |  | 48674 |
|  MSC Industrial Direct Co., Inc., Class A | 2187 |  | 167262 |
|  QXO, Inc.<sup>(b)</sup>  | 18574 |  | 247777 |
|  Rush Enterprises, Inc., Class A | 3069 |  | 156488 |
|  Rush Enterprises, Inc., Class B | 417 |  | 24119 |
|  SiteOne Landscape Supply, Inc.<sup>(a)(b)</sup>  | 2204 |  | 253041 |
|  Transcat, Inc.<sup>(a)(b)</sup>  | 443 |  | 35143 |
|  WESCO International, Inc. | 2208 |  | 359816 |

---

22 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
|  Willis Lease Finance Corp. | 125 | $| 19340 |
|  Xometry, Inc., Class A<sup>(a)(b)</sup>  | 2102 |  | 53895 |
|  |  |  | 3764924 |
| **Water Utilities — 0.4%** | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** |
|  American States Water Co. | 1835 |  | 148837 |
|  California Water Service Group | 2850 |  | 144353 |
|  Essential Utilities, Inc. | 12418 |  | 510752 |
|  Middlesex Water Co. | 893 |  | 56366 |
|  SJW Group | 1446 |  | 82046 |
|  |  |  | 942354 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
|  Gogo, Inc.<sup>(a)(b)</sup>  | 3275 |  | 24792 |
|  Shenandoah Telecommunications Co. | 2626 |  | 29254 |
|  Telephone & Data Systems, Inc. | 4915 |  | 184263 |
|  United States Cellular Corp.<sup>(a)(b)</sup>  | 712 |  | 48886 |
|  |  |  | 287195 |
|  **Total Common Stocks — 99.7%<br>(Cost: $216,061,375)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214054352 |
| **Rights** |  |  |  |
| **Biotechnology — 0.0%** |  |  |  |
|  Inhibrx, Inc., CVR<sup>(a)(c)</sup>  | 1489 |  | 1682 |
|  **Total Rights — 0.0%<br>(Cost: $—)** |  |  | 1682 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $216,061,375)** |  |  | 214056034 |

---

---

| | | |
|:---|:---|:---|
| *Security*  | *Shares* | *Value* |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 10.7%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(e)(f)(g)</sup>  | 23086506 | $23095740 |
|  **Total Short-Term Securities — 10.7%<br>(Cost: $23,083,917)** |  | 23095740 |
|  **Total Investments — 110.4%<br>(Cost: $239,145,292)** |  | 237151774 |
|  **Liabilities in Excess of Other Assets — (10.4)%** | **Liabilities in Excess of Other Assets — (10.4)%** | (22368981) |
|  **Net Assets — 100.0%** |  | $214782793 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

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

<sup>(d)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $512, representing 0.0% of its net assets as of period end, and an original cost of $19,912. 

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net*<br> *Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>04/30/25* | *Shares<br>Held at<br>04/30/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $19773591 | $3318373 <sup>(a)</sup> | $— | $2059 | $1717 | $23095740 | 23086506 | $135617 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(c)</sup>  | 184955 |  | (184955)<sup>(a)</sup> |  |  |  |  | 20989 |  |
|  |  |  |  | $2059 | $1717 | $23095740 |  | $156606 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

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

<sup>(c)</sup> As of period end, the entity is no longer held.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF** |

---

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 E-Mini Index | 7 | 06/20/25 | $689 | $11280 |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $11280 | $— | $— | $— | $11280 |

---

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

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(49638) | $— | $— | $— | $(49638) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $9922 | $— | $— | $— | $9922 |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $482795.0 |

---

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

24 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $214053840 | $512 | $— | $214054352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 1682 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 23095740 |  |  | 23095740 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237149580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237151774 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $11280 | $— | $— | $11280 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.1%** |  |  |
|  Axon Enterprise, Inc.<sup>(a)</sup>  | 1382 | $847581 |
|  Boeing Co. (The)<sup>(a)</sup>  | 14241 | 2609521 |
|  Curtiss-Wright Corp. | 726 | 250390 |
|  General Dynamics Corp. | 4624 | 1258283 |
|  General Electric Co. | 20399 | 4111214 |
|  HEICO Corp. | 813 | 203868 |
|  HEICO Corp., Class A | 1486 | 298582 |
|  Howmet Aerospace, Inc. | 7614 | 1055148 |
|  L3Harris Technologies, Inc. | 3600 | 792072 |
|  Lockheed Martin Corp. | 3995 | 1908611 |
|  Northrop Grumman Corp. | 2752 | 1338848 |
|  RTX Corp. | 25371 | 3200044 |
|  Textron, Inc. | 3630 | 255443 |
|  TransDigm Group, Inc. | 1066 | 1506333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19635938 |
| **Air Freight & Logistics — 0.3%** |  |  |
|  Expeditors International of Washington, Inc. | 2670 | 293460 |
|  FedEx Corp. | 4216 | 886751 |
|  United Parcel Service, Inc., Class B | 13895 | 1324194 |
|  |  | 2504405 |
| **Automobile Components — 0.0%** |  |  |
|  Aptiv PLC<sup>(a)</sup>  | 4583 | 261506 |
| **Automobiles — 1.8%** |  |  |
|  Ford Motor Co. | 74478 | 745525 |
|  General Motors Co. | 18930 | 856393 |
|  Tesla, Inc.<sup>(a)</sup>  | 53297 | 15038282 |
|  |  | 16640200 |
| **Banks — 3.3%** |  |  |
|  Bank of America Corp. | 130167 | 5191060 |
|  Citigroup, Inc. | 35967 | 2459424 |
|  Citizens Financial Group, Inc. | 8366 | 308622 |
|  East West Bancorp, Inc. | 2636 | 225510 |
|  Fifth Third Bancorp | 12937 | 464956 |
|  First Citizens BancShares, Inc., Class A | 202 | 359386 |
|  Huntington Bancshares, Inc. | 27480 | 399284 |
|  JPMorgan Chase & Co. | 53199 | 13013539 |
|  KeyCorp | 18877 | 280135 |
|  M&T Bank Corp. | 3171 | 538309 |
|  PNC Financial Services Group, Inc. (The) | 7597 | 1220762 |
|  Regions Financial Corp. | 17446 | 356073 |
|  Truist Financial Corp. | 24836 | 952212 |
|  U.S. Bancorp | 29519 | 1190796 |
|  Wells Fargo & Co. | 62638 | 4447924 |
|  |  | 31407992 |
| **Beverages — 1.2%** |  |  |
|  Brown-Forman Corp., Class A | 914 | 31633 |
|  Brown-Forman Corp., Class B, NVS | 5619 | 195766 |
|  Coca-Cola Co. (The) | 74377 | 5396051 |
|  Constellation Brands, Inc., Class A | 2939 | 551180 |
|  Keurig Dr. Pepper, Inc. | 20703 | 716117 |
|  Monster Beverage Corp.<sup>(a)</sup>  | 13040 | 783965 |
|  PepsiCo, Inc. | 26222 | 3555179 |
|  |  | 11229891 |
| **Biotechnology — 2.0%** |  |  |
|  AbbVie, Inc. | 33653 | 6565700 |
|  Alnylam Pharmaceuticals, Inc.<sup>(a)</sup>  | 2457 | 646781 |
|  Amgen, Inc. | 10229 | 2975821 |
|  Biogen, Inc.<sup>(a)</sup>  | 2758 | 333939 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup>  | 3610 | $229921 |
|  Exact Sciences Corp.<sup>(a)</sup>  | 3512 | 160288 |
|  Gilead Sciences, Inc. | 23719 | 2527022 |
|  Incyte Corp.<sup>(a)</sup>  | 3122 | 195624 |
|  Moderna, Inc.<sup>(a)</sup>  | 6386 | 182256 |
|  Natera, Inc.<sup>(a)(b)</sup>  | 2415 | 364496 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup>  | 1877 | 202134 |
|  Regeneron Pharmaceuticals, Inc. | 2010 | 1203508 |
|  Sarepta Therapeutics, Inc.<sup>(a)</sup>  | 1736 | 108326 |
|  Summit Therapeutics, Inc.<sup>(a)(b)</sup>  | 2138 | 51569 |
|  United Therapeutics Corp.<sup>(a)</sup>  | 728 | 220649 |
|  Vaxcyte, Inc.<sup>(a)(b)</sup>  | 2068 | 74117 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | 4900 | 2496550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18538701 |
| **Broadline Retail — 3.9%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup>  | 182259 | 33612205 |
|  Coupang, Inc., Class A<sup>(a)</sup>  | 22875 | 534589 |
|  eBay, Inc. | 9145 | 623323 |
|  MercadoLibre, Inc.<sup>(a)(b)</sup>  | 926 | 2158367 |
|  |  | 36928484 |
| **Building Products — 0.6%** |  |  |
|  Advanced Drainage Systems, Inc. | 1344 | 152531 |
|  Allegion PLC | 1681 | 233995 |
|  Builders FirstSource, Inc.<sup>(a)</sup>  | 2180 | 260793 |
|  Carlisle Cos., Inc. | 873 | 331286 |
|  Carrier Global Corp. | 15447 | 966055 |
|  Johnson Controls International PLC | 12572 | 1054791 |
|  Lennox International, Inc. | 602 | 329144 |
|  Masco Corp. | 4202 | 254683 |
|  Owens Corning | 1632 | 237309 |
|  Trane Technologies PLC | 4287 | 1643250 |
|  |  | 5463837 |
| **Capital Markets — 3.3%** |  |  |
|  Ameriprise Financial, Inc. | 1849 | 870916 |
|  Ares Management Corp., Class A | 3528 | 538126 |
|  Bank of New York Mellon Corp. (The) | 13641 | 1096873 |
|  BlackRock, Inc.<sup>(c)</sup>  | 2771 | 2533415 |
|  Blackstone, Inc., Class A | 13926 | 1834194 |
|  Blue Owl Capital, Inc., Class A | 9455 | 175201 |
|  Carlyle Group, Inc. (The) | 4240 | 163834 |
|  Charles Schwab Corp. (The) | 29934 | 2436628 |
|  CME Group, Inc., Class A | 6843 | 1896058 |
|  Coinbase Global, Inc., Class A<sup>(a)</sup>  | 3943 | 799995 |
|  FactSet Research Systems, Inc. | 717 | 309902 |
|  Goldman Sachs Group, Inc. (The) | 5944 | 3254637 |
|  Interactive Brokers Group, Inc., Class A | 2022 | 347481 |
|  Intercontinental Exchange, Inc. | 10864 | 1824826 |
|  Jefferies Financial Group, Inc. | 3081 | 143975 |
|  KKR & Co., Inc., Class A | 12679 | 1448829 |
|  LPL Financial Holdings, Inc. | 1523 | 487040 |
|  Moody's Corp. | 2977 | 1348938 |
|  Morgan Stanley | 23675 | 2732569 |
|  Morningstar, Inc. | 495 | 140936 |
|  MSCI, Inc., Class A | 1504 | 819845 |
|  Nasdaq, Inc. | 7377 | 562201 |
|  Northern Trust Corp. | 3783 | 355526 |
|  Raymond James Financial, Inc. | 3524 | 482929 |
|  Robinhood Markets, Inc., Class A<sup>(a)</sup>  | 9764 | 479510 |
|  S&P Global, Inc. | 5862 | 2931293 |
|  State Street Corp. | 5563 | 490100 |

---

26 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
|  T Rowe Price Group, Inc. | 4221 | $| 373770 |
|  Tradeweb Markets, Inc., Class A | 2209 |  | 305505 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31185052 |
| **Chemicals — 1.3%** |  |  |  |
|  Air Products & Chemicals, Inc. | 4230 |  | 1146711 |
|  Albemarle Corp. | 2218 |  | 129864 |
|  Celanese Corp., Class A | 2073 |  | 92269 |
|  CF Industries Holdings, Inc. | 3286 |  | 257524 |
|  Corteva, Inc. | 13045 |  | 808660 |
|  Dow, Inc. | 13287 |  | 406449 |
|  DuPont de Nemours, Inc. | 7958 |  | 525148 |
|  Eastman Chemical Co. | 2293 |  | 176561 |
|  Ecolab, Inc. | 4840 |  | 1216921 |
|  International Flavors & Fragrances, Inc. | 4879 |  | 382806 |
|  Linde PLC | 9056 |  | 4104451 |
|  LyondellBasell Industries NV, Class A | 4948 |  | 288023 |
|  PPG Industries, Inc. | 4514 |  | 491394 |
|  RPM International, Inc. | 2462 |  | 262819 |
|  Sherwin-Williams Co. (The) | 4423 |  | 1560965 |
|  Westlake Corp. | 677 |  | 62575 |
|  |  |  | 11913140 |
| **Commercial Services & Supplies — 0.7%** |  |  |  |
|  Cintas Corp. | 6569 |  | 1390526 |
|  Clean Harbors, Inc.<sup>(a)</sup>  | 975 |  | 208591 |
|  Copart, Inc.<sup>(a)</sup>  | 16631 |  | 1014990 |
|  Republic Services, Inc. | 3888 |  | 974916 |
|  Rollins, Inc. | 5630 |  | 321642 |
|  Tetra Tech, Inc. | 5024 |  | 156699 |
|  Veralto Corp. | 4506 |  | 432125 |
|  Waste Management, Inc. | 7011 |  | 1636087 |
|  |  |  | 6135576 |
| **Communications Equipment — 0.8%** |  |  |  |
|  Arista Networks, Inc.<sup>(a)</sup>  | 19600 |  | 1612492 |
|  Cisco Systems, Inc. | 75647 |  | 4367101 |
|  F5, Inc.<sup>(a)</sup>  | 1098 |  | 290685 |
|  Juniper Networks, Inc. | 6264 |  | 227509 |
|  Motorola Solutions, Inc. | 3183 |  | 1401761 |
|  |  |  | 7899548 |
| **Construction & Engineering — 0.2%** |  |  |  |
|  AECOM | 2621 |  | 258562 |
|  Comfort Systems U.S.A., Inc. | 679 |  | 269937 |
|  EMCOR Group, Inc. | 889 |  | 356222 |
|  Quanta Services, Inc. | 2780 |  | 813678 |
|  |  |  | 1698399 |
| **Construction Materials — 0.3%** |  |  |  |
|  CRH PLC | 12937 |  | 1234449 |
|  Martin Marietta Materials, Inc. | 1179 |  | 617772 |
|  Vulcan Materials Co. | 2531 |  | 663957 |
|  |  |  | 2516178 |
| **Consumer Finance — 0.6%** |  |  |  |
|  American Express Co. | 10525 |  | 2803965 |
|  Capital One Financial Corp. | 7241 |  | 1305263 |
|  Discover Financial Services | 4761 |  | 869692 |
|  Synchrony Financial | 7428 |  | 385884 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364804 |
| **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** |
|  Casey's General Stores, Inc. | 717 |  | 331677 |
|  Costco Wholesale Corp. | 8453 |  | 8406509 |
|  Dollar General Corp. | 4196 |  | 393123 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
|  Dollar Tree, Inc.<sup>(a)</sup>  | 3924 | $| 320866 |
|  Kroger Co. (The) | 12806 |  | 924721 |
|  Performance Food Group Co.<sup>(a)</sup>  | 2976 |  | 240044 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup>  | 1900 |  | 324900 |
|  Sysco Corp. | 9318 |  | 665305 |
|  Target Corp. | 8728 |  | 843998 |
|  U.S. Foods Holding Corp.<sup>(a)</sup>  | 4370 |  | 286934 |
|  Walmart, Inc. | 82528 |  | 8025848 |
|  |  |  | 20763925 |
| **Containers & Packaging — 0.2%** |  |  |  |
|  Amcor PLC | 43448 |  | 399722 |
|  Avery Dennison Corp. | 1530 |  | 261798 |
|  Ball Corp. | 5693 |  | 295694 |
|  International Paper Co. | 9895 |  | 452004 |
|  Packaging Corp. of America | 1697 |  | 314980 |
|  Smurfit WestRock PLC | 9508 |  | 399526 |
|  |  |  | 2123724 |
| **Distributors — 0.1%** |  |  |  |
|  Genuine Parts Co. | 2676 |  | 314564 |
|  Pool Corp. | 729 |  | 213699 |
|  |  |  | 528263 |
| **Diversified Consumer Services — 0.0%** |  |  |  |
|  Service Corp. International | 2806 |  | 224199 |
| **Diversified REITs — 0.0%** |  |  |  |
|  WP Carey, Inc. | 4173 |  | 260562 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
|  AT&T Inc. | 136584 |  | 3783377 |
|  Verizon Communications, Inc. | 80027 |  | 3525989 |
|  |  |  | 7309366 |
| **Electric Utilities — 1.5%** |  |  |  |
|  Alliant Energy Corp. | 4900 |  | 299096 |
|  American Electric Power Co., Inc. | 10172 |  | 1102034 |
|  Constellation Energy Corp. | 5965 |  | 1332820 |
|  Duke Energy Corp. | 14662 |  | 1789057 |
|  Edison International | 7262 |  | 388590 |
|  Entergy Corp. | 7986 |  | 664196 |
|  Evergy, Inc. | 4373 |  | 302174 |
|  Eversource Energy | 6985 |  | 415468 |
|  Exelon Corp. | 18827 |  | 882986 |
|  FirstEnergy Corp. | 9675 |  | 414864 |
|  NextEra Energy, Inc. | 39065 |  | 2612667 |
|  NRG Energy, Inc. | 3720 |  | 407638 |
|  PG&E Corp. | 41692 |  | 688752 |
|  PPL Corp. | 13995 |  | 510817 |
|  Southern Co. (The) | 20781 |  | 1909566 |
|  Xcel Energy, Inc. | 10928 |  | 772610 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14493335 |
| **Electrical Equipment — 0.8%** |  |  |  |
|  AMETEK, Inc. | 4382 |  | 743100 |
|  Eaton Corp. PLC | 7520 |  | 2213662 |
|  Emerson Electric Co. | 10841 |  | 1139497 |
|  GE Vernova, Inc. | 5254 |  | 1948288 |
|  Hubbell, Inc. | 1018 |  | 369717 |
|  nVent Electric PLC | 3145 |  | 172692 |
|  Regal Rexnord Corp. | 1295 |  | 137063 |
|  Rockwell Automation, Inc. | 2195 |  | 543658 |
|  Vertiv Holdings Co., Class A | 6883 |  | 587671 |
|  |  |  | 7855348 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
|  Amphenol Corp., Class A | 22941 | $1765310 |
|  CDW Corp. | 2566 | 411997 |
|  Coherent Corp.<sup>(a)</sup>  | 2837 | 182476 |
|  Corning, Inc. | 14782 | 656025 |
|  Flex Ltd.<sup>(a)</sup>  | 7383 | 253532 |
|  Jabil, Inc.<sup>(b)</sup>  | 2020 | 296051 |
|  Keysight Technologies, Inc.<sup>(a)</sup>  | 3292 | 478657 |
|  TE Connectivity PLC | 5728 | 838465 |
|  Teledyne Technologies, Inc.<sup>(a)</sup>  | 895 | 417097 |
|  Trimble, Inc.<sup>(a)</sup>  | 4716 | 293052 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup>  | 964 | 241308 |
|  |  | 5833970 |
| **Energy Equipment & Services — 0.2%** |  |  |
|  Baker Hughes Co., Class A | 18807 | 665768 |
|  Halliburton Co. | 16755 | 332084 |
|  Schlumberger NV | 26876 | 893627 |
|  |  | 1891479 |
| **Entertainment — 1.7%** |  |  |
|  Electronic Arts, Inc. | 4511 | 654501 |
|  Liberty Media Corp. - Liberty Formula One, Class A<sup>(a)</sup>  | 475 | 38261 |
|  Liberty Media Corp. - Liberty Formula One, Class C, NVS<sup>(a)</sup>  | 4026 | 356985 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup>  | 2821 | 373642 |
|  Netflix, Inc.<sup>(a)</sup>  | 8138 | 9209937 |
|  ROBLOX Corp., Class A<sup>(a)</sup>  | 10383 | 696180 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup>  | 3119 | 727725 |
|  Walt Disney Co. (The) | 34430 | 3131409 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)(b)</sup>  | 42562 | 369013 |
|  |  | 15557653 |
| **Financial Services — 4.8%** |  |  |
|  Apollo Global Management, Inc. | 7601 | 1037384 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | 34295 | 18287809 |
|  Block, Inc., Class A<sup>(a)</sup>  | 10737 | 627792 |
|  Corpay, Inc.<sup>(a)</sup>  | 1299 | 422656 |
|  Equitable Holdings, Inc. | 6011 | 297244 |
|  Fidelity National Information Services, Inc. | 10242 | 807889 |
|  Fiserv, Inc.<sup>(a)</sup>  | 10798 | 1992987 |
|  Global Payments, Inc. | 4822 | 367967 |
|  Jack Henry & Associates, Inc. | 1431 | 248178 |
|  Mastercard, Inc., Class A | 15423 | 8452729 |
|  PayPal Holdings, Inc.<sup>(a)</sup>  | 19065 | 1255240 |
|  Toast, Inc., Class A<sup>(a)</sup>  | 9229 | 328368 |
|  Visa, Inc., Class A | 32821 | 11339656 |
|  |  | 45465899 |
| **Food Products — 0.6%** |  |  |
|  Archer-Daniels-Midland Co. | 9124 | 435671 |
|  Bunge Global SA | 2662 | 209553 |
|  Conagra Brands, Inc. | 9089 | 224589 |
|  General Mills, Inc. | 10675 | 605699 |
|  Hershey Co. (The) | 2809 | 469637 |
|  Hormel Foods Corp. | 5620 | 168038 |
|  J M Smucker Co. (The) | 2004 | 233005 |
|  Kellanova | 4964 | 410870 |
|  Kraft Heinz Co. (The) | 16756 | 487600 |
|  Lamb Weston Holdings, Inc. | 2756 | 145544 |
|  McCormick & Co., Inc., NVS | 4834 | 370574 |
|  Mondelez International, Inc., Class A | 25554 | 1740994 |
|  The Campbell's Co. | 3782 | 137892 |
|  Tyson Foods, Inc., Class A | 5353 | 327818 |
|  |  | 5967484 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Gas Utilities — 0.0%** |  |  |
|  Atmos Energy Corp. | 2961 | $475625 |
| **Ground Transportation — 1.0%** |  |  |
|  CSX Corp. | 36714 | 1030562 |
|  JB Hunt Transport Services, Inc. | 1588 | 207361 |
|  Norfolk Southern Corp. | 4316 | 967000 |
|  Old Dominion Freight Line, Inc. | 3546 | 543531 |
|  Saia, Inc.<sup>(a)(b)</sup>  | 508 | 123952 |
|  Uber Technologies, Inc.<sup>(a)</sup>  | 40003 | 3240643 |
|  U-Haul Holding Co.<sup>(a)</sup>  | 179 | 10989 |
|  U-Haul Holding Co., NVS | 1861 | 101983 |
|  Union Pacific Corp. | 11510 | 2482246 |
|  XPO, Inc.<sup>(a)(b)</sup>  | 2217 | 235268 |
|  |  | 8943535 |
| **Health Care Equipment & Supplies — 2.4%** |  |  |
|  Abbott Laboratories | 32996 | 4314227 |
|  Align Technology, Inc.<sup>(a)</sup>  | 1413 | 244873 |
|  Baxter International, Inc. | 9790 | 305154 |
|  Becton Dickinson & Co. | 5533 | 1145829 |
|  Boston Scientific Corp.<sup>(a)</sup>  | 28027 | 2883137 |
|  Cooper Cos., Inc. (The)<sup>(a)</sup>  | 3753 | 306508 |
|  Dexcom, Inc.<sup>(a)</sup>  | 7427 | 530139 |
|  Edwards Lifesciences Corp.<sup>(a)</sup>  | 11142 | 841110 |
|  GE HealthCare Technologies, Inc. | 7476 | 525787 |
|  Hologic, Inc.<sup>(a)</sup>  | 4266 | 248281 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup>  | 1569 | 678828 |
|  Insulet Corp.<sup>(a)</sup>  | 1334 | 336555 |
|  Intuitive Surgical, Inc.<sup>(a)</sup>  | 6744 | 3478555 |
|  Medtronic PLC | 24438 | 2071365 |
|  ResMed, Inc. | 2800 | 662452 |
|  Solventum Corp.<sup>(a)</sup>  | 2636 | 174292 |
|  STERIS PLC | 1890 | 424759 |
|  Stryker Corp. | 6884 | 2574065 |
|  Zimmer Biomet Holdings, Inc. | 3790 | 390560 |
|  |  | 22136476 |
| **Health Care Providers & Services — 2.1%** |  |  |
|  Cardinal Health, Inc. | 4616 | 652195 |
|  Cencora, Inc. | 3297 | 964933 |
|  Centene Corp.<sup>(a)</sup>  | 9603 | 574740 |
|  Cigna Group (The) | 5199 | 1767868 |
|  CVS Health Corp. | 23896 | 1594102 |
|  DaVita, Inc.<sup>(a)</sup>  | 862 | 122016 |
|  Elevance Health, Inc. | 4423 | 1860225 |
|  HCA Healthcare, Inc. | 3504 | 1209160 |
|  Humana, Inc. | 2289 | 600267 |
|  Labcorp Holdings, Inc. | 1619 | 390195 |
|  McKesson Corp. | 2414 | 1720675 |
|  Molina Healthcare, Inc.<sup>(a)</sup>  | 1090 | 356441 |
|  Quest Diagnostics, Inc. | 2125 | 378718 |
|  Tenet Healthcare Corp.<sup>(a)</sup>  | 1842 | 263314 |
|  UnitedHealth Group, Inc. | 17502 | 7201023 |
|  Universal Health Services, Inc., Class B | 1120 | 198318 |
|  |  | 19854190 |
| **Health Care REITs — 0.3%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 2960 | 215073 |
|  Healthpeak Properties, Inc. | 13496 | 240769 |
|  Ventas, Inc. | 8325 | 583416 |
|  Welltower, Inc. | 12098 | 1846034 |
|  |  | 2885292 |
| **Health Care Technology — 0.1%** |  |  |
|  Veeva Systems, Inc., Class A<sup>(a)</sup>  | 2815 | 657837 |

---

28 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Hotel & Resort REITs — 0.0%** |  |  |
|  Host Hotels & Resorts, Inc. | 13320 | $188078 |
| **Hotels, Restaurants & Leisure — 2.1%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup>  | 7947 | 968898 |
|  Booking Holdings, Inc. | 630 | 3212546 |
|  Carnival Corp.<sup>(a)</sup>  | 19629 | 359996 |
|  Cava Group, Inc.<sup>(a)(b)</sup>  | 1334 | 123301 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup>  | 25750 | 1300890 |
|  Darden Restaurants, Inc. | 2231 | 447628 |
|  Domino's Pizza, Inc. | 662 | 324625 |
|  DoorDash, Inc., Class A<sup>(a)</sup>  | 6776 | 1307023 |
|  DraftKings, Inc., Class A<sup>(a)</sup>  | 9162 | 305003 |
|  Expedia Group, Inc. | 2341 | 367373 |
|  Flutter Entertainment PLC<sup>(a)</sup>  | 3010 | 725380 |
|  Hilton Worldwide Holdings, Inc. | 4531 | 1021650 |
|  Las Vegas Sands Corp. | 7200 | 264024 |
|  Marriott International, Inc., Class A | 4321 | 1030904 |
|  McDonald's Corp. | 13641 | 4360346 |
|  Royal Caribbean Cruises Ltd. | 4710 | 1012226 |
|  Starbucks Corp. | 21613 | 1730121 |
|  Texas Roadhouse, Inc. | 1282 | 212761 |
|  Yum! Brands, Inc. | 5362 | 806659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19881354 |
| **Household Durables — 0.3%** |  |  |
|  DR Horton, Inc. | 5480 | 692343 |
|  Garmin Ltd. | 2924 | 546408 |
|  Lennar Corp., Class A | 4340 | 471367 |
|  Lennar Corp., Class B | 153 | 15816 |
|  NVR, Inc.<sup>(a)</sup>  | 53 | 377665 |
|  PulteGroup, Inc. | 3892 | 399241 |
|  Toll Brothers, Inc. | 1962 | 197907 |
|  |  | 2700747 |
| **Household Products — 1.1%** |  |  |
|  Church & Dwight Co., Inc. | 4655 | 462428 |
|  Clorox Co. (The) | 2391 | 340239 |
|  Colgate-Palmolive Co. | 15528 | 1431526 |
|  Kimberly-Clark Corp. | 6338 | 835222 |
|  Procter & Gamble Co. (The) | 44658 | 7260051 |
|  |  | 10329466 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |  |
|  AES Corp. (The) | 13515 | 135150 |
|  Vistra Corp. | 6451 | 836243 |
|  |  | 971393 |
| **Industrial Conglomerates — 0.4%** |  |  |
|  3M Co. | 10362 | 1439385 |
|  Honeywell International, Inc. | 12395 | 2609148 |
|  |  | 4048533 |
| **Industrial REITs — 0.2%** |  |  |
|  Lineage, Inc.<sup>(b)</sup>  | 1334 | 64339 |
|  Prologis, Inc. | 17611 | 1799844 |
|  |  | 1864183 |
| **Insurance — 2.3%** |  |  |
|  Aflac, Inc. | 9416 | 1023331 |
|  Allstate Corp. (The) | 5020 | 995918 |
|  American International Group, Inc. | 11521 | 939192 |
|  Aon PLC, Class A | 4127 | 1464218 |
|  Arch Capital Group Ltd. | 7078 | 641833 |
|  Arthur J. Gallagher & Co. | 4702 | 1507884 |
|  Brown & Brown, Inc. | 4648 | 514069 |
|  Chubb Ltd. | 7097 | 2030310 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance (continued)** |  |  |
|  Cincinnati Financial Corp. | 2958 | $411783 |
|  Erie Indemnity Co., Class A, NVS | 484 | 173572 |
|  Everest Group Ltd. | 825 | 296035 |
|  Fidelity National Financial, Inc., Class A | 4876 | 312308 |
|  Hartford Insurance Group, Inc. (The) | 5482 | 672477 |
|  Loews Corp. | 3398 | 295048 |
|  Markel Group, Inc.<sup>(a)</sup>  | 243 | 441920 |
|  Marsh & McLennan Cos., Inc. | 9409 | 2121447 |
|  MetLife, Inc. | 11084 | 835401 |
|  Principal Financial Group, Inc. | 4439 | 329152 |
|  Progressive Corp. (The) | 11120 | 3132949 |
|  Prudential Financial, Inc. | 6760 | 694320 |
|  Reinsurance Group of America, Inc. | 1261 | 236198 |
|  RenaissanceRe Holdings Ltd. | 927 | 224269 |
|  Travelers Cos., Inc. (The) | 4357 | 1150814 |
|  Unum Group | 3129 | 242998 |
| W. R. Berkley Corp. | 5815 | 416877 |
|  Willis Towers Watson PLC | 1907 | 586975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21691298 |
| **Interactive Media & Services — 6.1%** |  |  |
|  Alphabet, Inc., Class A | 111092 | 17641410 |
|  Alphabet, Inc., Class C, NVS | 97573 | 15698520 |
|  Meta Platforms, Inc., Class A | 41707 | 22897143 |
|  Pinterest, Inc., Class A<sup>(a)(b)</sup>  | 11341 | 287154 |
|  Reddit, Inc., Class A<sup>(a)</sup>  | 2014 | 234772 |
|  Snap, Inc., Class A, NVS<sup>(a)(b)</sup>  | 20586 | 163864 |
|  |  | 56922863 |
| **IT Services — 1.4%** |  |  |
|  Accenture PLC, Class A | 11882 | 3554500 |
|  Akamai Technologies, Inc.<sup>(a)</sup>  | 2860 | 230459 |
|  Cloudflare, Inc., Class A<sup>(a)</sup>  | 5858 | 707529 |
|  Cognizant Technology Solutions Corp., Class A | 9485 | 697812 |
|  Gartner, Inc.<sup>(a)</sup>  | 1468 | 618146 |
|  GoDaddy, Inc., Class A<sup>(a)</sup>  | 2568 | 483631 |
|  International Business Machines Corp. | 17601 | 4256274 |
|  MongoDB, Inc., Class A<sup>(a)</sup>  | 1476 | 254123 |
|  Okta, Inc., Class A<sup>(a)</sup>  | 3102 | 347920 |
|  Snowflake, Inc., Class A<sup>(a)</sup>  | 6129 | 977514 |
|  Twilio, Inc., Class A<sup>(a)</sup>  | 2800 | 270788 |
|  VeriSign, Inc.<sup>(a)</sup>  | 1578 | 445185 |
|  |  | 12843881 |
| **Life Sciences Tools & Services — 0.9%** |  |  |
|  Agilent Technologies, Inc. | 5440 | 585344 |
|  Avantor, Inc.<sup>(a)</sup>  | 12897 | 167532 |
|  Bio-Techne Corp. | 2981 | 150093 |
|  Danaher Corp. | 12477 | 2487040 |
|  Illumina, Inc.<sup>(a)</sup>  | 3041 | 235982 |
|  IQVIA Holdings, Inc.<sup>(a)</sup>  | 3152 | 488781 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup>  | 407 | 435722 |
|  Revvity, Inc. | 2334 | 218066 |
|  Thermo Fisher Scientific, Inc. | 7266 | 3117114 |
|  Waters Corp.<sup>(a)</sup>  | 1133 | 393978 |
|  West Pharmaceutical Services, Inc. | 1387 | 293059 |
|  |  | 8572711 |
| **Machinery — 1.6%** |  |  |
|  Caterpillar, Inc. | 9186 | 2840954 |
|  CNH Industrial NV | 17274 | 199860 |
|  Cummins, Inc. | 2593 | 761927 |
|  Deere & Co. | 4751 | 2202374 |
|  Dover Corp. | 2615 | 446250 |
|  Fortive Corp. | 6667 | 464623 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Machinery (continued)** |  |  |
|  Graco, Inc. | 3217 | $262539 |
|  IDEX Corp. | 1438 | 250169 |
|  Illinois Tool Works, Inc. | 5607 | 1345175 |
|  Ingersoll Rand, Inc. | 7697 | 580585 |
|  Nordson Corp. | 978 | 185400 |
|  Otis Worldwide Corp. | 7703 | 741568 |
|  PACCAR, Inc. | 9759 | 880359 |
|  Parker-Hannifin Corp. | 2446 | 1479977 |
|  Pentair PLC | 3096 | 280900 |
|  Snap-on, Inc. | 1002 | 314438 |
|  Stanley Black & Decker, Inc. | 2853 | 171237 |
|  Westinghouse Air Brake Technologies Corp. | 3273 | 604654 |
|  Xylem, Inc. | 4606 | 555345 |
|  |  | 14568334 |
| **Media — 0.5%** |  |  |
|  Charter Communications, Inc., Class A<sup>(a)</sup>  | 1848 | 724157 |
|  Comcast Corp., Class A | 71832 | 2456655 |
|  Fox Corp., Class A, NVS | 4141 | 206180 |
|  Fox Corp., Class B | 2610 | 120687 |
|  News Corp., Class A, NVS | 7244 | 196457 |
|  News Corp., Class B | 1948 | 61206 |
|  Omnicom Group, Inc. | 3740 | 284839 |
|  Trade Desk, Inc. (The), Class A<sup>(a)</sup>  | 8478 | 454675 |
|  |  | 4504856 |
| **Metals & Mining — 0.4%** |  |  |
|  Freeport-McMoRan, Inc. | 27241 | 981493 |
|  Newmont Corp. | 21650 | 1140522 |
|  Nucor Corp. | 4421 | 527735 |
|  Reliance, Inc. | 1058 | 304947 |
|  Southern Copper Corp. | 1728 | 154691 |
|  Steel Dynamics, Inc. | 2708 | 351255 |
|  |  | 3460643 |
| **Multi-Utilities — 0.7%** |  |  |
|  Ameren Corp. | 5070 | 503147 |
|  CenterPoint Energy, Inc. | 12286 | 476451 |
|  CMS Energy Corp. | 5726 | 421720 |
|  Consolidated Edison, Inc. | 6604 | 744601 |
|  Dominion Energy, Inc. | 15861 | 862521 |
|  DTE Energy Co. | 3947 | 540739 |
|  NiSource, Inc. | 8904 | 348235 |
|  Public Service Enterprise Group, Inc. | 9475 | 757337 |
|  Sempra | 11912 | 884704 |
|  WEC Energy Group, Inc. | 6003 | 657449 |
|  |  | 6196904 |
| **Office REITs — 0.0%** |  |  |
|  BXP, Inc. | 2999 | 191126 |
| **Oil, Gas & Consumable Fuels — 2.9%** |  |  |
|  Cheniere Energy, Inc. | 4278 | 988689 |
|  Chevron Corp. | 31185 | 4243031 |
|  ConocoPhillips | 24209 | 2157506 |
|  Coterra Energy, Inc. | 14247 | 349906 |
|  Devon Energy Corp. | 12496 | 380003 |
|  Diamondback Energy, Inc. | 3602 | 475500 |
|  EOG Resources, Inc. | 10681 | 1178435 |
|  EQT Corp. | 10747 | 531332 |
|  Expand Energy Corp. | 3810 | 395859 |
|  Exxon Mobil Corp. | 82558 | 8720602 |
|  Hess Corp. | 5321 | 686675 |
|  Kinder Morgan, Inc. | 37236 | 979307 |
|  Marathon Petroleum Corp. | 6119 | 840812 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |
|  Occidental Petroleum Corp. | 12817 | $505118 |
|  ONEOK, Inc. | 11728 | 963572 |
|  Phillips 66 | 7860 | 817912 |
|  Targa Resources Corp. | 4114 | 703083 |
|  Texas Pacific Land Corp. | 368 | 474304 |
|  Valero Energy Corp. | 6039 | 701067 |
|  Williams Cos., Inc. (The) | 23060 | 1350624 |
|  |  | 27443337 |
| **Passenger Airlines — 0.1%** |  |  |
|  Delta Air Lines, Inc. | 12283 | 511341 |
|  Southwest Airlines Co. | 11471 | 320729 |
|  United Airlines Holdings, Inc.<sup>(a)</sup>  | 6198 | 426547 |
|  |  | 1258617 |
| **Personal Care Products — 0.1%** |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 4444 | 266462 |
|  Kenvue, Inc. | 33148 | 782293 |
|  |  | 1048755 |
| **Pharmaceuticals — 3.3%** |  |  |
|  Bristol-Myers Squibb Co. | 38692 | 1942339 |
|  Eli Lilly & Co. | 15256 | 13714381 |
|  Johnson & Johnson | 45823 | 7162593 |
|  Merck & Co., Inc. | 48236 | 4109707 |
|  Pfizer, Inc. | 107958 | 2635255 |
|  Royalty Pharma PLC, Class A | 7644 | 250876 |
|  Viatris, Inc. | 23245 | 195723 |
|  Zoetis, Inc., Class A | 8605 | 1345822 |
|  |  | 31356696 |
| **Professional Services — 0.7%** |  |  |
|  Automatic Data Processing, Inc. | 7758 | 2332055 |
|  Booz Allen Hamilton Holding Corp., Class A | 2442 | 293089 |
|  Broadridge Financial Solutions, Inc. | 2233 | 541279 |
|  Equifax, Inc. | 2349 | 611045 |
|  Jacobs Solutions, Inc. | 2417 | 299225 |
|  Leidos Holdings, Inc. | 2561 | 376928 |
|  Paychex, Inc. | 6195 | 911408 |
|  Paycom Software, Inc. | 948 | 214618 |
|  SS&C Technologies Holdings, Inc. | 4068 | 307541 |
|  TransUnion | 3687 | 305873 |
|  Verisk Analytics, Inc. | 2719 | 805993 |
|  |  | 6999054 |
| **Real Estate Management & Development — 0.2%** |  |  |
|  CBRE Group, Inc., Class A<sup>(a)</sup>  | 5762 | 704001 |
|  CoStar Group, Inc.<sup>(a)(b)</sup>  | 7934 | 588465 |
|  Jones Lang LaSalle, Inc.<sup>(a)</sup>  | 886 | 201485 |
|  Zillow Group, Inc., Class A<sup>(a)</sup>  | 1045 | 68949 |
|  Zillow Group, Inc., Class C, NVS<sup>(a)</sup>  | 3054 | 205626 |
|  |  | 1768526 |
| **Residential REITs — 0.4%** |  |  |
|  American Homes 4 Rent, Class A | 6044 | 225985 |
|  AvalonBay Communities, Inc. | 2695 | 565896 |
|  Camden Property Trust | 2027 | 230673 |
|  Equity LifeStyle Properties, Inc. | 3438 | 222714 |
|  Equity Residential | 6540 | 459500 |
|  Essex Property Trust, Inc. | 1222 | 341121 |
|  Invitation Homes, Inc. | 10902 | 372739 |
|  Mid-America Apartment Communities, Inc. | 2206 | 352188 |
|  Sun Communities, Inc. | 2361 | 293779 |
|  UDR, Inc. | 5704 | 238884 |
|  |  | 3303479 |

---

30 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Retail REITs — 0.3%** |  |  |  |
|  Kimco Realty Corp. | 12810 | $| 255944 |
|  Realty Income Corp. | 16589 |  | 959840 |
|  Regency Centers Corp. | 3216 |  | 232131 |
|  Simon Property Group, Inc. | 5843 |  | 919571 |
|  |  |  | 2367486 |
| **Semiconductors & Semiconductor Equipment — 9.6%** | **Semiconductors & Semiconductor Equipment — 9.6%** | **Semiconductors & Semiconductor Equipment — 9.6%** | **Semiconductors & Semiconductor Equipment — 9.6%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup>  | 30830 |  | 3001300 |
|  Analog Devices, Inc. | 9456 |  | 1843163 |
|  Applied Materials, Inc. | 15458 |  | 2329675 |
|  Astera Labs, Inc.<sup>(a)</sup>  | 477 |  | 31153 |
|  Broadcom, Inc. | 87576 |  | 16855753 |
|  Enphase Energy, Inc.<sup>(a)</sup>  | 2586 |  | 115310 |
|  Entegris, Inc. | 2855 |  | 225888 |
|  First Solar, Inc.<sup>(a)</sup>  | 1945 |  | 244720 |
|  Intel Corp. | 82129 |  | 1650793 |
|  KLA Corp. | 2532 |  | 1779211 |
|  Lam Research Corp. | 24501 |  | 1755987 |
|  Marvell Technology, Inc. | 16391 |  | 956743 |
|  Microchip Technology, Inc. | 10149 |  | 467666 |
|  Micron Technology, Inc. | 21110 |  | 1624414 |
|  Monolithic Power Systems, Inc. | 889 |  | 527266 |
|  NVIDIA Corp. | 449389 |  | 48947450 |
|  NXP Semiconductors NV | 4872 |  | 897958 |
|  ON Semiconductor Corp.<sup>(a)</sup>  | 8178 |  | 324666 |
|  QUALCOMM, Inc. | 21065 |  | 3127310 |
|  Skyworks Solutions, Inc. | 3050 |  | 196054 |
|  Teradyne, Inc. | 3082 |  | 228715 |
|  Texas Instruments, Inc. | 17394 |  | 2783910 |
|  |  |  | 89915105 |
| **Software — 10.8%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup>  | 8291 |  | 3108959 |
|  ANSYS, Inc.<sup>(a)</sup>  | 1660 |  | 534321 |
|  AppLovin Corp., Class A<sup>(a)</sup>  | 4437 |  | 1194929 |
|  Atlassian Corp., Class A<sup>(a)</sup>  | 3095 |  | 706620 |
|  Autodesk, Inc.<sup>(a)</sup>  | 4113 |  | 1127990 |
|  Bentley Systems, Inc., Class B | 2551 |  | 109668 |
|  Cadence Design Systems, Inc.<sup>(a)</sup>  | 5233 |  | 1558073 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup>  | 4378 |  | 1877593 |
|  Datadog, Inc., Class A<sup>(a)</sup>  | 5931 |  | 605911 |
|  Docusign, Inc.<sup>(a)</sup>  | 3874 |  | 316700 |
|  Dynatrace, Inc.<sup>(a)</sup>  | 5261 |  | 247109 |
|  Fair Isaac Corp.<sup>(a)</sup>  | 452 |  | 899335 |
|  Fortinet, Inc.<sup>(a)</sup>  | 12342 |  | 1280606 |
|  Gen Digital, Inc. | 10917 |  | 282423 |
|  Guidewire Software, Inc.<sup>(a)</sup>  | 1578 |  | 323127 |
|  HubSpot, Inc.<sup>(a)</sup>  | 948 |  | 579702 |
|  Intuit, Inc. | 5327 |  | 3342533 |
|  Manhattan Associates, Inc.<sup>(a)</sup>  | 1151 |  | 204176 |
|  Microsoft Corp. | 141600 |  | 55968816 |
|  MicroStrategy, Inc., Class A<sup>(a)(b)</sup>  | 4582 |  | 1741664 |
|  Nutanix, Inc., Class A<sup>(a)</sup>  | 4782 |  | 328523 |
|  Oracle Corp. | 30895 |  | 4347544 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup>  | 41126 |  | 4870963 |
|  Palo Alto Networks, Inc.<sup>(a)(b)</sup>  | 12461 |  | 2329335 |
|  PTC, Inc.<sup>(a)</sup>  | 2294 |  | 355501 |
|  Roper Technologies, Inc. | 2026 |  | 1134722 |
|  Salesforce, Inc. | 17616 |  | 4733595 |
|  ServiceNow, Inc.<sup>(a)</sup>  | 3933 |  | 3756054 |
|  Synopsys, Inc.<sup>(a)</sup>  | 2945 |  | 1351785 |
|  Tyler Technologies, Inc.<sup>(a)</sup>  | 799 |  | 434097 |
|  Workday, Inc., Class A<sup>(a)</sup>  | 4017 |  | 984165 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Software (continued)** |  |  |  |
|  Zoom Communications, Inc., Class A<sup>(a)</sup> | 4608 | $| 357304 |
|  Zscaler, Inc.<sup>(a)</sup> | 1824 |  | 412534 |
|  |  |  | 101406377 |
| **Specialized REITs — 1.0%** |  |  |  |
|  American Tower Corp. | 8892 |  | 2004346 |
|  Crown Castle, Inc. | 8224 |  | 869770 |
|  Digital Realty Trust, Inc. | 6312 |  | 1013329 |
|  Equinix, Inc. | 1841 |  | 1584641 |
|  Extra Space Storage, Inc. | 4023 |  | 589450 |
|  Gaming & Leisure Properties, Inc. | 4967 |  | 237721 |
|  Iron Mountain, Inc. | 5591 |  | 501345 |
|  Public Storage | 3007 |  | 903393 |
|  SBA Communications Corp. | 2063 |  | 502134 |
|  VICI Properties, Inc. | 20122 |  | 644306 |
|  Weyerhaeuser Co. | 13853 |  | 358931 |
|  |  |  | 9209366 |
| **Specialty Retail — 2.0%** |  |  |  |
|  AutoZone, Inc.<sup>(a)</sup> | 322 |  | 1211557 |
|  Best Buy Co., Inc. | 3733 |  | 248954 |
|  Burlington Stores, Inc.<sup>(a)</sup> | 1211 |  | 272523 |
|  CarMax, Inc.<sup>(a)</sup> | 3005 |  | 194333 |
|  Carvana Co., Class A<sup>(a)</sup> | 2279 |  | 556874 |
|  Dick's Sporting Goods, Inc. | 1102 |  | 206890 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 2014 |  | 143880 |
|  Home Depot, Inc. (The) | 18890 |  | 6809656 |
|  Lowe's Cos., Inc. | 10665 |  | 2384267 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 1098 |  | 1553890 |
|  Ross Stores, Inc. | 6217 |  | 864163 |
|  TJX Cos., Inc. (The) | 21458 |  | 2761215 |
|  Tractor Supply Co. | 10260 |  | 519361 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 907 |  | 358846 |
|  Williams-Sonoma, Inc. | 2318 |  | 358062 |
|  |  |  | 18444471 |
| **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** |
|  Apple Inc. | 285815 |  | 60735687 |
|  Dell Technologies, Inc., Class C | 5943 |  | 545330 |
|  Hewlett Packard Enterprise Co. | 24876 |  | 403489 |
|  HP, Inc. | 17924 |  | 458317 |
|  NetApp, Inc. | 3968 |  | 356128 |
|  Pure Storage, Inc., Class A<sup>(a)(b)</sup> | 5847 |  | 265220 |
|  Seagate Technology Holdings PLC | 3838 |  | 349373 |
|  Super Micro Computer, Inc.<sup>(a)(b)</sup> | 9542 |  | 304008 |
|  Western Digital Corp.<sup>(a)</sup> | 6551 |  | 287327 |
|  |  |  | 63704879 |
| **Textiles, Apparel & Luxury Goods — 0.2%** |  |  |  |
|  Deckers Outdoor Corp.<sup>(a)</sup> | 2928 |  | 324510 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 2034 |  | 550746 |
|  NIKE, Inc., Class B | 22182 |  | 1251065 |
|  |  |  | 2126321 |
| **Tobacco — 0.7%** |  |  |  |
|  Altria Group, Inc. | 32296 |  | 1910308 |
|  Philip Morris International, Inc. | 29521 |  | 5058719 |
|  |  |  | 6969027 |
| **Trading Companies & Distributors — 0.4%** |  |  |  |
|  Fastenal Co. | 10920 |  | 884192 |
|  Ferguson Enterprises, Inc. | 3799 |  | 644538 |
|  FTAI Aviation Ltd. | 1871 |  | 200403 |
|  United Rentals, Inc. | 1254 |  | 791838 |

---

S C H E D U L E O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
|  Watsco, Inc. | 663 | $304874 |
|  WW Grainger, Inc. | 850 | 870664 |
|  |  | 3696509 |
| **Water Utilities — 0.1%** |  |  |
|  American Water Works Co., Inc. | 3727 | 547906 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
|  T-Mobile U.S., Inc. | 8807 | 2174889 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $700,033,520)** |  | 935228983 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.0%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 4.46%<sup>(c)(d)(e)</sup> | 7196688 | 7199567 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 4.30%<sup>(c)(d)</sup> | 1903827 | 1903827 |
|  **Total Short-Term Securities — 1.0%<br>(Cost: $9,102,050)** |  | 9103394 |
|  **Total Investments — 100.7%<br>(Cost: $709,135,570)** |  | 944332377 |
| **Liabilities in Excess of Other Assets — (0.7)%** | **Liabilities in Excess of Other Assets — (0.7)%** | (6511271) |
|  **Net Assets — 100.0%** |  | $937821106 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>04/30/25* | *Shares<br>Held at<br>04/30/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares | $3718202 | $3487512 <sup>(a)</sup> | $— | $(6411) | $264 | $7199567 | 7196688 | $25371 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares | 1089252 | 814575 <sup>(a)</sup> |  |  |  | 1903827 | 1903827 | 96817 |  |
|  BlackRock, Inc. | 2088089 | 823458 | (893034) | 369487 | 145415 | 2533415 | 2771 | 61395 |  |
|  |  |  |  | $363076 | $145679 | $11636809 |  | $183583 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

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

32 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF** |

---

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 9 | 06/20/25 | $2514 | $30089 |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $30089 | $— | $— | $— | $30089 |

---

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

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $118377 | $— | $— | $— | $118377 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $71514 | $— | $— | $— | $71514 |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $2584216 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $935228983 | $— | $— | $935228983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 9103394 |  |  | 9103394 |
|  | $944332377 | $— | $— | $944332377 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $30089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $30089 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

34 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.7%** |  |  |
|  Boeing Co. (The)<sup>(a)</sup> | 31320 | $5739077 |
|  General Dynamics Corp. | 10197 | 2774808 |
|  General Electric Co. | 16613 | 3348184 |
|  L3Harris Technologies, Inc. | 4521 | 994710 |
|  Lockheed Martin Corp. | 8744 | 4177446 |
|  Northrop Grumman Corp. | 6048 | 2942352 |
|  RTX Corp. | 55866 | 7046378 |
|  Textron, Inc. | 4711 | 331513 |
|  |  | 27354468 |
| **Air Freight & Logistics — 0.6%** |  |  |
|  Expeditors International of Washington, Inc. | 5946 | 653525 |
|  FedEx Corp. | 9269 | 1949549 |
|  United Parcel Service, Inc., Class B | 30547 | 2911129 |
|  |  | 5514203 |
| **Automobile Components — 0.0%** |  |  |
|  Aptiv PLC<sup>(a)</sup> | 5355 | 305556 |
| **Automobiles — 0.4%** |  |  |
|  Ford Motor Co. | 165060 | 1652251 |
|  General Motors Co. | 41613 | 1882572 |
|  |  | 3534823 |
| **Banks — 6.9%** |  |  |
|  Bank of America Corp. | 286627 | 11430685 |
|  Citigroup, Inc. | 78906 | 5395592 |
|  Citizens Financial Group, Inc. | 18652 | 688072 |
|  East West Bancorp, Inc. | 5916 | 506114 |
|  Fifth Third Bancorp | 28640 | 1029322 |
|  Huntington Bancshares, Inc. | 60936 | 885400 |
|  JPMorgan Chase & Co. | 117146 | 28656254 |
|  KeyCorp | 42018 | 623547 |
|  M&T Bank Corp. | 6983 | 1185434 |
|  PNC Financial Services Group, Inc. (The) | 16723 | 2687219 |
|  Regions Financial Corp. | 38773 | 791357 |
|  Truist Financial Corp. | 54855 | 2103141 |
|  U.S. Bancorp | 65365 | 2636824 |
|  Wells Fargo & Co. | 137931 | 9794480 |
|  |  | 68413441 |
| **Beverages — 2.2%** |  |  |
|  Brown-Forman Corp., Class A | 1028 | 35579 |
|  Brown-Forman Corp., Class B, NVS | 6232 | 217123 |
|  Coca-Cola Co. (The) | 163865 | 11888406 |
|  Constellation Brands, Inc., Class A | 3483 | 653202 |
|  Keurig Dr. Pepper, Inc. | 30215 | 1045137 |
|  PepsiCo, Inc. | 57659 | 7817407 |
|  |  | 21656854 |
| **Biotechnology — 3.1%** |  |  |
|  AbbVie, Inc. | 74043 | 14445789 |
|  Amgen, Inc. | 22543 | 6558210 |
|  Biogen, Inc.<sup>(a)</sup> | 6118 | 740767 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 3216 | 204827 |
|  Gilead Sciences, Inc. | 52259 | 5567674 |
|  Moderna, Inc.<sup>(a)</sup> | 14001 | 399589 |
|  Regeneron Pharmaceuticals, Inc. | 4433 | 2654303 |
|  Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 2302 | 55524 |
|  United Therapeutics Corp.<sup>(a)</sup> | 434 | 131541 |
|  |  | 30758224 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Broadline Retail — 0.1%** |  |  |
|  Coupang, Inc., Class A<sup>(a)</sup> | 23602 | $551579 |
|  eBay, Inc. | 11688 | 796654 |
|  |  | 1348233 |
| **Building Products — 0.6%** |  |  |
|  Allegion PLC | 1311 | 182491 |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 4854 | 580684 |
|  Carrier Global Corp. | 33957 | 2123671 |
|  Johnson Controls International PLC | 15767 | 1322851 |
|  Masco Corp. | 5603 | 339598 |
|  Owens Corning | 3612 | 525221 |
|  Trane Technologies PLC | 3210 | 1230425 |
|  |  | 6304941 |
| **Capital Markets — 4.2%** |  |  |
|  Ameriprise Financial, Inc. | 1279 | 602435 |
|  Bank of New York Mellon Corp. (The) | 17851 | 1435399 |
|  BlackRock, Inc.<sup>(c)</sup> | 6100 | 5576986 |
|  Blackstone, Inc., Class A | 8425 | 1109657 |
|  Carlyle Group, Inc. (The) | 9251 | 357459 |
|  Charles Schwab Corp. (The) | 65924 | 5366214 |
|  CME Group, Inc., Class A | 15098 | 4183354 |
|  Goldman Sachs Group, Inc. (The) | 13086 | 7165239 |
|  Intercontinental Exchange, Inc. | 14787 | 2483772 |
|  Jefferies Financial Group, Inc. | 2225 | 103974 |
|  KKR & Co., Inc., Class A | 10027 | 1145785 |
|  Morgan Stanley | 52159 | 6020192 |
|  Nasdaq, Inc. | 6572 | 500852 |
|  Northern Trust Corp. | 8356 | 785297 |
|  Raymond James Financial, Inc. | 2787 | 381931 |
|  S&P Global, Inc. | 4422 | 2211221 |
|  State Street Corp. | 12344 | 1087506 |
|  T Rowe Price Group, Inc. | 9306 | 824046 |
|  |  | 41341319 |
| **Chemicals — 1.8%** |  |  |
|  Air Products & Chemicals, Inc. | 9316 | 2525474 |
|  Albemarle Corp. | 4891 | 286368 |
|  Celanese Corp., Class A | 2989 | 133040 |
|  CF Industries Holdings, Inc. | 7276 | 570220 |
|  Corteva, Inc. | 16311 | 1011119 |
|  Dow, Inc. | 17794 | 544318 |
|  DuPont de Nemours, Inc. | 9929 | 655215 |
|  Eastman Chemical Co. | 4942 | 380534 |
|  Ecolab, Inc. | 3451 | 867685 |
|  International Flavors & Fragrances, Inc. | 10786 | 846269 |
|  Linde PLC | 14377 | 6516088 |
|  LyondellBasell Industries NV, Class A | 10798 | 628552 |
|  PPG Industries, Inc. | 6417 | 698555 |
|  RPM International, Inc. | 1784 | 190442 |
|  Sherwin-Williams Co. (The) | 4397 | 1551789 |
|  Westlake Corp. | 1420 | 131251 |
|  |  | 17536919 |
| **Commercial Services & Supplies — 0.4%** |  |  |
|  Republic Services, Inc. | 5085 | 1275064 |
|  Veralto Corp. | 4979 | 477486 |
|  Waste Management, Inc. | 8418 | 1964424 |
|  |  | 3716974 |
| **Communications Equipment — 1.2%** |  |  |
|  Cisco Systems, Inc. | 166661 | 9621339 |
|  F5, Inc.<sup>(a)</sup> | 1347 | 356605 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Communications Equipment (continued)** |  |  |  |
|  Juniper Networks, Inc. | 13549 | $| 492100 |
|  Motorola Solutions, Inc. | 3023 |  | 1331299 |
|  |  |  | 11801343 |
| **Construction & Engineering — 0.0%** |  |  |  |
|  AECOM | 1658 |  | 163562 |
| **Construction Materials — 0.3%** |  |  |  |
|  CRH PLC | 28484 |  | 2717943 |
| **Consumer Finance — 0.7%** |  |  |  |
|  American Express Co. | 12138 |  | 3233685 |
|  Capital One Financial Corp. | 15985 |  | 2881456 |
|  Discover Financial Services | 4244 |  | 775251 |
|  Synchrony Financial | 9328 |  | 484590 |
|  |  |  | 7374982 |
| **Consumer Staples Distribution & Retail — 3.3%** | **Consumer Staples Distribution & Retail — 3.3%** | **Consumer Staples Distribution & Retail — 3.3%** | **Consumer Staples Distribution & Retail — 3.3%** |
|  Costco Wholesale Corp. | 8194 |  | 8148933 |
|  Dollar General Corp. | 9283 |  | 869724 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 8609 |  | 703958 |
|  Kroger Co. (The) | 28390 |  | 2050042 |
|  Performance Food Group Co.<sup>(a)</sup> | 2357 |  | 190116 |
|  Sysco Corp. | 12450 |  | 888930 |
|  Target Corp. | 19340 |  | 1870178 |
|  U.S. Foods Holding Corp.<sup>(a)</sup> | 3205 |  | 210440 |
|  Walmart, Inc. | 181591 |  | 17659725 |
|  |  |  | 32592046 |
| **Containers & Packaging — 0.4%** |  |  |  |
|  Amcor PLC | 95672 |  | 880182 |
|  Avery Dennison Corp. | 1550 |  | 265221 |
|  Ball Corp. | 5469 |  | 284060 |
|  International Paper Co. | 21775 |  | 994682 |
|  Packaging Corp. of America | 3766 |  | 699007 |
|  Smurfit WestRock PLC | 20844 |  | 875865 |
|  |  |  | 3999017 |
| **Distributors — 0.1%** |  |  |  |
|  Genuine Parts Co. | 5941 |  | 698365 |
|  Pool Corp. | 931 |  | 272913 |
|  |  |  | 971278 |
| **Diversified Consumer Services — 0.0%** |  |  |  |
|  Service Corp. International | 3238 |  | 258716 |
| **Diversified REITs — 0.1%** |  |  |  |
|  WP Carey, Inc. | 9071 |  | 566393 |
| **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** |
|  AT&T Inc. | 300917 |  | 8335401 |
|  Verizon Communications, Inc. | 176311 |  | 7768263 |
|  |  |  | 16103664 |
| **Electric Utilities — 3.0%** |  |  |  |
|  Alliant Energy Corp. | 10648 |  | 649954 |
|  American Electric Power Co., Inc. | 22325 |  | 2418690 |
|  Constellation Energy Corp. | 7219 |  | 1613013 |
|  Duke Energy Corp. | 32355 |  | 3947957 |
|  Edison International | 16024 |  | 857444 |
|  Entergy Corp. | 17728 |  | 1474438 |
|  Evergy, Inc. | 9586 |  | 662393 |
|  Eversource Energy | 15356 |  | 913375 |
|  Exelon Corp. | 41805 |  | 1960655 |
|  FirstEnergy Corp. | 21466 |  | 920462 |
|  NextEra Energy, Inc. | 85963 |  | 5749205 |
|  NRG Energy, Inc. | 8171 |  | 895378 |
|  PG&E Corp. | 52051 |  | 859883 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Electric Utilities (continued)** |  |  |  |
|  PPL Corp. | 30791 | $| 1123872 |
|  Southern Co. (The) | 45770 |  | 4205805 |
|  Xcel Energy, Inc. | 24131 |  | 1706062 |
|  |  |  | 29958586 |
| **Electrical Equipment — 0.7%** |  |  |  |
|  Eaton Corp. PLC | 6870 |  | 2022322 |
|  Emerson Electric Co. | 23877 |  | 2509711 |
|  GE Vernova, Inc. | 4543 |  | 1684635 |
|  Regal Rexnord Corp. | 1739 |  | 184056 |
|  Rockwell Automation, Inc. | 2378 |  | 588983 |
|  |  |  | 6989707 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
|  Amphenol Corp., Class A | 17112 |  | 1316768 |
|  CDW Corp. | 3474 |  | 557785 |
|  Corning, Inc. | 15292 |  | 678659 |
|  Flex Ltd.<sup>(a)</sup> | 9507 |  | 326470 |
|  Jabil, Inc.<sup>(b)</sup> | 2559 |  | 375047 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 4813 |  | 699810 |
|  TE Connectivity PLC | 6941 |  | 1016024 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 905 |  | 421757 |
|  Trimble, Inc.<sup>(a)</sup> | 2889 |  | 179523 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 527 |  | 131919 |
|  |  |  | 5703762 |
| **Energy Equipment & Services — 0.3%** |  |  |  |
|  Baker Hughes Co., Class A | 16913 |  | 598720 |
|  Halliburton Co. | 37419 |  | 741645 |
|  Schlumberger NV | 59169 |  | 1967369 |
|  |  |  | 3307734 |
| **Entertainment — 0.6%** |  |  |  |
|  Electronic Arts, Inc. | 2977 |  | 431933 |
|  Walt Disney Co. (The) | 53045 |  | 4824443 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 94441 |  | 818803 |
|  |  |  | 6075179 |
| **Financial Services — 4.9%** |  |  |  |
|  Apollo Global Management, Inc. | 8362 |  | 1141246 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 75517 |  | 40269440 |
|  Corpay, Inc.<sup>(a)(b)</sup> | 734 |  | 238821 |
|  Equitable Holdings, Inc. | 11535 |  | 570406 |
|  Fidelity National Information Services, Inc. | 8336 |  | 657543 |
|  Fiserv, Inc.<sup>(a)</sup> | 13017 |  | 2402548 |
|  Global Payments, Inc. | 7009 |  | 534857 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 42131 |  | 2773905 |
|  |  |  | 48588766 |
| **Food Products — 1.2%** |  |  |  |
|  Archer-Daniels-Midland Co. | 19894 |  | 949938 |
|  Bunge Global SA | 5896 |  | 464133 |
|  Conagra Brands, Inc. | 19926 |  | 492371 |
|  General Mills, Inc. | 23459 |  | 1331064 |
|  Hershey Co. (The) | 4103 |  | 685981 |
|  Hormel Foods Corp. | 12099 |  | 361760 |
|  J M Smucker Co. (The) | 4432 |  | 515309 |
|  Kellanova | 11123 |  | 920651 |
|  Kraft Heinz Co. (The) | 36819 |  | 1071433 |
|  Lamb Weston Holdings, Inc. | 3891 |  | 205484 |
|  McCormick & Co., Inc., NVS | 4336 |  | 332398 |
|  Mondelez International, Inc., Class A | 56180 |  | 3827543 |
|  The Campbell's Co. | 8305 |  | 302800 |
|  Tyson Foods, Inc., Class A | 7624 |  | 466894 |
|  |  |  | 11927759 |

---

36 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Gas Utilities — 0.1%** |  |  |
|  Atmos Energy Corp. | 6479 | $1040722 |
| **Ground Transportation — 0.9%** |  |  |
|  CSX Corp. | 80877 | 2270217 |
|  JB Hunt Transport Services, Inc. | 1800 | 235044 |
|  Norfolk Southern Corp. | 4584 | 1027045 |
|  U-Haul Holding Co.<sup>(a)</sup> | 170 | 10436 |
|  U-Haul Holding Co., NVS<sup>(b)</sup> | 2042 | 111902 |
|  Union Pacific Corp. | 25407 | 5479274 |
|  |  | 9133918 |
| **Health Care Equipment & Supplies — 2.5%** |  |  |
|  Abbott Laboratories | 72734 | 9509970 |
|  Align Technology, Inc.<sup>(a)</sup> | 1769 | 306568 |
|  Baxter International, Inc. | 21462 | 668971 |
|  Becton Dickinson & Co. | 12170 | 2520285 |
|  Boston Scientific Corp.<sup>(a)</sup> | 20674 | 2126734 |
|  Cooper Cos., Inc. (The)<sup>(a)</sup> | 1937 | 158195 |
|  GE HealthCare Technologies, Inc. | 10671 | 750491 |
|  Hologic, Inc.<sup>(a)</sup> | 9373 | 545509 |
|  Medtronic PLC | 53809 | 4560851 |
|  Solventum Corp.<sup>(a)</sup> | 5779 | 382107 |
|  Stryker Corp. | 6882 | 2573317 |
|  Zimmer Biomet Holdings, Inc. | 8411 | 866754 |
|  |  | 24969752 |
| **Health Care Providers & Services — 4.1%** |  |  |
|  Cardinal Health, Inc. | 10235 | 1446103 |
|  Cencora, Inc. | 3118 | 912545 |
|  Centene Corp.<sup>(a)</sup> | 21025 | 1258346 |
|  Cigna Group (The) | 11454 | 3894818 |
|  CVS Health Corp. | 52523 | 3503809 |
|  DaVita, Inc.<sup>(a)(b)</sup> | 786 | 111258 |
|  Elevance Health, Inc. | 9727 | 4090982 |
|  HCA Healthcare, Inc. | 7674 | 2648144 |
|  Humana, Inc. | 5023 | 1317232 |
|  Labcorp Holdings, Inc. | 3583 | 863539 |
|  McKesson Corp. | 4019 | 2864703 |
|  Molina Healthcare, Inc.<sup>(a)</sup> | 1205 | 394047 |
|  Quest Diagnostics, Inc. | 4696 | 836921 |
|  Tenet Healthcare Corp.<sup>(a)</sup> | 1454 | 207849 |
|  UnitedHealth Group, Inc. | 38560 | 15865127 |
|  Universal Health Services, Inc., Class B | 1045 | 185038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40400461 |
| **Health Care REITs — 0.3%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 3061 | 222412 |
|  Healthpeak Properties, Inc. | 29510 | 526458 |
|  Ventas, Inc. | 9743 | 682790 |
|  Welltower, Inc. | 8210 | 1252764 |
|  |  | 2684424 |
| **Hotel & Resort REITs — 0.0%** |  |  |
|  Host Hotels & Resorts, Inc. | 29203 | 412346 |
| **Hotels, Restaurants & Leisure — 1.5%** |  |  |
|  Booking Holdings, Inc. | 508 | 2590434 |
|  Carnival Corp.<sup>(a)</sup> | 43504 | 797864 |
|  Darden Restaurants, Inc. | 2888 | 579448 |
|  Expedia Group, Inc. | 2355 | 369570 |
|  Marriott International, Inc., Class A | 6812 | 1625207 |
|  McDonald's Corp. | 21684 | 6931291 |
|  Starbucks Corp. | 31087 | 2488514 |
|  |  | 15382328 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Household Durables — 0.4%** |  |  |  |
|  DR Horton, Inc. | 12047 | $| 1522018 |
|  Garmin Ltd. | 1706 |  | 318800 |
|  Lennar Corp., Class A | 9543 |  | 1036466 |
|  Lennar Corp., Class B | 430 |  | 44449 |
|  NVR, Inc.<sup>(a)</sup> | 45 |  | 320659 |
|  PulteGroup, Inc. | 5264 |  | 539981 |
|  Toll Brothers, Inc. | 2637 |  | 265994 |
|  |  |  | 4048367 |
| **Household Products — 2.0%** |  |  |  |
|  Clorox Co. (The) | 3235 |  | 460340 |
|  Colgate-Palmolive Co. | 21310 |  | 1964569 |
|  Kimberly-Clark Corp. | 8210 |  | 1081914 |
|  Procter & Gamble Co. (The) | 98338 |  | 15986809 |
|  |  |  | 19493632 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
|  AES Corp. (The) | 29628 |  | 296280 |
| **Industrial Conglomerates — 0.9%** |  |  |  |
|  3M Co. | 22815 |  | 3169232 |
|  Honeywell International, Inc. | 27310 |  | 5748755 |
|  |  |  | 8917987 |
| **Industrial REITs — 0.4%** |  |  |  |
|  Lineage, Inc.<sup>(b)</sup> | 1461 |  | 70464 |
|  Prologis, Inc. | 38784 |  | 3963725 |
|  |  |  | 4034189 |
| **Insurance — 3.1%** |  |  |  |
|  Aflac, Inc. | 20788 |  | 2259240 |
|  Allstate Corp. (The) | 6288 |  | 1247476 |
|  American International Group, Inc. | 25439 |  | 2073787 |
|  Aon PLC, Class A | 4774 |  | 1693767 |
|  Arch Capital Group Ltd. | 15666 |  | 1420593 |
|  Chubb Ltd. | 15637 |  | 4473433 |
|  Cincinnati Financial Corp. | 3321 |  | 462316 |
|  Everest Group Ltd. | 1835 |  | 658453 |
|  Fidelity National Financial, Inc., Class A | 10912 |  | 698914 |
|  Hartford Insurance Group, Inc. (The) | 12049 |  | 1478051 |
|  Loews Corp. | 7473 |  | 648880 |
|  Markel Group, Inc.<sup>(a)</sup> | 210 |  | 381906 |
|  Marsh & McLennan Cos., Inc. | 13676 |  | 3083528 |
|  MetLife, Inc. | 24386 |  | 1837973 |
|  Principal Financial Group, Inc. | 9860 |  | 731119 |
|  Progressive Corp. (The) | 7447 |  | 2098118 |
|  Prudential Financial, Inc. | 14853 |  | 1525552 |
|  Reinsurance Group of America, Inc. | 2800 |  | 524468 |
|  RenaissanceRe Holdings Ltd. | 2079 |  | 502972 |
|  Travelers Cos., Inc. (The) | 5013 |  | 1324084 |
|  Unum Group | 6808 |  | 528709 |
| W. R. Berkley Corp. | 5190 |  | 372071 |
|  Willis Towers Watson PLC | 1812 |  | 557734 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30583144 |
| **Interactive Media & Services — 3.0%** |  |  |  |
|  Alphabet, Inc., Class A | 99439 |  | 15790913 |
|  Alphabet, Inc., Class C, NVS | 87338 |  | 14051811 |
|  |  |  | 29842724 |
| **IT Services — 1.7%** |  |  |  |
|  Accenture PLC, Class A | 17082 |  | 5110080 |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 4149 |  | 334327 |
|  Cognizant Technology Solutions Corp., Class A | 21074 |  | 1550414 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **IT Services (continued)** |  |  |
|  International Business Machines Corp. | 38778 | $9377296 |
|  Twilio, Inc., Class A<sup>(a)</sup> | 2201 | 212859 |
|  |  | 16584976 |
| **Life Sciences Tools & Services — 1.2%** |  |  |
|  Agilent Technologies, Inc. | 5050 | 543380 |
|  Avantor, Inc.<sup>(a)(b)</sup> | 13118 | 170403 |
|  Danaher Corp. | 27479 | 5477389 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 2868 | 444741 |
|  Revvity, Inc. | 2578 | 240863 |
|  Thermo Fisher Scientific, Inc. | 10955 | 4699695 |
|  Waters Corp.<sup>(a)</sup> | 939 | 326518 |
|  West Pharmaceutical Services, Inc. | 1124 | 237490 |
|  |  | 12140479 |
| **Machinery — 2.0%** |  |  |
|  Caterpillar, Inc. | 15086 | 4665647 |
|  CNH Industrial NV | 37872 | 438179 |
|  Cummins, Inc. | 3190 | 937350 |
|  Deere & Co. | 10461 | 4849301 |
|  Dover Corp. | 1804 | 307853 |
|  Fortive Corp. | 5564 | 387755 |
|  Illinois Tool Works, Inc. | 12337 | 2959770 |
|  Otis Worldwide Corp. | 6437 | 619690 |
|  PACCAR, Inc. | 21573 | 1946100 |
|  Parker-Hannifin Corp. | 2724 | 1648184 |
|  Pentair PLC | 1611 | 146166 |
|  Snap-on, Inc. | 1288 | 404187 |
|  Stanley Black & Decker, Inc. | 3853 | 231257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19541439 |
| **Media — 0.9%** |  |  |
|  Charter Communications, Inc., Class A<sup>(a)</sup> | 4063 | 1592127 |
|  Comcast Corp., Class A | 158194 | 5410235 |
|  Fox Corp., Class A, NVS | 9101 | 453139 |
|  Fox Corp., Class B | 5570 | 257557 |
|  News Corp., Class A, NVS | 4744 | 128657 |
|  News Corp., Class B | 1309 | 41129 |
|  Omnicom Group, Inc. | 8163 | 621694 |
|  |  | 8504538 |
| **Metals & Mining — 0.7%** |  |  |
|  Freeport-McMoRan, Inc. | 30992 | 1116642 |
|  Newmont Corp. | 47708 | 2513257 |
|  Nucor Corp. | 9722 | 1160515 |
|  Reliance, Inc. | 2321 | 668982 |
|  Southern Copper Corp. | 3692 | 330508 |
|  Steel Dynamics, Inc. | 5957 | 772682 |
|  |  | 6562586 |
| **Multi-Utilities — 1.2%** |  |  |
|  Ameren Corp. | 11117 | 1103251 |
|  CenterPoint Energy, Inc. | 26691 | 1035077 |
|  CMS Energy Corp. | 7790 | 573734 |
|  Consolidated Edison, Inc. | 14518 | 1636904 |
|  Dominion Energy, Inc. | 15122 | 822334 |
|  DTE Energy Co. | 8607 | 1179159 |
|  NiSource, Inc. | 19720 | 771249 |
|  Public Service Enterprise Group, Inc. | 11961 | 956043 |
|  Sempra | 26429 | 1962882 |
|  WEC Energy Group, Inc. | 13254 | 1451578 |
|  |  | 11492211 |
| **Office REITs — 0.0%** |  |  |
|  BXP, Inc. | 6543 | 416985 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Oil, Gas & Consumable Fuels — 5.7%** |  |  |  |
|  Cheniere Energy, Inc. | 9392 | $| 2170585 |
|  Chevron Corp. | 68670 |  | 9343240 |
|  ConocoPhillips | 53320 |  | 4751878 |
|  Coterra Energy, Inc. | 31520 |  | 774131 |
|  Devon Energy Corp. | 27700 |  | 842357 |
|  Diamondback Energy, Inc. | 7923 |  | 1045915 |
|  EOG Resources, Inc. | 23521 |  | 2595072 |
|  EQT Corp. | 23749 |  | 1174151 |
|  Expand Energy Corp. | 8365 |  | 869124 |
|  Exxon Mobil Corp. | 181793 |  | 19202795 |
|  Kinder Morgan, Inc. | 82426 |  | 2167804 |
|  Marathon Petroleum Corp. | 13452 |  | 1848439 |
|  Occidental Petroleum Corp. | 28064 |  | 1106002 |
|  ONEOK, Inc. | 25714 |  | 2112662 |
|  Phillips 66 | 17297 |  | 1799926 |
|  Valero Energy Corp. | 13141 |  | 1525539 |
|  Williams Cos., Inc. (The) | 50898 |  | 2981096 |
|  |  |  | 56310716 |
| **Passenger Airlines — 0.2%** |  |  |  |
|  Delta Air Lines, Inc. | 17331 |  | 721489 |
|  Southwest Airlines Co. | 25109 |  | 702048 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 13647 |  | 939187 |
|  |  |  | 2362724 |
| **Personal Care Products — 0.2%** |  |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 4694 |  | 281452 |
|  Kenvue, Inc. | 72812 |  | 1718363 |
|  |  |  | 1999815 |
| **Pharmaceuticals — 3.4%** |  |  |  |
|  Bristol-Myers Squibb Co. | 85389 |  | 4286528 |
|  Johnson & Johnson | 100956 |  | 15780432 |
|  Merck & Co., Inc. | 68027 |  | 5795900 |
|  Pfizer, Inc. | 237672 |  | 5801574 |
|  Royalty Pharma PLC, Class A | 16766 |  | 550260 |
|  Viatris, Inc. | 50064 |  | 421539 |
|  Zoetis, Inc., Class A | 7913 |  | 1237593 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33873826 |
| **Professional Services — 0.4%** |  |  |  |
|  Automatic Data Processing, Inc. | 9474 |  | 2847884 |
|  Jacobs Solutions, Inc. | 1832 |  | 226802 |
|  Leidos Holdings, Inc. | 1675 |  | 246527 |
|  Paychex, Inc. | 4676 |  | 687933 |
|  SS&C Technologies Holdings, Inc. | 5244 |  | 396446 |
|  |  |  | 4405592 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 3507 |  | 428485 |
|  Jones Lang LaSalle, Inc.<sup>(a)</sup> | 861 |  | 195800 |
|  Zillow Group, Inc., Class A<sup>(a)(b)</sup> | 1273 |  | 83992 |
|  Zillow Group, Inc., Class C, NVS<sup>(a)</sup> | 3793 |  | 255383 |
|  |  |  | 963660 |
| **Residential REITs — 0.4%** |  |  |  |
|  American Homes 4 Rent, Class A | 5624 |  | 210281 |
|  AvalonBay Communities, Inc. | 2712 |  | 569466 |
|  Camden Property Trust | 2424 |  | 275851 |
|  Equity LifeStyle Properties, Inc. | 2904 |  | 188121 |
|  Equity Residential | 8911 |  | 626087 |
|  Essex Property Trust, Inc. | 1366 |  | 381319 |
|  Invitation Homes, Inc. | 12119 |  | 414349 |
|  Mid-America Apartment Communities, Inc. | 3210 |  | 512477 |

---

38 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Residential REITs (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** |
|  Sun Communities, Inc. | 2759 | $| 343302 |
|  UDR, Inc. | 7532 |  | 315440 |
|  |  |  | 3836693 |
| **Retail REITs — 0.4%** | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** |
|  Kimco Realty Corp. | 28075 |  | 560938 |
|  Realty Income Corp. | 22595 |  | 1307347 |
|  Regency Centers Corp. | 3695 |  | 266705 |
|  Simon Property Group, Inc. | 12868 |  | 2025166 |
|  |  |  | 4160156 |
| **Semiconductors & Semiconductor Equipment — 4.8%** | **Semiconductors & Semiconductor Equipment — 4.8%** | **Semiconductors & Semiconductor Equipment — 4.8%** | **Semiconductors & Semiconductor Equipment — 4.8%** |
|  Analog Devices, Inc. | 20822 |  | 4058624 |
|  Applied Materials, Inc. | 23384 |  | 3524203 |
|  Broadcom, Inc. | 66596 |  | 12817732 |
|  Intel Corp. | 181050 |  | 3639105 |
|  KLA Corp. | 2315 |  | 1626727 |
|  Lam Research Corp. | 30603 |  | 2193317 |
|  Microchip Technology, Inc. | 14718 |  | 678206 |
|  Micron Technology, Inc. | 46501 |  | 3578252 |
|  NXP Semiconductors NV | 10730 |  | 1977646 |
|  ON Semiconductor Corp.<sup>(a)</sup> | 12132 |  | 481640 |
|  QUALCOMM, Inc. | 46383 |  | 6886020 |
|  Skyworks Solutions, Inc. | 6685 |  | 429712 |
|  Texas Instruments, Inc. | 38253 |  | 6122393 |
|  |  |  | 48013577 |
| **Software — 0.9%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 7600 |  | 2849848 |
|  Gen Digital, Inc. | 10181 |  | 263382 |
|  MicroStrategy, Inc., Class A<sup>(a)(b)</sup> | 2870 |  | 1090916 |
|  Oracle Corp. | 26986 |  | 3797470 |
|  Zoom Communications, Inc., Class A<sup>(a)</sup> | 10140 |  | 786256 |
|  |  |  | 8787872 |
| **Specialized REITs — 1.4%** |  |  |  |
|  American Tower Corp. | 19559 |  | 4408794 |
|  Crown Castle, Inc. | 18177 |  | 1922400 |
|  Digital Realty Trust, Inc. | 6782 |  | 1088782 |
|  Equinix, Inc. | 1608 |  | 1384086 |
|  Extra Space Storage, Inc. | 5125 |  | 750915 |
|  Gaming & Leisure Properties, Inc. | 10888 |  | 521100 |
|  Iron Mountain, Inc. | 4923 |  | 441445 |
|  Public Storage | 3988 |  | 1198115 |
|  VICI Properties, Inc. | 44347 |  | 1419991 |
|  Weyerhaeuser Co. | 30725 |  | 796085 |
|  |  |  | 13931713 |
| **Specialty Retail — 2.9%** |  |  |  |
|  Best Buy Co., Inc. | 8181 |  | 545591 |
|  CarMax, Inc.<sup>(a)</sup> | 3688 |  | 238503 |
|  Dick's Sporting Goods, Inc. | 1515 |  | 284426 |
|  Home Depot, Inc. (The) | 41615 |  | 15001791 |
|  Lowe's Cos., Inc. | 23489 |  | 5251201 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 1613 |  | 2282718 |
|  TJX Cos., Inc. (The) | 27461 |  | 3533681 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Specialty Retail (continued)** |  |  |
|  Tractor Supply Co. | 10578 | $535458 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 1028 | 406718 |
|  Williams-Sonoma, Inc. | 2314 | 357444 |
|  |  | 28437531 |
| **Technology Hardware, Storage & Peripherals — 7.9%** | **Technology Hardware, Storage & Peripherals — 7.9%** | **Technology Hardware, Storage & Peripherals — 7.9%** |
|  Apple Inc. | 351166 | 74622775 |
|  Dell Technologies, Inc., Class C | 7816 | 717196 |
|  Hewlett Packard Enterprise Co. | 54929 | 890949 |
|  HP, Inc. | 39395 | 1007330 |
|  NetApp, Inc. | 4761 | 427300 |
|  Seagate Technology Holdings PLC | 8528 | 776304 |
|  Western Digital Corp.<sup>(a)</sup> | 14383 | 630838 |
|  |  | 79072692 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
|  NIKE, Inc., Class B | 48755 | 2749782 |
| **Tobacco — 1.5%** |  |  |
|  Altria Group, Inc. | 71132 | 4207458 |
|  Philip Morris International, Inc. | 65040 | 11145254 |
|  |  | 15352712 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
|  Ferguson Enterprises, Inc. | 3385 | 574299 |
|  United Rentals, Inc. | 877 | 553782 |
|  |  | 1128081 |
| **Water Utilities — 0.0%** |  |  |
|  American Water Works Co., Inc. | 3449 | 507037 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
|  T-Mobile U.S., Inc. | 11246 | 2777200 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $840,075,165)** |  | 992041259 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.3%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 4.46%<sup>(c)(d)(e)</sup> | 1594170 | 1594808 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 4.30%<sup>(c)(d)</sup> | 1189375 | 1189375 |
|  **Total Short-Term Securities — 0.3%<br>(Cost: $2,783,513)** |  | 2784183 |
|  **Total Investments — 100.1%<br>(Cost: $842,858,678)** |  | 994825442 |
|  **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (504809) |
|  **Net Assets — 100.0%** |  | $994320633 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025 | **iShares**<sup>®</sup> **Morningstar Value ETF** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in*<br> *Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>04/30/25* | *Shares<br>Held at<br>04/30/25* | *Income* | *Capital<br>Gain<br>Distributions<br>from Underlying*<br>*Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $3558842 | $— | $(1961647)<sup>(a)</sup> | $(2507) | $120 | $1594808 | 1594170 | $25200 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 1792039 |  | (602664)<sup>(a)</sup> |  |  | 1189375 | 1189375 | 100099 |  |
|  BlackRock, Inc. | 4490108 | 1270638 | (1063811) | 110685 | 769366 | 5576986 | 6100 | 117053 |  |
|  |  |  |  | $108178 | $769486 | $8361169 |  | $242352 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

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

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Russell 1000 Value Index | 21 | 06/20/25 | $1889 | $30413 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini S&P Communication Services Select Sector Index | 1 | 06/20/25 | 125 | 335 |
|  |  |  |  | $30748 |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $30748 | $— | $— | $— | $30748 |

---

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

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $72040 | $— | $— | $— | $72040 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $99478 | $— | $— | $— | $99478 |

---

40 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> April 30, 2025<br>| **iShares**<sup>®</sup> **Morningstar Value ETF** |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $2308104 |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $992041259 | $— | $— | $992041259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2784183 |  |  | 2784183 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994825442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994825442 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $30748 | $— | $— | $30748 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 41

------

Statements of Assets and Liabilities

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>Morningstar<br>Mid-Cap<br> Value ETF | iShares<br>Morningstar<br>Small-Cap ETF | iShares<br>Morningstar<br> U.S. Equity<br> ETF | iShares<br>Morningstar<br> Value ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $642469944 | $214056034 | $932695568 | $986464273 |
|  Investments, at value — affiliated<sup>(c)</sup> | 9698901 | 23095740 | 11636809 | 8361169 |
|  Cash | 16 | 611512 | 5 | 9 |
|  Cash pledged: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 45000 | 73000 | 199000 | 152000 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 1818 | 7476 | 1589 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 27764 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 327002 | 64488 | 509982 | 960885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 4414 | 1604 | 5805 | 8406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  | 1463 | 1532 |
|  Total assets | 652574859 | 237909957 | 945050221 | 995948744 |
|  **LIABILITIES** |  |  |  |  |
|  Collateral on securities loaned | 9136599 | 23092709 | 7206889 | 1596518 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 22962 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 29952 | 6663 | 22226 | 31593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 2420 | 4830 |  |  |
|  Total liabilities | 9168971 | 23127164 | 7229115 | 1628111 |
|  **Commitments and contingent liabilities** |  |  |  |  |
|  NET ASSETS | $643405888 | $214782793 | $937821106 | $994320633 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
|  Paid-in capital | $607616022 | $251480742 | $782438543 | $865343106 |
|  Accumulated earnings (loss) | 35789866 | (36697949) | 155382563 | 128977527 |
|  NET ASSETS | $643405888 | $214782793 | $937821106 | $994320633 |
|  **NET ASSET VALUE** |  |  |  |  |
|  Shares outstanding | 9000000 | 4050000 | 12200000 | 12600000 |
|  Net asset value | $71.49 | $53.03 | $76.87 | $78.91 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $&nbsp;&nbsp;&nbsp;&nbsp;581147984 | $&nbsp;&nbsp;&nbsp;&nbsp;216061375 | $&nbsp;&nbsp;&nbsp;&nbsp;698397313 | $&nbsp;&nbsp;&nbsp;&nbsp;835442893 |
|  <sup>(b) </sup>Securities loaned, at value | $8962156 | $22296932 | $7039977 | $1554476 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $9696804 | $23083917 | $10738257 | $7415785 |

---

*See notes to financial statements.* 

42 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Operations

Year Ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>Morningstar<br>Mid-Cap<br> Value ETF | iShares<br>Morningstar<br>Small-Cap ETF | iShares<br>Morningstar<br> U.S. Equity<br> ETF | iShares<br>Morningstar<br> Value ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $15316332 | $3117809 | $13425864 | $19936091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 61880 | 20989 | 158212 | 217152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 299 | 1805 | 110 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 78095 | 135617 | 25371 | 25200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (2870) | (2432) | (3220) | (5501) |
|  Total investment income | 15453736 | 3273788 | 13606337 | 20173137 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 380139 | 90177 | 312971 | 392497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 13 | 12 | 11 | 13 |
|  Total expenses | 380152 | 90189 | 312982 | 392510 |
|  Net investment income | 15073584 | 3183599 | 13293355 | 19780627 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 7242532 | 3354837 | (6343444) | 14747108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (2416) | 2059 | (4506) | (4002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (110708) | (49638) | 118377 | 72040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 837 |  | 131 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | 28353876 | 2315646 | 106482661 | 49711167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup> |  |  | 367582 | 112180 |
|  | 35484121 | 5622904 | 100620801 | 64638775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (17467521) | (2441037) | 7632011 | (4231283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 195 | 1717 | 145679 | 769486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 15398 | 9922 | 71514 | 99478 |
|  | (17451928) | (2429398) | 7849204 | (3362319) |
|  Net realized and unrealized gain | 18032193 | 3193506 | 108470005 | 61276456 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $33105777 | $&nbsp;&nbsp;&nbsp;&nbsp;6377105 | $121763360 | $81057083 |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

S T A T E M E N T S O F O P E R A T I O N S 43

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Small-Cap<br>ETF | iShares Morningstar Small-Cap<br>ETF |
|  | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $15073584 | $13707749 | $3183599 | $3211707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 35484121 | 10542114 | 5622904 | (1938408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (17451928) | 54941671 | (2429398) | 26548706 |
|  Net increase in net assets resulting from operations | 33105777 | 79191534 | 6377105 | 27822005 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (15757832) | (12832610) | (3073951) | (3167971) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 27828236 | 15655924 | 1712963 | (15146663) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 45176181 | 82014848 | 5016117 | 9507371 |
|  Beginning of year | 598229707 | 516214859 | 209766676 | 200259305 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643405888 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598229707 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214782793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209766676 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

44 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF |
|  | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $13293355 | $11908937 | $19780627 | $19693884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 100620801 | 7933565 | 64638775 | 23464815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7849204 | 148864579 | (3362319) | 85765443 |
|  Net increase in net assets resulting from operations | 121763360 | 168707081 | 81057083 | 128924142 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (13415529) | (11860921) | (19972638) | (19636858) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (28336126) | (47182146) | 37008330 | 4566393 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 80011705 | 109664014 | 98092775 | 113853677 |
|  Beginning of year | 857809401 | 748145387 | 896227858 | 782374181 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937821106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857809401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994320633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896227858 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 45

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF |
|  | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/23 | Year Ended<br>04/30/22 | Year Ended<br> 04/30/21<br><sup>(a)</sup>  |
|  **Net asset value, beginning of year** | $69.56 | $62.19 | $65.46 | $64.01 | $40.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.76 | 1.62 | 1.53 | 1.24 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | 2.03 | 7.26 | (3.29) | 1.50 | 23.92 |
|  Net increase (decrease) from investment operations | 3.79 | 8.88 | (1.76) | 2.74 | 25.06 |
|  Distributions from net investment income<sup>(d)</sup> | (1.86) | (1.51) | (1.51) | (1.29) | (1.18) |
|  **Net asset value, end of year** | $71.49 | $69.56 | $62.19 | $65.46 | $64.01 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |
|  Based on net asset value | 5.39% | 14.49% | (2.60)% | 4.28% | 63.45% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.06% | 0.06% | 0.06% | 0.06% | 0.27% |
|  Net investment income | 2.38% | 2.50% | 2.44% | 1.88% | 2.32% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $643406 | $598230 | $516215 | $497491 | $457694 |
|  Portfolio turnover rate<sup>(g)</sup> | 31% | 43% | 37% | 42% | 95% |

---

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

<sup>(b)</sup> Based on average shares outstanding.

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

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

46 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF |
|  | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/23 | Year Ended<br>04/30/22 | Year Ended<br>04/30/21<br><sup>(a)</sup> |
|  **Net asset value, beginning of year** | $52.44 | $46.57 | $48.77 | $58.27 | $35.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.81 | 0.77 | 0.79 | 0.72 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.56 | 5.86 | (2.20) | (9.50) | 22.71 |
|  Net increase (decrease) from investment operations | 1.37 | 6.63 | (1.41) | (8.78) | 23.27 |
|  Distributions from net investment income<sup>(d)</sup> | (0.78) | (0.76) | (0.79) | (0.72) | (0.60) |
|  **Net asset value, end of year** | $53.03 | $52.44 | $46.57 | $48.77 | $58.27 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |
|  Based on net asset value | 2.51% | 14.32% | (2.85)% | (15.22)% | 65.95% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.04% | 0.04% | 0.04% | 0.04% | 0.22% |
|  Net investment income | 1.41% | 1.54% | 1.67% | 1.28% | 1.24% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $214783 | $209767 | $200259 | $199971 | $241801 |
|  Portfolio turnover rate<sup>(g)</sup> | 25% | 28% | 28% | 41% | 175% |

---

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

<sup>(b)</sup> Based on average shares outstanding.

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

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF |
|  | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/23 | Year Ended<br>04/30/22 | Year Ended<br>04/30/21<br><sup>(a)</sup> |
|  **Net asset value, beginning of year** | $69.46 | $57.11 | $57.06 | $59.02 | $40.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.00 | 0.94 | 0.90 | 0.79 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | 7.41 | 12.35 | 0.04 | (1.95) | 18.21 |
|  Net increase (decrease) from investment operations | 8.41 | 13.29 | 0.94 | (1.16) | 18.87 |
|  Distributions from net investment income<sup>(d)</sup> | (1.00) | (0.94) | (0.89) | (0.80) | (0.65) |
|  **Net asset value, end of year** | $76.87 | $69.46 | $57.11 | $57.06 | $59.02 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |
|  Based on net asset value | 12.08% | 23.44% | 1.77% | (2.08)% | 46.58% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.03% | 0.03% | 0.03% | 0.03% | 0.18% |
|  Net investment income | 1.27% | 1.48% | 1.65% | 1.27% | 1.32% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $937821 | $857809 | $748145 | $790314 | $891187 |
|  Portfolio turnover rate<sup>(g)</sup> | 4% | 5% | 4% | 6% | 131% |

---

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

<sup>(b)</sup> Based on average shares outstanding.

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

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

48 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Morningstar Value ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF |
|  | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/23 | Year Ended<br>04/30/22 | Year Ended<br>04/30/21<br><sup>(a)</sup> |
|  **Net asset value, beginning of year** | $73.76 | $64.93 | $64.89 | $63.68 | $48.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.62 | 1.61 | 1.54 | 1.38 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(c)</sup> | 5.18 | 8.81 | 0.00 <sup>(d)</sup> | 1.20 | 15.58 |
|  Net increase from investment operations | 6.80 | 10.42 | 1.54 | 2.58 | 17.13 |
|  Distributions from net investment income<sup>(e)</sup> | (1.65) | (1.59) | (1.50) | (1.37) | (1.57) |
|  **Net asset value, end of year** | $78.91 | $73.76 | $64.93 | $64.89 | $63.68 |
|  **Total Return<sup>(f)</sup>** |  |  |  |  |  |
|  Based on net asset value | 9.20% | 16.27% | 2.53% | 4.02% | 36.36% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |
|  Total expenses | 0.04% | 0.04% | 0.04% | 0.04% | 0.22% |
|  Net investment income | 2.02% | 2.34% | 2.43% | 2.08% | 2.88% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $994321 | $896228 | $782374 | $788443 | $687758 |
|  Portfolio turnover rate<sup>(h)</sup> | 22% | 22% | 27% | 21% | 112% |

---

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

<sup>(b)</sup> Based on average shares outstanding.

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

<sup>(d)</sup> Amount is less than $0.005 per share. 

<sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(f)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 49

------

Notes to Financial Statements

*1. ORGANIZATION* 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification*<br> *Classification* |
|  Morningstar Mid-Cap Value | Diversified |
|  Morningstar Small-Cap | Diversified |
|  Morningstar U.S. Equity | Diversified |
|  Morningstar Value | Diversified |

---

*2. SIGNIFICANT ACCOUNTING POLICIES* 

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

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

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign 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 "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2025, 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.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**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.

50 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

**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.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

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

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

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

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

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

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

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 51

------

Notes to Financial Statements (continued)

**4.**  ***SECURITIES AND OTHER INVESTMENTS*** 

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities<br>Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net<br>Amount<sup>(b)</sup>* |
|  Morningstar Mid-Cap Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $1508443 | $(1508443) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 2660392 | (2660392) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 2247771 | (2247771) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 1130652 | (1130652) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 712575 | (712575) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 677767 | (677767) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 24556 | (24556) |  |  |
|  | $8962156 | $(8962156) | $— | $— |
|  Morningstar Small-Cap |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $1168745 | $(1168745) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 206193 | (206193) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 4742 | (4742) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1519355 | (1519355) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 2275065 | (2275065) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 485074 | (485074) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 3455240 | (3455240) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 3921358 | (3921358) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 596406 | (596406) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 2083283 | (2083283) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 43090 | (43090) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 3094709 | (3094709) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 523805 | (523805) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA | 2004 | (2004) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 2916 | (2916) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 134179 | (134179) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 4054 | (4054) |  |  |

---

52 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities<br>Loaned at Value* | *Cash<br>Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net<br>Amount<sup>(b)</sup>* |
|  Morningstar Small-Cap (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | $71566 | $(71566) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 55258 | (55258) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 570038 | (570038) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 245218 | (245218) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Americas LLC | 214164 | (214164) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 1293958 | (1293958) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 326512 | (326512) |  |  |
|  | $22296932 | $(22296932) | $— | $— |
|  Morningstar U.S. Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $146092 | $(146092) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 292973 | (292973) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 361928 | (361928) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 438880 | (438880) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 452861 | (452861) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 2135059 | (2131074) |  | 3985 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 1643351 | (1643351) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital, Inc. | 121512 | (120267) |  | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 462 | (462) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 1382347 | (1382347) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 64512 | (63900) |  | 612 |
|  | $7039977 | $(7034135) | $— | $5842 |
|  Morningstar Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $3299 | $(3299) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 485541 | (485541) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 63323 | (63323) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 750554 | (750554) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 54728 | (54683) |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 197031 | (197031) |  |  |
|  | $1554476 | $(1554431) | $— | $45 |

---

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

<sup>(b)</sup> The market value of the loaned securities is determined as of April 30, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

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

**5.**  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 53

------

Notes to Financial Statements (continued)

value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**6.**  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Morningstar Mid-Cap Value | 0.06% |
|  Morningstar Small-Cap | 0.04 |
|  Morningstar U.S. Equity | 0.03 |
|  Morningstar Value | 0.04 |

---

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

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("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. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the 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 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 84% 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.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

54 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended April 30, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF*<br>| *Amounts* |
|  Morningstar Mid-Cap Value | $21716 |
|  Morningstar Small-Cap | 40476 |
|  Morningstar U.S. Equity | 8494 |
|  Morningstar Value | 7098 |

---

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

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

For the year ended April 30, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  Morningstar Mid-Cap Value | $129689016 | $110430078 | $&nbsp;&nbsp;&nbsp;&nbsp;4153679 |
|  Morningstar Small-Cap | 27706941 | 26211840 | 5181434 |
|  Morningstar U.S. Equity | 15686065 | 12824898 | (3687816) |
|  Morningstar Value | 156933965 | 131934537 | 13594575 |

---

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

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

**7.**  ***PURCHASES AND SALES*** 

For the year ended April 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF*<br>| *Purchases* | *Sales* |
|  Morningstar Mid-Cap Value | $197684369 | $196473858 |
|  Morningstar Small-Cap | 56084257 | 55932110 |
|  Morningstar U.S. Equity | 38963005 | 39636973 |
|  Morningstar Value | 212955865 | 214055075 |

---

For the year ended April 30, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF*<br>| *In-kind<br>Purchases* | *In-kind*<br> *Sales* |
|  Morningstar Mid-Cap Value | $117160166 | $&nbsp;&nbsp;&nbsp;&nbsp;90626539 |
|  Morningstar Small-Cap | 10135570 | 8941325 |
|  Morningstar U.S. Equity | 211495536 | 240030415 |
|  Morningstar Value | 166333065 | 127635031 |

---

**8.**  ***INCOME TAX INFORMATION*** 

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2025, 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. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

N O T E S T O F I N A N C I A L S T A T E M E N T S 55

------

Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF*<br>| *Paid-in capital* | *Accumulated earnings (loss)* |
|  Morningstar Mid-Cap Value | $28336136 | $(28336136) |
|  Morningstar Small-Cap | 2288406 | (2288406) |
|  Morningstar U.S. Equity | 106806345 | (106806345) |
|  Morningstar Value | 49787677 | (49787677) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF*<br>| *Year Ended<br>04/30/25* | *Year Ended<br>04/30/24* |
|  Morningstar Mid-Cap Value<br>Ordinary income | $15757832 | $12832610 |
|  Morningstar Small-Cap<br>Ordinary income | $3073951 | $3167971 |
|  Morningstar U.S. Equity<br>Ordinary income | $13415529 | $11860921 |
|  Morningstar Value<br>Ordinary income | $19972638 | $19636858 |

---

As of April 30, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF*<br>| *Undistributed*<br> *Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Total* |
|  Morningstar Mid-Cap Value | $692041 | $(24558579) | $59656404 | $&nbsp;&nbsp;&nbsp;&nbsp;35789866 |
|  Morningstar Small-Cap | 442520 | (33851271) | (3289198) | (36697949) |
|  Morningstar U.S. Equity | 978340 | (79790332) | 234194555 | 155382563 |
|  Morningstar Value | 1836061 | (23259843) | 150401309 | 128977527 |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the realization for tax purposes of unrealized gains (losses) on certain futures contracts and undistributed capital gains from underlying REIT investments. 

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as "passive foreign investment companies." Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

For the year ended April 30, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF*<br>| *Utilized* |
|  Morningstar Mid-Cap Value | $7400225 |
|  Morningstar Small-Cap | 3447469 |
|  Morningstar Value | 14884213 |

---

As of April 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF*<br>| *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Morningstar Mid-Cap Value | $592503396 | $103787255 | $(44121806) | $59665449 |
|  Morningstar Small-Cap | 240440972 | 41323586 | (44612784) | (3289198) |
|  Morningstar U.S. Equity | 710136321 | 284363477 | (50167421) | 234196056 |
|  Morningstar Value | 844421067 | 197263825 | (46859450) | 150404375 |

---

**9.**  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each 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;

56 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

(iii) regulation, taxation, tariffs 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 an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 mandatory and discretionary liquidity fees under certain circumstances.

**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. Each Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**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.

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

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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 57

------

Notes to Financial Statements (continued)

*10. CAPITAL SHARE TRANSACTIONS* 

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>04/30/25 | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Morningstar Mid-Cap Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1650000 | $118585540 | 850000 | $52070944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1250000) | (90757304) | (550000) | (36415020) |
|  | 400000 | $27828236 | 300000 | $15655924 |
|  Morningstar Small-Cap |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 200000 | $10521406 | 50000 | $2623248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (150000) | (8808443) | (350000) | (17769911) |
|  | 50000 | $1712963 | (300000) | $(15146663) |
|  Morningstar U.S. Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2750000 | $212119848 | 100000 | $6276740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2900000) | (240455974) | (850000) | (53458886) |
|  | (150000) | $(28336126) | (750000) | $(47182146) |
|  Morningstar Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2100000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167239190 | 950000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62582240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1650000) | (130230860) | (850000) | (58015847) |
|  | 450000 | $37008330 | 100000 | $4566393 |

---

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. Authorized Participants 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. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Fund's custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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

*11. SUBSEQUENT EVENTS* 

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

58 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of each of the four funds listed in the table below

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025 and each of the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

<br> <u> iShares Morningstar Mid-Cap Value ETF iShares Morningstar Small-Cap ETF iShares Morningstar U.S. Equity ETF iShares Morningstar Value ETF</u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 24, 2025

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

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 59

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend<br>Income* |
|  Morningstar Mid-Cap Value | $13431807 |
|  Morningstar Small-Cap | 2416447 |
|  Morningstar U.S. Equity | 12839638 |
|  Morningstar Value | 19233333 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business<br>Income* |
|  Morningstar Mid-Cap Value | $1759809 |
|  Morningstar Small-Cap | 653048 |
|  Morningstar U.S. Equity | 631739 |
|  Morningstar Value | 804740 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received<br>Deduction* |
|  Morningstar Mid-Cap Value | 82.97% |
|  Morningstar Small-Cap | 73.48 |
|  Morningstar U.S. Equity | 92.52 |
|  Morningstar Value | 92.96 |

---

60 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Additional Information

#### Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com.**

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

To enroll in electronic delivery:

• Go to **icsdelivery.com.** 

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

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

#### Availability of Portfolio Holdings Information
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, when available, at **iShares.com.**

A D D I T I O N A L I N F O R M A T I O N 61

------

Glossary of Terms Used in these Financial Statements

---

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

---

62 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

### Want to know more?
**iShares.com** \| 1-800-474-2737

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

#### Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

---

| | |
|:---|:---|
| ![LOGO](g11791g73l08.jpg)  | ![LOGO](g11791g80j58.jpg) |

---

------

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

#### 4

------

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

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

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item2)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached.](d11791dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached.](d11791dex99906cert.htm)

#### 5

------

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

iShares Trust

---

| | |
|:---|:---|
| By: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: June 24, 2025

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

---

| | |
|:---|:---|
| By: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: June 24, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of |
|  | iShares Trust |

---

Date: June 24, 2025

#### 6

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Jessica Tan, President (principal executive officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following nine series: iShares Core Dividend ETF, iShares Core Dividend Growth ETF, iShares Core High Dividend ETF, iShares Core U.S. REIT ETF, iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar U.S. Equity ETF, iShares Morningstar Value ETF and iShares Select Dividend ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 24, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares Trust

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Treasurer and Chief Financial Officer (principal financial officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following nine series: iShares Core Dividend ETF, iShares Core Dividend Growth ETF, iShares Core High Dividend ETF, iShares Core U.S. REIT ETF, iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar U.S. Equity ETF, iShares Morningstar Value ETF and iShares Select Dividend ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 24, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust, (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 24, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust, (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 24, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**