# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-26-257130
**Filing Date:** 2026-6
**Character Count:** 1787165
**Document Hash:** 08ed4205a698b1acdd8d2b564314fbe3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-257130.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001193125-26-257130

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**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:** 261064472

**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 S&P 100 ETF (Series ID: S000004306)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000012036 | iShares S&P 100 ETF | OEF             |

### iShares Core S&P Mid-Cap ETF (Series ID: S000004307)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000012037 | iShares Core S&P Mid-Cap ETF | IJH             |

### iShares S&P 500 Growth ETF (Series ID: S000004311)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000012041 | iShares S&P 500 Growth ETF | IVW             |

### iShares S&P 500 Value ETF (Series ID: S000004312)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000012042 | iShares S&P 500 Value ETF | IVE             |

### iShares Core S&P Small-Cap ETF (Series ID: S000004313)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000012043 | iShares Core S&P Small-Cap ETF | IJR             |

### iShares S&P Small-Cap 600 Value ETF (Series ID: S000004316)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000012046 | iShares S&P Small-Cap 600 Value ETF | IJS             |

### iShares Russell Mid-Cap Value ETF (Series ID: S000004335)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000012065 | iShares Russell Mid-Cap Value ETF | IWS             |

### iShares Core S&P U.S. Value ETF (Series ID: S000004339)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000012069 | iShares Core S&P U.S. Value ETF | IUSV            |

### iShares Core S&P U.S. Growth ETF (Series ID: S000004340)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000012070 | iShares Core S&P U.S. Growth ETF | IUSG            |

### iShares Russell 3000 ETF (Series ID: S000004341)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000012071 | iShares Russell 3000 ETF | IWV             |

### iShares Preferred and Income Securities ETF (Series ID: S000013499)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000036528 | iShares Preferred and Income Securities ETF | PFF             |

### iShares Residential and Multisector Real Estate ETF (Series ID: S000015623)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000042584 | iShares Residential and Multisector Real Estate ETF | REZ             |

### iShares Mortgage Real Estate ETF (Series ID: S000015626)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000042587 | iShares Mortgage Real Estate ETF | REM             |

### iShares Russell Top 200 Growth ETF (Series ID: S000026552)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000079751 | iShares Russell Top 200 Growth ETF | IWY             |

### iShares Russell Top 200 ETF (Series ID: S000026553)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000079752 | iShares Russell Top 200 ETF | IWL             |

### iShares Russell Top 200 Value ETF (Series ID: S000026554)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000079753 | iShares Russell Top 200 Value ETF | IWX             |

### iShares MSCI USA Quality GARP ETF (Series ID: S000066849)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000215209 | iShares MSCI USA Quality GARP ETF | GARP            |

### iShares ESG Select Screened S&P 500 ETF (Series ID: S000069532)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000221870 | iShares ESG Select Screened S&P 500 ETF | XVV             |

### iShares ESG Select Screened S&P Mid-Cap ETF (Series ID: S000069533)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000221871 | iShares ESG Select Screened S&P Mid-Cap ETF | XJH             |

### iShares ESG Select Screened S&P Small-Cap ETF (Series ID: S000069536)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000221874 | iShares ESG Select Screened S&P Small-Cap ETF | XJR             |

?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:

#### 03/31/2026
Date of reporting period:

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](g341043images_30959.jpg)

### iShares Mortgage Real Estate ETF

### REM \| Cboe BZX Exchange

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares Mortgage Real Estate ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 Mortgage Real Estate ETF | $49 | 0.48% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 4.66%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 18.09% and the FTSE Nareit All Mortgage Capped Index returned 5.40%. 

What contributed to performance?

While inflation remained elevated, worries over labor market softness led the Federal Reserve ("Fed") to lower short-term borrowing costs three times for a total of 75 basis points in the second half of 2025. During the reporting period, agency mortgage REIT holdings contributed to the Fund's return, as lower short-term funding costs, modestly improving mortgage spreads, and continued demand for high dividend income supported share prices of agency-focused REITs.

What detracted from performance?

The mortgage market remained challenged during the reporting period, as persistent inflation and elevated longer-term Treasury yields kept borrowing costs high despite the Fed's three rate cuts. While lower short-term rates provided some relief, commercial real estate fundamentals remained under pressure from tighter credit conditions and refinancing risk. The Fund's commercial mortgage REIT holdings detracted from performance, as concerns over multifamily and transitional property loans weighed on investor sentiment and increased expectations for loan losses.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11648928.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 4.66% | (1.18)% | 3.23% |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |
| FTSE Nareit All Mortgage Capped Index | 5.40 | (0.63) | 3.88 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$545352077 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2853956 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

**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 March 31, 2026)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Mortgage REITs | 100.0% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Annaly Capital Management, Inc. | 22.2% |
| AGNC Investment Corp. | 14.5% |
| Starwood Property Trust, Inc. | 7.8% |
| Blackstone Mortgage Trust, Inc., Class A | 4.7% |
| Rithm Capital Corp. | 4.6% |
| Dynex Capital, Inc. | 4.5% |
| ARMOUR Residential REIT, Inc. | 4.2% |
| Arbor Realty Trust, Inc. | 3.3% |
| Apollo Commercial Real Estate Finance, Inc. | 3.3% |
| Ellington Financial, Inc. | 3.2% |

---

<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 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.©2026 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](g341043images_30957.jpg)

iShares Mortgage Real Estate ETF

Annual Shareholder Report — March 31, 2026

REM-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares Residential and Multisector Real Estate ETF

### REZ \| NYSE Arca

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares Residential and Multisector Real Estate ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 Residential and Multisector Real Estate ETF | $48 | 0.48% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned (1.47)%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 18.09% and the FTSE Nareit All Residential Capped Index returned (0.99)%. 

What contributed to performance?

While inflation remained elevated, worries over labor market softness led the Federal Reserve ("Fed") to lower short-term borrowing costs three times for a total of 75 basis points in the second half of 2025. During the reporting period, healthcare REIT holdings contributed to the Fund's return, driven by positive demographic tailwinds which supported robust demand for senior housing.

What detracted from performance?

Residential REIT holdings detracted from the Fund's return during the reporting period. Although the Federal Reserve cut rates during the reporting period, borrowing costs remained elevated amid persistent inflation, which weighed on valuations for multi-family residential REITs. Fundamentals were further pressured by a wave of new supply that outpaced demand in several markets, pushing vacancy rates higher and constraining rent growth and landlord pricing power. Single family residential REIT holdings also detracted, as slowing rent growth, regulatory uncertainty, and elevated financing costs constrained earnings and weighed on valuations.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11648973.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (1.47)% | 4.99% | 5.54% |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |
| FTSE Nareit All Residential Capped Index | (0.99) | 5.48 | 6.00 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$785973550 |
| Number of Portfolio Holdings | &nbsp;&nbsp;40 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3826257 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

**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 March 31, 2026)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Health Care REITs | 47.7% |
| Residential REITs | 35.1% |
| Specialized REITs | 17.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Welltower, Inc. | 23.3% |
| Public Storage | 8.6% |
| Ventas, Inc. | 7.7% |
| Extra Space Storage, Inc. | 5.6% |
| Equity Residential | 4.6% |
| AvalonBay Communities, Inc. | 4.4% |
| Sun Communities, Inc. | 3.6% |
| Essex Property Trust, Inc. | 3.6% |
| Invitation Homes, Inc. | 3.6% |
| Mid-America Apartment Communities, Inc. | 3.4% |

---

<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 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.©2026 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](g341043images_30957.jpg)

iShares Residential and Multisector Real Estate ETF

Annual Shareholder Report — March 31, 2026

REZ-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares ESG Select Screened S&P 500 ETF

### XVV \| Cboe BZX Exchange

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares ESG Select Screened S&P 500 ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 ESG Select Screened S&P 500 ETF | $9 | 0.08% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 16.47%. 

* For the same period, the S&P Total Market Index returned 18.14% and the S&P 500 Sustainability Screened Index<sup>®</sup> returned 16.56%. 

What contributed to performance?

U.S. equities advanced during the reporting period, supported by resilient economic growth and sustained investor enthusiasm for artificial intelligence ("AI") related companies. However, volatility resurfaced later in the period as renewed geopolitical tensions in the Middle East increased investor uncertainty and contributed to higher energy prices. Stocks in the U.S. information technology sector were the largest contributors to the Fund's return, particularly semiconductor stocks, driven by robust demand for AI, cloud computing, and data center infrastructure. An interactive media and services company in the communication sector benefited from accelerating ad revenue growth, aided by AI-driven search expansion, alongside expanding cloud services. The industrials sector advanced due to commercial aircraft upgrades, infrastructure spending, and record U.S. defense budgets amid geopolitical tensions.

What detracted from performance?

During the reporting period, software and services stocks detracted from the Fund's return, amid growing investor concerns over AI tools disrupting the revenue streams of traditional software models.

*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: September 22, 2020 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649198.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 | 16.47% | 11.56% | 14.16% |
| S&P Total Market Index | 18.14 | 10.76 | 14.04 |
| S&P 500 Sustainability Screened Index<sup>®</sup> | 16.56 | 11.65 | 14.26 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$596406914 |
| Number of Portfolio Holdings | &nbsp;&nbsp;444 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$392506 |
| Portfolio Turnover Rate | &nbsp;&nbsp;4% |

---

The inception date of the Fund was September 22, 2020.

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 35.3% |
| Financials | 14.1% |
| Communication Services | 11.5% |
| Consumer Discretionary | 11.0% |
| Health Care | 9.4% |
| Industrials | 7.4% |
| Consumer Staples | 4.0% |
| Materials | 2.3% |
| Real Estate | 2.2% |
| Utilities | 1.5% |
| Energy | 1.3% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| NVIDIA Corp. | 8.5% |
| Apple Inc. | 7.5% |
| Microsoft Corp. | 5.5% |
| Amazon.com, Inc. | 4.1% |
| Alphabet, Inc., Class A | 3.4% |
| Broadcom, Inc. | 3.0% |
| Alphabet, Inc., Class C, NVS | 2.7% |
| Meta Platforms, Inc., Class A | 2.5% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 1.8% |

---

<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 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.©2026 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](g341043images_30957.jpg)

iShares ESG Select Screened S&P 500 ETF

Annual Shareholder Report — March 31, 2026

XVV-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares ESG Select Screened S&P Mid-Cap ETF

### XJH \| Cboe BZX Exchange

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares ESG Select Screened S&P Mid-Cap ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 ESG Select Screened S&P Mid-Cap ETF | $13 | 0.12% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 17.62%. 

* For the same period, the S&P Total Market Index returned 18.14% and the S&P MidCap 400 Sustainability Screened Index<sup>®</sup> returned 17.73%. 

What contributed to performance?

U.S. equities advanced during the reporting period, supported by resilient economic growth and sustained investor enthusiasm for artificial intelligence ("AI") related companies. However, volatility resurfaced later in the period as renewed geopolitical tensions in the Middle East increased investor uncertainty and contributed to higher energy prices. Companies in the industrials sector were the largest contributors to the Fund's return. The industrials sector advanced due to commercial aircraft upgrades, infrastructure spending, and record U.S. defense budgets amid geopolitical tensions. Technology hardware and equipment companies in the information technology sector were supported by demand for networking equipment and optical components needed for AI infrastructure and cloud workloads. Elevated oil prices amid geopolitical risks drove energy names higher.

What detracted from performance?

During the reporting period, software and services stocks detracted from the Fund's return, amid growing investor concerns over AI tools disrupting the revenue streams of traditional software models.

*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: September 22, 2020 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649243.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 | 17.62% | 6.17% | 12.67% |
| S&P Total Market Index | 18.14 | 10.76 | 14.04 |
| S&P MidCap 400 Sustainability Screened Index<sup>®</sup> | 17.73 | 6.30 | 12.83 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$346608830 |
| Number of Portfolio Holdings | &nbsp;&nbsp;362 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$372695 |
| Portfolio Turnover Rate | &nbsp;&nbsp;20% |

---

The inception date of the Fund was September 22, 2020.

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Industrials | 25.6% |
| Financials | 15.3% |
| Information Technology | 13.3% |
| Consumer Discretionary | 11.8% |
| Health Care | 10.0% |
| Real Estate | 7.4% |
| Materials | 6.1% |
| Consumer Staples | 4.7% |
| Energy | 2.9% |
| Utilities | 1.7% |
| Communication Services | 1.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| TechnipFMC PLC | 1.0% |
| Casey's General Stores, Inc. | 1.0% |
| United Therapeutics Corp. | 0.9% |
| Curtiss-Wright Corp. | 0.9% |
| Flex Ltd. | 0.8% |
| XPO, Inc. | 0.8% |
| Woodward, Inc. | 0.8% |
| Royal Gold, Inc. | 0.7% |
| U.S. Foods Holding Corp. | 0.7% |
| Burlington Stores, Inc. | 0.7% |

---

<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 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.©2026 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](g341043images_30957.jpg)

iShares ESG Select Screened S&P Mid-Cap ETF

Annual Shareholder Report — March 31, 2026

XJH-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares ESG Select Screened S&P Small-Cap ETF

### XJR \| Cboe BZX Exchange

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares ESG Select Screened S&P Small-Cap ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 ESG Select Screened S&P Small-Cap ETF | $13 | 0.12% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 17.22%. 

* For the same period, the S&P Total Market Index returned 18.14% and the S&P SmallCap 600 Sustainability Screened Index<sup>®</sup> returned 17.35%. 

What contributed to performance?

U.S. equities advanced during the reporting period, supported by resilient economic growth and sustained investor enthusiasm for artificial intelligence ("AI") related companies. However, volatility resurfaced later in the period as renewed geopolitical tensions in the Middle East increased investor uncertainty and contributed to higher energy prices. Companies in the industrials sector were the largest contributors to the Fund's return. The industrials sector advanced due to commercial aircraft upgrades, infrastructure spending, and record U.S. defense budgets amid geopolitical tensions. Stocks in the U.S. information technology sector benefited from robust demand for AI, cloud computing, and data center infrastructure. In the financials sector, regional banks were supported by loan growth, improved credit quality, and an improved interest rate environment.

What detracted from performance?

During the reporting period there were no significant detractors from the Fund's performance.

*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: September 22, 2020 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649288.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 | 17.22% | 3.84% | 12.05% |
| S&P Total Market Index | 18.14 | 10.76 | 14.04 |
| S&P SmallCap 600 Sustainability Screened Index<sup>®</sup> | 17.35 | 3.99 | 12.34 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$121903614 |
| Number of Portfolio Holdings | &nbsp;&nbsp;603 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$124995 |
| Portfolio Turnover Rate | &nbsp;&nbsp;27% |

---

The inception date of the Fund was September 22, 2020.

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 19.1% |
| Industrials | 17.7% |
| Consumer Discretionary | 14.7% |
| Information Technology | 14.1% |
| Health Care | 11.3% |
| Real Estate | 6.7% |
| Materials | 4.7% |
| Energy | 3.9% |
| Communication Services | 3.0% |
| Consumer Staples | 2.6% |
| Utilities | 2.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Element Solutions, Inc. | 0.6% |
| Primoris Services Corp. | 0.6% |
| Viavi Solutions, Inc. | 0.6% |
| FormFactor, Inc. | 0.6% |
| LKQ Corp. | 0.6% |
| ESCO Technologies, Inc. | 0.6% |
| Celanese Corp., Class A | 0.6% |
| Semtech Corp. | 0.5% |
| Armstrong World Industries, Inc. | 0.5% |
| Sanmina Corp. | 0.5% |

---

<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 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.©2026 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](g341043images_30957.jpg)

iShares ESG Select Screened S&P Small-Cap ETF

Annual Shareholder Report — March 31, 2026

XJR-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares S&P 100 ETF

### OEF \| NYSE Arca

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares S&P 100 ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 S&P 100 ETF | $22 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 18.67%. 

* For the same period, the S&P Total Market Index returned 18.14% and the S&P 100<sup>®</sup> returned 18.91%. 

What contributed to performance?

U.S. equities advanced during the reporting period, supported by resilient economic growth and sustained investor enthusiasm for large-cap technology and artificial intelligence ("AI") related names. However, volatility resurfaced later in the period amid renewed geopolitical tensions in the Middle East. Stocks in the U.S. information technology sector were the largest contributors to the Fund's return, particularly semiconductor stocks, driven by robust demand for AI, cloud computing, and data center infrastructure. An interactive media and services company in the communication sector benefited from accelerating ad revenue growth, aided by AI-driven search expansion, alongside expanding cloud services fueled by surging enterprise AI demand. Additionally, the industrials sector contributed, driven by U.S. reshoring efforts, infrastructure spending, and robust aerospace and defense demand, heightened by geopolitical tensions.

What detracted from performance?

During the reporting period, there were no significant detractors from the Fund's return.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649648.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 18.67% | 13.41% | 15.06% |
| S&P Total Market Index | 18.14 | 10.76 | 13.65 |
| S&P 100<sup>®</sup> | 18.91 | 13.64 | 15.29 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17777668397 |
| Number of Portfolio Holdings | &nbsp;&nbsp;103 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$47802574 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 38.9% |
| Communication Services | 13.5% |
| Financials | 11.3% |
| Consumer Discretionary | 10.2% |
| Health Care | 9.3% |
| Industrials | 5.9% |
| Consumer Staples | 5.8% |
| Energy | 3.1% |
| Utilities | 1.0% |
| Materials | 0.6% |
| Real Estate | 0.4% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| NVIDIA Corp. | 10.5% |
| Apple Inc. | 9.2% |
| Microsoft Corp. | 6.8% |
| Amazon.com, Inc. | 5.0% |
| Alphabet, Inc., Class A | 4.2% |
| Broadcom, Inc. | 3.6% |
| Alphabet, Inc., Class C, NVS | 3.3% |
| Meta Platforms, Inc., Class A | 3.1% |
| Tesla, Inc. | 2.6% |
| Berkshire Hathaway, Inc., Class B | 2.2% |

---

<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 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.©2026 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](g341043images_30957.jpg)

iShares S&P 100 ETF

Annual Shareholder Report — March 31, 2026

OEF-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares S&P 500 Growth ETF

### IVW \| NYSE Arca

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares S&P 500 Growth ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 S&P 500 Growth ETF | $20 | 0.18% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 22.44%. 

* For the same period, the S&P Total Market Index returned 18.14% and the S&P 500 Growth Index<sup>™</sup> returned 22.67%. 

What contributed to performance?

U.S. equities advanced during the reporting period, supported by resilient economic growth and sustained investor enthusiasm for large-cap technology and artificial intelligence ("AI") related names. However, volatility resurfaced later in the period amid renewed geopolitical tensions in the Middle East. Stocks in the U.S. information technology sector were the largest contributors to the Fund's return, particularly semiconductor stocks, driven by robust demand for AI, cloud computing, and data center infrastructure. An interactive media and services company in the communication sector benefited from accelerating ad revenue growth, aided by AI-driven search expansion, alongside expanding cloud services fueled by surging enterprise AI demand. Additionally, the industrials sector contributed, driven by U.S. reshoring efforts, infrastructure spending, and robust aerospace and defense demand, heightened by geopolitical tensions.

What detracted from performance?

During the reporting period, software and services stocks detracted from the Fund's return, amid growing investor concerns over AI tools disrupting the revenue streams of traditional software business models.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649693.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 22.44% | 12.43% | 15.74% |
| S&P Total Market Index | 18.14 | 10.76 | 13.65 |
| S&P 500 Growth Index<sup>™</sup> | 22.67 | 12.63 | 15.94 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$60977919628 |
| Number of Portfolio Holdings | &nbsp;&nbsp;146 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$111562707 |
| Portfolio Turnover Rate | &nbsp;&nbsp;22% |

---

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 48.1% |
| Communication Services | 16.5% |
| Financials | 9.8% |
| Consumer Discretionary | 9.4% |
| Industrials | 6.8% |
| Health Care | 6.8% |
| Consumer Staples | 1.1% |
| Real Estate | 0.6% |
| Utilities | 0.5% |
| Materials | 0.4% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| NVIDIA Corp. | 14.6% |
| Microsoft Corp. | 9.5% |
| Apple Inc. | 6.4% |
| Alphabet, Inc., Class A | 5.8% |
| Broadcom, Inc. | 5.1% |
| Alphabet, Inc., Class C, NVS | 4.6% |
| Meta Platforms, Inc., Class A | 4.3% |
| Amazon.com, Inc. | 3.7% |
| Berkshire Hathaway, Inc., Class B | 3.0% |
| Eli Lilly & Co. | 2.5% |

---

<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 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.©2026 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](g341043images_30957.jpg)

iShares S&P 500 Growth ETF

Annual Shareholder Report — March 31, 2026

IVW-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares S&P 500 Value ETF

### IVE \| NYSE Arca

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares S&P 500 Value ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 S&P 500 Value ETF | $19 | 0.18% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 12.74%. 

* For the same period, the S&P Total Market Index returned 18.14% and the S&P 500 Value Index<sup>™</sup> returned 12.91%. 

What contributed to performance?

Value stocks in the U.S. information technology sector were the largest contributors to the Fund's return, particularly semiconductor stocks, as robust demand for AI, cloud computing, and data center infrastructure supported spending on advanced chips and semiconductor manufacturing equipment. Additionally, a consumer-facing technology hardware company gained as a major new smartphone launch drove record sales and an expanding software and subscription business added high-margin recurring revenue. Energy stocks also gained, supported by steady U.S. oil production growth and resilient demand, as oil prices surged late in the reporting period amid renewed Middle East geopolitical tensions that heightened supply fears. Established producers benefited as steady output and robust cash flows funded dividends and stock buybacks. In the industrials sector, value-oriented aerospace and defense firms advanced due to record U.S. defense budgets, aircraft upgrades, and surging global orders amid geopolitical tensions.

What detracted from performance?

During the reporting period, there were no significant detractors from the Fund's return.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649738.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 12.74% | 10.49% | 11.31% |
| S&P Total Market Index | 18.14 | 10.76 | 13.65 |
| S&P 500 Value Index<sup>™</sup> | 12.91 | 10.68 | 11.49 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$46606444733 |
| Number of Portfolio Holdings | &nbsp;&nbsp;443 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$76906704 |
| Portfolio Turnover Rate | &nbsp;&nbsp;28% |

---

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 16.6% |
| Financials | 15.6% |
| Health Care | 12.3% |
| Industrials | 11.4% |
| Consumer Discretionary | 10.4% |
| Consumer Staples | 9.7% |
| Energy | 8.3% |
| Utilities | 4.8% |
| Materials | 3.9% |
| Communication Services | 3.6% |
| Real Estate | 3.4% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Apple Inc. | 6.9% |
| Amazon.com, Inc. | 3.5% |
| Exxon Mobil Corp. | 2.6% |
| Walmart, Inc. | 2.0% |
| Costco Wholesale Corp. | 1.6% |
| Tesla, Inc. | 1.5% |
| Chevron Corp. | 1.4% |
| Procter & Gamble Co. (The) | 1.2% |
| Home Depot, Inc. (The) | 1.2% |
| Bank of America Corp. | 1.2% |

---

<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 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.©2026 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](g341043images_30957.jpg)

iShares S&P 500 Value ETF

Annual Shareholder Report — March 31, 2026

IVE-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares S&P Small-Cap 600 Value ETF

### IJS \| NYSE Arca

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares S&P Small-Cap 600 Value ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 S&P Small-Cap 600 Value ETF | $20 | 0.18% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 23.37%. 

* For the same period, the S&P Total Market Index returned 18.14% and the S&P SmallCap 600 Value Index<sup>™</sup> returned 23.56%. 

What contributed to performance?

Small-cap value stocks gained during the reporting period, supported by resilient U.S. economic growth and reshoring tailwinds. However, volatility resurfaced later in the reporting period amid renewed Middle East geopolitical tensions that spiked volatility. Technology hardware and semiconductor stocks contributed to the Fund's return as robust artificial intelligence ("AI") data center demand boosting needs for memory chips, semiconductor manufacturing equipment, and testing systems. Among energy companies, oil and gas explorers benefited from a favorable commodity price environment alongside solid production growth. In the financials sector, regional banks posted solid gains over the period, supported by the Federal Reserve's rate cutting cycle, which eased funding costs and supported profitability alongside moderate loan growth.

What detracted from performance?

During the reporting period, software and services stocks detracted from the Fund's return, amid growing investor concerns over AI tools disrupting the revenue streams of traditional software business models.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649783.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 23.37% | 5.01% | 9.35% |
| S&P Total Market Index | 18.14 | 10.76 | 13.65 |
| S&P SmallCap 600 Value Index<sup>™</sup> | 23.56 | 5.23 | 9.54 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$7627702941 |
| Number of Portfolio Holdings | &nbsp;&nbsp;496 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$11875560 |
| Portfolio Turnover Rate | &nbsp;&nbsp;56% |

---

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 20.9% |
| Consumer Discretionary | 15.9% |
| Industrials | 13.7% |
| Information Technology | 9.3% |
| Energy | 8.4% |
| Materials | 7.5% |
| Health Care | 7.3% |
| Real Estate | 6.6% |
| Communication Services | 4.5% |
| Consumer Staples | 3.3% |
| Utilities | 2.6% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Eastman Chemical Co. | 1.1% |
| LKQ Corp. | 1.0% |
| Match Group, Inc. | 0.9% |
| Celanese Corp., Class A | 0.9% |
| SM Energy Co. | 0.9% |
| Molina Healthcare, Inc. | 0.9% |
| Paycom Software, Inc. | 0.8% |
| CarMax, Inc. | 0.8% |
| Lamb Weston Holdings, Inc. | 0.8% |
| Magnolia Oil & Gas Corp., Class A | 0.7% |

---

<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 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.©2026 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](g341043images_30957.jpg)

iShares S&P Small-Cap 600 Value ETF

Annual Shareholder Report — March 31, 2026

IJS-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares Core S&P Mid-Cap ETF

### IJH \| NYSE Arca

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares Core S&P Mid-Cap ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 S&P Mid-Cap ETF | $5 | 0.05% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 17.30%. 

* For the same period, the S&P Total Market Index returned 18.14% and the S&P MidCap 400<sup>®</sup> returned 17.35%. 

What contributed to performance?

U.S. equities advanced during the reporting period, supported by resilient economic growth and sustained investor enthusiasm for artificial intelligence ("AI") related names. However, volatility resurfaced later in the period amid renewed geopolitical tensions in the Middle East. The industrials sector was the largest contributor to the Fund's performance, aided by record U.S. defense budgets, aircraft upgrades, and surging global orders amid geopolitical tensions. Additionally, increased infrastructure spending supported firms that supply construction and engineering and heavy machinery. In the information technology sector, technology hardware and equipment stocks contributed due to explosive AI data center demand boosting needs for specialized components. Energy stocks advanced, supported by steady U.S. oil production growth and resilient demand, and as oil prices surged late in the reporting period amid renewed Middle East geopolitical tensions that heightened supply fears.

What detracted from performance?

During the reporting period, application software stocks detracted from the Fund's return, amid growing investor concerns over AI tools disrupting the revenue streams of traditional models.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649018.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 17.30% | 6.88% | 10.53% |
| S&P Total Market Index | 18.14 | 10.76 | 13.65 |
| S&P MidCap 400<sup>®</sup> | 17.35 | 6.92 | 10.58 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$106132634226 |
| Number of Portfolio Holdings | &nbsp;&nbsp;408 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$49578562 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Industrials | 25.7% |
| Financials | 14.7% |
| Information Technology | 12.3% |
| Consumer Discretionary | 11.1% |
| Health Care | 9.0% |
| Real Estate | 6.9% |
| Materials | 5.9% |
| Energy | 5.4% |
| Consumer Staples | 4.6% |
| Utilities | 3.4% |
| Communication Services | 1.0% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| TechnipFMC PLC | 0.9% |
| Casey's General Stores, Inc. | 0.8% |
| United Therapeutics Corp. | 0.8% |
| Curtiss-Wright Corp. | 0.8% |
| Flex Ltd. | 0.8% |
| XPO, Inc. | 0.7% |
| Woodward, Inc. | 0.7% |
| Royal Gold, Inc. | 0.6% |
| U.S. Foods Holding Corp. | 0.6% |
| Burlington Stores, Inc. | 0.6% |

---

<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 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.©2026 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](g341043images_30957.jpg)

iShares Core S&P Mid-Cap ETF

Annual Shareholder Report — March 31, 2026

IJH-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares Core S&P Small-Cap ETF

### IJR \| NYSE Arca

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares Core S&P Small-Cap ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 S&P Small-Cap ETF | $7 | 0.06% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 20.43%. 

* For the same period, the S&P Total Market Index returned 18.14% and the S&P SmallCap 600<sup>®</sup> returned 20.50%. 

What contributed to performance?

Small-cap stocks gained during the reporting period, supported by resilient U.S. economic growth and reshoring tailwinds. However, volatility resurfaced later in the reporting period amid renewed Middle East geopolitical tensions that spiked volatility. In this landscape, information technology stocks were the largest contributors to the Fund's return, propelled by surging demand for artificial intelligence ("AI") infrastructure and components amid the global expansion of data centers and generative AI models. Additionally, the industrials sector contributed, driven by U.S. reshoring efforts, infrastructure spending, and robust aerospace and defense demand, heightened by geopolitical tensions. Energy stocks were supported by steady U.S. oil production growth and resilient demand as oil prices surged late in the reporting period amid renewed Middle East geopolitical tensions that heightened supply fears.

What detracted from performance?

During the reporting period, healthcare equipment and supplies firms in the healthcare sector were modest detractors from the Fund's return. These companies faced a challenging combination of regulatory and reimbursement uncertainty, earnings disappointments, and policy-driven headwinds.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649063.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 20.43% | 4.42% | 9.86% |
| S&P Total Market Index | 18.14 | 10.76 | 13.65 |
| S&P SmallCap 600<sup>®</sup> | 20.50 | 4.49 | 9.90 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$92018041533 |
| Number of Portfolio Holdings | &nbsp;&nbsp;673 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$50909805 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Industrials | 17.9% |
| Financials | 17.6% |
| Consumer Discretionary | 13.6% |
| Information Technology | 12.9% |
| Health Care | 11.3% |
| Energy | 6.3% |
| Real Estate | 6.1% |
| Materials | 5.3% |
| Communication Services | 3.7% |
| Consumer Staples | 2.9% |
| Utilities | 2.4% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Eastman Chemical Co. | 0.6% |
| Element Solutions, Inc. | 0.5% |
| Primoris Services Corp. | 0.5% |
| Viavi Solutions, Inc. | 0.5% |
| Argan, Inc. | 0.5% |
| FormFactor, Inc. | 0.5% |
| LKQ Corp. | 0.5% |
| ESCO Technologies, Inc. | 0.5% |
| Match Group, Inc. | 0.5% |
| Celanese Corp., Class A | 0.5% |

---

<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 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.©2026 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](g341043images_30957.jpg)

iShares Core S&P Small-Cap ETF

Annual Shareholder Report — March 31, 2026

IJR-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares Core S&P U.S. Growth ETF

### IUSG \| NASDAQ

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares Core S&P U.S. Growth ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 S&P U.S. Growth ETF | $4 | 0.04% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 22.58%. 

* For the same period, the S&P Total Market Index returned 18.14% and the S&P 900 Growth Index<sup>™</sup> (Spliced) returned 22.63%. 

What contributed to performance?

Information technology stocks were the largest contributors to the Fund's return during the reporting period. Companies that provide semiconductors and semiconductor equipment benefited from surging artificial intelligence ("AI") infrastructure demand, as hyperscale data center expansion spurred increased chip production and investment in semiconductor manufacturing capacity. Technology hardware and equipment stocks also contributed as a consumer-facing technology hardware company gained following a major smartphone launch that drove record sales, while growth in services and subscription revenue supported margins. An interactive media and services company in the communication sector benefited from accelerating ad revenue growth, aided by AI-driven search expansion, alongside expanding cloud services. Additionally, the industrials sector was supported by U.S. reshoring efforts and infrastructure spending, which supported demand for construction equipment and related machinery.

What detracted from performance?

During the reporting period, software and services stocks detracted from the Fund's return, amid growing investor concerns over AI tools disrupting the revenue streams of traditional software models. In the financials sector, transaction and payment processing services firms were hindered by reduced consumer spending and stiff competition in payment processing.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649108.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 22.58% | 12.22% | 15.61% |
| S&P Total Market Index | 18.14 | 10.76 | 13.65 |
| S&P 900 Growth Index<sup>™</sup> (Spliced) | 22.63 | 12.27 | 15.67 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$25998002837 |
| Number of Portfolio Holdings | &nbsp;&nbsp;390 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$9804375 |
| Portfolio Turnover Rate | &nbsp;&nbsp;22% |

---

The S&P 900 Growth Index™ (Spliced) reflects the performance of the Russell 3000<sup>®</sup> Growth Index through January 22, 2017, and the S&P 900 Growth Index™ thereafter, which reflect the times when each index was the Underlying Index of the Fund.

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 46.4% |
| Communication Services | 15.7% |
| Financials | 9.7% |
| Consumer Discretionary | 9.4% |
| Industrials | 8.2% |
| Health Care | 7.2% |
| Consumer Staples | 1.2% |
| Real Estate | 0.9% |
| Materials | 0.6% |
| Utilities | 0.5% |
| Energy | 0.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| NVIDIA Corp. | 13.9% |
| Microsoft Corp. | 9.0% |
| Apple Inc. | 6.1% |
| Alphabet, Inc., Class A | 5.5% |
| Broadcom, Inc. | 4.8% |
| Alphabet, Inc., Class C, NVS | 4.4% |
| Meta Platforms, Inc., Class A | 4.1% |
| Amazon.com, Inc. | 3.5% |
| Berkshire Hathaway, Inc., Class B | 2.9% |
| Eli Lilly & Co. | 2.4% |

---

<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 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.©2026 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](g341043images_30957.jpg)

iShares Core S&P U.S. Growth ETF

Annual Shareholder Report — March 31, 2026

IUSG-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares Core S&P U.S. Value ETF

### IUSV \| NASDAQ

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares Core S&P U.S. Value ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 S&P U.S. Value ETF | $4 | 0.04% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 12.89%. 

* For the same period, the S&P Total Market Index returned 18.14% and the S&P 900 Value Index<sup>™</sup> (Spliced) returned 12.91%. 

What contributed to performance?

U.S. equities advanced during the reporting period, supported by resilient economic growth and sustained investor enthusiasm for large-cap technology and artificial-intelligence ("AI") related names. However, volatility resurfaced later in the period amid renewed geopolitical tensions in the Middle East. Value-oriented semiconductor stocks gained as heightened AI data center demand increased demand for memory chips, semiconductor manufacturing equipment, and testing systems. Additionally, a consumer-facing technology hardware company advanced amid resilient demand for its smartphone, while growth in its software and subscription services business supported margins. Energy stocks were supported by steady U.S. oil production growth and resilient demand, as oil prices surged late in the reporting period amid renewed Middle East geopolitical tensions that heightened supply fears. Firms in the industrials sector benefited from record U.S. defense budgets, infrastructure spending, aircraft upgrades, and surging global orders amid geopolitical tensions.

What detracted from performance?

During the reporting period, there were no significant detractors from the Fund's return.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649153.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 12.89% | 10.44% | 11.51% |
| S&P Total Market Index | 18.14 | 10.76 | 13.65 |
| S&P 900 Value Index<sup>™</sup> (Spliced) | 12.91 | 10.49 | 11.54 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$24069243521 |
| Number of Portfolio Holdings | &nbsp;&nbsp;745 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$8955208 |
| Portfolio Turnover Rate | &nbsp;&nbsp;28% |

---

The S&P 900 Value Index™ (Spliced) reflects the performance of the Russell 3000<sup>®</sup> Value Index through January 22, 2017, and the S&P 900 Value Index™ thereafter, which reflect the times when each index was the Underlying Index of the Fund.

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 16.1% |
| Financials | 16.0% |
| Health Care | 11.8% |
| Industrials | 11.8% |
| Consumer Discretionary | 10.5% |
| Consumer Staples | 9.5% |
| Energy | 8.3% |
| Utilities | 4.8% |
| Materials | 4.1% |
| Real Estate | 3.6% |
| Communication Services | 3.5% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Apple Inc. | 6.5% |
| Amazon.com, Inc. | 3.4% |
| Exxon Mobil Corp. | 2.5% |
| Walmart, Inc. | 1.9% |
| Costco Wholesale Corp. | 1.6% |
| Tesla, Inc. | 1.4% |
| Chevron Corp. | 1.4% |
| Procter & Gamble Co. (The) | 1.2% |
| Home Depot, Inc. (The) | 1.2% |
| Bank of America Corp. | 1.1% |

---

<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 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 comapny listed above.©2026 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](g341043images_30957.jpg)

iShares Core S&P U.S. Value ETF

Annual Shareholder Report — March 31, 2026

IUSV-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares MSCI USA Quality GARP ETF

### GARP \| Cboe BZX Exchange

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares MSCI USA Quality GARP ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 MSCI USA Quality GARP ETF | $17 | 0.15% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 25.86%. 

* For the same period, the MSCI USA Index returned 17.74% and the MSCI USA Quality GARP Select Index (Spliced) returned 26.05%. 

What contributed to performance?

U.S. equities advanced during the reporting period, supported by resilient economic growth and sustained investor enthusiasm for artificial intelligence ("AI") related names. Firms that provide semiconductors and semiconductor equipment were the largest contributors to the Fund's return, as heightened AI data center demand boosting needs key semiconductor components. Makers of high-performance AI chips were standout performers, as their products have become essential infrastructure for cloud providers and businesses adopting AI at scale. An interactive media and services company in the communication sector benefited from accelerating ad revenue growth, aided by AI-driven search expansion, alongside expanding cloud services. Additionally, the industrials sector contributed, driven by U.S. reshoring efforts, infrastructure spending, and robust aerospace and defense demand, heightened by geopolitical tensions.

What detracted from performance?

During the reporting period, software and services stocks detracted from the Fund's return, amid growing investor concerns over AI tools disrupting the revenue streams of traditional software models. In the financials sector, transaction and payment processing services firms were hindered by broader fintech challenges, including reduced consumer spending and competition in payment processing.

*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: January 14, 2020 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649333.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 | 25.86% | 15.52% | 17.32% |
| MSCI USA Index | 17.74 | 11.62 | 13.36 |
| MSCI USA Quality GARP Select Index (Spliced) | 26.05 | 15.75 | 17.54 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1372451190 |
| Number of Portfolio Holdings | &nbsp;&nbsp;150 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1245970 |
| Portfolio Turnover Rate | &nbsp;&nbsp;67% |

---

The inception date of the Fund was January 14, 2020.

The MSCI USA Quality GARP Select Index (Spliced) reflects the performance of the Russell US Large Cap Factors Growth Style Index through June 2, 2024, and the MSCI USA Quality GARP Select Index thereafter, which reflect the times when each index was the Underlying Index of the Fund.

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 49.1% |
| Communication Services | 11.7% |
| Industrials | 9.7% |
| Financials | 8.8% |
| Consumer Discretionary | 7.6% |
| Health Care | 6.5% |
| Energy | 3.9% |
| Materials | 1.1% |
| Utilities | 1.0% |
| Real Estate | 0.6% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Apple Inc. | 5.1% |
| NVIDIA Corp. | 5.0% |
| Microsoft Corp. | 4.9% |
| Lam Research Corp. | 4.8% |
| Meta Platforms, Inc., Class A | 4.7% |
| Visa, Inc., Class A | 3.3% |
| Alphabet, Inc., Class A | 3.2% |
| KLA Corp. | 3.2% |
| Amphenol Corp., Class A | 3.0% |
| Eli Lilly & Co. | 2.9% |

---

<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 MSCI Inc., and its respective 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.©2026 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](g341043images_30957.jpg)

iShares MSCI USA Quality GARP ETF

Annual Shareholder Report — March 31, 2026

GARP-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares Preferred and Income Securities ETF

### PFF \| NASDAQ

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares Preferred and Income Securities ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 Preferred and Income Securities ETF | $46 | 0.45% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 4.63%. 

* For the same period, the MSCI USA Index returned 17.74% and the ICE Exchange-Listed Preferred & Hybrid Securities Index (Spliced) returned 5.13%. 

What contributed to performance?

U.S. equities advanced during the reporting period, supported by resilient economic growth and sustained investor enthusiasm for artificial intelligence ("AI") related names. However, volatility resurfaced later in the period amid renewed geopolitical tensions in the Middle East. Materials stocks contributed the most to the Fund's return, particularly a leading producer of lithium for electric vehicle batteries and energy storage systems due to strong demand and a rally in lithium prices. In the utilities sector, electric utilities companies benefited from rising power demand from AI data centers and hyperscale customers, which supported increased grid and generation investment. In the industrials sector, an aerospace manufacturer contributed as improving commercial aircraft demand and a gradual recovery in production supported investor sentiment.

What detracted from performance?

During the reporting period, there were no significant detractors from the Fund's return.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649378.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 4.63% | 1.12% | 3.18% |
| MSCI USA Index | 17.74 | 11.62 | 14.16 |
| ICE Exchange-Listed Preferred & Hybrid Securities Index (Spliced) | 5.13 | 1.54 | 3.79 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$13343657164 |
| Number of Portfolio Holdings | &nbsp;&nbsp;462 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$63842706 |
| Portfolio Turnover Rate | &nbsp;&nbsp;20% |

---

The ICE Exchange-Listed Preferred & Hybrid Securities Index (Spliced) reflects the performance of the S&P U.S. Preferred Stock Index through January 31, 2019, the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index from February 1, 2019 through October 31, 2019, and the ICE Exchange-Listed Preferred & Hybrid Securities Index thereafter, which reflect the times when each index was the Underlying Index of the Fund.

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 57.7% |
| Utilities | 13.1% |
| Information Technology | 8.9% |
| Real Estate | 5.3% |
| Industrials | 5.2% |
| Communication Services | 3.5% |
| Materials | 1.8% |
| Consumer Discretionary | 1.5% |
| Consumer Staples | 1.2% |
| Health Care | 1.2% |
| Energy | 0.6% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Boeing Co. (The) | 3.9% |
| Strategy, Inc., Series A., NVS | 2.6% |
| Wells Fargo & Co., Series L, NVS | 2.3% |
| Oracle Corp., Series D, NVS | 2.3% |
| Albemarle Corp., NVS | 1.7% |
| Citigroup Capital XIII, (3-mo. CME Term SOFR + 6.632%), NVS | 1.4% |
| Bank of America Corp., Series L, NVS | 1.4% |
| NextEra Energy, Inc. | 1.2% |
| NextEra Energy, Inc. | 1.2% |
| KKR & Co., Inc., Series D | 1.1% |

---

<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 MSCI Inc., S&P Dow Jones Indices LLC or ICE Data Indices, LLC, 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.©2026 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](g341043images_30957.jpg)

iShares Preferred and Income Securities ETF

Annual Shareholder Report — March 31, 2026

PFF-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares Russell Top 200 ETF

### IWL \| NYSE Arca

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares Russell Top 200 ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 Russell Top 200 ETF | $16 | 0.15% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 18.06%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 18.09% and the Russell Top 200<sup>®</sup> Index returned 18.25%. 

What contributed to performance?

The information technology sector contributed the most to the Fund's performance during the reporting period. Companies that provide semiconductors and semiconductor equipment were driven by surging AI infrastructure demand, as hyperscale data center expansion fueled increased chip production, custom silicon deployment, and wafer fabrication investment. Makers of high-performance AI chips were standout performers, as their products have become essential infrastructure for cloud providers and businesses adopting AI at scale. businesses adopting AI at scale. Additionally, a consumer-facing technology hardware company gained as a major new smartphone launch drove record sales, and an expanding software and subscription business added recurring revenue. An interactive media and services company in the communication sector benefited from accelerating ad revenue growth, aided by AI-driven search expansion, alongside expanding cloud services fueled by surging enterprise AI demand.

What detracted from performance?

During the reporting period, software and services stocks modestly detracted from the Fund's return, amid growing investor concerns over AI tools disrupting the revenue streams of traditional software models.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649513.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 18.06% | 12.54% | 14.87% |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |
| Russell Top 200<sup>®</sup> Index | 18.25 | 12.71 | 15.04 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1920537080 |
| Number of Portfolio Holdings | &nbsp;&nbsp;202 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2759932 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 35.9% |
| Financials | 12.7% |
| Communication Services | 11.8% |
| Consumer Discretionary | 9.8% |
| Health Care | 9.8% |
| Industrials | 7.5% |
| Consumer Staples | 5.3% |
| Energy | 3.2% |
| Materials | 1.6% |
| Utilities | 1.4% |
| Real Estate | 1.0% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| NVIDIA Corp. | 8.6% |
| Apple Inc. | 7.7% |
| Microsoft Corp. | 5.8% |
| Amazon.com, Inc. | 4.2% |
| Alphabet, Inc., Class A | 3.5% |
| Broadcom, Inc. | 3.0% |
| Alphabet, Inc., Class C, NVS | 2.9% |
| Meta Platforms, Inc., Class A | 2.6% |
| Tesla, Inc. | 2.2% |
| Berkshire Hathaway, Inc., Class B | 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 FTSE Russell, 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.©2026 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](g341043images_30957.jpg)

iShares Russell Top 200 ETF

Annual Shareholder Report — March 31, 2026

IWL-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares Russell Top 200 Growth ETF

### IWY \| NYSE Arca

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares Russell Top 200 Growth ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 Russell Top 200 Growth ETF | $22 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 18.49%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 18.09% and the Russell Top 200<sup>®</sup> Growth Index returned 18.73%. 

What contributed to performance?

During the reporting period, the information technology sector contributed the most to the Fund's performance. Companies that provide semiconductors and semiconductor equipment were driven by surging AI infrastructure demand, as hyperscale data center expansion fueled increased chip production, custom silicon deployment, and wafer fabrication investment. Makers of high-performance AI chips were standout performers, as their products have become essential infrastructure for cloud providers and businesses adopting AI at scale. Additionally, a consumer-facing technology hardware company gained as a major new smartphone launch drove record sales, and an expanding software and subscription business added recurring revenue. An interactive media and services company in the communication sector benefited from accelerating ad revenue growth, aided by AI-driven search expansion, alongside expanding cloud services fueled by surging enterprise AI demand.

What detracted from performance?

During the reporting period, payment and financial technology companies in the financials sector detracted from the Fund's returns, amid regulatory concerns around interchange fees, and softer consumer spending sentiment. Additionally, software and services stocks faced growing investor concerns over AI tools disrupting the revenue streams of traditional software models.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649558.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 18.49% | 13.76% | 17.61% |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |
| Russell Top 200<sup>®</sup> Growth Index | 18.73 | 14.00 | 17.84 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$14767219623 |
| Number of Portfolio Holdings | &nbsp;&nbsp;113 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$29553397 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 53.6% |
| Communication Services | 12.6% |
| Consumer Discretionary | 11.3% |
| Health Care | 7.5% |
| Financials | 6.0% |
| Industrials | 5.0% |
| Consumer Staples | 3.3% |
| Real Estate | 0.4% |
| Materials | 0.3% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| NVIDIA Corp. | 14.6% |
| Apple Inc. | 13.2% |
| Microsoft Corp. | 9.9% |
| Amazon.com, Inc. | 4.5% |
| Broadcom, Inc. | 4.3% |
| Alphabet, Inc., Class A | 3.9% |
| Tesla, Inc. | 3.5% |
| Meta Platforms, Inc., Class A | 3.4% |
| Alphabet, Inc., Class C, NVS | 3.2% |
| Eli Lilly & Co. | 2.9% |

---

<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 March 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2026 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective August 1, 2025, the investment management agreement was amended to add a new breakpoint tier of 0.1900% greater than $13billion.

#### 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, 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.©2026 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](g341043images_30957.jpg)

iShares Russell Top 200 Growth ETF

Annual Shareholder Report — March 31, 2026

IWY-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares Russell Top 200 Value ETF

### IWX \| NYSE Arca

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares Russell Top 200 Value ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 Russell Top 200 Value ETF | $21 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 14.71%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 18.09% and the Russell Top 200<sup>®</sup> Value Index returned 14.94%. 

What contributed to performance?

U.S. equities advanced during the reporting period, supported by resilient economic growth and sustained investor enthusiasm for artificial intelligence ("AI") related names. The industrials sector contributed the most to the Fund's performance, due to record U.S. defense budgets, aircraft upgrades, infrastructure spending, and surging global orders amid geopolitical tensions. Companies in the semiconductors and semiconductor equipment subsector benefited from renewed investor confidence across the AI supply chain, were driven by surging AI infrastructure demand. Energy stocks advanced, supported by steady U.S. oil production growth and resilient demand as oil prices surged late in the reporting period amid renewed Middle East geopolitical tensions that heightened supply fears.

What detracted from performance?

During the reporting period, software and services stocks detracted from the Fund's return, amid growing investor concerns over AI tools disrupting the revenue streams of traditional software models.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649603.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 14.71% | 9.97% | 10.77% |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |
| Russell Top 200<sup>®</sup> Value Index | 14.94 | 10.20 | 10.99 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3414624746 |
| Number of Portfolio Holdings | &nbsp;&nbsp;156 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6039495 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 22.4% |
| Health Care | 13.6% |
| Industrials | 11.6% |
| Information Technology | 11.4% |
| Communication Services | 10.2% |
| Consumer Staples | 8.5% |
| Energy | 7.3% |
| Consumer Discretionary | 6.6% |
| Utilities | 3.3% |
| Materials | 3.2% |
| Real Estate | 1.9% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Berkshire Hathaway, Inc., Class B | 4.3% |
| JPMorgan Chase & Co. | 3.9% |
| Exxon Mobil Corp. | 3.5% |
| Alphabet, Inc., Class A | 2.9% |
| Johnson & Johnson | 2.9% |
| Amazon.com, Inc. | 2.7% |
| Walmart, Inc. | 2.4% |
| Alphabet, Inc., Class C, NVS | 2.4% |
| Chevron Corp. | 1.9% |
| Micron Technology, Inc. | 1.8% |

---

<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 FTSE Russell, 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.©2026 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](g341043images_30957.jpg)

iShares Russell Top 200 Value ETF

Annual Shareholder Report — March 31, 2026

IWX-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares Russell 3000 ETF

### IWV \| NYSE Arca

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares Russell 3000 ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 Russell 3000 ETF | $22 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 17.87%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 18.09%. 

What contributed to performance?

U.S. equities advanced during the reporting period, supported by resilient economic growth and sustained investor enthusiasm for artificial intelligence ("AI") related names. However, volatility resurfaced later in the period amid renewed geopolitical tensions in the Middle East. Stocks in the information technology sector were the largest contributors to the Fund's return, particularly semiconductor stocks, driven by robust demand for AI, cloud computing, and data center infrastructure. Technology hardware and equipment stocks also contributed due to the data center demand boosting needs for specialized components. In the communications sector, interactive media and services companies benefited from robust ad revenue growth and expanding cloud services. The industrials sector was driven by U.S. reshoring efforts, infrastructure spending, and robust aerospace and defense demand, heightened by geopolitical tensions.

What detracted from performance?

There were no significant detractors from returns 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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649423.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 17.87% | 10.69% | 13.52% |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$17047138938 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2594 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$33279809 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 30.3% |
| Financials | 13.1% |
| Industrials | 10.3% |
| Health Care | 10.0% |
| Consumer Discretionary | 10.0% |
| Communication Services | 9.7% |
| Consumer Staples | 5.0% |
| Energy | 4.2% |
| Utilities | 2.5% |
| Materials | 2.5% |
| Real Estate | 2.4% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| NVIDIA Corp. | 6.5% |
| Apple Inc. | 5.9% |
| Microsoft Corp. | 4.4% |
| Amazon.com, Inc. | 3.2% |
| Alphabet, Inc., Class A | 2.7% |
| Broadcom, Inc. | 2.3% |
| Alphabet, Inc., Class C, NVS | 2.2% |
| Meta Platforms, Inc., Class A | 2.0% |
| Tesla, Inc. | 1.7% |
| Berkshire Hathaway, Inc., Class B | 1.4% |

---

<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 March 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2026 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective August 1, 2025, the investment management agreement was amended to add a new breakpoint tier of 0.1900% greater than $15billion.

Effective November 24, 2025, the Fund updated its investment policy to indicate that it intends to be "diversified," as defined in the Investment Company Act of 1940, in approximately the same proportion as its Underlying Index is diversified. Therefore, shareholder approval will not be sought if the Fund crosses from diversified to non diversified status due solely to a change in the relative market capitalization or index weighting of the constituents of its Underlying Index.

#### 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, 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.©2026 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](g341043images_30957.jpg)

iShares Russell 3000 ETF

Annual Shareholder Report — March 31, 2026

IWV-03/26-AR

![TSR - iShares Fund Logo](g341043images_30959.jpg)

### iShares Russell Mid-Cap Value ETF

### IWS \| NYSE Arca

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about iShares Russell Mid-Cap Value ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 Russell Mid-Cap Value ETF | $25 | 0.23% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund returned 17.43%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 18.09% and the Russell MidCap<sup>®</sup> Value Index returned 17.62%. 

What contributed to performance?

U.S. equities advanced during the reporting period, supported by resilient economic growth and sustained investor enthusiasm for artificial intelligence ("AI") related names. In this landscape, information technology stocks were the largest contributors to the Fund's return. Technology hardware and equipment stocks were meaningful contributors to the Fund's return due to data center demand boosting needs for specialized components. Energy stocks advanced, supported by steady U.S. oil production growth and resilient demand. Oil prices surged late in the reporting period amid renewed Middle East geopolitical tensions that heightened supply fears. The industrials sector was driven by robust aerospace and defense demand, heightened by geopolitical tensions. Energy stocks also gained, supported by steady U.S. oil production growth and resilient demand. Oil prices surged late in the reporting period amid renewed Middle East geopolitical tensions that heightened supply fears.

What detracted from performance?

During the reporting period, there were no significant detractors from the Fund's return.

*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: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g341043chartimages_11649468.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 17.43% | 7.73% | 9.54% |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |
| Russell MidCap<sup>®</sup> Value Index | 17.62 | 7.94 | 9.75 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$14161786208 |
| Number of Portfolio Holdings | &nbsp;&nbsp;716 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$31484574 |
| Portfolio Turnover Rate | &nbsp;&nbsp;15% |

---

**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 March 31, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Industrials | 17.4% |
| Financials | 15.0% |
| Information Technology | 12.3% |
| Energy | 8.5% |
| Real Estate | 8.2% |
| Consumer Discretionary | 7.8% |
| Health Care | 7.7% |
| Utilities | 7.5% |
| Materials | 6.9% |
| Consumer Staples | 5.5% |
| Communication Services | 3.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Corning, Inc. | 1.1% |
| Western Digital Corp. | 0.9% |
| Sandisk Corp. | 0.9% |
| Bank of New York Mellon Corp. (The) | 0.8% |
| Valero Energy Corp. | 0.8% |
| Cummins, Inc. | 0.8% |
| Marathon Petroleum Corp. | 0.7% |
| Phillips 66 | 0.7% |
| Kinder Morgan, Inc. | 0.7% |
| L3Harris Technologies, Inc. | 0.7% |

---

<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 FTSE Russell, 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.©2026 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](g341043images_30957.jpg)

iShares Russell Mid-Cap Value ETF

Annual Shareholder Report — March 31, 2026

IWS-03/26-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 twenty series of the registrant for which the fiscal year-end is March 31, 2026 (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 $270,400 for the fiscal year ended March 31, 2025 and $270,400 for the fiscal year ended March 31, 2026.

&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 March 31, 2025 and March 31, 2026 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 $194,000 for the fiscal year ended March 31, 2025 and $194,000 for the fiscal year ended March 31, 2026. 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 March 31, 2025 and March 31, 2026 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 $194,000 for the fiscal year ended March 31, 2025 and $194,000 for the fiscal year ended March 31, 2026.

&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 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

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.

------

![](g341043imgd83f3d231.jpg)

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Annual Financial Statements <br> and Additional Information<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| ●iShares Mortgage Real Estate ETF \| REM \| Cboe BZX Exchange |
| ●iShares Residential and Multisector Real Estate ETF \| REZ \| NYSE Arca |

---

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_6020527b-1fa1-49a4-836d-c4b91f7804ce_SOIM-TEXT-3873_1)  | 3 |
| [Statements of Assets and Liabilities](#xx_6020527b-1fa1-49a4-836d-c4b91f7804ce_FS-TEXT-3873_1)  | 9 |
| [Statements of Operations](#xx_6020527b-1fa1-49a4-836d-c4b91f7804ce_FS-TEXT-3873_2)  | 10 |
| [Statements of Changes in Net Assets](#xx_6020527b-1fa1-49a4-836d-c4b91f7804ce_FS-TEXT-3873_3)  | 11 |
| [Financial Highlights](#xx_6020527b-1fa1-49a4-836d-c4b91f7804ce_FIHI-TEXT-3873_1)  | 12 |
| [Notes to Financial Statements](#xx_6020527b-1fa1-49a4-836d-c4b91f7804ce_NTF-TEXT-3873_1)  | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_6020527b-1fa1-49a4-836d-c4b91f7804ce_AUD-TEXT-3873_1)  | 21 |
| [Important Tax Information](#xx_6020527b-1fa1-49a4-836d-c4b91f7804ce_Tax-TEXT_1)  | 22 |
| [Additional Information](#xx_6020527b-1fa1-49a4-836d-c4b91f7804ce_AddInfo-TEXT-3873_1)  | 23 |
| [Glossary of Terms Used in these Financial Statements](#xx_6020527b-1fa1-49a4-836d-c4b91f7804ce_Gloss-TEXT-3873_1)  | 24 |

---

------

Schedule of Investments

March 31, 2026

**iShares® Mortgage Real Estate ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Mortgage REITs — 97.8%** | **Mortgage REITs — 97.8%** | **Mortgage REITs — 97.8%** |
| ACRES Commercial Realty Corp.<sup>(a)(b)</sup> | 71658 | $1384433 |
| Adamas Trust, Inc. | 1003304 | 7384318 |
| AGNC Investment Corp. | 7722852 | 77460206 |
| Angel Oak Mortgage REIT, Inc. | 167616 | 1377804 |
| Annaly Capital Management, Inc. | 5600670 | 118454170 |
| Apollo Commercial Real Estate Finance, Inc. | 1647792 | 17400684 |
| Arbor Realty Trust, Inc. | 2292620 | 17676100 |
| Ares Commercial Real Estate Corp. | 623616 | 2993357 |
| ARMOUR Residential REIT, Inc. | 1331689 | 22212572 |
| Blackstone Mortgage Trust, Inc., Class A | 1307408 | 25036863 |
| BrightSpire Capital, Inc., Class A | 1521521 | 8520518 |
| Chicago Atlantic Real Estate Finance, Inc. | 214046 | 2423001 |
| Chimera Investment Corp. | 964701 | 12106998 |
| Claros Mortgage Trust, Inc.<sup>(a)</sup> | 1088469 | 2590556 |
| Dynex Capital, Inc. | 1867723 | 23832145 |
| Ellington Financial, Inc. | 1437630 | 17035915 |
| Franklin BSP Realty Trust, Inc. | 965558 | 8197587 |
| Invesco Mortgage Capital, Inc. | 909020 | 7344882 |
| KKR Real Estate Finance Trust, Inc. | 650575 | 3981519 |
| Ladder Capital Corp., Class A | 1347454 | 13164626 |
| MFA Financial, Inc. | 1214894 | 11638685 |
| Nexpoint Real Estate Finance, Inc. | 78822 | 1061732 |
| Orchid Island Capital, Inc. | 2185668 | 15365246 |
| PennyMac Mortgage Investment Trust | 1029251 | 12001067 |
| Ready Capital Corp. | 1726873 | 2797534 |
| Redwood Trust, Inc. | 1494342 | 8383259 |
| Rithm Capital Corp. | 2601257 | 24659916 |
| Seven Hills Realty Trust | 260467 | 2141039 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Mortgage REITs (continued)** | **Mortgage REITs (continued)** | **Mortgage REITs (continued)** |
| Starwood Property Trust, Inc. | 2414481 | $41577363 |
| TPG Mortgage Investment Trust, Inc. | 337250 | 2465297 |
| TPG RE Finance Trust, Inc. | 843040 | 6584142 |
| Two Harbors Investment Corp. | 1231608 | 14064963 |
|  |  | 533318497 |
| **Total Long-Term Investments — 97.8%** <br>**(Cost: $727,930,472)** | **Total Long-Term Investments — 97.8%** <br>**(Cost: $727,930,472)** | 533318497 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.77%<sup>(c)(d)(e)</sup><br>| 544004 | 544112 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(c)(d)</sup><br>| 543783 | 543783 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $1,087,954)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $1,087,954)** | 1087895 |
| **Total Investments — 98.0%** <br>**(Cost: $729,018,426)** | **Total Investments — 98.0%** <br>**(Cost: $729,018,426)** | 534406392 |
| **Other Assets Less Liabilities — 2.0%** | **Other Assets Less Liabilities — 2.0%** | 10945685 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $545352077 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $8505282<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7961599 )<sup>(a)</sup><br>| &nbsp;&nbsp; $2265 | &nbsp;&nbsp; $(1836)<br>| &nbsp;&nbsp; $544112 | &nbsp;&nbsp; 544004 | &nbsp;&nbsp; $59562 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 216674<br>| &nbsp;&nbsp; 327109 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 543783 | &nbsp;&nbsp; 543783 | &nbsp;&nbsp; 67409 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $2265 | &nbsp;&nbsp; $(1836)<br>| &nbsp;&nbsp; $1087895 |  | &nbsp;&nbsp; $126971 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Mortgage Real Estate ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Dow Jones U.S. Real Estate Index | 341 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $12269 | &nbsp;&nbsp;&nbsp;&nbsp; $123744 |

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $123744 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $123744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(204700)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(204700)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (124679)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (124679)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(329379)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(329379)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(26583)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(26583)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $13095290 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; 398621 |

---

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

42026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Mortgage Real Estate 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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $533318497 | $— | $— | $533318497 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1087895 |  |  | 1087895 |
|  | &nbsp;&nbsp; $534406392 | $— | $— | $534406392 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $123744 | $— | $— | $123744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Schedule of Investments

------

Schedule of Investments

March 31, 2026

**iShares® Residential and Multisector Real Estate ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Health Care REITs — 47.4%** | **Health Care REITs — 47.4%** | **Health Care REITs — 47.4%** |
| Alexandria Real Estate Equities, Inc. | 315011 | $14622811 |
| American Healthcare REIT, Inc. | 324920 | 15323227 |
| CareTrust REIT, Inc. | 408668 | 14977682 |
| Chiron Real Estate, Inc. | 23079 | 763453 |
| Community Healthcare Trust, Inc. | 49899 | 792895 |
| Diversified Healthcare Trust | 398677 | 2647215 |
| Healthcare Realty Trust, Inc. | 602646 | 10238956 |
| Healthpeak Properties, Inc. | 1273061 | 20916392 |
| LTC Properties, Inc. | 85860 | 3190558 |
| Medical Properties Trust, Inc. | 916190 | 4241960 |
| National Health Investors, Inc. | 85434 | 6908193 |
| Omega Healthcare Investors, Inc. | 541824 | 23742728 |
| Sabra Health Care REIT, Inc. | 452953 | 8710286 |
| Sila Realty Trust, Inc. | 101085 | 2393693 |
| Universal Health Realty Income Trust | 23442 | 948698 |
| Ventas, Inc. | 738469 | 60391995 |
| Welltower, Inc. | 920968 | 182084583 |
|  |  | 372895325 |
| **Residential REITs — 34.9%** | **Residential REITs — 34.9%** | **Residential REITs — 34.9%** |
| American Homes 4 Rent, Class A | 627481 | 17519270 |
| AvalonBay Communities, Inc. | 211529 | 34553262 |
| BRT Apartments Corp. | 19962 | 266293 |
| Camden Property Trust | 193858 | 18932172 |
| Centerspace | 30554 | 1755327 |
| Equity LifeStyle Properties, Inc. | 352863 | 22025708 |
| Equity Residential | 599951 | 35487102 |
| Essex Property Trust, Inc. | 117048 | 28325616 |
| Independence Realty Trust, Inc. | 437383 | 6512633 |
| Invitation Homes, Inc. | 1123729 | 27924666 |
| Mid-America Apartment Communities, Inc. | 213695 | 26096433 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Residential REITs (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** |
| NexPoint Residential Trust, Inc. | 40744 | $1018600 |
| Sun Communities, Inc. | 224915 | 28330293 |
| UDR, Inc. | 606732 | 20495407 |
| UMH Properties, Inc. | 145964 | 2106261 |
| Veris Residential, Inc. | 144453 | 2725828 |
|  |  | 274074871 |
| **Specialized REITs — 17.1%** | **Specialized REITs — 17.1%** | **Specialized REITs — 17.1%** |
| CubeSmart | 415718 | 15236065 |
| Extra Space Storage, Inc. | 332256 | 43568729 |
| National Storage Affiliates Trust | 129327 | 4880801 |
| Public Storage | 249101 | 67476479 |
| Smartstop Self Storage REIT, Inc. | 101190 | 3064033 |
|  |  | 134226107 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $880,772,545)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $880,772,545)** | 781196303 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(a)(b)</sup><br>| 1407110 | 1407110 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $1,407,110)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $1,407,110)** | 1407110 |
| **Total Investments — 99.6%** <br>**(Cost: $882,179,655)** | **Total Investments — 99.6%** <br>**(Cost: $882,179,655)** | 782603413 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 3370137 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $785973550 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund. <br> <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 March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $7772017<br>| &nbsp;&nbsp; $—<br> &nbsp;&nbsp; $(7770638 )<sup>(b)</sup><br>| &nbsp;&nbsp; $(1271)<br>| &nbsp;&nbsp; $(108)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $6622 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 1770542<br>| &nbsp;&nbsp; —<br> &nbsp;&nbsp; (363432 )<sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1407110 | &nbsp;&nbsp; 1407110 | &nbsp;&nbsp; 66525 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $(1271)<br>| &nbsp;&nbsp; $(108)<br>| &nbsp;&nbsp; $1407110 |  | &nbsp;&nbsp; $73147 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

62026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Residential and Multisector Real Estate ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Dow Jones U.S. Real Estate Index | 137 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $4929 | &nbsp;&nbsp;&nbsp;&nbsp; $(81481)<br>|

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $81481 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $81481 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(130086)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(130086)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(157890)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(157890)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4967143 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Residential and Multisector Real Estate 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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $781196303 | $— | $— | $781196303 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1407110 |  |  | 1407110 |
|  | &nbsp;&nbsp; $782603413 | $— | $— | $782603413 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(81481)<br>| $— | $— | $(81481)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

82026 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Mortgage Real <br>Estate ETF<br>| iShares <br>Residential and <br>Multisector Real <br>Estate ETF<br>|
| **ASSETS** |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup><sup>(b)</sup> | &nbsp;&nbsp; $533318497 | &nbsp;&nbsp; $781196303 |
| Investments, at value — affiliated<sup>(c)</sup> | &nbsp;&nbsp; 1087895 | &nbsp;&nbsp; 1407110 |
| Cash | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 15821 |
| Cash pledged: |  |  |
| Collateral — OTC derivatives | &nbsp;&nbsp; 117300 | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; 967000 | &nbsp;&nbsp; 372000 |
| Receivables: |  |  |
| Securities lending income — affiliated | &nbsp;&nbsp; 70 | &nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 4803 | &nbsp;&nbsp; — |
| Dividends — unaffiliated | &nbsp;&nbsp; 10418427 | &nbsp;&nbsp; 3231014 |
| Dividends — affiliated | &nbsp;&nbsp; 4124 | &nbsp;&nbsp; 4937 |
| Variation margin on futures contracts | &nbsp;&nbsp; 204600 | &nbsp;&nbsp; 78636 |
| Total assets | &nbsp;&nbsp; 546122717 | &nbsp;&nbsp; 786305821 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned | &nbsp;&nbsp; 544180 | &nbsp;&nbsp; — |
| Payables: |  |  |
| Investment advisory fees | &nbsp;&nbsp; 226460 | &nbsp;&nbsp; 332271 |
| Total liabilities | &nbsp;&nbsp; 770640 | &nbsp;&nbsp; 332271 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | &nbsp;&nbsp; $545352077 | &nbsp;&nbsp; $785973550 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital | &nbsp;&nbsp; $1203026350 | &nbsp;&nbsp; $965785813 |
| Accumulated loss | &nbsp;&nbsp; (657674273)<br>| &nbsp;&nbsp; (179812263)<br>|
| NET ASSETS | &nbsp;&nbsp; $545352077 | &nbsp;&nbsp; $785973550 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | &nbsp;&nbsp; $25400000 | &nbsp;&nbsp; $9450000 |
| Net asset value | &nbsp;&nbsp; $21.47 | &nbsp;&nbsp; $83.17 |
| Shares authorized | &nbsp;&nbsp; Unlimited | &nbsp;&nbsp; Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost — unaffiliated | &nbsp;&nbsp; $727930472 | &nbsp;&nbsp; $880772545 |
| <sup>(b)</sup> Securities loaned, at value | &nbsp;&nbsp; $540960 | &nbsp;&nbsp; $— |
| <sup>(c)</sup> Investments, at cost — affiliated | &nbsp;&nbsp; $1087954 | &nbsp;&nbsp; $1407110 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Mortgage Real <br>Estate ETF<br>| iShares <br>Residential and <br>Multisector Real <br>Estate ETF<br>|
| **INVESTMENT INCOME** |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $56604602 | &nbsp;&nbsp; $21675653 |
| Dividends — affiliated | &nbsp;&nbsp; 67409 | &nbsp;&nbsp; 66525 |
| Interest — unaffiliated | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 222 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 59562 | &nbsp;&nbsp; 6622 |
| Total investment income | &nbsp;&nbsp; 56732059 | &nbsp;&nbsp; 21749022 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 2853956 | &nbsp;&nbsp; 3826257 |
| Interest expense | &nbsp;&nbsp; 465 | &nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 2854421 | &nbsp;&nbsp; 3826257 |
| Net investment income | &nbsp;&nbsp; 53877638 | &nbsp;&nbsp; 17922765 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (49312215)<br>| &nbsp;&nbsp; (8770750)<br>|
| Investments — affiliated | &nbsp;&nbsp; 2265 | &nbsp;&nbsp; (1271)<br>|
| Futures contracts | &nbsp;&nbsp; (204700)<br>| &nbsp;&nbsp; (130086)<br>|
| In-kind redemptions — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 1916662 | &nbsp;&nbsp; 9399302 |
| Swaps | &nbsp;&nbsp; (124679)<br>| &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (47722667)<br>| &nbsp;&nbsp; 497195 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; 12826314 | &nbsp;&nbsp; (34702841)<br>|
| Investments — affiliated | &nbsp;&nbsp; (1836)<br>| &nbsp;&nbsp; (108)<br>|
| Futures contracts | &nbsp;&nbsp; (26583)<br>| &nbsp;&nbsp; (157890)<br>|
|  | &nbsp;&nbsp; 12797895 | &nbsp;&nbsp; (34860839)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (34924772)<br>| &nbsp;&nbsp; (34363644)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $18952866 | &nbsp;&nbsp; $(16440879)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

102026 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Mortgage Real Estate ETF | iShares Mortgage Real Estate ETF | iShares Residential and Multisector Real <br> Estate ETF | iShares Residential and Multisector Real <br> Estate ETF |
|  | Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>| Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $53877638 | &nbsp;&nbsp; $52260533 | &nbsp;&nbsp; $17922765 | &nbsp;&nbsp; $20251457 |
| Net realized gain (loss) | &nbsp;&nbsp; (47722667)<br>| &nbsp;&nbsp; (34356095)<br>| &nbsp;&nbsp; 497195 | &nbsp;&nbsp; 7655038 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 12797895 | &nbsp;&nbsp; 11818741 | &nbsp;&nbsp; (34860839)<br>| &nbsp;&nbsp; 84707491 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 18952866 | &nbsp;&nbsp; 29723179 | &nbsp;&nbsp; (16440879)<br>| &nbsp;&nbsp; 112613986 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (54433864)<br>| &nbsp;&nbsp; (56819167)<br>| &nbsp;&nbsp; (18155715)<br>| &nbsp;&nbsp; (21608968)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (70171636)<br>| &nbsp;&nbsp; 59070723 | &nbsp;&nbsp; (38796587)<br>| &nbsp;&nbsp; 144885427 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (105652634)<br>| &nbsp;&nbsp; 31974735 | &nbsp;&nbsp; (73393181)<br>| &nbsp;&nbsp; 235890445 |
| Beginning of year | &nbsp;&nbsp; 651004711 | &nbsp;&nbsp; 619029976 | &nbsp;&nbsp; 859366731 | &nbsp;&nbsp; 623476286 |
| End of year | &nbsp;&nbsp; $545352077 | &nbsp;&nbsp; $651004711 | &nbsp;&nbsp; $785973550 | &nbsp;&nbsp; $859366731 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Mortgage Real Estate ETF | iShares Mortgage Real Estate ETF | iShares Mortgage Real Estate ETF | iShares Mortgage Real Estate ETF | iShares Mortgage Real Estate ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $22.45 | &nbsp;&nbsp;&nbsp; $23.23 | &nbsp;&nbsp;&nbsp; $21.84 | &nbsp;&nbsp;&nbsp; $32.67 | &nbsp;&nbsp;&nbsp; $35.20 |
| Net investment income<sup>(a)</sup> | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp; (10.57)<br>| &nbsp;&nbsp;&nbsp; (1.27)<br>|
| Net increase (decrease) from investment operations | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp; (8.31)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp; (2.08)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp;&nbsp; (2.08)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $21.47 | &nbsp;&nbsp;&nbsp; $22.45 | &nbsp;&nbsp;&nbsp; $23.23 | &nbsp;&nbsp;&nbsp; $21.84 | &nbsp;&nbsp;&nbsp; $32.67 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 4.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.91<br> %<br>| &nbsp;&nbsp;&nbsp; (26.00)%<br>| &nbsp;&nbsp;&nbsp; (1.65)%<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income | 9.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $545352 | &nbsp;&nbsp;&nbsp; $651005 | &nbsp;&nbsp;&nbsp; $619030 | &nbsp;&nbsp;&nbsp; $594163 | &nbsp;&nbsp;&nbsp; $975109 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

122026 iShares Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Residential and Multisector Real Estate ETF | iShares Residential and Multisector Real Estate ETF | iShares Residential and Multisector Real Estate ETF | iShares Residential and Multisector Real Estate ETF | iShares Residential and Multisector Real Estate ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $86.37 | &nbsp;&nbsp;&nbsp; $72.08 | &nbsp;&nbsp;&nbsp; $70.60 | &nbsp;&nbsp;&nbsp; $95.78 | &nbsp;&nbsp;&nbsp; $73.95 |
| Net investment income<sup>(a)</sup> | 1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp; (24.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.98 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp; (22.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.44 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total distributions | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp;&nbsp; (1.61)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $83.17 | &nbsp;&nbsp;&nbsp; $86.37 | &nbsp;&nbsp;&nbsp; $72.08 | &nbsp;&nbsp;&nbsp; $70.60 | &nbsp;&nbsp;&nbsp; $95.78 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (1.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.21<br> %<br>| &nbsp;&nbsp;&nbsp; (23.84)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.85<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income | 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $785974 | &nbsp;&nbsp;&nbsp; $859367 | &nbsp;&nbsp;&nbsp; $623476 | &nbsp;&nbsp;&nbsp; $628342 | &nbsp;&nbsp;&nbsp; $1288274 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Financial Highlights

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> Mortgage Real Estate Non-diversified <br> Residential and Multisector Real Estate Non-diversified

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES***

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

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

**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 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 its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

**Recent Accounting Standard:** The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Funds' adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund's financial position or results of operations.

***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.

142026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) 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 or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 market 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

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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* | &nbsp;&nbsp; *Securities* <br>*Loaned at Value*<br>| &nbsp;&nbsp; *Cash* <br>*Collateral Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash* <br>*Collateral Received,* <br>*at Fair Value*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net* <br>*Amount*<sup>(b)</sup> <br>|
| Mortgage Real Estate  | Mortgage Real Estate  | Mortgage Real Estate  | Mortgage Real Estate  | Mortgage Real Estate  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $193200 | &nbsp;&nbsp;&nbsp; $(193200)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp;&nbsp; 57960 | &nbsp;&nbsp;&nbsp; (57960)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 19320 | &nbsp;&nbsp;&nbsp; (19300)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 152628 | &nbsp;&nbsp;&nbsp; (152470)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 158 |
| National Financial Services LLC | &nbsp;&nbsp;&nbsp; 86940 | &nbsp;&nbsp;&nbsp; (86940)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp;&nbsp; 27048 | &nbsp;&nbsp;&nbsp; (27048)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;&nbsp; 3864 | &nbsp;&nbsp;&nbsp; (3860)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp;&nbsp; $540960 | &nbsp;&nbsp;&nbsp; $(540778)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026. 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 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.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Equity swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation

162026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

(depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a spread.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

***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* |
| Mortgage Real Estate | 0.48<br> %<br>|
| Residential and Multisector Real Estate | 0.48 |

---

**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 82% 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 specific threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Mortgage Real Estate | &nbsp;&nbsp; $15010 |
| Residential and Multisector Real Estate | &nbsp;&nbsp; 1876 |

---

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

Notes to Financial Statements

------

Notes to Financial Statements (continued)

**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 March 31, 2026, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Mortgage Real Estate | &nbsp;&nbsp; $1557534 | &nbsp;&nbsp;&nbsp; $15975123 | &nbsp;&nbsp;&nbsp; $(4052725)<br>|
| Residential and Multisector Real Estate | &nbsp;&nbsp; 42366300 | &nbsp;&nbsp;&nbsp; 61179304 | &nbsp;&nbsp;&nbsp; (369498)<br>|

---

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 March 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Mortgage Real Estate | &nbsp;&nbsp; $136233073 | &nbsp;&nbsp;&nbsp; $121971022 |
| Residential and Multisector Real Estate | &nbsp;&nbsp; 122213783 | &nbsp;&nbsp;&nbsp; 110671534 |

---

For the year ended March 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Mortgage Real Estate | &nbsp;&nbsp; $219102690 | &nbsp;&nbsp;&nbsp; $302036673 |
| Residential and Multisector Real Estate | &nbsp;&nbsp; 67475252 | &nbsp;&nbsp;&nbsp; 117372789 |

---

***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 March 31, 2026, 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 March 31, 2026, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in capital* | *Accumulated earnings (loss)* |
| Mortgage Real Estate | &nbsp;&nbsp; $1226067 | &nbsp;&nbsp;&nbsp; $(1226067)<br>|
| Residential and Multisector Real Estate | &nbsp;&nbsp; 9080332 | &nbsp;&nbsp;&nbsp; (9080332)<br>|

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/26*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/25*<br>|
| Mortgage Real Estate |  |  |
| Ordinary income | &nbsp;&nbsp; $54433864 | &nbsp;&nbsp;&nbsp; $56819167 |
| Residential and Multisector Real Estate |  |  |
| Ordinary income | &nbsp;&nbsp; $18155715 | &nbsp;&nbsp;&nbsp; $21608968 |

---

182026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

As of March 31, 2026, the tax components of accumulated earnings (loss) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| Mortgage Real Estate | &nbsp;&nbsp; $(450769956)<br>| &nbsp;&nbsp;&nbsp; $(206904317)<br>| &nbsp;&nbsp;&nbsp; $(657674273)<br>|
| Residential and Multisector Real Estate | &nbsp;&nbsp; (76846149)<br>| &nbsp;&nbsp;&nbsp; (102966114)<br>| &nbsp;&nbsp;&nbsp; (179812263)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 and the realization for tax purposes of unrealized gains(losses) on certain futures contracts. 

As of March 31, 2026, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Mortgage Real Estate | &nbsp;&nbsp; $744901450 | &nbsp;&nbsp;&nbsp; $123744 | &nbsp;&nbsp;&nbsp; $(210618802)<br>| &nbsp;&nbsp;&nbsp; $(210495058)<br>|
| Residential and Multisector Real Estate | &nbsp;&nbsp; 886347389 | &nbsp;&nbsp;&nbsp; 91949884 | &nbsp;&nbsp;&nbsp; (195693860)<br>| &nbsp;&nbsp;&nbsp; (103743976)<br>|

---

***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 each 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 each 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. A 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 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.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

**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.

The 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 Schedules 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>03/31/26 | Year Ended <br>03/31/26 | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Mortgage Real Estate  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 10300000 | &nbsp;&nbsp;&nbsp; $229701714 | &nbsp;&nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp; $266864836 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (13900000)<br>| &nbsp;&nbsp;&nbsp; (299873350)<br>| &nbsp;&nbsp;&nbsp; (9150000)<br>| &nbsp;&nbsp;&nbsp; (207794113)<br>|
|  | &nbsp;&nbsp;&nbsp; (3600000)<br>| &nbsp;&nbsp;&nbsp; $(70171636)<br>| &nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; $59070723 |
| Residential and Multisector Real Estate  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $67786914 | &nbsp;&nbsp;&nbsp; 7600000 | &nbsp;&nbsp;&nbsp; $655979636 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (106583501)<br>| &nbsp;&nbsp;&nbsp; (6300000)<br>| &nbsp;&nbsp;&nbsp; (511094209)<br>|
|  | &nbsp;&nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; $(38796587)<br>| &nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; $144885427 |

---

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.

202026 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of each of the two 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 (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (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 March 31, 2026, 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 March 31, 2026 and each of the financial highlights for each of the five years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp; iShares Mortgage Real Estate ETF <br>iShares Residential and Multisector Real Estate ETF<br>

***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 March 31, 2026 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 22, 2026

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

Report of Independent Registered Public Accounting Firm

------

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 March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Dividend* <br>*Income*<br>|
| Mortgage Real Estate | &nbsp;&nbsp;&nbsp; $2774890 |
| Residential and Multisector Real Estate | &nbsp;&nbsp;&nbsp; 345834 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Business* <br>*Income*<br>|
| Mortgage Real Estate | &nbsp;&nbsp;&nbsp; $52472819 |
| Residential and Multisector Real Estate | &nbsp;&nbsp;&nbsp; 18783102 |

---

222026 BlackRock Annual Financial Statements and Additional Information

------

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:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• 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**.

Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

242026 iShares Annual Financial Statements and Additional Information

------

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 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.©2026 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.

![](g341043imgb2560e9a2.jpg)

![](g341043img9abdf5a33.jpg)

------

![](g341043img2444ca6f1.jpg)

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Annual Financial Statements <br> and Additional Information<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| ●iShares ESG Select Screened S&P 500 ETF \| XVV \| Cboe BZX Exchange |
| ●iShares ESG Select Screened S&P Mid-Cap ETF \| XJH \| Cboe BZX Exchange |
| ●iShares ESG Select Screened S&P Small-Cap ETF \| XJR \| Cboe BZX Exchange |

---

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_e0bb624c-57b2-497f-9295-8e2e1e090173_SOIM-TEXT-4010_1)  | 3 |
| [Statements of Assets and Liabilities](#xx_e0bb624c-57b2-497f-9295-8e2e1e090173_FS-TEXT-4011_1)  | 27 |
| [Statements of Operations](#xx_e0bb624c-57b2-497f-9295-8e2e1e090173_FS-TEXT-4011_2)  | 28 |
| [Statements of Changes in Net Assets](#xx_e0bb624c-57b2-497f-9295-8e2e1e090173_FS-TEXT-4011_3)  | 29 |
| [Financial Highlights](#xx_e0bb624c-57b2-497f-9295-8e2e1e090173_FIHI-TEXT-4010_1)  | 31 |
| [Notes to Financial Statements](#xx_e0bb624c-57b2-497f-9295-8e2e1e090173_NTF-TEXT-4010_1)  | 34 |
| [Report of Independent Registered Public Accounting Firm](#xx_e0bb624c-57b2-497f-9295-8e2e1e090173_AUD-TEXT-4011_1)  | 43 |
| [Important Tax Information](#xx_e0bb624c-57b2-497f-9295-8e2e1e090173_Tax-TEXT_1)  | 44 |
| [Additional Information](#xx_e0bb624c-57b2-497f-9295-8e2e1e090173_AddInfo-TEXT-4011_1)  | 45 |
| [Glossary of Terms Used in these Financial Statements](#xx_e0bb624c-57b2-497f-9295-8e2e1e090173_Gloss-TEXT-4011_1)  | 46 |

---

------

Schedule of Investments

March 31, 2026

**iShares® ESG Select Screened S&P 500 ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
| Axon Enterprise, Inc.<sup>(a)</sup> | 938 | $398359 |
| General Electric Co. | 12531 | 3555922 |
| Howmet Aerospace, Inc. | 4790 | 1103904 |
|  |  | 5058185 |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| CH Robinson Worldwide, Inc. | 1402 | 232830 |
| Expeditors International of Washington, Inc. | 1620 | 232033 |
| FedEx Corp. | 2583 | 920013 |
| United Parcel Service, Inc., Class B | 8837 | 869384 |
|  |  | 2254260 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Aptiv PLC<sup>(a)</sup> | 2543 | 176586 |
| **Automobiles — 2.3%** | **Automobiles — 2.3%** | **Automobiles — 2.3%** |
| Ford Motor Co. | 47036 | 542795 |
| General Motors Co. | 10800 | 804600 |
| Tesla, Inc.<sup>(a)</sup> | 33606 | 12493031 |
|  |  | 13840426 |
| **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
| Bank of America Corp. | 79287 | 3865241 |
| Citigroup, Inc. | 20884 | 2368455 |
| Citizens Financial Group, Inc. | 5033 | 301829 |
| Fifth Third Bancorp | 10770 | 500374 |
| Huntington Bancshares, Inc. | 24370 | 381391 |
| JPMorgan Chase & Co. | 32219 | 9477541 |
| KeyCorp | 11204 | 224640 |
| M&T Bank Corp. | 1812 | 374577 |
| PNC Financial Services Group, Inc. (The) | 4826 | 1004242 |
| Regions Financial Corp. | 10452 | 273006 |
| Truist Financial Corp. | 15088 | 693595 |
| U.S. Bancorp | 18554 | 964994 |
| Wells Fargo & Co. | 36952 | 2941749 |
|  |  | 23371634 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| Brown-Forman Corp., Class B, NVS | 1939 | 51267 |
| Coca-Cola Co. (The) | 46263 | 3518301 |
| Constellation Brands, Inc., Class A | 1679 | 251850 |
| Keurig Dr. Pepper, Inc. | 16250 | 427862 |
| Molson Coors Beverage Co., Class B | 1994 | 85862 |
| Monster Beverage Corp.<sup>(a)</sup> | 8558 | 620113 |
| PepsiCo, Inc. | 16334 | 2536507 |
|  |  | 7491762 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| AbbVie, Inc. | 21121 | 4593606 |
| Amgen, Inc. | 6431 | 2262747 |
| Biogen, Inc.<sup>(a)</sup> | 1757 | 322111 |
| Gilead Sciences, Inc. | 14804 | 2063234 |
| Incyte Corp.<sup>(a)</sup> | 1987 | 187016 |
| Moderna, Inc.<sup>(a)</sup> | 4102 | 208382 |
| Regeneron Pharmaceuticals, Inc. | 1209 | 934122 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 3036 | 1355695 |
|  |  | 11926913 |
| **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** |
| Amazon.com, Inc.<sup>(a)</sup> | 116733 | 24311982 |
| eBay, Inc. | 5397 | 491235 |
|  |  | 24803217 |
| **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
| A. O. Smith Corp. | 1360 | 89678 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Allegion PLC | 1009 | $146598 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 1293 | 106453 |
| Carrier Global Corp. | 9370 | 527625 |
| Johnson Controls International PLC | 7312 | 957506 |
| Lennox International, Inc. | 379 | 175905 |
| Masco Corp. | 2481 | 149778 |
| Trane Technologies PLC | 2644 | 1101861 |
|  |  | 3255404 |
| **Capital Markets — 3.6%** | **Capital Markets — 3.6%** | **Capital Markets — 3.6%** |
| Ameriprise Financial, Inc. | 1118 | 496839 |
| Ares Management Corp., Class A | 2463 | 268713 |
| Bank of New York Mellon Corp. (The) | 8224 | 975613 |
| BlackRock, Inc.<sup>(b)</sup> | 1725 | 1658950 |
| Blackstone, Inc., Class A | 8946 | 1028701 |
| Cboe Global Markets, Inc. | 1249 | 351056 |
| Charles Schwab Corp. (The) | 19962 | 1876029 |
| CME Group, Inc., Class A | 4308 | 1272368 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 2665 | 465336 |
| FactSet Research Systems, Inc. | 452 | 98079 |
| Franklin Resources, Inc. | 3643 | 86048 |
| Goldman Sachs Group, Inc. (The) | 3583 | 3031182 |
| Interactive Brokers Group, Inc., Class A | 5336 | 357886 |
| Intercontinental Exchange, Inc. | 6782 | 1066673 |
| Invesco Ltd. | 5282 | 128300 |
| KKR & Co., Inc., Class A | 8219 | 760258 |
| Moody's Corp. | 1835 | 800519 |
| Morgan Stanley | 14379 | 2366352 |
| MSCI, Inc., Class A | 875 | 471634 |
| Nasdaq, Inc. | 5379 | 456623 |
| Northern Trust Corp. | 2236 | 312079 |
| Raymond James Financial, Inc. | 2074 | 300294 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | 9431 | 653568 |
| S&P Global, Inc. | 3657 | 1555468 |
| State Street Corp. | 3358 | 424988 |
| T Rowe Price Group, Inc. | 2629 | 236978 |
|  |  | 21500534 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| Air Products & Chemicals, Inc. | 2652 | 770379 |
| Albemarle Corp. | 1417 | 254394 |
| CF Industries Holdings, Inc. | 1880 | 244099 |
| Corteva, Inc. | 8041 | 673112 |
| Dow, Inc. | 8460 | 352359 |
| Ecolab, Inc. | 3051 | 811627 |
| International Flavors & Fragrances, Inc. | 3022 | 219246 |
| Linde PLC | 5580 | 2766341 |
| LyondellBasell Industries NV, Class A | 3136 | 252636 |
| Mosaic Co. (The) | 3911 | 99731 |
| PPG Industries, Inc. | 2684 | 286866 |
| Sherwin-Williams Co. (The) | 2740 | 878307 |
|  |  | 7609097 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Cintas Corp. | 4060 | 686708 |
| Copart, Inc.<sup>(a)</sup> | 10700 | 355240 |
| Republic Services, Inc. | 2409 | 527619 |
| Rollins, Inc. | 3545 | 189339 |
| Veralto Corp. | 2944 | 260309 |
| Waste Management, Inc. | 4438 | 1019808 |
|  |  | 3039023 |
| **Communications Equipment — 1.2%** | **Communications Equipment — 1.2%** | **Communications Equipment — 1.2%** |
| Arista Networks, Inc.<sup>(a)</sup> | 12359 | 1517438 |
| Ciena Corp.<sup>(a)</sup> | 1683 | 653391 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P 500 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
| Cisco Systems, Inc. | 47235 | $3664964 |
| F5, Inc.<sup>(a)</sup> | 674 | 195008 |
| Motorola Solutions, Inc. | 1983 | 860563 |
|  |  | 6891364 |
| **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| Comfort Systems U.S.A., Inc. | 419 | 577797 |
| EMCOR Group, Inc. | 536 | 395734 |
| Quanta Services, Inc. | 1782 | 978354 |
|  |  | 1951885 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| CRH PLC | 8010 | 842011 |
| Martin Marietta Materials, Inc. | 723 | 425616 |
| Vulcan Materials Co. | 1579 | 429962 |
|  |  | 1697589 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| American Express Co. | 6403 | 1936779 |
| Capital One Financial Corp. | 7469 | 1362570 |
| Synchrony Financial | 4155 | 282623 |
|  |  | 3581972 |
| **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |
| Costco Wholesale Corp. | 5302 | 5283072 |
| Dollar General Corp. | 2642 | 313684 |
| Dollar Tree, Inc.<sup>(a)</sup> | 2192 | 240046 |
| Kroger Co. (The) | 6955 | 503264 |
| Sysco Corp. | 5690 | 405868 |
| Target Corp. | 5402 | 654722 |
|  |  | 7400656 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Amcor PLC | 5497 | 218506 |
| Avery Dennison Corp. | 930 | 160592 |
| Ball Corp. | 3194 | 188797 |
| International Paper Co. | 6290 | 224553 |
| Packaging Corp. of America | 1045 | 221770 |
| Smurfit Westrock PLC | 6290 | 250657 |
|  |  | 1264875 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| Genuine Parts Co. | 1685 | 178189 |
| Pool Corp. | 387 | 78301 |
|  |  | 256490 |
| **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** |
| AT&T Inc. | 83650 | 2425014 |
| Comcast Corp., Class A | 42880 | 1231085 |
| Verizon Communications, Inc. | 50392 | 2529678 |
|  |  | 6185777 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| Constellation Energy Corp. | 3726 | 1040485 |
| Edison International | 4627 | 338604 |
| Entergy Corp. | 5407 | 607531 |
| Eversource Energy | 4522 | 313284 |
| Exelon Corp. | 12219 | 598975 |
| NextEra Energy, Inc. | 24885 | 2311319 |
|  |  | 5210198 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| AMETEK, Inc. | 2748 | 589061 |
| Eaton Corp. PLC | 4643 | 1660662 |
| Emerson Electric Co. | 6713 | 879537 |
| GE Vernova, Inc. | 3223 | 2813357 |
| Generac Holdings, Inc.<sup>(a)</sup> | 692 | 135169 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| Hubbell, Inc. | 634 | $311129 |
| Rockwell Automation, Inc. | 1342 | 481617 |
|  |  | 6870532 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
| Amphenol Corp., Class A | 14684 | 1855324 |
| CDW Corp. | 1519 | 183829 |
| Corning, Inc. | 9345 | 1270640 |
| Jabil, Inc. | 1265 | 336022 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 2055 | 580270 |
| TE Connectivity PLC | 3510 | 733660 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 579 | 121057 |
|  |  | 5080802 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| Baker Hughes Co., Class A | 11847 | 723259 |
| Halliburton Co. | 9943 | 387678 |
| SLB Ltd. | 17852 | 917414 |
|  |  | 2028351 |
| **Entertainment — 1.5%** | **Entertainment — 1.5%** | **Entertainment — 1.5%** |
| Electronic Arts, Inc. | 2692 | 548818 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 1873 | 285651 |
| Netflix, Inc.<sup>(a)</sup> | 50455 | 4851248 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 2078 | 410405 |
| TKO Group Holdings, Inc., Class A | 779 | 157085 |
| Walt Disney Co. (The) | 21172 | 2040558 |
| Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 29584 | 812377 |
|  |  | 9106142 |
| **Financial Services — 4.1%** | **Financial Services — 4.1%** | **Financial Services — 4.1%** |
| Apollo Global Management, Inc. | 5567 | 620275 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 21909 | 10498793 |
| Block, Inc., Class A<sup>(a)</sup> | 6491 | 390628 |
| Corpay, Inc.<sup>(a)</sup> | 839 | 244141 |
| Fidelity National Information Services, Inc. | 6229 | 292203 |
| Fiserv, Inc.<sup>(a)</sup> | 6469 | 360970 |
| Global Payments, Inc. | 2854 | 192074 |
| Jack Henry & Associates, Inc. | 848 | 134018 |
| Mastercard, Inc., Class A | 9733 | 4863191 |
| PayPal Holdings, Inc. | 11005 | 497756 |
| Visa, Inc., Class A | 20088 | 6071397 |
|  |  | 24165446 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Archer-Daniels-Midland Co. | 5786 | 420584 |
| Bunge Global SA | 1640 | 208608 |
| Campbell's Co. (The) | 2410 | 53671 |
| Conagra Brands, Inc. | 5805 | 91255 |
| General Mills, Inc. | 6305 | 234672 |
| Hershey Co. (The) | 1763 | 366510 |
| Hormel Foods Corp. | 3413 | 77304 |
| J M Smucker Co. (The) | 1248 | 120357 |
| Kraft Heinz Co. (The) | 10175 | 228836 |
| McCormick & Co., Inc., NVS | 3090 | 155860 |
| Mondelez International, Inc., Class A | 15320 | 883045 |
| Tyson Foods, Inc., Class A | 3351 | 214698 |
|  |  | 3055400 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| Atmos Energy Corp. | 1978 | 365376 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| CSX Corp. | 22154 | 909422 |
| JB Hunt Transport Services, Inc. | 907 | 192193 |
| Norfolk Southern Corp. | 2678 | 768586 |

---

42026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P 500 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| Old Dominion Freight Line, Inc. | 2195 | $428903 |
| Uber Technologies, Inc.<sup>(a)</sup> | 24590 | 1768759 |
| Union Pacific Corp. | 7093 | 1720903 |
|  |  | 5788766 |
| **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| Abbott Laboratories | 20777 | 2133175 |
| Align Technology, Inc.<sup>(a)</sup> | 792 | 135773 |
| Baxter International, Inc. | 6058 | 101774 |
| Becton Dickinson & Co. | 3414 | 536783 |
| Boston Scientific Corp.<sup>(a)</sup> | 17749 | 1113750 |
| Cooper Cos., Inc. (The)<sup>(a)</sup> | 2298 | 164307 |
| Dexcom, Inc.<sup>(a)</sup> | 4636 | 291141 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 6896 | 552232 |
| GE HealthCare Technologies, Inc. | 5411 | 385155 |
| Hologic, Inc.<sup>(a)</sup> | 2675 | 202203 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 957 | 537729 |
| Insulet Corp.<sup>(a)</sup> | 847 | 177734 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 4244 | 1956441 |
| Medtronic PLC | 15289 | 1324792 |
| ResMed, Inc. | 1731 | 388575 |
| STERIS PLC | 1182 | 261376 |
| Stryker Corp. | 4124 | 1355105 |
| Zimmer Biomet Holdings, Inc. | 2401 | 217098 |
|  |  | 11835143 |
| **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** |
| Cardinal Health, Inc. | 2809 | 593570 |
| Cencora, Inc. | 2320 | 728805 |
| Centene Corp.<sup>(a)</sup> | 5607 | 183573 |
| Cigna Group (The) | 3148 | 839729 |
| CVS Health Corp. | 15211 | 1092454 |
| DaVita, Inc.<sup>(a)</sup> | 397 | 61015 |
| Elevance Health, Inc. | 2637 | 771982 |
| HCA Healthcare, Inc. | 1869 | 884485 |
| Henry Schein, Inc.<sup>(a)</sup> | 1234 | 90946 |
| Humana, Inc. | 1435 | 248814 |
| Labcorp Holdings, Inc. | 986 | 263075 |
| McKesson Corp. | 1464 | 1266887 |
| Quest Diagnostics, Inc. | 1304 | 255558 |
| UnitedHealth Group, Inc. | 10822 | 2928325 |
| Universal Health Services, Inc., Class B | 677 | 121163 |
|  |  | 10330381 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| Alexandria Real Estate Equities, Inc. | 1874 | 86991 |
| Healthpeak Properties, Inc. | 8418 | 138308 |
| Ventas, Inc. | 5617 | 459358 |
| Welltower, Inc. | 8341 | 1649099 |
|  |  | 2333756 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| Host Hotels & Resorts, Inc. | 7713 | 147781 |
| **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| Airbnb, Inc., Class A<sup>(a)</sup> | 5047 | 637335 |
| Booking Holdings, Inc. | 382 | 1608342 |
| Carnival Corp. | 13742 | 355643 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 15565 | 498236 |
| Darden Restaurants, Inc. | 1374 | 269359 |
| Domino's Pizza, Inc. | 369 | 132394 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 4434 | 665765 |
| Expedia Group, Inc. | 1388 | 320475 |
| Hilton Worldwide Holdings, Inc. | 2742 | 833787 |
| Las Vegas Sands Corp. | 3627 | 195423 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Marriott International, Inc., Class A | 2627 | $859213 |
| McDonald's Corp. | 8511 | 2645134 |
| MGM Resorts International<sup>(a)</sup> | 2294 | 84901 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 5302 | 99147 |
| Royal Caribbean Cruises Ltd. | 3009 | 828017 |
| Starbucks Corp. | 13613 | 1219589 |
| Wynn Resorts Ltd. | 991 | 100636 |
| Yum! Brands, Inc. | 3332 | 518059 |
|  |  | 11871455 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| DR Horton, Inc. | 3222 | 442123 |
| Garmin Ltd. | 1962 | 455204 |
| Lennar Corp., Class A | 2605 | 226218 |
| NVR, Inc.<sup>(a)</sup> | 34 | 224054 |
| PulteGroup, Inc. | 2299 | 270385 |
|  |  | 1617984 |
| **Household Products — 0.9%** | **Household Products — 0.9%** | **Household Products — 0.9%** |
| Church & Dwight Co., Inc. | 2803 | 261576 |
| Clorox Co. (The) | 1473 | 152647 |
| Colgate-Palmolive Co. | 9637 | 821361 |
| Kimberly-Clark Corp. | 3957 | 381732 |
| Procter & Gamble Co. (The) | 27768 | 4010810 |
|  |  | 5628126 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. | 11130 | 1471163 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| Aflac, Inc. | 5577 | 611853 |
| Allstate Corp. (The) | 3106 | 643998 |
| American International Group, Inc. | 6408 | 482202 |
| Aon PLC, Class A | 2552 | 823735 |
| Arch Capital Group Ltd.<sup>(a)</sup> | 4268 | 409685 |
| Arthur J. Gallagher & Co. | 3069 | 664684 |
| Assurant, Inc. | 604 | 131557 |
| Brown & Brown, Inc. | 3469 | 226213 |
| Chubb Ltd. | 4346 | 1416492 |
| Cincinnati Financial Corp. | 1860 | 292671 |
| Erie Indemnity Co., Class A, NVS | 287 | 72126 |
| Everest Group Ltd. | 483 | 157868 |
| Globe Life, Inc. | 947 | 131794 |
| Hartford Insurance Group, Inc. (The) | 3339 | 451533 |
| Loews Corp. | 1992 | 212626 |
| Marsh & McLennan Cos., Inc. | 5784 | 1003235 |
| MetLife, Inc. | 6612 | 467601 |
| Principal Financial Group, Inc. | 2403 | 216534 |
| Progressive Corp. (The) | 6997 | 1387085 |
| Prudential Financial, Inc. | 4297 | 419774 |
| Travelers Cos., Inc. (The) | 2582 | 753118 |
| W R Berkley Corp. | 3571 | 236686 |
| Willis Towers Watson PLC | 1134 | 329654 |
|  |  | 11542724 |
| **Interactive Media & Services — 8.6%** | **Interactive Media & Services — 8.6%** | **Interactive Media & Services — 8.6%** |
| Alphabet, Inc., Class A | 69572 | 20006124 |
| Alphabet, Inc., Class C, NVS | 55883 | 16030597 |
| Meta Platforms, Inc., Class A | 26135 | 14952618 |
|  |  | 50989339 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| Accenture PLC, Class A | 7355 | 1458423 |
| Akamai Technologies, Inc.<sup>(a)</sup> | 1697 | 194900 |
| Cognizant Technology Solutions Corp., Class A | 5688 | 348959 |
| EPAM Systems, Inc.<sup>(a)</sup> | 681 | 92207 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P 500 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Gartner, Inc.<sup>(a)</sup> | 845 | $133797 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | 1638 | 135414 |
| VeriSign, Inc. | 999 | 248112 |
|  |  | 2611812 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Hasbro, Inc. | 1627 | 152287 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Agilent Technologies, Inc. | 3394 | 386848 |
| Bio-Techne Corp. | 1924 | 100548 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 560 | 96600 |
| Danaher Corp. | 7529 | 1427498 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 2020 | 344491 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 242 | 305210 |
| Revvity, Inc. | 1329 | 116434 |
| Thermo Fisher Scientific, Inc. | 4484 | 2204021 |
| Waters Corp.<sup>(a)</sup> | 1175 | 349915 |
| West Pharmaceutical Services, Inc. | 858 | 215049 |
|  |  | 5546614 |
| **Machinery — 1.9%** | **Machinery — 1.9%** | **Machinery — 1.9%** |
| Caterpillar, Inc. | 5560 | 3939038 |
| Cummins, Inc. | 1652 | 888809 |
| Deere & Co. | 3021 | 1701729 |
| Dover Corp. | 1609 | 335396 |
| Fortive Corp. | 3716 | 205420 |
| IDEX Corp. | 901 | 170785 |
| Illinois Tool Works, Inc. | 3133 | 815489 |
| Ingersoll Rand, Inc. | 4226 | 338587 |
| Nordson Corp. | 637 | 169480 |
| Otis Worldwide Corp. | 4647 | 358191 |
| PACCAR, Inc. | 6264 | 723492 |
| Pentair PLC | 1946 | 169516 |
| Snap-on, Inc. | 620 | 225196 |
| Stanley Black & Decker, Inc. | 1882 | 133735 |
| Westinghouse Air Brake Technologies Corp. | 2020 | 504818 |
| Xylem, Inc. | 2914 | 348223 |
|  |  | 11027904 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Charter Communications, Inc., Class A<sup>(a)(c)</sup> | 1035 | 223436 |
| Fox Corp., Class A, NVS | 2393 | 139751 |
| Fox Corp., Class B | 1647 | 87456 |
| News Corp., Class A, NVS | 4334 | 108047 |
| News Corp., Class B | 1489 | 42451 |
| Omnicom Group, Inc. | 3753 | 282638 |
| Paramount Skydance Corp., Class B, NVS | 3716 | 33518 |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 5172 | 117353 |
|  |  | 1034650 |
| **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| Freeport-McMoRan, Inc. | 17194 | 1010663 |
| Newmont Corp. | 13021 | 1409523 |
| Nucor Corp. | 2738 | 462996 |
| Steel Dynamics, Inc. | 1652 | 297360 |
|  |  | 3180542 |
| **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** |
| CenterPoint Energy, Inc. | 7782 | 335871 |
| Consolidated Edison, Inc. | 4330 | 490069 |
| Dominion Energy, Inc. | 10211 | 631244 |
| Public Service Enterprise Group, Inc. | 5939 | 480762 |
| Sempra | 7797 | 757635 |
|  |  | 2695581 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| BXP, Inc. | 1715 | $89009 |
| **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** |
| Kinder Morgan, Inc. | 23352 | 782993 |
| Marathon Petroleum Corp. | 3522 | 860002 |
| ONEOK, Inc. | 7527 | 680366 |
| Phillips 66 | 4829 | 879747 |
| Targa Resources Corp. | 2569 | 644125 |
| Valero Energy Corp. | 3651 | 902089 |
| Williams Cos., Inc. (The) | 14617 | 1063825 |
|  |  | 5813147 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 7751 | 515286 |
| Southwest Airlines Co. | 5873 | 220649 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 3885 | 357692 |
|  |  | 1093627 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| Estee Lauder Cos., Inc. (The), Class A | 2937 | 210789 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| Bristol-Myers Squibb Co. | 24301 | 1473856 |
| Eli Lilly & Co. | 9470 | 8710222 |
| Merck & Co., Inc. | 29655 | 3567200 |
| Pfizer, Inc. | 67938 | 1907699 |
| Viatris, Inc. | 13797 | 186397 |
| Zoetis, Inc., Class A | 5043 | 596133 |
|  |  | 16441507 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Automatic Data Processing, Inc. | 4811 | 977499 |
| Broadridge Financial Solutions, Inc. | 1402 | 227797 |
| Equifax, Inc. | 1438 | 258941 |
| Jacobs Solutions, Inc. | 1395 | 177555 |
| Paychex, Inc. | 3897 | 358992 |
| Verisk Analytics, Inc. | 1675 | 317831 |
|  |  | 2318615 |
| **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> | 3474 | 470588 |
| CoStar Group, Inc.<sup>(a)</sup> | 5059 | 204080 |
|  |  | 674668 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| AvalonBay Communities, Inc. | 1703 | 278185 |
| Camden Property Trust | 1255 | 122563 |
| Equity Residential | 4121 | 243757 |
| Essex Property Trust, Inc. | 752 | 181984 |
| Invitation Homes, Inc. | 6773 | 168309 |
| Mid-America Apartment Communities, Inc. | 1423 | 173777 |
| UDR, Inc. | 3624 | 122419 |
|  |  | 1290994 |
| **Retail REITs — 0.3%** | **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |
| Federal Realty Investment Trust | 943 | 100156 |
| Kimco Realty Corp. | 8169 | 183558 |
| Realty Income Corp. | 10952 | 670043 |
| Regency Centers Corp. | 1937 | 146553 |
| Simon Property Group, Inc. | 3885 | 724669 |
|  |  | 1824979 |
| **Semiconductors & Semiconductor Equipment — 15.5%** | **Semiconductors & Semiconductor Equipment — 15.5%** | **Semiconductors & Semiconductor Equipment — 15.5%** |
| Analog Devices, Inc. | 5840 | 1857938 |
| Applied Materials, Inc. | 9486 | 3242220 |
| Broadcom, Inc. | 56656 | 17535598 |
| First Solar, Inc.<sup>(a)</sup> | 1269 | 250323 |

---

62026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P 500 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Intel Corp.<sup>(a)</sup> | 56104 | $2475869 |
| KLA Corp. | 1570 | 2311684 |
| Lam Research Corp. | 14920 | 3187807 |
| Microchip Technology, Inc. | 6501 | 420030 |
| Micron Technology, Inc. | 13445 | 4542259 |
| Monolithic Power Systems, Inc. | 585 | 639610 |
| NVIDIA Corp. | 290367 | 50640005 |
| NXP Semiconductors NV | 3024 | 595305 |
| ON Semiconductor Corp.<sup>(a)</sup> | 4711 | 291705 |
| QUALCOMM, Inc. | 12748 | 1641687 |
| Skyworks Solutions, Inc. | 1771 | 94837 |
| Teradyne, Inc. | 1864 | 552601 |
| Texas Instruments, Inc. | 10843 | 2105060 |
|  |  | 92384538 |
| **Software — 9.2%** | **Software — 9.2%** | **Software — 9.2%** |
| Adobe, Inc.<sup>(a)</sup> | 4907 | 1192793 |
| AppLovin Corp., Class A<sup>(a)</sup> | 3237 | 1288326 |
| Autodesk, Inc.<sup>(a)</sup> | 2537 | 607358 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 3249 | 902800 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 3015 | 1177086 |
| Datadog, Inc., Class A<sup>(a)</sup> | 3889 | 459096 |
| Fair Isaac Corp.<sup>(a)</sup> | 285 | 304249 |
| Fortinet, Inc.<sup>(a)</sup> | 7561 | 617885 |
| Gen Digital, Inc. | 6758 | 127253 |
| Intuit, Inc. | 3323 | 1436799 |
| Microsoft Corp. | 88729 | 32844814 |
| Oracle Corp. | 20261 | 2980596 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 27295 | 3992712 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 9655 | 1547890 |
| PTC, Inc.<sup>(a)</sup> | 1439 | 205043 |
| Roper Technologies, Inc. | 1277 | 451879 |
| Salesforce, Inc. | 11198 | 2090331 |
| ServiceNow, Inc.<sup>(a)</sup> | 12497 | 1306561 |
| Synopsys, Inc.<sup>(a)</sup> | 2289 | 907543 |
| Trimble, Inc.<sup>(a)</sup> | 2846 | 185644 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 508 | 173929 |
| Workday, Inc., Class A<sup>(a)</sup> | 2542 | 330257 |
|  |  | 55130844 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| American Tower Corp. | 5602 | 966793 |
| Crown Castle, Inc. | 5203 | 423056 |
| Digital Realty Trust, Inc. | 3865 | 696512 |
| Equinix, Inc. | 1175 | 1151782 |
| Extra Space Storage, Inc. | 2538 | 332808 |
| Iron Mountain, Inc. | 3516 | 359124 |
| Public Storage | 1887 | 511151 |
| SBA Communications Corp., Class A | 1257 | 216342 |
| VICI Properties, Inc. | 12855 | 351199 |
| Weyerhaeuser Co. | 8689 | 212272 |
|  |  | 5221039 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| AutoZone, Inc.<sup>(a)</sup> | 196 | 662045 |
| Best Buy Co., Inc. | 2384 | 153053 |
| Carvana Co., Class A<sup>(a)</sup> | 1690 | 531302 |
| Home Depot, Inc. (The) | 11897 | 3912804 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Lowe's Cos., Inc. | 6709 | $1585202 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 10057 | 928362 |
| Ross Stores, Inc. | 3862 | 836625 |
| TJX Cos., Inc. (The) | 13268 | 2118900 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 521 | 272332 |
| Williams-Sonoma, Inc. | 1426 | 260003 |
|  |  | 11260628 |
| **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** |
| Apple Inc. | 175429 | 44522126 |
| Dell Technologies, Inc., Class C | 3549 | 582497 |
| HP, Inc. | 10849 | 208409 |
| NetApp, Inc. | 2396 | 245327 |
| Seagate Technology Holdings PLC | 2607 | 1021318 |
| Super Micro Computer, Inc.<sup>(a)(c)</sup> | 5970 | 135937 |
| Western Digital Corp. | 4049 | 1095214 |
|  |  | 47810828 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Deckers Outdoor Corp.<sup>(a)</sup> | 1724 | 172555 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 1270 | 194437 |
| NIKE, Inc., Class B | 14304 | 755537 |
| Ralph Lauren Corp., Class A | 463 | 159268 |
| Tapestry, Inc. | 2401 | 338805 |
|  |  | 1620602 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Fastenal Co. | 13688 | 635123 |
| United Rentals, Inc. | 754 | 549334 |
|  |  | 1184457 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Works Co., Inc. | 2316 | 315184 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| T-Mobile U.S., Inc. | 5664 | 1189610 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $568,232,167)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $568,232,167)** | 595120969 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.77%<sup>(b)(d)(e)</sup><br>| 366406 | 366479 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(b)(d)</sup><br>| 981996 | 981996 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $1,348,496)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $1,348,496)** | 1348475 |
| **Total Investments — 100.0%** <br>**(Cost: $569,580,663)** | **Total Investments — 100.0%** <br>**(Cost: $569,580,663)** | 596469444 |
| **Liabilities in Excess of Other Assets — (0.0)%** | **Liabilities in Excess of Other Assets — (0.0)%** | (62530)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $596406914 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

<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. 

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P 500 ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $119148<br>| &nbsp;&nbsp; $249632 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2284)<br>| &nbsp;&nbsp; $(17)<br>| &nbsp;&nbsp; $366479 | &nbsp;&nbsp; 366406 | &nbsp;&nbsp; $11547 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| &nbsp;&nbsp; 491759<br>| &nbsp;&nbsp; 490237 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 981996 | &nbsp;&nbsp; 981996 | &nbsp;&nbsp; 31345 | &nbsp;&nbsp; — |
| BlackRock, Inc. | &nbsp;&nbsp; 954052<br>| &nbsp;&nbsp; 1044734 | &nbsp;&nbsp; (306457)<br>| &nbsp;&nbsp; 58348 | &nbsp;&nbsp; (91727)<br>| &nbsp;&nbsp; 1658950 | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 30343 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $56064 | &nbsp;&nbsp; $(91744)<br>| &nbsp;&nbsp; $3007425 |  | &nbsp;&nbsp; $73235 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini S&P 500 Index | 38 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $1248 | &nbsp;&nbsp;&nbsp;&nbsp; $(25628)<br>|

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $25628 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $25628 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $93548 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $93548 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(21716)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(21716)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $908661 |

---

82026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P 500 ETF**

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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $595120969 | $— | $— | $595120969 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1348475 |  |  | 1348475 |
|  | &nbsp;&nbsp; $596469444 | $— | $— | $596469444 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(25628)<br>| $— | $— | $(25628)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Schedule of Investments

------

Schedule of Investments

March 31, 2026

**iShares® ESG Select Screened S&P Mid-Cap ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** |
| AeroVironment, Inc.<sup>(a)(b)</sup> | 3880 | $710234 |
| ATI, Inc.<sup>(a)</sup> | 16572 | 2410563 |
| Carpenter Technology Corp. | 6076 | 2394856 |
| Curtiss-Wright Corp. | 4497 | 3062996 |
| Hexcel Corp. | 9254 | 748926 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 22518 | 1587744 |
| Woodward, Inc. | 7272 | 2602794 |
|  |  | 13518113 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| GXO Logistics, Inc.<sup>(a)</sup> | 13967 | 724189 |
| **Automobile Components — 1.2%** | **Automobile Components — 1.2%** | **Automobile Components — 1.2%** |
| Autoliv, Inc. | 8383 | 881556 |
| BorgWarner, Inc. | 25255 | 1370337 |
| Gentex Corp. | 26706 | 583526 |
| Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> | 36555 | 242360 |
| Lear Corp. | 6426 | 778060 |
| Visteon Corp. | 3493 | 318247 |
|  |  | 4174086 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| Harley-Davidson, Inc. | 15086 | 305039 |
| Thor Industries, Inc. | 6445 | 514891 |
|  |  | 819930 |
| **Banks — 6.2%** | **Banks — 6.2%** | **Banks — 6.2%** |
| Associated Banc-Corp | 19955 | 516036 |
| Bank OZK | 12546 | 575736 |
| Columbia Banking System, Inc. | 36034 | 988413 |
| Commerce Bancshares, Inc. | 16715 | 822378 |
| Cullen/Frost Bankers, Inc. | 7709 | 1056750 |
| East West Bancorp, Inc. | 16782 | 1791646 |
| First Financial Bankshares, Inc. | 15896 | 468137 |
| First Horizon Corp. | 59158 | 1346436 |
| Flagstar Bank N.A. | 36532 | 481126 |
| FNB Corp. | 43582 | 728691 |
| Glacier Bancorp, Inc. | 15695 | 701096 |
| Hancock Whitney Corp. | 10034 | 638062 |
| Home BancShares, Inc. | 22314 | 600916 |
| International Bancshares Corp. | 6597 | 443912 |
| Old National Bancorp | 42300 | 934830 |
| Prosperity Bancshares, Inc. | 12325 | 827994 |
| Southstate Bank Corp. | 12092 | 1118752 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 5590 | 530379 |
| UMB Financial Corp. | 8709 | 982288 |
| United Bankshares, Inc. | 17022 | 705051 |
| Valley National Bancorp | 58388 | 717005 |
| Webster Financial Corp. | 19667 | 1365283 |
| Western Alliance Bancorp | 12526 | 887467 |
| Wintrust Financial Corp. | 8169 | 1135001 |
| Zions Bancorp N.A. | 17893 | 1030995 |
|  |  | 21394380 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Boston Beer Co., Inc. (The), Class A<sup>(a)</sup> | 936 | 215655 |
| Celsius Holdings, Inc.<sup>(a)</sup> | 19494 | 691647 |
| Coca-Cola Consolidated, Inc. | 6900 | 1323006 |
|  |  | 2230308 |
| **Biotechnology — 3.4%** | **Biotechnology — 3.4%** | **Biotechnology — 3.4%** |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 17081 | 1070979 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 23433 | 1323730 |
| Cytokinetics, Inc.<sup>(a)(b)</sup> | 14913 | 982916 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Exelixis, Inc.<sup>(a)</sup> | 31678 | $1358669 |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 14344 | 927053 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 12242 | 1612761 |
| Roivant Sciences Ltd.<sup>(a)</sup> | 54997 | 1523417 |
| United Therapeutics Corp.<sup>(a)</sup> | 5252 | 3114331 |
|  |  | 11913856 |
| **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** |
| Macy's, Inc. | 33873 | 612763 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 7481 | 688551 |
|  |  | 1301314 |
| **Building Products — 2.1%** | **Building Products — 2.1%** | **Building Products — 2.1%** |
| AAON, Inc. | 8254 | 683019 |
| Advanced Drainage Systems, Inc. | 8741 | 1198653 |
| Carlisle Cos., Inc. | 4976 | 1660093 |
| Fortune Brands Innovations, Inc. | 14654 | 571066 |
| Owens Corning | 10026 | 1085014 |
| Simpson Manufacturing Co., Inc. | 5057 | 867882 |
| Trex Co., Inc.<sup>(a)</sup> | 13083 | 476483 |
| UFP Industries, Inc. | 7105 | 654513 |
|  |  | 7196723 |
| **Capital Markets — 2.4%** | **Capital Markets — 2.4%** | **Capital Markets — 2.4%** |
| Affiliated Managers Group, Inc. | 3431 | 949358 |
| Evercore, Inc., Class A | 4718 | 1408370 |
| Federated Hermes, Inc., Class B, NVS | 9014 | 511184 |
| Hamilton Lane, Inc., Class A | 4985 | 495509 |
| Houlihan Lokey, Inc., Class A | 6629 | 952057 |
| Janus Henderson Group PLC | 15034 | 772297 |
| Jefferies Financial Group, Inc. | 20169 | 832375 |
| SEI Investments Co. | 11331 | 889143 |
| Stifel Financial Corp. | 19538 | 1444249 |
|  |  | 8254542 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Ashland, Inc. | 5852 | 325430 |
| Avient Corp. | 11412 | 414256 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 26029 | 721003 |
| Cabot Corp. | 6370 | 479725 |
| NewMarket Corp. | 951 | 609543 |
| RPM International, Inc. | 15622 | 1552827 |
| Scotts Miracle-Gro Co. (The) | 5692 | 346130 |
| Westlake Corp. | 4068 | 475224 |
|  |  | 4924138 |
| **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** |
| Brink's Co. (The) | 5067 | 525093 |
| Clean Harbors, Inc.<sup>(a)</sup> | 6126 | 1756508 |
| MSA Safety, Inc. | 4616 | 756793 |
| RB Global, Inc.<sup>(b)</sup> | 22650 | 2171003 |
| Tetra Tech, Inc. | 31812 | 958177 |
|  |  | 6167574 |
| **Construction & Engineering — 2.7%** | **Construction & Engineering — 2.7%** | **Construction & Engineering — 2.7%** |
| AECOM | 15770 | 1337611 |
| API Group Corp.<sup>(a)</sup> | 47285 | 1915988 |
| Dycom Industries, Inc.<sup>(a)</sup> | 3655 | 1238387 |
| MasTec, Inc.<sup>(a)</sup> | 7482 | 2407259 |
| Sterling Infrastructure, Inc.<sup>(a)(b)</sup> | 3746 | 1525633 |
| Valmont Industries, Inc. | 2403 | 960167 |
|  |  | 9385045 |

---

102026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Mid-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Eagle Materials, Inc. | 3834 | $726351 |
| Knife River Corp.<sup>(a)(b)</sup> | 6911 | 564283 |
|  |  | 1290634 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| Ally Financial, Inc. | 34242 | 1343314 |
| SLM Corp. | 24298 | 520220 |
|  |  | 1863534 |
| **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** |
| Albertsons Cos., Inc., Class A | 45132 | 769049 |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)(b)</sup> | 15960 | 1570783 |
| Casey's General Stores, Inc. | 4522 | 3291383 |
| Maplebear, Inc.<sup>(a)</sup> | 22416 | 839704 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 11877 | 916073 |
| U.S. Foods Holding Corp.<sup>(a)</sup> | 26901 | 2480541 |
|  |  | 9867533 |
| **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** |
| AptarGroup, Inc. | 7852 | 989509 |
| Crown Holdings, Inc. | 13672 | 1370618 |
| Graphic Packaging Holding Co. | 37756 | 375295 |
| Greif, Inc., Class A, NVS | 3104 | 208185 |
| Silgan Holdings, Inc. | 10698 | 415082 |
| Sonoco Products Co. | 12031 | 650757 |
|  |  | 4009446 |
| **Diversified Consumer Services — 1.0%** | **Diversified Consumer Services — 1.0%** | **Diversified Consumer Services — 1.0%** |
| Duolingo, Inc., Class A<sup>(a)</sup> | 4881 | 481120 |
| Graham Holdings Co., Class B | 415 | 438763 |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 3370 | 573001 |
| H&R Block, Inc. | 15461 | 490732 |
| Service Corp. International | 16982 | 1401185 |
|  |  | 3384801 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| WP Carey, Inc. | 26730 | 1816571 |
| **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** |
| Acuity, Inc. | 3715 | 1041017 |
| EnerSys | 4494 | 780698 |
| Nextpower, Inc., Class A<sup>(a)</sup> | 18110 | 2183160 |
| nVent Electric PLC | 19682 | 2327987 |
| Regal Rexnord Corp. | 8099 | 1516619 |
| Sensata Technologies Holding PLC | 17769 | 625824 |
|  |  | 8475305 |
| **Electronic Equipment, Instruments & Components — 4.4%** | **Electronic Equipment, Instruments & Components — 4.4%** | **Electronic Equipment, Instruments & Components — 4.4%** |
| Advanced Energy Industries, Inc. | 4604 | 1485757 |
| Arrow Electronics, Inc.<sup>(a)</sup> | 6231 | 893588 |
| Avnet, Inc. | 10404 | 641094 |
| Belden, Inc. | 4793 | 550380 |
| Cognex Corp. | 20212 | 990186 |
| Crane NXT Co. | 6312 | 256204 |
| Fabrinet<sup>(a)</sup> | 4370 | 2279042 |
| Flex Ltd.<sup>(a)</sup> | 44847 | 2935685 |
| IPG Photonics Corp.<sup>(a)</sup> | 3150 | 360959 |
| Littelfuse, Inc. | 3038 | 1030945 |
| Novanta, Inc.<sup>(a)</sup> | 4364 | 515432 |
| TD SYNNEX Corp. | 9146 | 1543022 |
| TTM Technologies, Inc.<sup>(a)</sup> | 12603 | 1227784 |
| Vontier Corp. | 17272 | 612638 |
|  |  | 15322716 |
| **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** |
| NOV, Inc. | 43960 | 826888 |
| TechnipFMC PLC | 49340 | 3410874 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |
| Valaris Ltd.<sup>(a)</sup> | 7853 | $769908 |
| Weatherford International PLC | 8748 | 827386 |
|  |  | 5835056 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Warner Music Group Corp., Class A | 18667 | 476755 |
| **Financial Services — 1.4%** | **Financial Services — 1.4%** | **Financial Services — 1.4%** |
| Equitable Holdings, Inc. | 27608 | 1024533 |
| Essent Group Ltd. | 12778 | 746746 |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 5563 | 369216 |
| MGIC Investment Corp. | 29256 | 767970 |
| Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | 9513 | 416004 |
| Voya Financial, Inc. | 12430 | 849218 |
| WEX, Inc.<sup>(a)</sup> | 4383 | 670774 |
|  |  | 4844461 |
| **Food Products — 1.0%** | **Food Products — 1.0%** | **Food Products — 1.0%** |
| Darling Ingredients, Inc.<sup>(a)</sup> | 19294 | 1193334 |
| Flowers Foods, Inc. | 26981 | 219895 |
| Ingredion, Inc. | 7684 | 865680 |
| Marzetti Co. (The) | 2599 | 359520 |
| Pilgrim's Pride Corp. | 5462 | 206245 |
| Post Holdings, Inc.<sup>(a)</sup> | 5148 | 508931 |
|  |  | 3353605 |
| **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** |
| New Jersey Resources Corp. | 12300 | 675516 |
| ONE Gas, Inc. | 7318 | 630299 |
| Southwest Gas Holdings, Inc. | 7836 | 680949 |
| Spire, Inc. | 7208 | 652612 |
| UGI Corp. | 26180 | 953476 |
|  |  | 3592852 |
| **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** |
| Avis Budget Group, Inc.<sup>(a)(b)</sup> | 2166 | 315911 |
| Knight-Swift Transportation Holdings, Inc. | 19801 | 1140142 |
| Landstar System, Inc. | 4307 | 690455 |
| Ryder System, Inc. | 4809 | 984450 |
| Saia, Inc.<sup>(a)</sup> | 3250 | 1141660 |
| XPO, Inc.<sup>(a)</sup> | 14288 | 2779731 |
|  |  | 7052349 |
| **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** |
| DENTSPLY SIRONA, Inc. | 25570 | 296612 |
| Envista Holdings Corp.<sup>(a)</sup> | 19989 | 507121 |
| Globus Medical, Inc., Class A<sup>(a)</sup> | 13589 | 1170828 |
| Haemonetics Corp.<sup>(a)</sup> | 5668 | 319449 |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 8384 | 635926 |
| LivaNova PLC<sup>(a)</sup> | 6834 | 434369 |
| Masimo Corp.<sup>(a)</sup> | 5569 | 990558 |
| Penumbra, Inc.<sup>(a)</sup> | 4785 | 1571251 |
|  |  | 5926114 |
| **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** |
| Chemed Corp. | 1791 | 676532 |
| Encompass Health Corp. | 12272 | 1187071 |
| Ensign Group, Inc. (The) | 7035 | 1417553 |
| HealthEquity, Inc.<sup>(a)(b)</sup> | 10421 | 870883 |
| Hims & Hers Health, Inc., Class A<sup>(a)(b)</sup> | 25408 | 527470 |
| Option Care Health, Inc.<sup>(a)(b)</sup> | 19362 | 521225 |
| Tenet Healthcare Corp.<sup>(a)</sup> | 10720 | 2022971 |
|  |  | 7223705 |
| **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** |
| American Healthcare REIT, Inc. | 21639 | 1020495 |
| Healthcare Realty Trust, Inc. | 42551 | 722941 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Mid-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care REITs (continued)** | **Health Care REITs (continued)** | **Health Care REITs (continued)** |
| Omega Healthcare Investors, Inc. | 36052 | $1579799 |
| Sabra Health Care REIT, Inc. | 31895 | 613341 |
|  |  | 3936576 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Doximity, Inc., Class A<sup>(a)</sup> | 17061 | 397521 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| Park Hotels & Resorts, Inc. | 25575 | 269305 |
| **Hotels, Restaurants & Leisure — 2.9%** | **Hotels, Restaurants & Leisure — 2.9%** | **Hotels, Restaurants & Leisure — 2.9%** |
| Aramark | 32060 | 1299712 |
| Boyd Gaming Corp. | 7051 | 579451 |
| Cava Group, Inc.<sup>(a)</sup> | 12167 | 984310 |
| Choice Hotels International, Inc.<sup>(b)</sup> | 2644 | 273654 |
| Churchill Downs, Inc. | 8080 | 725826 |
| Dutch Bros, Inc., Class A<sup>(a)</sup> | 15494 | 784926 |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 7662 | 299738 |
| Hyatt Hotels Corp., Class A<sup>(b)</sup> | 5042 | 724989 |
| Planet Fitness, Inc., Class A<sup>(a)</sup> | 10122 | 752874 |
| Texas Roadhouse, Inc. | 8068 | 1332350 |
| Travel + Leisure Co. | 7846 | 542865 |
| Vail Resorts, Inc. | 4364 | 559989 |
| Wingstop, Inc. | 3389 | 525193 |
| Wyndham Hotels & Resorts, Inc. | 9215 | 748535 |
|  |  | 10134412 |
| **Household Durables — 1.8%** | **Household Durables — 1.8%** | **Household Durables — 1.8%** |
| KB Home | 7705 | 398734 |
| Somnigroup International, Inc. | 25603 | 1892574 |
| Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 11920 | 694221 |
| Toll Brothers, Inc. | 11557 | 1577184 |
| TopBuild Corp.<sup>(a)</sup> | 3404 | 1195825 |
| Whirlpool Corp. | 8055 | 434325 |
|  |  | 6192863 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Ormat Technologies, Inc. | 7413 | 829663 |
| **Industrial REITs — 1.1%** | **Industrial REITs — 1.1%** | **Industrial REITs — 1.1%** |
| EastGroup Properties, Inc. | 6494 | 1201975 |
| First Industrial Realty Trust, Inc. | 16165 | 935145 |
| Rexford Industrial Realty, Inc. | 28081 | 919091 |
| STAG Industrial, Inc. | 23888 | 861401 |
|  |  | 3917612 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| American Financial Group, Inc. | 8443 | 1078256 |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 7278 | 435807 |
| CNO Financial Group, Inc. | 11527 | 473299 |
| Fidelity National Financial, Inc., Class A | 31125 | 1443578 |
| First American Financial Corp. | 12429 | 749345 |
| Hanover Insurance Group, Inc. (The) | 4318 | 748525 |
| Kinsale Capital Group, Inc.<sup>(b)</sup> | 2696 | 921115 |
| Old Republic International Corp. | 27767 | 1107903 |
| Primerica, Inc. | 3892 | 974868 |
| Reinsurance Group of America, Inc. | 8015 | 1636342 |
| RenaissanceRe Holdings Ltd. | 5305 | 1576805 |
| RLI Corp. | 11202 | 638962 |
| Ryan Specialty Holdings, Inc., Class A | 13911 | 469357 |
| Selective Insurance Group, Inc. | 7329 | 552533 |
| Unum Group | 18595 | 1357993 |
|  |  | 14164688 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| Pinterest, Inc., Class A<sup>(a)</sup> | 71411 | 1309678 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **IT Services — 1.3%** | **IT Services — 1.3%** | **IT Services — 1.3%** |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 29243 | $383668 |
| Okta, Inc., Class A<sup>(a)</sup> | 20669 | 1626857 |
| Twilio, Inc., Class A<sup>(a)</sup> | 18493 | 2326789 |
|  |  | 4337314 |
| **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** |
| Brunswick Corp. | 7933 | 577205 |
| Mattel, Inc.<sup>(a)</sup> | 37910 | 550832 |
| Polaris, Inc. | 6839 | 372726 |
| YETI Holdings, Inc.<sup>(a)</sup> | 9952 | 364144 |
|  |  | 1864907 |
| **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** |
| Avantor, Inc.<sup>(a)</sup> | 83193 | 652233 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 2217 | 617989 |
| Bruker Corp. | 13529 | 488667 |
| Illumina, Inc.<sup>(a)(b)</sup> | 18650 | 2298799 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 2735 | 1313320 |
| Repligen Corp.<sup>(a)</sup> | 6454 | 760410 |
|  |  | 6131418 |
| **Machinery — 6.0%** | **Machinery — 6.0%** | **Machinery — 6.0%** |
| AGCO Corp. | 7330 | 849327 |
| Chart Industries, Inc.<sup>(a)</sup> | 5483 | 1133610 |
| CNH Industrial NV | 107940 | 1187340 |
| Crane Co. | 5972 | 1021212 |
| Donaldson Co., Inc. | 14068 | 1193951 |
| Esab Corp. | 6960 | 672754 |
| Flowserve Corp. | 15494 | 1138964 |
| Graco, Inc. | 20222 | 1711792 |
| ITT, Inc. | 10490 | 1998660 |
| Lincoln Electric Holdings, Inc. | 6712 | 1671825 |
| Middleby Corp. (The)<sup>(a)</sup> | 5652 | 749342 |
| Mueller Industries, Inc. | 13541 | 1500343 |
| Oshkosh Corp. | 7715 | 1135725 |
| SPX Technologies, Inc.<sup>(a)</sup> | 6079 | 1215435 |
| Terex Corp. | 13869 | 819658 |
| Timken Co. (The) | 7732 | 777607 |
| Toro Co. (The) | 11890 | 1111002 |
| Watts Water Technologies, Inc., Class A | 3346 | 971310 |
|  |  | 20859857 |
| **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** |
| Kirby Corp.<sup>(a)</sup> | 6611 | 878470 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| New York Times Co. (The), Class A | 19707 | 1650067 |
| Nexstar Media Group, Inc., Class A | 3477 | 628746 |
|  |  | 2278813 |
| **Metals & Mining — 3.0%** | **Metals & Mining — 3.0%** | **Metals & Mining — 3.0%** |
| Alcoa Corp. | 31586 | 2095099 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | 69573 | 587892 |
| Commercial Metals Co. | 13527 | 830964 |
| Hecla Mining Co. | 81734 | 1522704 |
| MP Materials Corp., Class A<sup>(a)(b)</sup> | 16429 | 792863 |
| Reliance, Inc. | 6378 | 1938402 |
| Royal Gold, Inc. | 9883 | 2515125 |
|  |  | 10283049 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** |
| Annaly Capital Management, Inc. | 87414 | 1848806 |
| Starwood Property Trust, Inc. | 42461 | 731178 |
|  |  | 2579984 |
| **Office REITs — 0.5%** | **Office REITs — 0.5%** | **Office REITs — 0.5%** |
| COPT Defense Properties | 13780 | 421668 |

---

122026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Mid-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Office REITs (continued)** | **Office REITs (continued)** | **Office REITs (continued)** |
| Cousins Properties, Inc. | 20490 | $462459 |
| Kilroy Realty Corp. | 13386 | 377619 |
| Vornado Realty Trust | 19536 | 507741 |
|  |  | 1769487 |
| **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| Antero Midstream Corp. | 40392 | 920938 |
| DT Midstream, Inc. | 12402 | 1670177 |
| HF Sinclair Corp. | 19072 | 1189902 |
| PBF Energy, Inc., Class A | 10511 | 500534 |
|  |  | 4281551 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| Louisiana-Pacific Corp. | 7731 | 562430 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| Alaska Air Group, Inc.<sup>(a)</sup> | 13983 | 514295 |
| American Airlines Group, Inc.<sup>(a)</sup> | 80539 | 864989 |
|  |  | 1379284 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| BellRing Brands, Inc.<sup>(a)</sup> | 14984 | 241092 |
| Coty, Inc., Class A<sup>(a)</sup> | 46868 | 94205 |
| elf Beauty, Inc.<sup>(a)(b)</sup> | 7203 | 436574 |
|  |  | 771871 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 60604 | 1450254 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 7411 | 1401049 |
|  |  | 2851303 |
| **Professional Services — 1.8%** | **Professional Services — 1.8%** | **Professional Services — 1.8%** |
| Booz Allen Hamilton Holding Corp., Class A | 14709 | 1147743 |
| Concentrix Corp. | 5392 | 147525 |
| ExlService Holdings, Inc.<sup>(a)</sup> | 19168 | 583666 |
| Exponent, Inc. | 6085 | 397046 |
| FTI Consulting, Inc.<sup>(a)</sup> | 3691 | 652458 |
| Genpact Ltd. | 19322 | 719745 |
| Maximus, Inc. | 6653 | 426457 |
| Paylocity Holding Corp.<sup>(a)</sup> | 5323 | 575097 |
| TransUnion | 23467 | 1623682 |
|  |  | 6273419 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 5757 | 1751970 |
| **Residential REITs — 0.9%** | **Residential REITs — 0.9%** | **Residential REITs — 0.9%** |
| American Homes 4 Rent, Class A | 39765 | 1110239 |
| Equity LifeStyle Properties, Inc. | 23643 | 1475796 |
| Independence Realty Trust, Inc. | 28890 | 430172 |
|  |  | 3016207 |
| **Retail REITs — 1.1%** | **Retail REITs — 1.1%** | **Retail REITs — 1.1%** |
| Agree Realty Corp. | 14661 | 1105146 |
| Brixmor Property Group, Inc. | 37396 | 1077005 |
| Kite Realty Group Trust | 26408 | 648316 |
| NNN REIT, Inc. | 23167 | 973709 |
|  |  | 3804176 |
| **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** |
| Allegro MicroSystems, Inc.<sup>(a)</sup> | 15142 | 477427 |
| Amkor Technology, Inc. | 13876 | 624836 |
| Cirrus Logic, Inc.<sup>(a)</sup> | 6222 | 899826 |
| Entegris, Inc. | 18540 | 2173630 |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 16684 | 1547608 |
| MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 7868 | 1747247 |
| MKS, Inc. | 8193 | 1882833 |
| Onto Innovation, Inc.<sup>(a)</sup> | 6057 | 1242109 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Rambus, Inc.<sup>(a)</sup> | 13131 | $1129660 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 4020 | 836763 |
| Synaptics, Inc.<sup>(a)</sup> | 4885 | 342145 |
| Universal Display Corp. | 5393 | 494322 |
|  |  | 13398406 |
| **Software — 3.1%** | **Software — 3.1%** | **Software — 3.1%** |
| Appfolio, Inc., Class A<sup>(a)</sup> | 2947 | 465096 |
| Bentley Systems, Inc., Class B | 18166 | 637990 |
| BILL Holdings, Inc.<sup>(a)</sup> | 10743 | 411457 |
| Blackbaud, Inc.<sup>(a)</sup> | 4689 | 181042 |
| Commvault Systems, Inc.<sup>(a)</sup> | 5364 | 417802 |
| Docusign, Inc.<sup>(a)</sup> | 24428 | 1158131 |
| Dolby Laboratories, Inc., Class A | 7427 | 446066 |
| Dropbox, Inc., Class A<sup>(a)</sup> | 21275 | 483368 |
| Dynatrace, Inc.<sup>(a)</sup> | 36379 | 1345295 |
| Guidewire Software, Inc.<sup>(a)</sup> | 10370 | 1550937 |
| Manhattan Associates, Inc.<sup>(a)</sup> | 7300 | 971776 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 32982 | 1253646 |
| Pegasystems, Inc. | 11134 | 473863 |
| Qualys, Inc.<sup>(a)</sup> | 4374 | 384256 |
| UiPath, Inc., Class A<sup>(a)(b)</sup> | 52230 | 579753 |
|  |  | 10760478 |
| **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** |
| CubeSmart | 27815 | 1019420 |
| EPR Properties | 9287 | 463978 |
| Gaming & Leisure Properties, Inc. | 34520 | 1531652 |
| Lamar Advertising Co., Class A | 10595 | 1341963 |
| National Storage Affiliates Trust | 8731 | 329508 |
| Rayonier, Inc. | 35537 | 732773 |
|  |  | 5419294 |
| **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** |
| Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 5594 | 511124 |
| AutoNation, Inc.<sup>(a)</sup> | 3176 | 620146 |
| Bath & Body Works, Inc. | 24971 | 466208 |
| Burlington Stores, Inc.<sup>(a)</sup> | 7585 | 2468007 |
| Chewy, Inc., Class A<sup>(a)</sup> | 29093 | 785511 |
| Five Below, Inc.<sup>(a)</sup> | 6728 | 1537213 |
| Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 13144 | 667715 |
| GameStop Corp., Class A<sup>(a)(b)</sup> | 50275 | 1158336 |
| Gap, Inc. (The) | 27673 | 669687 |
| Lithia Motors, Inc., Class A | 2958 | 738672 |
| Penske Automotive Group, Inc. | 2361 | 353017 |
| RH<sup>(a)</sup> | 1962 | 274327 |
| Valvoline, Inc.<sup>(a)</sup> | 15530 | 523050 |
|  |  | 10773013 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| Everpure, Inc., Class A<sup>(a)</sup> | 38259 | 2258811 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| Capri Holdings Ltd.<sup>(a)</sup> | 14901 | 262556 |
| Columbia Sportswear Co. | 3234 | 177256 |
| Crocs, Inc.<sup>(a)</sup> | 6127 | 508663 |
| PVH Corp. | 5842 | 407538 |
| VF Corp. | 40088 | 681095 |
|  |  | 2037108 |
| **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** |
| Applied Industrial Technologies, Inc. | 4550 | 1207206 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 23030 | 1137682 |
| GATX Corp. | 4354 | 743402 |
| MSC Industrial Direct Co., Inc., Class A | 5581 | 514959 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Mid-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| Watsco, Inc. | 4260 | $1549745 |
| WESCO International, Inc. | 5911 | 1617368 |
|  |  | 6770362 |
| **Water Utilities — 0.4%** | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** |
| Essential Utilities, Inc. | 34516 | 1389959 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $310,018,020)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $310,018,020)** | 345974894 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.2%** | **Money Market Funds — 3.2%** | **Money Market Funds — 3.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.77%<sup>(c)(d)(e)</sup><br>| 10600198 | 10602318 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(c)(d)</sup><br>| 287488 | 287488 |
| **Total Short-Term Securities — 3.2%** <br>**(Cost: $10,889,420)** | **Total Short-Term Securities — 3.2%** <br>**(Cost: $10,889,420)** | 10889806 |
| **Total Investments — 103.0%** <br>**(Cost: $320,907,440)** | **Total Investments — 103.0%** <br>**(Cost: $320,907,440)** | 356864700 |
| **Liabilities in Excess of Other Assets — (3.0)%** | **Liabilities in Excess of Other Assets — (3.0)%** | (10255870)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $346608830 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| &nbsp;&nbsp; $12012215<br>| &nbsp;&nbsp; $—<br> &nbsp;&nbsp; $(1404258 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(4646)<br>| &nbsp;&nbsp; $(993)<br>| &nbsp;&nbsp; $10602318 | &nbsp;&nbsp; 10600198 | &nbsp;&nbsp; $33222 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 440236<br>| &nbsp;&nbsp; —<br> &nbsp;&nbsp; (152748 )<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 287488 | &nbsp;&nbsp; 287488 | &nbsp;&nbsp; 22998 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $(4646)<br>| &nbsp;&nbsp; $(993)<br>| &nbsp;&nbsp; $10889806 |  | &nbsp;&nbsp; $56220 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

142026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Mid-Cap ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini Russell 2000 Index | 2 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $25 | &nbsp;&nbsp;&nbsp;&nbsp; $46 |
| S&P Mid 400 E-Mini Index | 1 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp; 2462 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $2508 |

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2508 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(9493)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(9493)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3709 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3709 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $420395 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Mid-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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $345974894 | $— | $— | $345974894 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 10889806 |  |  | 10889806 |
|  | &nbsp;&nbsp; $356864700 | $— | $— | $356864700 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $2508 | $— | $— | $2508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

162026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2026

**iShares® ESG Select Screened S&P Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| AAR Corp.<sup>(a)</sup> | 3578 | $391648 |
| Mercury Systems, Inc.<sup>(a)</sup> | 4840 | 352884 |
|  |  | 744532 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| Forward Air Corp.<sup>(a)</sup> | 2026 | 33855 |
| Hub Group, Inc., Class A | 5534 | 199445 |
|  |  | 233300 |
| **Automobile Components — 1.7%** | **Automobile Components — 1.7%** | **Automobile Components — 1.7%** |
| Adient PLC<sup>(a)</sup> | 7156 | 144623 |
| Dana, Inc. | 10278 | 345855 |
| Dauch Corp.<sup>(a)</sup> | 21555 | 127821 |
| Dorman Products, Inc.<sup>(a)</sup> | 2565 | 267683 |
| Fox Factory Holding Corp.<sup>(a)</sup> | 3818 | 62844 |
| Gentherm, Inc.<sup>(a)</sup> | 2785 | 77367 |
| LCI Industries | 2232 | 274491 |
| Patrick Industries, Inc. | 3050 | 338764 |
| Phinia, Inc. | 3482 | 238308 |
| Standard Motor Products, Inc. | 1909 | 66319 |
| XPEL, Inc.<sup>(a)</sup> | 2301 | 101842 |
|  |  | 2045917 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Winnebago Industries, Inc. | 2578 | 79892 |
| **Banks — 9.3%** | **Banks — 9.3%** | **Banks — 9.3%** |
| Ameris Bancorp | 5874 | 458113 |
| Atlantic Union Bankshares Corp. | 12950 | 462833 |
| Axos Financial, Inc.<sup>(a)</sup> | 5071 | 431491 |
| Banc of California, Inc. | 12262 | 215566 |
| BancFirst Corp. | 1911 | 207344 |
| Bancorp, Inc. (The)<sup>(a)</sup> | 3752 | 201595 |
| Bank of Hawaii Corp. | 3202 | 237749 |
| BankUnited, Inc. | 6182 | 279179 |
| Banner Corp. | 3059 | 185620 |
| Capitol Federal Financial, Inc. | 10911 | 77795 |
| Cathay General Bancorp | 6028 | 300556 |
| Central Pacific Financial Corp. | 2178 | 69609 |
| City Holding Co. | 1317 | 157408 |
| Community Financial System, Inc. | 4810 | 282107 |
| Customers Bancorp, Inc.<sup>(a)</sup> | 2790 | 193654 |
| CVB Financial Corp. | 11639 | 225680 |
| Dime Community Bancshares, Inc. | 3726 | 126013 |
| Eagle Bancorp, Inc. | 2524 | 62772 |
| FB Financial Corp. | 3710 | 192697 |
| First BanCorp/Puerto Rico | 13126 | 280371 |
| First Bancorp/Southern Pines NC | 3788 | 213454 |
| First Commonwealth Financial Corp. | 9362 | 164584 |
| First Financial Bancorp | 9464 | 263856 |
| First Hawaiian, Inc. | 11251 | 277225 |
| First Interstate BancSystem, Inc., Class A | 8108 | 270807 |
| Fulton Financial Corp. | 15439 | 314029 |
| Hanmi Financial Corp. | 2460 | 64846 |
| Heritage Financial Corp. | 3756 | 97656 |
| Hilltop Holdings, Inc. | 3807 | 136367 |
| Hope Bancorp, Inc. | 11710 | 130801 |
| Independent Bank Corp. | 4535 | 341077 |
| Lakeland Financial Corp. | 2303 | 132146 |
| National Bank Holdings Corp., Class A | 3450 | 135102 |
| NBT Bancorp, Inc. | 4778 | 203447 |
| Northwest Bancshares, Inc. | 13345 | 169348 |
| OFG Bancorp | 3519 | 142379 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Park National Corp. | 1476 | $241252 |
| Pathward Financial, Inc. | 1833 | 163559 |
| Preferred Bank | 561 | 50877 |
| Provident Financial Services, Inc. | 10533 | 222878 |
| Renasant Corp. | 8472 | 306093 |
| S&T Bancorp, Inc. | 3321 | 138917 |
| Seacoast Banking Corp. of Florida | 8926 | 270369 |
| ServisFirst Bancshares, Inc. | 4607 | 335528 |
| Simmons First National Corp., Class A | 13223 | 257187 |
| Southside Bancshares, Inc. | 2552 | 79342 |
| Stellar Bancorp, Inc. | 4206 | 153982 |
| Tompkins Financial Corp. | 1153 | 90903 |
| Triumph Financial, Inc.<sup>(a)</sup> | 2065 | 123198 |
| TrustCo Bank Corp. | 1545 | 67640 |
| Trustmark Corp. | 5390 | 227135 |
| United Community Banks, Inc. | 9796 | 308476 |
| WaFd, Inc. | 6341 | 199107 |
| Westamerica BanCorp | 2249 | 117285 |
| WSFS Financial Corp. | 4400 | 288024 |
|  |  | 11347028 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| National Beverage Corp.<sup>(a)</sup> | 2138 | 71944 |
| **Biotechnology — 3.8%** | **Biotechnology — 3.8%** | **Biotechnology — 3.8%** |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 11493 | 255834 |
| ADMA Biologics, Inc.<sup>(a)</sup> | 21782 | 196256 |
| Alkermes PLC<sup>(a)</sup> | 15126 | 534855 |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 9361 | 376593 |
| Arcus Biosciences, Inc.<sup>(a)</sup> | 7743 | 167249 |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 10605 | 262580 |
| Krystal Biotech, Inc.<sup>(a)</sup> | 2362 | 610152 |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 5381 | 567157 |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 7352 | 500892 |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | 9571 | 208265 |
| TG Therapeutics, Inc.<sup>(a)</sup> | 12458 | 413855 |
| Veracyte, Inc.<sup>(a)</sup> | 7257 | 233748 |
| Vericel Corp.<sup>(a)</sup> | 4657 | 149816 |
| Vir Biotechnology, Inc.<sup>(a)</sup> | 10310 | 92377 |
| Xencor, Inc.<sup>(a)</sup> | 6522 | 78655 |
|  |  | 4648284 |
| **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** |
| Etsy, Inc.<sup>(a)</sup> | 9039 | 451769 |
| Kohl's Corp. | 10248 | 132199 |
|  |  | 583968 |
| **Building Products — 2.8%** | **Building Products — 2.8%** | **Building Products — 2.8%** |
| American Woodmark Corp.<sup>(a)</sup> | 1331 | 53014 |
| Apogee Enterprises, Inc. | 1965 | 65906 |
| Armstrong World Industries, Inc. | 3947 | 650466 |
| AZZ, Inc. | 2737 | 342481 |
| CSW Industrials, Inc. | 1507 | 392694 |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 2728 | 108765 |
| Griffon Corp. | 3589 | 260848 |
| Hayward Holdings, Inc.<sup>(a)</sup> | 18394 | 246112 |
| Insteel Industries, Inc. | 1772 | 59557 |
| Masterbrand, Inc.<sup>(a)</sup> | 11580 | 96230 |
| Quanex Building Products Corp. | 4196 | 75402 |
| Resideo Technologies, Inc.<sup>(a)(b)</sup> | 12616 | 425285 |
| Zurn Elkay Water Solutions Corp. | 13587 | 609241 |
|  |  | 3386001 |
| **Capital Markets — 3.5%** | **Capital Markets — 3.5%** | **Capital Markets — 3.5%** |
| Acadian Asset Management, Inc. | 2414 | 131370 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Artisan Partners Asset Management, Inc., Class A | 6470 | $235443 |
| BGC Group, Inc., Class A | 33299 | 325664 |
| Cohen & Steers, Inc. | 2516 | 157376 |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 2424 | 114267 |
| MarketAxess Holdings, Inc. | 3225 | 532061 |
| Moelis & Co., Class A | 5130 | 292410 |
| Piper Sandler Cos. | 6174 | 472620 |
| PJT Partners, Inc., Class A | 2225 | 310877 |
| StepStone Group, Inc., Class A | 6627 | 316240 |
| StoneX Group, Inc.<sup>(a)</sup> | 6397 | 515918 |
| Victory Capital Holdings, Inc., Class A | 4355 | 285165 |
| Virtu Financial, Inc., Class A | 7319 | 321890 |
| Virtus Investment Partners, Inc. | 580 | 77923 |
| WisdomTree, Inc. | 10494 | 152793 |
|  |  | 4242017 |
| **Chemicals — 3.2%** | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| Balchem Corp. | 2966 | 502678 |
| Celanese Corp., Class A | 10025 | 659344 |
| Element Solutions, Inc. | 20819 | 710761 |
| FMC Corp. | 11411 | 196497 |
| Hawkins, Inc. | 1927 | 295987 |
| HB Fuller Co. | 4982 | 307290 |
| Ingevity Corp.<sup>(a)</sup> | 3303 | 235273 |
| Innospec, Inc. | 2263 | 165244 |
| Koppers Holdings, Inc. | 1792 | 69314 |
| Minerals Technologies, Inc. | 2844 | 201696 |
| Quaker Chemical Corp. | 1251 | 155412 |
| Sensient Technologies Corp. | 3895 | 336684 |
| Stepan Co. | 1963 | 98111 |
|  |  | 3934291 |
| **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** |
| ABM Industries, Inc. | 5384 | 207392 |
| Brady Corp., Class A, NVS | 4001 | 325041 |
| Casella Waste Systems, Inc., Class A<sup>(a)</sup> | 5725 | 454221 |
| Deluxe Corp. | 4111 | 113217 |
| Enviri Corp.<sup>(a)</sup> | 7367 | 144541 |
| GEO Group, Inc. (The)<sup>(a)</sup> | 12488 | 209923 |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 6436 | 119388 |
| HNI Corp. | 6369 | 212661 |
| Interface, Inc., Class A | 5333 | 132898 |
| Liquidity Services, Inc.<sup>(a)</sup> | 2153 | 65817 |
| MillerKnoll, Inc. | 6234 | 90144 |
| OPENLANE, Inc.<sup>(a)</sup> | 9798 | 285612 |
| Pitney Bowes, Inc. | 7598 | 83958 |
| UniFirst Corp. | 1329 | 334363 |
| Vestis Corp.<sup>(a)</sup> | 10245 | 80526 |
|  |  | 2859702 |
| **Communications Equipment — 1.8%** | **Communications Equipment — 1.8%** | **Communications Equipment — 1.8%** |
| Calix, Inc.<sup>(a)</sup> | 5557 | 272237 |
| Digi International, Inc.<sup>(a)</sup> | 3435 | 165567 |
| Extreme Networks, Inc.<sup>(a)</sup> | 12264 | 184941 |
| Harmonic, Inc.<sup>(a)</sup> | 10251 | 92054 |
| NetScout Systems, Inc.<sup>(a)</sup> | 6306 | 200468 |
| Viasat, Inc.<sup>(a)(b)</sup> | 12432 | 569386 |
| Viavi Solutions, Inc.<sup>(a)</sup> | 21177 | 704770 |
|  |  | 2189423 |
| **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** |
| Arcosa, Inc. | 4492 | 476781 |
| Granite Construction, Inc. | 3983 | 477482 |
| MYR Group, Inc.<sup>(a)</sup> | 1420 | 400894 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| Primoris Services Corp. | 4945 | $707333 |
| WillScot Holdings Corp., Class A | 16686 | 289669 |
|  |  | 2352159 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| Bread Financial Holdings, Inc. | 2260 | 169251 |
| Encore Capital Group, Inc.<sup>(a)</sup> | 2037 | 142835 |
| Enova International, Inc.<sup>(a)</sup> | 2266 | 307791 |
| Navient Corp. | 6050 | 49489 |
| PRA Group, Inc.<sup>(a)</sup> | 3564 | 62370 |
| PROG Holdings, Inc. | 3613 | 103657 |
| World Acceptance Corp.<sup>(a)</sup> | 261 | 35245 |
|  |  | 870638 |
| **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** |
| Andersons, Inc. (The) | 3069 | 220293 |
| Chefs' Warehouse, Inc. (The)<sup>(a)</sup> | 3328 | 197850 |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | 8964 | 63196 |
| PriceSmart, Inc. | 2315 | 348407 |
| United Natural Foods, Inc.<sup>(a)</sup> | 5596 | 252156 |
|  |  | 1081902 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| O-I Glass, Inc.<sup>(a)</sup> | 13917 | 146268 |
| Sealed Air Corp. | 13482 | 566918 |
|  |  | 713186 |
| **Distributors — 0.6%** | **Distributors — 0.6%** | **Distributors — 0.6%** |
| LKQ Corp. | 23426 | 688022 |
| **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** |
| ADT, Inc. | 46593 | 306116 |
| Covista, Inc.<sup>(a)</sup> | 3163 | 364536 |
| Frontdoor, Inc.<sup>(a)</sup> | 6608 | 349299 |
| Matthews International Corp., Class A | 2843 | 73406 |
| Mister Car Wash, Inc.<sup>(a)</sup> | 8976 | 62563 |
| Perdoceo Education Corp. | 4868 | 181138 |
| Strategic Education, Inc. | 2123 | 176124 |
| Stride, Inc.<sup>(a)</sup> | 3853 | 339719 |
|  |  | 1852901 |
| **Diversified REITs — 0.7%** | **Diversified REITs — 0.7%** | **Diversified REITs — 0.7%** |
| American Assets Trust, Inc. | 4324 | 79605 |
| Essential Properties Realty Trust, Inc. | 19209 | 583185 |
| Global Net Lease, Inc. | 18009 | 168564 |
|  |  | 831354 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| Cogent Communications Holdings, Inc. | 4335 | 81671 |
| Iridium Communications, Inc. | 9634 | 267247 |
| Lumen Technologies, Inc.<sup>(a)</sup> | 86366 | 600244 |
| Uniti Group, Inc.<sup>(a)</sup> | 16375 | 153598 |
|  |  | 1102760 |
| **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 15852 | 235244 |
| Otter Tail Corp. | 3834 | 336510 |
|  |  | 571754 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| Powell Industries, Inc. | 866 | 468575 |
| Sunrun, Inc.<sup>(a)</sup> | 21384 | 289967 |
|  |  | 758542 |
| **Electronic Equipment, Instruments & Components — 3.5%** | **Electronic Equipment, Instruments & Components — 3.5%** | **Electronic Equipment, Instruments & Components — 3.5%** |
| Arlo Technologies, Inc.<sup>(a)</sup> | 9682 | 137775 |
| Badger Meter, Inc. | 2700 | 411345 |
| Benchmark Electronics, Inc. | 3259 | 182700 |

---

182026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| CTS Corp. | 2653 | $126707 |
| ePlus, Inc. | 2389 | 179772 |
| Insight Enterprises, Inc.<sup>(a)</sup> | 2849 | 190911 |
| Itron, Inc.<sup>(a)</sup> | 4197 | 376177 |
| Knowles Corp.<sup>(a)</sup> | 7804 | 200407 |
| Mirion Technologies, Inc., Class A<sup>(a)</sup> | 22411 | 416620 |
| OSI Systems, Inc.<sup>(a)</sup> | 1419 | 376759 |
| PC Connection, Inc. | 1038 | 60681 |
| Plexus Corp.<sup>(a)(b)</sup> | 2453 | 496831 |
| Rogers Corp.<sup>(a)</sup> | 1539 | 165181 |
| Sanmina Corp.<sup>(a)</sup> | 4997 | 647811 |
| ScanSource, Inc.<sup>(a)</sup> | 1805 | 65522 |
| Vishay Intertechnology, Inc. | 11349 | 204282 |
|  |  | 4239481 |
| **Energy Equipment & Services — 2.9%** | **Energy Equipment & Services — 2.9%** | **Energy Equipment & Services — 2.9%** |
| Archrock, Inc. | 16052 | 558610 |
| Atlas Energy Solutions, Inc. | 7021 | 92116 |
| Bristow Group, Inc. | 2298 | 107753 |
| Cactus, Inc., Class A | 6314 | 299094 |
| Core Laboratories, Inc. | 4253 | 71408 |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 12494 | 123566 |
| Innovex International, Inc.<sup>(a)</sup> | 3526 | 85999 |
| Kodiak Gas Services, Inc. | 7613 | 443990 |
| Liberty Energy, Inc., Class A | 14844 | 427507 |
| Noble Corp. PLC | 11513 | 564943 |
| Patterson-UTI Energy, Inc. | 31663 | 342910 |
| Tidewater, Inc.<sup>(a)</sup> | 4226 | 353082 |
|  |  | 3470978 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| Cinemark Holdings, Inc. | 9469 | 270056 |
| Madison Square Garden Sports Corp., Class A<sup>(a)(b)</sup> | 1645 | 528703 |
|  |  | 798759 |
| **Financial Services — 2.0%** | **Financial Services — 2.0%** | **Financial Services — 2.0%** |
| Enact Holdings, Inc. | 2638 | 107657 |
| EVERTEC, Inc. | 5844 | 164918 |
| HA Sustainable Infrastructure Capital, Inc. | 11693 | 429718 |
| Jackson Financial, Inc., Class A | 3151 | 333124 |
| Merchants Bancorp | 2712 | 116372 |
| NCR Atleos Corp.<sup>(a)</sup> | 6806 | 296605 |
| NMI Holdings, Inc., Class A<sup>(a)</sup> | 7012 | 263020 |
| Payoneer Global, Inc.<sup>(a)</sup> | 25901 | 125102 |
| Radian Group, Inc. | 12414 | 410655 |
| Sezzle, Inc.<sup>(a)</sup> | 1577 | 99808 |
| Walker & Dunlop, Inc. | 3112 | 138110 |
|  |  | 2485089 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
| Cal-Maine Foods, Inc. | 4099 | 324436 |
| Fresh Del Monte Produce, Inc. | 3011 | 121223 |
| Freshpet, Inc.<sup>(a)</sup> | 4478 | 264023 |
| J & J Snack Foods Corp. | 1405 | 111374 |
| John B Sanfilippo & Son, Inc. | 830 | 65844 |
| Simply Good Foods Co. (The)<sup>(a)</sup> | 7865 | 112863 |
| Tootsie Roll Industries, Inc. | 1849 | 78989 |
| Vital Farms, Inc.<sup>(a)</sup> | 3395 | 47937 |
|  |  | 1126689 |
| **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** |
| Chesapeake Utilities Corp. | 2179 | 275360 |
| Northwest Natural Holding Co. | 3792 | 201810 |
|  |  | 477170 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| ArcBest Corp. | 2041 | $200753 |
| Heartland Express, Inc. | 4174 | 43410 |
| Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | 11384 | 52480 |
| Marten Transport Ltd. | 5288 | 69431 |
| RXO, Inc.<sup>(a)</sup> | 15088 | 220587 |
| Schneider National, Inc., Class B | 4601 | 121282 |
| Werner Enterprises, Inc. | 5512 | 162108 |
|  |  | 870051 |
| **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** |
| Artivion, Inc.<sup>(a)</sup> | 3846 | 140841 |
| Avanos Medical, Inc.<sup>(a)</sup> | 4240 | 59402 |
| CONMED Corp. | 2829 | 100033 |
| Embecta Corp. | 5410 | 47824 |
| Enovis Corp.<sup>(a)</sup> | 5223 | 118823 |
| Glaukos Corp.<sup>(a)</sup> | 5258 | 566076 |
| ICU Medical, Inc.<sup>(a)</sup> | 2274 | 293687 |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 2375 | 122502 |
| Integer Holdings Corp.<sup>(a)</sup> | 3231 | 284328 |
| Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 6118 | 57632 |
| LeMaitre Vascular, Inc. | 1906 | 208078 |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 5434 | 374566 |
| Neogen Corp.<sup>(a)(b)</sup> | 19869 | 184583 |
| Omnicell, Inc.<sup>(a)</sup> | 4099 | 136825 |
| QuidelOrtho Corp.<sup>(a)</sup> | 6205 | 101948 |
| STAAR Surgical Co.<sup>(a)</sup> | 4543 | 84954 |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> | 6241 | 119640 |
| Teleflex, Inc. | 4044 | 483703 |
| TransMedics Group, Inc.<sup>(a)</sup> | 3133 | 311452 |
| UFP Technologies, Inc.<sup>(a)</sup> | 705 | 136488 |
|  |  | 3933385 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 8479 | 198324 |
| AdaptHealth Corp.<sup>(a)</sup> | 9802 | 116644 |
| Addus HomeCare Corp.<sup>(a)</sup> | 1666 | 156021 |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 3509 | 64355 |
| Astrana Health, Inc.<sup>(a)</sup> | 3940 | 96609 |
| CorVel Corp.<sup>(a)</sup> | 2872 | 156955 |
| National HealthCare Corp. | 1141 | 182218 |
| NeoGenomics, Inc.<sup>(a)</sup> | 11818 | 87689 |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 7748 | 165730 |
| Privia Health Group, Inc.<sup>(a)</sup> | 10618 | 218412 |
| Progyny, Inc.<sup>(a)</sup> | 7324 | 124361 |
| RadNet, Inc.<sup>(a)(b)</sup> | 6383 | 356746 |
| Select Medical Holdings Corp. | 10066 | 163975 |
| U.S. Physical Therapy, Inc. | 1389 | 104119 |
|  |  | 2192158 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| LTC Properties, Inc. | 4382 | 162835 |
| Medical Properties Trust, Inc. | 45317 | 209818 |
| Universal Health Realty Income Trust | 1166 | 47188 |
|  |  | 419841 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Certara, Inc.<sup>(a)</sup> | 10911 | 62193 |
| HealthStream, Inc. | 2168 | 44899 |
| Schrodinger, Inc.<sup>(a)</sup> | 5126 | 58231 |
|  |  | 165323 |
| **Hotel & Resort REITs — 1.1%** | **Hotel & Resort REITs — 1.1%** | **Hotel & Resort REITs — 1.1%** |
| Apple Hospitality REIT, Inc. | 20199 | 232491 |
| DiamondRock Hospitality Co. | 18606 | 174338 |
| Pebblebrook Hotel Trust | 10376 | 131049 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** |
| Ryman Hospitality Properties, Inc. | 5768 | $532213 |
| Sunstone Hotel Investors, Inc. | 17479 | 157486 |
| Xenia Hotels & Resorts, Inc. | 8660 | 128428 |
|  |  | 1356005 |
| **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** |
| BJ's Restaurants, Inc.<sup>(a)</sup> | 1930 | 67743 |
| Brinker International, Inc.<sup>(a)</sup> | 3987 | 569224 |
| Caesars Entertainment, Inc.<sup>(a)</sup> | 18689 | 493950 |
| Cheesecake Factory, Inc. (The) | 4210 | 230498 |
| Cracker Barrel Old Country Store, Inc.<sup>(b)</sup> | 2039 | 57316 |
| Golden Entertainment, Inc. | 1793 | 47855 |
| Marriott Vacations Worldwide Corp. | 2529 | 164688 |
| Monarch Casino & Resort, Inc. | 1107 | 105829 |
| Papa John's International, Inc. | 3030 | 98202 |
| Penn Entertainment, Inc.<sup>(a)</sup> | 11634 | 174859 |
| Pursuit Attractions & Hospitality, Inc.<sup>(a)</sup> | 1963 | 71905 |
| Red Rock Resorts, Inc., Class A | 4477 | 238893 |
| Sabre Corp.<sup>(a)</sup> | 36069 | 52300 |
| Shake Shack, Inc., Class A<sup>(a)</sup> | 3691 | 326543 |
| Six Flags Entertainment Corp.<sup>(a)(b)</sup> | 9341 | 165803 |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 2491 | 81356 |
| Wendy's Co. (The) | 14435 | 100323 |
|  |  | 3047287 |
| **Household Durables — 3.1%** | **Household Durables — 3.1%** | **Household Durables — 3.1%** |
| Cavco Industries, Inc.<sup>(a)</sup> | 712 | 344815 |
| Century Communities, Inc. | 2308 | 132433 |
| Champion Homes, Inc.<sup>(a)</sup> | 5067 | 376833 |
| Dream Finders Homes, Inc., Class A<sup>(a)(b)</sup> | 2624 | 36526 |
| Ethan Allen Interiors, Inc. | 2115 | 47080 |
| Green Brick Partners, Inc.<sup>(a)</sup> | 2786 | 179558 |
| Installed Building Products, Inc. | 2073 | 549656 |
| La-Z-Boy, Inc. | 3767 | 121071 |
| Leggett & Platt, Inc. | 12371 | 122225 |
| LGI Homes, Inc.<sup>(a)</sup> | 1855 | 73328 |
| M/I Homes, Inc.<sup>(a)</sup> | 2389 | 292533 |
| Meritage Homes Corp. | 6102 | 377348 |
| Mohawk Industries, Inc.<sup>(a)</sup> | 4756 | 468276 |
| Newell Brands, Inc. | 38290 | 131335 |
| Sonos, Inc.<sup>(a)</sup> | 11130 | 149142 |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 7743 | 361830 |
|  |  | 3763989 |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| Central Garden & Pet Co.<sup>(a)</sup> | 740 | 27210 |
| Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | 4660 | 151077 |
| Energizer Holdings, Inc. | 5566 | 91394 |
| Reynolds Consumer Products, Inc. | 4995 | 105794 |
| WD-40 Co. | 1242 | 253293 |
|  |  | 628768 |
| **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 | 3161 | 123816 |
| Clearway Energy, Inc., Class C | 7782 | 305755 |
|  |  | 429571 |
| **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** |
| Innovative Industrial Properties, Inc. | 2560 | 128410 |
| LXP Industrial Trust | 5445 | 251886 |
| Terreno Realty Corp. | 9534 | 585578 |
|  |  | 965874 |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
| AMERISAFE, Inc. | 1728 | 57594 |
| Assured Guaranty Ltd. | 3972 | 323639 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Employers Holdings, Inc. | 1632 | $67141 |
| Genworth Financial, Inc., Class A<sup>(a)</sup> | 31998 | 259824 |
| Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 2276 | 97094 |
| HCI Group, Inc. | 982 | 151827 |
| Horace Mann Educators Corp. | 3721 | 158812 |
| Lincoln National Corp. | 9926 | 352373 |
| Mercury General Corp. | 2428 | 214028 |
| Palomar Holdings, Inc.<sup>(a)</sup> | 2442 | 291819 |
| ProAssurance Corp.<sup>(a)</sup> | 4696 | 116085 |
| Safety Insurance Group, Inc. | 1360 | 98790 |
| SiriusPoint Ltd.<sup>(a)</sup> | 7299 | 157221 |
| Stewart Information Services Corp. | 2760 | 169961 |
| Trupanion, Inc.<sup>(a)</sup> | 3092 | 79186 |
| United Fire Group, Inc. | 2004 | 74268 |
|  |  | 2669662 |
| **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** |
| Cargurus, Inc., Class A<sup>(a)(b)</sup> | 7494 | 255171 |
| IAC, Inc.<sup>(a)</sup> | 5986 | 239619 |
| QuinStreet, Inc.<sup>(a)</sup> | 5206 | 62524 |
| Shutterstock, Inc. | 2206 | 36642 |
| TripAdvisor, Inc.<sup>(a)</sup> | 10456 | 111461 |
| Yelp, Inc.<sup>(a)</sup> | 5336 | 132013 |
| Ziff Davis, Inc.<sup>(a)(b)</sup> | 3637 | 152608 |
|  |  | 990038 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 7269 | 623535 |
| DXC Technology Co.<sup>(a)</sup> | 15506 | 194911 |
| Grid Dynamics Holdings, Inc., Class A<sup>(a)</sup> | 6042 | 34439 |
|  |  | 852885 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| Acushnet Holdings Corp. | 2531 | 236598 |
| Callaway Golf Co.<sup>(a)</sup> | 12765 | 177178 |
|  |  | 413776 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| Azenta, Inc.<sup>(a)</sup> | 3745 | 79132 |
| BioLife Solutions, Inc.<sup>(a)</sup> | 3563 | 67982 |
| Cytek Biosciences, Inc.<sup>(a)</sup> | 10044 | 43892 |
| Fortrea Holdings, Inc.<sup>(a)</sup> | 8440 | 79505 |
| OmniAb, Inc., 12.50 Earnout Shares<sup>(a)(c)</sup> | 262 |  |
| OmniAb, Inc., 15.00 Earnout Shares<sup>(a)(c)</sup> | 262 |  |
|  |  | 270511 |
| **Machinery — 4.8%** | **Machinery — 4.8%** | **Machinery — 4.8%** |
| Alamo Group, Inc. | 993 | 163815 |
| Astec Industries, Inc. | 2113 | 113764 |
| Enerpac Tool Group Corp., Class A | 4821 | 175822 |
| Enpro, Inc. | 1929 | 483504 |
| ESCO Technologies, Inc. | 2370 | 666847 |
| Federal Signal Corp. | 5565 | 601799 |
| Franklin Electric Co., Inc. | 3504 | 322964 |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 23240 | 525456 |
| Greenbrier Cos., Inc. (The) | 2821 | 148526 |
| JBT Marel Corp. | 4757 | 608277 |
| Kadant, Inc. | 1078 | 315153 |
| Kennametal, Inc. | 6995 | 252729 |
| Lindsay Corp. | 955 | 113712 |
| Mueller Water Products, Inc., Class A | 14328 | 393877 |
| Proto Labs, Inc.<sup>(a)</sup> | 2163 | 123334 |
| Standex International Corp. | 1117 | 284679 |
| Tennant Co. | 1674 | 111154 |
| Titan International, Inc.<sup>(a)</sup> | 4381 | 30273 |

---

202026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Trinity Industries, Inc. | 7324 | $235686 |
| Worthington Enterprises, Inc. | 2851 | 148651 |
|  |  | 5820022 |
| **Marine Transportation — 0.4%** | **Marine Transportation — 0.4%** | **Marine Transportation — 0.4%** |
| Matson, Inc. | 2856 | 468213 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Cable One, Inc.<sup>(a)</sup> | 423 | 38582 |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 12214 | 116033 |
| John Wiley & Sons, Inc., Class A | 3680 | 140208 |
| Scholastic Corp. | 2091 | 81674 |
|  |  | 376497 |
| **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** |
| Century Aluminum Co.<sup>(a)</sup> | 4883 | 286583 |
| Kaiser Aluminum Corp. | 1466 | 176668 |
| Materion Corp. | 1912 | 276571 |
| Metallus, Inc.<sup>(a)</sup> | 3271 | 53448 |
|  |  | 793270 |
| **Mortgage Real Estate Investment Trusts (REITs) — 1.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.0%** |
| Adamas Trust, Inc. | 7671 | 56459 |
| Apollo Commercial Real Estate Finance, Inc. | 11986 | 126572 |
| Arbor Realty Trust, Inc. | 14947 | 115241 |
| ARMOUR Residential REIT, Inc. | 10221 | 170486 |
| Blackstone Mortgage Trust, Inc., Class A | 14616 | 279896 |
| Ellington Financial, Inc. | 11385 | 134912 |
| Franklin BSP Realty Trust, Inc. | 7449 | 63242 |
| PennyMac Mortgage Investment Trust | 7948 | 92674 |
| Redwood Trust, Inc. | 11368 | 63775 |
| Two Harbors Investment Corp. | 9679 | 110534 |
|  |  | 1213791 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Avista Corp. | 7464 | 299605 |
| Unitil Corp. | 1642 | 85778 |
|  |  | 385383 |
| **Office REITs — 0.6%** | **Office REITs — 0.6%** | **Office REITs — 0.6%** |
| Douglas Emmett, Inc. | 13188 | 124231 |
| Easterly Government Properties, Inc. | 3997 | 85656 |
| Highwoods Properties, Inc. | 10041 | 214978 |
| JBG SMITH Properties | 5406 | 78981 |
| SL Green Realty Corp. | 6532 | 241292 |
|  |  | 745138 |
| **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** |
| CVR Energy, Inc.<sup>(a)</sup> | 2755 | 92706 |
| Dorian LPG Ltd. | 3358 | 114844 |
| International Seaways, Inc. | 3737 | 272352 |
| Kinetik Holdings, Inc., Class A | 4179 | 202305 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 4612 | 288896 |
| REX American Resources Corp.<sup>(a)</sup> | 2587 | 117890 |
| World Kinect Corp. | 5075 | 117080 |
|  |  | 1206073 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Sylvamo Corp. | 3023 | 127692 |
| **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** |
| Allegiant Travel Co.<sup>(a)</sup> | 1229 | 99598 |
| JetBlue Airways Corp.<sup>(a)(b)</sup> | 27333 | 120812 |
| SkyWest, Inc.<sup>(a)</sup> | 3671 | 337108 |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 4882 | 80651 |
|  |  | 638169 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Edgewell Personal Care Co. | 4267 | $91058 |
| Interparfums, Inc. | 1670 | 151703 |
|  |  | 242761 |
| **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** |
| Amneal Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 15506 | 192740 |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 3232 | 63315 |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 1642 | 126270 |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 2888 | 95506 |
| Corcept Therapeutics, Inc.<sup>(a)(b)</sup> | 8583 | 345981 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 3630 | 101676 |
| Innoviva, Inc.<sup>(a)</sup> | 6488 | 151170 |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 1801 | 359570 |
| Organon & Co. | 23747 | 142245 |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 3754 | 84840 |
| Phibro Animal Health Corp., Class A | 1884 | 104204 |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 4339 | 257172 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 5286 | 273233 |
|  |  | 2297922 |
| **Professional Services — 1.1%** | **Professional Services — 1.1%** | **Professional Services — 1.1%** |
| CSG Systems International, Inc. | 2482 | 198411 |
| Insperity, Inc. | 3273 | 88502 |
| Korn Ferry | 4784 | 301153 |
| Legalzoom.com, Inc.<sup>(a)</sup> | 10525 | 59677 |
| ManpowerGroup, Inc. | 4229 | 124586 |
| Robert Half, Inc. | 9127 | 231826 |
| Upwork, Inc.<sup>(a)</sup> | 11934 | 130797 |
| Verra Mobility Corp., Class A<sup>(a)</sup> | 14574 | 208262 |
|  |  | 1343214 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
| Cushman & Wakefield Ltd.<sup>(a)</sup> | 11824 | 144962 |
| eXp World Holdings, Inc. | 8270 | 49537 |
| Kennedy-Wilson Holdings, Inc. | 10959 | 118577 |
| Marcus & Millichap, Inc. | 2175 | 57833 |
| St. Joe Co. (The) | 3657 | 229660 |
|  |  | 600569 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| Centerspace | 1525 | 87611 |
| NexPoint Residential Trust, Inc. | 1993 | 49825 |
| Veris Residential, Inc. | 7418 | 139978 |
|  |  | 277414 |
| **Retail REITs — 1.8%** | **Retail REITs — 1.8%** | **Retail REITs — 1.8%** |
| Acadia Realty Trust | 12031 | 230033 |
| Curbline Properties Corp. | 8901 | 229557 |
| Getty Realty Corp. | 5027 | 159859 |
| Macerich Co. (The) | 23460 | 443394 |
| Phillips Edison & Co., Inc. | 11524 | 431228 |
| Saul Centers, Inc. | 1137 | 37043 |
| Tanger, Inc. | 10549 | 358455 |
| Urban Edge Properties | 11504 | 229850 |
| Whitestone REIT | 4101 | 66231 |
|  |  | 2185650 |
| **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** |
| ACM Research, Inc., Class A<sup>(a)</sup> | 4866 | 191477 |
| Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 2256 | 49993 |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 2818 | 262300 |
| Cohu, Inc.<sup>(a)</sup> | 4265 | 130594 |
| Diodes, Inc.<sup>(a)</sup> | 4227 | 288535 |
| Enphase Energy, Inc.<sup>(a)</sup> | 11983 | 453077 |
| FormFactor, Inc.<sup>(a)</sup> | 7095 | 688144 |
| Ichor Holdings Ltd.<sup>(a)</sup> | 3171 | 147800 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Impinj, Inc.<sup>(a)</sup> | 2470 | $253669 |
| Kulicke & Soffa Industries, Inc. | 4799 | 315390 |
| MaxLinear, Inc.<sup>(a)</sup> | 7423 | 129086 |
| PDF Solutions, Inc.<sup>(a)</sup> | 2923 | 95611 |
| Penguin Solutions, Inc.<sup>(a)</sup> | 4369 | 76894 |
| Photronics, Inc.<sup>(a)(b)</sup> | 5395 | 218012 |
| Power Integrations, Inc. | 5095 | 260864 |
| Qorvo, Inc.<sup>(a)</sup> | 7722 | 597683 |
| Semtech Corp.<sup>(a)</sup> | 8469 | 651183 |
| SolarEdge Technologies, Inc.<sup>(a)</sup> | 5489 | 280214 |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 4166 | 259042 |
| Veeco Instruments, Inc.<sup>(a)</sup> | 5507 | 186467 |
|  |  | 5536035 |
| **Software — 3.2%** | **Software — 3.2%** | **Software — 3.2%** |
| A10 Networks, Inc. | 6531 | 150997 |
| ACI Worldwide, Inc.<sup>(a)</sup> | 9446 | 387380 |
| Adeia, Inc. | 10053 | 241574 |
| Agilysys, Inc.<sup>(a)</sup> | 2330 | 165756 |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 4556 | 196774 |
| BlackLine, Inc.<sup>(a)</sup> | 4565 | 168905 |
| Box, Inc., Class A<sup>(a)</sup> | 13108 | 309873 |
| Cleanspark, Inc.<sup>(a)</sup> | 23482 | 199832 |
| Clear Secure, Inc., Class A | 8122 | 393186 |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 5811 | 154108 |
| MARA Holdings, Inc.<sup>(a)(b)</sup> | 34679 | 282981 |
| N-able, Inc.<sup>(a)</sup> | 6808 | 31793 |
| NCR Voyix Corp.<sup>(a)(b)</sup> | 12651 | 80081 |
| Progress Software Corp.<sup>(a)</sup> | 3847 | 98675 |
| Q2 Holdings, Inc.<sup>(a)</sup> | 5749 | 271928 |
| RingCentral, Inc., Class A | 6993 | 260070 |
| Sprinklr, Inc., Class A<sup>(a)</sup> | 11292 | 67752 |
| SPS Commerce, Inc.<sup>(a)</sup> | 3466 | 192952 |
| Teradata Corp.<sup>(a)</sup> | 8558 | 219341 |
|  |  | 3873958 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| Four Corners Property Trust, Inc. | 10070 | 238156 |
| Outfront Media, Inc. | 13334 | 353351 |
| Safehold, Inc. | 4195 | 56758 |
|  |  | 648265 |
| **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** |
| Advance Auto Parts, Inc. | 5532 | 291813 |
| American Eagle Outfitters, Inc. | 14471 | 241666 |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 1783 | 348416 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 2787 | 407905 |
| Buckle, Inc. (The) | 2751 | 138541 |
| CarMax, Inc.<sup>(a)</sup> | 12978 | 539625 |
| Group 1 Automotive, Inc. | 1081 | 357411 |
| MarineMax, Inc.<sup>(a)</sup> | 1771 | 47923 |
| Monro, Inc. | 2692 | 43180 |
| National Vision Holdings, Inc.<sup>(a)</sup> | 7289 | 188785 |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 8861 | 122725 |
| Signet Jewelers Ltd. | 3731 | 315792 |
| Sonic Automotive, Inc., Class A | 1355 | 92912 |
| Upbound Group, Inc. | 4760 | 85918 |
| Urban Outfitters, Inc.<sup>(a)</sup> | 4935 | 312632 |
| Victoria's Secret & Co.<sup>(a)</sup> | 7359 | 341163 |
| Winmark Corp. | 273 | 116721 |
|  |  | 3993128 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| Corsair Gaming, Inc.<sup>(a)</sup> | 4283 | $23771 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| Carter's, Inc. | 3365 | 120332 |
| G-III Apparel Group Ltd. | 3392 | 93958 |
| Kontoor Brands, Inc. | 4689 | 329590 |
| Oxford Industries, Inc. | 1278 | 49216 |
| Steven Madden Ltd. | 6673 | 226348 |
| Under Armour, Inc., Class A<sup>(a)</sup> | 17248 | 101936 |
| Under Armour, Inc., Class C, NVS<sup>(a)</sup> | 10919 | 63221 |
| Wolverine World Wide, Inc. | 7487 | 122188 |
|  |  | 1106789 |
| **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** |
| Air Lease Corp., Class A | 9639 | 625957 |
| Boise Cascade Co. | 3401 | 257966 |
| DNOW, Inc.<sup>(a)</sup> | 17062 | 203209 |
| DXP Enterprises, Inc.<sup>(a)</sup> | 1169 | 163344 |
| Rush Enterprises, Inc., Class A | 5558 | 367439 |
|  |  | 1617915 |
| **Water Utilities — 0.7%** | **Water Utilities — 0.7%** | **Water Utilities — 0.7%** |
| American States Water Co. | 3572 | 270115 |
| California Water Service Group | 5471 | 248055 |
| H2O America | 3412 | 200182 |
| Middlesex Water Co. | 1675 | 87184 |
|  |  | 805536 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| Gogo, Inc.<sup>(a)</sup> | 7092 | 28510 |
| Shenandoah Telecommunications Co. | 4162 | 64178 |
| Telephone & Data Systems, Inc. | 9006 | 379152 |
|  |  | 471840 |
| **Total Long-Term Investments — 98.1%** <br>**(Cost: $107,522,511)** | **Total Long-Term Investments — 98.1%** <br>**(Cost: $107,522,511)** | 119555822 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.6%** | **Money Market Funds — 4.6%** | **Money Market Funds — 4.6%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.77%<sup>(d)(e)(f)</sup><br>| 3422629 | 3423313 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(d)(e)</sup><br>| 2195056 | 2195056 |
| **Total Short-Term Securities — 4.6%** <br>**(Cost: $5,618,232)** | **Total Short-Term Securities — 4.6%** <br>**(Cost: $5,618,232)** | 5618369 |
| **Total Investments — 102.7%** <br>**(Cost: $113,140,743)** | **Total Investments — 102.7%** <br>**(Cost: $113,140,743)** | 125174191 |
| **Liabilities in Excess of Other Assets — (2.7)%** | **Liabilities in Excess of Other Assets — (2.7)%** | (3270577)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $121903614 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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> Affiliate of the Fund.

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

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

222026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Small-Cap ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $5433821<br>| &nbsp;&nbsp; $—<br> &nbsp;&nbsp; $(2009244 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(699)<br>| &nbsp;&nbsp; $(565)<br>| &nbsp;&nbsp; $3423313 | &nbsp;&nbsp; 3422629 | &nbsp;&nbsp; $12958 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 2623639<br>| &nbsp;&nbsp; —<br> &nbsp;&nbsp; (428583 )<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2195056 | &nbsp;&nbsp; 2195056 | &nbsp;&nbsp; 53456 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $(699)<br>| &nbsp;&nbsp; $(565)<br>| &nbsp;&nbsp; $5618369 |  | &nbsp;&nbsp; $66414 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini Russell 2000 Index | 16 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $201 | &nbsp;&nbsp;&nbsp;&nbsp; $(887)<br>|

---

**Equity Swap Contracts** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Arbor Realty Trust, Inc. | Goldman Sachs Bank USA | USD  | 20097 | 08/19/26 | (0.75)%<br>| 1D FEDL01 | Monthly | $26 |
| Axos Financial, Inc. | Merrill Lynch International |  | 9673 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 27 |
| Bancorp, Inc. (The) | Merrill Lynch International |  | 6482 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 127 |
| Bank of Hawaii Corp. | Merrill Lynch International |  | 31679 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 768 |
| BankUnited, Inc. | Goldman Sachs Bank USA |  | 26118 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 978 |
| Banner Corp. | Merrill Lynch International |  | 3622 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 19 |
| Beacon Financial Corp. | BNP Paribas SA |  | 217798 | 09/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 9002 |
| Bread Financial Holdings, Inc. | Goldman Sachs Bank USA |  | 46670 | 08/19/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 2908 |
| Bread Financial Holdings, Inc. | HSBC Bank PLC |  | 74516 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 2695 |
| Bread Financial Holdings, Inc. | JPMorgan Chase Bank N.A. |  | 5902 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 164 |
| Cathay General Bancorp | Merrill Lynch International |  | 5887 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 46 |
| Central Pacific Financial Corp. | Goldman Sachs Bank USA |  | 7261 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 250 |
| Customers Bancorp, Inc. | BNP Paribas SA |  | 8044 | 09/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 215 |
| Douglas Emmett, Inc. | Goldman Sachs Bank USA |  | 20432 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | (358)<br>|
| Employers Holdings, Inc. | Goldman Sachs Bank USA |  | 16276 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 633 |
| First BanCorp/Puerto Rico | Merrill Lynch International |  | 22941 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 683 |
| Fulton Financial Corp. | HSBC Bank PLC |  | 41843 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 403 |
| Genworth Financial, Inc. | Merrill Lynch International |  | 36463 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 394 |
| Hanmi Financial Corp. | Goldman Sachs Bank USA |  | 6468 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 149 |
| Jackson Financial, Inc., Class A | Goldman Sachs Bank USA |  | 97299 | 08/19/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 2077 |
| Jackson Financial, Inc., Class A | HSBC Bank PLC |  | 152201 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (4722)<br>|
| Jackson Financial, Inc., Class A | JPMorgan Chase Bank N.A. |  | 107926 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (3052)<br>|
| Lincoln National Corp. | Goldman Sachs Bank USA |  | 68050 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 4192 |
| Lincoln National Corp. | HSBC Bank PLC |  | 108312 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 4933 |
| Lincoln National Corp. | JPMorgan Chase Bank N.A. |  | 11165 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (54)<br>|
| MarketAxess Holdings, Inc. | Merrill Lynch International |  | 30672 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (1801)<br>|
| Moelis & Co., Class A | Goldman Sachs Bank USA |  | 39076 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 3389 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Small-Cap ETF**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Moelis & Co., Class A | HSBC Bank PLC | USD  | 48741 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | $2217 |
| National Bank Holdings Corp., Class A | Merrill Lynch International |  | 25235 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 1042 |
| OFG Bancorp | Goldman Sachs Bank USA |  | 17308 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 413 |
| OneSpaWorld Holdings Ltd. | BNP Paribas SA |  | 191906 | 09/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 17995 |
| Pathward Financial, Inc. | Merrill Lynch International |  | 11898 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (119)<br>|
| Perdoceo Education Corp. | BNP Paribas SA |  | 20521 | 09/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 1433 |
| Pitney Bowes, Inc. | Goldman Sachs Bank USA |  | 14739 | 08/19/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 853 |
| Pitney Bowes, Inc. | HSBC Bank PLC |  | 48378 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 1723 |
| Preferred Bank | Goldman Sachs Bank USA |  | 20050 | 08/19/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 356 |
| Preferred Bank | HSBC Bank PLC |  | 18229 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 453 |
| Preferred Bank | JPMorgan Chase Bank N.A. |  | 3921 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 69 |
| Provident Financial Services, Inc. | Merrill Lynch International |  | 25347 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 955 |
| Renasant Corp. | Merrill Lynch International |  | 6677 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 7 |
| S&T Bancorp, Inc. | JPMorgan Chase Bank N.A. |  | 4133 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 91 |
| SiriusPoint Ltd. | HSBC Bank PLC |  | 37092 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 1487 |
| SiriusPoint Ltd. | JPMorgan Chase Bank N.A. |  | 6033 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 300 |
| StepStone Group, Inc., Class A | Merrill Lynch International |  | 5529 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 102 |
| TrustCo Bank Corp. | Merrill Lynch International |  | 4521 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 32 |
| United Community Banks, Inc. | Goldman Sachs Bank USA |  | 37265 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 1656 |
| WaFd, Inc. | Merrill Lynch International |  | 18661 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 179 |
| Western Union Co. (The) | BNP Paribas SA |  | 32389 | 09/09/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (2594)<br>|
| Western Union Co. (The) | JPMorgan Chase Bank N.A. |  | 248854 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (24816)<br>|
| WSFS Financial Corp. | Goldman Sachs Bank USA |  | 30707 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 1106 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  | 29031 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  | (3074)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  | $25957 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap* <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap* <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $66547 | &nbsp;&nbsp;&nbsp; $(40590)<br>|

---

242026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Small-Cap 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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; <br>Swap premiums paid<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $66547 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $66547 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $887 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $887 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; <br>Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40590 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40590 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $41477 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $41477 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $23034 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $23034 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42104 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42104 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $65138 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $65138 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5008 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5008 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7475)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7475)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2467)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2467)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $178078 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; 1356521 |

---

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

**Derivative Financial Instruments – Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $4616 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 66547 | &nbsp;&nbsp;&nbsp;&nbsp; 40590 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; $71163 | &nbsp;&nbsp;&nbsp;&nbsp; $40590 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (4616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3074)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $66547 | &nbsp;&nbsp;&nbsp;&nbsp; $37516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® ESG Select Screened S&P Small-Cap ETF**

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| &nbsp;&nbsp;&nbsp; *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Non-* <br>*Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Net* <br>*Amount of* <br>*Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| BNP Paribas SA | &nbsp;&nbsp; $28645 | &nbsp;&nbsp;&nbsp;&nbsp; $(2594)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26051 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 18986 | &nbsp;&nbsp;&nbsp;&nbsp; (358)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18628 |
| HSBC Bank PLC | &nbsp;&nbsp; 13911 | &nbsp;&nbsp;&nbsp;&nbsp; (4722)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9189 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 624 | &nbsp;&nbsp;&nbsp;&nbsp; (624)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; 4381 | &nbsp;&nbsp;&nbsp;&nbsp; (1920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2461 |
|  | &nbsp;&nbsp; $66547 | &nbsp;&nbsp;&nbsp;&nbsp; $(10218)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $56329 |
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| &nbsp;&nbsp;&nbsp; *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Non-* <br>*Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Net* <br>*Amount of* <br>*Derivative* <br>*Liabilities*<sup>(d)</sup> <br>|
| BNP Paribas SA | &nbsp;&nbsp; $2594 | &nbsp;&nbsp;&nbsp;&nbsp; $(2594)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp;&nbsp; (358)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 4722 | &nbsp;&nbsp;&nbsp;&nbsp; (4722)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 27922 | &nbsp;&nbsp;&nbsp;&nbsp; (624)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27298 |
| Merrill Lynch International | &nbsp;&nbsp; 1920 | &nbsp;&nbsp;&nbsp;&nbsp; (1920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $37516 | &nbsp;&nbsp;&nbsp;&nbsp; $(10218)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $27298 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $119555822 | $— | $— | $119555822 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 5618369 |  |  | 5618369 |
|  | &nbsp;&nbsp; $125174191 | $— | $— | $125174191 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | $66547 | $— | $66547 |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (887)<br>| (40590)<br>|  | (41477)<br>|
|  | &nbsp;&nbsp; $(887)<br>| $25957 | $— | $25070 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

262026 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>ESG <br>Select <br>Screened <br>S&P 500 <br>ETF<br>| iShares <br>ESG <br>Select <br>Screened <br>S&P Mid-Cap <br>ETF<br>| iShares <br>ESG <br>Select <br>Screened <br>S&P <br>Small-Cap <br>ETF<br>|
| **ASSETS** |  |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup><sup>(b)</sup> | &nbsp;&nbsp; $593462019 | &nbsp;&nbsp; $345974894 | &nbsp;&nbsp; $119555822 |
| Investments, at value — affiliated<sup>(c)</sup> | &nbsp;&nbsp; 3007425 | &nbsp;&nbsp; 10889806 | &nbsp;&nbsp; 5618369 |
| Cash | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 77 |
| Cash pledged: |  |  |  |
| Collateral — OTC derivatives | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20760 |
| Futures contracts | &nbsp;&nbsp; 92000 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 14000 |
| Receivables: |  |  |  |
| Securities lending income — affiliated | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 5939 | &nbsp;&nbsp; 889 |
| Dividends — unaffiliated | &nbsp;&nbsp; 264544 | &nbsp;&nbsp; 337435 | &nbsp;&nbsp; 112115 |
| Dividends — affiliated | &nbsp;&nbsp; 2901 | &nbsp;&nbsp; 1192 | &nbsp;&nbsp; 6944 |
| Variation margin on futures contracts | &nbsp;&nbsp; 30991 | &nbsp;&nbsp; 10390 | &nbsp;&nbsp; 4616 |
| Unrealized appreciation on OTC swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66547 |
| Total assets | &nbsp;&nbsp; 596859993 | &nbsp;&nbsp; 357249670 | &nbsp;&nbsp; 125400139 |
| **LIABILITIES** |  |  |  |
| Collateral on securities loaned | &nbsp;&nbsp; 366566 | &nbsp;&nbsp; 10605192 | &nbsp;&nbsp; 3424000 |
| Payables: |  |  |  |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19808 |
| Capital shares redeemed | &nbsp;&nbsp; 43676 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment advisory fees | &nbsp;&nbsp; 42837 | &nbsp;&nbsp; 35648 | &nbsp;&nbsp; 12127 |
| Unrealized depreciation on OTC swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40590 |
| Total liabilities | &nbsp;&nbsp; 453079 | &nbsp;&nbsp; 10640840 | &nbsp;&nbsp; 3496525 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | &nbsp;&nbsp; $596406914 | &nbsp;&nbsp; $346608830 | &nbsp;&nbsp; $121903614 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $577560518 | &nbsp;&nbsp; $323134459 | &nbsp;&nbsp; $115341185 |
| Accumulated earnings | &nbsp;&nbsp; 18846396 | &nbsp;&nbsp; 23474371 | &nbsp;&nbsp; 6562429 |
| NET ASSETS | &nbsp;&nbsp; $596406914 | &nbsp;&nbsp; $346608830 | &nbsp;&nbsp; $121903614 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | &nbsp;&nbsp; $12100000 | &nbsp;&nbsp; $7650000 | &nbsp;&nbsp; $2800000 |
| Net asset value | &nbsp;&nbsp; $49.29 | &nbsp;&nbsp; $45.31 | &nbsp;&nbsp; $43.54 |
| Shares authorized | &nbsp;&nbsp; Unlimited | &nbsp;&nbsp; Unlimited | &nbsp;&nbsp; Unlimited |
| Par value |  |  |  |
| <sup>(a)</sup> Investments, at cost — unaffiliated | &nbsp;&nbsp; $566512595 | &nbsp;&nbsp; $310018020 | &nbsp;&nbsp; $107522511 |
| <sup>(b)</sup> Securities loaned, at value | &nbsp;&nbsp; $364183 | &nbsp;&nbsp; $10709628 | &nbsp;&nbsp; $3466263 |
| <sup>(c)</sup> Investments, at cost — affiliated | &nbsp;&nbsp; $3068068 | &nbsp;&nbsp; $10889420 | &nbsp;&nbsp; $5618232 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>ESG <br>Select <br>Screened <br>S&P 500 <br>ETF<br>| iShares <br>ESG <br>Select <br>Screened <br>S&P Mid-Cap <br>ETF<br>| iShares <br>ESG <br>Select <br>Screened <br>S&P <br>Small-Cap <br>ETF<br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $5469671 | &nbsp;&nbsp; $4438440 | &nbsp;&nbsp; $1427832 |
| Dividends — affiliated | &nbsp;&nbsp; 61688 | &nbsp;&nbsp; 22998 | &nbsp;&nbsp; 53456 |
| Interest — unaffiliated | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 936 | &nbsp;&nbsp; 478 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 11547 | &nbsp;&nbsp; 33222 | &nbsp;&nbsp; 12958 |
| Foreign taxes withheld | &nbsp;&nbsp; (1505)<br>| &nbsp;&nbsp; (3876)<br>| &nbsp;&nbsp; (2116)<br>|
| Total investment income | &nbsp;&nbsp; 5541750 | &nbsp;&nbsp; 4491720 | &nbsp;&nbsp; 1492608 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 392506 | &nbsp;&nbsp; 372695 | &nbsp;&nbsp; 124995 |
| Interest expense | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 |
| Total expenses | &nbsp;&nbsp; 392507 | &nbsp;&nbsp; 372697 | &nbsp;&nbsp; 124996 |
| Net investment income | &nbsp;&nbsp; 5149243 | &nbsp;&nbsp; 4119023 | &nbsp;&nbsp; 1367612 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (2398213)<br>| &nbsp;&nbsp; (3808536)<br>| &nbsp;&nbsp; (625781)<br>|
| Investments — affiliated | &nbsp;&nbsp; (2453)<br>| &nbsp;&nbsp; (4646)<br>| &nbsp;&nbsp; (699)<br>|
| Futures contracts | &nbsp;&nbsp; 93548 | &nbsp;&nbsp; (9493)<br>| &nbsp;&nbsp; 23034 |
| In-kind redemptions — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 40302035 | &nbsp;&nbsp; 20011039 | &nbsp;&nbsp; 4415490 |
| In-kind redemptions — affiliated<sup>(a)</sup> | &nbsp;&nbsp; 58517 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42104 |
|  | &nbsp;&nbsp; 38053434 | &nbsp;&nbsp; 16188364 | &nbsp;&nbsp; 3854148 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; 7603100 | &nbsp;&nbsp; 27155231 | &nbsp;&nbsp; 10556790 |
| Investments — affiliated | &nbsp;&nbsp; (91744)<br>| &nbsp;&nbsp; (993)<br>| &nbsp;&nbsp; (565)<br>|
| Futures contracts | &nbsp;&nbsp; (21716)<br>| &nbsp;&nbsp; 3709 | &nbsp;&nbsp; 5008 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7475)<br>|
|  | &nbsp;&nbsp; 7489640 | &nbsp;&nbsp; 27157947 | &nbsp;&nbsp; 10553758 |
| Net realized and unrealized gain | &nbsp;&nbsp; 45543074 | &nbsp;&nbsp; 43346311 | &nbsp;&nbsp; 14407906 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $50692317 | &nbsp;&nbsp; $47465334 | &nbsp;&nbsp; $15775518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

282026 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>ESG Select Screened S&P 500 ETF | iShares <br>ESG Select Screened S&P 500 ETF | iShares <br>ESG Select Screened S&P Mid-Cap ETF | iShares <br>ESG Select Screened S&P Mid-Cap ETF |
|  | Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>| Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $5149243 | &nbsp;&nbsp; $3141330 | &nbsp;&nbsp; $4119023 | &nbsp;&nbsp; $3105722 |
| Net realized gain (loss) | &nbsp;&nbsp; 38053434 | &nbsp;&nbsp; 14605759 | &nbsp;&nbsp; 16188364 | &nbsp;&nbsp; (771451)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 7489640 | &nbsp;&nbsp; (893745)<br>| &nbsp;&nbsp; 27157947 | &nbsp;&nbsp; (12699374)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 50692317 | &nbsp;&nbsp; 16853344 | &nbsp;&nbsp; 47465334 | &nbsp;&nbsp; (10365103)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (4995858)<br>| &nbsp;&nbsp; (3138284)<br>| &nbsp;&nbsp; (4062985)<br>| &nbsp;&nbsp; (3036172)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 251486997 | &nbsp;&nbsp; 31894568 | &nbsp;&nbsp; 47666921 | &nbsp;&nbsp; 86129476 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 297183456 | &nbsp;&nbsp; 45609628 | &nbsp;&nbsp; 91069270 | &nbsp;&nbsp; 72728201 |
| Beginning of year | &nbsp;&nbsp; 299223458 | &nbsp;&nbsp; 253613830 | &nbsp;&nbsp; 255539560 | &nbsp;&nbsp; 182811359 |
| End of year | &nbsp;&nbsp; $596406914 | &nbsp;&nbsp; $299223458 | &nbsp;&nbsp; $346608830 | &nbsp;&nbsp; $255539560 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>ESG Select Screened S&P Small-Cap <br> ETF | iShares <br>ESG Select Screened S&P Small-Cap <br> ETF |
|  | Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $1367612 | &nbsp;&nbsp; $1240227 |
| Net realized gain (loss) | &nbsp;&nbsp; 3854148 | &nbsp;&nbsp; (1143489)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 10553758 | &nbsp;&nbsp; (3758943)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 15775518 | &nbsp;&nbsp; (3662205)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1206796)<br>| &nbsp;&nbsp; (1683657)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 13389712 | &nbsp;&nbsp; 26859538 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 27958434 | &nbsp;&nbsp; 21513676 |
| Beginning of year | &nbsp;&nbsp; 93945180 | &nbsp;&nbsp; 72431504 |
| End of year | &nbsp;&nbsp; $121903614 | &nbsp;&nbsp; $93945180 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

302026 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Select Screened S&P 500 ETF | iShares ESG Select Screened S&P 500 ETF | iShares ESG Select Screened S&P 500 ETF | iShares ESG Select Screened S&P 500 ETF | iShares ESG Select Screened S&P 500 ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $42.75 | &nbsp;&nbsp;&nbsp; $40.26 | &nbsp;&nbsp;&nbsp; $30.90 | &nbsp;&nbsp;&nbsp; $34.35 | &nbsp;&nbsp;&nbsp; $30.27 |
| Net investment income<sup>(a)</sup> | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 6.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.07 |
| Net increase (decrease) from investment operations | 7.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;9.81 | &nbsp;&nbsp;&nbsp; (3.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.46 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $49.29 | &nbsp;&nbsp;&nbsp; $42.75 | &nbsp;&nbsp;&nbsp; $40.26 | &nbsp;&nbsp;&nbsp; $30.90 | &nbsp;&nbsp;&nbsp; $34.35 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.95<br> %<br>| &nbsp;&nbsp;&nbsp; (8.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.74<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>|
| Net investment income | 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $596407 | &nbsp;&nbsp;&nbsp; $299223 | &nbsp;&nbsp;&nbsp; $253614 | &nbsp;&nbsp;&nbsp; $129794 | &nbsp;&nbsp;&nbsp; $228414 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Select Screened S&P Mid-Cap ETF | iShares ESG Select Screened S&P Mid-Cap ETF | iShares ESG Select Screened S&P Mid-Cap ETF | iShares ESG Select Screened S&P Mid-Cap ETF | iShares ESG Select Screened S&P Mid-Cap ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $39.01 | &nbsp;&nbsp;&nbsp; $41.08 | &nbsp;&nbsp;&nbsp; $34.02 | &nbsp;&nbsp;&nbsp; $36.51 | &nbsp;&nbsp;&nbsp; $35.89 |
| Net investment income<sup>(a)</sup> | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 6.28 | &nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net increase (decrease) from investment operations | 6.86 | &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $45.31 | &nbsp;&nbsp;&nbsp; $39.01 | &nbsp;&nbsp;&nbsp; $41.08 | &nbsp;&nbsp;&nbsp; $34.02 | &nbsp;&nbsp;&nbsp; $36.51 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.62<br> %<br>| &nbsp;&nbsp;&nbsp; (3.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.43<br> %<br>| &nbsp;&nbsp;&nbsp; (5.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Net investment income | 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $346609 | &nbsp;&nbsp;&nbsp; $255540 | &nbsp;&nbsp;&nbsp; $182811 | &nbsp;&nbsp;&nbsp; $102046 | &nbsp;&nbsp;&nbsp; $76666 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

322026 iShares Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Select Screened S&P Small-Cap ETF | iShares ESG Select Screened S&P Small-Cap ETF | iShares ESG Select Screened S&P Small-Cap ETF | iShares ESG Select Screened S&P Small-Cap ETF | iShares ESG Select Screened S&P Small-Cap ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $37.58 | &nbsp;&nbsp;&nbsp; $39.15 | &nbsp;&nbsp;&nbsp; $33.92 | &nbsp;&nbsp;&nbsp; $37.87 | &nbsp;&nbsp;&nbsp; $38.81 |
| Net investment income<sup>(a)</sup> | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 5.91 | &nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| Net increase (decrease) from investment operations | 6.45 | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $43.54 | &nbsp;&nbsp;&nbsp; $37.58 | &nbsp;&nbsp;&nbsp; $39.15 | &nbsp;&nbsp;&nbsp; $33.92 | &nbsp;&nbsp;&nbsp; $37.87 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.22<br> %<br>| &nbsp;&nbsp;&nbsp; (2.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.29<br> %<br>| &nbsp;&nbsp;&nbsp; (9.08)%<br>| &nbsp;&nbsp;&nbsp; (0.47)%<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Net investment income | 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $121904 | &nbsp;&nbsp;&nbsp; $93945 | &nbsp;&nbsp;&nbsp; $72432 | &nbsp;&nbsp;&nbsp; $44100 | &nbsp;&nbsp;&nbsp; $24616 |
| Portfolio turnover rate<sup>(f)(g)</sup> | &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.

<sup>(g)</sup> Excludes underlying investments in equity swaps.

*See notes to financial statements.*

Financial Highlights

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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* | &nbsp;&nbsp; *Diversification* <br>*Classification*<br>|
| ESG Select Screened S&P 500 | Non-diversified |
| ESG Select Screened S&P Mid-Cap | Diversified |
| ESG Select Screened S&P Small-Cap | 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 March 31, 2026, 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 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 its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

342026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

**Recent Accounting Standard:** The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Funds' adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund's financial position or results of operations.

***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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) 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 or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 market 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

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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* | &nbsp;&nbsp; *Securities* <br>*Loaned at Value*<br>| &nbsp;&nbsp; *Cash* <br>*Collateral Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash* <br>*Collateral Received,* <br>*at Fair Value*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net* <br>*Amount*<sup>(b)</sup> <br>|
| ESG Select Screened S&P 500  | ESG Select Screened S&P 500  | ESG Select Screened S&P 500  | ESG Select Screened S&P 500  | ESG Select Screened S&P 500  |
| HSBC Bank PLC | &nbsp;&nbsp;&nbsp; $226242 | &nbsp;&nbsp;&nbsp; $(226242)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp; 6808 | &nbsp;&nbsp;&nbsp; (6429)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 379 |
| UBS AG | &nbsp;&nbsp;&nbsp; 131133 | &nbsp;&nbsp;&nbsp; (123818)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7315 |
|  | &nbsp;&nbsp;&nbsp; $364183 | &nbsp;&nbsp;&nbsp; $(356489)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7694 |
| ESG Select Screened S&P Mid-Cap  | ESG Select Screened S&P Mid-Cap  | ESG Select Screened S&P Mid-Cap  | ESG Select Screened S&P Mid-Cap  | ESG Select Screened S&P Mid-Cap  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $1245895 | &nbsp;&nbsp;&nbsp; $(1231832)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $14063 |
| BNP Paribas SA | &nbsp;&nbsp;&nbsp; 18804 | &nbsp;&nbsp;&nbsp; (18804)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp;&nbsp; 1014128 | &nbsp;&nbsp;&nbsp; (1010329)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3799 |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 413750 | &nbsp;&nbsp;&nbsp; (413750)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 1971170 | &nbsp;&nbsp;&nbsp; (1921104)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50066 |
| HSBC Bank PLC | &nbsp;&nbsp;&nbsp; 237648 | &nbsp;&nbsp;&nbsp; (237648)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp; 1908658 | &nbsp;&nbsp;&nbsp; (1844692)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 63966 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 820497 | &nbsp;&nbsp;&nbsp; (820497)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp;&nbsp; 338247 | &nbsp;&nbsp;&nbsp; (336344)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1903 |
| TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp; 33782 | &nbsp;&nbsp;&nbsp; (32725)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1057 |
| UBS AG | &nbsp;&nbsp;&nbsp; 2133179 | &nbsp;&nbsp;&nbsp; (2133179)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp;&nbsp; 573870 | &nbsp;&nbsp;&nbsp; (573870)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; $10709628 | &nbsp;&nbsp;&nbsp; $(10574774)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $134854 |
| ESG Select Screened S&P Small-Cap  | ESG Select Screened S&P Small-Cap  | ESG Select Screened S&P Small-Cap  | ESG Select Screened S&P Small-Cap  | ESG Select Screened S&P Small-Cap  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $124486 | &nbsp;&nbsp;&nbsp; $(123950)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $536 |
| BofA Securities, Inc. | &nbsp;&nbsp;&nbsp; 730903 | &nbsp;&nbsp;&nbsp; (703351)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27552 |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 837247 | &nbsp;&nbsp;&nbsp; (830388)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6859 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 178075 | &nbsp;&nbsp;&nbsp; (173348)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4727 |
| HSBC Bank PLC | &nbsp;&nbsp;&nbsp; 249468 | &nbsp;&nbsp;&nbsp; (249468)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp; 251729 | &nbsp;&nbsp;&nbsp; (247389)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4340 |
| TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp; 507812 | &nbsp;&nbsp;&nbsp; (504020)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3792 |
| UBS AG | &nbsp;&nbsp;&nbsp; 251970 | &nbsp;&nbsp;&nbsp; (251970)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp;&nbsp; 334573 | &nbsp;&nbsp;&nbsp; (323700)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10873 |
|  | &nbsp;&nbsp;&nbsp; $3466263 | &nbsp;&nbsp;&nbsp; $(3407584)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $58679 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

362026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(b)</sup> The market value of the loaned securities is determined as of March 31, 2026. 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 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.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Equity swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a spread.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements**: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which

Notes to Financial Statements

------

Notes to Financial Statements (continued)

is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***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* |
| ESG Select Screened S&P 500 | 0.08<br> %<br>|
| ESG Select Screened S&P Mid-Cap | 0.12 |
| ESG Select Screened S&P Small-Cap | 0.12 |

---

**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 specific 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 this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

382026 iShares Annual Financial Statements and Additional Information

------

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 March 31, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| ESG Select Screened S&P 500 | &nbsp;&nbsp; $2985 |
| ESG Select Screened S&P Mid-Cap | &nbsp;&nbsp; 12047 |
| ESG Select Screened S&P Small-Cap | &nbsp;&nbsp; 4671 |

---

**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 March 31, 2026, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| ESG Select Screened S&P 500 | &nbsp;&nbsp; $7327733 | &nbsp;&nbsp;&nbsp; $5040454 | &nbsp;&nbsp;&nbsp; $(1165705)<br>|
| ESG Select Screened S&P Mid-Cap | &nbsp;&nbsp; 16350267 | &nbsp;&nbsp;&nbsp; 19486258 | &nbsp;&nbsp;&nbsp; 565797 |
| ESG Select Screened S&P Small-Cap | &nbsp;&nbsp; 10897647 | &nbsp;&nbsp;&nbsp; 8109908 | &nbsp;&nbsp;&nbsp; 554627 |

---

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 March 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| ESG Select Screened S&P 500 | &nbsp;&nbsp; $17464714 | &nbsp;&nbsp;&nbsp; $17456013 |
| ESG Select Screened S&P Mid-Cap | &nbsp;&nbsp; 62153247 | &nbsp;&nbsp;&nbsp; 60357528 |
| ESG Select Screened S&P Small-Cap | &nbsp;&nbsp; 30549487 | &nbsp;&nbsp;&nbsp; 28175208 |

---

For the year ended March 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| ESG Select Screened S&P 500 | &nbsp;&nbsp; $354575202 | &nbsp;&nbsp;&nbsp; $103512864 |
| ESG Select Screened S&P Mid-Cap | &nbsp;&nbsp; 84477809 | &nbsp;&nbsp;&nbsp; 38452938 |
| ESG Select Screened S&P Small-Cap | &nbsp;&nbsp; 23336888 | &nbsp;&nbsp;&nbsp; 11731514 |

---

***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 March 31, 2026, 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 March 31, 2026, 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)* |
| ESG Select Screened S&P 500 | &nbsp;&nbsp; $40331592 | &nbsp;&nbsp;&nbsp; $(40331592)<br>|
| ESG Select Screened S&P Mid-Cap | &nbsp;&nbsp; 19992097 | &nbsp;&nbsp;&nbsp; (19992097)<br>|
| ESG Select Screened S&P Small-Cap | &nbsp;&nbsp; 4411555 | &nbsp;&nbsp;&nbsp; (4411555)<br>|

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/26*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/25*<br>|
| ESG Select Screened S&P 500 |  |  |
| Ordinary income | &nbsp;&nbsp; $4995858 | &nbsp;&nbsp;&nbsp; $3138284 |
| ESG Select Screened S&P Mid-Cap |  |  |
| Ordinary income | &nbsp;&nbsp; $4062985 | &nbsp;&nbsp;&nbsp; $3036172 |
| ESG Select Screened S&P Small-Cap |  |  |
| Ordinary income | &nbsp;&nbsp; $1206796 | &nbsp;&nbsp;&nbsp; $1683657 |

---

As of March 31, 2026, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| ESG Select Screened S&P 500 | &nbsp;&nbsp; $255552 | &nbsp;&nbsp;&nbsp; $(8016372)<br>| &nbsp;&nbsp;&nbsp; $26607216 | &nbsp;&nbsp;&nbsp; $18846396 |
| ESG Select Screened S&P Mid-Cap | &nbsp;&nbsp; 199351 | &nbsp;&nbsp;&nbsp; (11856817)<br>| &nbsp;&nbsp;&nbsp; 35131837 | &nbsp;&nbsp;&nbsp; 23474371 |
| ESG Select Screened S&P Small-Cap | &nbsp;&nbsp; 123411 | &nbsp;&nbsp;&nbsp; (4874297)<br>| &nbsp;&nbsp;&nbsp; 11313315 | &nbsp;&nbsp;&nbsp; 6562429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 accounting for swap agreements, 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 March 31, 2026, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| ESG Select Screened S&P 500 | &nbsp;&nbsp; $569862081 | &nbsp;&nbsp;&nbsp; $67188676 | &nbsp;&nbsp;&nbsp; $(40581313)<br>| &nbsp;&nbsp;&nbsp; $26607363 |
| ESG Select Screened S&P Mid-Cap | &nbsp;&nbsp; 321732863 | &nbsp;&nbsp;&nbsp; 61998354 | &nbsp;&nbsp;&nbsp; (26866517)<br>| &nbsp;&nbsp;&nbsp; 35131837 |
| ESG Select Screened S&P Small-Cap | &nbsp;&nbsp; 113860876 | &nbsp;&nbsp;&nbsp; 22174337 | &nbsp;&nbsp;&nbsp; (10861022)<br>| &nbsp;&nbsp;&nbsp; 11313315 |

---

***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 each 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 each 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. A 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

402026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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.

***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>03/31/26 | Year Ended <br>03/31/26 | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| ESG Select Screened S&P 500  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 7100000 | &nbsp;&nbsp;&nbsp; $355233423 | &nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; $91926990 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (2000000)<br>| &nbsp;&nbsp;&nbsp; (103746426)<br>| &nbsp;&nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; (60032422)<br>|
|  | &nbsp;&nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp; $251486997 | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $31894568 |
| ESG Select Screened S&P Mid-Cap  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; $85644543 | &nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; $90472921 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (850000)<br>| &nbsp;&nbsp;&nbsp; (37977622)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (4343445)<br>|
|  | &nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; $47666921 | &nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; $86129476 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 03/31/26  | Year Ended<br> 03/31/26  | Year Ended<br> 03/31/25 | Year Ended<br> 03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| ESG Select Screened S&P Small-Cap  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; $25665879 | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; $26859538 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; (12276167)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $13389712 | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; $26859538 |

---

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.

422026 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

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

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (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 March 31, 2026, 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 March 31, 2026 and each of the financial highlights for each of the five years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp; iShares ESG Select Screened S&P 500 ETF <br>iShares ESG Select Screened S&P Mid-Cap ETF <br>iShares ESG Select Screened S&P Small-Cap ETF<br>

***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 March 31, 2026 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 22, 2026

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

Report of Independent Registered Public Accounting Firm

------

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 March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Dividend* <br>*Income*<br>|
| ESG Select Screened S&P 500 | &nbsp;&nbsp;&nbsp; $5150590 |
| ESG Select Screened S&P Mid-Cap | &nbsp;&nbsp;&nbsp; 3205843 |
| ESG Select Screened S&P Small-Cap | &nbsp;&nbsp;&nbsp; 1109365 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Business* <br>*Income*<br>|
| ESG Select Screened S&P 500 | &nbsp;&nbsp;&nbsp; $280579 |
| ESG Select Screened S&P Mid-Cap | &nbsp;&nbsp;&nbsp; 1024972 |
| ESG Select Screened S&P Small-Cap | &nbsp;&nbsp;&nbsp; 279625 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2026 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Dividends-Received* <br>*Deduction*<br>|
| ESG Select Screened S&P 500 | &nbsp;&nbsp;&nbsp;&nbsp; 95.47<br> % <br>|
| ESG Select Screened S&P Mid-Cap | &nbsp;&nbsp;&nbsp;&nbsp;75.86 |
| ESG Select Screened S&P Small-Cap | &nbsp;&nbsp;&nbsp;&nbsp;80.17 |

---

442026 iShares Annual Financial Statements and Additional Information

------

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:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• 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**.

Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

462026 iShares Annual Financial Statements and Additional Information

------

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 S&P Dow Jones Indices LLC, 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.©2026 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.

![](g341043img591205632.jpg)

![](g341043imgcbf333403.jpg)

------

![](g341043imge881fc901.jpg)

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Annual Financial Statements <br> and Additional Information<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| ●iShares S&P 100 ETF \| OEF \| NYSE Arca |
| ●iShares S&P 500 Growth ETF \| IVW \| NYSE Arca |
| ●iShares S&P 500 Value ETF \| IVE \| NYSE Arca |
| ●iShares S&P Small-Cap 600 Value ETF \| IJS \| NYSE Arca |

---

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_dd112660-0777-4907-9d7e-3445fc87e463_SOIM-TEXT-4025_1)  | 3 |
| [Statements of Assets and Liabilities](#xx_dd112660-0777-4907-9d7e-3445fc87e463_FS-TEXT-4025_1)  | 27 |
| [Statements of Operations](#xx_dd112660-0777-4907-9d7e-3445fc87e463_FS-TEXT-4025_2)  | 28 |
| [Statements of Changes in Net Assets](#xx_dd112660-0777-4907-9d7e-3445fc87e463_FS-TEXT-4025_3)  | 29 |
| [Financial Highlights](#xx_dd112660-0777-4907-9d7e-3445fc87e463_FIHI-TEXT-4025_1)  | 31 |
| [Notes to Financial Statements](#xx_dd112660-0777-4907-9d7e-3445fc87e463_NTF-TEXT-4025_1)  | 35 |
| [Report of Independent Registered Public Accounting Firm](#xx_dd112660-0777-4907-9d7e-3445fc87e463_AUD-TEXT-4025_1)  | 45 |
| [Important Tax Information](#xx_dd112660-0777-4907-9d7e-3445fc87e463_Tax-TEXT_1)  | 46 |
| [Additional Information](#xx_dd112660-0777-4907-9d7e-3445fc87e463_AddInfo-TEXT-4025_1)  | 47 |
| [Glossary of Terms Used in these Financial Statements](#xx_dd112660-0777-4907-9d7e-3445fc87e463_Gloss-TEXT-4025_1)  | 48 |

---

------

Schedule of Investments

March 31, 2026

**iShares® S&P 100 ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** |
| Boeing Co. (The)<sup>(a)</sup> | 346472 | $68958322 |
| General Dynamics Corp. | 111663 | 38324975 |
| General Electric Co. | 462106 | 131131820 |
| Lockheed Martin Corp. | 89078 | 53837852 |
| RTX Corp. | 590622 | 113930984 |
|  |  | 406183953 |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| FedEx Corp. | 95183 | 33902281 |
| United Parcel Service, Inc., Class B | 325154 | 31988651 |
|  |  | 65890932 |
| **Automobiles — 2.8%** | **Automobiles — 2.8%** | **Automobiles — 2.8%** |
| General Motors Co. | 397744 | 29631928 |
| Tesla, Inc.<sup>(a)</sup> | 1238491 | 460409029 |
|  |  | 490040957 |
| **Banks — 4.1%** | **Banks — 4.1%** | **Banks — 4.1%** |
| Bank of America Corp. | 2923432 | 142517310 |
| Citigroup, Inc. | 768902 | 87201176 |
| JPMorgan Chase & Co. | 1187308 | 349258521 |
| U.S. Bancorp | 683952 | 35572344 |
| Wells Fargo & Co. | 1360764 | 108330422 |
|  |  | 722879773 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| Coca-Cola Co. (The) | 1705837 | 129728904 |
| PepsiCo, Inc. | 602519 | 93565175 |
|  |  | 223294079 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| AbbVie, Inc. | 778525 | 169321403 |
| Amgen, Inc. | 236932 | 83364524 |
| Gilead Sciences, Inc. | 545914 | 76084034 |
|  |  | 328769961 |
| **Broadline Retail — 5.0%** | **Broadline Retail — 5.0%** | **Broadline Retail — 5.0%** |
| Amazon.com, Inc.<sup>(a)</sup> | 4301805 | 895936927 |
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| Bank of New York Mellon Corp. (The) | 302823 | 35923893 |
| BlackRock, Inc.<sup>(b)</sup> | 63482 | 61051274 |
| Charles Schwab Corp. (The) | 734961 | 69071635 |
| Goldman Sachs Group, Inc. (The) | 131972 | 111646992 |
| Morgan Stanley | 530483 | 87301587 |
|  |  | 364995381 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| Linde PLC | 205453 | 101855379 |
| **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| Cisco Systems, Inc. | 1740802 | 135068827 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| American Express Co. | 235642 | 71276992 |
| Capital One Financial Corp. | 275048 | 50177007 |
|  |  | 121453999 |
| **Consumer Staples Distribution & Retail — 2.4%** | **Consumer Staples Distribution & Retail — 2.4%** | **Consumer Staples Distribution & Retail — 2.4%** |
| Costco Wholesale Corp. | 195481 | 194783133 |
| Walmart, Inc. | 1930370 | 239906383 |
|  |  | 434689516 |
| **Diversified Telecommunication Services — 1.3%** | **Diversified Telecommunication Services — 1.3%** | **Diversified Telecommunication Services — 1.3%** |
| AT&T Inc. | 3080295 | 89297752 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Comcast Corp., Class A | 1578924 | $45330908 |
| Verizon Communications, Inc. | 1859065 | 93325063 |
|  |  | 227953723 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Duke Energy Corp. | 342177 | 44804656 |
| NextEra Energy, Inc. | 918352 | 85296534 |
| Southern Co. (The) | 484503 | 46764230 |
|  |  | 176865420 |
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| Emerson Electric Co. | 247289 | 32399805 |
| GE Vernova, Inc. | 118597 | 103523321 |
|  |  | 135923126 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc.<sup>(a)</sup> | 1859716 | 178811693 |
| Walt Disney Co. (The) | 779484 | 75126668 |
|  |  | 253938361 |
| **Financial Services — 4.4%** | **Financial Services — 4.4%** | **Financial Services — 4.4%** |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 807510 | 386958792 |
| Mastercard, Inc., Class A | 358689 | 179222546 |
| Visa, Inc., Class A | 740291 | 223745552 |
|  |  | 789926890 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Mondelez International, Inc., Class A | 564032 | 32510805 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Uber Technologies, Inc.<sup>(a)</sup> | 908000 | 65312440 |
| Union Pacific Corp. | 261081 | 63343472 |
|  |  | 128655912 |
| **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
| Abbott Laboratories | 766811 | 78728485 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 156252 | 72030610 |
| Medtronic PLC | 564079 | 48877445 |
|  |  | 199636540 |
| **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |
| CVS Health Corp. | 559770 | 40202682 |
| UnitedHealth Group, Inc. | 398568 | 107848515 |
|  |  | 148051197 |
| **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
| Booking Holdings, Inc. | 14215 | 59849699 |
| McDonald's Corp. | 313933 | 97567237 |
| Starbucks Corp. | 501310 | 44912363 |
|  |  | 202329299 |
| **Household Products — 1.0%** | **Household Products — 1.0%** | **Household Products — 1.0%** |
| Colgate-Palmolive Co. | 354680 | 30229376 |
| Procter & Gamble Co. (The) | 1023800 | 147877672 |
|  |  | 178107048 |
| **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| 3M Co. | 231760 | 33658505 |
| Honeywell International, Inc. | 280152 | 63322756 |
|  |  | 96981261 |
| **Interactive Media & Services — 10.6%** | **Interactive Media & Services — 10.6%** | **Interactive Media & Services — 10.6%** |
| Alphabet, Inc., Class A | 2563800 | 737246328 |
| Alphabet, Inc., Class C, NVS | 2059435 | 590769524 |
| Meta Platforms, Inc., Class A | 963157 | 551051015 |
|  |  | 1879066867 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P 100 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| Accenture PLC, Class A | 270743 | $53685630 |
| International Business Machines Corp. | 412019 | 99869285 |
|  |  | 153554915 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| Danaher Corp. | 277766 | 52664433 |
| Thermo Fisher Scientific, Inc. | 165309 | 81254333 |
|  |  | 133918766 |
| **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** |
| Caterpillar, Inc. | 204997 | 145232175 |
| Deere & Co. | 110932 | 62487995 |
|  |  | 207720170 |
| **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** |
| Chevron Corp. | 825673 | 170831744 |
| ConocoPhillips | 539086 | 71159352 |
| Exxon Mobil Corp. | 1840276 | 312221226 |
|  |  | 554212322 |
| **Pharmaceuticals — 4.7%** | **Pharmaceuticals — 4.7%** | **Pharmaceuticals — 4.7%** |
| Bristol-Myers Squibb Co. | 896074 | 54346888 |
| Eli Lilly & Co. | 348953 | 320956501 |
| Johnson & Johnson | 1061237 | 259408772 |
| Merck & Co., Inc. | 1093666 | 131557083 |
| Pfizer, Inc. | 2501731 | 70248607 |
|  |  | 836517851 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Simon Property Group, Inc. | 143097 | 26691883 |
| **Semiconductors & Semiconductor Equipment — 18.5%** | **Semiconductors & Semiconductor Equipment — 18.5%** | **Semiconductors & Semiconductor Equipment — 18.5%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 718275 | 146118683 |
| Applied Materials, Inc. | 349747 | 119540027 |
| Broadcom, Inc. | 2087877 | 646218810 |
| Intel Corp.<sup>(a)</sup> | 2065953 | 91170506 |
| Lam Research Corp. | 550258 | 117568124 |
| Micron Technology, Inc. | 495656 | 167452423 |
| NVIDIA Corp. | 10700828 | 1866224403 |
| QUALCOMM, Inc. | 469483 | 60460021 |
| Texas Instruments, Inc. | 399333 | 77526509 |
|  |  | 3292279506 |
| **Software — 9.5%** | **Software — 9.5%** | **Software — 9.5%** |
| Adobe, Inc.<sup>(a)</sup> | 180608 | 43902193 |
| Intuit, Inc. | 122823 | 53106209 |
| Microsoft Corp. | 3269976 | 1210447016 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Oracle Corp. | 747328 | $109939422 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 1006306 | 147202442 |
| Salesforce, Inc. | 412278 | 76959934 |
| ServiceNow, Inc.<sup>(a)</sup> | 460235 | 48117569 |
|  |  | 1689674785 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| American Tower Corp. | 205995 | 35550617 |
| **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
| Home Depot, Inc. (The) | 438587 | 144246878 |
| Lowe's Cos., Inc. | 246814 | 58317212 |
|  |  | 202564090 |
| **Technology Hardware, Storage & Peripherals — 9.2%** | **Technology Hardware, Storage & Peripherals — 9.2%** | **Technology Hardware, Storage & Peripherals — 9.2%** |
| Apple Inc. | 6465030 | 1640759964 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| NIKE, Inc., Class B | 524262 | 27691519 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| Altria Group, Inc. | 738614 | 48741138 |
| Philip Morris International, Inc. | 684936 | 113247318 |
|  |  | 161988456 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| T-Mobile U.S., Inc. | 208490 | 43789155 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $16,216,698,686)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $16,216,698,686)** | 17747920132 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(b)(c)</sup><br>| 23658449 | 23658449 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $23,658,449)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $23,658,449)** | 23658449 |
| **Total Investments — 100.0%** <br>**(Cost: $16,240,357,135)** | **Total Investments — 100.0%** <br>**(Cost: $16,240,357,135)** | 17771578581 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 6089816 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $17777668397 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Affiliate of the Fund. <br> <sup>(c)</sup> Annualized 7-day yield as of period end.

42026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P 100 ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $18533961<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18543317 )<sup>(b)</sup><br>| &nbsp;&nbsp; $9356 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $50642 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 24443382<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (784933 )<sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23658449 | &nbsp;&nbsp; 23658449 | &nbsp;&nbsp; 1123901 | &nbsp;&nbsp; — |
| BlackRock, Inc. | &nbsp;&nbsp; 68546921<br>| &nbsp;&nbsp; 37052955 | &nbsp;&nbsp; (41142800)<br>| &nbsp;&nbsp; 12641007 | &nbsp;&nbsp; (16046809)<br>| &nbsp;&nbsp; 61051274 | &nbsp;&nbsp; 63482 | &nbsp;&nbsp; 1920070 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $12650363 | &nbsp;&nbsp; $(16046809)<br>| &nbsp;&nbsp; $84709723 |  | &nbsp;&nbsp; $3094613 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| S&P 500 E-Mini Index | 82 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $26940 | &nbsp;&nbsp;&nbsp;&nbsp; $(378810)<br>|

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $378810 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $378810 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $6844189 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $6844189 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(730178)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(730178)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P 100 ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $27785097 |

---

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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $17747920132 | $— | $— | $17747920132 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 23658449 |  |  | 23658449 |
|  | &nbsp;&nbsp; $17771578581 | $— | $— | $17771578581 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(378810)<br>| $— | $— | $(378810)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

62026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2026

**iShares® S&P 500 Growth ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** |
| Axon Enterprise, Inc.<sup>(a)(b)</sup> | 109549 | $46524365 |
| Boeing Co. (The)<sup>(a)</sup> | 726848 | 144664557 |
| General Dynamics Corp. | 282925 | 97105518 |
| General Electric Co. | 1147176 | 325534134 |
| Howmet Aerospace, Inc. | 843349 | 194358211 |
| RTX Corp. | 2823400 | 544633860 |
| TransDigm Group, Inc. | 118789 | 137671699 |
|  |  | 1490492344 |
| **Automobiles — 2.2%** | **Automobiles — 2.2%** | **Automobiles — 2.2%** |
| Tesla, Inc.<sup>(a)</sup> | 3667768 | 1363492754 |
| **Banks — 1.9%** | **Banks — 1.9%** | **Banks — 1.9%** |
| JPMorgan Chase & Co. | 3856445 | 1134411861 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Coca-Cola Co. (The) | 3420188 | 260105297 |
| Monster Beverage Corp.<sup>(a)</sup> | 1500217 | 108705724 |
|  |  | 368811021 |
| **Biotechnology — 1.4%** | **Biotechnology — 1.4%** | **Biotechnology — 1.4%** |
| AbbVie, Inc. | 1710074 | 371923994 |
| Amgen, Inc. | 770209 | 270998037 |
| Gilead Sciences, Inc. | 1409222 | 196403270 |
| Incyte Corp.<sup>(a)</sup> | 347366 | 32694088 |
|  |  | 872019389 |
| **Broadline Retail — 3.8%** | **Broadline Retail — 3.8%** | **Broadline Retail — 3.8%** |
| Amazon.com, Inc.<sup>(a)</sup> | 10890384 | 2268140276 |
| eBay, Inc. | 703556 | 64037667 |
|  |  | 2332177943 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| Allegion PLC | 97689 | 14193235 |
| Johnson Controls International PLC | 849705 | 111268869 |
| Trane Technologies PLC | 246743 | 102827678 |
|  |  | 228289782 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| Bank of New York Mellon Corp. (The) | 912016 | 108192458 |
| Cboe Global Markets, Inc. | 112261 | 31553199 |
| CME Group, Inc., Class A | 424757 | 125451980 |
| Goldman Sachs Group, Inc. (The) | 410071 | 346915965 |
| Interactive Brokers Group, Inc., Class A | 936788 | 62830371 |
| KKR & Co., Inc., Class A | 779671 | 72119568 |
| Moody's Corp. | 154908 | 67578615 |
| Morgan Stanley | 1543659 | 254039962 |
| MSCI, Inc., Class A | 80368 | 43319156 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | 1663661 | 115291707 |
| S&P Global, Inc. | 283207 | 120459265 |
|  |  | 1347752246 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Rollins, Inc. | 621006 | 33167930 |
| **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** |
| Arista Networks, Inc.<sup>(a)</sup> | 2172029 | 266681721 |
| Ciena Corp.<sup>(a)</sup> | 296282 | 115025561 |
| Cisco Systems, Inc. | 4404746 | 341764242 |
| Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 150198 | 105553146 |
|  |  | 829024670 |
| **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** |
| Comfort Systems U.S.A., Inc. | 74024 | 102078356 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| EMCOR Group, Inc. | 94159 | $69518531 |
| Quanta Services, Inc.<sup>(b)</sup> | 313655 | 172202868 |
|  |  | 343799755 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| American Express Co. | 766025 | 231707242 |
| **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** |
| Constellation Energy Corp. | 439169 | 122637943 |
| NRG Energy, Inc. | 330567 | 48309062 |
|  |  | 170947005 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| GE Vernova, Inc. | 566930 | 494873197 |
| Rockwell Automation, Inc. | 128735 | 46200417 |
| Vertiv Holdings Co., Class A | 804745 | 201653002 |
|  |  | 742726616 |
| **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** |
| Amphenol Corp., Class A | 2585559 | 326685380 |
| Coherent Corp.<sup>(a)</sup> | 394387 | 93946927 |
| Corning, Inc. | 1133127 | 154071278 |
| Jabil, Inc. | 135447 | 35978786 |
| TE Connectivity PLC | 425884 | 89018274 |
|  |  | 699700645 |
| **Entertainment — 1.6%** | **Entertainment — 1.6%** | **Entertainment — 1.6%** |
| Electronic Arts, Inc. | 222659 | 45393490 |
| Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 178191 | 27175910 |
| Netflix, Inc.<sup>(a)</sup> | 8880992 | 853907381 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 188372 | 37203470 |
| TKO Group Holdings, Inc., Class A | 139445 | 28119084 |
|  |  | 991799335 |
| **Financial Services — 5.0%** | **Financial Services — 5.0%** | **Financial Services — 5.0%** |
| Apollo Global Management, Inc. | 517651 | 57676674 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 3857120 | 1848331904 |
| Mastercard, Inc., Class A | 1147731 | 573475272 |
| Visa, Inc., Class A | 1944833 | 587806326 |
|  |  | 3067290176 |
| **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| Uber Technologies, Inc.<sup>(a)</sup> | 4329093 | 311391659 |
| **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** |
| Boston Scientific Corp.<sup>(a)</sup> | 2090010 | 131148128 |
| Dexcom, Inc.<sup>(a)</sup> | 412865 | 25927922 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 561485 | 44963719 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 167956 | 94372797 |
| Insulet Corp.<sup>(a)</sup> | 147967 | 31049395 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 746992 | 344355842 |
| ResMed, Inc. | 168529 | 37831390 |
| STERIS PLC | 103142 | 22807790 |
| Stryker Corp. | 304276 | 99982051 |
|  |  | 832439034 |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| HCA Healthcare, Inc. | 329255 | 155816636 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| Ventas, Inc. | 520098 | 42533614 |
| Welltower, Inc. | 1467674 | 290173827 |
|  |  | 332707441 |
| **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** |
| Airbnb, Inc., Class A<sup>(a)</sup> | 418747 | 52879371 |
| Booking Holdings, Inc. | 67805 | 285480748 |
| Carnival Corp. | 2419248 | 62610138 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 786319 | 118065798 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P 500 Growth ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Expedia Group, Inc. | 246118 | $56826185 |
| Hilton Worldwide Holdings, Inc. | 482295 | 146656264 |
| Las Vegas Sands Corp. | 635959 | 34265471 |
| Marriott International, Inc., Class A | 462620 | 151309123 |
| McDonald's Corp. | 659104 | 204842932 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)(b)</sup> | 536257 | 10028006 |
| Royal Caribbean Cruises Ltd. | 529203 | 145626082 |
| Wynn Resorts Ltd. | 179759 | 18254526 |
| Yum! Brands, Inc. | 286166 | 44493090 |
|  |  | 1331337734 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Vistra Corp. | 669932 | 100710878 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Cincinnati Financial Corp. | 193622 | 30466422 |
| Progressive Corp. (The) | 690377 | 136860337 |
| W R Berkley Corp.<sup>(b)</sup> | 360069 | 23865373 |
|  |  | 191192132 |
| **Interactive Media & Services — 14.7%** | **Interactive Media & Services — 14.7%** | **Interactive Media & Services — 14.7%** |
| Alphabet, Inc., Class A | 12246135 | 3521498580 |
| Alphabet, Inc., Class C, NVS | 9837052 | 2821856737 |
| Meta Platforms, Inc., Class A | 4600562 | 2632119537 |
|  |  | 8975474854 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| International Business Machines Corp. | 1022394 | 247818082 |
| VeriSign, Inc. | 173597 | 43114551 |
|  |  | 290932633 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 20092 | 25340030 |
| **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** |
| Caterpillar, Inc. | 978693 | 693364843 |
| Cummins, Inc. | 194716 | 104761102 |
| Parker-Hannifin Corp. | 148671 | 133096226 |
|  |  | 931222171 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| EchoStar Corp., Class A<sup>(a)(b)</sup> | 283180 | 33151883 |
| Fox Corp., Class A, NVS | 278613 | 16270999 |
| Fox Corp., Class B | 196527 | 10435584 |
|  |  | 59858466 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Newmont Corp. | 2295388 | 248475751 |
| **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** |
| Eli Lilly & Co. | 1666791 | 1533064358 |
| Johnson & Johnson | 2990738 | 731055997 |
|  |  | 2264120355 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| Verisk Analytics, Inc. | 155902 | 29582405 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Simon Property Group, Inc. | 280468 | 52315696 |
| **Semiconductors & Semiconductor Equipment — 25.0%** | **Semiconductors & Semiconductor Equipment — 25.0%** | **Semiconductors & Semiconductor Equipment — 25.0%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 3429447 | 697652403 |
| Applied Materials, Inc. | 1669529 | 570628317 |
| Broadcom, Inc. | 9972914 | 3086716611 |
| First Solar, Inc.<sup>(a)</sup> | 226252 | 44630470 |
| KLA Corp. | 275706 | 405952271 |
| Lam Research Corp. | 2626690 | 561218585 |
| Micron Technology, Inc. | 2367420 | 799809173 |
| Monolithic Power Systems, Inc. | 102451 | 112014801 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| NVIDIA Corp. | 51113217 | $8914145045 |
| Teradyne, Inc. | 191057 | 56640758 |
|  |  | 15249408434 |
| **Software — 13.1%** | **Software — 13.1%** | **Software — 13.1%** |
| AppLovin Corp., Class A<sup>(a)</sup> | 570028 | 226871144 |
| Autodesk, Inc.<sup>(a)</sup> | 259796 | 62195162 |
| Cadence Design Systems, Inc.<sup>(a)(b)</sup> | 360713 | 100231321 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)(b)</sup> | 531204 | 207387354 |
| Datadog, Inc., Class A<sup>(a)</sup> | 688157 | 81236934 |
| Fair Isaac Corp.<sup>(a)</sup> | 24596 | 26257214 |
| Fortinet, Inc.<sup>(a)</sup> | 837630 | 68451124 |
| Intuit, Inc. | 327787 | 141728543 |
| Microsoft Corp. | 15619243 | 5781775181 |
| Oracle Corp. | 1852563 | 272530543 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 4804920 | 702863697 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 951849 | 152600432 |
| ServiceNow, Inc.<sup>(a)</sup> | 1340403 | 140139134 |
| Workday, Inc., Class A<sup>(a)(b)</sup> | 197937 | 25715975 |
|  |  | 7989983758 |
| **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** |
| AutoZone, Inc.<sup>(a)</sup> | 22653 | 76516850 |
| Carvana Co., Class A<sup>(a)</sup> | 151712 | 47695219 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 1770894 | 163471225 |
| Ross Stores, Inc. | 326567 | 70744209 |
| TJX Cos., Inc. (The) | 1284682 | 205163715 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 93308 | 48773025 |
|  |  | 612364243 |
| **Technology Hardware, Storage & Peripherals — 6.9%** | **Technology Hardware, Storage & Peripherals — 6.9%** | **Technology Hardware, Storage & Peripherals — 6.9%** |
| Apple Inc. | 15440325 | 3918600082 |
| Sandisk Corp.<sup>(a)(b)</sup> | 310465 | 197250833 |
| Seagate Technology Holdings PLC | 293571 | 115009375 |
|  |  | 4230860290 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| Ralph Lauren Corp., Class A | 81303 | 27967419 |
| Tapestry, Inc. | 425872 | 60094798 |
|  |  | 88062217 |
| **Tobacco — 0.5%** | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| Philip Morris International, Inc. | 1833642 | 303174368 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 74205 | 54062795 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $42,023,953,465)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $42,023,953,465)** | 60908444694 |

---

82026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P 500 Growth ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.77%<sup>(c)(d)(e)</sup><br>| 58646907 | $58658637 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(c)(d)</sup><br>| 60916203 | 60916203 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $119,566,662)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $119,566,662)** | 119574840 |
| **Total Investments — 100.1%** <br>**(Cost: $42,143,520,127)** | **Total Investments — 100.1%** <br>**(Cost: $42,143,520,127)** | 61028019534 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (50099906)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $60977919628 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $219824633<br>| &nbsp;&nbsp; $—<br> &nbsp;&nbsp; $(161070281 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(61789)<br>| &nbsp;&nbsp; $(33926)<br>| &nbsp;&nbsp; $58658637 | &nbsp;&nbsp; 58646907 | &nbsp;&nbsp; $369054 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 70598005<br>| &nbsp;&nbsp; —<br> &nbsp;&nbsp; (9681802 )<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60916203 | &nbsp;&nbsp; 60916203 | &nbsp;&nbsp; 2152956 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $(61789)<br>| &nbsp;&nbsp; $(33926)<br>| &nbsp;&nbsp; $119574840 |  | &nbsp;&nbsp; $2522010 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Russell 1000 Growth E-Mini Index | 274 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $59263 | &nbsp;&nbsp;&nbsp;&nbsp; $(2454834)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P 500 Growth 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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2454834 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2454834 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $15568138 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $15568138 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1184089)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1184089)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $39991251 |

---

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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $60908444694 | $— | $— | $60908444694 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 119574840 |  |  | 119574840 |
|  | &nbsp;&nbsp; $61028019534 | $— | $— | $61028019534 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(2454834)<br>| $— | $— | $(2454834)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

102026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2026

**iShares® S&P 500 Value ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| Axon Enterprise, Inc.<sup>(a)</sup> | 46308 | $19666545 |
| Boeing Co. (The)<sup>(a)</sup> | 758666 | 150997294 |
| General Dynamics Corp. | 205761 | 70621290 |
| General Electric Co. | 869821 | 246829105 |
| Huntington Ingalls Industries, Inc. | 67175 | 25519782 |
| L3Harris Technologies, Inc. | 321349 | 110913607 |
| Lockheed Martin Corp. | 349831 | 211434358 |
| Northrop Grumman Corp. | 230478 | 157241311 |
| Textron, Inc. | 301678 | 26414926 |
|  |  | 1019638218 |
| **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
| CH Robinson Worldwide, Inc. | 204627 | 33982406 |
| Expeditors International of Washington, Inc. | 231105 | 33101169 |
| FedEx Corp. | 372929 | 132829851 |
| United Parcel Service, Inc., Class B | 1274793 | 125414136 |
|  |  | 325327562 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv PLC<sup>(a)</sup> | 373059 | 25905217 |
| **Automobiles — 1.9%** | **Automobiles — 1.9%** | **Automobiles — 1.9%** |
| Ford Motor Co. | 6759812 | 78008230 |
| General Motors Co. | 1559389 | 116174481 |
| Tesla, Inc.<sup>(a)</sup> | 1843605 | 685360159 |
|  |  | 879542870 |
| **Banks — 5.2%** | **Banks — 5.2%** | **Banks — 5.2%** |
| Bank of America Corp. | 11446499 | 558016826 |
| Citigroup, Inc. | 3014522 | 341876940 |
| Citizens Financial Group, Inc. | 739228 | 44331503 |
| Fifth Third Bancorp | 1552626 | 72135004 |
| Huntington Bancshares, Inc. | 3497302 | 54732776 |
| JPMorgan Chase & Co. | 1488344 | 437811271 |
| KeyCorp | 1616441 | 32409642 |
| M&T Bank Corp. | 261932 | 54146583 |
| PNC Financial Services Group, Inc. (The) | 696747 | 144986083 |
| Regions Financial Corp. | 1509862 | 39437596 |
| Truist Financial Corp. | 2177821 | 100114431 |
| U.S. Bancorp | 2681473 | 139463411 |
| Wells Fargo & Co. | 5334883 | 424710036 |
|  |  | 2444172102 |
| **Beverages — 1.7%** | **Beverages — 1.7%** | **Beverages — 1.7%** |
| Brown-Forman Corp., Class B, NVS | 301535 | 7972585 |
| Coca-Cola Co. (The) | 3873491 | 294578991 |
| Constellation Brands, Inc., Class A | 241528 | 36229200 |
| Keurig Dr. Pepper, Inc. | 2344470 | 61729895 |
| Molson Coors Beverage Co., Class B | 289852 | 12481027 |
| PepsiCo, Inc. | 2357535 | 366101610 |
|  |  | 779093308 |
| **Biotechnology — 2.2%** | **Biotechnology — 2.2%** | **Biotechnology — 2.2%** |
| AbbVie, Inc. | 1646365 | 358067924 |
| Amgen, Inc. | 297250 | 104587412 |
| Biogen, Inc.<sup>(a)</sup> | 253167 | 46413106 |
| Gilead Sciences, Inc. | 984507 | 137210741 |
| Moderna, Inc.<sup>(a)(b)</sup> | 600041 | 30482083 |
| Regeneron Pharmaceuticals, Inc. | 173890 | 134354370 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 438162 | 195656859 |
|  |  | 1006772495 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Broadline Retail — 3.6%** | **Broadline Retail — 3.6%** | **Broadline Retail — 3.6%** |
| Amazon.com, Inc.<sup>(a)</sup> | 7920257 | $1649551925 |
| eBay, Inc. | 201177 | 18311131 |
|  |  | 1667863056 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| A. O. Smith Corp. | 194113 | 12799811 |
| Allegion PLC | 67793 | 9849645 |
| Builders FirstSource, Inc.<sup>(a)(b)</sup> | 189326 | 15587210 |
| Carrier Global Corp. | 1360071 | 76585598 |
| Johnson Controls International PLC | 357831 | 46857969 |
| Lennox International, Inc. | 54659 | 25368882 |
| Masco Corp. | 355297 | 21449280 |
| Trane Technologies PLC | 179038 | 74612296 |
|  |  | 283110691 |
| **Capital Markets — 4.3%** | **Capital Markets — 4.3%** | **Capital Markets — 4.3%** |
| Ameriprise Financial, Inc. | 157497 | 69991667 |
| Ares Management Corp., Class A | 354229 | 38646384 |
| Bank of New York Mellon Corp. (The) | 439278 | 52111549 |
| BlackRock, Inc.<sup>(c)</sup> | 248908 | 239377313 |
| Blackstone, Inc., Class A | 1291522 | 148512115 |
| Cboe Global Markets, Inc. | 88651 | 24917137 |
| Charles Schwab Corp. (The) | 2881383 | 270792374 |
| CME Group, Inc., Class A | 273701 | 80837590 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 384757 | 67182420 |
| FactSet Research Systems, Inc. | 64087 | 13906238 |
| Franklin Resources, Inc. | 526304 | 12431300 |
| Goldman Sachs Group, Inc. (The) | 181087 | 153197791 |
| Intercontinental Exchange, Inc. | 979546 | 154062995 |
| Invesco Ltd. | 760148 | 18463995 |
| KKR & Co., Inc., Class A | 545056 | 50417680 |
| Moody's Corp. | 137630 | 60041088 |
| Morgan Stanley | 809283 | 133183703 |
| MSCI, Inc., Class A | 60838 | 32792290 |
| Nasdaq, Inc. | 774946 | 65785166 |
| Northern Trust Corp. | 321442 | 44863660 |
| Raymond James Financial, Inc. | 303344 | 43921178 |
| S&P Global, Inc. | 295604 | 125732205 |
| State Street Corp. | 479846 | 60729310 |
| T Rowe Price Group, Inc. | 377065 | 33988639 |
|  |  | 1995885787 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| Air Products & Chemicals, Inc. | 384092 | 111574885 |
| Albemarle Corp. | 203292 | 36497013 |
| CF Industries Holdings, Inc. | 267656 | 34752455 |
| Corteva, Inc. | 1160880 | 97177265 |
| Dow, Inc. | 1237781 | 51553579 |
| DuPont de Nemours, Inc. | 705881 | 32329350 |
| Ecolab, Inc. | 439736 | 116978571 |
| International Flavors & Fragrances, Inc. | 442029 | 32069204 |
| Linde PLC | 805509 | 399339142 |
| LyondellBasell Industries NV, Class A | 440876 | 35516970 |
| Mosaic Co. (The) | 543476 | 13858638 |
| PPG Industries, Inc. | 386553 | 41314784 |
| Sherwin-Williams Co. (The) | 397695 | 127481132 |
|  |  | 1130442988 |
| **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** |
| Cintas Corp. | 586833 | 99256934 |
| Copart, Inc.<sup>(a)</sup> | 1530781 | 50821929 |
| Republic Services, Inc. | 347108 | 76023594 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P 500 Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Veralto Corp. | 427544 | $37803440 |
| Waste Management, Inc. | 640112 | 147091337 |
|  |  | 410997234 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| Cisco Systems, Inc. | 3203439 | 248554832 |
| F5, Inc.<sup>(a)(b)</sup> | 98745 | 28569891 |
| Motorola Solutions, Inc. | 286134 | 124173572 |
|  |  | 401298295 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| CRH PLC | 1156250 | 121545000 |
| Martin Marietta Materials, Inc. | 104032 | 61241558 |
| Vulcan Materials Co. | 227932 | 62065883 |
|  |  | 244852441 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| American Express Co. | 295382 | 89347147 |
| Capital One Financial Corp. | 1078328 | 196719377 |
| Synchrony Financial | 599620 | 40786153 |
|  |  | 326852677 |
| **Consumer Staples Distribution & Retail — 4.3%** | **Consumer Staples Distribution & Retail — 4.3%** | **Consumer Staples Distribution & Retail — 4.3%** |
| Costco Wholesale Corp. | 765695 | 762961469 |
| Dollar General Corp. | 378620 | 44953552 |
| Dollar Tree, Inc.<sup>(a)</sup> | 319019 | 34935771 |
| Kroger Co. (The) | 1004359 | 72675417 |
| Sysco Corp. | 826179 | 58931348 |
| Target Corp. | 780639 | 94613447 |
| Walmart, Inc. | 7561906 | 939793678 |
|  |  | 2008864682 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| Amcor PLC | 796191 | 31648592 |
| Avery Dennison Corp. | 132174 | 22823806 |
| Ball Corp. | 462613 | 27345055 |
| International Paper Co. | 910522 | 32505636 |
| Packaging Corp. of America | 154250 | 32734935 |
| Smurfit Westrock PLC | 900499 | 35884885 |
|  |  | 182942909 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| Genuine Parts Co. | 240174 | 25398401 |
| Pool Corp. | 56097 | 11350106 |
|  |  | 36748507 |
| **Diversified Telecommunication Services — 1.9%** | **Diversified Telecommunication Services — 1.9%** | **Diversified Telecommunication Services — 1.9%** |
| AT&T Inc. | 12076331 | 350092836 |
| Comcast Corp., Class A | 6190166 | 177719666 |
| Verizon Communications, Inc. | 7274528 | 365181305 |
|  |  | 892993807 |
| **Electric Utilities — 3.2%** | **Electric Utilities — 3.2%** | **Electric Utilities — 3.2%** |
| Alliant Energy Corp. | 443855 | 31851035 |
| American Electric Power Co., Inc. | 933012 | 122299213 |
| Constellation Energy Corp. | 177047 | 49440375 |
| Duke Energy Corp. | 1341503 | 175656403 |
| Edison International | 663776 | 48575128 |
| Entergy Corp. | 780306 | 87675182 |
| Evergy, Inc. | 397591 | 32570655 |
| Eversource Energy | 646061 | 44759106 |
| Exelon Corp. | 1764539 | 86497702 |
| FirstEnergy Corp. | 896852 | 45434522 |
| NextEra Energy, Inc. | 3592602 | 333680874 |
| NRG Energy, Inc. | 95050 | 13890607 |
| PG&E Corp. | 3792550 | 66635103 |
| Pinnacle West Capital Corp. | 204974 | 20651130 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| PPL Corp. | 1273657 | $48653697 |
| Southern Co. (The) | 1899459 | 183335783 |
| Xcel Energy, Inc. | 1020435 | 81063356 |
|  |  | 1472669871 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| AMETEK, Inc. | 397113 | 85125143 |
| Eaton Corp. PLC | 670008 | 239641761 |
| Emerson Electric Co. | 969477 | 127020877 |
| Generac Holdings, Inc.<sup>(a)</sup> | 100276 | 19586911 |
| Hubbell, Inc. | 91707 | 45004293 |
| Rockwell Automation, Inc. | 87099 | 31258089 |
|  |  | 547637074 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| CDW Corp. | 224648 | 27186901 |
| Corning, Inc. | 417508 | 56768563 |
| Jabil, Inc. | 71357 | 18954560 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 295241 | 83367201 |
| TE Connectivity PLC | 157171 | 32851882 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 80993 | 49001575 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 86706 | 18128491 |
|  |  | 286259173 |
| **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** |
| Baker Hughes Co., Class A | 1704757 | 104075415 |
| Halliburton Co. | 1442380 | 56238396 |
| SLB Ltd. | 2579517 | 132561379 |
|  |  | 292875190 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Electronic Arts, Inc. | 205921 | 41981114 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 127048 | 19376091 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 143690 | 28378775 |
| Walt Disney Co. (The) | 3055958 | 294533232 |
| Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 4275357 | 117401303 |
|  |  | 501670515 |
| **Financial Services — 2.1%** | **Financial Services — 2.1%** | **Financial Services — 2.1%** |
| Apollo Global Management, Inc. | 375344 | 41820828 |
| Block, Inc., Class A<sup>(a)</sup> | 945801 | 56918304 |
| Corpay, Inc.<sup>(a)</sup> | 120602 | 35093976 |
| Fidelity National Information Services, Inc. | 890333 | 41765521 |
| Fiserv, Inc.<sup>(a)</sup> | 928391 | 51804218 |
| Global Payments, Inc. | 408326 | 27480340 |
| Jack Henry & Associates, Inc. | 123931 | 19586055 |
| Mastercard, Inc., Class A | 463609 | 231646873 |
| PayPal Holdings, Inc. | 1588191 | 71833879 |
| Visa, Inc., Class A | 1304675 | 394324972 |
|  |  | 972274966 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
| Archer-Daniels-Midland Co. | 829006 | 60260446 |
| Bunge Global SA | 233808 | 29740378 |
| Campbell's Co. (The) | 336440 | 7492519 |
| Conagra Brands, Inc. | 818989 | 12874507 |
| General Mills, Inc. | 918425 | 34183778 |
| Hershey Co. (The) | 254963 | 53004258 |
| Hormel Foods Corp. | 499110 | 11304841 |
| J M Smucker Co. (The) | 182367 | 17587473 |
| Kraft Heinz Co. (The) | 1469142 | 33041004 |
| McCormick & Co., Inc., NVS | 437161 | 22050401 |
| Mondelez International, Inc., Class A | 2216784 | 127775430 |
| Tyson Foods, Inc., Class A | 484814 | 31062033 |
|  |  | 440377068 |

---

122026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P 500 Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| Atmos Energy Corp. | 285390 | $52717241 |
| **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |
| CSX Corp. | 3207825 | 131681216 |
| JB Hunt Transport Services, Inc. | 128780 | 27288482 |
| Norfolk Southern Corp. | 387397 | 111182939 |
| Old Dominion Freight Line, Inc. | 316577 | 61859146 |
| Union Pacific Corp. | 1023628 | 248352625 |
|  |  | 580364408 |
| **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
| Abbott Laboratories | 2999637 | 307972731 |
| Align Technology, Inc.<sup>(a)</sup> | 114239 | 19583992 |
| Baxter International, Inc.<sup>(b)</sup> | 880203 | 14787410 |
| Becton Dickinson & Co. | 492284 | 77401813 |
| Boston Scientific Corp.<sup>(a)</sup> | 844233 | 52975621 |
| Cooper Cos., Inc. (The)<sup>(a)</sup> | 343330 | 24548095 |
| Dexcom, Inc.<sup>(a)</sup> | 330449 | 20752197 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 539413 | 43196193 |
| GE HealthCare Technologies, Inc. | 786191 | 55961075 |
| Hologic, Inc.<sup>(a)</sup> | 381019 | 28801226 |
| Medtronic PLC | 2211536 | 191629595 |
| ResMed, Inc. | 113394 | 25454685 |
| Solventum Corp.<sup>(a)</sup> | 252448 | 16484854 |
| STERIS PLC | 84027 | 18580891 |
| Stryker Corp. | 344602 | 113232771 |
| Zimmer Biomet Holdings, Inc. | 342144 | 30936661 |
|  |  | 1042299810 |
| **Health Care Providers & Services — 2.9%** | **Health Care Providers & Services — 2.9%** | **Health Care Providers & Services — 2.9%** |
| Cardinal Health, Inc. | 405931 | 85777279 |
| Cencora, Inc. | 335575 | 105417530 |
| Centene Corp.<sup>(a)</sup> | 805709 | 26378913 |
| Cigna Group (The) | 454488 | 121234674 |
| CVS Health Corp. | 2194625 | 157617967 |
| DaVita, Inc.<sup>(a)</sup> | 60411 | 9284567 |
| Elevance Health, Inc. | 381795 | 111770486 |
| Henry Schein, Inc.<sup>(a)(b)</sup> | 171315 | 12625916 |
| Humana, Inc. | 206862 | 35867802 |
| Labcorp Holdings, Inc. | 142948 | 38139956 |
| McKesson Corp. | 211296 | 182847107 |
| Quest Diagnostics, Inc. | 190650 | 37363587 |
| UnitedHealth Group, Inc. | 1562616 | 422828263 |
| Universal Health Services, Inc., Class B | 94612 | 16932710 |
|  |  | 1364086757 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| Alexandria Real Estate Equities, Inc. | 266351 | 12364013 |
| Healthpeak Properties, Inc. | 1189849 | 19549219 |
| Ventas, Inc. | 393282 | 32162602 |
|  |  | 64075834 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| Host Hotels & Resorts, Inc. | 1093450 | 20950502 |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
| Airbnb, Inc., Class A<sup>(a)</sup> | 387726 | 48962039 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 2246742 | 71918212 |
| Darden Restaurants, Inc. | 200481 | 39302295 |
| Domino's Pizza, Inc. | 53226 | 19096957 |
| McDonald's Corp. | 687960 | 213811088 |
| MGM Resorts International<sup>(a)(b)</sup> | 330988 | 12249866 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)(b)</sup> | 342946 | 6413090 |
| Starbucks Corp. | 1965348 | 176075527 |
| Yum! Brands, Inc. | 244072 | 37948315 |
|  |  | 625777389 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| DR Horton, Inc. | 464769 | $63775602 |
| Garmin Ltd. | 282019 | 65431228 |
| Lennar Corp., Class A | 371699 | 32278341 |
| NVR, Inc.<sup>(a)</sup> | 4866 | 32066113 |
| PulteGroup, Inc. | 331454 | 38982305 |
|  |  | 232533589 |
| **Household Products — 1.7%** | **Household Products — 1.7%** | **Household Products — 1.7%** |
| Church & Dwight Co., Inc. | 411446 | 38396141 |
| Clorox Co. (The) | 210716 | 21836499 |
| Colgate-Palmolive Co. | 1390501 | 118512400 |
| Kimberly-Clark Corp. | 570663 | 55051860 |
| Procter & Gamble Co. (The) | 4009014 | 579061982 |
|  |  | 812858882 |
| **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) | 1225337 | 17264998 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| 3M Co. | 908583 | 131953509 |
| Honeywell International, Inc. | 1095211 | 247550542 |
|  |  | 379504051 |
| **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** |
| Prologis, Inc. | 1603534 | 211955124 |
| **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** |
| Aflac, Inc. | 805289 | 88348256 |
| Allstate Corp. (The) | 449559 | 93211563 |
| American International Group, Inc. | 927473 | 69792343 |
| Aon PLC, Class A | 369248 | 119185869 |
| Arch Capital Group Ltd.<sup>(a)</sup> | 620771 | 59587808 |
| Arthur J. Gallagher & Co. | 443296 | 96009048 |
| Assurant, Inc. | 85600 | 18644536 |
| Brown & Brown, Inc. | 505743 | 32979501 |
| Chubb Ltd. | 628780 | 204938265 |
| Cincinnati Financial Corp. | 109507 | 17230926 |
| Erie Indemnity Co., Class A, NVS | 43483 | 10927713 |
| Everest Group Ltd. | 70209 | 22947812 |
| Globe Life, Inc. | 136195 | 18954258 |
| Hartford Insurance Group, Inc. (The) | 481116 | 65061317 |
| Loews Corp. | 292471 | 31218355 |
| Marsh & McLennan Cos., Inc. | 835137 | 144854513 |
| MetLife, Inc. | 950840 | 67243405 |
| Principal Financial Group, Inc. | 342262 | 30841229 |
| Progressive Corp. (The) | 444862 | 88189443 |
| Prudential Financial, Inc. | 602044 | 58813678 |
| Travelers Cos., Inc. (The) | 373020 | 108802474 |
| W R Berkley Corp. | 221040 | 14650531 |
| Willis Towers Watson PLC | 164706 | 47880034 |
|  |  | 1510312877 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Accenture PLC, Class A | 1061434 | 210471748 |
| Akamai Technologies, Inc.<sup>(a)</sup> | 246487 | 28309032 |
| Cognizant Technology Solutions Corp., Class A | 828298 | 50816082 |
| EPAM Systems, Inc.<sup>(a)(b)</sup> | 94628 | 12812631 |
| Gartner, Inc.<sup>(a)(b)</sup> | 124403 | 19697971 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | 233293 | 19286332 |
| International Business Machines Corp. | 773983 | 187605740 |
|  |  | 528999536 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Hasbro, Inc. | 228058 | 21346229 |
| **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** |
| Agilent Technologies, Inc. | 487032 | 55511907 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P 500 Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |
| Bio-Techne Corp. | 266824 | $13944222 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 84274 | 14537265 |
| Danaher Corp. | 1085298 | 205772501 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 292569 | 49894717 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 18513 | 23348596 |
| Revvity, Inc.<sup>(b)</sup> | 194120 | 17006853 |
| Thermo Fisher Scientific, Inc. | 648114 | 318567475 |
| Waters Corp.<sup>(a)</sup> | 168681 | 50233202 |
| West Pharmaceutical Services, Inc. | 124089 | 31101667 |
|  |  | 779918405 |
| **Machinery — 2.2%** | **Machinery — 2.2%** | **Machinery — 2.2%** |
| Cummins, Inc. | 78652 | 42316349 |
| Deere & Co. | 434882 | 244969031 |
| Dover Corp. | 232652 | 48496309 |
| Fortive Corp. | 543681 | 30054686 |
| IDEX Corp. | 128190 | 24298415 |
| Illinois Tool Works, Inc. | 453525 | 118048022 |
| Ingersoll Rand, Inc. | 618723 | 49572087 |
| Nordson Corp. | 91283 | 24286755 |
| Otis Worldwide Corp. | 670055 | 51647839 |
| PACCAR, Inc. | 906341 | 104682385 |
| Parker-Hannifin Corp. | 95801 | 85764887 |
| Pentair PLC | 282584 | 24615892 |
| Snap-on, Inc. | 89106 | 32365081 |
| Stanley Black & Decker, Inc. | 267915 | 19038040 |
| Westinghouse Air Brake Technologies Corp. | 293809 | 73425807 |
| Xylem, Inc. | 418617 | 50024732 |
|  |  | 1023606317 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 148543 | 32067463 |
| Fox Corp., Class A, NVS | 121343 | 7086431 |
| Fox Corp., Class B | 86359 | 4585663 |
| News Corp., Class A, NVS | 641208 | 15985315 |
| News Corp., Class B<sup>(b)</sup> | 211341 | 6025332 |
| Omnicom Group, Inc. | 542707 | 40871264 |
| Paramount Skydance Corp., Class B, NVS<sup>(b)</sup> | 532079 | 4799353 |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 760063 | 17245830 |
|  |  | 128666651 |
| **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** |
| Freeport-McMoRan, Inc. | 2479242 | 145729845 |
| Nucor Corp. | 394793 | 66759496 |
| Steel Dynamics, Inc. | 236389 | 42550020 |
|  |  | 255039361 |
| **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** |
| Ameren Corp. | 476803 | 52410186 |
| CenterPoint Energy, Inc. | 1126229 | 48608044 |
| CMS Energy Corp. | 528591 | 41008090 |
| Consolidated Edison, Inc. | 622632 | 70469490 |
| Dominion Energy, Inc. | 1473041 | 91063394 |
| DTE Energy Co. | 357475 | 52269994 |
| NiSource, Inc. | 825492 | 38517457 |
| Public Service Enterprise Group, Inc. | 861065 | 69703212 |
| Sempra | 1125908 | 109404480 |
| WEC Energy Group, Inc. | 561438 | 64997677 |
|  |  | 638452024 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| BXP, Inc. | 252353 | 13097121 |
| **Oil, Gas & Consumable Fuels — 7.7%** | **Oil, Gas & Consumable Fuels — 7.7%** | **Oil, Gas & Consumable Fuels — 7.7%** |
| APA Corp. | 607222 | 25770502 |
| Chevron Corp. | 3233633 | 669038668 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| ConocoPhillips | 2113474 | $278978568 |
| Coterra Energy, Inc. | 1305435 | 45872986 |
| Devon Energy Corp. | 1075460 | 54117147 |
| Diamondback Energy, Inc. | 334808 | 66221674 |
| EOG Resources, Inc. | 936008 | 135318677 |
| EQT Corp. | 1077005 | 68540598 |
| Expand Energy Corp. | 410855 | 45103662 |
| Exxon Mobil Corp. | 7208975 | 1223074699 |
| Kinder Morgan, Inc. | 3377280 | 113240198 |
| Marathon Petroleum Corp. | 508889 | 124260516 |
| Occidental Petroleum Corp. | 1237621 | 80445365 |
| ONEOK, Inc. | 1085455 | 98114277 |
| Phillips 66 | 695058 | 126625666 |
| Targa Resources Corp. | 370297 | 92844567 |
| Texas Pacific Land Corp.<sup>(b)</sup> | 99916 | 47416137 |
| Valero Energy Corp. | 526157 | 130002872 |
| Williams Cos., Inc. (The) | 2106662 | 153322860 |
|  |  | 3578309639 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| Delta Air Lines, Inc. | 1120551 | 74494230 |
| Southwest Airlines Co. | 847547 | 31842341 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 555599 | 51154000 |
|  |  | 157490571 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Estee Lauder Cos., Inc. (The), Class A | 426466 | 30607465 |
| Kenvue, Inc. | 3294517 | 56797473 |
|  |  | 87404938 |
| **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** |
| Bristol-Myers Squibb Co. | 3513016 | 213064420 |
| Johnson & Johnson | 1704449 | 416635514 |
| Merck & Co., Inc. | 4281609 | 515034747 |
| Pfizer, Inc. | 9808119 | 275411981 |
| Viatris, Inc. | 1988010 | 26858015 |
| Zoetis, Inc., Class A | 728191 | 86079458 |
|  |  | 1533084135 |
| **Professional Services — 0.7%** | **Professional Services — 0.7%** | **Professional Services — 0.7%** |
| Automatic Data Processing, Inc. | 694830 | 141175559 |
| Broadridge Financial Solutions, Inc. | 200892 | 32640932 |
| Equifax, Inc. | 207696 | 37399819 |
| Jacobs Solutions, Inc. | 202602 | 25787183 |
| Leidos Holdings, Inc. | 220228 | 34249858 |
| Paychex, Inc. | 556780 | 51290574 |
| Verisk Analytics, Inc. | 113192 | 21478182 |
|  |  | 344022107 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 503880 | 68255585 |
| CoStar Group, Inc.<sup>(a)</sup> | 729436 | 29425448 |
|  |  | 97681033 |
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| AvalonBay Communities, Inc. | 243528 | 39780299 |
| Camden Property Trust | 182195 | 17793164 |
| Equity Residential | 596817 | 35301725 |
| Essex Property Trust, Inc. | 110241 | 26678322 |
| Invitation Homes, Inc. | 964280 | 23962358 |
| Mid-America Apartment Communities, Inc. | 202196 | 24692175 |
| UDR, Inc. | 514897 | 17393221 |
|  |  | 185601264 |
| **Retail REITs — 0.5%** | **Retail REITs — 0.5%** | **Retail REITs — 0.5%** |
| Federal Realty Investment Trust | 134460 | 14280997 |

---

142026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P 500 Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Retail REITs (continued)** | **Retail REITs (continued)** | **Retail REITs (continued)** |
| Kimco Realty Corp. | 1169756 | $26284417 |
| Realty Income Corp. | 1586882 | 97085441 |
| Regency Centers Corp. | 281832 | 21323409 |
| Simon Property Group, Inc. | 330901 | 61722963 |
|  |  | 220697227 |
| **Semiconductors & Semiconductor Equipment — 3.1%** | **Semiconductors & Semiconductor Equipment — 3.1%** | **Semiconductors & Semiconductor Equipment — 3.1%** |
| Analog Devices, Inc. | 842908 | 268162751 |
| Intel Corp.<sup>(a)</sup> | 8099618 | 357436142 |
| Microchip Technology, Inc. | 933483 | 60312337 |
| NXP Semiconductors NV | 432597 | 85161045 |
| ON Semiconductor Corp.<sup>(a)</sup> | 679705 | 42087334 |
| Qnity Electronics, Inc. | 361554 | 41716101 |
| QUALCOMM, Inc. | 1839935 | 236946829 |
| Skyworks Solutions, Inc. | 259402 | 13890977 |
| Teradyne, Inc. | 113628 | 33686157 |
| Texas Instruments, Inc. | 1565569 | 303939566 |
|  |  | 1443339239 |
| **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** |
| Adobe, Inc.<sup>(a)</sup> | 708133 | 172132970 |
| Autodesk, Inc.<sup>(a)</sup> | 153978 | 36862333 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 173243 | 48139032 |
| Fair Isaac Corp.<sup>(a)</sup> | 20816 | 22221913 |
| Fortinet, Inc.<sup>(a)</sup> | 403534 | 32976798 |
| Gen Digital, Inc. | 960874 | 18093257 |
| Intuit, Inc. | 210657 | 91083874 |
| Oracle Corp. | 1404090 | 206555680 |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 613346 | 98331631 |
| PTC, Inc.<sup>(a)</sup> | 206455 | 29417773 |
| Roper Technologies, Inc. | 184916 | 65434376 |
| Salesforce, Inc. | 1616370 | 301727788 |
| ServiceNow, Inc.<sup>(a)</sup> | 703717 | 73573612 |
| Synopsys, Inc.<sup>(a)</sup> | 330033 | 130851484 |
| Trimble, Inc.<sup>(a)</sup> | 410383 | 26769283 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 74189 | 25400830 |
| Workday, Inc., Class A<sup>(a)</sup> | 205763 | 26732729 |
|  |  | 1406305363 |
| **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** |
| American Tower Corp. | 807576 | 139371466 |
| Crown Castle, Inc. | 751222 | 61081861 |
| Digital Realty Trust, Inc. | 557093 | 100393730 |
| Equinix, Inc. | 169495 | 166145779 |
| Extra Space Storage, Inc. | 365262 | 47896806 |
| Iron Mountain, Inc. | 510329 | 52125004 |
| Public Storage | 272480 | 73809382 |
| SBA Communications Corp., Class A | 183674 | 31612132 |
| VICI Properties, Inc. | 1838794 | 50235852 |
| Weyerhaeuser Co. | 1244420 | 30401181 |
|  |  | 753073193 |
| **Specialty Retail — 2.5%** | **Specialty Retail — 2.5%** | **Specialty Retail — 2.5%** |
| AutoZone, Inc.<sup>(a)</sup> | 9995 | 33760911 |
| Best Buy Co., Inc. | 334382 | 21467324 |
| Carvana Co., Class A<sup>(a)(b)</sup> | 119195 | 37472524 |
| Home Depot, Inc. (The) | 1717304 | 564804113 |
| Lowe's Cos., Inc. | 967668 | 228640595 |
| Ross Stores, Inc. | 290895 | 63016584 |
| TJX Cos., Inc. (The) | 860394 | 137404922 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Tractor Supply Co. | 909489 | $41199852 |
| Williams-Sonoma, Inc. | 205938 | 37548675 |
|  |  | 1165315500 |
| **Technology Hardware, Storage & Peripherals — 7.8%** | **Technology Hardware, Storage & Peripherals — 7.8%** | **Technology Hardware, Storage & Peripherals — 7.8%** |
| Apple Inc. | 12662836 | 3213701149 |
| Dell Technologies, Inc., Class C | 512662 | 84143214 |
| Hewlett Packard Enterprise Co. | 2292258 | 54578663 |
| HP, Inc. | 1583568 | 30420341 |
| NetApp, Inc. | 343958 | 35217860 |
| Seagate Technology Holdings PLC | 135427 | 53054882 |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 867959 | 19763426 |
| Western Digital Corp. | 584856 | 158197699 |
|  |  | 3649077234 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Deckers Outdoor Corp.<sup>(a)</sup> | 244871 | 24509138 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 185946 | 28468333 |
| NIKE, Inc., Class B | 2055388 | 108565594 |
|  |  | 161543065 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| Altria Group, Inc. | 2895790 | 191093182 |
| Philip Morris International, Inc. | 1181553 | 195357973 |
|  |  | 386451155 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| Fastenal Co. | 1980664 | 91902810 |
| United Rentals, Inc. | 48231 | 35139177 |
| WW Grainger, Inc. | 75462 | 82314704 |
|  |  | 209356691 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Works Co., Inc. | 336690 | 45820142 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| T-Mobile U.S., Inc. | 817330 | 171663820 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $43,037,974,124)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $43,037,974,124)** | 46477132125 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.77%<sup>(c)(d)(e)</sup><br>| 53864945 | 53875718 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(c)(d)</sup><br>| 84298517 | 84298517 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $138,149,386)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $138,149,386)** | 138174235 |
| **Total Investments — 100.0%** <br>**(Cost: $43,176,123,510)** | **Total Investments — 100.0%** <br>**(Cost: $43,176,123,510)** | 46615306360 |
| **Liabilities in Excess of Other Assets — (0.0)%** | **Liabilities in Excess of Other Assets — (0.0)%** | (8861627)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $46606444733 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P 500 Value ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $124420531<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(70461375 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(73275)<br>| &nbsp;&nbsp; $(10163)<br>| &nbsp;&nbsp; $53875718 | &nbsp;&nbsp; 53864945 | &nbsp;&nbsp; $1898478 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 66635664<br>| &nbsp;&nbsp; 17662853 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 84298517 | &nbsp;&nbsp; 84298517 | &nbsp;&nbsp; 2650798 | &nbsp;&nbsp; — |
| BlackRock, Inc. | &nbsp;&nbsp; 214837709<br>| &nbsp;&nbsp; 84601339 | &nbsp;&nbsp; (61442197)<br>| &nbsp;&nbsp; 5386204 | &nbsp;&nbsp; (4005742)<br>| &nbsp;&nbsp; 239377313 | &nbsp;&nbsp; 248908 | &nbsp;&nbsp; 5246640 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $5312929 | &nbsp;&nbsp; $(4015905)<br>| &nbsp;&nbsp; $377551548 |  | &nbsp;&nbsp; $9795916 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Russell 1000 Value E-Mini Index | 1135 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $120100 | &nbsp;&nbsp;&nbsp;&nbsp; $(201055)<br>|
| S&P 500 E-Mini Index | 9 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2957 | &nbsp;&nbsp;&nbsp;&nbsp; (39187)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(240242)<br>|

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $240242 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $240242 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12509172 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12509172 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1348830)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1348830)<br>|

---

162026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P 500 Value ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $102820429 |

---

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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $46477132125 | $— | $— | $46477132125 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 138174235 |  |  | 138174235 |
|  | &nbsp;&nbsp; $46615306360 | $— | $— | $46615306360 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(240242)<br>| $— | $— | $(240242)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Schedule of Investments

------

Schedule of Investments

March 31, 2026

**iShares® S&P Small-Cap 600 Value ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| Forward Air Corp.<sup>(a)(b)</sup> | 221033 | $3693461 |
| Hub Group, Inc., Class A | 595388 | 21457784 |
|  |  | 25151245 |
| **Automobile Components — 1.9%** | **Automobile Components — 1.9%** | **Automobile Components — 1.9%** |
| Adient PLC<sup>(a)</sup> | 770225 | 15566247 |
| Dana, Inc. | 563009 | 18945253 |
| Dauch Corp.<sup>(a)(b)</sup> | 2320928 | 13763103 |
| Fox Factory Holding Corp.<sup>(a)(b)</sup> | 410734 | 6760682 |
| Gentherm, Inc.<sup>(a)</sup> | 170096 | 4725267 |
| LCI Industries | 237764 | 29240217 |
| Patrick Industries, Inc. | 179901 | 19981604 |
| Phinia, Inc. | 372578 | 25499238 |
| Standard Motor Products, Inc. | 205269 | 7131045 |
|  |  | 141612656 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Winnebago Industries, Inc. | 277737 | 8607070 |
| **Banks — 11.8%** | **Banks — 11.8%** | **Banks — 11.8%** |
| Ameris Bancorp | 275845 | 21513152 |
| Atlantic Union Bankshares Corp. | 1394300 | 49832282 |
| Banc of California, Inc. | 1319338 | 23193962 |
| BancFirst Corp. | 76241 | 8272149 |
| Bank of Hawaii Corp. | 348311 | 25862092 |
| BankUnited, Inc. | 357345 | 16137700 |
| Banner Corp. | 310098 | 18816747 |
| Beacon Financial Corp. | 762250 | 22867500 |
| Capitol Federal Financial, Inc. | 1174093 | 8371283 |
| Cathay General Bancorp | 612178 | 30523195 |
| Central Pacific Financial Corp. | 239863 | 7666022 |
| City Holding Co. | 43987 | 5257326 |
| Community Financial System, Inc. | 254788 | 14943316 |
| Customers Bancorp, Inc.<sup>(a)(b)</sup> | 147481 | 10236656 |
| CVB Financial Corp. | 1252187 | 24279906 |
| Dime Community Bancshares, Inc. | 402164 | 13601187 |
| Eagle Bancorp, Inc. | 274525 | 6827437 |
| FB Financial Corp. | 222350 | 11548859 |
| First BanCorp/Puerto Rico | 594267 | 12693543 |
| First Bancorp/Southern Pines NC | 229014 | 12904939 |
| First Commonwealth Financial Corp. | 1010116 | 17757839 |
| First Financial Bancorp | 1011214 | 28192646 |
| First Hawaiian, Inc. | 1205550 | 29704752 |
| First Interstate BancSystem, Inc., Class A | 864336 | 28868822 |
| Fulton Financial Corp. | 1636024 | 33276728 |
| Hanmi Financial Corp. | 269519 | 7104521 |
| Heritage Financial Corp. | 404660 | 10521160 |
| Hilltop Holdings, Inc. | 409858 | 14681114 |
| Hope Bancorp, Inc. | 1265643 | 14137232 |
| Independent Bank Corp. | 280006 | 21059251 |
| Lakeland Financial Corp. | 129061 | 7405520 |
| National Bank Holdings Corp., Class A | 365498 | 14312902 |
| NBT Bancorp, Inc. | 514200 | 21894636 |
| Northwest Bancshares, Inc. | 1436299 | 18226634 |
| OFG Bancorp | 220300 | 8913338 |
| Park National Corp. | 80671 | 13185675 |
| Provident Financial Services, Inc. | 1174593 | 24854388 |
| Renasant Corp. | 860651 | 31095321 |
| S&T Bancorp, Inc. | 340155 | 14228684 |
| Seacoast Banking Corp. of Florida | 504711 | 15287696 |
| ServisFirst Bancshares, Inc. | 247017 | 17990248 |
| Simmons First National Corp., Class A | 1422480 | 27667236 |
| Southside Bancshares, Inc. | 275015 | 8550216 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Stellar Bancorp, Inc. | 251797 | $9218288 |
| Tompkins Financial Corp. | 124962 | 9852004 |
| Triumph Financial, Inc.<sup>(a)(b)</sup> | 222925 | 13299706 |
| TrustCo Bank Corp. | 93458 | 4091591 |
| Trustmark Corp. | 297465 | 12535175 |
| United Community Banks, Inc. | 1096757 | 34536878 |
| WaFd, Inc. | 689923 | 21663582 |
| Westamerica BanCorp | 138233 | 7208851 |
| WSFS Financial Corp. | 228292 | 14943994 |
|  |  | 901615881 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| National Beverage Corp.<sup>(a)</sup> | 116572 | 3922648 |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| Arcus Biosciences, Inc.<sup>(a)</sup> | 308042 | 6653707 |
| Sarepta Therapeutics, Inc.<sup>(a)(b)</sup> | 404557 | 8803161 |
| Vir Biotechnology, Inc.<sup>(a)</sup> | 655328 | 5871739 |
| Xencor, Inc.<sup>(a)(b)</sup> | 707821 | 8536321 |
|  |  | 29864928 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Kohl's Corp. | 1105786 | 14264639 |
| **Building Products — 1.5%** | **Building Products — 1.5%** | **Building Products — 1.5%** |
| American Woodmark Corp.<sup>(a)</sup> | 143329 | 5708794 |
| Apogee Enterprises, Inc. | 211327 | 7087908 |
| CSW Industrials, Inc. | 67998 | 17718919 |
| Gibraltar Industries, Inc.<sup>(a)(b)</sup> | 290591 | 11585863 |
| Griffon Corp. | 157819 | 11470285 |
| Hayward Holdings, Inc.<sup>(a)</sup> | 1020298 | 13651587 |
| Insteel Industries, Inc. | 191086 | 6422401 |
| Masterbrand, Inc.<sup>(a)(b)</sup> | 1247487 | 10366617 |
| Quanex Building Products Corp. | 455424 | 8183969 |
| Resideo Technologies, Inc.<sup>(a)</sup> | 595647 | 20079260 |
|  |  | 112275603 |
| **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** |
| Artisan Partners Asset Management, Inc., Class A | 318853 | 11603061 |
| BGC Group, Inc., Class A | 1464269 | 14320551 |
| Cohen & Steers, Inc. | 146403 | 9157508 |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 143387 | 6759263 |
| MarketAxess Holdings, Inc. | 155637 | 25676992 |
| Moelis & Co., Class A | 282420 | 16097940 |
| Piper Sandler Cos. | 305387 | 23377375 |
| Victory Capital Holdings, Inc., Class A | 163445 | 10702378 |
| Virtus Investment Partners, Inc. | 62902 | 8450884 |
|  |  | 126145952 |
| **Chemicals — 5.2%** | **Chemicals — 5.2%** | **Chemicals — 5.2%** |
| Balchem Corp. | 130498 | 22116801 |
| Celanese Corp., Class A | 1076154 | 70778649 |
| Chemours Co. (The) | 1472812 | 32446048 |
| Eastman Chemical Co. | 1120910 | 85547851 |
| Element Solutions, Inc. | 1119407 | 38216555 |
| FMC Corp. | 1227853 | 21143629 |
| Hawkins, Inc.<sup>(b)</sup> | 67867 | 10424371 |
| HB Fuller Co. | 533637 | 32914730 |
| Ingevity Corp.<sup>(a)</sup> | 152157 | 10838143 |
| Innospec, Inc. | 243588 | 17786796 |
| Koppers Holdings, Inc. | 193142 | 7470733 |
| Minerals Technologies, Inc. | 306003 | 21701733 |
| Quaker Chemical Corp. | 134675 | 16730675 |
| Stepan Co. | 211428 | 10567171 |
|  |  | 398683885 |

---

182026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P Small-Cap 600 Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Commercial Services & Supplies — 2.0%** | **Commercial Services & Supplies — 2.0%** | **Commercial Services & Supplies — 2.0%** |
| ABM Industries, Inc. | 575927 | $22184708 |
| CoreCivic, Inc.<sup>(a)</sup> | 983484 | 18597683 |
| Deluxe Corp. | 442684 | 12191517 |
| GEO Group, Inc. (The)<sup>(a)</sup> | 1343622 | 22586286 |
| HNI Corp. | 681585 | 22758123 |
| Interface, Inc., Class A | 252433 | 6290630 |
| MillerKnoll, Inc. | 671587 | 9711148 |
| Pitney Bowes, Inc. | 654494 | 7232159 |
| UniFirst Corp. | 84205 | 21185136 |
| Vestis Corp.<sup>(a)</sup> | 1112148 | 8741483 |
|  |  | 151478873 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Extreme Networks, Inc.<sup>(a)(b)</sup> | 466402 | 7033342 |
| Harmonic, Inc.<sup>(a)(b)</sup> | 1104416 | 9917656 |
| NetScout Systems, Inc.<sup>(a)(b)</sup> | 317300 | 10086967 |
|  |  | 27037965 |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
| Arcosa, Inc. | 173551 | 18420703 |
| WillScot Holdings Corp., Class A | 858679 | 14906668 |
|  |  | 33327371 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| Bread Financial Holdings, Inc. | 385885 | 28898928 |
| Encore Capital Group, Inc.<sup>(a)</sup> | 219310 | 15378017 |
| Navient Corp. | 651030 | 5325425 |
| PRA Group, Inc.<sup>(a)</sup> | 384193 | 6723378 |
| PROG Holdings, Inc. | 389035 | 11161414 |
| World Acceptance Corp.<sup>(a)(b)</sup> | 9296 | 1255332 |
|  |  | 68742494 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Andersons, Inc. (The) | 330165 | 23699244 |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | 964889 | 6802467 |
| United Natural Foods, Inc.<sup>(a)(b)</sup> | 598732 | 26978864 |
|  |  | 57480575 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| O-I Glass, Inc.<sup>(a)</sup> | 1497946 | 15743412 |
| Sealed Air Corp. | 578891 | 24342367 |
|  |  | 40085779 |
| **Distributors — 1.0%** | **Distributors — 1.0%** | **Distributors — 1.0%** |
| LKQ Corp. | 2514993 | 73865344 |
| **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** |
| ADT, Inc. | 3345784 | 21981801 |
| Matthews International Corp., Class A | 308717 | 7971073 |
| Mister Car Wash, Inc.<sup>(a)</sup> | 965521 | 6729681 |
| Perdoceo Education Corp. | 194202 | 7226257 |
| Strategic Education, Inc. | 228472 | 18954037 |
| Stride, Inc.<sup>(a)</sup> | 412842 | 36400279 |
|  |  | 99263128 |
| **Diversified REITs — 0.6%** | **Diversified REITs — 0.6%** | **Diversified REITs — 0.6%** |
| American Assets Trust, Inc. | 469296 | 8639740 |
| Essential Properties Realty Trust, Inc. | 680745 | 20667418 |
| Global Net Lease, Inc. | 1938267 | 18142179 |
|  |  | 47449337 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| Cogent Communications Holdings, Inc. | 217562 | 4098868 |
| Iridium Communications, Inc. | 402736 | 11171896 |
| Lumen Technologies, Inc.<sup>(a)(b)</sup> | 5098624 | 35435437 |
|  |  | 50706201 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Hawaiian Electric Industries, Inc.<sup>(a)(b)</sup> | 1696327 | $25173493 |
| MGE Energy, Inc. | 179684 | 13887776 |
| Otter Tail Corp. | 226554 | 19884645 |
|  |  | 58945914 |
| **Electronic Equipment, Instruments & Components — 2.5%** | **Electronic Equipment, Instruments & Components — 2.5%** | **Electronic Equipment, Instruments & Components — 2.5%** |
| Benchmark Electronics, Inc. | 350684 | 19659345 |
| CTS Corp. | 159750 | 7629660 |
| ePlus, Inc. | 95977 | 7222269 |
| Insight Enterprises, Inc.<sup>(a)</sup> | 304639 | 20413859 |
| Itron, Inc.<sup>(a)</sup> | 162128 | 14531533 |
| Knowles Corp.<sup>(a)</sup> | 359363 | 9228442 |
| Napco Security Technologies, Inc. | 120783 | 4757642 |
| PC Connection, Inc. | 111892 | 6541206 |
| Plexus Corp.<sup>(a)</sup> | 147710 | 29917184 |
| Ralliant Corp. | 532167 | 22132826 |
| Rogers Corp.<sup>(a)</sup> | 164420 | 17647199 |
| ScanSource, Inc.<sup>(a)</sup> | 194154 | 7047790 |
| Vishay Intertechnology, Inc. | 1213772 | 21847896 |
|  |  | 188576851 |
| **Energy Equipment & Services — 2.7%** | **Energy Equipment & Services — 2.7%** | **Energy Equipment & Services — 2.7%** |
| Atlas Energy Solutions, Inc. | 756340 | 9923181 |
| Bristow Group, Inc. | 247524 | 11606400 |
| Cactus, Inc., Class A | 250518 | 11867038 |
| Core Laboratories, Inc.<sup>(b)</sup> | 457728 | 7685253 |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 1345214 | 13304166 |
| Helmerich & Payne, Inc. | 500574 | 18035681 |
| Innovex International, Inc.<sup>(a)</sup> | 220122 | 5368776 |
| Liberty Energy, Inc., Class A | 1593919 | 45904867 |
| Noble Corp. PLC | 580829 | 28501279 |
| Oceaneering International, Inc.<sup>(a)</sup> | 402259 | 14268127 |
| Patterson-UTI Energy, Inc. | 3393436 | 36750912 |
| RPC, Inc. | 875637 | 6199510 |
|  |  | 209415190 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Cinemark Holdings, Inc. | 395940 | 11292209 |
| **Financial Services — 2.1%** | **Financial Services — 2.1%** | **Financial Services — 2.1%** |
| Enact Holdings, Inc. | 129430 | 5282038 |
| HA Sustainable Infrastructure Capital, Inc. | 714956 | 26274633 |
| Jackson Financial, Inc., Class A | 470777 | 49770544 |
| Merchants Bancorp<sup>(b)</sup> | 288882 | 12395927 |
| NCR Atleos Corp.<sup>(a)(b)</sup> | 276233 | 12038234 |
| Payoneer Global, Inc.<sup>(a)(b)</sup> | 903321 | 4363040 |
| Radian Group, Inc. | 665811 | 22025028 |
| Walker & Dunlop, Inc. | 334936 | 14864460 |
| Western Union Co. (The) | 1825286 | 15934747 |
|  |  | 162948651 |
| **Food Products — 1.5%** | **Food Products — 1.5%** | **Food Products — 1.5%** |
| Fresh Del Monte Produce, Inc. | 324215 | 13052896 |
| Freshpet, Inc.<sup>(a)</sup> | 177676 | 10475777 |
| J & J Snack Foods Corp. | 149633 | 11861408 |
| John B Sanfilippo & Son, Inc. | 89305 | 7084566 |
| Lamb Weston Holdings, Inc. | 1365396 | 57701635 |
| Simply Good Foods Co. (The)<sup>(a)</sup> | 837787 | 12022243 |
|  |  | 112198525 |
| **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** |
| Chesapeake Utilities Corp. | 93058 | 11759740 |
| MDU Resources Group, Inc. | 2007475 | 41594882 |
| Northwest Natural Holding Co. | 191961 | 10216164 |
|  |  | 63570786 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P Small-Cap 600 Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |
| ArcBest Corp. | 219681 | $21607823 |
| Heartland Express, Inc. | 455274 | 4734850 |
| Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | 384960 | 1774666 |
| Marten Transport Ltd. | 568641 | 7466256 |
| RXO, Inc.<sup>(a)(b)</sup> | 1613706 | 23592382 |
| Schneider National, Inc., Class B | 490061 | 12918008 |
| Werner Enterprises, Inc. | 588557 | 17309461 |
|  |  | 89403446 |
| **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** |
| Avanos Medical, Inc.<sup>(a)</sup> | 457076 | 6403635 |
| CONMED Corp. | 304666 | 10772990 |
| Embecta Corp. | 583807 | 5160854 |
| Enovis Corp.<sup>(a)(b)</sup> | 562441 | 12795533 |
| Glaukos Corp.<sup>(a)(b)</sup> | 175000 | 18840500 |
| ICU Medical, Inc.<sup>(a)</sup> | 126211 | 16300150 |
| Integer Holdings Corp.<sup>(a)(b)</sup> | 345164 | 30374432 |
| Integra LifeSciences Holdings Corp.<sup>(a)(b)</sup> | 659552 | 6212980 |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 215713 | 14869097 |
| Neogen Corp.<sup>(a)(b)</sup> | 2138074 | 19862707 |
| Omnicell, Inc.<sup>(a)</sup> | 441222 | 14727990 |
| QuidelOrtho Corp.<sup>(a)(b)</sup> | 668356 | 10981089 |
| STAAR Surgical Co.<sup>(a)(b)</sup> | 237900 | 4448730 |
| Tandem Diabetes Care, Inc.<sup>(a)(b)</sup> | 292899 | 5614874 |
| Teleflex, Inc. | 434041 | 51915644 |
|  |  | 229281205 |
| **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** |
| Acadia Healthcare Co., Inc.<sup>(a)(b)</sup> | 906761 | 21209140 |
| AdaptHealth Corp.<sup>(a)</sup> | 1055661 | 12562366 |
| Addus HomeCare Corp.<sup>(a)(b)</sup> | 61019 | 5714429 |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 377485 | 6923075 |
| Astrana Health, Inc.<sup>(a)(b)</sup> | 424542 | 10409770 |
| Concentra Group Holdings Parent, Inc. | 586209 | 12574183 |
| CorVel Corp.<sup>(a)</sup> | 117871 | 6441650 |
| Molina Healthcare, Inc.<sup>(a)(b)</sup> | 506052 | 67456732 |
| NeoGenomics, Inc.<sup>(a)(b)</sup> | 541510 | 4018004 |
| RadNet, Inc.<sup>(a)(b)</sup> | 246590 | 13781915 |
| Select Medical Holdings Corp. | 1083311 | 17647136 |
| U.S. Physical Therapy, Inc. | 79271 | 5942154 |
|  |  | 184680554 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| LTC Properties, Inc. | 187137 | 6954011 |
| Medical Properties Trust, Inc. | 4847244 | 22442740 |
| Universal Health Realty Income Trust | 52151 | 2110551 |
|  |  | 31507302 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Certara, Inc.<sup>(a)(b)</sup> | 583274 | 3324662 |
| HealthStream, Inc. | 115883 | 2399937 |
|  |  | 5724599 |
| **Hotel & Resort REITs — 1.0%** | **Hotel & Resort REITs — 1.0%** | **Hotel & Resort REITs — 1.0%** |
| Apple Hospitality REIT, Inc. | 2162096 | 24885725 |
| DiamondRock Hospitality Co. | 1022349 | 9579410 |
| Pebblebrook Hotel Trust | 1117016 | 14107912 |
| Sunstone Hotel Investors, Inc. | 1866988 | 16821562 |
| Xenia Hotels & Resorts, Inc. | 507779 | 7530363 |
|  |  | 72924972 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| BJ's Restaurants, Inc.<sup>(a)</sup> | 115832 | 4065703 |
| Caesars Entertainment, Inc.<sup>(a)(b)</sup> | 2006701 | 53037107 |
| Cheesecake Factory, Inc. (The) | 211991 | 11606507 |
| Cracker Barrel Old Country Store, Inc.<sup>(b)</sup> | 219807 | 6178775 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Golden Entertainment, Inc. | 192810 | $5146099 |
| Life Time Group Holdings, Inc.<sup>(a)(b)</sup> | 419153 | 11291982 |
| Marriott Vacations Worldwide Corp. | 272194 | 17725273 |
| Papa John's International, Inc.<sup>(b)</sup> | 170884 | 5538351 |
| Penn Entertainment, Inc.<sup>(a)</sup> | 1251966 | 18817049 |
| Pursuit Attractions & Hospitality, Inc.<sup>(a)</sup> | 211131 | 7733729 |
| Sabre Corp.<sup>(a)(b)</sup> | 3886691 | 5635702 |
| Six Flags Entertainment Corp.<sup>(a)(b)</sup> | 549181 | 9747963 |
| United Parks & Resorts, Inc.<sup>(a)(b)</sup> | 127743 | 4172086 |
| Wendy's Co. (The) | 1554701 | 10805172 |
|  |  | 171501498 |
| **Household Durables — 3.4%** | **Household Durables — 3.4%** | **Household Durables — 3.4%** |
| Century Communities, Inc. | 248530 | 14260651 |
| Champion Homes, Inc.<sup>(a)</sup> | 293495 | 21827223 |
| Dream Finders Homes, Inc., Class A<sup>(a)(b)</sup> | 286126 | 3982874 |
| Ethan Allen Interiors, Inc. | 227346 | 5060722 |
| Green Brick Partners, Inc.<sup>(a)</sup> | 128767 | 8299033 |
| La-Z-Boy, Inc. | 405691 | 13038909 |
| Leggett & Platt, Inc. | 1331974 | 13159903 |
| LGI Homes, Inc.<sup>(a)</sup> | 199486 | 7885682 |
| M/I Homes, Inc.<sup>(a)</sup> | 257510 | 31532099 |
| Meritage Homes Corp. | 657374 | 40652008 |
| Mohawk Industries, Inc.<sup>(a)(b)</sup> | 510590 | 50272691 |
| Newell Brands, Inc. | 4121981 | 14138395 |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 831394 | 38851042 |
|  |  | 262961232 |
| **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
| Central Garden & Pet Co.<sup>(a)</sup> | 80632 | 2964839 |
| Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | 501541 | 16259959 |
| Energizer Holdings, Inc. | 599621 | 9845777 |
| Reynolds Consumer Products, Inc. | 296166 | 6272796 |
| WD-40 Co. | 54393 | 11092908 |
|  |  | 46436279 |
| **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| Innovative Industrial Properties, Inc. | 275548 | 13821488 |
| LXP Industrial Trust | 273095 | 12633375 |
| Terreno Realty Corp. | 307204 | 18868469 |
|  |  | 45323332 |
| **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
| AMERISAFE, Inc. | 101751 | 3391361 |
| Assured Guaranty Ltd. | 204442 | 16657934 |
| Employers Holdings, Inc. | 189421 | 7792780 |
| Genworth Financial, Inc., Class A<sup>(a)</sup> | 3509382 | 28496182 |
| Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 79399 | 3387161 |
| Horace Mann Educators Corp. | 189513 | 8088415 |
| Kemper Corp. | 577210 | 17639537 |
| Lincoln National Corp. | 1489119 | 52863724 |
| ProAssurance Corp.<sup>(a)</sup> | 248256 | 6136888 |
| Safety Insurance Group, Inc. | 71648 | 5204511 |
| Stewart Information Services Corp. | 297110 | 18296034 |
| Trupanion, Inc.<sup>(a)(b)</sup> | 113508 | 2906940 |
| United Fire Group, Inc. | 111429 | 4129559 |
|  |  | 174991026 |
| **Interactive Media & Services — 1.9%** | **Interactive Media & Services — 1.9%** | **Interactive Media & Services — 1.9%** |
| Cargurus, Inc., Class A<sup>(a)</sup> | 399438 | 13600864 |
| IAC, Inc.<sup>(a)</sup> | 640579 | 25642377 |
| Match Group, Inc. | 2319751 | 71239553 |
| QuinStreet, Inc.<sup>(a)</sup> | 204446 | 2455396 |
| Shutterstock, Inc. | 240621 | 3996715 |
| Yelp, Inc.<sup>(a)(b)</sup> | 241444 | 5973325 |

---

202026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P Small-Cap 600 Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| Ziff Davis, Inc.<sup>(a)(b)</sup> | 388375 | $16296215 |
| ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 1108772 | 6630457 |
|  |  | 145834902 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| ASGN, Inc.<sup>(a)(b)</sup> | 419808 | 16250768 |
| DXC Technology Co.<sup>(a)(b)</sup> | 1668518 | 20973271 |
| Grid Dynamics Holdings, Inc., Class A<sup>(a)(b)</sup> | 659177 | 3757309 |
|  |  | 40981348 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Callaway Golf Co.<sup>(a)(b)</sup> | 499824 | 6937557 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| Azenta, Inc.<sup>(a)(b)</sup> | 163347 | 3451522 |
| BioLife Solutions, Inc.<sup>(a)(b)</sup> | 194310 | 3707435 |
| Cytek Biosciences, Inc.<sup>(a)</sup> | 383525 | 1676004 |
| Fortrea Holdings, Inc.<sup>(a)</sup> | 909656 | 8568960 |
|  |  | 17403921 |
| **Machinery — 2.9%** | **Machinery — 2.9%** | **Machinery — 2.9%** |
| Alamo Group, Inc. | 106000 | 17486820 |
| Albany International Corp., Class A | 282193 | 14733297 |
| Astec Industries, Inc. | 118241 | 6366095 |
| Enerpac Tool Group Corp., Class A<sup>(b)</sup> | 209394 | 7636599 |
| Franklin Electric Co., Inc. | 169365 | 15610372 |
| Gates Industrial Corp. PLC<sup>(a)(b)</sup> | 1147561 | 25946354 |
| Greenbrier Cos., Inc. (The) | 303646 | 15986962 |
| Kadant, Inc. | 56954 | 16650502 |
| Kennametal, Inc. | 748820 | 27054867 |
| Lindsay Corp. | 102838 | 12244921 |
| Mueller Water Products, Inc., Class A | 538217 | 14795585 |
| Tennant Co. | 101714 | 6753810 |
| Titan International, Inc.<sup>(a)</sup> | 477875 | 3302116 |
| Trinity Industries, Inc. | 787995 | 25357679 |
| Worthington Enterprises, Inc. | 165587 | 8633706 |
|  |  | 218559685 |
| **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** |
| Matson, Inc. | 306629 | 50268758 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| Cable One, Inc.<sup>(a)</sup> | 45997 | 4195386 |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 538729 | 5117926 |
| John Wiley & Sons, Inc., Class A | 396130 | 15092553 |
| Scholastic Corp. | 226845 | 8860566 |
| Versant Media Group, Inc.<sup>(a)</sup> | 1429573 | 52922792 |
|  |  | 86189223 |
| **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 106148 | 21789000 |
| Century Aluminum Co.<sup>(a)</sup> | 204184 | 11983559 |
| Kaiser Aluminum Corp. | 157827 | 19019732 |
| Materion Corp. | 91768 | 13274241 |
| Metallus, Inc.<sup>(a)</sup> | 352321 | 5756925 |
| Warrior Met Coal, Inc. | 294466 | 27429508 |
| Worthington Steel, Inc. | 319934 | 9709997 |
|  |  | 108962962 |
| **Mortgage Real Estate Investment Trusts (REITs) — 1.8%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.8%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.8%** |
| Apollo Commercial Real Estate Finance, Inc. | 1290501 | 13627691 |
| Arbor Realty Trust, Inc. | 1704304 | 13140184 |
| Blackstone Mortgage Trust, Inc., Class A | 1558490 | 29845084 |
| Franklin BSP Realty Trust, Inc. | 801157 | 6801823 |
| Redwood Trust, Inc. | 1225554 | 6875358 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
| Rithm Capital Corp. | 5466455 | $51821993 |
| Two Harbors Investment Corp. | 1031032 | 11774385 |
|  |  | 133886518 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Avista Corp. | 423994 | 17019119 |
| Unitil Corp. | 178106 | 9304258 |
|  |  | 26323377 |
| **Office REITs — 1.0%** | **Office REITs — 1.0%** | **Office REITs — 1.0%** |
| Douglas Emmett, Inc. | 1504455 | 14171966 |
| Easterly Government Properties, Inc. | 430620 | 9228186 |
| Highwoods Properties, Inc. | 1080336 | 23129994 |
| JBG SMITH Properties | 235801 | 3445053 |
| SL Green Realty Corp. | 699276 | 25831255 |
|  |  | 75806454 |
| **Oil, Gas & Consumable Fuels — 5.5%** | **Oil, Gas & Consumable Fuels — 5.5%** | **Oil, Gas & Consumable Fuels — 5.5%** |
| California Resources Corp. | 772605 | 53479718 |
| Comstock Resources, Inc.<sup>(a)(b)</sup> | 326506 | 6882746 |
| Core Natural Resources, Inc. | 503760 | 52758785 |
| Crescent Energy Co., Class A | 2387603 | 32232641 |
| CVR Energy, Inc.<sup>(a)</sup> | 154107 | 5185701 |
| Dorian LPG Ltd. | 361595 | 12366549 |
| Kinetik Holdings, Inc., Class A<sup>(b)</sup> | 232530 | 11256777 |
| Magnolia Oil & Gas Corp., Class A | 1778383 | 56143551 |
| Northern Oil & Gas, Inc. | 1023631 | 29920734 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 257135 | 16106936 |
| Peabody Energy Corp. | 1196249 | 39416405 |
| REX American Resources Corp.<sup>(a)</sup> | 87459 | 3985507 |
| SM Energy Co. | 2224367 | 69355763 |
| Talos Energy, Inc.<sup>(a)</sup> | 1236390 | 19485506 |
| World Kinect Corp. | 546448 | 12606555 |
|  |  | 421183874 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| Sylvamo Corp. | 325484 | 13748444 |
| **Passenger Airlines — 0.6%** | **Passenger Airlines — 0.6%** | **Passenger Airlines — 0.6%** |
| Allegiant Travel Co.<sup>(a)</sup> | 132347 | 10725401 |
| JetBlue Airways Corp.<sup>(a)(b)</sup> | 2912099 | 12871478 |
| SkyWest, Inc.<sup>(a)</sup> | 149869 | 13762470 |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 526110 | 8691337 |
|  |  | 46050686 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Edgewell Personal Care Co. | 459746 | 9810979 |
| Interparfums, Inc. | 78014 | 7086792 |
|  |  | 16897771 |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| Amneal Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 666821 | 8288585 |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 169260 | 3315803 |
| Innoviva, Inc.<sup>(a)</sup> | 286132 | 6666876 |
| Organon & Co. | 2556198 | 15311626 |
| Perrigo Co. PLC | 1353561 | 14537245 |
| Prestige Consumer Healthcare, Inc.<sup>(a)(b)</sup> | 464954 | 27557824 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 176189 | 9107209 |
|  |  | 84785168 |
| **Professional Services — 2.4%** | **Professional Services — 2.4%** | **Professional Services — 2.4%** |
| Amentum Holdings, Inc.<sup>(a)(b)</sup> | 1509460 | 39366717 |
| Insperity, Inc. | 352746 | 9538252 |
| Korn Ferry | 512813 | 32281578 |
| Legalzoom.com, Inc.<sup>(a)(b)</sup> | 247343 | 1402435 |
| ManpowerGroup, Inc. | 455298 | 13413079 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P Small-Cap 600 Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| Paycom Software, Inc. | 480384 | $58385871 |
| Robert Half, Inc. | 976714 | 24808536 |
|  |  | 179196468 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
| Cushman & Wakefield Ltd.<sup>(a)</sup> | 2003333 | 24560863 |
| eXp World Holdings, Inc. | 900378 | 5393264 |
| Kennedy-Wilson Holdings, Inc. | 1180006 | 12767665 |
| Marcus & Millichap, Inc. | 234722 | 6241258 |
|  |  | 48963050 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| Centerspace | 86499 | 4969367 |
| NexPoint Residential Trust, Inc. | 116137 | 2903425 |
| Veris Residential, Inc. | 438693 | 8278137 |
|  |  | 16150929 |
| **Retail REITs — 1.4%** | **Retail REITs — 1.4%** | **Retail REITs — 1.4%** |
| Acadia Realty Trust | 1287728 | 24621359 |
| Getty Realty Corp. | 270844 | 8612839 |
| Macerich Co. (The) | 1208100 | 22833090 |
| Phillips Edison & Co., Inc. | 519383 | 19435312 |
| Saul Centers, Inc. | 54536 | 1776783 |
| Tanger, Inc. | 384966 | 13081145 |
| Urban Edge Properties | 645860 | 12904283 |
| Whitestone REIT | 223654 | 3612012 |
|  |  | 106876823 |
| **Semiconductors & Semiconductor Equipment — 4.2%** | **Semiconductors & Semiconductor Equipment — 4.2%** | **Semiconductors & Semiconductor Equipment — 4.2%** |
| Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 242825 | 5381002 |
| Axcelis Technologies, Inc.<sup>(a)(b)</sup> | 108741 | 10121612 |
| Cohu, Inc.<sup>(a)(b)</sup> | 459214 | 14061133 |
| Diodes, Inc.<sup>(a)</sup> | 451773 | 30838025 |
| Enphase Energy, Inc.<sup>(a)</sup> | 1286683 | 48649484 |
| Ichor Holdings Ltd.<sup>(a)</sup> | 338574 | 15780934 |
| Kulicke & Soffa Industries, Inc. | 515212 | 33859733 |
| MaxLinear, Inc.<sup>(a)</sup> | 454878 | 7910328 |
| Penguin Solutions, Inc.<sup>(a)</sup> | 243041 | 4277522 |
| Photronics, Inc.<sup>(a)(b)</sup> | 580488 | 23457520 |
| Power Integrations, Inc. | 545415 | 27925248 |
| Qorvo, Inc.<sup>(a)</sup> | 306741 | 23741753 |
| Semtech Corp.<sup>(a)</sup> | 272866 | 20980667 |
| SolarEdge Technologies, Inc.<sup>(a)(b)</sup> | 241221 | 12314332 |
| Ultra Clean Holdings, Inc.<sup>(a)(b)</sup> | 445999 | 27732218 |
| Veeco Instruments, Inc.<sup>(a)(b)</sup> | 290732 | 9844186 |
|  |  | 316875697 |
| **Software — 1.5%** | **Software — 1.5%** | **Software — 1.5%** |
| A10 Networks, Inc. | 239017 | 5526073 |
| ACI Worldwide, Inc.<sup>(a)</sup> | 344662 | 14134589 |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 207587 | 8965682 |
| Box, Inc., Class A<sup>(a)</sup> | 494892 | 11699247 |
| Cleanspark, Inc.<sup>(a)(b)</sup> | 1056978 | 8994883 |
| MARA Holdings, Inc.<sup>(a)(b)</sup> | 1673474 | 13655548 |
| N-able, Inc.<sup>(a)</sup> | 363963 | 1699707 |
| NCR Voyix Corp.<sup>(a)(b)</sup> | 1363190 | 8628993 |
| Progress Software Corp.<sup>(a)</sup> | 134260 | 3443769 |
| Q2 Holdings, Inc.<sup>(a)</sup> | 227153 | 10744337 |
| RingCentral, Inc., Class A | 305786 | 11372181 |
| SPS Commerce, Inc.<sup>(a)</sup> | 148260 | 8253634 |
| Teradata Corp.<sup>(a)(b)</sup> | 394362 | 10107498 |
|  |  | 117226141 |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| Four Corners Property Trust, Inc. | 574192 | 13579641 |
| Millrose Properties, Inc., Class A | 621413 | 17399564 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** | **Specialized REITs (continued)** |
| Outfront Media, Inc. | 457902 | $12134403 |
| Safehold, Inc. | 451133 | 6103829 |
|  |  | 49217437 |
| **Specialty Retail — 4.5%** | **Specialty Retail — 4.5%** | **Specialty Retail — 4.5%** |
| Academy Sports & Outdoors, Inc. | 655109 | 36980903 |
| Advance Auto Parts, Inc. | 589736 | 31108574 |
| American Eagle Outfitters, Inc. | 899182 | 15016339 |
| Asbury Automotive Group, Inc.<sup>(a)(b)</sup> | 190986 | 37320574 |
| Buckle, Inc. (The) | 118515 | 5968415 |
| CarMax, Inc.<sup>(a)</sup> | 1393880 | 57957530 |
| Group 1 Automotive, Inc. | 116072 | 38376885 |
| MarineMax, Inc.<sup>(a)(b)</sup> | 191043 | 5169624 |
| Monro, Inc. | 297489 | 4771724 |
| Sally Beauty Holdings, Inc.<sup>(a)(b)</sup> | 953978 | 13212595 |
| Signet Jewelers Ltd. | 399682 | 33829085 |
| Sonic Automotive, Inc., Class A | 146021 | 10012660 |
| Upbound Group, Inc. | 512885 | 9257574 |
| Victoria's Secret & Co.<sup>(a)(b)</sup> | 788585 | 36558801 |
| Winmark Corp. | 12529 | 5356774 |
|  |  | 340898057 |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| Corsair Gaming, Inc.<sup>(a)(b)</sup> | 467254 | 2593260 |
| **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** |
| Carter's, Inc. | 358484 | 12819388 |
| G-III Apparel Group Ltd. | 365372 | 10120804 |
| Kontoor Brands, Inc. | 231332 | 16260326 |
| Oxford Industries, Inc. | 139359 | 5366715 |
| Steven Madden Ltd. | 314569 | 10670181 |
| Under Armour, Inc., Class A<sup>(a)(b)</sup> | 1857966 | 10980579 |
| Under Armour, Inc., Class C, NVS<sup>(a)</sup> | 1187238 | 6874108 |
| Wolverine World Wide, Inc. | 806085 | 13155307 |
|  |  | 86247408 |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** | **Tobacco — 0.2%** |
| Universal Corp. | 245132 | 12918456 |
| **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** |
| Air Lease Corp., Class A | 444966 | 28896092 |
| Boise Cascade Co. | 364006 | 27609855 |
| DNOW, Inc.<sup>(a)</sup> | 1824762 | 21732915 |
| Rush Enterprises, Inc., Class A | 596817 | 39455572 |
|  |  | 117694434 |
| **Water Utilities — 0.7%** | **Water Utilities — 0.7%** | **Water Utilities — 0.7%** |
| American States Water Co. | 133329 | 10082339 |
| California Water Service Group | 304712 | 13815642 |
| H2O America<sup>(b)</sup> | 367179 | 21542392 |
| Middlesex Water Co. | 82805 | 4310000 |
|  |  | 49750373 |
| **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** |
| Shenandoah Telecommunications Co. | 447697 | 6903487 |
| Telephone & Data Systems, Inc. | 965228 | 40636099 |
|  |  | 47539586 |
| **Total Long-Term Investments — 98.6%** <br>**(Cost: $7,607,501,091)** | **Total Long-Term Investments — 98.6%** <br>**(Cost: $7,607,501,091)** | 7519233912 |

---

222026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P Small-Cap 600 Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.2%** | **Money Market Funds — 4.2%** | **Money Market Funds — 4.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.77%<sup>(c)(d)(e)</sup><br>| 227514814 | $227560317 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(c)(d)</sup><br>| 92776588 | 92776588 |
| **Total Short-Term Securities — 4.2%** <br>**(Cost: $320,256,977)** | **Total Short-Term Securities — 4.2%** <br>**(Cost: $320,256,977)** | 320336905 |
| **Total Investments — 102.8%** <br>**(Cost: $7,927,758,068)** | **Total Investments — 102.8%** <br>**(Cost: $7,927,758,068)** | 7839570817 |
| **Liabilities in Excess of Other Assets — (2.8)%** | **Liabilities in Excess of Other Assets — (2.8)%** | (211867876)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7627702941 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $212982880<br>&nbsp;&nbsp; $14640739 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $38652 | &nbsp;&nbsp; $(101954)<br>| &nbsp;&nbsp; $227560317 | &nbsp;&nbsp; 227514814 | &nbsp;&nbsp; $2242213 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 59043931<br>&nbsp;&nbsp; 33732657 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 92776588 | &nbsp;&nbsp; 92776588 | &nbsp;&nbsp; 2551774 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $38652 | &nbsp;&nbsp; $(101954)<br>| &nbsp;&nbsp; $320336905 |  | &nbsp;&nbsp; $4793987 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Russell 2000 E-Mini Index | 164 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $20600 | &nbsp;&nbsp;&nbsp;&nbsp; $209175 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P Small-Cap 600 Value ETF**

**Equity Swap Contracts** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Arbor Realty Trust, Inc. | Goldman Sachs Bank USA | USD  | 1428266 | 08/18/26 | (0.75)%<br>| 1D FEDL01 | Monthly | $33720 |
| Arbor Realty Trust, Inc. | JPMorgan Chase Bank N.A. |  | 45144 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (4196)<br>|
| Bank of Hawaii Corp. | HSBC Bank PLC |  | 2986115 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 22792 |
| BankUnited, Inc. | Goldman Sachs Bank USA |  | 1075487 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 6862 |
| Banner Corp. | HSBC Bank PLC |  | 1667449 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 18545 |
| Beacon Financial Corp. | HSBC Bank PLC |  | 2012620 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 31700 |
| Bread Financial Holdings, Inc. | Goldman Sachs Bank USA |  | 3290164 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 89022 |
| Cathay General Bancorp | HSBC Bank PLC |  | 2194976 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 28531 |
| Central Pacific Financial Corp. | HSBC Bank PLC |  | 509705 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 4468 |
| Customers Bancorp, Inc. | BNP Paribas SA |  | 903757 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 10581 |
| Douglas Emmett, Inc. | Goldman Sachs Bank USA |  | 1133456 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 3019 |
| Employers Holdings, Inc. | Goldman Sachs Bank USA |  | 1151189 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 30434 |
| First BanCorp/Puerto Rico | HSBC Bank PLC |  | 1109048 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 18546 |
| Fulton Financial Corp. | BNP Paribas SA |  | 4708460 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 65379 |
| Genworth Financial, Inc., Class A | BNP Paribas SA |  | 3187468 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 11227 |
| Hanmi Financial Corp. | Goldman Sachs Bank USA |  | 470482 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 6028 |
| Jackson Financial, Inc., Class A | Goldman Sachs Bank USA |  | 11390674 | 08/19/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 189895 |
| Jackson Financial, Inc., Class A | HSBC Bank PLC |  | 6925549 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (236962)<br>|
| Jackson Financial, Inc., Class A | JPMorgan Chase Bank N.A. |  | 5317933 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (186390)<br>|
| Lincoln National Corp. | Goldman Sachs Bank USA |  | 5681173 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 106463 |
| MarketAxess Holdings, Inc. | HSBC Bank PLC |  | 1899631 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (5660)<br>|
| Moelis & Co., Class A | HSBC Bank PLC |  | 1035619 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 40940 |
| Moelis & Co., Class A | JPMorgan Chase Bank N.A. |  | 407101 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 18518 |
| National Bank Holdings Corp., Class A | HSBC Bank PLC |  | 2712714 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 95058 |
| OFG Bancorp | BNP Paribas SA |  | 592413 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 5424 |
| Perdoceo Education Corp. | Goldman Sachs Bank USA |  | 415842 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | (578)<br>|
| Pitney Bowes, Inc. | BNP Paribas SA |  | 1131865 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 49822 |
| Provident Financial Services, Inc. | Goldman Sachs Bank USA |  | 2114382 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 44129 |
| Renasant Corp. | HSBC Bank PLC |  | 2284253 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 37642 |
| S&T Bancorp, Inc. | HSBC Bank PLC |  | 938143 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 16209 |
| TrustCo Bank Corp. | HSBC Bank PLC |  | 70015 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 602 |
| United Community Banks, Inc. | HSBC Bank PLC |  | 2545306 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 33599 |
| WaFd, Inc. | Goldman Sachs Bank USA |  | 1928892 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 9335 |
| Western Union Co. (The) | BNP Paribas SA |  | 12009249 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (824896)<br>|
| WSFS Financial Corp. | HSBC Bank PLC |  | 983216 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 19108 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  | (211084)<br>|
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  | (79329)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  | $(290413)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap* <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap* <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1047598 | &nbsp;&nbsp;&nbsp; $(1338011)<br>|

---

242026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P Small-Cap 600 Value ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $209175 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $209175 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; <br>Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1047598 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1047598 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1256773 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1256773 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; <br>Swap premiums received<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1338011 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1338011 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4580601 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4580601 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 791501 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 791501 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5372102 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5372102 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $64149 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $64149 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1318002)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1318002)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1253853)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1253853)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $19823583 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; 84069818 |

---

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

**Derivative Financial Instruments – Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $444129 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 1047598 | &nbsp;&nbsp;&nbsp;&nbsp; 1338011 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; $1491727 | &nbsp;&nbsp;&nbsp;&nbsp; $1338011 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (444129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (79329)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $1047598 | &nbsp;&nbsp;&nbsp;&nbsp; $1258682 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® S&P Small-Cap 600 Value ETF**

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| &nbsp;&nbsp;&nbsp; *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Non-* <br>*Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Net* <br>*Amount of* <br>*Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| BNP Paribas SA | &nbsp;&nbsp; $142433 | &nbsp;&nbsp;&nbsp;&nbsp; $(142433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 518907 | &nbsp;&nbsp;&nbsp;&nbsp; (578)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 518329 |
| HSBC Bank PLC | &nbsp;&nbsp; 367740 | &nbsp;&nbsp;&nbsp;&nbsp; (242622)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125118 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 18518 | &nbsp;&nbsp;&nbsp;&nbsp; (18518)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1047598 | &nbsp;&nbsp;&nbsp;&nbsp; $(404151)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $643447 |
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| &nbsp;&nbsp;&nbsp; *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Non-* <br>*Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Net* <br>*Amount of* <br>*Derivative* <br>*Liabilities*<sup>(d)</sup> <br>|
| BNP Paribas SA | &nbsp;&nbsp; $824896 | &nbsp;&nbsp;&nbsp;&nbsp; $(142433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(682463)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp;&nbsp; (578)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 242622 | &nbsp;&nbsp;&nbsp;&nbsp; (242622)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 190586 | &nbsp;&nbsp;&nbsp;&nbsp; (18518)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (172068)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1258682 | &nbsp;&nbsp;&nbsp;&nbsp; $(404151)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(854531)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $7519233912 | $— | $— | $7519233912 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 320336905 |  |  | 320336905 |
|  | &nbsp;&nbsp; $7839570817 | $— | $— | $7839570817 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $209175 | $1047598 | $— | $1256773 |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | (1338011)<br>|  | (1338011)<br>|
|  | &nbsp;&nbsp; $209175 | $(290413)<br>| $— | $(81238)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

262026 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>S&P 100 ETF<br>| iShares <br>S&P 500 Growth <br>ETF<br>| iShares <br>S&P 500 Value ETF<br>| iShares <br>S&P Small-Cap <br>600 Value ETF<br>|
| **ASSETS** |  |  |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup><sup>(b)</sup> | &nbsp;&nbsp; $17686868858 | &nbsp;&nbsp; $60908444694 | &nbsp;&nbsp; $46237754812 | &nbsp;&nbsp; $7519233912 |
| Investments, at value — affiliated<sup>(c)</sup> | &nbsp;&nbsp; 84709723 | &nbsp;&nbsp; 119574840 | &nbsp;&nbsp; 377551548 | &nbsp;&nbsp; 320336905 |
| Cash | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 6554 |
| Cash pledged: |  |  |  |  |
| Collateral — OTC derivatives | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2830000 |
| Futures contracts | &nbsp;&nbsp; 2214640 | &nbsp;&nbsp; 5720340 | &nbsp;&nbsp; 9103360 | &nbsp;&nbsp; 1192000 |
| Receivables: |  |  |  |  |
| Investments sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 375744 |
| Securities lending income — affiliated | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 10247 | &nbsp;&nbsp; 27638 | &nbsp;&nbsp; 49525 |
| Capital shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 59855 | &nbsp;&nbsp; 62849 | &nbsp;&nbsp; 476864 |
| Dividends — unaffiliated | &nbsp;&nbsp; 7004631 | &nbsp;&nbsp; 9946028 | &nbsp;&nbsp; 40658466 | &nbsp;&nbsp; 10023966 |
| Dividends — affiliated | &nbsp;&nbsp; 84878 | &nbsp;&nbsp; 142236 | &nbsp;&nbsp; 246198 | &nbsp;&nbsp; 240986 |
| Due from broker | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1388414 |
| Variation margin on futures contracts | &nbsp;&nbsp; 748250 | &nbsp;&nbsp; 2138570 | &nbsp;&nbsp; 2262905 | &nbsp;&nbsp; 444129 |
| Unrealized appreciation on OTC swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1047598 |
| Total assets | &nbsp;&nbsp; 17781631175 | &nbsp;&nbsp; 61046036848 | &nbsp;&nbsp; 46667667963 | &nbsp;&nbsp; 7857646597 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; 58535160 | &nbsp;&nbsp; 53805780 | &nbsp;&nbsp; 227495511 |
| Payables: |  |  |  |  |
| Capital shares redeemed | &nbsp;&nbsp; 102581 | &nbsp;&nbsp; 5441 | &nbsp;&nbsp; 125697 | &nbsp;&nbsp; — |
| Investment advisory fees | &nbsp;&nbsp; 3860197 | &nbsp;&nbsp; 9576619 | &nbsp;&nbsp; 7291753 | &nbsp;&nbsp; 1110134 |
| Unrealized depreciation on OTC swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1338011 |
| Total liabilities | &nbsp;&nbsp; 3962778 | &nbsp;&nbsp; 68117220 | &nbsp;&nbsp; 61223230 | &nbsp;&nbsp; 229943656 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | &nbsp;&nbsp; $17777668397 | &nbsp;&nbsp; $60977919628 | &nbsp;&nbsp; $46606444733 | &nbsp;&nbsp; $7627702941 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $16910707829 | &nbsp;&nbsp; $45298687958 | &nbsp;&nbsp; $46092837375 | &nbsp;&nbsp; $8341258214 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 866960568 | &nbsp;&nbsp; 15679231670 | &nbsp;&nbsp; 513607358 | &nbsp;&nbsp; (713555273)<br>|
| NET ASSETS | &nbsp;&nbsp; $17777668397 | &nbsp;&nbsp; $60977919628 | &nbsp;&nbsp; $46606444733 | &nbsp;&nbsp; $7627702941 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | &nbsp;&nbsp; $55900000 | &nbsp;&nbsp; $539150000 | &nbsp;&nbsp; $220650000 | &nbsp;&nbsp; $64400000 |
| Net asset value | &nbsp;&nbsp; $318.03 | &nbsp;&nbsp; $113.10 | &nbsp;&nbsp; $211.22 | &nbsp;&nbsp; $118.44 |
| Shares authorized | &nbsp;&nbsp; Unlimited | &nbsp;&nbsp; Unlimited | &nbsp;&nbsp; Unlimited | &nbsp;&nbsp; Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost — unaffiliated | &nbsp;&nbsp; $16154530260 | &nbsp;&nbsp; $42023953465 | &nbsp;&nbsp; $42840620271 | &nbsp;&nbsp; $7607501091 |
| <sup>(b)</sup> Securities loaned, at value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $58879637 | &nbsp;&nbsp; $54122600 | &nbsp;&nbsp; $228616742 |
| <sup>(c)</sup> Investments, at cost — affiliated | &nbsp;&nbsp; $85826875 | &nbsp;&nbsp; $119566662 | &nbsp;&nbsp; $335503239 | &nbsp;&nbsp; $320256977 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>S&P 100 ETF<br>| iShares <br>S&P 500 Growth <br>ETF<br>| iShares <br>S&P 500 Value ETF<br>| iShares <br>S&P Small-Cap <br>600 Value ETF<br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $263026358 | &nbsp;&nbsp; $376888466 | &nbsp;&nbsp; $823222842 | &nbsp;&nbsp; $128461262 |
| Dividends — affiliated | &nbsp;&nbsp; 3043971 | &nbsp;&nbsp; 2152956 | &nbsp;&nbsp; 7897438 | &nbsp;&nbsp; 2551774 |
| Interest — unaffiliated | &nbsp;&nbsp; 1162 | &nbsp;&nbsp; 18610 | &nbsp;&nbsp; 23607 | &nbsp;&nbsp; 43841 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 50642 | &nbsp;&nbsp; 369054 | &nbsp;&nbsp; 1898478 | &nbsp;&nbsp; 2242213 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp; (98145)<br>| &nbsp;&nbsp; (181163)<br>| &nbsp;&nbsp; (103024)<br>|
| Total investment income | &nbsp;&nbsp; 266122133 | &nbsp;&nbsp; 379330941 | &nbsp;&nbsp; 832861202 | &nbsp;&nbsp; 133196066 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 47802574 | &nbsp;&nbsp; 111562707 | &nbsp;&nbsp; 76906704 | &nbsp;&nbsp; 11875560 |
| Interest expense | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 2458 |
| Total expenses | &nbsp;&nbsp; 47802609 | &nbsp;&nbsp; 111562779 | &nbsp;&nbsp; 76906755 | &nbsp;&nbsp; 11878018 |
| Net investment income | &nbsp;&nbsp; 218319524 | &nbsp;&nbsp; 267768162 | &nbsp;&nbsp; 755954447 | &nbsp;&nbsp; 121318048 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (173886354)<br>| &nbsp;&nbsp; (394204820)<br>| &nbsp;&nbsp; (210144869)<br>| &nbsp;&nbsp; 504587298 |
| Investments — affiliated | &nbsp;&nbsp; (412212)<br>| &nbsp;&nbsp; (61789)<br>| &nbsp;&nbsp; (625074)<br>| &nbsp;&nbsp; 38652 |
| Futures contracts | &nbsp;&nbsp; 6844189 | &nbsp;&nbsp; 15568138 | &nbsp;&nbsp; 12509172 | &nbsp;&nbsp; 4580601 |
| In-kind redemptions — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 5179429143 | &nbsp;&nbsp; 5406772992 | &nbsp;&nbsp; 3089918137 | &nbsp;&nbsp; 80821731 |
| In-kind redemptions — affiliated<sup>(a)</sup> | &nbsp;&nbsp; 13062575 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5938003 | &nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 791501 |
|  | &nbsp;&nbsp; 5025037341 | &nbsp;&nbsp; 5028074521 | &nbsp;&nbsp; 2897595369 | &nbsp;&nbsp; 590819783 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (1828890609)<br>| &nbsp;&nbsp; 6232600270 | &nbsp;&nbsp; 1378734033 | &nbsp;&nbsp; 627442141 |
| Investments — affiliated | &nbsp;&nbsp; (16046809)<br>| &nbsp;&nbsp; (33926)<br>| &nbsp;&nbsp; (4015905)<br>| &nbsp;&nbsp; (101954)<br>|
| Futures contracts | &nbsp;&nbsp; (730178)<br>| &nbsp;&nbsp; (1184089)<br>| &nbsp;&nbsp; (1348830)<br>| &nbsp;&nbsp; 64149 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1318002)<br>|
|  | &nbsp;&nbsp; (1845667596)<br>| &nbsp;&nbsp; 6231382255 | &nbsp;&nbsp; 1373369298 | &nbsp;&nbsp; 626086334 |
| Net realized and unrealized gain | &nbsp;&nbsp; 3179369745 | &nbsp;&nbsp; 11259456776 | &nbsp;&nbsp; 4270964667 | &nbsp;&nbsp; 1216906117 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $3397689269 | &nbsp;&nbsp; $11527224938 | &nbsp;&nbsp; $5026919114 | &nbsp;&nbsp; $1338224165 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

282026 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares S&P 100 ETF | iShares S&P 100 ETF | iShares S&P 500 Growth ETF | iShares S&P 500 Growth ETF |
|  | Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>| Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $218319524 | &nbsp;&nbsp; $147816642 | &nbsp;&nbsp; $267768162 | &nbsp;&nbsp; $265308155 |
| Net realized gain | &nbsp;&nbsp; 5025037341 | &nbsp;&nbsp; 250107455 | &nbsp;&nbsp; 5028074521 | &nbsp;&nbsp; 6149559308 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1845667596)<br>| &nbsp;&nbsp; 718225029 | &nbsp;&nbsp; 6231382255 | &nbsp;&nbsp; (1707055715)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3397689269 | &nbsp;&nbsp; 1116149126 | &nbsp;&nbsp; 11527224938 | &nbsp;&nbsp; 4707811748 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (218068999)<br>| &nbsp;&nbsp; (145863162)<br>| &nbsp;&nbsp; (265055507)<br>| &nbsp;&nbsp; (255833646)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (1989847030)<br>| &nbsp;&nbsp; 3925742825 | &nbsp;&nbsp; (1704447251)<br>| &nbsp;&nbsp; 2770048036 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1189773240 | &nbsp;&nbsp; 4896028789 | &nbsp;&nbsp; 9557722180 | &nbsp;&nbsp; 7222026138 |
| Beginning of year | &nbsp;&nbsp; 16587895157 | &nbsp;&nbsp; 11691866368 | &nbsp;&nbsp; 51420197448 | &nbsp;&nbsp; 44198171310 |
| End of year | &nbsp;&nbsp; $17777668397 | &nbsp;&nbsp; $16587895157 | &nbsp;&nbsp; $60977919628 | &nbsp;&nbsp; $51420197448 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Value ETF | iShares S&P 500 Value ETF | iShares S&P Small-Cap 600 Value <br> ETF | iShares S&P Small-Cap 600 Value <br> ETF |
|  | Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>| Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $755954447 | &nbsp;&nbsp; $680998168 | &nbsp;&nbsp; $121318048 | &nbsp;&nbsp; $113824297 |
| Net realized gain | &nbsp;&nbsp; 2897595369 | &nbsp;&nbsp; 2385513222 | &nbsp;&nbsp; 590819783 | &nbsp;&nbsp; 193243577 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1373369298 | &nbsp;&nbsp; (1752983174)<br>| &nbsp;&nbsp; 626086334 | &nbsp;&nbsp; (573383920)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 5026919114 | &nbsp;&nbsp; 1313528216 | &nbsp;&nbsp; 1338224165 | &nbsp;&nbsp; (266316046)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (733681514)<br>| &nbsp;&nbsp; (693932456)<br>| &nbsp;&nbsp; (101784633)<br>| &nbsp;&nbsp; (128110427)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 5023885298 | &nbsp;&nbsp; 2932474951 | &nbsp;&nbsp; (14403271)<br>| &nbsp;&nbsp; (424710753)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 9317122898 | &nbsp;&nbsp; 3552070711 | &nbsp;&nbsp; 1222036261 | &nbsp;&nbsp; (819137226)<br>|
| Beginning of year | &nbsp;&nbsp; 37289321835 | &nbsp;&nbsp; 33737251124 | &nbsp;&nbsp; 6405666680 | &nbsp;&nbsp; 7224803906 |
| End of year | &nbsp;&nbsp; $46606444733 | &nbsp;&nbsp; $37289321835 | &nbsp;&nbsp; $7627702941 | &nbsp;&nbsp; $6405666680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

302026 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 100 ETF | iShares S&P 100 ETF | iShares S&P 100 ETF | iShares S&P 100 ETF | iShares S&P 100 ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $270.60 | &nbsp;&nbsp;&nbsp; $247.45 | &nbsp;&nbsp;&nbsp; $187.06 | &nbsp;&nbsp;&nbsp; $208.24 | &nbsp;&nbsp;&nbsp; $179.83 |
| Net investment income<sup>(a)</sup> | 2.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 47.63 | &nbsp;&nbsp;&nbsp;&nbsp;23.03 | &nbsp;&nbsp;&nbsp;&nbsp;60.31 | &nbsp;&nbsp;&nbsp; (21.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.36 |
| Net increase (decrease) from investment operations | 50.56 | &nbsp;&nbsp;&nbsp;&nbsp;25.95 | &nbsp;&nbsp;&nbsp;&nbsp;63.13 | &nbsp;&nbsp;&nbsp; (18.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.77 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (3.13)<br>| &nbsp;&nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (2.36)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $318.03 | &nbsp;&nbsp;&nbsp; $270.60 | &nbsp;&nbsp;&nbsp; $247.45 | &nbsp;&nbsp;&nbsp; $187.06 | &nbsp;&nbsp;&nbsp; $208.24 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 18.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.98<br> %<br>| &nbsp;&nbsp;&nbsp; (8.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.14<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $17777668 | &nbsp;&nbsp;&nbsp; $16587895 | &nbsp;&nbsp;&nbsp; $11691866 | &nbsp;&nbsp;&nbsp; $7548028 | &nbsp;&nbsp;&nbsp; $8777448 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Growth ETF | iShares S&P 500 Growth ETF | iShares S&P 500 Growth ETF | iShares S&P 500 Growth ETF | iShares S&P 500 Growth ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $92.76 | &nbsp;&nbsp;&nbsp; $84.53 | &nbsp;&nbsp;&nbsp; $63.92 | &nbsp;&nbsp;&nbsp; $76.34 | &nbsp;&nbsp;&nbsp; $65.08 |
| Net investment income<sup>(a)</sup> | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 20.34 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 | &nbsp;&nbsp;&nbsp;&nbsp;20.60 | &nbsp;&nbsp;&nbsp; (12.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.27 |
| Net increase (decrease) from investment operations | 20.83 | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;21.28 | &nbsp;&nbsp;&nbsp; (11.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.68 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $113.10 | &nbsp;&nbsp;&nbsp; $92.76 | &nbsp;&nbsp;&nbsp; $84.53 | &nbsp;&nbsp;&nbsp; $63.92 | &nbsp;&nbsp;&nbsp; $76.34 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 22.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.49<br> %<br>| &nbsp;&nbsp;&nbsp; (15.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.94<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>|
| Net investment income | 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $60977920 | &nbsp;&nbsp;&nbsp; $51420197 | &nbsp;&nbsp;&nbsp; $44198171 | &nbsp;&nbsp;&nbsp; $30164091 | &nbsp;&nbsp;&nbsp; $36758412 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

322026 iShares Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Value ETF | iShares S&P 500 Value ETF | iShares S&P 500 Value ETF | iShares S&P 500 Value ETF | iShares S&P 500 Value ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $190.54 | &nbsp;&nbsp;&nbsp; $186.86 | &nbsp;&nbsp;&nbsp; $151.79 | &nbsp;&nbsp;&nbsp; $155.61 | &nbsp;&nbsp;&nbsp; $141.09 |
| Net investment income<sup>(a)</sup> | 3.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 20.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;34.93 | &nbsp;&nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.48 |
| Net increase (decrease) from investment operations | 24.13 | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;38.09 | &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.37 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp;&nbsp; (2.85)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $211.22 | &nbsp;&nbsp;&nbsp; $190.54 | &nbsp;&nbsp;&nbsp; $186.86 | &nbsp;&nbsp;&nbsp; $151.79 | &nbsp;&nbsp;&nbsp; $155.61 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.36<br> %<br>| &nbsp;&nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.39<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>|
| Net investment income | 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $46606445 | &nbsp;&nbsp;&nbsp; $37289322 | &nbsp;&nbsp;&nbsp; $33737251 | &nbsp;&nbsp;&nbsp; $24476275 | &nbsp;&nbsp;&nbsp; $25886355 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares S&P Small-Cap 600 Value ETF | iShares S&P Small-Cap 600 Value ETF | iShares S&P Small-Cap 600 Value ETF | iShares S&P Small-Cap 600 Value ETF | iShares S&P Small-Cap 600 Value ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $97.50 | &nbsp;&nbsp;&nbsp; $102.77 | &nbsp;&nbsp;&nbsp; $93.67 | &nbsp;&nbsp;&nbsp; $102.39 | &nbsp;&nbsp;&nbsp; $100.53 |
| Net investment income<sup>(a)</sup> | 1.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 20.64 | &nbsp;&nbsp;&nbsp; (5.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp; (8.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| Net increase (decrease) from investment operations | 22.63 | &nbsp;&nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.60 | &nbsp;&nbsp;&nbsp; (7.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.39 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp;&nbsp; (1.53)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $118.44 | &nbsp;&nbsp;&nbsp; $97.50 | &nbsp;&nbsp;&nbsp; $102.77 | &nbsp;&nbsp;&nbsp; $93.67 | &nbsp;&nbsp;&nbsp; $102.39 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 23.37<br> %<br>| &nbsp;&nbsp;&nbsp; (3.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.46<br> %<br>| &nbsp;&nbsp;&nbsp; (7.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.38<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>|
| Net investment income | 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $7627703 | &nbsp;&nbsp;&nbsp; $6405667 | &nbsp;&nbsp;&nbsp; $7224804 | &nbsp;&nbsp;&nbsp; $6983348 | &nbsp;&nbsp;&nbsp; $8549270 |
| Portfolio turnover rate<sup>(f)(g)</sup> | &nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp; 42<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.

<sup>(g)</sup> Excludes underlying investments in equity swaps.

*See notes to financial statements.*

342026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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* | &nbsp;&nbsp; *Diversification* <br>*Classification*<br>|
| S&P 100<sup>(a)</sup> | Diversified |
| S&P 500 Growth<sup>(a)</sup> | Diversified |
| S&P 500 Value | Diversified |
| S&P Small-Cap 600 Value | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

***2.*** ***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 Fund is 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.

**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 March 31, 2026, 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.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

**Segment Reporting:** 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 its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

**Recent Accounting Standard:** The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Funds' adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund's financial position or results of operations.

***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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) 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 or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

362026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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 market 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* | &nbsp;&nbsp; *Securities* <br>*Loaned at Value*<br>| &nbsp;&nbsp; *Cash* <br>*Collateral Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash* <br>*Collateral Received,* <br>*at Fair Value*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net* <br>*Amount*<sup>(b)</sup> <br>|
| <br> S&P 500 Growth  | <br> S&P 500 Growth  | <br> S&P 500 Growth  | <br> S&P 500 Growth  | <br> S&P 500 Growth  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $439216 | &nbsp;&nbsp;&nbsp; $(435600)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3616 |
| BofA Securities, Inc. | &nbsp;&nbsp;&nbsp; 1143612 | &nbsp;&nbsp;&nbsp; (1051200)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 92412 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 52495187 | &nbsp;&nbsp;&nbsp; (52209396)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 285791 |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp; 67567 | &nbsp;&nbsp;&nbsp; (65078)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2489 |
| National Financial Services LLC | &nbsp;&nbsp;&nbsp; 2683895 | &nbsp;&nbsp;&nbsp; (2683895)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 1937011 | &nbsp;&nbsp;&nbsp; (1931584)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5427 |
| Wells Fargo Bank N.A. | &nbsp;&nbsp;&nbsp; 113149 | &nbsp;&nbsp;&nbsp; (112553)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 596 |
|  | &nbsp;&nbsp;&nbsp; $58879637 | &nbsp;&nbsp;&nbsp; $(58489306)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $390331 |
| S&P 500 Value  | S&P 500 Value  | S&P 500 Value  | S&P 500 Value  | S&P 500 Value  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $981242 | &nbsp;&nbsp;&nbsp; $(969950)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11292 |
| BNP Paribas SA | &nbsp;&nbsp;&nbsp; 431760 | &nbsp;&nbsp;&nbsp; (431760)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp;&nbsp; 5065711 | &nbsp;&nbsp;&nbsp; (4948900)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 116811 |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 16709979 | &nbsp;&nbsp;&nbsp; (15948125)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 761854 |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp;&nbsp; 844767 | &nbsp;&nbsp;&nbsp; (797650)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47117 |
| HSBC Bank PLC | &nbsp;&nbsp;&nbsp; 4212251 | &nbsp;&nbsp;&nbsp; (4212251)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 20023225 | &nbsp;&nbsp;&nbsp; (20023225)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp;&nbsp; 971938 | &nbsp;&nbsp;&nbsp; (971938)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp; 259056 | &nbsp;&nbsp;&nbsp; (259056)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp;&nbsp; 440132 | &nbsp;&nbsp;&nbsp; (415450)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24682 |
| UBS AG | &nbsp;&nbsp;&nbsp; 1355402 | &nbsp;&nbsp;&nbsp; (1307130)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 48272 |
| Wells Fargo Bank N.A. | &nbsp;&nbsp;&nbsp; 2827137 | &nbsp;&nbsp;&nbsp; (2778184)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 48953 |
|  | &nbsp;&nbsp;&nbsp; $54122600 | &nbsp;&nbsp;&nbsp; $(53063619)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1058981 |
| S&P Small-Cap 600 Value  | S&P Small-Cap 600 Value  | S&P Small-Cap 600 Value  | S&P Small-Cap 600 Value  | S&P Small-Cap 600 Value  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $13950332 | &nbsp;&nbsp;&nbsp; $(13950332)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp;&nbsp; 29321498 | &nbsp;&nbsp;&nbsp; (29257390)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 64108 |
| BofA Securities, Inc. | &nbsp;&nbsp;&nbsp; 13651216 | &nbsp;&nbsp;&nbsp; (13547425)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 103791 |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 31261787 | &nbsp;&nbsp;&nbsp; (31208074)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53713 |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp; 24132980 | &nbsp;&nbsp;&nbsp; (23512394)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 620586 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 29757836 | &nbsp;&nbsp;&nbsp; (29622410)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 135426 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | &nbsp;&nbsp; *Securities*<br> *Loaned at Value*<br>| &nbsp;&nbsp; *Cash*<br> *Collateral Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash*<br> *Collateral Received,*<br> *at Fair Value*<sup>(a)</sup><br>| &nbsp;&nbsp; *Net*<br> *Amount*<sup>(b)</sup><br>|
| S&P Small-Cap 600 Value (continued) | S&P Small-Cap 600 Value (continued) | S&P Small-Cap 600 Value (continued) | S&P Small-Cap 600 Value (continued) | S&P Small-Cap 600 Value (continued) |
| HSBC Bank PLC | &nbsp;&nbsp;&nbsp; $2471706 | &nbsp;&nbsp;&nbsp; $(2459568)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12138 |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp; 18065273 | &nbsp;&nbsp;&nbsp; (18065273)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp;&nbsp; 1188783 | &nbsp;&nbsp;&nbsp; (1187950)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 833 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 31090208 | &nbsp;&nbsp;&nbsp; (30675582)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 414626 |
| National Financial Services LLC | &nbsp;&nbsp;&nbsp; 6398817 | &nbsp;&nbsp;&nbsp; (6372398)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26419 |
| Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp; 83860 | &nbsp;&nbsp;&nbsp; (83860)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp;&nbsp; 47100 | &nbsp;&nbsp;&nbsp; (47100)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp;&nbsp; 9795415 | &nbsp;&nbsp;&nbsp; (9795415)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp; 134444 | &nbsp;&nbsp;&nbsp; (128325)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6119 |
| UBS AG | &nbsp;&nbsp;&nbsp; 6549874 | &nbsp;&nbsp;&nbsp; (6541776)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8098 |
| UBS Securities LLC | &nbsp;&nbsp;&nbsp; 937035 | &nbsp;&nbsp;&nbsp; (926100)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10935 |
| Virtu Americas LLC | &nbsp;&nbsp;&nbsp; 404730 | &nbsp;&nbsp;&nbsp; (404730)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp;&nbsp; 3701422 | &nbsp;&nbsp;&nbsp; (3666600)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34822 |
| Wells Fargo Securities LLC | &nbsp;&nbsp;&nbsp; 5672426 | &nbsp;&nbsp;&nbsp; (5672426)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; $228616742 | &nbsp;&nbsp;&nbsp; $(227125128)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1491614 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026. 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 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.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Equity swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

382026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a spread.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements**: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparty are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***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* |
| S&P 100 | 0.20<br> %<br>|
| S&P 500 Growth | 0.18 |
| S&P 500 Value | 0.18 |
| S&P Small-Cap 600 Value | 0.18 |

---

**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.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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 specific threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| S&P 100 | &nbsp;&nbsp; $20184 |
| S&P 500 Growth | &nbsp;&nbsp; 150868 |
| S&P 500 Value | &nbsp;&nbsp; 487902 |
| S&P Small-Cap 600 Value | &nbsp;&nbsp; 605741 |

---

**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 March 31, 2026, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| S&P 100 | &nbsp;&nbsp; $744228210 | &nbsp;&nbsp;&nbsp; $385602744 | &nbsp;&nbsp;&nbsp; $(72769584)<br>|
| S&P 500 Growth | &nbsp;&nbsp; 9607039338 | &nbsp;&nbsp;&nbsp; 10344313348 | &nbsp;&nbsp;&nbsp; (373356687)<br>|
| S&P 500 Value | &nbsp;&nbsp; 8606611280 | &nbsp;&nbsp;&nbsp; 7324763989 | &nbsp;&nbsp;&nbsp; 60968105 |
| S&P Small-Cap 600 Value | &nbsp;&nbsp; 1859499445 | &nbsp;&nbsp;&nbsp; 1637103123 | &nbsp;&nbsp;&nbsp; 368288827 |

---

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 March 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| S&P 100 | &nbsp;&nbsp; $1096063716 | &nbsp;&nbsp;&nbsp; $1090738814 |
| S&P 500 Growth | &nbsp;&nbsp; 13648566729 | &nbsp;&nbsp;&nbsp; 13572698860 |
| S&P 500 Value | &nbsp;&nbsp; 11983299580 | &nbsp;&nbsp;&nbsp; 11918238792 |
| S&P Small-Cap 600 Value | &nbsp;&nbsp; 3714803874 | &nbsp;&nbsp;&nbsp; 3691963415 |

---

402026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

For the year ended March 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| S&P 100 | &nbsp;&nbsp; $9166884450 | &nbsp;&nbsp;&nbsp; $11155183620 |
| S&P 500 Growth | &nbsp;&nbsp; 8547774669 | &nbsp;&nbsp;&nbsp; 10299838767 |
| S&P 500 Value | &nbsp;&nbsp; 13463073453 | &nbsp;&nbsp;&nbsp; 8501467281 |
| S&P Small-Cap 600 Value | &nbsp;&nbsp; 1219044013 | &nbsp;&nbsp;&nbsp; 1263428265 |

---

***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 March 31, 2026, 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 March 31, 2026, 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)* |
| S&P 100 | &nbsp;&nbsp; $5180312177 | &nbsp;&nbsp;&nbsp; $(5180312177)<br>|
| S&P 500 Growth | &nbsp;&nbsp; 5405628980 | &nbsp;&nbsp;&nbsp; (5405628980)<br>|
| S&P 500 Value | &nbsp;&nbsp; 3093019604 | &nbsp;&nbsp;&nbsp; (3093019604)<br>|
| S&P Small-Cap 600 Value | &nbsp;&nbsp; 75386589 | &nbsp;&nbsp;&nbsp; (75386589)<br>|

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/26*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/25*<br>|
| S&P 100 |  |  |
| Ordinary income | &nbsp;&nbsp; $218068999 | &nbsp;&nbsp;&nbsp; $145863162 |
| S&P 500 Growth |  |  |
| Ordinary income | &nbsp;&nbsp; $265055507 | &nbsp;&nbsp;&nbsp; $255833646 |
| S&P 500 Value |  |  |
| Ordinary income | &nbsp;&nbsp; $733681514 | &nbsp;&nbsp;&nbsp; $693932456 |
| S&P Small-Cap 600 Value |  |  |
| Ordinary income | &nbsp;&nbsp; $101784633 | &nbsp;&nbsp;&nbsp; $128110427 |

---

As of March 31, 2026, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| S&P 100 | &nbsp;&nbsp; $5193853 | &nbsp;&nbsp;&nbsp; $(655436351)<br>| &nbsp;&nbsp;&nbsp; $1517203066 | &nbsp;&nbsp;&nbsp; $866960568 |
| S&P 500 Growth | &nbsp;&nbsp; 21780389 | &nbsp;&nbsp;&nbsp; (3214967273)<br>| &nbsp;&nbsp;&nbsp; 18872418554 | &nbsp;&nbsp;&nbsp; 15679231670 |
| S&P 500 Value | &nbsp;&nbsp; 29665877 | &nbsp;&nbsp;&nbsp; (2904375046)<br>| &nbsp;&nbsp;&nbsp; 3388316527 | &nbsp;&nbsp;&nbsp; 513607358 |
| S&P Small-Cap 600 Value | &nbsp;&nbsp; 6857341 | &nbsp;&nbsp;&nbsp; (590779561)<br>| &nbsp;&nbsp;&nbsp; (129633053)<br>| &nbsp;&nbsp;&nbsp; (713555273)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 accounting for swap agreements, 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. 

For the year ended March 31, 2026, the iShares S&P Small-Cap 600 Value utilized $533,693,400 of its capital loss carryforwards.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

As of March 31, 2026, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| S&P 100 | &nbsp;&nbsp; $16254375515 | &nbsp;&nbsp;&nbsp; $2417337911 | &nbsp;&nbsp;&nbsp; $(900134845)<br>| &nbsp;&nbsp;&nbsp; $1517203066 |
| S&P 500 Growth | &nbsp;&nbsp; 42155600980 | &nbsp;&nbsp;&nbsp; 19831402628 | &nbsp;&nbsp;&nbsp; (958984074)<br>| &nbsp;&nbsp;&nbsp; 18872418554 |
| S&P 500 Value | &nbsp;&nbsp; 43226884514 | &nbsp;&nbsp;&nbsp; 6664853125 | &nbsp;&nbsp;&nbsp; (3276431279)<br>| &nbsp;&nbsp;&nbsp; 3388421846 |
| S&P Small-Cap 600 Value | &nbsp;&nbsp; 7972737448 | &nbsp;&nbsp;&nbsp; 799943879 | &nbsp;&nbsp;&nbsp; (933110510)<br>| &nbsp;&nbsp;&nbsp; (133166631)<br>|

---

***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 each 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 each 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. A 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 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

422026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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.

The 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>03/31/26 | Year Ended <br>03/31/26 | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| S&P 100  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 28700000 | &nbsp;&nbsp;&nbsp; $9184775151 | &nbsp;&nbsp;&nbsp; 16400000 | &nbsp;&nbsp;&nbsp; $4571638930 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (34100000)<br>| &nbsp;&nbsp;&nbsp; (11174622181)<br>| &nbsp;&nbsp;&nbsp; (2350000)<br>| &nbsp;&nbsp;&nbsp; (645896105)<br>|
|  | &nbsp;&nbsp;&nbsp; (5400000)<br>| &nbsp;&nbsp;&nbsp; $(1989847030)<br>| &nbsp;&nbsp;&nbsp; 14050000 | &nbsp;&nbsp;&nbsp; $3925742825 |
| S&P 500 Growth  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 75300000 | &nbsp;&nbsp;&nbsp; $8567953720 | &nbsp;&nbsp;&nbsp; 127000000 | &nbsp;&nbsp;&nbsp; $11949199662 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (90500000)<br>| &nbsp;&nbsp;&nbsp; (10272400971)<br>| &nbsp;&nbsp;&nbsp; (95500000)<br>| &nbsp;&nbsp;&nbsp; (9179151626)<br>|
|  | &nbsp;&nbsp;&nbsp; (15200000)<br>| &nbsp;&nbsp;&nbsp; $(1704447251)<br>| &nbsp;&nbsp;&nbsp; 31500000 | &nbsp;&nbsp;&nbsp; $2770048036 |
| S&P 500 Value  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 65750000 | &nbsp;&nbsp;&nbsp; $13510418540 | &nbsp;&nbsp;&nbsp; 50550000 | &nbsp;&nbsp;&nbsp; $9696343900 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (40800000)<br>| &nbsp;&nbsp;&nbsp; (8486533242)<br>| &nbsp;&nbsp;&nbsp; (35400000)<br>| &nbsp;&nbsp;&nbsp; (6763868949)<br>|
|  | &nbsp;&nbsp;&nbsp; 24950000 | &nbsp;&nbsp;&nbsp; $5023885298 | &nbsp;&nbsp;&nbsp; 15150000 | &nbsp;&nbsp;&nbsp; $2932474951 |
| S&P Small-Cap 600 Value  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 10700000 | &nbsp;&nbsp;&nbsp; $1230958074 | &nbsp;&nbsp;&nbsp; 13400000 | &nbsp;&nbsp;&nbsp; $1447744012 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (12000000)<br>| &nbsp;&nbsp;&nbsp; (1245361345)<br>| &nbsp;&nbsp;&nbsp; (18000000)<br>| &nbsp;&nbsp;&nbsp; (1872454765)<br>|
|  | &nbsp;&nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; $(14403271)<br>| &nbsp;&nbsp;&nbsp; (4600000)<br>| &nbsp;&nbsp;&nbsp; $(424710753)<br>|

---

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.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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.

442026 iShares Annual Financial Statements and Additional Information

------

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 March 31, 2026, the related statements of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (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 March 31, 2026, 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 March 31, 2026 and each of the financial highlights for each of the five years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp; iShares S&P 100 ETF <br>iShares S&P 500 Growth ETF <br>iShares S&P 500 Value ETF <br>iShares S&P Small-Cap 600 Value ETF<br>

***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 March 31, 2026 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 22, 2026

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

Report of Independent Registered Public Accounting Firm

------

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 March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Dividend* <br>*Income*<br>|
| S&P 100 | &nbsp;&nbsp;&nbsp; $261006049 |
| S&P 500 Growth | &nbsp;&nbsp;&nbsp; 358811705 |
| S&P 500 Value | &nbsp;&nbsp;&nbsp; 780221866 |
| S&P Small-Cap 600 Value | &nbsp;&nbsp;&nbsp; 102900909 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Business* <br>*Income*<br>|
| S&P 100 | &nbsp;&nbsp;&nbsp; $2772092 |
| S&P 500 Growth | &nbsp;&nbsp;&nbsp; 10093807 |
| S&P 500 Value | &nbsp;&nbsp;&nbsp; 36282746 |
| S&P Small-Cap 600 Value | &nbsp;&nbsp;&nbsp; 18009362 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2026 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Dividends-Received* <br>*Deduction*<br>|
| S&P 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100.00<br> % <br>|
| S&P 500 Growth | &nbsp;&nbsp;&nbsp;&nbsp;100.00 |
| S&P 500 Value | &nbsp;&nbsp;&nbsp;&nbsp;98.86 |
| S&P Small-Cap 600 Value | &nbsp;&nbsp;&nbsp;&nbsp;91.21 |

---

462026 iShares Annual Financial Statements and Additional Information

------

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:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• 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**.

Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

482026 iShares Annual Financial Statements and Additional Information

------

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 S&P Dow Jones Indices LLC, 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.©2026 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.

![](g341043img3baafa252.jpg)

![](g341043imgcf550b863.jpg)

------

![](g341043img350203a61.jpg)

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Annual Financial Statements <br> and Additional Information<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| ●iShares Core S&P Mid-Cap ETF \| IJH \| NYSE Arca |
| ●iShares Core S&P Small-Cap ETF \| IJR \| NYSE Arca |
| ●iShares Core S&P U.S. Growth ETF \| IUSG \| NASDAQ |
| ●iShares Core S&P U.S. Value ETF \| IUSV \| NASDAQ |

---

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_d78a55e7-4868-4463-9c4c-e4769b0913a1_SOIM-TEXT-4005_1)  | 3 |
| [Statements of Assets and Liabilities](#xx_d78a55e7-4868-4463-9c4c-e4769b0913a1_FS-TEXT-4005_1)  | 53 |
| [Statements of Operations](#xx_d78a55e7-4868-4463-9c4c-e4769b0913a1_FS-TEXT-4005_2)  | 54 |
| [Statements of Changes in Net Assets](#xx_d78a55e7-4868-4463-9c4c-e4769b0913a1_FS-TEXT-4005_3)  | 55 |
| [Financial Highlights](#xx_d78a55e7-4868-4463-9c4c-e4769b0913a1_FIHI-TEXT-4005_1)  | 57 |
| [Notes to Financial Statements](#xx_d78a55e7-4868-4463-9c4c-e4769b0913a1_NTF-TEXT-4005_1)  | 61 |
| [Report of Independent Registered Public Accounting Firm](#xx_d78a55e7-4868-4463-9c4c-e4769b0913a1_AUD-TEXT-4005_1)  | 72 |
| [Important Tax Information](#xx_d78a55e7-4868-4463-9c4c-e4769b0913a1_Tax-TEXT_1)  | 73 |
| [Additional Information](#xx_d78a55e7-4868-4463-9c4c-e4769b0913a1_AddInfo-TEXT-4005_1)  | 74 |
| [Glossary of Terms Used in these Financial Statements](#xx_d78a55e7-4868-4463-9c4c-e4769b0913a1_Gloss-TEXT-4005_1)  | 76 |

---

------

Schedule of Investments

March 31, 2026

**iShares® Core S&P Mid-Cap ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 4.5%** | **Aerospace & Defense — 4.5%** | **Aerospace & Defense — 4.5%** |
| AeroVironment, Inc.<sup>(a)(b)</sup> | 1055546 | $193217695 |
| ATI, Inc.<sup>(a)(b)</sup> | 4505313 | 655342829 |
| BWX Technologies, Inc.<sup>(b)</sup> | 3031729 | 619958263 |
| Carpenter Technology Corp. | 1651662 | 651002577 |
| Curtiss-Wright Corp. | 1222655 | 832774774 |
| Hexcel Corp. | 2513961 | 203454864 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 6121895 | 431654817 |
| Moog, Inc., Class A | 942930 | 275939035 |
| StandardAero, Inc.<sup>(a)(b)</sup> | 6284198 | 162320834 |
| Woodward, Inc.<sup>(b)</sup> | 1976934 | 707584217 |
|  |  | 4733249905 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| GXO Logistics, Inc.<sup>(a)(b)</sup> | 3794401 | 196739692 |
| **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** |
| Autoliv, Inc. | 2277368 | 239488019 |
| BorgWarner, Inc. | 6865855 | 372541292 |
| Gentex Corp. | 7254672 | 158514583 |
| Goodyear Tire & Rubber Co. (The)<sup>(a)(b)</sup> | 9484859 | 62884615 |
| Lear Corp. | 1682959 | 203772676 |
| Visteon Corp. | 904101 | 82372642 |
|  |  | 1119573827 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| Harley-Davidson, Inc. | 3932211 | 79509306 |
| Thor Industries, Inc. | 1750800 | 139871412 |
|  |  | 219380718 |
| **Banks — 5.9%** | **Banks — 5.9%** | **Banks — 5.9%** |
| Associated Banc-Corp | 5420912 | 140184784 |
| Bank OZK | 3427536 | 157289627 |
| Columbia Banking System, Inc. | 9788748 | 268505358 |
| Commerce Bancshares, Inc. | 4540807 | 223407704 |
| Cullen/Frost Bankers, Inc. | 2096180 | 287344354 |
| East West Bancorp, Inc. | 4562435 | 487085561 |
| First Financial Bankshares, Inc. | 4318298 | 127173876 |
| First Horizon Corp. | 16082838 | 366045393 |
| Flagstar Bank N.A.<sup>(b)</sup> | 9924166 | 130701266 |
| FNB Corp. | 11839184 | 197951156 |
| Glacier Bancorp, Inc. | 4263634 | 190456531 |
| Hancock Whitney Corp. | 2725697 | 173327072 |
| Home BancShares, Inc. | 6061784 | 163243843 |
| International Bancshares Corp. | 1792029 | 120585631 |
| Old National Bancorp | 11491118 | 253953708 |
| Pinnacle Financial Partners, Inc. | 4992078 | 430017599 |
| Prosperity Bancshares, Inc. | 3351849 | 225177216 |
| Southstate Bank Corp. | 3284853 | 303914600 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 1463795 | 138884870 |
| UMB Financial Corp. | 2365964 | 266857080 |
| United Bankshares, Inc. | 4627511 | 191671506 |
| Valley National Bancorp | 15861448 | 194778581 |
| Webster Financial Corp. | 5346673 | 371166040 |
| Western Alliance Bancorp | 3402822 | 241089939 |
| Wintrust Financial Corp. | 2219210 | 308337037 |
| Zions Bancorp N.A. | 4892347 | 281897034 |
|  |  | 6241047366 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Boston Beer Co., Inc. (The), Class A<sup>(a)(b)</sup> | 254880 | 58724352 |
| Celsius Holdings, Inc.<sup>(a)(b)</sup> | 5295835 | 187896226 |
| Coca-Cola Consolidated, Inc. | 1875836 | 359672794 |
|  |  | 606293372 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology — 3.0%** | **Biotechnology — 3.0%** | **Biotechnology — 3.0%** |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 4640039 | $290930445 |
| BioMarin Pharmaceutical, Inc.<sup>(a)(b)</sup> | 6370610 | 359875759 |
| Cytokinetics, Inc.<sup>(a)(b)</sup> | 4051248 | 267017756 |
| Exelixis, Inc.<sup>(a)(b)</sup> | 8612088 | 369372454 |
| Halozyme Therapeutics, Inc.<sup>(a)(b)</sup> | 3896622 | 251838680 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 3328052 | 438437571 |
| Roivant Sciences Ltd.<sup>(a)(b)</sup> | 14951732 | 414162976 |
| United Therapeutics Corp.<sup>(a)(b)</sup> | 1427816 | 846666332 |
|  |  | 3238301973 |
| **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** |
| Macy's, Inc. | 8810070 | 159374166 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)(b)</sup> | 2032305 | 187053352 |
|  |  | 346427518 |
| **Building Products — 1.8%** | **Building Products — 1.8%** | **Building Products — 1.8%** |
| AAON, Inc.<sup>(b)</sup> | 2242202 | 185542215 |
| Advanced Drainage Systems, Inc. | 2376538 | 325894656 |
| Carlisle Cos., Inc. | 1352606 | 451256414 |
| Fortune Brands Innovations, Inc. | 3980789 | 155131347 |
| Owens Corning | 2723469 | 294733815 |
| Simpson Manufacturing Co., Inc. | 1373724 | 235758513 |
| Trex Co., Inc.<sup>(a)</sup> | 3553928 | 129434058 |
| UFP Industries, Inc. | 1930338 | 177822737 |
|  |  | 1955573755 |
| **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
| Affiliated Managers Group, Inc.<sup>(b)</sup> | 933096 | 258187663 |
| Carlyle Group, Inc. (The) | 8604963 | 416394160 |
| Evercore, Inc., Class A | 1282556 | 382855791 |
| Federated Hermes, Inc., Class B, NVS | 2448741 | 138868102 |
| Hamilton Lane, Inc., Class A | 1353952 | 134582829 |
| Houlihan Lokey, Inc., Class A | 1800994 | 258658758 |
| Janus Henderson Group PLC | 4084208 | 209805765 |
| Jefferies Financial Group, Inc. | 5478962 | 226116762 |
| Morningstar, Inc. | 760699 | 128596166 |
| SEI Investments Co. | 3078167 | 241543764 |
| Stifel Financial Corp. | 5056829 | 373800800 |
|  |  | 2769410560 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Ashland, Inc. | 1516257 | 84319052 |
| Avient Corp. | 3033944 | 110132167 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 7071043 | 195867891 |
| Cabot Corp. | 1733724 | 130566755 |
| NewMarket Corp. | 258406 | 165625326 |
| Olin Corp. | 3764121 | 111907317 |
| RPM International, Inc. | 4247076 | 422159355 |
| Scotts Miracle-Gro Co. (The) | 1484209 | 90254749 |
| Solstice Advanced Materials, Inc. | 5264127 | 400915912 |
| Westlake Corp. | 1105059 | 129092992 |
|  |  | 1840841516 |
| **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** |
| Brink's Co. (The) | 1376611 | 142658198 |
| Clean Harbors, Inc.<sup>(a)</sup> | 1665557 | 477565158 |
| MSA Safety, Inc. | 1207721 | 198005858 |
| RB Global, Inc.<sup>(b)</sup> | 6157634 | 590209219 |
| Tetra Tech, Inc.<sup>(b)</sup> | 8641925 | 260294781 |
|  |  | 1668733214 |
| **Construction & Engineering — 2.6%** | **Construction & Engineering — 2.6%** | **Construction & Engineering — 2.6%** |
| AECOM | 4287245 | 363644121 |
| API Group Corp.<sup>(a)(b)</sup> | 12723795 | 515568173 |
| Dycom Industries, Inc.<sup>(a)(b)</sup> | 993803 | 336720332 |
| Fluor Corp.<sup>(a)</sup> | 5340844 | 249150373 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Mid-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| MasTec, Inc.<sup>(a)</sup> | 2033959 | $654405969 |
| Sterling Infrastructure, Inc.<sup>(a)(b)</sup> | 1018643 | 414862735 |
| Valmont Industries, Inc. | 653443 | 261096219 |
|  |  | 2795447922 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Eagle Materials, Inc.<sup>(b)</sup> | 1041448 | 197302324 |
| Knife River Corp.<sup>(a)(b)</sup> | 1877627 | 153308244 |
|  |  | 350610568 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| Ally Financial, Inc. | 9309065 | 365194620 |
| FirstCash Holdings, Inc. | 1283952 | 241382976 |
| SLM Corp. | 6600237 | 141311074 |
|  |  | 747888670 |
| **Consumer Staples Distribution & Retail — 2.9%** | **Consumer Staples Distribution & Retail — 2.9%** | **Consumer Staples Distribution & Retail — 2.9%** |
| Albertsons Cos., Inc., Class A | 12260579 | 208920266 |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)(b)</sup> | 4338962 | 427040640 |
| Casey's General Stores, Inc.<sup>(b)</sup> | 1229145 | 894645480 |
| Maplebear, Inc.<sup>(a)(b)</sup> | 6089336 | 228106527 |
| Performance Food Group Co.<sup>(a)(b)</sup> | 5209466 | 446242857 |
| Sprouts Farmers Market, Inc.<sup>(a)(b)</sup> | 3226365 | 248849532 |
| U.S. Foods Holding Corp.<sup>(a)(b)</sup> | 7313304 | 674359762 |
|  |  | 3128165064 |
| **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** |
| AptarGroup, Inc. | 2135305 | 269091136 |
| Crown Holdings, Inc. | 3716997 | 372628949 |
| Graphic Packaging Holding Co. | 9779095 | 97204204 |
| Greif, Inc., Class A, NVS | 820191 | 55010211 |
| Silgan Holdings, Inc. | 2906030 | 112753964 |
| Sonoco Products Co. | 3273000 | 177036570 |
|  |  | 1083725034 |
| **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** |
| Duolingo, Inc., Class A<sup>(a)(b)</sup> | 1325858 | 130689823 |
| Graham Holdings Co., Class B | 112891 | 119355139 |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 915520 | 155665866 |
| H&R Block, Inc. | 4200232 | 133315364 |
| Service Corp. International | 4616709 | 380924659 |
|  |  | 919950851 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| WP Carey, Inc. | 7266947 | 493861718 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| IDACORP, Inc. | 1792596 | 256287450 |
| OGE Energy Corp. | 6808269 | 326524581 |
| Portland General Electric Co. | 3727410 | 196695426 |
| TXNM Energy, Inc. | 3248165 | 189887726 |
|  |  | 969395183 |
| **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** |
| Acuity, Inc. | 1010360 | 283123079 |
| EnerSys<sup>(b)</sup> | 1221104 | 212130187 |
| Nextpower, Inc., Class A<sup>(a)(b)</sup> | 4923534 | 593532024 |
| nVent Electric PLC | 5350736 | 632885054 |
| Regal Rexnord Corp. | 2201874 | 412322925 |
| Sensata Technologies Holding PLC | 4827013 | 170007398 |
| Vicor Corp.<sup>(a)(b)</sup> | 752844 | 121207884 |
|  |  | 2425208551 |
| **Electronic Equipment, Instruments & Components — 3.9%** | **Electronic Equipment, Instruments & Components — 3.9%** | **Electronic Equipment, Instruments & Components — 3.9%** |
| Advanced Energy Industries, Inc.<sup>(b)</sup> | 1251602 | 403904481 |
| Arrow Electronics, Inc.<sup>(a)(b)</sup> | 1692779 | 242761436 |
| Avnet, Inc. | 2714848 | 167288934 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Belden, Inc.<sup>(b)</sup> | 1302132 | $149523818 |
| Cognex Corp. | 5490754 | 268992038 |
| Crane NXT Co. | 1636314 | 66417985 |
| Fabrinet<sup>(a)(b)</sup> | 1188056 | 619594965 |
| Flex Ltd.<sup>(a)(b)</sup> | 12192230 | 798103376 |
| IPG Photonics Corp.<sup>(a)(b)</sup> | 837571 | 95977261 |
| Littelfuse, Inc. | 825950 | 280286133 |
| Novanta, Inc.<sup>(a)(b)</sup> | 1187711 | 140280546 |
| TD SYNNEX Corp. | 2486416 | 419483243 |
| TTM Technologies, Inc.<sup>(a)</sup> | 3426744 | 333833401 |
| Vontier Corp.<sup>(b)</sup> | 4691889 | 166421303 |
|  |  | 4152868920 |
| **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** |
| NOV, Inc. | 11942050 | 224629960 |
| TechnipFMC PLC | 13414065 | 927314313 |
| Valaris Ltd.<sup>(a)(b)</sup> | 2135990 | 209412460 |
| Weatherford International PLC | 2376429 | 224762655 |
|  |  | 1586119388 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Warner Music Group Corp., Class A | 4873395 | 124466508 |
| **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
| Equitable Holdings, Inc. | 7935364 | 294481358 |
| Essent Group Ltd. | 3162927 | 184841454 |
| Euronet Worldwide, Inc.<sup>(a)(b)</sup> | 1295585 | 85987976 |
| MGIC Investment Corp. | 7268759 | 190804924 |
| Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | 2238705 | 97898570 |
| Voya Financial, Inc. | 3114664 | 212793844 |
| WEX, Inc.<sup>(a)(b)</sup> | 1136201 | 173884201 |
|  |  | 1240692327 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Darling Ingredients, Inc.<sup>(a)(b)</sup> | 5241531 | 324188692 |
| Flowers Foods, Inc. | 6997294 | 57027946 |
| Ingredion, Inc. | 2089728 | 235428757 |
| Marzetti Co. (The) | 672337 | 93004377 |
| Pilgrim's Pride Corp. | 1427135 | 53888618 |
| Post Holdings, Inc.<sup>(a)(b)</sup> | 1398342 | 138240090 |
|  |  | 901778480 |
| **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** |
| National Fuel Gas Co. | 3151250 | 296091450 |
| New Jersey Resources Corp. | 3341463 | 183513148 |
| ONE Gas, Inc. | 1991047 | 171488878 |
| Southwest Gas Holdings, Inc. | 2128740 | 184987506 |
| Spire, Inc. | 1960929 | 177542512 |
| UGI Corp. | 7111998 | 259018967 |
|  |  | 1272642461 |
| **Ground Transportation — 1.8%** | **Ground Transportation — 1.8%** | **Ground Transportation — 1.8%** |
| Avis Budget Group, Inc.<sup>(a)(b)</sup> | 563494 | 82185600 |
| Knight-Swift Transportation Holdings, Inc. | 5383736 | 309995519 |
| Landstar System, Inc. | 1128589 | 180924103 |
| Ryder System, Inc. | 1307771 | 267713801 |
| Saia, Inc.<sup>(a)(b)</sup> | 883612 | 310395223 |
| XPO, Inc.<sup>(a)(b)</sup> | 3884632 | 755755156 |
|  |  | 1906969402 |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| DENTSPLY SIRONA, Inc. | 6612137 | 76700789 |
| Envista Holdings Corp.<sup>(a)</sup> | 5430016 | 137759506 |
| Globus Medical, Inc., Class A<sup>(a)(b)</sup> | 3691535 | 318062656 |
| Haemonetics Corp.<sup>(a)(b)</sup> | 1539820 | 86784255 |
| Lantheus Holdings, Inc.<sup>(a)(b)</sup> | 2197233 | 166660123 |

---

42026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Mid-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| LivaNova PLC<sup>(a)(b)</sup> | 1809393 | $115005019 |
| Masimo Corp.<sup>(a)(b)</sup> | 1514339 | 269355478 |
| Penumbra, Inc.<sup>(a)(b)</sup> | 1300917 | 427182115 |
|  |  | 1597509941 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| Chemed Corp.<sup>(b)</sup> | 469357 | 177294913 |
| Encompass Health Corp. | 3333953 | 322493274 |
| Ensign Group, Inc. (The)<sup>(b)</sup> | 1912578 | 385384467 |
| HealthEquity, Inc.<sup>(a)(b)</sup> | 2830950 | 236582491 |
| Hims & Hers Health, Inc., Class A<sup>(a)(b)</sup> | 6902257 | 143290855 |
| Option Care Health, Inc.<sup>(a)(b)</sup> | 5259602 | 141588486 |
| Tenet Healthcare Corp.<sup>(a)(b)</sup> | 2914277 | 549953213 |
|  |  | 1956587699 |
| **Health Care REITs — 1.3%** | **Health Care REITs — 1.3%** | **Health Care REITs — 1.3%** |
| American Healthcare REIT, Inc. | 5878474 | 277228834 |
| CareTrust REIT, Inc. | 7402435 | 271299243 |
| Healthcare Realty Trust, Inc. | 11559188 | 196390604 |
| Omega Healthcare Investors, Inc. | 9801192 | 429488233 |
| Sabra Health Care REIT, Inc. | 8361285 | 160787511 |
|  |  | 1335194425 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Doximity, Inc., Class A<sup>(a)(b)</sup> | 4433892 | 103309684 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| Park Hotels & Resorts, Inc. | 6623668 | 69747224 |
| **Hotels, Restaurants & Leisure — 2.6%** | **Hotels, Restaurants & Leisure — 2.6%** | **Hotels, Restaurants & Leisure — 2.6%** |
| Aramark | 8715722 | 353335370 |
| Boyd Gaming Corp. | 1915575 | 157421953 |
| Cava Group, Inc.<sup>(a)(b)</sup> | 3305116 | 267383884 |
| Choice Hotels International, Inc.<sup>(b)</sup> | 684862 | 70883217 |
| Churchill Downs, Inc. | 2194941 | 197171550 |
| Dutch Bros, Inc., Class A<sup>(a)(b)</sup> | 4209191 | 213237616 |
| Hilton Grand Vacations, Inc.<sup>(a)(b)</sup> | 1984075 | 77617014 |
| Hyatt Hotels Corp., Class A<sup>(b)</sup> | 1369664 | 196943987 |
| Planet Fitness, Inc., Class A<sup>(a)(b)</sup> | 2749616 | 204516438 |
| Texas Roadhouse, Inc. | 2193422 | 362221709 |
| Travel + Leisure Co. | 2131378 | 147470044 |
| Vail Resorts, Inc. | 1185486 | 152121564 |
| Wingstop, Inc.<sup>(b)</sup> | 920650 | 142673131 |
| Wyndham Hotels & Resorts, Inc. | 2506605 | 203611524 |
|  |  | 2746609001 |
| **Household Durables — 1.6%** | **Household Durables — 1.6%** | **Household Durables — 1.6%** |
| KB Home | 2093257 | 108326050 |
| Somnigroup International, Inc. | 6960600 | 514527552 |
| Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 3238161 | 188590497 |
| Toll Brothers, Inc. | 3141943 | 428780961 |
| TopBuild Corp.<sup>(a)(b)</sup> | 925603 | 325164334 |
| Whirlpool Corp. | 2105255 | 113515349 |
|  |  | 1678904743 |
| **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** |
| Ormat Technologies, Inc.<sup>(b)</sup> | 2013967 | 225403187 |
| Talen Energy Corp.<sup>(a)(b)</sup> | 1515045 | 483647815 |
|  |  | 709051002 |
| **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** |
| EastGroup Properties, Inc. | 1764266 | 326547994 |
| First Industrial Realty Trust, Inc. | 4395693 | 254290840 |
| Rexford Industrial Realty, Inc. | 7628375 | 249676714 |
| STAG Industrial, Inc. | 6329964 | 228258502 |
|  |  | 1058774050 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance — 3.6%** | **Insurance — 3.6%** | **Insurance — 3.6%** |
| American Financial Group, Inc. | 2293797 | $292940815 |
| Brighthouse Financial, Inc.<sup>(a)(b)</sup> | 1894752 | 113457750 |
| CNO Financial Group, Inc. | 3131329 | 128572369 |
| Fidelity National Financial, Inc., Class A | 8451058 | 391960070 |
| First American Financial Corp. | 3376449 | 203566110 |
| Hanover Insurance Group, Inc. (The) | 1174420 | 203585707 |
| Kinsale Capital Group, Inc.<sup>(b)</sup> | 733017 | 250442588 |
| Old Republic International Corp. | 7543300 | 300977670 |
| Primerica, Inc. | 1058683 | 265178918 |
| Reinsurance Group of America, Inc. | 2179079 | 444880769 |
| RenaissanceRe Holdings Ltd.<sup>(b)</sup> | 1442169 | 428655892 |
| RLI Corp. | 3043110 | 173578994 |
| Ryan Specialty Holdings, Inc., Class A | 3782813 | 127632110 |
| Selective Insurance Group, Inc. | 1990769 | 150084075 |
| Unum Group | 5055158 | 369178189 |
|  |  | 3844692026 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| Pinterest, Inc., Class A<sup>(a)(b)</sup> | 19414109 | 356054759 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Kyndryl Holdings, Inc.<sup>(a)(b)</sup> | 7573511 | 99364464 |
| Okta, Inc., Class A<sup>(a)</sup> | 5619336 | 442297936 |
| Twilio, Inc., Class A<sup>(a)(b)</sup> | 5027530 | 632563825 |
|  |  | 1174226225 |
| **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** |
| Brunswick Corp. | 2155054 | 156801729 |
| Mattel, Inc.<sup>(a)(b)</sup> | 10298310 | 149634444 |
| Polaris, Inc. | 1770519 | 96493286 |
| YETI Holdings, Inc.<sup>(a)(b)</sup> | 2578203 | 94336448 |
|  |  | 497265907 |
| **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** |
| Avantor, Inc.<sup>(a)(b)</sup> | 22599920 | 177183373 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)(b)</sup> | 603424 | 168204440 |
| Bruker Corp. | 3675242 | 132749741 |
| Illumina, Inc.<sup>(a)(b)</sup> | 5070204 | 624953345 |
| Medpace Holdings, Inc.<sup>(a)(b)</sup> | 743539 | 357039992 |
| Repligen Corp.<sup>(a)(b)</sup> | 1753352 | 206579933 |
| Sotera Health Co.<sup>(a)(b)</sup> | 7719035 | 110690962 |
|  |  | 1777401786 |
| **Machinery — 5.9%** | **Machinery — 5.9%** | **Machinery — 5.9%** |
| AGCO Corp. | 1993462 | 230982442 |
| Chart Industries, Inc.<sup>(a)</sup> | 1490766 | 308215871 |
| CNH Industrial NV | 29322697 | 322549667 |
| Crane Co. | 1623862 | 277680402 |
| Donaldson Co., Inc. | 3824867 | 324616462 |
| Esab Corp. | 1893760 | 183050842 |
| Flowserve Corp. | 4212886 | 309689250 |
| Graco, Inc. | 5497818 | 465390294 |
| ITT, Inc. | 2851830 | 543359170 |
| Lincoln Electric Holdings, Inc. | 1824732 | 454504247 |
| Middleby Corp. (The)<sup>(a)</sup> | 1535493 | 203575662 |
| Mueller Industries, Inc. | 3681303 | 407888372 |
| Oshkosh Corp. | 2097868 | 308827148 |
| RBC Bearings, Inc.<sup>(a)(b)</sup> | 1048453 | 569435793 |
| SPX Technologies, Inc.<sup>(a)(b)</sup> | 1652775 | 330455834 |
| Terex Corp. | 3767451 | 222656354 |
| Timken Co. (The) | 2100388 | 211236021 |
| Toro Co. (The) | 3232853 | 302077784 |
| Watts Water Technologies, Inc., Class A | 909681 | 264071297 |
|  |  | 6240262912 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Mid-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
| Kirby Corp.<sup>(a)</sup> | 1795894 | $238638395 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| New York Times Co. (The), Class A | 5357640 | 448595197 |
| Nexstar Media Group, Inc., Class A | 944598 | 170811657 |
|  |  | 619406854 |
| **Metals & Mining — 2.6%** | **Metals & Mining — 2.6%** | **Metals & Mining — 2.6%** |
| Alcoa Corp. | 8587413 | 569603104 |
| Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | 18977105 | 160356537 |
| Commercial Metals Co. | 3674914 | 225749967 |
| Hecla Mining Co.<sup>(b)</sup> | 22220773 | 413973001 |
| MP Materials Corp., Class A<sup>(a)(b)</sup> | 4463114 | 215389882 |
| Reliance, Inc. | 1733822 | 526943182 |
| Royal Gold, Inc. | 2686689 | 683735484 |
|  |  | 2795751157 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** |
| Annaly Capital Management, Inc. | 23822080 | 503836992 |
| Starwood Property Trust, Inc. | 11534645 | 198626587 |
|  |  | 702463579 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Black Hills Corp. | 2504576 | 173842620 |
| Northwestern Energy Group, Inc. | 2035936 | 134249620 |
|  |  | 308092240 |
| **Office REITs — 0.4%** | **Office REITs — 0.4%** | **Office REITs — 0.4%** |
| COPT Defense Properties | 3743218 | 114542471 |
| Cousins Properties, Inc. | 5566061 | 125625997 |
| Kilroy Realty Corp. | 3612526 | 101909358 |
| Vornado Realty Trust | 5306915 | 137926721 |
|  |  | 480004547 |
| **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** |
| Antero Midstream Corp. | 10972833 | 250180593 |
| Antero Resources Corp.<sup>(a)(b)</sup> | 9719266 | 412485649 |
| Chord Energy Corp. | 1886024 | 268154892 |
| CNX Resources Corp.<sup>(a)(b)</sup> | 4717393 | 181855500 |
| DT Midstream, Inc. | 3371533 | 454044349 |
| HF Sinclair Corp. | 5180839 | 323232545 |
| Matador Resources Co. | 3870656 | 244548046 |
| Murphy Oil Corp. | 4445811 | 183389704 |
| Ovintiv, Inc. | 9207628 | 546564798 |
| PBF Energy, Inc., Class A | 2752873 | 131091812 |
| Permian Resources Corp., Class A | 24550571 | 523418174 |
| Range Resources Corp. | 7856917 | 354975510 |
| Viper Energy, Inc., Class A | 6157266 | 289329929 |
|  |  | 4163271501 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Louisiana-Pacific Corp. | 2099905 | 152768089 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| Alaska Air Group, Inc.<sup>(a)(b)</sup> | 3798633 | 139713722 |
| American Airlines Group, Inc.<sup>(a)(b)</sup> | 21879104 | 234981577 |
|  |  | 374695299 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| BellRing Brands, Inc.<sup>(a)(b)</sup> | 3885736 | 62521492 |
| Coty, Inc., Class A<sup>(a)(b)</sup> | 12263060 | 24648751 |
| elf Beauty, Inc.<sup>(a)(b)</sup> | 1956718 | 118596678 |
|  |  | 205766921 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| Elanco Animal Health, Inc.<sup>(a)(b)</sup> | 16476227 | 394276112 |
| Jazz Pharmaceuticals PLC<sup>(a)(b)</sup> | 2014986 | 380933103 |
|  |  | 775209215 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Professional Services — 2.6%** | **Professional Services — 2.6%** | **Professional Services — 2.6%** |
| Booz Allen Hamilton Holding Corp., Class A | 3995924 | $311801950 |
| CACI International, Inc., Class A<sup>(a)(b)</sup> | 732376 | 398317335 |
| Concentrix Corp. | 1449155 | 39648881 |
| ExlService Holdings, Inc.<sup>(a)</sup> | 5207208 | 158559484 |
| Exponent, Inc. | 1653014 | 107859163 |
| FTI Consulting, Inc.<sup>(a)(b)</sup> | 1004315 | 177532763 |
| Genpact Ltd. | 5249120 | 195529720 |
| KBR, Inc. | 4207847 | 155101240 |
| Maximus, Inc. | 1807400 | 115854340 |
| Parsons Corp.<sup>(a)(b)</sup> | 1753392 | 94981245 |
| Paylocity Holding Corp.<sup>(a)</sup> | 1445976 | 156223247 |
| Science Applications International Corp. | 1498045 | 142194431 |
| TransUnion<sup>(b)</sup> | 6380105 | 441439465 |
| UL Solutions, Inc., Class A<sup>(b)</sup> | 2559855 | 219405172 |
|  |  | 2714448436 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| Jones Lang LaSalle, Inc.<sup>(a)(b)</sup> | 1565008 | 476263235 |
| **Residential REITs — 0.8%** | **Residential REITs — 0.8%** | **Residential REITs — 0.8%** |
| American Homes 4 Rent, Class A | 10802439 | 301604097 |
| Equity LifeStyle Properties, Inc. | 6427697 | 401216847 |
| Independence Realty Trust, Inc. | 7848059 | 116857598 |
|  |  | 819678542 |
| **Retail REITs — 1.0%** | **Retail REITs — 1.0%** | **Retail REITs — 1.0%** |
| Agree Realty Corp. | 3970744 | 299314683 |
| Brixmor Property Group, Inc. | 10158818 | 292573959 |
| Kite Realty Group Trust | 7173893 | 176119073 |
| NNN REIT, Inc. | 6293577 | 264519041 |
|  |  | 1032526756 |
| **Semiconductors & Semiconductor Equipment — 3.7%** | **Semiconductors & Semiconductor Equipment — 3.7%** | **Semiconductors & Semiconductor Equipment — 3.7%** |
| Allegro MicroSystems, Inc.<sup>(a)(b)</sup> | 4113609 | 129702092 |
| Amkor Technology, Inc. | 3769490 | 169740135 |
| Cirrus Logic, Inc.<sup>(a)(b)</sup> | 1692028 | 244701089 |
| Entegris, Inc.<sup>(b)</sup> | 5040410 | 590937668 |
| Lattice Semiconductor Corp.<sup>(a)(b)</sup> | 4535850 | 420745446 |
| MACOM Technology Solutions Holdings, Inc.<sup>(a)(b)</sup> | 2139163 | 475043928 |
| MKS, Inc. | 2227313 | 511858801 |
| Onto Innovation, Inc.<sup>(a)</sup> | 1646661 | 337680771 |
| Rambus, Inc.<sup>(a)(b)</sup> | 3570104 | 307136047 |
| Silicon Laboratories, Inc.<sup>(a)(b)</sup> | 1093350 | 227580803 |
| SiTime Corp.<sup>(a)(b)</sup> | 732863 | 253094237 |
| Synaptics, Inc.<sup>(a)(b)</sup> | 1283359 | 89886464 |
| Universal Display Corp. | 1465026 | 134284283 |
|  |  | 3892391764 |
| **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** |
| Appfolio, Inc., Class A<sup>(a)(b)</sup> | 806337 | 127256105 |
| Bentley Systems, Inc., Class B<sup>(b)</sup> | 4934818 | 173310808 |
| BILL Holdings, Inc.<sup>(a)(b)</sup> | 2918411 | 111775141 |
| Blackbaud, Inc.<sup>(a)</sup> | 1186081 | 45794588 |
| Commvault Systems, Inc.<sup>(a)</sup> | 1457096 | 113493208 |
| Docusign, Inc.<sup>(a)</sup> | 6636039 | 314614609 |
| Dolby Laboratories, Inc., Class A | 2017384 | 121164083 |
| Dropbox, Inc., Class A<sup>(a)(b)</sup> | 5779546 | 131311285 |
| Dynatrace, Inc.<sup>(a)(b)</sup> | 9890089 | 365735491 |
| Guidewire Software, Inc.<sup>(a)(b)</sup> | 2819263 | 421648974 |
| InterDigital, Inc. | 851987 | 257300074 |
| Manhattan Associates, Inc.<sup>(a)(b)</sup> | 1985071 | 264252652 |
| Nutanix, Inc., Class A<sup>(a)(b)</sup> | 8966570 | 340819326 |
| Pegasystems, Inc. | 3024702 | 128731317 |

---

62026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Mid-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Qualys, Inc.<sup>(a)(b)</sup> | 1188138 | $104377923 |
| UiPath, Inc., Class A<sup>(a)(b)</sup> | 14188817 | 157495869 |
|  |  | 3179081453 |
| **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** |
| CubeSmart | 7555960 | 276925934 |
| EPR Properties | 2522847 | 126041436 |
| Gaming & Leisure Properties, Inc. | 9384645 | 416396699 |
| Lamar Advertising Co., Class A | 2880418 | 364833744 |
| National Storage Affiliates Trust | 2345339 | 88513094 |
| Rayonier, Inc. | 9216178 | 190037590 |
|  |  | 1462748497 |
| **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** | **Specialty Retail — 3.4%** |
| Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 1519505 | 138837172 |
| AutoNation, Inc.<sup>(a)(b)</sup> | 862619 | 168434986 |
| Bath & Body Works, Inc. | 6783529 | 126648486 |
| Burlington Stores, Inc.<sup>(a)</sup> | 2061969 | 670923473 |
| Chewy, Inc., Class A<sup>(a)(b)</sup> | 7903353 | 213390531 |
| Dick's Sporting Goods, Inc. | 2201929 | 436620501 |
| Five Below, Inc.<sup>(a)</sup> | 1829078 | 417907741 |
| Floor & Decor Holdings, Inc., Class A<sup>(a)(b)</sup> | 3570487 | 181380740 |
| GameStop Corp., Class A<sup>(a)(b)</sup> | 13657218 | 314662303 |
| Gap, Inc. (The) | 7517399 | 181921056 |
| Lithia Motors, Inc., Class A | 803560 | 200665003 |
| Murphy U.S.A., Inc.<sup>(b)</sup> | 560457 | 276848944 |
| Penske Automotive Group, Inc.<sup>(b)</sup> | 611013 | 91358664 |
| RH<sup>(a)(b)</sup> | 513194 | 71754785 |
| Valvoline, Inc.<sup>(a)</sup> | 4218573 | 142081539 |
|  |  | 3633435924 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| Everpure, Inc., Class A<sup>(a)(b)</sup> | 10399964 | 614013875 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Capri Holdings Ltd.<sup>(a)(b)</sup> | 3948420 | 69571160 |
| Columbia Sportswear Co. | 845308 | 46331332 |
| Crocs, Inc.<sup>(a)(b)</sup> | 1664548 | 138190775 |
| PVH Corp.<sup>(b)</sup> | 1517683 | 105873566 |
| VF Corp. | 10890168 | 185023954 |
|  |  | 544990787 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** |
| Applied Industrial Technologies, Inc. | 1236928 | $328181737 |
| Core & Main, Inc., Class A<sup>(a)(b)</sup> | 6256006 | 309046696 |
| GATX Corp. | 1182974 | 201980981 |
| MSC Industrial Direct Co., Inc., Class A | 1516197 | 139899497 |
| Watsco, Inc. | 1158142 | 421320478 |
| WESCO International, Inc. | 1573151 | 430445577 |
|  |  | 1830874966 |
| **Water Utilities — 0.4%** | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** |
| Essential Utilities, Inc. | 9383612 | 377878055 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $87,850,710,037)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $87,850,710,037)** | 105575355934 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.1%** | **Money Market Funds — 4.1%** | **Money Market Funds — 4.1%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.77%<sup>(c)(d)(e)</sup><br>| 3954990184 | 3955781182 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.62%<sup>(c)(d)</sup><br>| 472044659 | 472044659 |
| **Total Short-Term Securities — 4.1%** <br>**(Cost: $4,426,572,302)** | **Total Short-Term Securities — 4.1%** <br>**(Cost: $4,426,572,302)** | 4427825841 |
| **Total Investments — 103.6%** <br>**(Cost: $92,277,282,339)** | **Total Investments — 103.6%** <br>**(Cost: $92,277,282,339)** | 110003181775 |
| **Liabilities in Excess of Other Assets — (3.6)%** | **Liabilities in Excess of Other Assets — (3.6)%** | (3870547549)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $106132634226 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Mid-Cap ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL Agency <br> Shares<br>| $3933875204<br>$23119527 <br><sup>(a)</sup><br>| $— | $(312296)<br>| $(901253)<br>| $3955781182 | 3954990184 | $11620224 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash <br> Funds: Treasury, SL Agency <br> Shares<br>| 396535059<br>75509600 <br><sup>(a)</sup><br>|  |  |  | 472044659 | 472044659 | 12078018 |  |
|  |  |  | $(312296)<br>| $(901253)<br>| $4427825841 |  | $23698242 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| S&P Mid 400 E-Mini Index | 811 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $275456 | &nbsp;&nbsp;&nbsp;&nbsp; $2584364 |

---

**Equity Swap Contracts** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Bank OZK | BNP Paribas SA | USD  | 478226 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | $3619 |
| Corebridge Financial, Inc. | JPMorgan Chase Bank N.A. |  | 201984850 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (11119166)<br>|
| Corebridge Financial, Inc. | Merrill Lynch International |  | 10934197 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 29282 |
| Equitable Holdings, Inc. | Goldman Sachs Bank USA |  | 28257398 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | (513739)<br>|
| Equitable Holdings, Inc. | HSBC Bank PLC |  | 27707889 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (1584341)<br>|
| WESCO International, Inc. | BNP Paribas SA |  | 9828873 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 760221 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  | (12424124)<br>|
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  | (667141)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  | $(13091265)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap* <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap* <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $793122 | &nbsp;&nbsp;&nbsp; $(13884387)<br>|

---

82026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Mid-Cap 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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2584364 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2584364 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; <br>Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 793122 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 793122 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3377486 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3377486 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; <br>Swap premiums received<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13884387 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13884387 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13127737 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13127737 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (61153574)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (61153574)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(48025837)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(48025837)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1816903)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1816903)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17425307)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17425307)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(19242210)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(19242210)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $187808578 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; 227993744 |

---

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

**Derivative Financial Instruments – Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $7745050 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 793122 | &nbsp;&nbsp;&nbsp;&nbsp; 13884387 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; $8538172 | &nbsp;&nbsp;&nbsp;&nbsp; $13884387 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (7745050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (667141)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $793122 | &nbsp;&nbsp;&nbsp;&nbsp; $13217246 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Mid-Cap ETF**

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| &nbsp;&nbsp;&nbsp; *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Non-* <br>*Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Net* <br>*Amount of* <br>*Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| BNP Paribas SA | &nbsp;&nbsp; $763840 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(763840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Merrill Lynch International | &nbsp;&nbsp; 29282 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29282 |
|  | &nbsp;&nbsp; $793122 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(763840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29282 |
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| &nbsp;&nbsp;&nbsp; *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Non-* <br>*Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Net* <br>*Amount of* <br>*Derivative* <br>*Liabilities*<sup>(d)</sup> <br>|
| Goldman Sachs Bank USA | &nbsp;&nbsp; $513739 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(513739)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| HSBC Bank PLC | &nbsp;&nbsp; 1584341 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1584341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 11119166 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11119166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $13217246 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(13217246)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $105575355934 | $— | $— | $105575355934 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 4427825841 |  |  | 4427825841 |
|  | &nbsp;&nbsp; $110003181775 | $— | $— | $110003181775 |
| Derivative Financial Instruments<sup>(a)(b)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $2584364 | $793122 | $— | $3377486 |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | (13884387)<br>|  | (13884387)<br>|
|  | &nbsp;&nbsp; $2584364 | $(13091265)<br>| $— | $(10506901)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

102026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| AAR Corp.<sup>(a)(b)(c)</sup> | 2345031 | $256687093 |
| Mercury Systems, Inc.<sup>(a)(b)(c)</sup> | 3172565 | 231311714 |
| National Presto Industries, Inc.<sup>(c)</sup> | 317640 | 43535738 |
| VSE Corp.<sup>(a)(c)</sup> | 1730040 | 319019376 |
|  |  | 850553921 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| Forward Air Corp.<sup>(b)(c)</sup> | 1332336 | 22263335 |
| Hub Group, Inc., Class A<sup>(a)</sup> | 3637653 | 131101014 |
|  |  | 153364349 |
| **Automobile Components — 1.5%** | **Automobile Components — 1.5%** | **Automobile Components — 1.5%** |
| Adient PLC<sup>(a)(b)(c)</sup> | 4703000 | 95047630 |
| Dana, Inc.<sup>(a)</sup> | 6745519 | 226986714 |
| Dauch Corp.<sup>(a)(b)(c)</sup> | 14163686 | 83990658 |
| Dorman Products, Inc.<sup>(a)(b)(c)</sup> | 1670448 | 174327953 |
| Fox Factory Holding Corp.<sup>(a)(b)(c)</sup> | 2508227 | 41285416 |
| Gentherm, Inc.<sup>(a)(b)(c)</sup> | 1829257 | 50816759 |
| LCI Industries<sup>(a)</sup> | 1453320 | 178729294 |
| Patrick Industries, Inc.<sup>(a)</sup> | 1998864 | 222013824 |
| Phinia, Inc.<sup>(a)</sup> | 2276936 | 155833500 |
| Standard Motor Products, Inc.<sup>(a)</sup> | 1254055 | 43565871 |
| XPEL, Inc.<sup>(a)(b)(c)</sup> | 1511474 | 66897839 |
|  |  | 1339495458 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Winnebago Industries, Inc.<sup>(a)</sup> | 1693388 | 52478094 |
| **Banks — 8.5%** | **Banks — 8.5%** | **Banks — 8.5%** |
| Ameris Bancorp<sup>(a)</sup> | 3855423 | 300684440 |
| Atlantic Union Bankshares Corp.<sup>(a)</sup> | 8509597 | 304132997 |
| Axos Financial, Inc.<sup>(a)(b)(c)</sup> | 3405995 | 289816115 |
| Banc of California, Inc.<sup>(a)</sup> | 8061751 | 141725583 |
| BancFirst Corp. | 1248736 | 135487856 |
| Bancorp, Inc. (The)<sup>(a)(b)(c)</sup> | 2544448 | 136713191 |
| Bank of Hawaii Corp.<sup>(a)</sup> | 2361026 | 175306181 |
| BankUnited, Inc.<sup>(a)</sup> | 4368801 | 197295053 |
| Banner Corp.<sup>(a)</sup> | 2060626 | 125038786 |
| Beacon Financial Corp.<sup>(a)</sup> | 4979548 | 149386440 |
| Capitol Federal Financial, Inc.<sup>(a)</sup> | 7168017 | 51107961 |
| Cathay General Bancorp<sup>(a)</sup> | 4038301 | 201349688 |
| Central Pacific Financial Corp.<sup>(a)</sup> | 1553699 | 49656220 |
| City Holding Co.<sup>(a)</sup> | 864737 | 103353366 |
| Community Financial System, Inc.<sup>(a)</sup> | 3161900 | 185445435 |
| Customers Bancorp, Inc.<sup>(a)(b)(c)</sup> | 1920992 | 133336055 |
| CVB Financial Corp.<sup>(a)</sup> | 7652145 | 148375092 |
| Dime Community Bancshares, Inc.<sup>(a)</sup> | 2448364 | 82803670 |
| Eagle Bancorp, Inc.<sup>(a)(c)</sup> | 1658439 | 41245378 |
| FB Financial Corp. | 2423893 | 125897002 |
| First BanCorp/Puerto Rico<sup>(a)</sup> | 9349569 | 199706794 |
| First Bancorp/Southern Pines NC<sup>(a)</sup> | 2490012 | 140312176 |
| First Commonwealth Financial Corp.<sup>(a)</sup> | 6151497 | 108143317 |
| First Financial Bancorp<sup>(a)</sup> | 6248806 | 174216711 |
| First Hawaiian, Inc.<sup>(a)</sup> | 7361976 | 181399089 |
| First Interstate BancSystem, Inc., Class A<sup>(a)</sup> | 5283094 | 176455340 |
| Fulton Financial Corp.<sup>(a)</sup> | 10780386 | 219273051 |
| Hanmi Financial Corp.<sup>(a)</sup> | 1781510 | 46960604 |
| Heritage Financial Corp.<sup>(a)</sup> | 2467767 | 64161942 |
| Hilltop Holdings, Inc. | 2501810 | 89614834 |
| Hope Bancorp, Inc.<sup>(a)</sup> | 7732101 | 86367568 |
| Independent Bank Corp.<sup>(a)</sup> | 2979269 | 224070821 |
| Lakeland Financial Corp.<sup>(a)</sup> | 1513852 | 86864828 |
| National Bank Holdings Corp., Class A<sup>(a)</sup> | 2271499 | 88951901 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| NBT Bancorp, Inc.<sup>(a)</sup> | 3141488 | $133764559 |
| Northwest Bancshares, Inc.<sup>(a)</sup> | 8772423 | 111322048 |
| OFG Bancorp<sup>(a)</sup> | 2556393 | 103431661 |
| Park National Corp.<sup>(a)</sup> | 965685 | 157841213 |
| Pathward Financial, Inc.<sup>(a)(c)</sup> | 1312409 | 117106255 |
| Preferred Bank | 546812 | 49590380 |
| Provident Financial Services, Inc.<sup>(a)</sup> | 7508046 | 158870253 |
| Renasant Corp.<sup>(a)</sup> | 5687034 | 205472538 |
| S&T Bancorp, Inc.<sup>(a)</sup> | 2257023 | 94411272 |
| Seacoast Banking Corp. of Florida<sup>(a)</sup> | 5817038 | 176198081 |
| ServisFirst Bancshares, Inc.<sup>(a)</sup> | 3018709 | 219852576 |
| Simmons First National Corp., Class A<sup>(a)</sup> | 8731918 | 169835805 |
| Southside Bancshares, Inc.<sup>(a)</sup> | 1684893 | 52383323 |
| Stellar Bancorp, Inc.<sup>(a)</sup> | 2742584 | 100406000 |
| Tompkins Financial Corp.<sup>(a)</sup> | 757526 | 59723350 |
| Triumph Financial, Inc.<sup>(a)(b)(c)</sup> | 1356689 | 80940066 |
| TrustCo Bank Corp.<sup>(a)</sup> | 1075676 | 47093095 |
| Trustmark Corp.<sup>(a)</sup> | 3559468 | 149995982 |
| United Community Banks, Inc.<sup>(a)</sup> | 7195573 | 226588594 |
| WaFd, Inc.<sup>(a)</sup> | 4581734 | 143866448 |
| Westamerica BanCorp<sup>(a)</sup> | 1477616 | 77057674 |
| WSFS Financial Corp.<sup>(a)</sup> | 3209608 | 210100940 |
|  |  | 7810507598 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| National Beverage Corp.<sup>(b)</sup> | 1404620 | 47265463 |
| Vita Coco Co., Inc. (The)<sup>(b)(c)</sup> | 2634862 | 126236238 |
|  |  | 173501701 |
| **Biotechnology — 3.3%** | **Biotechnology — 3.3%** | **Biotechnology — 3.3%** |
| ACADIA Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 7518880 | 167370269 |
| ADMA Biologics, Inc.<sup>(a)(b)(c)</sup> | 14295331 | 128800932 |
| Alkermes PLC<sup>(a)(b)(c)</sup> | 9919327 | 350747403 |
| Apellis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 6153311 | 247547702 |
| Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 5089792 | 109939507 |
| Catalyst Pharmaceuticals, Inc.<sup>(a)(b)(c)</sup> | 6938748 | 171803400 |
| Krystal Biotech, Inc.<sup>(a)(b)(c)</sup> | 1550560 | 400540659 |
| Protagonist Therapeutics, Inc.<sup>(a)(b)(c)</sup> | 3530505 | 372115227 |
| PTC Therapeutics, Inc.<sup>(a)(b)(c)</sup> | 4823448 | 328621512 |
| Sarepta Therapeutics, Inc.<sup>(a)(b)(c)</sup> | 6291393 | 136900712 |
| TG Therapeutics, Inc.<sup>(a)(b)(c)</sup> | 8167455 | 271322855 |
| Veracyte, Inc.<sup>(a)(b)(c)</sup> | 4747508 | 152917233 |
| Vericel Corp.<sup>(a)(b)(c)</sup> | 3036291 | 97677481 |
| Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 6773280 | 60688589 |
| Xencor, Inc.<sup>(a)(b)(c)</sup> | 4284914 | 51676063 |
|  |  | 3048669544 |
| **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** |
| Etsy, Inc.<sup>(a)(b)(c)</sup> | 5929880 | 296375402 |
| Kohl's Corp.<sup>(a)(c)</sup> | 6734443 | 86874315 |
|  |  | 383249717 |
| **Building Products — 2.4%** | **Building Products — 2.4%** | **Building Products — 2.4%** |
| American Woodmark Corp.<sup>(a)(b)</sup> | 874268 | 34822094 |
| Apogee Enterprises, Inc.<sup>(a)</sup> | 1290731 | 43291118 |
| Armstrong World Industries, Inc.<sup>(a)</sup> | 2591194 | 427028771 |
| AZZ, Inc.<sup>(a)</sup> | 1793423 | 224411020 |
| CSW Industrials, Inc.<sup>(a)(c)</sup> | 989392 | 257815767 |
| Gibraltar Industries, Inc.<sup>(a)(b)(c)</sup> | 1772910 | 70685922 |
| Griffon Corp.<sup>(a)</sup> | 2349869 | 170788479 |
| Hayward Holdings, Inc.<sup>(a)(b)(c)</sup> | 11982686 | 160328339 |
| Insteel Industries, Inc.<sup>(a)(c)</sup> | 1169684 | 39313079 |
| Masterbrand, Inc.<sup>(a)(b)(c)</sup> | 7607826 | 63221034 |
| Quanex Building Products Corp.<sup>(a)</sup> | 2756584 | 49535814 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Resideo Technologies, Inc.<sup>(a)(b)(c)</sup> | 8274497 | $278933294 |
| Zurn Elkay Water Solutions Corp.<sup>(a)</sup> | 8918845 | 399921010 |
|  |  | 2220095741 |
| **Capital Markets — 3.0%** | **Capital Markets — 3.0%** | **Capital Markets — 3.0%** |
| Acadian Asset Management, Inc. | 1586116 | 86316433 |
| Artisan Partners Asset Management, Inc., <br> Class A<sup>(a)</sup><br>| 4231711 | 153991963 |
| BGC Group, Inc., Class A<sup>(a)</sup> | 21814694 | 213347707 |
| Cohen & Steers, Inc. | 1653706 | 103439310 |
| Donnelley Financial Solutions, Inc.<sup>(a)(b)(c)</sup> | 1592664 | 75078181 |
| MarketAxess Holdings, Inc.<sup>(a)</sup> | 2125028 | 350587119 |
| Moelis & Co., Class A | 3545796 | 202110372 |
| Piper Sandler Cos.<sup>(a)(c)</sup> | 4061972 | 310943957 |
| PJT Partners, Inc., Class A<sup>(a)(c)</sup> | 1459872 | 203973316 |
| StepStone Group, Inc., Class A<sup>(a)</sup> | 4414589 | 210664187 |
| StoneX Group, Inc.<sup>(a)(b)(c)</sup> | 4207489 | 339333988 |
| Victory Capital Holdings, Inc., Class A | 2851098 | 186689897 |
| Virtu Financial, Inc., Class A<sup>(a)</sup> | 4793531 | 210819493 |
| Virtus Investment Partners, Inc.<sup>(a)</sup> | 380990 | 51186007 |
| WisdomTree, Inc. | 6897260 | 100424106 |
|  |  | 2798906036 |
| **Chemicals — 3.6%** | **Chemicals — 3.6%** | **Chemicals — 3.6%** |
| Balchem Corp.<sup>(a)</sup> | 1945616 | 329743000 |
| Celanese Corp., Class A<sup>(a)(c)</sup> | 6579053 | 432704316 |
| Chemours Co. (The)<sup>(a)</sup> | 9037512 | 199096389 |
| Eastman Chemical Co.<sup>(a)</sup> | 6855388 | 523203212 |
| Element Solutions, Inc.<sup>(a)</sup> | 13667266 | 466600461 |
| FMC Corp.<sup>(a)</sup> | 7500036 | 129150620 |
| Hawkins, Inc.<sup>(a)(c)</sup> | 1259622 | 193477939 |
| HB Fuller Co.<sup>(a)</sup> | 3261928 | 201195719 |
| Ingevity Corp.<sup>(a)(b)(c)</sup> | 2159786 | 153841557 |
| Innospec, Inc.<sup>(a)</sup> | 1487589 | 108623749 |
| Koppers Holdings, Inc.<sup>(a)</sup> | 1186816 | 45906043 |
| Minerals Technologies, Inc.<sup>(a)</sup> | 1869525 | 132586713 |
| Quaker Chemical Corp. | 822415 | 102168615 |
| Sensient Technologies Corp.<sup>(a)</sup> | 2551839 | 220580963 |
| Stepan Co.<sup>(a)</sup> | 1289445 | 64446461 |
|  |  | 3303325757 |
| **Commercial Services & Supplies — 2.2%** | **Commercial Services & Supplies — 2.2%** | **Commercial Services & Supplies — 2.2%** |
| ABM Industries, Inc.<sup>(a)</sup> | 3518881 | 135547296 |
| Brady Corp., Class A, NVS<sup>(a)</sup> | 2621227 | 212948481 |
| Casella Waste Systems, Inc., Class A<sup>(a)(b)(c)</sup> | 3755038 | 297924715 |
| CoreCivic, Inc.<sup>(a)(b)</sup> | 6007717 | 113605928 |
| Deluxe Corp.<sup>(a)</sup> | 2701059 | 74387165 |
| Enviri Corp.<sup>(a)(b)(c)</sup> | 4841483 | 94989896 |
| GEO Group, Inc. (The)<sup>(a)(b)</sup> | 8210455 | 138017749 |
| Healthcare Services Group, Inc.<sup>(a)(b)(c)</sup> | 4228967 | 78447338 |
| HNI Corp.<sup>(a)</sup> | 4164967 | 139068248 |
| Interface, Inc., Class A<sup>(a)(c)</sup> | 3505055 | 87345971 |
| Liquidity Services, Inc.<sup>(b)(c)</sup> | 1414371 | 43237321 |
| MillerKnoll, Inc.<sup>(a)</sup> | 4096002 | 59228189 |
| OPENLANE, Inc.<sup>(a)(b)</sup> | 6382096 | 186038098 |
| Pitney Bowes, Inc. | 6535512 | 72217408 |
| UniFirst Corp.<sup>(a)(c)</sup> | 872274 | 219455416 |
| Vestis Corp.<sup>(a)(b)</sup> | 6730022 | 52897973 |
|  |  | 2005357192 |
| **Communications Equipment — 1.5%** | **Communications Equipment — 1.5%** | **Communications Equipment — 1.5%** |
| Calix, Inc.<sup>(a)(b)(c)</sup> | 3622273 | 177455154 |
| Digi International, Inc.<sup>(a)(b)(c)</sup> | 2258237 | 108847023 |
| Extreme Networks, Inc.<sup>(b)(c)</sup> | 6030955 | 90946801 |
| Harmonic, Inc.<sup>(a)(b)</sup> | 6734850 | 60478953 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
| NetScout Systems, Inc.<sup>(a)(b)(c)</sup> | 4119844 | $130969841 |
| Viasat, Inc.<sup>(a)(b)(c)</sup> | 8160831 | 373766060 |
| Viavi Solutions, Inc.<sup>(a)(b)(c)</sup> | 13902444 | 462673336 |
|  |  | 1405137168 |
| **Construction & Engineering — 2.6%** | **Construction & Engineering — 2.6%** | **Construction & Engineering — 2.6%** |
| Arcosa, Inc.<sup>(a)(c)</sup> | 2946436 | 312734717 |
| Argan, Inc.<sup>(a)</sup> | 833494 | 453962507 |
| Everus Construction Group, Inc.<sup>(a)(b)(c)</sup> | 3064471 | 361791446 |
| Granite Construction, Inc.<sup>(a)(c)</sup> | 2613135 | 313262624 |
| MYR Group, Inc.<sup>(a)(b)(c)</sup> | 932494 | 263261706 |
| Primoris Services Corp.<sup>(a)(c)</sup> | 3246342 | 464356760 |
| WillScot Holdings Corp., Class A<sup>(a)(c)</sup> | 10927704 | 189704941 |
|  |  | 2359074701 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| Bread Financial Holdings, Inc. | 1679278 | 125761129 |
| Encore Capital Group, Inc.<sup>(a)(b)(c)</sup> | 1338989 | 93889909 |
| Enova International, Inc.<sup>(a)(b)(c)</sup> | 1484621 | 201656070 |
| EZCORP, Inc., Class A, NVS<sup>(a)(b)(c)</sup> | 3525382 | 89474195 |
| Navient Corp. | 3974736 | 32513340 |
| PRA Group, Inc.<sup>(a)(b)(c)</sup> | 2341135 | 40969863 |
| PROG Holdings, Inc.<sup>(a)</sup> | 2373125 | 68084956 |
| World Acceptance Corp.<sup>(b)(c)</sup> | 171196 | 23118308 |
|  |  | 675467770 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Andersons, Inc. (The)<sup>(a)</sup> | 2017551 | 144819811 |
| Chefs' Warehouse, Inc. (The)<sup>(a)(b)(c)</sup> | 2174437 | 129270280 |
| Grocery Outlet Holding Corp.<sup>(a)(b)(c)</sup> | 5888703 | 41515356 |
| PriceSmart, Inc. | 1516481 | 228230391 |
| United Natural Foods, Inc.<sup>(a)(b)(c)</sup> | 3659186 | 164882921 |
|  |  | 708718759 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| O-I Glass, Inc.<sup>(a)(b)(c)</sup> | 9146715 | 96131975 |
| Sealed Air Corp.<sup>(a)</sup> | 8847887 | 372053648 |
|  |  | 468185623 |
| **Distributors — 0.5%** | **Distributors — 0.5%** | **Distributors — 0.5%** |
| LKQ Corp.<sup>(a)</sup> | 15378754 | 451674005 |
| **Diversified Consumer Services — 1.7%** | **Diversified Consumer Services — 1.7%** | **Diversified Consumer Services — 1.7%** |
| ADT, Inc. | 30515347 | 200485830 |
| Covista, Inc.<sup>(a)(b)(c)</sup> | 2072888 | 238900342 |
| Frontdoor, Inc.<sup>(a)(b)</sup> | 4331893 | 228983864 |
| Laureate Education, Inc., Class A<sup>(a)(b)(c)</sup> | 8056134 | 280675709 |
| Matthews International Corp., Class A<sup>(a)</sup> | 1867788 | 48226286 |
| Mister Car Wash, Inc.<sup>(b)(c)</sup> | 5896701 | 41100006 |
| OneSpaWorld Holdings Ltd. | 2276893 | 52254694 |
| Perdoceo Education Corp.<sup>(a)</sup> | 3516935 | 130865151 |
| Strategic Education, Inc.<sup>(a)</sup> | 1395553 | 115775077 |
| Stride, Inc.<sup>(a)(b)(c)</sup> | 2524259 | 222563916 |
|  |  | 1559830875 |
| **Diversified REITs — 0.6%** | **Diversified REITs — 0.6%** | **Diversified REITs — 0.6%** |
| American Assets Trust, Inc. | 2841008 | 52302957 |
| Essential Properties Realty Trust, Inc.<sup>(a)</sup> | 12609651 | 382829004 |
| Global Net Lease, Inc. | 9232006 | 86411576 |
|  |  | 521543537 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| Cogent Communications Holdings, Inc.<sup>(a)(c)</sup> | 2848163 | 53659391 |
| Iridium Communications, Inc.<sup>(a)</sup> | 6303723 | 174865276 |
| Lumen Technologies, Inc.<sup>(b)(c)</sup> | 47061267 | 327075806 |
| Uniti Group, Inc.<sup>(b)(c)</sup> | 10761275 | 100940760 |
|  |  | 656541233 |

---

122026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** |
| Hawaiian Electric Industries, Inc.<sup>(a)(b)(c)</sup> | 10366558 | $153839721 |
| MGE Energy, Inc.<sup>(a)</sup> | 2194668 | 169625890 |
| Otter Tail Corp.<sup>(a)</sup> | 2517188 | 220933591 |
|  |  | 544399202 |
| **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** |
| Powell Industries, Inc.<sup>(c)</sup> | 568968 | 307857205 |
| Sunrun, Inc.<sup>(a)(b)(c)</sup> | 13936298 | 188976201 |
|  |  | 496833406 |
| **Electronic Equipment, Instruments & Components — 3.4%** | **Electronic Equipment, Instruments & Components — 3.4%** | **Electronic Equipment, Instruments & Components — 3.4%** |
| Arlo Technologies, Inc.<sup>(a)(b)(c)</sup> | 6363034 | 90545974 |
| Badger Meter, Inc.<sup>(a)</sup> | 1770339 | 269711147 |
| Benchmark Electronics, Inc.<sup>(a)</sup> | 2142438 | 120105074 |
| CTS Corp.<sup>(a)</sup> | 1743839 | 83285751 |
| ePlus, Inc.<sup>(a)</sup> | 1569983 | 118141221 |
| Insight Enterprises, Inc.<sup>(a)(b)(c)</sup> | 1861472 | 124737239 |
| Itron, Inc.<sup>(a)(b)(c)</sup> | 2751329 | 246601618 |
| Knowles Corp.<sup>(a)(b)(c)</sup> | 5098936 | 130940676 |
| Mirion Technologies, Inc., Class A<sup>(a)(b)(c)</sup> | 14698040 | 273236564 |
| Napco Security Technologies, Inc.<sup>(a)</sup> | 2140876 | 84329106 |
| OSI Systems, Inc.<sup>(a)(b)(c)</sup> | 930267 | 246995191 |
| PC Connection, Inc. | 681734 | 39854170 |
| Plexus Corp.<sup>(a)(b)(c)</sup> | 1609252 | 325937900 |
| Ralliant Corp.<sup>(a)(c)</sup> | 6776758 | 281845365 |
| Rogers Corp.<sup>(a)(b)(c)</sup> | 1004168 | 107777351 |
| Sanmina Corp.<sup>(a)(b)(c)</sup> | 3280735 | 425314485 |
| ScanSource, Inc.<sup>(a)(b)(c)</sup> | 1185803 | 43044649 |
| Vishay Intertechnology, Inc.<sup>(a)</sup> | 7415694 | 133482492 |
|  |  | 3145885973 |
| **Energy Equipment & Services — 3.0%** | **Energy Equipment & Services — 3.0%** | **Energy Equipment & Services — 3.0%** |
| Archrock, Inc.<sup>(a)</sup> | 10536125 | 366657150 |
| Atlas Energy Solutions, Inc. | 4612712 | 60518781 |
| Bristow Group, Inc.<sup>(a)(c)</sup> | 1509868 | 70797711 |
| Cactus, Inc., Class A<sup>(a)</sup> | 4134509 | 195851691 |
| Core Laboratories, Inc.<sup>(a)(c)</sup> | 2794035 | 46911848 |
| Helix Energy Solutions Group, Inc.<sup>(a)(b)(c)</sup> | 8209990 | 81196801 |
| Helmerich & Payne, Inc.<sup>(a)</sup> | 5997713 | 216097599 |
| Innovex International, Inc.<sup>(b)(c)</sup> | 2316149 | 56490874 |
| Kodiak Gas Services, Inc.<sup>(a)</sup> | 4993002 | 291191877 |
| Liberty Energy, Inc., Class A<sup>(a)</sup> | 9735291 | 280376381 |
| Noble Corp. PLC | 7555884 | 370767228 |
| Oceaneering International, Inc.<sup>(a)(b)(c)</sup> | 5993129 | 212576286 |
| Patterson-UTI Energy, Inc.<sup>(a)</sup> | 20748394 | 224705107 |
| RPC, Inc. | 5335808 | 37777521 |
| Tidewater, Inc.<sup>(a)(b)(c)</sup> | 2771987 | 231599514 |
|  |  | 2743516369 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Cinemark Holdings, Inc.<sup>(a)</sup> | 6197613 | 176755923 |
| Madison Square Garden Sports Corp., <br> Class A<sup>(a)(b)(c)</sup><br>| 1080025 | 347120035 |
| Sphere Entertainment Co., Class A<sup>(a)(b)(c)</sup> | 1599422 | 187772143 |
|  |  | 711648101 |
| **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
| Enact Holdings, Inc. | 1733081 | 70727036 |
| EVERTEC, Inc.<sup>(a)</sup> | 3841684 | 108412322 |
| HA Sustainable Infrastructure Capital, Inc.<sup>(a)</sup> | 7668031 | 281800139 |
| Jackson Financial, Inc., Class A | 1741956 | 184159588 |
| Merchants Bancorp<sup>(c)</sup> | 1762686 | 75636856 |
| NCR Atleos Corp.<sup>(a)(b)(c)</sup> | 4438654 | 193436541 |
| NMI Holdings, Inc., Class A<sup>(a)(b)(c)</sup> | 4584431 | 171962007 |
| Payoneer Global, Inc.<sup>(b)(c)</sup> | 16779043 | 81042778 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Radian Group, Inc. | 6618430 | $218937664 |
| Sezzle, Inc.<sup>(b)(c)</sup> | 1024832 | 64861617 |
| Walker & Dunlop, Inc.<sup>(a)</sup> | 2044888 | 90752129 |
| Western Union Co. (The) | 11577510 | 101071662 |
|  |  | 1642800339 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| Cal-Maine Foods, Inc.<sup>(a)</sup> | 2690707 | 212969459 |
| Fresh Del Monte Produce, Inc. | 1978599 | 79658396 |
| Freshpet, Inc.<sup>(a)(b)(c)</sup> | 2931539 | 172843539 |
| J & J Snack Foods Corp. | 912722 | 72351473 |
| John B Sanfilippo & Son, Inc.<sup>(a)</sup> | 545377 | 43264757 |
| Lamb Weston Holdings, Inc.<sup>(a)</sup> | 8343582 | 352599775 |
| Simply Good Foods Co. (The)<sup>(a)(b)(c)</sup> | 5111377 | 73348260 |
| Tootsie Roll Industries, Inc.<sup>(c)</sup> | 1214676 | 51890959 |
| Vital Farms, Inc.<sup>(b)(c)</sup> | 2229965 | 31487106 |
|  |  | 1090413724 |
| **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** |
| Chesapeake Utilities Corp.<sup>(a)</sup> | 1420475 | 179505426 |
| MDU Resources Group, Inc.<sup>(a)</sup> | 12277449 | 254388743 |
| Northwest Natural Holding Co.<sup>(a)</sup> | 2492470 | 132649253 |
|  |  | 566543422 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| ArcBest Corp.<sup>(a)(c)</sup> | 1342057 | 132004727 |
| Heartland Express, Inc. | 2741834 | 28515074 |
| Hertz Global Holdings, Inc.<sup>(b)(c)</sup> | 7478834 | 34477425 |
| Lyft, Inc., Class A<sup>(a)(b)(c)</sup> | 23916811 | 318093586 |
| Marten Transport Ltd. | 3473970 | 45613226 |
| RXO, Inc.<sup>(a)(b)(c)</sup> | 9859923 | 144152074 |
| Schneider National, Inc., Class B | 2990083 | 78818588 |
| Werner Enterprises, Inc.<sup>(a)</sup> | 3594289 | 105708039 |
|  |  | 887382739 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| Artivion, Inc.<sup>(a)(b)(c)</sup> | 2527408 | 92553681 |
| Avanos Medical, Inc.<sup>(a)(b)(c)</sup> | 2785412 | 39023622 |
| CONMED Corp.<sup>(a)</sup> | 1858357 | 65711504 |
| Embecta Corp.<sup>(a)</sup> | 3637124 | 32152176 |
| Enovis Corp.<sup>(a)(b)(c)</sup> | 3432457 | 78088397 |
| Glaukos Corp.<sup>(a)(b)(c)</sup> | 3450630 | 371494826 |
| ICU Medical, Inc.<sup>(a)(b)(c)</sup> | 1482700 | 191490705 |
| Inspire Medical Systems, Inc.<sup>(a)(b)(c)</sup> | 1561061 | 80519526 |
| Integer Holdings Corp.<sup>(a)(b)(c)</sup> | 2104361 | 185183768 |
| Integra LifeSciences Holdings Corp.<sup>(a)(b)(c)</sup> | 4019636 | 37864971 |
| LeMaitre Vascular, Inc.<sup>(a)</sup> | 1253383 | 136831822 |
| Merit Medical Systems, Inc.<sup>(a)(b)(c)</sup> | 3561574 | 245499296 |
| Neogen Corp.<sup>(a)(b)(c)</sup> | 13060852 | 121335315 |
| Omnicell, Inc.<sup>(a)(b)(c)</sup> | 2693989 | 89925353 |
| QuidelOrtho Corp.<sup>(a)(b)(c)</sup> | 4076460 | 66976238 |
| STAAR Surgical Co.<sup>(a)(b)(c)</sup> | 2984784 | 55815461 |
| Tandem Diabetes Care, Inc.<sup>(a)(b)(c)</sup> | 4070675 | 78034840 |
| Teleflex, Inc.<sup>(a)</sup> | 2654922 | 317555220 |
| TransMedics Group, Inc.<sup>(a)(b)(c)</sup> | 2052806 | 204069444 |
| UFP Technologies, Inc.<sup>(a)(b)(c)</sup> | 462979 | 89632734 |
|  |  | 2579758899 |
| **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** |
| Acadia Healthcare Co., Inc.<sup>(a)(b)(c)</sup> | 5540031 | 129581325 |
| AdaptHealth Corp.<sup>(b)(c)</sup> | 6440022 | 76636262 |
| Addus HomeCare Corp.<sup>(a)(b)(c)</sup> | 1095072 | 102553493 |
| AMN Healthcare Services, Inc.<sup>(a)(b)</sup> | 2305059 | 42274782 |
| Astrana Health, Inc.<sup>(b)(c)</sup> | 2588879 | 63479313 |
| BrightSpring Health Services, Inc.<sup>(b)(c)</sup> | 7952846 | 338870768 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Concentra Group Holdings Parent, Inc.<sup>(a)</sup> | 7158708 | $153554287 |
| CorVel Corp.<sup>(b)(c)</sup> | 1873315 | 102376665 |
| Molina Healthcare, Inc.<sup>(a)(b)(c)</sup> | 3094228 | 412460592 |
| National HealthCare Corp. | 745289 | 119022653 |
| NeoGenomics, Inc.<sup>(a)(b)(c)</sup> | 7764250 | 57610735 |
| Pediatrix Medical Group, Inc.<sup>(a)(b)(c)</sup> | 5054004 | 108105146 |
| Privia Health Group, Inc.<sup>(a)(b)(c)</sup> | 6943819 | 142834357 |
| Progyny, Inc.<sup>(a)(b)(c)</sup> | 4812743 | 81720376 |
| RadNet, Inc.<sup>(b)(c)</sup> | 3513849 | 196389021 |
| Select Medical Holdings Corp.<sup>(a)</sup> | 6616203 | 107777947 |
| U.S. Physical Therapy, Inc.<sup>(a)</sup> | 912376 | 68391705 |
|  |  | 2303639427 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| LTC Properties, Inc.<sup>(a)</sup> | 2858804 | 106233157 |
| Medical Properties Trust, Inc.<sup>(c)</sup> | 29619538 | 137138461 |
| Universal Health Realty Income Trust<sup>(a)</sup> | 765927 | 30997066 |
|  |  | 274368684 |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |
| Certara, Inc.<sup>(b)(c)</sup> | 7167913 | 40857104 |
| HealthStream, Inc. | 1424259 | 29496404 |
| Schrodinger, Inc.<sup>(a)(b)(c)</sup> | 3367213 | 38251540 |
| Waystar Holding Corp.<sup>(b)(c)</sup> | 6894327 | 166222224 |
|  |  | 274827272 |
| **Hotel & Resort REITs — 1.0%** | **Hotel & Resort REITs — 1.0%** | **Hotel & Resort REITs — 1.0%** |
| Apple Hospitality REIT, Inc.<sup>(a)</sup> | 13213688 | 152089549 |
| DiamondRock Hospitality Co.<sup>(a)</sup> | 12231255 | 114606859 |
| Pebblebrook Hotel Trust<sup>(a)(c)</sup> | 6818550 | 86118287 |
| Ryman Hospitality Properties, Inc.<sup>(a)</sup> | 3785190 | 349259481 |
| Sunstone Hotel Investors, Inc.<sup>(a)</sup> | 11401581 | 102728245 |
| Xenia Hotels & Resorts, Inc.<sup>(a)</sup> | 5690813 | 84394757 |
|  |  | 889197178 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| BJ's Restaurants, Inc.<sup>(a)(b)(c)</sup> | 1268231 | 44514908 |
| Brinker International, Inc.<sup>(a)(b)(c)</sup> | 2616473 | 373553850 |
| Caesars Entertainment, Inc.<sup>(a)(b)(c)</sup> | 12262292 | 324092378 |
| Cheesecake Factory, Inc. (The)<sup>(a)(c)</sup> | 2753920 | 150777120 |
| Cracker Barrel Old Country Store, Inc.<sup>(a)(c)</sup> | 1339772 | 37660991 |
| Golden Entertainment, Inc. | 1178066 | 31442582 |
| Life Time Group Holdings, Inc.<sup>(b)(c)</sup> | 9139827 | 246226939 |
| Marriott Vacations Worldwide Corp. | 1662725 | 108276652 |
| Monarch Casino & Resort, Inc. | 727187 | 69519077 |
| Papa John's International, Inc.<sup>(a)</sup> | 1967642 | 63771277 |
| Penn Entertainment, Inc.<sup>(a)(b)(c)</sup> | 7647219 | 114937702 |
| Pursuit Attractions & Hospitality, Inc.<sup>(b)(c)</sup> | 1289830 | 47246473 |
| Red Rock Resorts, Inc., Class A | 2915432 | 155567452 |
| Sabre Corp.<sup>(a)(b)(c)</sup> | 23694949 | 34357676 |
| Shake Shack, Inc., Class A<sup>(a)(b)(c)</sup> | 2417956 | 213916567 |
| Six Flags Entertainment Corp.<sup>(a)(b)(c)</sup> | 6092566 | 108143047 |
| United Parks & Resorts, Inc.<sup>(b)(c)</sup> | 1636630 | 53452336 |
| Wendy's Co. (The) | 9483196 | 65908212 |
|  |  | 2243365239 |
| **Household Durables — 2.7%** | **Household Durables — 2.7%** | **Household Durables — 2.7%** |
| Cavco Industries, Inc.<sup>(a)(b)(c)</sup> | 466216 | 225783747 |
| Century Communities, Inc.<sup>(a)</sup> | 1517146 | 87053837 |
| Champion Homes, Inc.<sup>(a)(b)(c)</sup> | 3322050 | 247060858 |
| Dream Finders Homes, Inc., Class A<sup>(a)(b)(c)</sup> | 1724965 | 24011513 |
| Ethan Allen Interiors, Inc.<sup>(a)</sup> | 1389466 | 30929513 |
| Green Brick Partners, Inc.<sup>(b)(c)</sup> | 1831054 | 118011430 |
| Installed Building Products, Inc.<sup>(a)(c)</sup> | 1360666 | 360780590 |
| La-Z-Boy, Inc.<sup>(a)</sup> | 2475853 | 79573915 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Leggett & Platt, Inc.<sup>(a)</sup> | 8129116 | $80315666 |
| LGI Homes, Inc.<sup>(a)(b)(c)</sup> | 1218746 | 48177029 |
| M/I Homes, Inc.<sup>(a)(b)(c)</sup> | 1569919 | 192236582 |
| Meritage Homes Corp.<sup>(a)</sup> | 4012776 | 248150068 |
| Mohawk Industries, Inc.<sup>(a)(b)(c)</sup> | 3119692 | 307164874 |
| Newell Brands, Inc.<sup>(a)</sup> | 25164071 | 86312764 |
| Sonos, Inc.<sup>(a)(b)(c)</sup> | 7256454 | 97236484 |
| Tri Pointe Homes, Inc.<sup>(a)(b)</sup> | 5074676 | 237139609 |
|  |  | 2469938479 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Central Garden & Pet Co.<sup>(a)(b)(c)</sup> | 509249 | 18725086 |
| Central Garden & Pet Co., Class A, NVS<sup>(a)(b)(c)</sup> | 3062659 | 99291405 |
| Energizer Holdings, Inc.<sup>(a)</sup> | 3656647 | 60042144 |
| Reynolds Consumer Products, Inc. | 3281854 | 69509668 |
| WD-40 Co.<sup>(a)</sup> | 809954 | 165182019 |
|  |  | 412750322 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| Clearway Energy, Inc., Class A<sup>(a)</sup> | 2077600 | 81379592 |
| Clearway Energy, Inc., Class C<sup>(a)</sup> | 5096342 | 200235277 |
|  |  | 281614869 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| Innovative Industrial Properties, Inc.<sup>(a)</sup> | 1682189 | 84378600 |
| LXP Industrial Trust<sup>(a)</sup> | 3560111 | 164690735 |
| Terreno Realty Corp.<sup>(a)</sup> | 6258971 | 384425999 |
|  |  | 633495334 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| AMERISAFE, Inc.<sup>(a)</sup> | 1134848 | 37824484 |
| Assured Guaranty Ltd.<sup>(a)</sup> | 2602200 | 212027256 |
| Employers Holdings, Inc.<sup>(a)</sup> | 1126139 | 46329358 |
| Genworth Financial, Inc., Class A<sup>(a)(b)</sup> | 22872497 | 185724676 |
| Goosehead Insurance, Inc., Class A<sup>(a)(b)</sup> | 1494739 | 63765566 |
| HCI Group, Inc. | 644861 | 99701959 |
| Horace Mann Educators Corp.<sup>(a)</sup> | 2459560 | 104974021 |
| Kemper Corp.<sup>(a)</sup> | 3525115 | 107727514 |
| Lincoln National Corp. | 8547054 | 303420417 |
| Mercury General Corp. | 1596652 | 140744874 |
| Palomar Holdings, Inc.<sup>(a)(b)(c)</sup> | 1591706 | 190208867 |
| ProAssurance Corp.<sup>(a)(b)(c)</sup> | 3100801 | 76651801 |
| Safety Insurance Group, Inc.<sup>(a)</sup> | 893793 | 64925124 |
| SiriusPoint Ltd.<sup>(b)(c)</sup> | 5139664 | 110708363 |
| Stewart Information Services Corp.<sup>(a)</sup> | 1814592 | 111742575 |
| Trupanion, Inc.<sup>(b)(c)</sup> | 2031408 | 52024359 |
| United Fire Group, Inc.<sup>(a)</sup> | 1316676 | 48796013 |
|  |  | 1957297227 |
| **Interactive Media & Services — 1.3%** | **Interactive Media & Services — 1.3%** | **Interactive Media & Services — 1.3%** |
| Cargurus, Inc., Class A<sup>(a)(b)(c)</sup> | 4879098 | 166133287 |
| IAC, Inc.<sup>(a)(b)</sup> | 3914934 | 156714808 |
| Match Group, Inc.<sup>(a)</sup> | 14183402 | 435572275 |
| QuinStreet, Inc.<sup>(a)(b)(c)</sup> | 3420018 | 41074416 |
| Shutterstock, Inc. | 1449355 | 24073787 |
| TripAdvisor, Inc.<sup>(a)(b)(c)</sup> | 6869255 | 73226258 |
| Yelp, Inc.<sup>(a)(b)(c)</sup> | 3506624 | 86753878 |
| Ziff Davis, Inc.<sup>(a)(b)(c)</sup> | 2371740 | 99518210 |
| ZoomInfo Technologies, Inc., Class A<sup>(a)(b)(c)</sup> | 16128622 | 96449160 |
|  |  | 1179516079 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| ASGN, Inc.<sup>(a)(b)(c)</sup> | 2563288 | 99224878 |
| DigitalOcean Holdings, Inc.<sup>(b)(c)</sup> | 4771460 | 409295839 |

---

142026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| DXC Technology Co.<sup>(a)(b)(c)</sup> | 10193515 | $128132484 |
| Grid Dynamics Holdings, Inc., Class A<sup>(b)(c)</sup> | 3972410 | 22642737 |
|  |  | 659295938 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| Acushnet Holdings Corp.<sup>(c)</sup> | 1655783 | 154782595 |
| Callaway Golf Co.<sup>(b)(c)</sup> | 8391308 | 116471355 |
|  |  | 271253950 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| Azenta, Inc.<sup>(a)(b)(c)</sup> | 2459987 | 51979525 |
| BioLife Solutions, Inc.<sup>(b)(c)</sup> | 2340222 | 44651436 |
| Cytek Biosciences, Inc.<sup>(a)(b)(c)</sup> | 6598467 | 28835301 |
| Fortrea Holdings, Inc.<sup>(a)(b)(c)</sup> | 5544527 | 52229444 |
| OmniAb, Inc., 12.50 Earnout Shares<sup>(b)(d)</sup> | 450637 | 5 |
| OmniAb, Inc., 15.00 Earnout Shares<sup>(b)(d)</sup> | 450637 | 5 |
|  |  | 177695716 |
| **Machinery — 4.2%** | **Machinery — 4.2%** | **Machinery — 4.2%** |
| Alamo Group, Inc.<sup>(a)</sup> | 647384 | 106798938 |
| Albany International Corp., Class A<sup>(a)</sup> | 1722793 | 89947023 |
| Astec Industries, Inc.<sup>(a)</sup> | 1372820 | 73912629 |
| Enerpac Tool Group Corp., Class A<sup>(a)(c)</sup> | 3168872 | 115568762 |
| Enpro, Inc.<sup>(a)(c)</sup> | 1265579 | 317217376 |
| ESCO Technologies, Inc.<sup>(a)</sup> | 1555862 | 437772891 |
| Federal Signal Corp.<sup>(a)(c)</sup> | 3653361 | 395074459 |
| Franklin Electric Co., Inc.<sup>(a)</sup> | 2299301 | 211926573 |
| Gates Industrial Corp. PLC<sup>(a)(b)(c)</sup> | 15251005 | 344825223 |
| Greenbrier Cos., Inc. (The)<sup>(a)</sup> | 1854145 | 97620734 |
| JBT Marel Corp.<sup>(a)(c)</sup> | 3122465 | 399269600 |
| Kadant, Inc.<sup>(a)(c)</sup> | 707499 | 206837333 |
| Kennametal, Inc.<sup>(a)</sup> | 4576359 | 165343851 |
| Lindsay Corp.<sup>(a)</sup> | 627476 | 74713567 |
| Mueller Water Products, Inc., Class A<sup>(a)</sup> | 9394363 | 258251039 |
| Proto Labs, Inc.<sup>(a)(b)(c)</sup> | 1421245 | 81039390 |
| Standex International Corp.<sup>(a)(c)</sup> | 727870 | 185504948 |
| Tennant Co.<sup>(a)</sup> | 1087754 | 72226866 |
| Titan International, Inc.<sup>(b)(c)</sup> | 2992250 | 20676448 |
| Trinity Industries, Inc.<sup>(a)</sup> | 4815273 | 154955485 |
| Worthington Enterprises, Inc. | 1873774 | 97698576 |
|  |  | 3907181711 |
| **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** |
| Matson, Inc.<sup>(a)</sup> | 1873155 | 307085031 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Cable One, Inc.<sup>(b)</sup> | 277290 | 25291621 |
| DoubleVerify Holdings, Inc.<sup>(a)(b)(c)</sup> | 8025928 | 76246316 |
| John Wiley & Sons, Inc., Class A<sup>(a)</sup> | 2418423 | 92141916 |
| Scholastic Corp.<sup>(a)</sup> | 1373620 | 53653597 |
| Versant Media Group, Inc.<sup>(a)(b)</sup> | 8733749 | 323323388 |
|  |  | 570656838 |
| **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** |
| Alpha Metallurgical Resources, Inc.<sup>(a)(b)(c)</sup> | 648636 | 133145512 |
| Century Aluminum Co.<sup>(b)(c)</sup> | 3205805 | 188148695 |
| Kaiser Aluminum Corp.<sup>(a)</sup> | 963994 | 116170917 |
| Materion Corp.<sup>(a)(c)</sup> | 1250137 | 180832317 |
| Metallus, Inc.<sup>(a)(b)(c)</sup> | 2149319 | 35119872 |
| Warrior Met Coal, Inc. | 2470246 | 230103415 |
| Worthington Steel, Inc. | 1951220 | 59219527 |
|  |  | 942740255 |
| **Mortgage Real Estate Investment Trusts (REITs) — 1.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.2%** |
| Adamas Trust, Inc.<sup>(a)</sup> | 5039574 | 37091265 |
| Apollo Commercial Real Estate Finance, Inc.<sup>(a)</sup> | 7876280 | 83173517 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
| Arbor Realty Trust, Inc.<sup>(a)(c)</sup> | 10493101 | $80901809 |
| ARMOUR Residential REIT, Inc.<sup>(a)</sup> | 6718532 | 112065114 |
| Blackstone Mortgage Trust, Inc., Class A<sup>(a)</sup> | 9526312 | 182428875 |
| Ellington Financial, Inc.<sup>(a)</sup> | 7482205 | 88664129 |
| Franklin BSP Realty Trust, Inc.<sup>(a)</sup> | 4893620 | 41546834 |
| PennyMac Mortgage Investment Trust<sup>(a)</sup> | 5221562 | 60883413 |
| Redwood Trust, Inc.<sup>(a)</sup> | 7468206 | 41896636 |
| Rithm Capital Corp.<sup>(a)</sup> | 33394507 | 316579926 |
| Two Harbors Investment Corp.<sup>(a)</sup> | 6289385 | 71824777 |
|  |  | 1117056295 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Avista Corp.<sup>(a)</sup> | 4887157 | 196170482 |
| Unitil Corp.<sup>(a)</sup> | 1079180 | 56376363 |
|  |  | 252546845 |
| **Office REITs — 0.5%** | **Office REITs — 0.5%** | **Office REITs — 0.5%** |
| Douglas Emmett, Inc. | 8150864 | 76781139 |
| Easterly Government Properties, Inc.<sup>(a)</sup> | 2645867 | 56700930 |
| Highwoods Properties, Inc.<sup>(a)</sup> | 6601836 | 141345309 |
| JBG SMITH Properties<sup>(a)</sup> | 3579241 | 52292711 |
| SL Green Realty Corp.<sup>(a)</sup> | 4273839 | 157875613 |
|  |  | 484995702 |
| **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** |
| California Resources Corp.<sup>(a)</sup> | 4720057 | 326722346 |
| Comstock Resources, Inc.<sup>(b)(c)</sup> | 4750297 | 100136261 |
| Core Natural Resources, Inc.<sup>(a)(c)</sup> | 3078246 | 322384704 |
| Crescent Energy Co., Class A | 14595290 | 197036415 |
| CVR Energy, Inc.<sup>(b)</sup> | 1809788 | 60899366 |
| Dorian LPG Ltd.<sup>(a)</sup> | 2206120 | 75449304 |
| International Seaways, Inc. | 2432680 | 177293718 |
| Kinetik Holdings, Inc., Class A | 2729767 | 132148020 |
| Magnolia Oil & Gas Corp., Class A<sup>(a)</sup> | 10866776 | 343064118 |
| Northern Oil & Gas, Inc.<sup>(a)</sup> | 6265093 | 183128668 |
| Par Pacific Holdings, Inc.<sup>(b)(c)</sup> | 2352162 | 147339428 |
| Peabody Energy Corp.<sup>(a)</sup> | 7304803 | 240693259 |
| REX American Resources Corp.<sup>(a)(b)(c)</sup> | 1699823 | 77460934 |
| SM Energy Co.<sup>(a)</sup> | 13599085 | 424019470 |
| Talos Energy, Inc.<sup>(b)(c)</sup> | 7552707 | 119030662 |
| World Kinect Corp.<sup>(a)</sup> | 3334477 | 76926384 |
|  |  | 3003733057 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Sylvamo Corp.<sup>(a)</sup> | 1986392 | 83905198 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| Allegiant Travel Co.<sup>(b)</sup> | 807326 | 65425699 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 17769901 | 78542962 |
| SkyWest, Inc.<sup>(a)(b)</sup> | 2408978 | 221216450 |
| Sun Country Airlines Holdings, Inc.<sup>(a)(b)(c)</sup> | 3207552 | 52988759 |
|  |  | 418173870 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Edgewell Personal Care Co.<sup>(a)</sup> | 2803294 | 59822294 |
| Interparfums, Inc. | 1097299 | 99678641 |
|  |  | 159500935 |
| **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** |
| Amneal Pharmaceuticals, Inc., Class A<sup>(b)(c)</sup> | 10193533 | 126705615 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2123131 | 41592136 |
| ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1079072 | 82980637 |
| Collegium Pharmaceutical, Inc.<sup>(a)(b)(c)</sup> | 1896942 | 62731872 |
| Corcept Therapeutics, Inc.<sup>(a)(b)(c)</sup> | 5623089 | 226666718 |
| Harmony Biosciences Holdings, Inc.<sup>(b)(c)</sup> | 2384823 | 66798892 |
| Indivior Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 7499941 | 228598202 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Innoviva, Inc.<sup>(a)(b)(c)</sup> | 4264077 | $99352994 |
| Ligand Pharmaceuticals, Inc.<sup>(a)(b)(c)</sup> | 1182353 | 236056776 |
| Organon & Co.<sup>(a)</sup> | 15607876 | 93491177 |
| Pacira BioSciences, Inc.<sup>(a)(b)(c)</sup> | 2466190 | 55735894 |
| Perrigo Co. PLC<sup>(a)</sup> | 8260300 | 88715622 |
| Phibro Animal Health Corp., Class A<sup>(a)</sup> | 1237599 | 68451601 |
| Prestige Consumer Healthcare, Inc.<sup>(a)(b)(c)</sup> | 2842003 | 168445518 |
| Supernus Pharmaceuticals, Inc.<sup>(a)(b)(c)</sup> | 3443772 | 178008575 |
|  |  | 1824332229 |
| **Professional Services — 1.6%** | **Professional Services — 1.6%** | **Professional Services — 1.6%** |
| Amentum Holdings, Inc.<sup>(b)(c)</sup> | 9231722 | 240763310 |
| CSG Systems International, Inc.<sup>(a)</sup> | 1622170 | 129676270 |
| Insperity, Inc.<sup>(a)</sup> | 2150736 | 58155901 |
| Korn Ferry<sup>(a)</sup> | 3134818 | 197336793 |
| Legalzoom.com, Inc.<sup>(b)(c)</sup> | 6914042 | 39202618 |
| ManpowerGroup, Inc.<sup>(a)</sup> | 2778538 | 81855729 |
| Paycom Software, Inc.<sup>(a)</sup> | 2935854 | 356823695 |
| Robert Half, Inc.<sup>(a)</sup> | 5968451 | 151598655 |
| Upwork, Inc.<sup>(a)(b)(c)</sup> | 7842992 | 85959192 |
| Verra Mobility Corp., Class A<sup>(a)(b)(c)</sup> | 9582208 | 136929752 |
|  |  | 1478301915 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
| Cushman & Wakefield Ltd.<sup>(b)(c)</sup> | 9793164 | 120064191 |
| eXp World Holdings, Inc. | 5566345 | 33342407 |
| Kennedy-Wilson Holdings, Inc.<sup>(a)</sup> | 7200813 | 77912797 |
| Marcus & Millichap, Inc. | 1490482 | 39631916 |
| St. Joe Co. (The) | 2392954 | 150277511 |
|  |  | 421228822 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| Centerspace<sup>(a)</sup> | 1002281 | 57581043 |
| NexPoint Residential Trust, Inc.<sup>(a)</sup> | 1308893 | 32722325 |
| Veris Residential, Inc.<sup>(a)</sup> | 4875768 | 92005742 |
|  |  | 182309110 |
| **Retail REITs — 1.6%** | **Retail REITs — 1.6%** | **Retail REITs — 1.6%** |
| Acadia Realty Trust<sup>(a)</sup> | 7869730 | 150469238 |
| Curbline Properties Corp.<sup>(a)</sup> | 5821713 | 150141978 |
| Getty Realty Corp.<sup>(a)</sup> | 3310501 | 105273932 |
| Macerich Co. (The)<sup>(a)</sup> | 15386082 | 290796950 |
| Phillips Edison & Co., Inc.<sup>(a)</sup> | 7557239 | 282791883 |
| Saul Centers, Inc. | 747047 | 24338791 |
| Tanger, Inc.<sup>(a)</sup> | 6914788 | 234964496 |
| Urban Edge Properties<sup>(a)</sup> | 7564632 | 151141347 |
| Whitestone REIT<sup>(a)</sup> | 2694119 | 43510022 |
|  |  | 1433428637 |
| **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** |
| ACM Research, Inc., Class A<sup>(a)(b)(c)</sup> | 3199229 | 125889661 |
| Alpha & Omega Semiconductor Ltd.<sup>(b)(c)</sup> | 1482231 | 32846239 |
| Axcelis Technologies, Inc.<sup>(a)(b)(c)</sup> | 1843784 | 171619415 |
| Cohu, Inc.<sup>(a)(b)(c)</sup> | 2802822 | 85822410 |
| Diodes, Inc.<sup>(a)(b)(c)</sup> | 2755380 | 188082239 |
| Enphase Energy, Inc.<sup>(a)(b)(c)</sup> | 7861869 | 297257267 |
| FormFactor, Inc.<sup>(a)(b)(c)</sup> | 4657362 | 451717540 |
| Ichor Holdings Ltd.<sup>(a)(b)</sup> | 2067382 | 96360675 |
| Impinj, Inc.<sup>(a)(b)(c)</sup> | 1615962 | 165959297 |
| Kulicke & Soffa Industries, Inc.<sup>(a)</sup> | 3143121 | 206565912 |
| MaxLinear, Inc.<sup>(a)(b)(c)</sup> | 4877773 | 84824472 |
| PDF Solutions, Inc.<sup>(b)(c)</sup> | 1920572 | 62821910 |
| Penguin Solutions, Inc.<sup>(a)(b)(c)</sup> | 2870013 | 50512229 |
| Photronics, Inc.<sup>(a)(b)(c)</sup> | 3546972 | 143333139 |
| Power Integrations, Inc.<sup>(a)</sup> | 3333413 | 170670746 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Qorvo, Inc.<sup>(a)(b)(c)</sup> | 5068493 | $392301358 |
| Semtech Corp.<sup>(a)(b)(c)</sup> | 5559930 | 427503018 |
| SolarEdge Technologies, Inc.<sup>(a)(b)(c)</sup> | 3591506 | 183346381 |
| Ultra Clean Holdings, Inc.<sup>(a)(b)(c)</sup> | 2725999 | 169502618 |
| Veeco Instruments, Inc.<sup>(a)(b)(c)</sup> | 3620470 | 122589114 |
|  |  | 3629525640 |
| **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** |
| A10 Networks, Inc.<sup>(a)</sup> | 4292190 | 99235433 |
| ACI Worldwide, Inc.<sup>(a)(b)(c)</sup> | 6192675 | 253961602 |
| Adeia, Inc.<sup>(a)</sup> | 6437726 | 154698556 |
| Agilysys, Inc.<sup>(a)(b)(c)</sup> | 1531595 | 108957668 |
| Alarm.com Holdings, Inc.<sup>(a)(b)</sup> | 2995413 | 129371887 |
| BlackLine, Inc.<sup>(a)(b)(c)</sup> | 3000329 | 111012173 |
| Box, Inc., Class A<sup>(a)(b)(c)</sup> | 8603230 | 203380357 |
| Cleanspark, Inc.<sup>(a)(b)(c)</sup> | 15359656 | 130710673 |
| Clear Secure, Inc., Class A<sup>(a)</sup> | 5326239 | 257843230 |
| Life360, Inc.<sup>(a)(b)(c)</sup> | 4706775 | 192130556 |
| LiveRamp Holdings, Inc.<sup>(a)(b)(c)</sup> | 3789932 | 100508997 |
| MARA Holdings, Inc.<sup>(a)(b)(c)</sup> | 22716421 | 185365995 |
| N-able, Inc.<sup>(b)</sup> | 4475917 | 20902532 |
| NCR Voyix Corp.<sup>(a)(b)(c)</sup> | 8310553 | 52605800 |
| Progress Software Corp.<sup>(a)(b)</sup> | 2527676 | 64834889 |
| Q2 Holdings, Inc.<sup>(a)(b)</sup> | 3744626 | 177120810 |
| RingCentral, Inc., Class A<sup>(a)(c)</sup> | 4553873 | 169358537 |
| Sprinklr, Inc., Class A<sup>(a)(b)(c)</sup> | 7423728 | 44542368 |
| SPS Commerce, Inc.<sup>(a)(b)(c)</sup> | 2264405 | 126059426 |
| Teradata Corp.<sup>(a)(b)(c)</sup> | 5597163 | 143455288 |
|  |  | 2726056777 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Four Corners Property Trust, Inc.<sup>(a)</sup> | 6591160 | 155880934 |
| Millrose Properties, Inc., Class A<sup>(a)</sup> | 9262234 | 259342552 |
| Outfront Media, Inc. | 8739810 | 231604965 |
| Safehold, Inc. | 2755768 | 37285541 |
|  |  | 684113992 |
| **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** |
| Academy Sports & Outdoors, Inc.<sup>(a)</sup> | 4005292 | 226098733 |
| Advance Auto Parts, Inc.<sup>(a)</sup> | 3604690 | 190147398 |
| American Eagle Outfitters, Inc.<sup>(a)</sup> | 9468092 | 158117136 |
| Asbury Automotive Group, Inc.<sup>(a)(b)(c)</sup> | 1167794 | 228198626 |
| Boot Barn Holdings, Inc.<sup>(a)(b)(c)</sup> | 1827490 | 267471436 |
| Buckle, Inc. (The) | 1808060 | 91053902 |
| CarMax, Inc.<sup>(a)(b)(c)</sup> | 8519001 | 354220062 |
| Group 1 Automotive, Inc.<sup>(a)(c)</sup> | 708647 | 234299958 |
| MarineMax, Inc.<sup>(a)(b)(c)</sup> | 1174887 | 31792442 |
| Monro, Inc.<sup>(a)</sup> | 1804015 | 28936401 |
| National Vision Holdings, Inc.<sup>(a)(b)(c)</sup> | 4762753 | 123355303 |
| Sally Beauty Holdings, Inc.<sup>(a)(b)(c)</sup> | 5822681 | 80644132 |
| Signet Jewelers Ltd.<sup>(a)</sup> | 2450131 | 207379088 |
| Sonic Automotive, Inc., Class A | 890246 | 61044168 |
| Upbound Group, Inc.<sup>(a)</sup> | 3127255 | 56446953 |
| Urban Outfitters, Inc.<sup>(b)(c)</sup> | 3231991 | 204746630 |
| Victoria's Secret & Co.<sup>(a)(b)(c)</sup> | 4821728 | 223535310 |
| Winmark Corp. | 177462 | 75873878 |
|  |  | 2843361556 |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| Corsair Gaming, Inc.<sup>(b)(c)</sup> | 2916216 | 16184999 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| Carter's, Inc.<sup>(a)</sup> | 2187484 | 78224428 |
| G-III Apparel Group Ltd.<sup>(a)</sup> | 2227772 | 61709284 |
| Kontoor Brands, Inc.<sup>(a)</sup> | 3072192 | 215944376 |

---

162026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
| Oxford Industries, Inc.<sup>(a)</sup> | 839108 | $32314049 |
| Steven Madden Ltd.<sup>(a)</sup> | 4363422 | 148007274 |
| Under Armour, Inc., Class A<sup>(a)(b)(c)</sup> | 11331645 | 66970022 |
| Under Armour, Inc., Class C, NVS<sup>(b)(c)</sup> | 7172913 | 41531166 |
| Wolverine World Wide, Inc.<sup>(a)</sup> | 4919938 | 80293388 |
|  |  | 724993987 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Universal Corp.<sup>(a)</sup> | 1495840 | 78830768 |
| **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** |
| Air Lease Corp., Class A<sup>(a)</sup> | 6327209 | 410888952 |
| Boise Cascade Co.<sup>(a)</sup> | 2224691 | 168742812 |
| DNOW, Inc.<sup>(a)(b)(c)</sup> | 11148901 | 132783411 |
| DXP Enterprises, Inc.<sup>(b)(c)</sup> | 762468 | 106539654 |
| Rush Enterprises, Inc., Class A<sup>(a)</sup> | 3642853 | 240829012 |
|  |  | 1059783841 |
| **Water Utilities — 0.6%** | **Water Utilities — 0.6%** | **Water Utilities — 0.6%** |
| American States Water Co.<sup>(a)</sup> | 2325177 | 175829885 |
| California Water Service Group<sup>(a)</sup> | 3578941 | 162269185 |
| H2O America<sup>(a)</sup> | 2243321 | 131615643 |
| Middlesex Water Co.<sup>(a)</sup> | 1105869 | 57560481 |
|  |  | 527275194 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| Gogo, Inc.<sup>(b)(c)</sup> | 4732135 | 19023183 |
| Shenandoah Telecommunications Co.<sup>(c)</sup> | 2734151 | 42160608 |
| Telephone & Data Systems, Inc.<sup>(a)</sup> | 5903861 | 248552548 |
|  |  | 309736339 |
| **Total Long-Term Investments — 98.4%** <br>**(Cost: $79,232,528,014)** | **Total Long-Term Investments — 98.4%** <br>**(Cost: $79,232,528,014)** | 90570156210 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 6.0%** | **Money Market Funds — 6.0%** | **Money Market Funds — 6.0%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.77%<sup>(a)(e)(f)</sup><br>| 4188997098 | $4189834898 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.62%<sup>(a)(e)</sup><br>| 1273431664 | 1273431664 |
| **Total Short-Term Securities — 6.0%** <br>**(Cost: $5,461,948,279)** | **Total Short-Term Securities — 6.0%** <br>**(Cost: $5,461,948,279)** | 5463266562 |
| **Total Investments — 104.4%** <br>**(Cost: $84,694,476,293)** | **Total Investments — 104.4%** <br>**(Cost: $84,694,476,293)** | 96033422772 |
| **Liabilities in Excess of Other Assets — (4.4)%** | **Liabilities in Excess of Other Assets — (4.4)%** | (4015381239)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $92018041533 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

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

<sup>(f)</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 March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| A10 Networks, Inc. | $74448096<br>| $16756900 | $(21458676)<br>| $2334514 | $27154599 | $99235433 | 4292190 | $1038905 | $— |
| AAR Corp. | 122545761<br>| 58184269 | (41255369)<br>| 11442557 | 105769875 | 256687093 | 2345031 |  |  |
| ABM Industries, Inc. | 182160436<br>| 34956839 | (47806861)<br>| 1768568 | (35531686)<br>| 135547296 | 3518881 | 4016132 |  |
| Academy Sports & <br> Outdoors, Inc.<br>| 195720765<br>| 44534945 | (55855013)<br>| 6532973 | 35165063 | 226098733 | 4005292 | 2202653 |  |
| Acadia Healthcare Co., <br> Inc.<br>| —<br>| 133318326 | (11953262)<br>| (49693)<br>| 8265954 | 129581325 | 5540031 |  |  |
| Acadia Realty Trust | 155006452<br>| 45919262 | (36671738)<br>| (1816978)<br>| (11967760)<br>| 150469238 | 7869730 | 6220192 |  |
| Accendra Health, <br> Inc.<sup>(a)(b)</sup><br>| 41262007<br>| 2378140 | (26685669)<br>| (62737060)<br>| 45782582 |  |  |  |  |
| ACI Worldwide, Inc. | 354852507<br>| 58639226 | (73561574)<br>| 15289278 | (101257835)<br>| 253961602 | 6192675 |  |  |
| ACM Research, Inc., <br> Class A<br>| —<br>| 136190406 | (13431510)<br>| (341192)<br>| 3471957 | 125889661 | 3199229 |  |  |
| Adamas Trust, Inc.<sup>(c)</sup> | 37018136<br>| 7536364 | (12334191)<br>| (12538854)<br>| 17409810 | 37091265 | 5039574 | 4200170 |  |
| Addus HomeCare Corp. | 109641123<br>| 26673348 | (27554413)<br>| 3178689 | (9385254)<br>| 102553493 | 1095072 |  |  |
| Adeia, Inc. | 89399483<br>|  | (4419113)<br>| (2257174)<br>| 71975360 | 154698556 | 6437726 | 1301702 |  |
| Adient PLC | 66733909<br>| 19958660 | (28966959)<br>| (2356980)<br>| 39679000 | 95047630 | 4703000 |  |  |
| ADMA Biologics, Inc. | 290013244<br>| 54140942 | (60241550)<br>| (3645004)<br>| (151466700)<br>| 128800932 | 14295331 |  |  |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Advance Auto Parts, Inc. | $143868861<br>| $40940854 | $(41968403)<br>| $(5658331)<br>| $52964417 | $190147398 | 3604690 | $3576397 | $— |
| Advanced Energy <br> Industries, Inc.<sup>(b)</sup><br>| 222030840<br>| 64134277 | (646283220)<br>| 412074227 | (51956124)<br>|  |  | 670983 |  |
| AdvanSix, Inc.<sup>(b)</sup> | 38126904<br>| 4027377 | (32351164)<br>| (18485647)<br>| 8682530 |  |  | 773803 |  |
| AeroVironment, Inc.<sup>(b)</sup> | 206388689<br>| 66811162 | (549150435)<br>| 337755163 | (61804579)<br>|  |  |  |  |
| Agilysys, Inc.<sup>(d)</sup> | N/A<br>| 47221914 | (30789058)<br>| 13473412 | 18275135 | 108957668 | 1531595 |  |  |
| AH Realty Trust, Inc.<sup>(b)(e)</sup> | 37741092<br>| 7322891 | (38513547)<br>| (32087505)<br>| 25537069 |  |  |  |  |
| Air Lease Corp., Class A | 309431057<br>| 82418991 | (83777067)<br>| 8664695 | 94151276 | 410888952 | 6327209 | 5510385 |  |
| Alamo Group, Inc. | 114285360<br>| 27973005 | (26634932)<br>| 6898394 | (15722889)<br>| 106798938 | 647384 | 783293 |  |
| Alarm.com Holdings, Inc. | 170088771<br>| 32298393 | (35676555)<br>| (2082513)<br>| (35256209)<br>| 129371887 | 2995413 |  |  |
| Albany International <br> Corp., Class A<br>| 133618152<br>| 20497591 | (33415272)<br>| (8115398)<br>| (22638050)<br>| 89947023 | 1722793 | 1995845 |  |
| Alexander & Baldwin, <br> Inc.<sup>(b)</sup><br>| 77373727<br>| 11612779 | (104895809)<br>| (3008783)<br>| 18918086 |  |  | 3511501 |  |
| Alkermes PLC | 332037101<br>| 66008081 | (68484481)<br>| (303512)<br>| 21490214 | 350747403 | 9919327 |  |  |
| Alpha & Omega <br> Semiconductor Ltd.<sup>(f)</sup><br>| 37319061<br>| 7825417 | (8144718)<br>| (2392973)<br>| 21154621 | N/A | N/A |  |  |
| Alpha Metallurgical <br> Resources, Inc.<br>| 84667246<br>| 23913159 | (27688208)<br>| (3523492)<br>| 55776807 | 133145512 | 648636 |  |  |
| American Eagle <br> Outfitters, Inc.<br>| 125601045<br>| 37553685 | (51927526)<br>| 173859 | 46716073 | 158117136 | 9468092 | 4862234 |  |
| American States Water <br> Co.<br>| 184398697<br>| 39196722 | (40610521)<br>| 4591595 | (11746608)<br>| 175829885 | 2325177 | 4538327 |  |
| American Woodmark <br> Corp.<br>| 54755199<br>| 10640994 | (13915452)<br>| (3193469)<br>| (13465178)<br>| 34822094 | 874268 |  |  |
| Ameris Bancorp | 230464742<br>| 46752405 | (54481129)<br>| 18548812 | 59399610 | 300684440 | 3855423 | 3050478 |  |
| AMERISAFE, Inc. | 61860178<br>| 10894541 | (12884766)<br>| (2212944)<br>| (19832525)<br>| 37824484 | 1134848 | 2938050 |  |
| AMN Healthcare <br> Services, Inc.<br>| 57577935<br>| 9827027 | (10717090)<br>| (10379476)<br>| (4033614)<br>| 42274782 | 2305059 |  |  |
| Andersons, Inc. (The) | 85273190<br>| 24822351 | (22766591)<br>| 3679359 | 53811502 | 144819811 | 2017551 | 1547692 |  |
| Apogee Enterprises, Inc. | 62881856<br>| 11055518 | (13688935)<br>| (1059255)<br>| (15898066)<br>| 43291118 | 1290731 | 1359792 |  |
| Apollo Commercial Real <br> Estate Finance, Inc.<br>| 75593497<br>| 17028152 | (16715001)<br>| (2212194)<br>| 9479063 | 83173517 | 7876280 | 7723211 |  |
| Apple Hospitality REIT, <br> Inc.<br>| 178121749<br>| 33433987 | (40265115)<br>| (6798035)<br>| (12403037)<br>| 152089549 | 13213688 | 12599677 |  |
| Arbor Realty Trust, Inc. | 118029196<br>| 4346437 |  |  | (41473824)<br>| 80901809 | 10493101 | 12362772 |  |
| ArcBest Corp. | 101622990<br>| 23377481 | (30115287)<br>| 6514869 | 30604674 | 132004727 | 1342057 | 656073 |  |
| Archrock, Inc. | 284204653<br>| 63406494 | (70153249)<br>| 23825735 | 65373517 | 366657150 | 10536125 | 8710864 |  |
| Arcosa, Inc. | 232607724<br>| 63320962 | (66504969)<br>| 23488371 | 59822629 | 312734717 | 2946436 | 584356 |  |
| Argan, Inc. | —<br>| 398158799 | (3217318)<br>| 63552 | 58957474 | 453962507 | 833494 |  |  |
| Arlo Technologies, Inc. | 61230420<br>| 21942799 | (19029332)<br>| 5970026 | 20432061 | 90545974 | 6363034 |  |  |
| ARMOUR Residential <br> REIT, Inc.<br>| 80790352<br>| 52453266 | (23723387)<br>| (11627648)<br>| 14172531 | 112065114 | 6718532 | 14098673 |  |
| Armstrong World <br> Industries, Inc.<br>| 379726543<br>| 94753108 | (109220432)<br>| 21690052 | 40079500 | 427028771 | 2591194 | 3354983 |  |
| Arrowhead <br> Pharmaceuticals, <br> Inc.<sup>(b)</sup><br>| 99950485<br>| 75147333 | (584529145)<br>| 346533564 | 62897763 |  |  |  |  |
| Artisan Partners Asset <br> Management, Inc., <br> Class A<br>| 170631188<br>| 33565698 | (44204740)<br>| 1403743 | (7403926)<br>| 153991963 | 4231711 | 10390669 |  |
| Artivion, Inc. | 57334644<br>| 27151114 | (17837997)<br>| 4766874 | 21139046 | 92553681 | 2527408 |  |  |
| Asbury Automotive <br> Group, Inc.<br>| 267481629<br>| 56530091 | (65311152)<br>| 21955740 | (52457682)<br>| 228198626 | 1167794 |  |  |
| ASGN, Inc. | —<br>| 93378811 | (888195)<br>| 22576 | 6711686 | 99224878 | 2563288 |  |  |
| Assured Guaranty Ltd. | 260546588<br>| 47052114 | (76895246)<br>| 24334575 | (43010775)<br>| 212027256 | 2602200 | 3799203 |  |
| Astec Industries, Inc. | 48566163<br>| 14026194 | (15059485)<br>| 95601 | 26284156 | 73912629 | 1372820 | 710539 |  |

---

182026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Astrana Health, Inc.<sup>(f)</sup> | $79694987<br>| $14798502 | $(14867874)<br>| $(12276176)<br>| $85903551 | $ N/A | N/A | $— | $— |
| Atlantic Union <br> Bankshares Corp.<sup>(d)</sup><br>| N/A<br>| 105043867 | (23153104)<br>| 1673738 | 32039093 | 304132997 | 8509597 | 11776947 |  |
| Avanos Medical, Inc. | 40716474<br>| 7351846 | (8112593)<br>| (4992079)<br>| 4059974 | 39023622 | 2785412 |  |  |
| Avista Corp. | 205006992<br>| 45780695 | (45394984)<br>| (1225004)<br>| (7997217)<br>| 196170482 | 4887157 | 9452275 |  |
| Axcelis Technologies, <br> Inc.<br>| 99831336<br>| 32918505 | (44941381)<br>| 11986447 | 71824508 | 171619415 | 1843784 |  |  |
| Axos Financial, Inc. | 216601447<br>| 45521577 | (37230899)<br>| 13398468 | 51525522 | 289816115 | 3405995 |  |  |
| Azenta, Inc. | 97872098<br>| 17341442 | (27539878)<br>| (9059775)<br>| (26634362)<br>| 51979525 | 2459987 |  |  |
| AZZ, Inc. | 154902658<br>| 42441808 | (46954021)<br>| 13477961 | 60542614 | 224411020 | 1793423 | 1381390 |  |
| B&G Foods, Inc.<sup>(b)</sup> | 34295260<br>| 1579029 | (26828913)<br>| (79009967)<br>| 69964591 |  |  |  |  |
| Badger Meter, Inc. | 346008246<br>| 67593916 | (78066282)<br>| 28656585 | (94481318)<br>| 269711147 | 1770339 | 2705911 |  |
| Balchem Corp. | 333694860<br>| 67287615 | (77128721)<br>| 17825305 | (11936059)<br>| 329743000 | 1945616 | 1854731 |  |
| Banc of California, Inc. | 121022849<br>| 30303002 | (33971813)<br>| (654375)<br>| 25025920 | 141725583 | 8061751 | 3351081 |  |
| Bancorp, Inc. (The) | 156115093<br>| 16234462 | (40408671)<br>| 14406589 | (9634282)<br>| 136713191 | 2544448 |  |  |
| Bank of Hawaii Corp. | 169667235<br>| 10816383 | (17207490)<br>| 4666084 | 7363969 | 175306181 | 2361026 | 6655969 |  |
| BankUnited, Inc. | 159325467<br>| 2709485 | (11716946)<br>| 3153345 | 43823702 | 197295053 | 4368801 | 5523469 |  |
| Banner Corp. | 136004766<br>| 16829016 | (21439730)<br>| 3638940 | (9994206)<br>| 125038786 | 2060626 | 4043916 |  |
| Beacon Financial <br> Corp.<sup>(g)</sup><br>| 69333758<br>| 78564244 | (6404519)<br>| 348713 | 7544244 | 149386440 | 4979548 | 4126976 |  |
| Benchmark Electronics, <br> Inc.<br>| 84640823<br>| 21015933 | (23622870)<br>| 5259000 | 32812188 | 120105074 | 2142438 | 1445765 |  |
| BGC Group, Inc., <br> Class A<br>| 196061725<br>| 53216641 | (49577559)<br>| 1150551 | 12496349 | 213347707 | 21814694 | 1742455 |  |
| BJ's Restaurants, Inc. | 48330137<br>| 11311398 | (16820799)<br>| 980676 | 713496 | 44514908 | 1268231 |  |  |
| BlackLine, Inc. | 155438901<br>| 33522037 | (44544462)<br>| (7085846)<br>| (26318457)<br>| 111012173 | 3000329 |  |  |
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| 3908839480<br>| 282090739 <br><sup>(h)</sup><br>|  | 57448 | (1152769)<br>| 4189834898 | 4188997098 | 19534371 <br><sup>(i)</sup><br>|  |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| 1215109656<br>| 58322008 <br><sup>(h)</sup><br>|  |  |  | 1273431664 | 1273431664 | 43540340 |  |
| Blackstone Mortgage <br> Trust, Inc., Class A<br>| 212213860<br>| 39344337 | (78329361)<br>| (68395)<br>| 9268434 | 182428875 | 9526312 |  |  |
| Bloomin' Brands, Inc.<sup>(b)</sup> | 33473260<br>| 6785478 | (33965073)<br>| (63455233)<br>| 57161568 |  |  | 1354955 |  |
| Boise Cascade Co. | 232945701<br>| 38964192 | (51546539)<br>| 13055363 | (64675905)<br>| 168742812 | 2224691 | 1962803 |  |
| Boot Barn Holdings, Inc. | 203228124<br>| 66887738 | (73326188)<br>| 27760391 | 42921371 | 267471436 | 1827490 |  |  |
| BorgWarner, Inc.<sup>(b)</sup> | 387433320<br>| 72638547 | (674492697)<br>| 213665353 | 755477 |  |  | 5860843 |  |
| Box, Inc., Class A | 274226095<br>| 57282040 | (66248663)<br>| (1015513)<br>| (60863602)<br>| 203380357 | 8603230 |  |  |
| Brady Corp., Class A | 193171508<br>| 40193032 | (47388194)<br>| 12313504 | 14658631 | 212948481 | 2621227 | 2545050 |  |
| Brandywine Realty <br> Trust<sup>(b)</sup><br>| 47611611<br>| 5865579 | (42526177)<br>| (68501724)<br>| 57550711 |  |  |  |  |
| Brinker International, Inc. | 409297560<br>| 82072252 | (100877642)<br>| 39373591 | (56311911)<br>| 373553850 | 2616473 |  |  |
| Bristow Group, Inc. | 48069844<br>| 12505231 | (12430811)<br>| 2730703 | 19922744 | 70797711 | 1509868 | 191389 |  |
| Brookline Bancorp, <br> Inc.<sup>(b)</sup><br>| 60105881<br>| 3274335 | (75094010)<br>| 92008 | 11621786 |  |  | 1443724 |  |
| Cable One, Inc.<sup>(f)</sup> | 75725049<br>| 8518214 | (10461025)<br>| (10466490)<br>| 36870099 | N/A | N/A |  |  |
| Cactus, Inc., Class A | 188895586<br>| 44309514 | (42159555)<br>| (3386990)<br>| 8193136 | 195851691 | 4134509 | 2245747 |  |
| Caesars Entertainment, <br> Inc.<br>| —<br>| 336137713 | (36915244)<br>| (226775)<br>| 25096684 | 324092378 | 12262292 |  |  |
| Caleres, Inc.<sup>(b)</sup> | 35823737<br>| 2382007 | (25583047)<br>| (30916768)<br>| 18294071 |  |  | 283222 |  |
| California Resources <br> Corp.<sup>(d)</sup><br>| N/A<br>| 67451507 | (51343364)<br>| 443669 | 110725394 | 326722346 | 4720057 | 6955867 |  |
| California Water Service <br> Group<br>| 178730802<br>| 33320224 | (38636497)<br>| (798347)<br>| (10346997)<br>| 162269185 | 3578941 | 4398293 |  |
| Calix, Inc. | 129335516<br>| 45504827 | (44344320)<br>| 7064403 | 39894728 | 177455154 | 3622273 |  |  |
| Cal-Maine Foods, Inc. | 228747759<br>| 74465316 | (57286482)<br>| 14464065 | (47421199)<br>| 212969459 | 2690707 | 20865111 |  |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Capitol Federal Financial, <br> Inc.<br>| $42336314<br>| $10478362 | $(12742904)<br>| $(2890061)<br>| $13926250 | $51107961 | 7168017 | $2771938 | $— |
| CareTrust REIT, Inc.<sup>(b)</sup> | 331656867<br>| 148480122 | (566307108)<br>| 157746883 | (71576764)<br>|  |  | 12582349 |  |
| Cargurus, Inc., Class A | 158987141<br>| 36135043 | (55477785)<br>| 7894963 | 18593925 | 166133287 | 4879098 |  |  |
| CarMax, Inc. | —<br>| 418583435 | (60870243)<br>| (1402627)<br>| (2090503)<br>| 354220062 | 8519001 |  |  |
| Cars.com, Inc.<sup>(b)</sup> | 41500220<br>| 8133840 | (38494790)<br>| (30681914)<br>| 19542644 |  |  |  |  |
| Carter's, Inc. | 91134321<br>| 16041965 | (17373936)<br>| (5195402)<br>| (6382520)<br>| 78224428 | 2187484 | 2172910 |  |
| Casella Waste Systems, <br> Inc., Class A<br>| —<br>| 393245201 | (21467750)<br>| (3144015)<br>| (70708721)<br>| 297924715 | 3755038 |  |  |
| Catalyst <br> Pharmaceuticals, Inc.<br>| 168115501<br>| 38013093 | (37317566)<br>| 5948721 | (2956349)<br>| 171803400 | 6938748 |  |  |
| Cathay General Bancorp | 189612857<br>| 9885780 | (26077592)<br>| 3251820 | 24676823 | 201349688 | 4038301 | 5837907 |  |
| Cavco Industries, Inc. | 257480302<br>| 53150568 | (66295534)<br>| 20516658 | (39068247)<br>| 225783747 | 466216 |  |  |
| Celanese Corp., Class A | 383743571<br>| 66605467 | (75081224)<br>| (4142736)<br>| 61579238 | 432704316 | 6579053 | 786493 |  |
| Centerspace | 66342202<br>| 14527993 | (15432391)<br>| (1203537)<br>| (6653224)<br>| 57581043 | 1002281 | 3052479 |  |
| Central Garden & Pet <br> Co.<br>| 20891984<br>| 4161554 | (6098903)<br>| 383386 | (612935)<br>| 18725086 | 509249 |  |  |
| Central Garden & Pet <br> Co., Class A<br>| 102248913<br>| 21046412 | (23038565)<br>| 2158765 | (3124120)<br>| 99291405 | 3062659 |  |  |
| Central Pacific Financial <br> Corp.<br>| 43196860<br>| 373648 | (1789653)<br>| 33993 | 7841372 | 49656220 | 1553699 | 1755632 |  |
| Century Communities, <br> Inc.<br>| 113038606<br>| 20998084 | (30598623)<br>| 6750826 | (23135056)<br>| 87053837 | 1517146 | 1875992 |  |
| CEVA, Inc.<sup>(b)</sup> | 37410320<br>| 4499932 | (35645011)<br>| (15294450)<br>| 9029209 |  |  |  |  |
| Champion Homes, Inc. | 308769964<br>| 66875285 | (61393159)<br>| (5858826)<br>| (61332406)<br>| 247060858 | 3322050 |  |  |
| Cheesecake Factory, Inc. <br> (The)<br>| 141282510<br>| 32097998 | (40820738)<br>| 12474294 | 5743056 | 150777120 | 2753920 | 3056467 |  |
| Chefs' Warehouse, Inc. <br> (The)<br>| 118524130<br>| 30731241 | (30208949)<br>| 8064289 | 2159569 | 129270280 | 2174437 |  |  |
| Chemours Co. (The) | 124995768<br>| 27153065 | (29193437)<br>| (232671)<br>| 76373664 | 199096389 | 9037512 | 3129183 |  |
| Chesapeake Utilities <br> Corp.<br>| 181843780<br>| 40211646 | (39161321)<br>| 7242795 | (10631474)<br>| 179505426 | 1420475 | 3831262 |  |
| Cinemark Holdings, Inc. | 165144378<br>| 34936665 | (48832447)<br>| 10897501 | 14609826 | 176755923 | 6197613 | 2109800 |  |
| City Holding Co. | 106887245<br>| 21619214 | (26751854)<br>| 8320376 | (6721615)<br>| 103353366 | 864737 | 2875881 |  |
| Cleanspark, Inc. | 115513232<br>| 42573494 | (57106529)<br>| 1616245 | 28114231 | 130710673 | 15359656 |  |  |
| Clear Secure, Inc., <br> Class A<br>| 150699219<br>| 42450396 | (59820528)<br>| 1778821 | 122735322 | 257843230 | 5326239 | 2164107 |  |
| Clearway Energy, Inc., <br> Class A<br>| 60905823<br>| 13349080 | (18600713)<br>| 2783851 | 22941551 | 81379592 | 2077600 | 9169 |  |
| Clearway Energy, Inc., <br> Class C<br>| 155035736<br>| 39513678 | (47288380)<br>| 6313507 | 46660736 | 200235277 | 5096342 | 94318 |  |
| Cogent Communications <br> Holdings, Inc.<br>| 160068516<br>| 27930202 | (28751033)<br>| (2396199)<br>| (103192095)<br>| 53659391 | 2848163 |  |  |
| Cohu, Inc. | 42393896<br>| 14531307 | (15310832)<br>| (1227933)<br>| 45435972 | 85822410 | 2802822 |  |  |
| Collegium <br> Pharmaceutical, Inc.<br>| 59517855<br>| 16977746 | (18994009)<br>| 2851841 | 2378439 | 62731872 | 1896942 |  |  |
| Community Financial <br> System, Inc.<br>| 185343017<br>| 34502000 | (39459195)<br>| 4364563 | 695050 | 185445435 | 3161900 | 5925724 |  |
| Concentra Group <br> Holdings Parent, Inc.<br>| 145236017<br>| 41362296 | (31334914)<br>| 10121158 | (11830270)<br>| 153554287 | 7158708 | 1708683 |  |
| CONMED Corp. | 115345444<br>| 18207300 | (21283191)<br>| (9277836)<br>| (37280213)<br>| 65711504 | 1858357 | 737737 |  |
| Corcept Therapeutics, <br> Inc.<br>| 658629185<br>| 77983535 | (90472398)<br>| 27127411 | (446601015)<br>| 226666718 | 5623089 |  |  |
| Core Laboratories, Inc. | 43398284<br>| 9802874 | (10806323)<br>| (2752530)<br>| 7269543 | 46911848 | 2794035 | 111899 |  |
| Core Natural Resources, <br> Inc.<br>| 241888914<br>| 56729696 | (61105116)<br>| 16103298 | 68767912 | 322384704 | 3078246 | 1220017 |  |
| CoreCivic, Inc. | 137829706<br>| 26973798 | (43025908)<br>| 9173310 | (17344978)<br>| 113605928 | 6007717 |  |  |

---

202026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Covista, Inc.<sup>(j)</sup> | $231904953<br>| $50833447 | $(79936326)<br>| $25832194 | $10266074 | $238900342 | 2072888 | $— | $— |
| Cracker Barrel Old <br> Country Store, Inc.<br>| 53423618<br>| 11864128 | (13864800)<br>| (7683114)<br>| (6078841)<br>| 37660991 | 1339772 | 1332193 |  |
| Crescent Energy Co., <br> Class A<sup>(f)</sup><br>| 127113171<br>| 23362237 | (24329415)<br>| (16533681)<br>| 17069608 | N/A | N/A | 5722088 |  |
| CSG Systems <br> International, Inc.<br>| 103217997<br>| 27207326 | (32243635)<br>| 6314963 | 25179619 | 129676270 | 1622170 | 2127145 |  |
| CSW Industrials, Inc. | 302544412<br>| 57866635 | (71321811)<br>| (10823688)<br>| (20449781)<br>| 257815767 | 989392 | 1081131 |  |
| CTS Corp. | 77364895<br>| 17155155 | (21543523)<br>| 3977505 | 6331719 | 83285751 | 1743839 | 278689 |  |
| Curbline Properties <br> Corp.<br>| 141402210<br>| 29489755 | (29694757)<br>| 12926471 | (3981701)<br>| 150141978 | 5821713 | 3905355 |  |
| Customers Bancorp, Inc. | 90574354<br>| 27575215 | (17036160)<br>| 7182608 | 25040038 | 133336055 | 1920992 |  |  |
| CVB Financial Corp. | 149927505<br>| 31043154 | (39251968)<br>| (108695)<br>| 6765096 | 148375092 | 7652145 | 6210161 |  |
| Cytek Biosciences, Inc. | 26508530<br>| 7539314 | (6962835)<br>| (5402670)<br>| 7152962 | 28835301 | 6598467 |  |  |
| Dana, Inc. | 106349113<br>| 38489266 | (66821885)<br>| 11627316 | 137342904 | 226986714 | 6745519 | 3169051 |  |
| Dauch Corp.<sup>(k)</sup> | 30177524<br>| 68399818 | (12606971)<br>| (8301544)<br>| 6321831 | 83990658 | 14163686 |  |  |
| Dave & Buster's <br> Entertainment, Inc.<sup>(b)</sup><br>| 33460115<br>| 7144155 | (35795670)<br>| (39876009)<br>| 35067409 |  |  |  |  |
| Deluxe Corp. | 43274421<br>| 12353088 | (12717129)<br>| (571009)<br>| 32047794 | 74387165 | 2701059 | 3217515 |  |
| DiamondRock Hospitality <br> Co.<br>| 99088323<br>| 22642950 | (26746231)<br>| (2705989)<br>| 22327806 | 114606859 | 12231255 | 4502159 |  |
| Digi International, Inc. | 64209738<br>| 19325911 | (19600698)<br>| 7438580 | 37473492 | 108847023 | 2258237 |  |  |
| Dime Community <br> Bancshares, Inc.<br>| 67672566<br>| 17109713 | (16146590)<br>| 1386081 | 12781900 | 82803670 | 2448364 | 2379087 |  |
| Diodes, Inc. | 123679503<br>| 31815080 | (36793831)<br>| 1783397 | 67598090 | 188082239 | 2755380 |  |  |
| DNOW, Inc. | 111575134<br>| 91950409 | (28230989)<br>| 3960676 | (46471819)<br>| 132783411 | 11148901 |  |  |
| Donnelley Financial <br> Solutions, Inc.<br>| 71748042<br>| 21941717 | (24286869)<br>| 4922202 | 753089 | 75078181 | 1592664 |  |  |
| Dorian LPG Ltd. | 50252467<br>| 13800684 | (14617950)<br>| 3293329 | 22720774 | 75449304 | 2206120 | 5348421 |  |
| Dorman Products, Inc. | 202441626<br>| 45191900 | (44943178)<br>| 9208242 | (37570637)<br>| 174327953 | 1670448 |  |  |
| DoubleVerify Holdings, <br> Inc.<br>| 116072725<br>| 20963907 | (30431276)<br>| (23966422)<br>| (6392618)<br>| 76246316 | 8025928 |  |  |
| Dream Finders Homes, <br> Inc., Class A<sup>(d)</sup><br>| N/A<br>| 9505669 | (8731026)<br>| (2315634)<br>| (28066851)<br>| 24011513 | 1724965 |  |  |
| DXC Technology Co. | 190876540<br>| 32943570 | (47105467)<br>| (14545772)<br>| (34036387)<br>| 128132484 | 10193515 |  |  |
| DXP Enterprises, Inc.<sup>(f)</sup> | 64656689<br>| 18767511 | (20772877)<br>| 7987588 | (39468461)<br>| N/A | N/A |  |  |
| Dycom Industries, Inc.<sup>(b)</sup> | 274845430<br>| 68056763 | (674216553)<br>| 431056815 | (99742455)<br>|  |  |  |  |
| Dynavax Technologies <br> Corp.<sup>(b)</sup><br>| 98038142<br>| 13280943 | (121698350)<br>| 31619338 | (21240073)<br>|  |  |  |  |
| Eagle Bancorp, Inc. | 39268152<br>| 8722239 | (14499633)<br>| (11598140)<br>| 19352760 | 41245378 | 1658439 | 633575 |  |
| Easterly Government <br> Properties, Inc.<br>| 65134435<br>| 6529739 | (4582193)<br>| (1637217)<br>| (8743834)<br>| 56700930 | 2645867 | 2978683 |  |
| Eastman Chemical Co. | —<br>| 449962257 | (51004179)<br>| 1057746 | 123187388 | 523203212 | 6855388 | 11619386 |  |
| Edgewell Personal Care <br> Co.<br>| 93064381<br>| 12744072 | (17415186)<br>| (6207868)<br>| (22363105)<br>| 59822294 | 2803294 | 1697324 |  |
| Element Solutions, Inc. | 311493923<br>| 76235937 | (75061884)<br>| (1339378)<br>| 155271863 | 466600461 | 13667266 | 4320629 |  |
| Ellington Financial, Inc. | 74325973<br>| 36189014 | (16114930)<br>| 617668 | (6353596)<br>| 88664129 | 7482205 | 5979566 |  |
| Elme Communities<sup>(b)</sup> | 94702580<br>| 14220720 | (108817852)<br>| (26150532)<br>| 26045084 |  |  |  |  |
| Embecta Corp. | 46393412<br>| 8304752 | (8647403)<br>| (2873382)<br>| (11025203)<br>| 32152176 | 3637124 | 2100128 |  |
| Employers Holdings, Inc. | 77462995<br>| 3762268 | (20869117)<br>| 1610193 | (15636981)<br>| 46329358 | 1126139 | 1791924 |  |
| Encore Capital Group, <br> Inc.<br>| 50210567<br>| 15551096 | (20899817)<br>| 1150700 | 47877363 | 93889909 | 1338989 |  |  |
| Energizer Holdings, Inc. | 121534172<br>| 17628032 | (29619137)<br>| (6619292)<br>| (42881631)<br>| 60042144 | 3656647 | 4535090 |  |
| Enerpac Tool Group <br> Corp., Class A<br>| 150895761<br>| 25791987 | (33344124)<br>| 6639953 | (34414815)<br>| 115568762 | 3168872 | 126428 |  |
| Enova International, Inc. | 154341021<br>| 41220288 | (52277344)<br>| 20604794 | 37767311 | 201656070 | 1484621 |  |  |
| Enovis Corp. | 134741451<br>| 20644297 | (23778045)<br>| (6985129)<br>| (46534177)<br>| 78088397 | 3432457 |  |  |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Enphase Energy, Inc. | $—<br>| $335070397 | $(35101045)<br>| $1076637 | $(3788722)<br>| $297257267 | 7861869 | $— | $— |
| Enpro, Inc. | 210013936<br>| 59436486 | (63505445)<br>| 22318902 | 88953497 | 317217376 | 1265579 | 1577319 |  |
| Enviri Corp. | 33149193<br>| 16196994 | (16198240)<br>| 1646106 | 60195843 | 94989896 | 4841483 |  |  |
| ePlus, Inc. | 99397547<br>| 25879595 | (28887394)<br>| 6724587 | 15026886 | 118141221 | 1569983 | 1175851 |  |
| ESCO Technologies, Inc. | 253917172<br>| 70334602 | (75018134)<br>| 26906805 | 161632446 | 437772891 | 1555862 | 493738 |  |
| Essential Properties <br> Realty Trust, Inc.<br>| 378832178<br>| 104433541 | (72104274)<br>| 11604907 | (39937348)<br>| 382829004 | 12609651 | 13989525 |  |
| Ethan Allen Interiors, Inc. | 39535878<br>| 7496333 | (8608705)<br>| 139600 | (7633593)<br>| 30929513 | 1389466 | 2470056 |  |
| Etsy, Inc. | 328192384<br>| 70418864 | (129580438)<br>| 3894796 | 23449796 | 296375402 | 5929880 |  |  |
| EVERTEC, Inc. | 144960761<br>| 25589533 | (29346762)<br>| 4005957 | (36797167)<br>| 108412322 | 3841684 | 763733 |  |
| Everus Construction <br> Group, Inc.<br>| 116916841<br>| 56383147 | (58862438)<br>| 8684271 | 238669625 | 361791446 | 3064471 |  |  |
| EZCORP, Inc., Class A | 47800109<br>| 20431719 | (14474688)<br>| 4797641 | 30919414 | 89474195 | 3525382 |  |  |
| Federal Signal Corp. | 277916471<br>| 83054022 | (94271002)<br>| 38051175 | 90323793 | 395074459 | 3653361 | 2075131 |  |
| First BanCorp/Puerto <br> Rico<br>| 193197004<br>| 8586338 | (22903600)<br>| 9788430 | 11038622 | 199706794 | 9349569 | 7074755 |  |
| First Bancorp/Southern <br> Pines NC<br>| 102717377<br>| 24908122 | (27165188)<br>| 3538124 | 36313741 | 140312176 | 2490012 | 2288087 |  |
| First Commonwealth <br> Financial Corp.<br>| 97563430<br>| 18739136 | (20673182)<br>| 4546114 | 7967819 | 108143317 | 6151497 | 3343526 |  |
| First Financial Bancorp | 147637121<br>| 32075737 | (22554767)<br>| 2996190 | 14062430 | 174216711 | 6248806 | 5800874 |  |
| First Hawaiian, Inc. | 191055692<br>| 40880472 | (51328062)<br>| 4898635 | (4107648)<br>| 181399089 | 7361976 | 7768362 |  |
| First Interstate <br> BancSystem, Inc., <br> Class A<br>| —<br>| 198428069 | (23819765)<br>| (171134)<br>| 2018170 | 176455340 | 5283094 | 2541868 |  |
| FMC Corp. | 325685916<br>| 35844565 | (48177890)<br>| (12356782)<br>| (171845189)<br>| 129150620 | 7500036 | 9725502 |  |
| Foot Locker, Inc.<sup>(b)</sup> | 71966781<br>| 6716119 | (127764711)<br>| 26235917 | 22845894 |  |  |  |  |
| FormFactor, Inc. | 135483215<br>| 56418258 | (55818235)<br>| 16663838 | 298970464 | 451717540 | 4657362 |  |  |
| Fortrea Holdings, Inc. | 41914270<br>| 12694906 | (10806158)<br>| (9739451)<br>| 18165877 | 52229444 | 5544527 |  |  |
| Four Corners Property <br> Trust, Inc.<br>| 178263564<br>| 35798731 | (27469874)<br>| 1909667 | (32621154)<br>| 155880934 | 6591160 | 8578449 |  |
| Fox Factory Holding <br> Corp.<br>| 60149444<br>| 10905775 | (12927374)<br>| (7383663)<br>| (9458766)<br>| 41285416 | 2508227 |  |  |
| Franklin BSP Realty <br> Trust, Inc.<br>| 66061525<br>| 10599731 | (16684564)<br>| (2690283)<br>| (15739575)<br>| 41546834 | 4893620 | 3292563 |  |
| Franklin Electric Co., Inc. | 228089628<br>| 45401201 | (56519042)<br>| 13931046 | (18976260)<br>| 211926573 | 2299301 | 2491234 |  |
| Freshpet, Inc. | 249623028<br>| 40561844 | (45624974)<br>| (5515073)<br>| (66201286)<br>| 172843539 | 2931539 |  |  |
| Frontdoor, Inc. | 181062894<br>| 53579392 | (74305361)<br>| 20917178 | 47729761 | 228983864 | 4331893 |  |  |
| Fulton Financial Corp. | 203865997<br>| 5752459 | (13712717)<br>| 210413 | 23156899 | 219273051 | 10780386 | 7884600 |  |
| Gates Industrial Corp. <br> PLC<br>| 258782908<br>| 109639878 | (75564139)<br>| 5193549 | 46773027 | 344825223 | 15251005 |  |  |
| Gentherm, Inc. | 51216967<br>| 12894538 | (15025871)<br>| (5651192)<br>| 7382317 | 50816759 | 1829257 |  |  |
| Genworth Financial, Inc., <br> Class A<br>| 187382560<br>| 4522546 | (33216546)<br>| 13318220 | 13717896 | 185724676 | 22872497 |  |  |
| GEO Group, Inc. (The) | 245795315<br>| 36814379 | (43242953)<br>| 11643414 | (112992406)<br>| 138017749 | 8210455 |  |  |
| Getty Realty Corp. | 97597547<br>| 19806033 | (16479454)<br>| 1495458 | 2854348 | 105273932 | 3310501 | 3677599 |  |
| Gibraltar Industries, Inc. | 110047744<br>| 19930270 | (25787604)<br>| 1897953 | (35402441)<br>| 70685922 | 1772910 |  |  |
| G-III Apparel Group Ltd. | 65305400<br>| 14082000 | (17964751)<br>| (799884)<br>| 1086519 | 61709284 | 2227772 | 451803 |  |
| Glaukos Corp. | 335566632<br>| 85160192 | (77456802)<br>| 20160460 | 8064344 | 371494826 | 3450630 |  |  |
| GMS, Inc.<sup>(b)</sup> | 176455455<br>| 9556956 | (271008898)<br>| 183752115 | (98755628)<br>|  |  |  |  |
| Goosehead Insurance, <br> Inc., Class A<br>| 178931500<br>| 27529817 | (38818548)<br>| 118985 | (103996188)<br>| 63765566 | 1494739 |  |  |
| Granite Construction, <br> Inc.<br>| 202510300<br>| 61760572 | (66813678)<br>| 24123545 | 91681885 | 313262624 | 2613135 | 1347708 |  |
| Greenbrier Cos., Inc. <br> (The)<br>| 99311534<br>| 19545851 | (23078000)<br>| 2613186 | (771837)<br>| 97620734 | 1854145 | 2382032 |  |
| Griffon Corp. | 174828225<br>| 38241538 | (43838352)<br>| 15676489 | (14119421)<br>| 170788479 | 2349869 | 1878390 |  |

---

222026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Grocery Outlet Holding <br> Corp.<br>| $83956610<br>| $14907198 | $(17053246)<br>| $(6022172)<br>| $(34273034)<br>| $41515356 | 5888703 | $— | $— |
| Group 1 Automotive, Inc. | 306643974<br>| 62917059 | (99746688)<br>| 32959437 | (68473824)<br>| 234299958 | 708647 | 1559301 |  |
| H2O America<sup>(l)</sup> | 102324662<br>| 41757524 | (21548974)<br>| (1629615)<br>| 10712046 | 131615643 | 2243321 | 3238591 |  |
| HA Sustainable <br> Infrastructure Capital, <br> Inc.<br>| 215087569<br>| 54719076 | (51487597)<br>| 6217757 | 57263334 | 281800139 | 7668031 | 3510270 |  |
| Hanesbrands, Inc.<sup>(b)</sup> | 125979168<br>| 13713464 | (142209413)<br>| 16730902 | (14214121)<br>|  |  |  |  |
| Hanmi Financial Corp. | 42878589<br>| 2116057 | (4529995)<br>| (1223587)<br>| 7719540 | 46960604 | 1781510 | 1958498 |  |
| Harmonic, Inc. | 69401986<br>| 14197845 | (18491567)<br>| 1205268 | (5834579)<br>| 60478953 | 6734850 |  |  |
| Hawaiian Electric <br> Industries, Inc.<br>| —<br>| 129285174 | (10061109)<br>| 310432 | 34305224 | 153839721 | 10366558 |  |  |
| Hawkins, Inc. | 124731922<br>| 50740825 | (35499451)<br>| 16689385 | 36815258 | 193477939 | 1259622 | 892971 |  |
| Hayward Holdings, <br> Inc.<sup>(d)</sup><br>| N/A<br>| 82730808 | (33706307)<br>| (638356)<br>| (15939631)<br>| 160328339 | 11982686 |  |  |
| HB Fuller Co. | 189730215<br>| 39772008 | (45301635)<br>| 184853 | 16810278 | 201195719 | 3261928 | 3048949 |  |
| Healthcare Services <br> Group, Inc.<br>| 46521670<br>| 15568529 | (20975006)<br>| (2154625)<br>| 39486770 | 78447338 | 4228967 |  |  |
| Heidrick & Struggles <br> International, Inc.<sup>(b)</sup><br>| 54043365<br>| 9611473 | (83295564)<br>| 35443455 | (15802729)<br>|  |  | 550914 |  |
| Helen of Troy Ltd.<sup>(b)</sup> | 75586719<br>| 4181964 | (33476471)<br>| (55054570)<br>| 8762358 |  |  |  |  |
| Helix Energy Solutions <br> Group, Inc.<br>| 73458306<br>| 13282210 | (17080094)<br>| 215569 | 11320810 | 81196801 | 8209990 |  |  |
| Helmerich & Payne, Inc. | 160676370<br>| 34914195 | (35840040)<br>| 1492094 | 54854980 | 216097599 | 5997713 | 5941242 |  |
| Heritage Financial Corp. | 51183337<br>| 19190334 | (10024967)<br>| (552278)<br>| 4365516 | 64161942 | 2467767 | 1953758 |  |
| Highwoods Properties, <br> Inc.<br>| 197251592<br>| 38577117 | (40107236)<br>| 2278853 | (56655017)<br>| 141345309 | 6601836 | 12937681 |  |
| Hillenbrand, Inc.<sup>(b)</sup> | 105108650<br>| 21940170 | (158884673)<br>| (32673685)<br>| 64509538 |  |  | 2865848 |  |
| HNI Corp. | 131089641<br>| 88717047 | (39709412)<br>| 1971415 | (43000443)<br>| 139068248 | 4164967 | 4248127 |  |
| Hope Bancorp, Inc. | 78248843<br>| 21075510 | (18151128)<br>| (2514312)<br>| 7708655 | 86367568 | 7732101 | 4270015 |  |
| Horace Mann Educators <br> Corp.<br>| 107787451<br>| 12233074 | (14891320)<br>| 1715984 | (1871168)<br>| 104974021 | 2459560 | 3453578 |  |
| Hub Group, Inc., Class A | 139615389<br>| 29979995 | (33319254)<br>| 5703007 | (10878123)<br>| 131101014 | 3637653 | 1817642 |  |
| IAC, Inc. | 201184399<br>| 33393650 | (92603293)<br>| (6382458)<br>| 21122510 | 156714808 | 3914934 |  |  |
| Ichor Holdings Ltd. | 47332249<br>| 11804254 | (12490589)<br>| (610321)<br>| 50325082 | 96360675 | 2067382 |  |  |
| ICU Medical, Inc. | 210232096<br>| 43834366 | (47204783)<br>| 4605526 | (19976500)<br>| 191490705 | 1482700 |  |  |
| Impinj, Inc. | 129636966<br>| 75256755 | (39159732)<br>| (8712490)<br>| 8937798 | 165959297 | 1615962 |  |  |
| Independent Bank Corp. | 164763486<br>| 54175596 | (29993014)<br>| 3456532 | 31668221 | 224070821 | 2979269 | 6849115 |  |
| Indivior Pharmaceuticals, <br> Inc.<sup>(m)</sup><br>| —<br>| 280044939 | (15243708)<br>| (1632582)<br>| (34570447)<br>| 228598202 | 7499941 |  |  |
| Ingevity Corp. | 88975714<br>| 25888032 | (29022902)<br>| 976040 | 67024673 | 153841557 | 2159786 |  |  |
| Innospec, Inc. | 146607907<br>| 24970759 | (29780590)<br>| (966427)<br>| (32207900)<br>| 108623749 | 1487589 | 2528895 |  |
| Innovative Industrial <br> Properties, Inc.<br>| 94753942<br>| 18616096 | (23655562)<br>| (21218251)<br>| 15882375 | 84378600 | 1682189 | 11570054 |  |
| Innoviva, Inc. | 61749457<br>| 34134274 | (16801229)<br>| 4340881 | 15929611 | 99352994 | 4264077 |  |  |
| Insight Enterprises, Inc. | 253473651<br>| 62867266 | (43135552)<br>| 9781878 | (158250004)<br>| 124737239 | 1861472 |  |  |
| Insperity, Inc. | —<br>| 87413661 | (4082713)<br>| (1209346)<br>| (23965701)<br>| 58155901 | 2150736 | 1307867 |  |
| Inspire Medical Systems, <br> Inc.<br>| 292223052<br>| 33209624 | (57163862)<br>| (51148501)<br>| (136600787)<br>| 80519526 | 1561061 |  |  |
| Installed Building <br> Products, Inc.<br>| 246207644<br>| 72524088 | (83063204)<br>| 28797573 | 96314489 | 360780590 | 1360666 | 4532167 |  |
| Insteel Industries, Inc. | 31628117<br>| 8718033 | (9490229)<br>| 297390 | 8159768 | 39313079 | 1169684 | 1316705 |  |
| Integer Holdings Corp. | 244765485<br>| 50272342 | (48202345)<br>| 6283458 | (67935172)<br>| 185183768 | 2104361 |  |  |
| Integra <br> LifeSciences Holdings <br> Corp.<br>| 90225014<br>| 10889057 | (12386350)<br>| (6282766)<br>| (44579984)<br>| 37864971 | 4019636 |  |  |
| InterDigital, Inc.<sup>(b)</sup> | 328370067<br>| 104815270 | (614589087)<br>| 391275328 | (209871578)<br>|  |  | 4000160 |  |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Interface, Inc., Class A | $71517387<br>| $19963919 | $(21311339)<br>| $4893567 | $12282437 | $87345971 | 3505055 | $279195 | $— |
| International Seaways, <br> Inc.<sup>(f)</sup><br>| 82801165<br>| 27664893 | (28936917)<br>| 2957140 | 6470050 | N/A | N/A | 10841321 |  |
| Iridium Communications, <br> Inc.<br>| —<br>| 116777592 | (9432246)<br>| 881897 | 66638033 | 174865276 | 6303723 | 953223 |  |
| Itron, Inc. | 292094870<br>| 65593450 | (69854728)<br>| 14672900 | (55904874)<br>| 246601618 | 2751329 |  |  |
| Jack in the Box, Inc.<sup>(b)</sup> | 31697857<br>| 1771304 | (24022897)<br>| (78523368)<br>| 69077104 |  |  |  |  |
| JBG SMITH Properties | 84142224<br>| 4606507 | (37296242)<br>| 8996393 | (8156171)<br>| 52292711 | 3579241 | 2243123 |  |
| JBT Marel Corp. | 348897497<br>| 125902706 | (84621693)<br>| 10881223 | (1790133)<br>| 399269600 | 3122465 | 1179956 |  |
| JetBlue Airways Corp.<sup>(f)</sup> | 90722107<br>| 18682276 | (23545176)<br>| (1540114)<br>| 3642674 | N/A | N/A |  |  |
| John B Sanfilippo & Son, <br> Inc.<br>| 39608898<br>| 9050891 | (9908866)<br>| (703360)<br>| 5217194 | 43264757 | 545377 | 1370662 |  |
| John Wiley & Sons, Inc., <br> Class A<br>| 112974305<br>| 18995550 | (23833550)<br>| 849865 | (16844254)<br>| 92141916 | 2418423 | 3477846 |  |
| Kadant, Inc. | 244690321<br>| 46252577 | (52294210)<br>| (5537874)<br>| (26273481)<br>| 206837333 | 707499 | 955954 |  |
| Kaiser Aluminum Corp. | 59741677<br>| 20641025 | (20640079)<br>| 534921 | 55893373 | 116170917 | 963994 | 2949422 |  |
| Kemper Corp. | —<br>| 105645968 | (972720)<br>| 11622 | 3042644 | 107727514 | 3525115 |  |  |
| Kennametal, Inc. | 101880903<br>| 27818664 | (30317156)<br>| (494179)<br>| 66455619 | 165343851 | 4576359 | 3651156 |  |
| Kennedy-Wilson <br> Holdings, Inc.<br>| 63418224<br>| 13978155 | (17877887)<br>| (2764956)<br>| 21159261 | 77912797 | 7200813 |  |  |
| KKR Real Estate Finance <br> Trust, Inc.<sup>(b)</sup><br>| 38540718<br>| 6537036 | (31436912)<br>| (36643404)<br>| 23002562 |  |  | 1175590 |  |
| Knowles Corp. | 82384380<br>| 23859771 | (29248301)<br>| 4885377 | 49059449 | 130940676 | 5098936 |  |  |
| Kodiak Gas Services, <br> Inc.<br>| —<br>| 192867641 | (31809682)<br>| 2731138 | 127402780 | 291191877 | 4993002 | 2464762 |  |
| Kohl's Corp. | 56297631<br>| 22841140 | (22163767)<br>| (5239227)<br>| 35138538 | 86874315 | 6734443 | 3350632 |  |
| Kontoor Brands, Inc. | 196793807<br>| 46289453 | (44704537)<br>| 9812390 | 7753263 | 215944376 | 3072192 | 6357271 |  |
| Koppers Holdings, Inc. | 35088088<br>| 6156343 | (8083194)<br>| (517638)<br>| 13262444 | 45906043 | 1186816 | 396243 |  |
| Korn Ferry | 216354570<br>| 44235945 | (47369738)<br>| 12922030 | (28806014)<br>| 197336793 | 3134818 | 6196263 |  |
| Kratos Defense & <br> Security Solutions, <br> Inc.<sup>(b)</sup><br>| 280610374<br>| 62575325 | (838834078)<br>| 484982626 | 10665753 |  |  |  |  |
| Krystal Biotech, Inc. | 282183022<br>| 67691872 | (65844305)<br>| 1984336 | 114525734 | 400540659 | 1550560 |  |  |
| Kulicke & Soffa <br> Industries, Inc.<br>| 108858768<br>| 30713641 | (34545611)<br>| 7061430 | 94477684 | 206565912 | 3143121 | 2607659 |  |
| Lakeland Financial Corp. | 93845120<br>| 19280273 | (22899535)<br>| (1690988)<br>| (1670042)<br>| 86864828 | 1513852 | 3082310 |  |
| Lamb Weston Holdings, <br> Inc.<br>| —<br>| 336553527 | (2775887)<br>| 42098 | 18780037 | 352599775 | 8343582 |  |  |
| Laureate Education, Inc., <br> Class A<br>| —<br>| 270513155 | (2275369)<br>| 47536 | 12390387 | 280675709 | 8056134 |  |  |
| La-Z-Boy, Inc. | 100255882<br>| 19514238 | (22505400)<br>| 2455623 | (20146428)<br>| 79573915 | 2475853 | 2292850 |  |
| LCI Industries | 137648306<br>| 36247268 | (45604726)<br>| (2439401)<br>| 52877847 | 178729294 | 1453320 | 6842835 |  |
| Leggett & Platt, Inc. | 65727473<br>| 17521940 | (18309503)<br>| (2318781)<br>| 17694537 | 80315666 | 8129116 | 1623382 |  |
| LeMaitre Vascular, Inc. | 106139037<br>| 23562145 | (24594009)<br>| 8983685 | 22740964 | 136831822 | 1253383 | 1052864 |  |
| LGI Homes, Inc. | 85036799<br>| 13190451 | (16272723)<br>| (6896473)<br>| (26881025)<br>| 48177029 | 1218746 |  |  |
| Liberty Energy, Inc., <br> Class A<br>| 158672116<br>| 39346073 | (41062383)<br>| (2236507)<br>| 125657082 | 280376381 | 9735291 | 3305777 |  |
| Life360, Inc. | —<br>| 189369534 | (1867932)<br>| 12837 | 4616117 | 192130556 | 4706775 |  |  |
| Ligand Pharmaceuticals, <br> Inc.<br>| 122836744<br>| 46545906 | (41410642)<br>| 11185052 | 96899716 | 236056776 | 1182353 |  |  |
| Lincoln National Corp.<sup>(f)</sup> | 306924709<br>|  |  |  | (83166926)<br>| N/A | N/A | 15384697 |  |
| Lindsay Corp. | 85006637<br>| 19276271 | (24782879)<br>| 2454871 | (7241333)<br>| 74713567 | 627476 | 953241 |  |
| LiveRamp Holdings, Inc. | 106286364<br>| 24378965 | (32253694)<br>| 507167 | 1590195 | 100508997 | 3789932 |  |  |
| LKQ Corp. | —<br>| 489087637 | (30193258)<br>| (1823117)<br>| (5397257)<br>| 451674005 | 15378754 | 4664257 |  |
| LTC Properties, Inc. | 99204485<br>| 24835605 | (22479651)<br>| (675610)<br>| 5348328 | 106233157 | 2858804 | 6228964 |  |
| LXP Industrial Trust | 158967702<br>| 37352765 | (42303943)<br>| (1265154)<br>| 11939365 | 164690735 | 3560111 | 8456500 |  |
| Lyft, Inc., Class A | —<br>| 324976378 | (2618304)<br>| (19908)<br>| (4244580)<br>| 318093586 | 23916811 |  |  |

---

242026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| M/I Homes, Inc. | $192075994<br>| $44566706 | $(57090068)<br>| $19938192 | $(7254242)<br>| $192236582 | 1569919 | $— | $— |
| Macerich Co. (The) | 263869144<br>| 58903322 | (67190737)<br>| 9412050 | 25803171 | 290796950 | 15386082 |  |  |
| Madison Square Garden <br> Sports Corp., Class A<br>| 201712590<br>| 65416438 | (53872223)<br>| 1697127 | 132166103 | 347120035 | 1080025 |  |  |
| Magnolia Oil & Gas <br> Corp., Class A<br>| 298398224<br>| 56441917 | (79307559)<br>| (479174)<br>| 68010710 | 343064118 | 10866776 | 6853404 |  |
| ManpowerGroup, Inc. | —<br>| 114202004 | (10815901)<br>| (1579670)<br>| (19950704)<br>| 81855729 | 2778538 | 2009183 |  |
| MARA Holdings, Inc. | 241342346<br>| 84090852 | (58592285)<br>| (6329744)<br>| (75145174)<br>| 185365995 | 22716421 |  |  |
| MarineMax, Inc. | 27172839<br>| 6094985 | (7986342)<br>| (271011)<br>| 6781971 | 31792442 | 1174887 |  |  |
| MarketAxess Holdings, <br> Inc.<br>| —<br>| 361434172 |  |  | (10847053)<br>| 350587119 | 2125028 | 3100494 |  |
| Masterbrand, Inc. | 102635889<br>| 18278105 | (20762324)<br>| 215507 | (37146143)<br>| 63221034 | 7607826 |  |  |
| Match Group, Inc. | —<br>| 444166077 | (3532604)<br>| (27289)<br>| (5033909)<br>| 435572275 | 14183402 |  |  |
| Materion Corp. | 104697125<br>| 31395863 | (32774494)<br>| 8861475 | 68652348 | 180832317 | 1250137 | 692983 |  |
| Matson, Inc. | 263210553<br>| 51686896 | (70764114)<br>| 22360814 | 40590882 | 307085031 | 1873155 | 2730223 |  |
| Matthews International <br> Corp., Class A<br>| 42851965<br>| 10731373 | (11728696)<br>| (3675391)<br>| 10047035 | 48226286 | 1867788 | 1879512 |  |
| MaxLinear, Inc. | 51711443<br>| 19522423 | (16818560)<br>| (7085378)<br>| 37494544 | 84824472 | 4877773 |  |  |
| MDU Resources Group, <br> Inc.<br>| 213192724<br>| 49685029 | (52995816)<br>| 3922286 | 40584520 | 254388743 | 12277449 | 6749158 |  |
| Medical Properties Trust, <br> Inc.<sup>(f)</sup><br>| 223870178<br>| 35309729 | (78744169)<br>| 9606130 | (72510032)<br>| N/A | N/A | 4001688 |  |
| Mercury Systems, Inc. | 135161136<br>| 54400264 | (47574023)<br>| 8890303 | 80434034 | 231311714 | 3172565 |  |  |
| Merit Medical Systems, <br> Inc.<br>| 380961926<br>| 66998053 | (70432075)<br>| 17596698 | (149625306)<br>| 245499296 | 3561574 |  |  |
| Meritage Homes Corp. | 317151497<br>| 63203071 | (90979038)<br>| 20951666 | (62177128)<br>| 248150068 | 4012776 | 7584928 |  |
| Mesa Laboratories, <br> Inc.<sup>(b)</sup><br>| 40583025<br>| 2347417 | (28070250)<br>| (51309909)<br>| 36449717 |  |  | 104145 |  |
| Metallus, Inc. | 30887919<br>| 8376051 | (10379937)<br>| 90213 | 6145626 | 35119872 | 2149319 |  |  |
| MGE Energy, Inc. | 208130654<br>| 39173148 | (43288265)<br>| 1587970 | (35977617)<br>| 169625890 | 2194668 | 4088148 |  |
| Middlesex Water Co. | 71031389<br>| 12540090 | (12919978)<br>| (2618905)<br>| (10472115)<br>| 57560481 | 1105869 | 1513288 |  |
| MillerKnoll, Inc. | 80655692<br>| 15654907 | (17724613)<br>| (161958)<br>| (19195839)<br>| 59228189 | 4096002 | 3076140 |  |
| Millrose Properties, Inc., <br> Class A<sup>(d)</sup><br>| N/A<br>| 116772912 | (56927405)<br>| 2270695 | (351407)<br>| 259342552 | 9262234 | 19764122 |  |
| Minerals Technologies, <br> Inc.<br>| 125344910<br>| 23302362 | (28928319)<br>| 585944 | 12281816 | 132586713 | 1869525 | 864743 |  |
| Mirion Technologies, Inc., <br> Class A<br>| —<br>| 381274508 | (41805722)<br>| (4079701)<br>| (62152521)<br>| 273236564 | 14698040 |  |  |
| Mohawk Industries, Inc. | —<br>| 359964828 | (21582160)<br>| (2290320)<br>| (28927474)<br>| 307164874 | 3119692 |  |  |
| Molina Healthcare, Inc. | —<br>| 434839754 | (3472873)<br>| (1597)<br>| (18904692)<br>| 412460592 | 3094228 |  |  |
| Monro, Inc. | 27331500<br>| 4909865 | (5820515)<br>| (6391732)<br>| 8907283 | 28936401 | 1804015 | 1999934 |  |
| Moog, Inc., Class A<sup>(b)</sup> | 303897458<br>| 81704037 | (582826028)<br>| 360874107 | (163649574)<br>|  |  | 1993743 |  |
| Mr. Cooper Group, Inc.<sup>(b)</sup> | 470772151<br>|  | (116552999)<br>| 31026767 | (385245919)<br>|  |  | 7417344 |  |
| Mueller Water Products, <br> Inc., Class A<br>| 246157442<br>| 51498413 | (58214213)<br>| (1500845)<br>| 20310242 | 258251039 | 9394363 | 2560103 |  |
| MYR Group, Inc. | 112734671<br>| 43936408 | (52006927)<br>| 21116916 | 137480638 | 263261706 | 932494 |  |  |
| Myriad Genetics, Inc.<sup>(b)</sup> | 49923464<br>| 7166340 | (32911177)<br>| (104677281)<br>| 80498654 |  |  |  |  |
| Napco Security <br> Technologies, Inc.<br>| —<br>| 94293324 | (3780614)<br>| (201280)<br>| (5982324)<br>| 84329106 | 2140876 |  |  |
| National Bank Holdings <br> Corp., Class A<br>| 90132471<br>| 6162868 | (9191078)<br>| (128543)<br>| 1976183 | 88951901 | 2271499 | 2807414 |  |
| National Vision Holdings, <br> Inc.<br>| 62223366<br>| 27165438 | (27532419)<br>| 2238098 | 59260820 | 123355303 | 4762753 |  |  |
| NBT Bancorp, Inc. | 125248738<br>| 39648637 | (29604594)<br>| 6890019 | (8418241)<br>| 133764559 | 3141488 | 4536561 |  |
| NCR Atleos Corp. | 118236242<br>| 34697598 | (35089105)<br>| 7080856 | 68510950 | 193436541 | 4438654 |  |  |
| NCR Voyix Corp. | 87992755<br>| 18863362 | (26534575)<br>| (9972894)<br>| (17742848)<br>| 52605800 | 8310553 |  |  |
| Neogen Corp. | 105829393<br>| 24571917 | (18832095)<br>| (1525411)<br>| 11291511 | 121335315 | 13060852 |  |  |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| NeoGenomics, Inc. | $75313617<br>| $16863565 | $(17008214)<br>| $(12768209)<br>| $(4790024)<br>| $57610735 | 7764250 | $— | $— |
| NetScout Systems, Inc. | 93211285<br>| 22959704 | (30232905)<br>| (1804240)<br>| 46835997 | 130969841 | 4119844 |  |  |
| Newell Brands, Inc. | 159954395<br>| 24299371 | (27886576)<br>| (12489716)<br>| (57564710)<br>| 86312764 | 25164071 | 7016792 |  |
| NexPoint Residential <br> Trust, Inc.<br>| 54015808<br>| 8924873 | (13468016)<br>| (1779651)<br>| (14970689)<br>| 32722325 | 1308893 |  |  |
| NMI Holdings, Inc., <br> Class A<br>| 175302714<br>| 37488598 | (47862710)<br>| 12010116 | (4976711)<br>| 171962007 | 4584431 |  |  |
| Northern Oil & Gas, Inc. | 185630731<br>| 43583556 | (38833044)<br>| (7965969)<br>| 713394 | 183128668 | 6265093 | 10591874 |  |
| Northwest Bancshares, <br> Inc.<br>| 94855914<br>| 32050575 | (20727064)<br>| (581604)<br>| 5724227 | 111322048 | 8772423 | 6766916 |  |
| Northwest Natural <br> Holding Co.<br>| 106002289<br>| 23402087 | (22339023)<br>| 336117 | 25247783 | 132649253 | 2492470 | 4771355 |  |
| Oceaneering <br> International, Inc.<br>| 136285565<br>| 32928473 | (37672150)<br>| 7290898 | 73743500 | 212576286 | 5993129 |  |  |
| ODP Corp. (The)<sup>(b)</sup> | 27344993<br>|  | (26968979)<br>| (21003816)<br>| 20627802 |  |  |  |  |
| OFG Bancorp | 113682413<br>| 8328522 | (19843053)<br>| 6454021 | (5190242)<br>| 103431661 | 2556393 | 3261723 |  |
| O-I Glass, Inc. | 109265158<br>| 27914198 | (31205592)<br>| (2447005)<br>| (7394784)<br>| 96131975 | 9146715 |  |  |
| Omnicell, Inc. | 100116176<br>| 22115889 | (27532823)<br>| (6654804)<br>| 1880915 | 89925353 | 2693989 |  |  |
| OPENLANE, Inc. | 127372664<br>| 37516082 | (42545755)<br>| 8972318 | 54722789 | 186038098 | 6382096 |  |  |
| Organon & Co. | 237126690<br>| 28662467 | (32345756)<br>| (12594931)<br>| (127357293)<br>| 93491177 | 15607876 | 1242548 |  |
| OSI Systems, Inc. | 187742546<br>| 51801211 | (59171019)<br>| 20457706 | 46164747 | 246995191 | 930267 |  |  |
| Otter Tail Corp. | 207872022<br>| 44700730 | (49264869)<br>| 2424517 | 15201191 | 220933591 | 2517188 | 5390561 |  |
| Outfront Media, Inc.<sup>(f)</sup> | 137489462<br>| 46481292 | (41432425)<br>| 2932231 | 12875097 | N/A | N/A | 9134520 |  |
| Oxford Industries, Inc. | 53535612<br>| 7193727 | (10484882)<br>| (5377166)<br>| (12553242)<br>| 32314049 | 839108 | 2348157 |  |
| Pacific Premier Bancorp, <br> Inc.<sup>(b)</sup><br>| 127255306<br>| 3449024 | (148688596)<br>| (45373158)<br>| 63357424 |  |  | 3857717 |  |
| Pacira BioSciences, Inc. | 70939494<br>| 14626304 | (24614855)<br>| (13164383)<br>| 7949334 | 55735894 | 2466190 |  |  |
| Palomar Holdings, Inc. | 224869185<br>| 45463653 | (52621655)<br>| 12528944 | (40031260)<br>| 190208867 | 1591706 |  |  |
| Papa John's <br> International, Inc.<br>| 82907615<br>| 17643954 | (19742287)<br>| (6858364)<br>| (10179641)<br>| 63771277 | 1967642 | 3596157 |  |
| Park National Corp. | 136145542<br>| 39815911 | (29578762)<br>| 8784378 | 2674144 | 157841213 | 965685 | 4766027 |  |
| Pathward Financial, Inc. | 107662236<br>| 5326065 | (18169983)<br>| 8672277 | 13615660 | 117106255 | 1312409 | 277819 |  |
| Patrick Industries, Inc. | 175927756<br>| 46335718 | (51742047)<br>| 17029629 | 34462768 | 222013824 | 1998864 | 3480533 |  |
| Patterson Cos., Inc.<sup>(b)</sup> | 152320336<br>|  | (152849619)<br>| 13128079 | (12598796)<br>|  |  |  |  |
| Patterson-UTI Energy, <br> Inc.<br>| 178718944<br>| 31476327 | (37270606)<br>| (1034649)<br>| 52815091 | 224705107 | 20748394 | 7139031 |  |
| Paycom Software, Inc. | —<br>| 369440523 | (2938538)<br>| (38290)<br>| (9640000)<br>| 356823695 | 2935854 |  |  |
| Peabody Energy Corp. | 101792139<br>| 40873810 | (41740253)<br>| (45971)<br>| 139813534 | 240693259 | 7304803 | 2179952 |  |
| Pebblebrook Hotel Trust | 74963702<br>| 18304934 | (24489561)<br>| (2505503)<br>| 19844715 | 86118287 | 6818550 |  |  |
| Pediatrix Medical Group, <br> Inc.<br>| 75720712<br>| 20897100 | (22250792)<br>| 1502696 | 32235430 | 108105146 | 5054004 |  |  |
| Penguin Solutions, Inc. | 57230033<br>| 14973228 | (25601560)<br>| 2377801 | 1532727 | 50512229 | 2870013 |  |  |
| Penn Entertainment, Inc. | 151755237<br>| 28569429 | (55369330)<br>| (9545755)<br>| (471879)<br>| 114937702 | 7647219 |  |  |
| PennyMac Mortgage <br> Investment Trust<br>| 78674763<br>| 15739627 | (17397985)<br>| (2297280)<br>| (13835712)<br>| 60883413 | 5221562 | 8300226 |  |
| Perdoceo Education <br> Corp.<br>| 96266942<br>| 8901441 | (18853087)<br>| 6994946 | 37554909 | 130865151 | 3516935 | 2111970 |  |
| Perrigo Co. PLC | —<br>| 116374606 | (6244007)<br>| (1487949)<br>| (19927028)<br>| 88715622 | 8260300 | 2424048 |  |
| Phibro Animal Health <br> Corp., Class A<br>| 27397404<br>| 10502754 | (10636763)<br>| 2527785 | 38660421 | 68451601 | 1237599 | 587160 |  |
| Phillips Edison & Co., <br> Inc.<br>| 282451246<br>| 54953475 | (62819823)<br>| 1222904 | 6984081 | 282791883 | 7557239 | 7823631 |  |
| Phinia, Inc. | 107074905<br>| 28425762 | (40332889)<br>| 6354334 | 54311388 | 155833500 | 2276936 | 2615892 |  |
| Photronics, Inc. | 81292652<br>| 22011512 | (30989095)<br>| 8911491 | 62106579 | 143333139 | 3546972 |  |  |
| Piper Sandler Cos. | 246562866<br>| 70609182 | (62171111)<br>| 27616165 | 28326855 | 310943957 | 4061972 | 7741695 |  |
| PJT Partners, Inc., <br> Class A<br>| 202081340<br>| 57513499 | (57427719)<br>| 10100618 | (8294422)<br>| 203973316 | 1459872 | 1451895 |  |

---

262026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Plexus Corp. | $214237588<br>| $53720701 | $(61027694)<br>| $18711079 | $100296226 | $325937900 | 1609252 | $— | $— |
| Power Integrations, Inc. | —<br>| 132139250 | (9810280)<br>| 709695 | 47632081 | 170670746 | 3333413 | 722155 |  |
| PRA Group, Inc. | 50263642<br>| 8501120 | (10473519)<br>| (5908066)<br>| (1413314)<br>| 40969863 | 2341135 |  |  |
| Premier, Inc.<sup>(b)</sup> | 108845221<br>| 11559544 | (165967401)<br>| 30774457 | 14788179 |  |  | 2180513 |  |
| Prestige Consumer <br> Healthcare, Inc.<br>| 263347860<br>| 41509926 | (57594005)<br>| 10198305 | (89016568)<br>| 168445518 | 2842003 |  |  |
| PriceSmart, Inc.<sup>(f)</sup> | 134777274<br>| 38816299 | (39287294)<br>| 7774330 | (20059588)<br>| N/A | N/A | 2003191 |  |
| Primoris Services Corp. | —<br>| 437694261 | (30098796)<br>| 132205 | 56629090 | 464356760 | 3246342 | 517322 |  |
| Privia Health Group, Inc. | 143812275<br>| 44655250 | (32164525)<br>| (1765152)<br>| (11703491)<br>| 142834357 | 6943819 |  |  |
| ProAssurance Corp. | 73927501<br>| 14127262 | (15540110)<br>| (7003561)<br>| 11140709 | 76651801 | 3100801 |  |  |
| PROG Holdings, Inc. | 68320610<br>| 15743863 | (21491284)<br>| 622450 | 4889317 | 68084956 | 2373125 | 1274708 |  |
| Progress Software Corp. | 138211477<br>| 24127506 | (31914740)<br>| 698259 | (66287613)<br>| 64834889 | 2527676 |  |  |
| Progyny, Inc. | 102327946<br>| 28132637 | (22435596)<br>| 2118899 | (28423510)<br>| 81720376 | 4812743 |  |  |
| Protagonist Therapeutics, <br> Inc.<br>| 178218255<br>| 65836516 | (72218117)<br>| 16296494 | 183982079 | 372115227 | 3530505 |  |  |
| Proto Labs, Inc. | 53098179<br>| 14729328 | (18043280)<br>| (5816393)<br>| 37071556 | 81039390 | 1421245 |  |  |
| Provident Financial <br> Services, Inc.<br>| 117685515<br>| 12353070 |  |  | 28831668 | 158870253 | 7508046 | 7013542 |  |
| PTC Therapeutics, Inc. | —<br>| 442969713 | (27565876)<br>| (3649884)<br>| (83132441)<br>| 328621512 | 4823448 |  |  |
| Q2 Holdings, Inc. | —<br>| 320394410 | (27962486)<br>| (4198197)<br>| (111112917)<br>| 177120810 | 3744626 |  |  |
| Qorvo, Inc. | 418203014<br>| 90081609 | (150782439)<br>| 14545191 | 20253983 | 392301358 | 5068493 |  |  |
| Quanex Building <br> Products Corp.<br>| 54259432<br>| 10370055 | (12775544)<br>| (4474053)<br>| 2155924 | 49535814 | 2756584 | 892261 |  |
| QuidelOrtho Corp. | 142520795<br>| 24144264 | (23221471)<br>| (7406587)<br>| (69060763)<br>| 66976238 | 4076460 |  |  |
| QuinStreet, Inc. | 62284275<br>| 11157157 | (12454631)<br>| 654299 | (20566684)<br>| 41074416 | 3420018 |  |  |
| Ralliant Corp. | —<br>| 386289205 | (56069020)<br>| (2746927)<br>| (45627893)<br>| 281845365 | 6776758 | 1016530 |  |
| Ready Capital Corp.<sup>(b)</sup> | 53035744<br>| 5836311 | (38174961)<br>| (76526841)<br>| 55829747 |  |  |  |  |
| Redwood Trust, Inc. | 49732682<br>| 10016472 | (17418656)<br>| (10748859)<br>| 10314997 | 41896636 | 7468206 | 2161771 |  |
| Renasant Corp. | 133662383<br>| 81476138 | (30834661)<br>| 4336155 | 16832523 | 205472538 | 5687034 | 5069113 |  |
| Resideo Technologies, <br> Inc.<br>| 161262364<br>| 59518237 | (89718676)<br>| 32175851 | 115695518 | 278933294 | 8274497 |  |  |
| REX American <br> Resources Corp.<br>| 36626655<br>| 11908884 | (17656740)<br>| 4646925 | 41935210 | 77460934 | 1699823 |  |  |
| RingCentral, Inc., <br> Class A<br>| —<br>| 137327739 | (10164138)<br>| 1009034 | 41185902 | 169358537 | 4553873 | 348749 |  |
| Rithm Capital Corp. | —<br>| 295601239 | (2469213)<br>| 48528 | 23399372 | 316579926 | 33394507 |  |  |
| Robert Half, Inc. | 338813268<br>| 41423457 | (52516034)<br>| (23279211)<br>| (152842825)<br>| 151598655 | 5968451 | 14103497 |  |
| Rogers Corp. | 70900152<br>| 15539667 | (18290481)<br>| (6535987)<br>| 46164000 | 107777351 | 1004168 |  |  |
| Rush Enterprises, Inc., <br> Class A<br>| 205858911<br>| 45238796 | (56094389)<br>| 1658252 | 44167442 | 240829012 | 3642853 | 2748525 |  |
| RXO, Inc. | 167323315<br>| 48054556 | (30012832)<br>| (7688447)<br>| (33524518)<br>| 144152074 | 9859923 |  |  |
| Ryman Hospitality <br> Properties, Inc.<br>| 338706379<br>| 82706202 | (73727561)<br>| (1014043)<br>| 2588504 | 349259481 | 3785190 | 17377013 |  |
| S&T Bancorp, Inc. | 87729250<br>| 12243185 | (16329000)<br>| 2430443 | 8337394 | 94411272 | 2257023 | 3217311 |  |
| Sabre Corp. | 67035956<br>| 9412951 | (9926106)<br>| (8724858)<br>| (23440267)<br>| 34357676 | 23694949 |  |  |
| Safety Insurance Group, <br> Inc.<br>| 72362934<br>| 14873901 | (16544023)<br>| 607020 | (6374708)<br>| 64925124 | 893793 | 3252762 |  |
| Sally Beauty Holdings, <br> Inc.<br>| 56919801<br>| 18399669 | (23476040)<br>| 2013529 | 26787173 | 80644132 | 5822681 |  |  |
| Sanmina Corp. | 255909036<br>| 93639858 | (89602302)<br>| 32243491 | 133124402 | 425314485 | 3280735 |  |  |
| Sarepta Therapeutics, <br> Inc.<br>| —<br>| 132204351 | (15796982)<br>| (520101)<br>| 21013444 | 136900712 | 6291393 |  |  |
| ScanSource, Inc. | 45391038<br>| 10496102 | (16089280)<br>| 815614 | 2431175 | 43044649 | 1185803 |  |  |
| Scholastic Corp. | 29590416<br>| 8586301 | (12002366)<br>| (4007094)<br>| 31486340 | 53653597 | 1373620 | 1113411 |  |
| Schrodinger, Inc. | 67630622<br>| 12834264 | (14454800)<br>| (8156439)<br>| (19602107)<br>| 38251540 | 3367213 |  |  |
| Seacoast Banking Corp. <br> of Florida<br>| 135046632<br>| 51679206 | (31683864)<br>| 2480028 | 18676079 | 176198081 | 5817038 | 3927459 |  |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Sealed Air Corp. | $247726581<br>| $46987403 | $(36201586)<br>| $1318146 | $112223104 | $372053648 | 8847887 | $7033313 | $— |
| Select Medical Holdings <br> Corp.<br>| 107886476<br>| 24157104 | (22581579)<br>| 5728606 | (7412660)<br>| 107777947 | 6616203 | 1602109 |  |
| Semtech Corp. | 183220661<br>| 87206078 | (60719675)<br>| 16369668 | 201426286 | 427503018 | 5559930 |  |  |
| Sensient Technologies <br> Corp.<br>| 194960305<br>| 52910423 | (58103965)<br>| 8272576 | 22541624 | 220580963 | 2551839 | 4164007 |  |
| ServisFirst Bancshares, <br> Inc.<br>| 256503149<br>| 47596900 | (53662317)<br>| 14615259 | (45200415)<br>| 219852576 | 3018709 | 4157781 |  |
| Shake Shack, Inc., <br> Class A<br>| 218230537<br>| 51929200 | (57703250)<br>| 10639321 | (9179241)<br>| 213916567 | 2417956 |  |  |
| Shenandoah <br> Telecommunications <br> Co.<sup>(f)</sup><br>| 35644749<br>| 7615799 | (9155926)<br>| (5585279)<br>| 54402690 | N/A | N/A | 296124 |  |
| Signet Jewelers Ltd. | 156134720<br>| 46464038 | (65559261)<br>| 24045057 | 46294534 | 207379088 | 2450131 | 3223051 |  |
| Simmons First National <br> Corp., Class A<br>| 159654399<br>| 50919628 | (31383602)<br>| (6233501)<br>| (3121119)<br>| 169835805 | 8731918 | 7159143 |  |
| Simply Good Foods Co. <br> (The)<br>| 196075891<br>| 26630083 | (38930558)<br>| (15168255)<br>| (95258901)<br>| 73348260 | 5111377 |  |  |
| Simulations Plus, Inc.<sup>(b)</sup> | 25097863<br>| 1349934 | (17708896)<br>| (34431794)<br>| 25692893 |  |  |  |  |
| SiTime Corp.<sup>(b)</sup> | 180685461<br>| 111683535 | (499802794)<br>| 243818104 | (36384306)<br>|  |  |  |  |
| Six Flags Entertainment <br> Corp.<br>| 205700472<br>| 33444511 | (28824260)<br>| (11587954)<br>| (90589722)<br>| 108143047 | 6092566 |  |  |
| SkyWest, Inc. | 217886626<br>| 51145220 | (58980758)<br>| 20950039 | (9784677)<br>| 221216450 | 2408978 |  |  |
| SL Green Realty Corp. | 249888429<br>| 46921953 | (50627584)<br>| 8879061 | (97186246)<br>| 157875613 | 4273839 | 11302822 |  |
| SM Energy Co. | 211900054<br>| 181181801 | (46306498)<br>| 9146505 | 68097608 | 424019470 | 13599085 | 8471549 |  |
| SolarEdge Technologies, <br> Inc.<br>| 57970060<br>| 26054096 | (25631724)<br>| (8085479)<br>| 133039428 | 183346381 | 3591506 |  |  |
| Sonos, Inc. | 78559508<br>| 24502274 | (24098565)<br>| (7801515)<br>| 26074782 | 97236484 | 7256454 |  |  |
| Southside Bancshares, <br> Inc.<br>| 51250541<br>| 9235686 | (11548594)<br>| (437605)<br>| 3883295 | 52383323 | 1684893 | 2456158 |  |
| SpartanNash Co.<sup>(b)</sup> | 43064798<br>| 3372951 | (59697874)<br>| 6849972 | 6410153 |  |  | 887706 |  |
| Sphere Entertainment <br> Co., Class A<br>| —<br>| 173992289 | (2178824)<br>| 41642 | 15917036 | 187772143 | 1599422 |  |  |
| Sprinklr, Inc., Class A | 58336766<br>| 14651741 | (11587626)<br>| (2901046)<br>| (13957467)<br>| 44542368 | 7423728 |  |  |
| SPS Commerce, Inc. | 311446830<br>| 45300690 | (57163738)<br>| 7100862 | (180625218)<br>| 126059426 | 2264405 |  |  |
| SPX Technologies, <br> Inc.<sup>(b)</sup><br>| 369180323<br>| 108601318 | (686295805)<br>| 437262959 | (228748795)<br>|  |  |  |  |
| STAAR Surgical Co. | 53693223<br>| 14812471 | (15649745)<br>| (6037272)<br>| 8996784 | 55815461 | 2984784 |  |  |
| Standard Motor Products, <br> Inc.<br>| 32395662<br>| 9516716 | (10501735)<br>| (1160302)<br>| 13315530 | 43565871 | 1254055 | 1567085 |  |
| Standex International <br> Corp.<br>| 118729943<br>| 36057471 | (35710898)<br>| 10893694 | 55534738 | 185504948 | 727870 | 950421 |  |
| Stellar Bancorp, Inc. | 81319377<br>| 17553580 | (22591028)<br>| 2070617 | 22053454 | 100406000 | 2742584 | 1618185 |  |
| Stepan Co. | 71955608<br>| 13295655 | (13974577)<br>| (6080594)<br>| (749631)<br>| 64446461 | 1289445 | 1999073 |  |
| StepStone Group, Inc., <br> Class A<br>| 214059693<br>| 64924810 | (41713480)<br>| 6641280 | (33248116)<br>| 210664187 | 4414589 | 6062567 |  |
| Steven Madden Ltd. | 118911050<br>| 31959602 | (32336724)<br>| (405048)<br>| 29878394 | 148007274 | 4363422 | 3656965 |  |
| Stewart Information <br> Services Corp.<br>| 122484690<br>| 28369294 | (22356508)<br>| 8004679 | (24759580)<br>| 111742575 | 1814592 | 3476210 |  |
| StoneX Group, Inc. | 203338530<br>| 70343841 | (55076507)<br>| 25348184 | 95379940 | 339333988 | 4207489 |  |  |
| Strategic Education, Inc. | 126275084<br>| 23529532 | (32484388)<br>| (1159295)<br>| (385856)<br>| 115775077 | 1395553 | 3427396 |  |
| Stride, Inc. | 334565303<br>| 54861292 | (73056115)<br>| 19473197 | (113279761)<br>| 222563916 | 2524259 |  |  |
| Sturm Ruger & Co., <br> Inc.<sup>(b)</sup><br>| 40788206<br>| 5428062 | (39156571)<br>| (23039088)<br>| 15979391 |  |  | 376899 |  |
| Summit Hotel Properties, <br> Inc.<sup>(b)</sup><br>| 36263495<br>| 6760414 | (36119126)<br>| (40167348)<br>| 33262565 |  |  | 800110 |  |

---

282026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Sun Country Airlines <br> Holdings, Inc.<sup>(d)</sup><br>| $ N/A<br>| $19862429 | $(10059553)<br>| $(1148570)<br>| $(222313)<br>| $52988759 | 3207552 | $— | $— |
| SunCoke Energy, Inc.<sup>(b)</sup> | 47979343<br>| 8003025 | (39562436)<br>| (13848207)<br>| (2571725)<br>|  |  | 2439847 |  |
| Sunrun, Inc. | 81281435<br>| 47329024 | (42207451)<br>| (630665)<br>| 103203858 | 188976201 | 13936298 |  |  |
| Sunstone Hotel <br> Investors, Inc.<br>| 116890644<br>| 21969306 | (31232587)<br>| (2966106)<br>| (1933012)<br>| 102728245 | 11401581 | 4105995 |  |
| Supernus <br> Pharmaceuticals, Inc.<br>| 111815050<br>| 36224553 | (33159620)<br>| 6608558 | 56520034 | 178008575 | 3443772 |  |  |
| Sylvamo Corp. | 141432521<br>| 20599791 | (26325833)<br>| 3141454 | (54942735)<br>| 83905198 | 1986392 | 3641478 |  |
| Tandem Diabetes Care, <br> Inc.<br>| 77801039<br>| 16615170 | (16524453)<br>| (5256079)<br>| 5399163 | 78034840 | 4070675 |  |  |
| Tanger, Inc. | 231284035<br>| 52201445 | (49191564)<br>| 16138355 | (15467775)<br>| 234964496 | 6914788 | 7888868 |  |
| TEGNA, Inc.<sup>(b)</sup> | 181524457<br>| 39460507 | (257740204)<br>| 67133635 | (30378395)<br>|  |  | 4829818 |  |
| Teleflex, Inc. | 396882371<br>| 64353341 | (91418706)<br>| (10769818)<br>| (41491968)<br>| 317555220 | 2654922 | 3636114 |  |
| Telephone & Data <br> Systems, Inc.<br>| 233609987<br>| 50851360 | (54365895)<br>| 14888748 | 3568348 | 248552548 | 5903861 | 943291 |  |
| Tennant Co. | 93059717<br>| 16802198 | (22614113)<br>| 355662 | (15376598)<br>| 72226866 | 1087754 | 1343071 |  |
| Teradata Corp. | 133022095<br>| 31739415 | (38319179)<br>| 502933 | 16510024 | 143455288 | 5597163 |  |  |
| Terreno Realty Corp. | 390071636<br>| 87846607 | (80890144)<br>| (690959)<br>| (11911141)<br>| 384425999 | 6258971 | 12602719 |  |
| TG Therapeutics, Inc. | 325440394<br>| 60456606 | (63643932)<br>| 6925428 | (57855641)<br>| 271322855 | 8167455 |  |  |
| Thryv Holdings, Inc.<sup>(b)</sup> | 32575625<br>| 3588703 | (19702737)<br>| (47862144)<br>| 31400553 |  |  |  |  |
| Tidewater, Inc.<sup>(d)</sup> | N/A<br>| 31199602 | (19890633)<br>| (13733120)<br>| (967924)<br>| 231599514 | 2771987 |  |  |
| Tompkins Financial <br> Corp.<br>| 48903718<br>| 10632091 | (11611989)<br>| (18026)<br>| 11817556 | 59723350 | 757526 | 1938633 |  |
| TransMedics Group, Inc. | 139621744<br>| 55022433 | (54931961)<br>| (6605863)<br>| 70963091 | 204069444 | 2052806 |  |  |
| TreeHouse Foods, Inc.<sup>(b)</sup> | 75670795<br>| 11134449 | (78529598)<br>| (40377847)<br>| 32102201 |  |  |  |  |
| Tri Pointe Homes, Inc. | 184724296<br>| 39898765 | (63977847)<br>| 11761241 | 64733154 | 237139609 | 5074676 |  |  |
| Trinity Industries, Inc. | 143111163<br>| 28836754 | (36180222)<br>| 2085866 | 17101924 | 154955485 | 4815273 | 5873401 |  |
| TripAdvisor, Inc. | 96449593<br>| 28447659 | (27960805)<br>| (1575865)<br>| (22134324)<br>| 73226258 | 6869255 |  |  |
| Triumph Financial, Inc. | 78508122<br>| 17577626 | (17325783)<br>| 1945352 | 234749 | 80940066 | 1356689 |  |  |
| Triumph Group, Inc.<sup>(b)</sup> | 103301019<br>|  | (105991574)<br>| 8930964 | (6240409)<br>|  |  |  |  |
| TrustCo Bank Corp. | 35879623<br>| 5903781 | (9575428)<br>| 301807 | 14583312 | 47093095 | 1075676 | 1679961 |  |
| Trustmark Corp. | 130227445<br>| 25843668 | (33543482)<br>| 3797249 | 23671102 | 149995982 | 3559468 | 3527680 |  |
| TTM Technologies, <br> Inc.<sup>(b)</sup><br>| 129316719<br>| 52368729 | (645217137)<br>| 505415333 | (41883644)<br>|  |  |  |  |
| Two Harbors Investment <br> Corp.<br>| 85641782<br>| 14886606 | (26849324)<br>| (9939894)<br>| 8085607 | 71824777 | 6289385 |  |  |
| U.S. Physical Therapy, <br> Inc.<br>| 67531707<br>| 16363879 | (17566256)<br>| (2250727)<br>| 4313102 | 68391705 | 912376 | 1641436 |  |
| UFP Technologies, Inc. | 90920984<br>| 24896510 | (21900643)<br>| 217958 | (4502075)<br>| 89632734 | 462979 |  |  |
| Ultra Clean Holdings, <br> Inc.<br>| 59645776<br>| 19821288 | (20438443)<br>| 168079 | 110305918 | 169502618 | 2725999 |  |  |
| Under Armour, Inc., <br> Class A<br>| —<br>| 56453788 | (4767288)<br>| 238620 | 15044902 | 66970022 | 11331645 |  |  |
| UniFirst Corp. | 161463648<br>| 37290563 | (47047151)<br>| 3010629 | 64737727 | 219455416 | 872274 | 1278222 |  |
| United Community <br> Banks, Inc.<br>| 207872739<br>| 11403693 | (16476963)<br>| (3087621)<br>| 26876746 | 226588594 | 7195573 | 7143010 |  |
| United Fire Group, Inc. | 38772542<br>| 9695571 | (9369780)<br>| 643009 | 9054671 | 48796013 | 1316676 | 882076 |  |
| United Natural Foods, <br> Inc.<br>| 101472500<br>| 27071188 | (27080981)<br>| 5930457 | 57489757 | 164882921 | 3659186 |  |  |
| Uniti Group, Inc.<sup>(b)</sup> | 76066991<br>| 3585561 | (72542302)<br>| (56995766)<br>| 49885516 |  |  |  |  |
| Unitil Corp. | 57945336<br>| 14639891 | (11331337)<br>| 138247 | (5015774)<br>| 56376363 | 1079180 | 1861543 |  |
| Universal Corp. | 85570806<br>| 17668725 | (19253168)<br>| 294573 | (5450168)<br>| 78830768 | 1495840 | 4848354 |  |
| Universal Health Realty <br> Income Trust<br>| 32267878<br>| 6515085 | (8052465)<br>| (1323722)<br>| 1590290 | 30997066 | 765927 | 1462224 |  |
| Upbound Group, Inc. | 75663572<br>| 14016175 | (14667807)<br>| 692308 | (19257295)<br>| 56446953 | 3127255 | 4835821 |  |
| Upwork, Inc. | —<br>| 170124722 | (15909162)<br>| (2275823)<br>| (65980545)<br>| 85959192 | 7842992 |  |  |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Urban Edge Properties | $147393564<br>| $27389442 | $(30843882)<br>| $1563297 | $5638926 | $151141347 | 7564632 | $5896574 | $— |
| Veeco Instruments, Inc. | 72023787<br>| 23726030 | (22164376)<br>| 3902349 | 45101324 | 122589114 | 3620470 |  |  |
| Veracyte, Inc. | —<br>| 147747339 | (26246316)<br>| 1950574 | 29465636 | 152917233 | 4747508 |  |  |
| Vericel Corp. | 136177920<br>| 25300337 | (25568581)<br>| (4125425)<br>| (34106770)<br>| 97677481 | 3036291 |  |  |
| Veris Residential, Inc. | 84500933<br>| 16700314 | (18721872)<br>| 1351966 | 8174401 | 92005742 | 4875768 | 1541231 |  |
| Veritex Holdings, Inc.<sup>(b)</sup> | 84250603<br>| 2890141 | (104149029)<br>| 6846141 | 10162144 |  |  | 2171028 |  |
| Verra Mobility Corp., <br> Class A<br>| 229393445<br>| 42991222 | (57184974)<br>| 4054496 | (82324437)<br>| 136929752 | 9582208 |  |  |
| Versant Media Group, <br> Inc.<br>| —<br>| 369336773 | (17146189)<br>| (907688)<br>| (27959508)<br>| 323323388 | 8733749 |  |  |
| Vestis Corp. | 70155152<br>| 10313433 | (12082798)<br>| (11384965)<br>| (4102849)<br>| 52897973 | 6730022 |  |  |
| Viasat, Inc.<sup>(d)</sup> | N/A<br>| 136008797 | (44320785)<br>| 7929026 | 105811646 | 373766060 | 8160831 |  |  |
| Viavi Solutions, Inc. | 153782559<br>| 56328914 | (41823428)<br>| 7895108 | 286490183 | 462673336 | 13902444 |  |  |
| Victoria's Secret & Co. | 90321505<br>| 41950443 | (38614019)<br>| 4729517 | 125147864 | 223535310 | 4821728 |  |  |
| Virtu Financial, Inc., <br> Class A<br>| 190449235<br>| 39966342 | (47961959)<br>| 9073630 | 19292245 | 210819493 | 4793531 | 4618553 |  |
| Virtus Investment <br> Partners, Inc.<br>| 70299611<br>| 14240111 | (18841656)<br>| 1157355 | (15669414)<br>| 51186007 | 380990 | 3583944 |  |
| Vishay Intertechnology, <br> Inc.<br>| 110460766<br>| 31652115 | (23331291)<br>| (1433840)<br>| 16134742 | 133482492 | 7415694 | 2827638 |  |
| VSE Corp. | —<br>| 309311459 | (2503600)<br>| (8475)<br>| 12219992 | 319019376 | 1730040 |  |  |
| WaFd, Inc. | 144074524<br>| 9120543 | (22708488)<br>| (2432497)<br>| 15812366 | 143866448 | 4581734 | 5155238 |  |
| Walker & Dunlop, Inc. | 169730934<br>| 34508018 | (29110685)<br>| (48208)<br>| (84327930)<br>| 90752129 | 2044888 | 5333886 |  |
| WD-40 Co. | 204378792<br>| 37622857 | (44064017)<br>| 8093277 | (40848890)<br>| 165182019 | 809954 | 3103010 |  |
| Werner Enterprises, Inc. | 112049470<br>| 23773800 | (29908356)<br>| (4530490)<br>| 4323615 | 105708039 | 3594289 | 2033098 |  |
| Westamerica BanCorp | 83984841<br>| 14020624 | (22625604)<br>| (1640593)<br>| 3318406 | 77057674 | 1477616 | 2838704 |  |
| Whitestone REIT | 40891375<br>| 8103132 | (9538000)<br>| 1317223 | 2736292 | 43510022 | 2694119 | 1486686 |  |
| WillScot Holdings Corp., <br> Class A<br>| 317618058<br>| 49468705 | (62439278)<br>| (9372963)<br>| (105569581)<br>| 189704941 | 10927704 | 3075823 |  |
| Winnebago Industries, <br> Inc.<br>| 60500561<br>| 13835949 | (15248952)<br>| (3647841)<br>| (2961623)<br>| 52478094 | 1693388 | 2339239 |  |
| Wolfspeed, Inc.<sup>(b)</sup> | 29432093<br>| 494293 | (5010827)<br>| (70726494)<br>| 45810935 |  |  |  |  |
| Wolverine World Wide, <br> Inc.<br>| 68857588<br>| 19583005 | (20356588)<br>| (605440)<br>| 12814823 | 80293388 | 4919938 | 1937859 |  |
| World Kinect Corp. | 101838605<br>| 18499532 | (25158337)<br>| (3278518)<br>| (14974898)<br>| 76926384 | 3334477 | 2674445 |  |
| WSFS Financial Corp. | 188303609<br>| 14869654 | (37739664)<br>| 1378114 | 43289227 | 210100940 | 3209608 | 2296970 |  |
| Xencor, Inc. | 46036131<br>| 11594731 | (11591295)<br>| (10216459)<br>| 15852955 | 51676063 | 4284914 |  |  |
| Xenia Hotels & Resorts, <br> Inc.<br>| 74029000<br>| 17244052 | (24826804)<br>| (6887490)<br>| 24835999 | 84394757 | 5690813 | 3189591 |  |
| Xerox Holdings Corp.<sup>(b)</sup> | 34557616<br>| 2417877 | (31684862)<br>| (83465763)<br>| 78175132 |  |  | 174205 |  |
| XPEL, Inc. | 41181858<br>| 17622593 | (13207600)<br>| (2122795)<br>| 23423783 | 66897839 | 1511474 |  |  |
| Yelp, Inc. | 150701621<br>| 24700991 | (43810026)<br>| 1524380 | (46363088)<br>| 86753878 | 3506624 |  |  |
| Ziff Davis, Inc. | 99313192<br>| 18678437 | (28429431)<br>| (7017399)<br>| 16973411 | 99518210 | 2371740 |  |  |

---

302026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *03/31/26*<br>| *Shares*<br> *Held at*<br> *03/31/26*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| ZoomInfo Technologies, <br> Inc., Class A<br>| $—<br>| $96387522 | $(881671)<br>| $(4888)<br>| $948197 | $96449160 | 16128622 | $— | $— |
| Zurn Elkay Water <br> Solutions Corp.<br>| 291319958<br>| 94623323 | (84549976)<br>| 5082288 | 93445417 | 399921010 | 8918845 | 3481929 |  |
|  |  |  |  | $4600095023 | $3876812281 | $82858790153 |  | $1185958014 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Formerly the Owens & Minor, Inc.

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

<sup>(c)</sup> Formerly the New York Mortgage Trust, Inc.

<sup>(d)</sup> As of the beginning of the period, the entity was not considered an affiliate.

<sup>(e)</sup> Formerly the Armada Hoffler Properties, Inc.

<sup>(f)</sup> As of period end, the entity was not considered an affiliate.

<sup>(g)</sup> Formerly the Berkshire Hills Bancorp, Inc.

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

<sup>(i)</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>(j)</sup> Formerly the Adtalem Global Education, Inc.

<sup>(k)</sup> Formerly the American Axle & Manufacturing Holdings, Inc.

<sup>(l)</sup> Formerly the SJW Group.

<sup>(m)</sup> Formerly the Indivior PLC

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Russell 2000 E-Mini Index | 2608 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $327591 | &nbsp;&nbsp;&nbsp;&nbsp; $2518553 |

---

**Equity Swap Contracts** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Adeia, Inc. | BNP Paribas SA | USD  | 4092286 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | $139709 |
| Arbor Realty Trust, Inc. | Goldman Sachs Bank USA |  | 10222056 | 08/19/26 | (0.75)%<br>| 1D FEDL01 | Monthly | 7834 |
| Bancorp, Inc. (The) | BNP Paribas SA |  | 43143 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 1131 |
| Bank of Hawaii Corp. | Merrill Lynch International |  | 2133084 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 79937 |
| BankUnited, Inc. | Merrill Lynch International |  | 3680923 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 222301 |
| Beacon Financial Corp. | BNP Paribas SA |  | 2354556 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 120624 |
| Bread Financial Holdings, Inc. | HSBC Bank PLC |  | 67492670 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 2355436 |
| Bread Financial Holdings, Inc. | JPMorgan Chase Bank N.A. |  | 2766595 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 92780 |
| Central Pacific Financial Corp. | BNP Paribas SA |  | 1195283 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 58028 |
| Douglas Emmett, Inc. | Goldman Sachs Bank USA |  | 105777 | 08/19/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | (2091)<br>|
| Douglas Emmett, Inc. | HSBC Bank PLC |  | 18225803 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (1125102)<br>|
| Douglas Emmett, Inc. | JPMorgan Chase Bank N.A. |  | 1378385 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (91528)<br>|
| Employers Holdings, Inc. | Goldman Sachs Bank USA |  | 9147257 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 375707 |
| Extreme Networks, Inc. | BNP Paribas SA |  | 5970568 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 96930 |
| Extreme Networks, Inc. | Goldman Sachs Bank USA |  | 22994404 | 08/19/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 387633 |
| Extreme Networks, Inc. | JPMorgan Chase Bank N.A. |  | 1244040 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 93104 |
| Fulton Financial Corp. | Merrill Lynch International |  | 14416107 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 28141 |
| Genworth Financial, Inc. | Merrill Lynch International |  | 9009345 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 148497 |
| Global Net Lease, Inc. | HSBC Bank PLC |  | 24626366 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (114033)<br>|
| Hanmi Financial Corp. | Goldman Sachs Bank USA |  | 210788 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 9371 |
| Jackson Financial, Inc., Class A | Goldman Sachs Bank USA |  | 111362476 | 08/19/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 2377655 |
| Jackson Financial, Inc., Class A | HSBC Bank PLC |  | 150311107 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (4309884)<br>|
| Jackson Financial, Inc., Class A | JPMorgan Chase Bank N.A. |  | 6225637 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (218204)<br>|
| Koppers Holdings, Inc. | JPMorgan Chase Bank N.A. |  | 149432 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 5288 |
| Lincoln National Corp. | HSBC Bank PLC |  | 50045291 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 2271840 |
| Lincoln National Corp. | JPMorgan Chase Bank N.A. |  | 4685812 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 206727 |
| Lumen Technologies, Inc. | Goldman Sachs Bank USA |  | 2935660 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 170740 |
| Lumen Technologies, Inc. | HSBC Bank PLC |  | 54917457 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 2598290 |
| Lumen Technologies, Inc. | JPMorgan Chase Bank N.A. |  | 6100601 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 294448 |
| MarketAxess Holdings, Inc. | BNP Paribas SA |  | 19327745 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (1381551)<br>|
| Moelis & Co., Class A | Goldman Sachs Bank USA |  | 43746039 | 08/19/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 4164342 |
| Moelis & Co., Class A | JPMorgan Chase Bank N.A. |  | 3291372 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 149718 |
| National Bank Holdings Corp., A | BNP Paribas SA |  | 16375086 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 692604 |
| OFG Bancorp | Goldman Sachs Bank USA |  | 1667226 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 75912 |
| OneSpaWorld Holdings Ltd. | JPMorgan Chase Bank N.A. |  | 25764743 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 3234809 |
| OneSpaWorld Holdings Ltd. | Merrill Lynch International |  | 54517844 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 5539666 |
| Par Pacific Holdings, Inc. | Goldman Sachs Bank USA |  | 33631231 | 08/19/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 5738384 |
| Par Pacific Holdings, Inc. | JPMorgan Chase Bank N.A. |  | 1950046 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 650015 |
| Pathward Financial, Inc. | BNP Paribas SA |  | 182853 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | (2252)<br>|
| Payoneer Global, Inc. | JPMorgan Chase Bank N.A. |  | 494705 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 20588 |
| Payoneer Global, Inc. | Merrill Lynch International |  | 2530247 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 132300 |
| Perdoceo Education Corp. | BNP Paribas SA |  | 4634245 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 377905 |
| Pitney Bowes, Inc. | Goldman Sachs Bank USA |  | 23387644 | 08/19/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 1758046 |
| Pitney Bowes, Inc. | JPMorgan Chase Bank N.A. |  | 1386972 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 49395 |
| Preferred Bank | HSBC Bank PLC |  | 10996381 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 294161 |
| Preferred Bank | JPMorgan Chase Bank N.A. |  | 821718 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 20429 |
| Provident Financial Services, Inc. | HSBC Bank PLC |  | 5584466 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 241263 |
| Provident Financial Services, Inc. | JPMorgan Chase Bank N.A. |  | 2193582 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 36894 |
| Radian Group, Inc. | Goldman Sachs Bank USA |  | 5858159 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 54196 |

---

322026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Radian Group, Inc. | JPMorgan Chase Bank N.A. | USD  | 45094028 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | $(605199)<br>|
| RadNet, Inc. | Goldman Sachs Bank USA |  | 22684005 | 08/19/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | (2692040)<br>|
| RadNet, Inc. | JPMorgan Chase Bank N.A. |  | 19587576 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (2023809)<br>|
| S&T Bancorp, Inc. | HSBC Bank PLC |  | 76226 | 02/09/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 4297 |
| SiriusPoint Ltd. | Goldman Sachs Bank USA |  | 21476023 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 1262570 |
| SiriusPoint Ltd. | JPMorgan Chase Bank N.A. |  | 1732640 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 69440 |
| StepStone Group, Inc., Class A | JPMorgan Chase Bank N.A. |  | 760850 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 15745 |
| Tidewater, Inc. | JPMorgan Chase Bank N.A. |  | 154245 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 16949 |
| TrustCo Bank Corp. | Merrill Lynch International |  | 567634 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 9518 |
| United Community Banks, Inc. | BNP Paribas SA |  | 1700821 | 09/07/27 | 0.20<br> %<br>| 1D OBFR01 | Monthly | 101415 |
| United Community Banks, Inc. | JPMorgan Chase Bank N.A. |  | 171824 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 5055 |
| Warrior Met Coal, Inc. | Goldman Sachs Bank USA |  | 6004247 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | 377646 |
| Warrior Met Coal, Inc. | JPMorgan Chase Bank N.A. |  | 48972087 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | 8815472 |
| Western Union Co. (The) | Goldman Sachs Bank USA |  | 34647029 | 08/18/26 | 0.40<br> %<br>| 1D FEDL01 | Monthly | (2551454)<br>|
| Western Union Co. (The) | JPMorgan Chase Bank N.A. |  | 2556886 | 02/09/27 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (258059)<br>|
| Western Union Co. (The) | Merrill Lynch International |  | 34004568 | 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | Monthly | (2723232)<br>|
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  | 27952447 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  | (1877062)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  | $26075385 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap* <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap* <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $46050885 | &nbsp;&nbsp;&nbsp; $(19975500)<br>|

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2518553 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2518553 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; <br>Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46050885 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46050885 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $48569438 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $48569438 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; <br>Swap premiums received<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $19975500 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $19975500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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). 

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

For the period ended March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $49398833 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $49398833 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 95330184 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 95330184 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $144729017 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $144729017 |
| **Net Change in Unrealized Appreciation (Depreciation)** <br> **on:**<br>|  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1029388 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1029388 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31875211 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31875211 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $32904599 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $32904599 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $230040946 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; 1048192320 |

---

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

**Derivative Financial Instruments – Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $9772922 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 46050885 | &nbsp;&nbsp;&nbsp;&nbsp; 19975500 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; $55823807 | &nbsp;&nbsp;&nbsp;&nbsp; $19975500 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (9772922)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1877062)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $46050885 | &nbsp;&nbsp;&nbsp;&nbsp; $18098438 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

342026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P Small-Cap ETF**

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| &nbsp;&nbsp;&nbsp; *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Non-* <br>*Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Net* <br>*Amount of* <br>*Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| BNP Paribas SA | &nbsp;&nbsp; $1588346 | &nbsp;&nbsp;&nbsp;&nbsp; $(1383803)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $204543 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 16760036 | &nbsp;&nbsp;&nbsp;&nbsp; (5245585)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9220000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2294451 |
| HSBC Bank PLC | &nbsp;&nbsp; 7765287 | &nbsp;&nbsp;&nbsp;&nbsp; (5549019)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2216268 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 13776856 | &nbsp;&nbsp;&nbsp;&nbsp; (3196799)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10580057 |
| Merrill Lynch International | &nbsp;&nbsp; 6160360 | &nbsp;&nbsp;&nbsp;&nbsp; (2723232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3437128 |
|  | &nbsp;&nbsp; $46050885 | &nbsp;&nbsp;&nbsp;&nbsp; $(18098438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(9220000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18732447 |
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| &nbsp;&nbsp;&nbsp; *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Non-* <br>*Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; *Net* <br>*Amount of* <br>*Derivative* <br>*Liabilities*<sup>(d)</sup> <br>|
| BNP Paribas SA | &nbsp;&nbsp; $1383803 | &nbsp;&nbsp;&nbsp;&nbsp; $(1383803)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 5245585 | &nbsp;&nbsp;&nbsp;&nbsp; (5245585)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 5549019 | &nbsp;&nbsp;&nbsp;&nbsp; (5549019)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 3196799 | &nbsp;&nbsp;&nbsp;&nbsp; (3196799)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; 2723232 | &nbsp;&nbsp;&nbsp;&nbsp; (2723232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $18098438 | &nbsp;&nbsp;&nbsp;&nbsp; $(18098438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $90570156200 | $— | $10 | $90570156210 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 5463266562 |  |  | 5463266562 |
|  | &nbsp;&nbsp; $96033422762 | $— | $10 | $96033422772 |
| Derivative Financial Instruments<sup>(a)(b)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $2518553 | $46050885 | $— | $48569438 |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | (19975500)<br>|  | (19975500)<br>|
|  | &nbsp;&nbsp; $2518553 | $26075385 | $— | $28593938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

March 31, 2026

**iShares® Core S&P U.S. Growth ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |
| AeroVironment, Inc.<sup>(a)(b)</sup> | 27246 | $4987380 |
| ATI, Inc.<sup>(a)</sup> | 114866 | 16708408 |
| Axon Enterprise, Inc.<sup>(a)</sup> | 44136 | 18744118 |
| Boeing Co. (The)<sup>(a)</sup> | 294165 | 58547660 |
| BWX Technologies, Inc. | 77103 | 15766792 |
| Carpenter Technology Corp. | 42124 | 16603175 |
| Curtiss-Wright Corp. | 31157 | 21221656 |
| General Dynamics Corp. | 114381 | 39257847 |
| General Electric Co. | 462916 | 131361673 |
| Hexcel Corp. | 64397 | 5211649 |
| Howmet Aerospace, Inc. | 340315 | 78428995 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 157615 | 11113434 |
| Moog, Inc., Class A | 24130 | 7061403 |
| RTX Corp. | 1139322 | 219775214 |
| StandardAero, Inc.<sup>(a)</sup> | 99806 | 2577989 |
| TransDigm Group, Inc. | 47997 | 55626603 |
| Woodward, Inc. | 50601 | 18111110 |
|  |  | 721105106 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Autoliv, Inc. | 37131 | 3904696 |
| Gentex Corp. | 72521 | 1584584 |
|  |  | 5489280 |
| **Automobiles — 2.1%** | **Automobiles — 2.1%** | **Automobiles — 2.1%** |
| Tesla, Inc.<sup>(a)</sup> | 1480048 | 550207844 |
| **Banks — 1.8%** | **Banks — 1.8%** | **Banks — 1.8%** |
| Cullen/Frost Bankers, Inc. | 27371 | 3752017 |
| East West Bancorp, Inc. | 60171 | 6423856 |
| First Financial Bankshares, Inc. | 46926 | 1381971 |
| International Bancshares Corp. | 21904 | 1473920 |
| JPMorgan Chase & Co. | 1556186 | 457767674 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 19237 | 1825206 |
|  |  | 472624644 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Celsius Holdings, Inc.<sup>(a)(b)</sup> | 137055 | 4862711 |
| Coca-Cola Co. (The) | 1380141 | 104959723 |
| Coca-Cola Consolidated, Inc. | 48394 | 9279066 |
| Monster Beverage Corp.<sup>(a)</sup> | 604794 | 43823373 |
|  |  | 162924873 |
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
| AbbVie, Inc. | 690065 | 150082237 |
| Amgen, Inc. | 310800 | 109354980 |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 117960 | 7396092 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 93882 | 5303394 |
| Cytokinetics, Inc.<sup>(a)</sup> | 53178 | 3504962 |
| Exelixis, Inc.<sup>(a)</sup> | 220439 | 9454629 |
| Gilead Sciences, Inc. | 568663 | 79254562 |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 99608 | 6437665 |
| Incyte Corp.<sup>(a)</sup> | 141347 | 13303580 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 85594 | 11276153 |
| Roivant Sciences Ltd.<sup>(a)</sup> | 217881 | 6035304 |
| United Therapeutics Corp.<sup>(a)</sup> | 36440 | 21608191 |
|  |  | 423011749 |
| **Broadline Retail — 3.6%** | **Broadline Retail — 3.6%** | **Broadline Retail — 3.6%** |
| Amazon.com, Inc.<sup>(a)</sup> | 4394574 | 915257927 |
| eBay, Inc. | 284111 | 25859783 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 52635 | 4844526 |
|  |  | 945962236 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| AAON, Inc. | 56841 | $4703593 |
| Advanced Drainage Systems, Inc. | 34294 | 4702736 |
| Allegion PLC | 39637 | 5758860 |
| Carlisle Cos., Inc. | 14720 | 4910886 |
| Fortune Brands Innovations, Inc. | 58818 | 2292137 |
| Johnson Controls International PLC | 343430 | 44972159 |
| Simpson Manufacturing Co., Inc. | 17374 | 2981726 |
| Trane Technologies PLC | 99509 | 41469381 |
|  |  | 111791478 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| Affiliated Managers Group, Inc. | 24073 | 6660999 |
| Bank of New York Mellon Corp. (The) | 368027 | 43659043 |
| Carlyle Group, Inc. (The) | 85307 | 4128006 |
| Cboe Global Markets, Inc. | 44960 | 12636907 |
| CME Group, Inc., Class A | 171400 | 50622990 |
| Evercore, Inc., Class A | 20530 | 6128410 |
| Federated Hermes, Inc., Class B, NVS | 63381 | 3594336 |
| Goldman Sachs Group, Inc. (The) | 165474 | 139989349 |
| Hamilton Lane, Inc., Class A | 19009 | 1889495 |
| Houlihan Lokey, Inc., Class A | 24685 | 3545260 |
| Interactive Brokers Group, Inc., Class A | 378057 | 25356283 |
| KKR & Co., Inc., Class A | 315530 | 29186525 |
| Moody's Corp. | 62689 | 27348076 |
| Morgan Stanley | 622910 | 102512299 |
| Morningstar, Inc. | 10024 | 1694557 |
| MSCI, Inc., Class A | 32430 | 17480094 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | 671731 | 46550958 |
| S&P Global, Inc. | 114281 | 48608281 |
| SEI Investments Co. | 47061 | 3692877 |
| Stifel Financial Corp. | 71916 | 5316031 |
|  |  | 580600776 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| NewMarket Corp. | 6688 | 4286674 |
| RPM International, Inc. | 44972 | 4470217 |
| Solstice Advanced Materials, Inc. | 71413 | 5438814 |
|  |  | 14195705 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| Brink's Co. (The) | 25391 | 2631269 |
| Clean Harbors, Inc.<sup>(a)</sup> | 22061 | 6325551 |
| MSA Safety, Inc. | 19010 | 3116690 |
| RB Global, Inc. | 156520 | 15002442 |
| Rollins, Inc. | 246979 | 13191148 |
| Tetra Tech, Inc. | 224158 | 6751639 |
|  |  | 47018739 |
| **Communications Equipment — 1.3%** | **Communications Equipment — 1.3%** | **Communications Equipment — 1.3%** |
| Arista Networks, Inc.<sup>(a)</sup> | 876472 | 107613232 |
| Ciena Corp.<sup>(a)</sup> | 119526 | 46403579 |
| Cisco Systems, Inc. | 1777436 | 137911259 |
| Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 60354 | 42414377 |
|  |  | 334342447 |
| **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** |
| AECOM | 47208 | 4004183 |
| API Group Corp.<sup>(a)</sup> | 325684 | 13196716 |
| Comfort Systems U.S.A., Inc. | 29899 | 41230422 |
| Dycom Industries, Inc.<sup>(a)</sup> | 24734 | 8380374 |
| EMCOR Group, Inc. | 37941 | 28012220 |
| MasTec, Inc.<sup>(a)</sup> | 51830 | 16675784 |
| Quanta Services, Inc. | 126569 | 69488912 |

---

362026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. Growth ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 26202 | $10671289 |
| Valmont Industries, Inc. | 10129 | 4047244 |
|  |  | 195707144 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| Eagle Materials, Inc. | 13979 | 2648322 |
| Knife River Corp.<sup>(a)(b)</sup> | 19477 | 1590297 |
|  |  | 4238619 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| American Express Co. | 309112 | 93500198 |
| FirstCash Holdings, Inc. | 33312 | 6262656 |
| SLM Corp. | 94151 | 2015773 |
|  |  | 101778627 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Casey's General Stores, Inc. | 31589 | 22992370 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 33400 | 2576142 |
|  |  | 25568512 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| Duolingo, Inc., Class A<sup>(a)</sup> | 23657 | 2331871 |
| Graham Holdings Co., Class B | 1306 | 1380782 |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 23675 | 4025460 |
| H&R Block, Inc. | 56404 | 1790263 |
| Service Corp. International | 63697 | 5255639 |
|  |  | 14784015 |
| **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** |
| WP Carey, Inc. | 99644 | 6771806 |
| **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** |
| Constellation Energy Corp. | 177218 | 49488127 |
| IDACORP, Inc. | 24053 | 3438857 |
| NRG Energy, Inc. | 132581 | 19375387 |
| TXNM Energy, Inc. | 34396 | 2010790 |
|  |  | 74313161 |
| **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** |
| Acuity, Inc. | 17666 | 4950366 |
| EnerSys | 31546 | 5480171 |
| GE Vernova, Inc. | 228773 | 199695952 |
| Nextpower, Inc., Class A<sup>(a)</sup> | 82766 | 9977441 |
| nVent Electric PLC | 136203 | 16110091 |
| Rockwell Automation, Inc. | 52295 | 18767630 |
| Vertiv Holdings Co., Class A | 324709 | 81365581 |
| Vicor Corp.<sup>(a)</sup> | 19284 | 3104724 |
|  |  | 339451956 |
| **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** |
| Advanced Energy Industries, Inc. | 32263 | 10411593 |
| Amphenol Corp., Class A | 1043812 | 131885646 |
| Belden, Inc. | 14986 | 1720842 |
| Cognex Corp. | 71749 | 3514983 |
| Coherent Corp.<sup>(a)</sup> | 159132 | 37906834 |
| Corning, Inc. | 456584 | 62081726 |
| Crane NXT Co. | 17669 | 717185 |
| Fabrinet<sup>(a)</sup> | 30180 | 15739474 |
| Flex Ltd.<sup>(a)</sup> | 312078 | 20428626 |
| Jabil, Inc. | 54673 | 14522789 |
| Littelfuse, Inc. | 9039 | 3067385 |
| Novanta, Inc.<sup>(a)(b)</sup> | 14349 | 1694760 |
| TE Connectivity PLC | 171669 | 35882254 |
| TTM Technologies, Inc.<sup>(a)</sup> | 88221 | 8594490 |
| Vontier Corp. | 53297 | 1890445 |
|  |  | 350059032 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| TechnipFMC PLC | 342872 | $23702741 |
| Valaris Ltd.<sup>(a)</sup> | 55576 | 5448671 |
| Weatherford International PLC | 25894 | 2449055 |
|  |  | 31600467 |
| **Entertainment — 1.6%** | **Entertainment — 1.6%** | **Entertainment — 1.6%** |
| Electronic Arts, Inc. | 89206 | 18186427 |
| Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 71660 | 10928867 |
| Netflix, Inc.<sup>(a)</sup> | 3583732 | 344575832 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 77413 | 15289067 |
| TKO Group Holdings, Inc., Class A | 56847 | 11463198 |
| Warner Music Group Corp., Class A | 62723 | 1601945 |
|  |  | 402045336 |
| **Financial Services — 4.8%** | **Financial Services — 4.8%** | **Financial Services — 4.8%** |
| Apollo Global Management, Inc. | 208755 | 23259482 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1556457 | 745854195 |
| Equitable Holdings, Inc. | 48465 | 1798536 |
| Essent Group Ltd. | 34723 | 2029212 |
| Mastercard, Inc., Class A | 463140 | 231412532 |
| MGIC Investment Corp. | 102580 | 2692725 |
| Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | 37601 | 1644292 |
| Visa, Inc., Class A | 784793 | 237195836 |
| WEX, Inc.<sup>(a)</sup> | 17306 | 2648510 |
|  |  | 1248535320 |
| **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** |
| Marzetti Co. (The) | 7868 | 1088380 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| National Fuel Gas Co. | 47960 | 4506322 |
| Spire, Inc. | 21651 | 1960281 |
|  |  | 6466603 |
| **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |
| Avis Budget Group, Inc.<sup>(a)(b)</sup> | 10134 | 1478044 |
| Uber Technologies, Inc.<sup>(a)</sup> | 1746910 | 125655236 |
| XPO, Inc.<sup>(a)</sup> | 99316 | 19321928 |
|  |  | 146455208 |
| **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** |
| Boston Scientific Corp.<sup>(a)</sup> | 843379 | 52922032 |
| Dexcom, Inc.<sup>(a)</sup> | 166602 | 10462606 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 225770 | 18079662 |
| Globus Medical, Inc., Class A<sup>(a)</sup> | 95407 | 8220267 |
| Haemonetics Corp.<sup>(a)</sup> | 22913 | 1291377 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 67573 | 37968593 |
| Insulet Corp.<sup>(a)</sup> | 59228 | 12428403 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 301431 | 138956677 |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 39294 | 2980450 |
| LivaNova PLC<sup>(a)</sup> | 46824 | 2976133 |
| Masimo Corp.<sup>(a)</sup> | 22388 | 3982153 |
| Penumbra, Inc.<sup>(a)(b)</sup> | 33572 | 11024038 |
| ResMed, Inc. | 67831 | 15226703 |
| STERIS PLC | 42173 | 9325715 |
| Stryker Corp. | 122510 | 40255561 |
|  |  | 366100370 |
| **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** |
| Chemed Corp. | 6114 | 2309502 |
| Encompass Health Corp. | 86322 | 8349927 |
| Ensign Group, Inc. (The) | 49376 | 9949264 |
| HCA Healthcare, Inc. | 132867 | 62877979 |
| HealthEquity, Inc.<sup>(a)</sup> | 73858 | 6172313 |
| Hims & Hers Health, Inc., Class A<sup>(a)(b)</sup> | 175588 | 3645207 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. Growth ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Option Care Health, Inc.<sup>(a)(b)</sup> | 136179 | $3665939 |
| Tenet Healthcare Corp.<sup>(a)</sup> | 74011 | 13966616 |
|  |  | 110936747 |
| **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** |
| American Healthcare REIT, Inc. | 92089 | 4342917 |
| CareTrust REIT, Inc. | 189624 | 6949720 |
| Omega Healthcare Investors, Inc. | 136862 | 5997293 |
| Sabra Health Care REIT, Inc. | 213830 | 4111951 |
| Ventas, Inc. | 209312 | 17117535 |
| Welltower, Inc. | 592247 | 117093154 |
|  |  | 155612570 |
| **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| Doximity, Inc., Class A<sup>(a)</sup> | 109733 | 2556779 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| Airbnb, Inc., Class A<sup>(a)</sup> | 169367 | 21387665 |
| Booking Holdings, Inc. | 27360 | 115194355 |
| Boyd Gaming Corp. | 49611 | 4077032 |
| Carnival Corp. | 976226 | 25264729 |
| Cava Group, Inc.<sup>(a)(b)</sup> | 35981 | 2910863 |
| Choice Hotels International, Inc.<sup>(b)</sup> | 10428 | 1079298 |
| Churchill Downs, Inc. | 56806 | 5102883 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 317303 | 47643045 |
| Dutch Bros, Inc., Class A<sup>(a)</sup> | 60725 | 3076328 |
| Expedia Group, Inc. | 99458 | 22963858 |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 50922 | 1992069 |
| Hilton Worldwide Holdings, Inc. | 194621 | 59180354 |
| Hyatt Hotels Corp., Class A<sup>(b)</sup> | 24655 | 3545142 |
| Las Vegas Sands Corp. | 256250 | 13806750 |
| Marriott International, Inc., Class A | 186682 | 61058082 |
| McDonald's Corp. | 265966 | 82659573 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 218531 | 4086530 |
| Planet Fitness, Inc., Class A<sup>(a)(b)</sup> | 71096 | 5288120 |
| Royal Caribbean Cruises Ltd. | 213549 | 58764414 |
| Texas Roadhouse, Inc. | 56543 | 9337511 |
| Travel + Leisure Co. | 53877 | 3727750 |
| Vail Resorts, Inc. | 15214 | 1952260 |
| Wingstop, Inc. | 23799 | 3688131 |
| Wyndham Hotels & Resorts, Inc. | 34277 | 2784321 |
| Wynn Resorts Ltd. | 70008 | 7109312 |
| Yum! Brands, Inc. | 115114 | 17897925 |
|  |  | 585578300 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Somnigroup International, Inc. | 176725 | 13063512 |
| TopBuild Corp.<sup>(a)(b)</sup> | 23899 | 8395719 |
|  |  | 21459231 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Ormat Technologies, Inc. | 52212 | 5843567 |
| Talen Energy Corp.<sup>(a)</sup> | 38499 | 12290036 |
| Vistra Corp. | 269985 | 40586845 |
|  |  | 58720448 |
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| EastGroup Properties, Inc. | 28211 | 5221574 |
| First Industrial Realty Trust, Inc. | 113561 | 6569504 |
| STAG Industrial, Inc. | 97636 | 3520754 |
|  |  | 15311832 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| American Financial Group, Inc. | 23722 | 3029537 |
| Cincinnati Financial Corp. | 77458 | 12188016 |
| Hanover Insurance Group, Inc. (The) | 13138 | 2277472 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Kinsale Capital Group, Inc.<sup>(b)</sup> | 19024 | $6499740 |
| Old Republic International Corp. | 101432 | 4047137 |
| Primerica, Inc. | 15930 | 3990146 |
| Progressive Corp. (The) | 278587 | 55227087 |
| RenaissanceRe Holdings Ltd. | 19195 | 5705330 |
| Ryan Specialty Holdings, Inc., Class A | 64095 | 2162565 |
| W R Berkley Corp. | 144877 | 9602448 |
|  |  | 104729478 |
| **Interactive Media & Services — 14.0%** | **Interactive Media & Services — 14.0%** | **Interactive Media & Services — 14.0%** |
| Alphabet, Inc., Class A | 4941660 | 1421023750 |
| Alphabet, Inc., Class C, NVS | 3969523 | 1138697368 |
| Meta Platforms, Inc., Class A | 1856457 | 1062134743 |
| Pinterest, Inc., Class A<sup>(a)</sup> | 334127 | 6127889 |
|  |  | 3627983750 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| International Business Machines Corp. | 412565 | 100001630 |
| Okta, Inc., Class A<sup>(a)</sup> | 143938 | 11329360 |
| Twilio, Inc., Class A<sup>(a)</sup> | 128057 | 16112132 |
| VeriSign, Inc. | 70051 | 17397866 |
|  |  | 144840988 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Mattel, Inc.<sup>(a)</sup> | 106631 | 1549348 |
| YETI Holdings, Inc.<sup>(a)(b)</sup> | 39416 | 1442232 |
|  |  | 2991580 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 8672 | 2417320 |
| Bruker Corp. | 46508 | 1679869 |
| Illumina, Inc.<sup>(a)</sup> | 70834 | 8730999 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 19147 | 9194198 |
| Mettler-Toledo International, Inc.<sup>(a)(b)</sup> | 8130 | 10253556 |
| Repligen Corp.<sup>(a)</sup> | 24853 | 2928180 |
| Sotera Health Co.<sup>(a)</sup> | 197732 | 2835477 |
|  |  | 38039599 |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Caterpillar, Inc. | 394932 | 279793525 |
| Chart Industries, Inc.<sup>(a)</sup> | 37605 | 7774834 |
| Crane Co. | 21321 | 3645891 |
| Cummins, Inc. | 78646 | 42313121 |
| Donaldson Co., Inc. | 66570 | 5649796 |
| Esab Corp. | 21434 | 2071810 |
| Flowserve Corp. | 109091 | 8019279 |
| Graco, Inc. | 71740 | 6072791 |
| ITT, Inc. | 72996 | 13907928 |
| Lincoln Electric Holdings, Inc. | 31204 | 7772292 |
| Mueller Industries, Inc. | 68430 | 7582044 |
| Oshkosh Corp. | 24848 | 3657874 |
| Parker-Hannifin Corp. | 59994 | 53709029 |
| RBC Bearings, Inc.<sup>(a)</sup> | 26977 | 14651748 |
| SPX Technologies, Inc.<sup>(a)</sup> | 42783 | 8554033 |
| Watts Water Technologies, Inc., Class A | 23495 | 6820364 |
|  |  | 471996359 |
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |
| Kirby Corp.<sup>(a)</sup> | 21292 | 2829281 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| EchoStar Corp., Class A<sup>(a)(b)</sup> | 112995 | 13228325 |
| Fox Corp., Class A, NVS | 112430 | 6565912 |
| Fox Corp., Class B | 79173 | 4204086 |

---

382026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. Growth ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| New York Times Co. (The), Class A | 138449 | $11592335 |
| Nexstar Media Group, Inc., Class A | 13440 | 2430355 |
|  |  | 38021013 |
| **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| Hecla Mining Co. | 574423 | 10701500 |
| MP Materials Corp., Class A<sup>(a)(b)</sup> | 68061 | 3284624 |
| Newmont Corp. | 926253 | 100266887 |
| Royal Gold, Inc. | 68493 | 17430784 |
|  |  | 131683795 |
| **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** |
| Northwestern Energy Group, Inc. | 23185 | 1528819 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| COPT Defense Properties | 40649 | 1243859 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| Antero Midstream Corp. | 285774 | 6515647 |
| DT Midstream, Inc. | 62824 | 8460508 |
|  |  | 14976155 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| BellRing Brands, Inc.<sup>(a)</sup> | 43751 | 703953 |
| elf Beauty, Inc.<sup>(a)(b)</sup> | 34208 | 2073347 |
|  |  | 2777300 |
| **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 425968 | 10193414 |
| Eli Lilly & Co. | 672599 | 618636382 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 52199 | 9868221 |
| Johnson & Johnson | 1206845 | 295001192 |
|  |  | 933699209 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| CACI International, Inc., Class A<sup>(a)</sup> | 18598 | 10114894 |
| ExlService Holdings, Inc.<sup>(a)</sup> | 136153 | 4145859 |
| Exponent, Inc. | 22322 | 1456511 |
| FTI Consulting, Inc.<sup>(a)(b)</sup> | 10358 | 1830984 |
| Genpact Ltd. | 64551 | 2404525 |
| Maximus, Inc. | 26137 | 1675382 |
| Parsons Corp.<sup>(a)</sup> | 30557 | 1655273 |
| Paylocity Holding Corp.<sup>(a)</sup> | 37252 | 4024706 |
| TransUnion | 86617 | 5993030 |
| UL Solutions, Inc., Class A | 64464 | 5525209 |
| Verisk Analytics, Inc. | 62130 | 11789167 |
|  |  | 50615540 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| Equity LifeStyle Properties, Inc. | 83152 | 5190348 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Agree Realty Corp. | 44222 | 3333454 |
| Brixmor Property Group, Inc. | 120717 | 3476650 |
| NNN REIT, Inc. | 70041 | 2943823 |
| Simon Property Group, Inc. | 113177 | 21110906 |
|  |  | 30864833 |
| **Semiconductors & Semiconductor Equipment — 23.9%** | **Semiconductors & Semiconductor Equipment — 23.9%** | **Semiconductors & Semiconductor Equipment — 23.9%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 1383878 | 281522301 |
| Allegro MicroSystems, Inc.<sup>(a)(b)</sup> | 66996 | 2112384 |
| Amkor Technology, Inc. | 46803 | 2107539 |
| Applied Materials, Inc. | 673703 | 230264948 |
| Broadcom, Inc. | 4024351 | 1245576878 |
| Cirrus Logic, Inc.<sup>(a)</sup> | 24840 | 3592361 |
| Entegris, Inc. | 52099 | 6108087 |
| First Solar, Inc.<sup>(a)</sup> | 90638 | 17879252 |
| KLA Corp. | 111257 | 163815919 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Lam Research Corp. | 1059945 | $226467849 |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 69271 | 6425578 |
| MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 54825 | 12174988 |
| Micron Technology, Inc. | 955322 | 322745984 |
| MKS, Inc. | 40843 | 9386130 |
| Monolithic Power Systems, Inc. | 41343 | 45202369 |
| NVIDIA Corp. | 20625618 | 3597107779 |
| Onto Innovation, Inc.<sup>(a)</sup> | 20166 | 4135442 |
| Rambus, Inc.<sup>(a)</sup> | 92397 | 7948914 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 14825 | 3085824 |
| SiTime Corp.<sup>(a)</sup> | 18752 | 6476003 |
| Teradyne, Inc. | 76990 | 22824455 |
| Universal Display Corp. | 15889 | 1456386 |
|  |  | 6218417370 |
| **Software — 12.7%** | **Software — 12.7%** | **Software — 12.7%** |
| Appfolio, Inc., Class A<sup>(a)(b)</sup> | 19608 | 3094535 |
| AppLovin Corp., Class A<sup>(a)</sup> | 230023 | 91549154 |
| Autodesk, Inc.<sup>(a)</sup> | 103985 | 24894009 |
| Bentley Systems, Inc., Class B<sup>(b)</sup> | 76688 | 2693283 |
| BILL Holdings, Inc.<sup>(a)</sup> | 37410 | 1432803 |
| Blackbaud, Inc.<sup>(a)</sup> | 13726 | 529961 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 145395 | 40400909 |
| Commvault Systems, Inc.<sup>(a)</sup> | 23087 | 1798246 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)(b)</sup> | 213846 | 83487617 |
| Datadog, Inc., Class A<sup>(a)</sup> | 277158 | 32718502 |
| Docusign, Inc.<sup>(a)</sup> | 101649 | 4819179 |
| Dolby Laboratories, Inc., Class A | 23596 | 1417176 |
| Dropbox, Inc., Class A<sup>(a)</sup> | 149628 | 3399548 |
| Dynatrace, Inc.<sup>(a)</sup> | 252239 | 9327798 |
| Fair Isaac Corp.<sup>(a)</sup> | 9967 | 10640171 |
| Fortinet, Inc.<sup>(a)</sup> | 338435 | 27656908 |
| Guidewire Software, Inc.<sup>(a)</sup> | 72948 | 10910103 |
| InterDigital, Inc. | 21804 | 6584808 |
| Intuit, Inc. | 132269 | 57190470 |
| Manhattan Associates, Inc.<sup>(a)</sup> | 31425 | 4183296 |
| Microsoft Corp. | 6302806 | 2333109697 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 139394 | 5298366 |
| Oracle Corp. | 748439 | 110102861 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 1938921 | 283625364 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 384097 | 61578431 |
| Pegasystems, Inc. | 75807 | 3226346 |
| Qualys, Inc.<sup>(a)</sup> | 30705 | 2697434 |
| ServiceNow, Inc.<sup>(a)</sup> | 540878 | 56548795 |
| UiPath, Inc., Class A<sup>(a)(b)</sup> | 273862 | 3039868 |
| Workday, Inc., Class A<sup>(a)(b)</sup> | 79549 | 10335006 |
|  |  | 3288290644 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| CubeSmart | 87923 | 3222378 |
| EPR Properties | 33917 | 1694493 |
| Gaming & Leisure Properties, Inc. | 105928 | 4700025 |
| Lamar Advertising Co., Class A | 44610 | 5650303 |
| National Storage Affiliates Trust | 25575 | 965201 |
|  |  | 16232400 |
| **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
| Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 16560 | 1513087 |
| AutoZone, Inc.<sup>(a)</sup> | 9141 | 30876287 |
| Burlington Stores, Inc.<sup>(a)</sup> | 32630 | 10617150 |
| Carvana Co., Class A<sup>(a)(b)</sup> | 61201 | 19240370 |
| Chewy, Inc., Class A<sup>(a)</sup> | 129377 | 3493179 |
| Dick's Sporting Goods, Inc. | 22723 | 4505744 |
| Five Below, Inc.<sup>(a)</sup> | 47255 | 10796823 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. Growth ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 714604 | $65965095 |
| Ross Stores, Inc. | 131435 | 28472764 |
| TJX Cos., Inc. (The) | 518406 | 82789438 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 37654 | 19682122 |
| Valvoline, Inc.<sup>(a)</sup> | 104522 | 3520301 |
|  |  | 281472360 |
| **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** |
| Apple Inc. | 6230609 | 1581266258 |
| Everpure, Inc., Class A<sup>(a)</sup> | 267702 | 15805126 |
| Sandisk Corp.<sup>(a)</sup> | 125282 | 79596666 |
| Seagate Technology Holdings PLC | 118543 | 46440406 |
|  |  | 1723108456 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| Capri Holdings Ltd.<sup>(a)</sup> | 49114 | 865388 |
| Crocs, Inc.<sup>(a)</sup> | 18788 | 1559780 |
| Ralph Lauren Corp., Class A | 32517 | 11185523 |
| Tapestry, Inc. | 171836 | 24247778 |
|  |  | 37858469 |
| **Tobacco — 0.5%** | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| Philip Morris International, Inc. | 739926 | 122339365 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| Applied Industrial Technologies, Inc. | 17718 | 4700940 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 71832 | 3548501 |
| GATX Corp. | 17687 | 3019878 |
| MSC Industrial Direct Co., Inc., Class A | 16492 | 1521717 |
| United Rentals, Inc. | 29945 | 21816729 |
|  |  | 34607765 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $18,147,271,189)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $18,147,271,189)** | 25960754075 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.77%<sup>(c)(d)(e)</sup><br>| 128960240 | $128986031 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.62%<sup>(c)(d)</sup><br>| 29277127 | 29277127 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $158,242,000)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $158,242,000)** | 158263158 |
| **Total Investments — 100.5%** <br>**(Cost: $18,305,513,189)** | **Total Investments — 100.5%** <br>**(Cost: $18,305,513,189)** | 26119017233 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (121014396)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $25998002837 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $187239641<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(58232194 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(8864)<br>| &nbsp;&nbsp; $(12552)<br>| &nbsp;&nbsp; $128986031 | &nbsp;&nbsp; 128960240 | &nbsp;&nbsp; $354985 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 26360483<br>| &nbsp;&nbsp; 2916644 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29277127 | &nbsp;&nbsp; 29277127 | &nbsp;&nbsp; 809294 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(8864)<br>| &nbsp;&nbsp; $(12552)<br>| &nbsp;&nbsp; $158263158 |  | &nbsp;&nbsp; $1164279 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

402026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. Growth ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Technology Select Sector Index | 21 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $5670 | &nbsp;&nbsp;&nbsp;&nbsp; $(251415)<br>|
| Nasdaq 100 E-Mini Index | 44 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 21045 | &nbsp;&nbsp;&nbsp;&nbsp; (717065)<br>|
| S&P 500 E-Mini Index | 21 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6899 | &nbsp;&nbsp;&nbsp;&nbsp; (150312)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1118792)<br>|

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1118792 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1118792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5369843 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5369843 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1128199)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1128199)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $18766551 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. 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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $25960754075 | $— | $— | $25960754075 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 158263158 |  |  | 158263158 |
|  | &nbsp;&nbsp; $26119017233 | $— | $— | $26119017233 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(1118792)<br>| $— | $— | $(1118792)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

422026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2026

**iShares® Core S&P U.S. Value ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| Axon Enterprise, Inc.<sup>(a)(b)</sup> | 22774 | $9671890 |
| Boeing Co. (The)<sup>(a)</sup> | 370261 | 73693047 |
| General Dynamics Corp. | 100601 | 34528275 |
| General Electric Co. | 424580 | 120483066 |
| Huntington Ingalls Industries, Inc. | 32858 | 12482754 |
| L3Harris Technologies, Inc. | 157131 | 54233765 |
| Lockheed Martin Corp. | 170750 | 103199592 |
| Northrop Grumman Corp. | 112504 | 76754729 |
| StandardAero, Inc.<sup>(a)(b)</sup> | 61637 | 1592084 |
| Textron, Inc. | 147969 | 12956166 |
|  |  | 499595368 |
| **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
| CH Robinson Worldwide, Inc. | 99962 | 16600689 |
| Expeditors International of Washington, Inc. | 113256 | 16221657 |
| FedEx Corp. | 182198 | 64895284 |
| GXO Logistics, Inc.<sup>(a)</sup> | 95934 | 4974178 |
| United Parcel Service, Inc., Class B | 622296 | 61221480 |
|  |  | 163913288 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv PLC<sup>(a)</sup> | 181076 | 12573917 |
| Autoliv, Inc. | 22798 | 2397438 |
| BorgWarner, Inc. | 174313 | 9458223 |
| Gentex Corp. | 109669 | 2396268 |
| Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> | 234021 | 1551559 |
| Lear Corp. | 43599 | 5278967 |
| Visteon Corp. | 22592 | 2058357 |
|  |  | 35714729 |
| **Automobiles — 1.8%** | **Automobiles — 1.8%** | **Automobiles — 1.8%** |
| Ford Motor Co. | 3292311 | 37993269 |
| General Motors Co. | 761046 | 56697927 |
| Harley-Davidson, Inc. | 99278 | 2007401 |
| Tesla, Inc.<sup>(a)</sup> | 899752 | 334482806 |
| Thor Industries, Inc. | 44251 | 3535212 |
|  |  | 434716615 |
| **Banks — 5.6%** | **Banks — 5.6%** | **Banks — 5.6%** |
| Associated Banc-Corp | 137020 | 3543337 |
| Bank of America Corp. | 5586351 | 272334611 |
| Bank OZK | 90658 | 4160296 |
| Citigroup, Inc. | 1471205 | 166849359 |
| Citizens Financial Group, Inc. | 357791 | 21456726 |
| Columbia Banking System, Inc. | 257221 | 7055572 |
| Commerce Bancshares, Inc. | 115377 | 5676548 |
| Cullen/Frost Bankers, Inc. | 27497 | 3769289 |
| East West Bancorp, Inc. | 56899 | 6074537 |
| Fifth Third Bancorp | 757951 | 35214404 |
| First Financial Bankshares, Inc. | 63632 | 1873962 |
| First Horizon Corp. | 408319 | 9293341 |
| Flagstar Bank N.A. | 250661 | 3301205 |
| FNB Corp. | 295499 | 4940743 |
| Glacier Bancorp, Inc. | 107319 | 4793940 |
| Hancock Whitney Corp. | 69009 | 4388282 |
| Home BancShares, Inc. | 157394 | 4238621 |
| Huntington Bancshares, Inc. | 1705869 | 26696850 |
| International Bancshares Corp. | 23318 | 1569068 |
| JPMorgan Chase & Co. | 726370 | 213668999 |
| KeyCorp | 783133 | 15701817 |
| M&T Bank Corp. | 127832 | 26425431 |
| Old National Bancorp | 288111 | 6367253 |
| Pinnacle Financial Partners, Inc. | 126338 | 10882755 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| PNC Financial Services Group, Inc. (The) | 340039 | $70758716 |
| Prosperity Bancshares, Inc. | 85066 | 5714734 |
| Regions Financial Corp. | 740083 | 19330968 |
| Southstate Bank Corp. | 83392 | 7715428 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 20976 | 1990203 |
| Truist Financial Corp. | 1062865 | 48859904 |
| U.S. Bancorp | 1308666 | 68063719 |
| UMB Financial Corp. | 60504 | 6824246 |
| United Bankshares, Inc. | 115862 | 4799004 |
| Valley National Bancorp | 397231 | 4877997 |
| Webster Financial Corp. | 134353 | 9326785 |
| Wells Fargo & Co. | 2603636 | 207275462 |
| Western Alliance Bancorp | 86946 | 6160124 |
| Wintrust Financial Corp. | 57031 | 7923887 |
| Zions Bancorp N.A. | 123108 | 7093483 |
|  |  | 1336991606 |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
| Boston Beer Co., Inc. (The), Class A<sup>(a)</sup> | 6712 | 1546445 |
| Brown-Forman Corp., Class B, NVS | 148591 | 3928746 |
| Coca-Cola Co. (The) | 1890421 | 143766517 |
| Constellation Brands, Inc., Class A | 118009 | 17701350 |
| Keurig Dr. Pepper, Inc. | 1144293 | 30129235 |
| Molson Coors Beverage Co., Class B | 141311 | 6084852 |
| PepsiCo, Inc. | 1150570 | 178672015 |
|  |  | 381829160 |
| **Biotechnology — 2.1%** | **Biotechnology — 2.1%** | **Biotechnology — 2.1%** |
| AbbVie, Inc. | 803494 | 174751910 |
| Amgen, Inc. | 145219 | 51095305 |
| Biogen, Inc.<sup>(a)</sup> | 123915 | 22717337 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 68868 | 3890353 |
| Cytokinetics, Inc.<sup>(a)(b)</sup> | 47288 | 3116752 |
| Gilead Sciences, Inc. | 480479 | 66964358 |
| Moderna, Inc.<sup>(a)(b)</sup> | 290597 | 14762328 |
| Regeneron Pharmaceuticals, Inc. | 84865 | 65570094 |
| Roivant Sciences Ltd.<sup>(a)</sup> | 163065 | 4516901 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 213839 | 95487667 |
|  |  | 502873005 |
| **Broadline Retail — 3.4%** | **Broadline Retail — 3.4%** | **Broadline Retail — 3.4%** |
| Amazon.com, Inc.<sup>(a)</sup> | 3865402 | 805047274 |
| eBay, Inc. | 98491 | 8964651 |
| Macy's, Inc. | 226644 | 4099990 |
|  |  | 818111915 |
| **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** |
| A. O. Smith Corp. | 95093 | 6270432 |
| Advanced Drainage Systems, Inc. | 26616 | 3649852 |
| Allegion PLC | 33197 | 4823192 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 92466 | 7612726 |
| Carlisle Cos., Inc. | 19843 | 6620021 |
| Carrier Global Corp. | 665057 | 37449360 |
| Fortune Brands Innovations, Inc. | 46341 | 1805909 |
| Johnson Controls International PLC | 173898 | 22771943 |
| Lennox International, Inc. | 26929 | 12498557 |
| Masco Corp. | 171413 | 10348203 |
| Owens Corning | 68587 | 7422485 |
| Simpson Manufacturing Co., Inc. | 17590 | 3018796 |
| Trane Technologies PLC | 87350 | 36402239 |
| Trex Co., Inc.<sup>(a)</sup> | 89316 | 3252889 |
| UFP Industries, Inc. | 49375 | 4548425 |
|  |  | 168495029 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Capital Markets — 4.2%** | **Capital Markets — 4.2%** | **Capital Markets — 4.2%** |
| Ameriprise Financial, Inc. | 76816 | $34137030 |
| Ares Management Corp., Class A | 172746 | 18846589 |
| Bank of New York Mellon Corp. (The) | 215217 | 25531193 |
| BlackRock, Inc.<sup>(c)</sup> | 121478 | 116826607 |
| Blackstone, Inc., Class A | 630315 | 72479922 |
| Carlyle Group, Inc. (The) | 135497 | 6556700 |
| Cboe Global Markets, Inc. | 43530 | 12234977 |
| Charles Schwab Corp. (The) | 1406232 | 132157683 |
| CME Group, Inc., Class A | 133244 | 39353615 |
| Coinbase Global, Inc., Class A<sup>(a)(b)</sup> | 187777 | 32787742 |
| Evercore, Inc., Class A | 12297 | 3670778 |
| FactSet Research Systems, Inc. | 31426 | 6819128 |
| Franklin Resources, Inc. | 262106 | 6190944 |
| Goldman Sachs Group, Inc. (The) | 88175 | 74595168 |
| Hamilton Lane, Inc., Class A | 15827 | 1573204 |
| Houlihan Lokey, Inc., Class A | 22458 | 3225418 |
| Intercontinental Exchange, Inc. | 478103 | 75196040 |
| Invesco Ltd. | 374661 | 9100516 |
| Janus Henderson Group PLC | 106063 | 5448456 |
| Jefferies Financial Group, Inc. | 138638 | 5721590 |
| KKR & Co., Inc., Class A | 265960 | 24601300 |
| Moody's Corp. | 67064 | 29256670 |
| Morgan Stanley | 394402 | 64906737 |
| Morningstar, Inc. | 9886 | 1671228 |
| MSCI, Inc., Class A | 30093 | 16220428 |
| Nasdaq, Inc. | 378069 | 32094277 |
| Northern Trust Corp. | 157640 | 22001815 |
| Raymond James Financial, Inc. | 148247 | 21464683 |
| S&P Global, Inc. | 144268 | 61362951 |
| SEI Investments Co. | 33855 | 2656602 |
| State Street Corp. | 234934 | 29733247 |
| Stifel Financial Corp. | 56505 | 4176850 |
| T Rowe Price Group, Inc. | 186604 | 16820485 |
|  |  | 1009420573 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| Air Products & Chemicals, Inc. | 187453 | 54453222 |
| Albemarle Corp. | 98442 | 17673292 |
| Ashland, Inc. | 40360 | 2244420 |
| Avient Corp. | 76561 | 2779164 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 178244 | 4937359 |
| Cabot Corp. | 44228 | 3330811 |
| CF Industries Holdings, Inc. | 131112 | 17023582 |
| Corteva, Inc. | 565413 | 47330722 |
| Dow, Inc. | 604085 | 25160140 |
| DuPont de Nemours, Inc. | 344454 | 15775993 |
| Ecolab, Inc. | 214705 | 57115824 |
| International Flavors & Fragrances, Inc. | 217206 | 15758295 |
| Linde PLC | 393123 | 194894659 |
| LyondellBasell Industries NV, Class A | 216445 | 17436809 |
| Mosaic Co. (The) | 266100 | 6785550 |
| Olin Corp. | 93037 | 2765990 |
| PPG Industries, Inc. | 188816 | 20180654 |
| RPM International, Inc. | 62969 | 6259119 |
| Scotts Miracle-Gro Co. (The) | 39907 | 2426745 |
| Sherwin-Williams Co. (The) | 194090 | 62215550 |
| Solstice Advanced Materials, Inc. | 62813 | 4783838 |
| Westlake Corp. | 28064 | 3278436 |
|  |  | 584610174 |
| **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** |
| Brink's Co. (The) | 10436 | 1081483 |
| Cintas Corp. | 286364 | 48435607 |
| Clean Harbors, Inc.<sup>(a)</sup> | 20515 | 5882266 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Copart, Inc.<sup>(a)</sup> | 748682 | $24856242 |
| MSA Safety, Inc. | 12812 | 2100527 |
| Republic Services, Inc. | 169778 | 37184778 |
| Veralto Corp. | 208700 | 18453254 |
| Waste Management, Inc. | 312399 | 71786166 |
|  |  | 209780323 |
| **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| Cisco Systems, Inc. | 1563406 | 121304671 |
| F5, Inc.<sup>(a)</sup> | 48178 | 13939341 |
| Motorola Solutions, Inc. | 139678 | 60616062 |
|  |  | 195860074 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| AECOM | 61722 | 5235260 |
| Fluor Corp.<sup>(a)</sup> | 135234 | 6308666 |
| Valmont Industries, Inc. | 6535 | 2611190 |
|  |  | 14155116 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| CRH PLC | 564297 | 59318901 |
| Eagle Materials, Inc. | 13140 | 2489373 |
| Knife River Corp.<sup>(a)(b)</sup> | 28055 | 2290691 |
| Martin Marietta Materials, Inc. | 50577 | 29773668 |
| Vulcan Materials Co. | 110757 | 30159131 |
|  |  | 124031764 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| Ally Financial, Inc. | 236760 | 9288095 |
| American Express Co. | 144410 | 43681137 |
| Capital One Financial Corp. | 526268 | 96007071 |
| SLM Corp. | 76102 | 1629344 |
| Synchrony Financial | 292638 | 19905236 |
|  |  | 170510883 |
| **Consumer Staples Distribution & Retail — 4.3%** | **Consumer Staples Distribution & Retail — 4.3%** | **Consumer Staples Distribution & Retail — 4.3%** |
| Albertsons Cos., Inc., Class A | 311514 | 5308198 |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)(b)</sup> | 112009 | 11023926 |
| Costco Wholesale Corp. | 373688 | 372353934 |
| Dollar General Corp. | 185645 | 22041631 |
| Dollar Tree, Inc.<sup>(a)</sup> | 155694 | 17050050 |
| Kroger Co. (The) | 490167 | 35468484 |
| Maplebear, Inc.<sup>(a)(b)</sup> | 158343 | 5931529 |
| Performance Food Group Co.<sup>(a)</sup> | 131423 | 11257694 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 48533 | 3743350 |
| Sysco Corp. | 403790 | 28802341 |
| Target Corp. | 380357 | 46099268 |
| U.S. Foods Holding Corp.<sup>(a)(b)</sup> | 186783 | 17223260 |
| Walmart, Inc. | 3690513 | 458656956 |
|  |  | 1034960621 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| Amcor PLC | 388262 | 15433415 |
| AptarGroup, Inc. | 54203 | 6830662 |
| Avery Dennison Corp. | 64903 | 11207450 |
| Ball Corp. | 226922 | 13413360 |
| Crown Holdings, Inc. | 95564 | 9580291 |
| Graphic Packaging Holding Co. | 244412 | 2429455 |
| Greif, Inc., Class A, NVS | 24205 | 1623429 |
| International Paper Co. | 442033 | 15780578 |
| Packaging Corp. of America | 75420 | 16005632 |
| Silgan Holdings, Inc. | 73034 | 2833719 |
| Smurfit Westrock PLC | 436782 | 17405763 |
| Sonoco Products Co. | 81053 | 4384157 |
|  |  | 116927911 |

---

442026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| Genuine Parts Co. | 116811 | $12352763 |
| Pool Corp. | 27761 | 5616883 |
|  |  | 17969646 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Duolingo, Inc., Class A<sup>(a)</sup> | 10364 | 1021579 |
| Graham Holdings Co., Class B | 1548 | 1636639 |
| H&R Block, Inc. | 49483 | 1570590 |
| Service Corp. International | 55284 | 4561483 |
|  |  | 8790291 |
| **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** |
| WP Carey, Inc. | 88464 | 6012013 |
| **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** |
| AT&T Inc. | 5893733 | 170859320 |
| Comcast Corp., Class A | 3021050 | 86734345 |
| Verizon Communications, Inc. | 3550260 | 178223052 |
|  |  | 435816717 |
| **Electric Utilities — 3.1%** | **Electric Utilities — 3.1%** | **Electric Utilities — 3.1%** |
| Alliant Energy Corp. | 215716 | 15479780 |
| American Electric Power Co., Inc. | 455348 | 59687016 |
| Constellation Energy Corp. | 86706 | 24212651 |
| Duke Energy Corp. | 654707 | 85727335 |
| Edison International | 324961 | 23780646 |
| Entergy Corp. | 380821 | 42789048 |
| Evergy, Inc. | 192497 | 15769354 |
| Eversource Energy | 316692 | 21940422 |
| Exelon Corp. | 861166 | 42214357 |
| FirstEnergy Corp. | 438730 | 22226062 |
| IDACORP, Inc. | 22352 | 3195665 |
| NextEra Energy, Inc. | 1753331 | 162849383 |
| NRG Energy, Inc. | 46456 | 6789080 |
| OGE Energy Corp. | 171738 | 8236554 |
| PG&E Corp. | 1852150 | 32542275 |
| Pinnacle West Capital Corp. | 99952 | 10070164 |
| Portland General Electric Co. | 93228 | 4919642 |
| PPL Corp. | 620151 | 23689768 |
| Southern Co. (The) | 927012 | 89475198 |
| TXNM Energy, Inc. | 48422 | 2830750 |
| Xcel Energy, Inc. | 497640 | 39532522 |
|  |  | 737957672 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| Acuity, Inc. | 8093 | 2267820 |
| AMETEK, Inc. | 193085 | 41389701 |
| Eaton Corp. PLC | 326989 | 116954156 |
| Emerson Electric Co. | 473141 | 61990934 |
| Generac Holdings, Inc.<sup>(a)</sup> | 49052 | 9581327 |
| Hubbell, Inc. | 44779 | 21974846 |
| Nextpower, Inc., Class A<sup>(a)(b)</sup> | 43221 | 5210292 |
| Regal Rexnord Corp. | 56081 | 10501728 |
| Rockwell Automation, Inc. | 42519 | 15259219 |
| Sensata Technologies Holding PLC | 122638 | 4319310 |
|  |  | 289449333 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Arrow Electronics, Inc.<sup>(a)(b)</sup> | 43183 | 6192874 |
| Avnet, Inc. | 67285 | 4146102 |
| Belden, Inc. | 17207 | 1975880 |
| CDW Corp. | 109145 | 13208728 |
| Cognex Corp. | 70405 | 3449141 |
| Corning, Inc. | 202750 | 27567917 |
| Crane NXT Co. | 27386 | 1111598 |
| IPG Photonics Corp.<sup>(a)</sup> | 20589 | 2359293 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Jabil, Inc. | 35024 | $9303425 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 144670 | 40850468 |
| Littelfuse, Inc. | 12491 | 4238821 |
| Novanta, Inc.<sup>(a)(b)</sup> | 16064 | 1897319 |
| TD SYNNEX Corp. | 63498 | 10712747 |
| TE Connectivity PLC | 76341 | 15956796 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 39315 | 23785968 |
| Vontier Corp. | 69626 | 2469634 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 42320 | 8848266 |
|  |  | 178074977 |
| **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** |
| Baker Hughes Co., Class A | 833721 | 50898667 |
| Halliburton Co. | 705943 | 27524718 |
| NOV, Inc. | 311200 | 5853672 |
| SLB Ltd. | 1258906 | 64695179 |
| Weatherford International PLC | 34270 | 3241257 |
|  |  | 152213493 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| Electronic Arts, Inc. | 100638 | 20517069 |
| Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 61841 | 9431371 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 70141 | 13852848 |
| Walt Disney Co. (The) | 1491430 | 143744023 |
| Warner Bros Discovery, Inc., Class A<sup>(a)(b)</sup> | 2087140 | 57312864 |
| Warner Music Group Corp., Class A | 58473 | 1493401 |
|  |  | 246351576 |
| **Financial Services — 2.0%** | **Financial Services — 2.0%** | **Financial Services — 2.0%** |
| Apollo Global Management, Inc. | 184481 | 20554873 |
| Block, Inc., Class A<sup>(a)</sup> | 461619 | 27780231 |
| Corpay, Inc.<sup>(a)(b)</sup> | 59538 | 17324963 |
| Equitable Holdings, Inc. | 17808 | 660855 |
| Essent Group Ltd. | 50061 | 2925565 |
| Euronet Worldwide, Inc.<sup>(a)(b)</sup> | 33453 | 2220276 |
| Fidelity National Information Services, Inc. | 438204 | 20556150 |
| Fiserv, Inc.<sup>(a)</sup> | 453098 | 25282868 |
| Global Payments, Inc. | 203127 | 13670447 |
| Jack Henry & Associates, Inc. | 61949 | 9790420 |
| Mastercard, Inc., Class A | 226260 | 113053071 |
| MGIC Investment Corp. | 98887 | 2595784 |
| PayPal Holdings, Inc. | 775103 | 35057909 |
| Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | 20708 | 905561 |
| Visa, Inc., Class A | 636846 | 192480335 |
| Voya Financial, Inc. | 81816 | 5589669 |
| WEX, Inc.<sup>(a)(b)</sup> | 12407 | 1898767 |
|  |  | 492347744 |
| **Food Products — 1.0%** | **Food Products — 1.0%** | **Food Products — 1.0%** |
| Archer-Daniels-Midland Co. | 405398 | 29468381 |
| Bunge Global SA | 113233 | 14403237 |
| Campbell's Co. (The) | 164462 | 3662569 |
| Conagra Brands, Inc. | 398830 | 6269607 |
| Darling Ingredients, Inc.<sup>(a)</sup> | 132755 | 8210897 |
| Flowers Foods, Inc. | 176734 | 1440382 |
| General Mills, Inc. | 449661 | 16736382 |
| Hershey Co. (The) | 124950 | 25975855 |
| Hormel Foods Corp. | 244415 | 5536000 |
| Ingredion, Inc. | 54798 | 6173543 |
| J M Smucker Co. (The) | 90456 | 8723577 |
| Kraft Heinz Co. (The) | 717892 | 16145391 |
| Marzetti Co. (The) | 9378 | 1297259 |
| McCormick & Co., Inc., NVS | 212616 | 10724351 |
| Mondelez International, Inc., Class A | 1082081 | 62371149 |
| Pilgrim's Pride Corp. | 35362 | 1335269 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Post Holdings, Inc.<sup>(a)</sup> | 35532 | $3512693 |
| Tyson Foods, Inc., Class A | 239638 | 15353607 |
|  |  | 237340149 |
| **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |
| Atmos Energy Corp. | 139284 | 25728540 |
| National Fuel Gas Co. | 31635 | 2972425 |
| New Jersey Resources Corp. | 83789 | 4601692 |
| ONE Gas, Inc. | 51980 | 4477037 |
| Southwest Gas Holdings, Inc. | 53539 | 4652539 |
| Spire, Inc. | 28401 | 2571427 |
| UGI Corp. | 179667 | 6543472 |
|  |  | 51547132 |
| **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** |
| Avis Budget Group, Inc.<sup>(a)(b)</sup> | 4215 | 614758 |
| CSX Corp. | 1567394 | 64341524 |
| JB Hunt Transport Services, Inc. | 62988 | 13347157 |
| Knight-Swift Transportation Holdings, Inc. | 135892 | 7824661 |
| Landstar System, Inc. | 28551 | 4577011 |
| Norfolk Southern Corp. | 189309 | 54331683 |
| Old Dominion Freight Line, Inc. | 154458 | 30181093 |
| Ryder System, Inc. | 33193 | 6794939 |
| Saia, Inc.<sup>(a)</sup> | 22199 | 7798065 |
| Union Pacific Corp. | 499571 | 121205916 |
|  |  | 311016807 |
| **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
| Abbott Laboratories | 1463943 | 150303028 |
| Align Technology, Inc.<sup>(a)</sup> | 55918 | 9586023 |
| Baxter International, Inc.<sup>(b)</sup> | 428024 | 7190803 |
| Becton Dickinson & Co. | 240821 | 37864286 |
| Boston Scientific Corp.<sup>(a)(b)</sup> | 410133 | 25735846 |
| Cooper Cos., Inc. (The)<sup>(a)</sup> | 166620 | 11913330 |
| DENTSPLY SIRONA, Inc. | 182129 | 2112696 |
| Dexcom, Inc.<sup>(a)</sup> | 160034 | 10050135 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 261696 | 20956616 |
| Envista Holdings Corp.<sup>(a)</sup> | 135398 | 3435047 |
| GE HealthCare Technologies, Inc. | 385083 | 27410208 |
| Haemonetics Corp.<sup>(a)</sup> | 15708 | 885303 |
| Hologic, Inc.<sup>(a)</sup> | 186209 | 14075538 |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 17154 | 1301131 |
| Masimo Corp.<sup>(a)</sup> | 16286 | 2896791 |
| Medtronic PLC | 1079317 | 93522818 |
| ResMed, Inc. | 55265 | 12405887 |
| Solventum Corp.<sup>(a)</sup> | 123981 | 8095959 |
| STERIS PLC | 41300 | 9132669 |
| Stryker Corp. | 168181 | 55262595 |
| Zimmer Biomet Holdings, Inc. | 166062 | 15015326 |
|  |  | 519152035 |
| **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** |
| Cardinal Health, Inc. | 198110 | 41862624 |
| Cencora, Inc. | 163775 | 51448278 |
| Centene Corp.<sup>(a)</sup> | 390471 | 12784021 |
| Chemed Corp. | 5928 | 2239243 |
| Cigna Group (The) | 221808 | 59167284 |
| CVS Health Corp. | 1071062 | 76923673 |
| DaVita, Inc.<sup>(a)</sup> | 29385 | 4516181 |
| Elevance Health, Inc. | 185808 | 54395292 |
| Henry Schein, Inc.<sup>(a)</sup> | 83826 | 6177976 |
| Humana, Inc. | 100427 | 17413037 |
| Labcorp Holdings, Inc. | 70069 | 18695110 |
| McKesson Corp. | 103121 | 89236789 |
| Quest Diagnostics, Inc. | 92902 | 18206934 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| UnitedHealth Group, Inc. | 762619 | $206357075 |
| Universal Health Services, Inc., Class B | 46217 | 8271456 |
|  |  | 667694973 |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| Alexandria Real Estate Equities, Inc. | 129893 | 6029633 |
| American Healthcare REIT, Inc. | 57862 | 2728772 |
| Healthcare Realty Trust, Inc. | 291137 | 4946417 |
| Healthpeak Properties, Inc. | 582895 | 9576965 |
| Omega Healthcare Investors, Inc. | 114790 | 5030098 |
| Ventas, Inc. | 191938 | 15696690 |
|  |  | 44008575 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| Host Hotels & Resorts, Inc. | 532801 | 10208467 |
| Park Hotels & Resorts, Inc. | 175997 | 1853249 |
|  |  | 12061716 |
| **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** |
| Airbnb, Inc., Class A<sup>(a)</sup> | 190066 | 24001535 |
| Aramark | 219981 | 8918030 |
| Cava Group, Inc.<sup>(a)</sup> | 48240 | 3902616 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 1096501 | 35098997 |
| Choice Hotels International, Inc.<sup>(b)</sup> | 8738 | 904383 |
| Darden Restaurants, Inc. | 98055 | 19222702 |
| Domino's Pizza, Inc. | 26193 | 9397786 |
| Dutch Bros, Inc., Class A<sup>(a)</sup> | 46911 | 2376511 |
| Hyatt Hotels Corp., Class A<sup>(b)</sup> | 10937 | 1572631 |
| McDonald's Corp. | 335750 | 104347743 |
| MGM Resorts International<sup>(a)(b)</sup> | 161534 | 5978373 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 168845 | 3157402 |
| Starbucks Corp. | 959169 | 85931951 |
| Vail Resorts, Inc. | 16067 | 2061717 |
| Wyndham Hotels & Resorts, Inc. | 29279 | 2378333 |
| Yum! Brands, Inc. | 119543 | 18586546 |
|  |  | 327837256 |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| DR Horton, Inc. | 226825 | 31124926 |
| Garmin Ltd. | 137488 | 31898591 |
| KB Home | 56522 | 2925013 |
| Lennar Corp., Class A | 181328 | 15746524 |
| NVR, Inc.<sup>(a)(b)</sup> | 2348 | 15472921 |
| PulteGroup, Inc. | 163396 | 19217004 |
| Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 80902 | 4711732 |
| Toll Brothers, Inc. | 80525 | 10989247 |
| Whirlpool Corp. | 53012 | 2858407 |
|  |  | 134944365 |
| **Household Products — 1.6%** | **Household Products — 1.6%** | **Household Products — 1.6%** |
| Church & Dwight Co., Inc. | 201040 | 18761053 |
| Clorox Co. (The) | 101986 | 10568809 |
| Colgate-Palmolive Co. | 678619 | 57838697 |
| Kimberly-Clark Corp. | 279842 | 26996358 |
| Procter & Gamble Co. (The) | 1956561 | 282605671 |
|  |  | 396770588 |
| **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) | 589239 | 8302378 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| 3M Co. | 443424 | 64398468 |
| Honeywell International, Inc. | 534509 | 120815069 |
|  |  | 185213537 |
| **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** |
| EastGroup Properties, Inc. | 17631 | 3263322 |

---

462026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Industrial REITs (continued)** | **Industrial REITs (continued)** | **Industrial REITs (continued)** |
| Prologis, Inc. | 782588 | $103442482 |
| Rexford Industrial Realty, Inc. | 195468 | 6397668 |
| STAG Industrial, Inc. | 64492 | 2325581 |
|  |  | 115429053 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| Aflac, Inc. | 393011 | 43117237 |
| Allstate Corp. (The) | 219243 | 45457844 |
| American Financial Group, Inc. | 35581 | 4544050 |
| American International Group, Inc. | 453097 | 34095549 |
| Aon PLC, Class A | 180384 | 58224348 |
| Arch Capital Group Ltd.<sup>(a)</sup> | 301961 | 28985236 |
| Arthur J. Gallagher & Co. | 216735 | 46940466 |
| Assurant, Inc. | 42631 | 9285458 |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 46711 | 2797055 |
| Brown & Brown, Inc. | 244901 | 15969994 |
| Chubb Ltd. | 306920 | 100034436 |
| Cincinnati Financial Corp. | 53145 | 8362366 |
| CNO Financial Group, Inc. | 81398 | 3342202 |
| Erie Indemnity Co., Class A, NVS | 21827 | 5485343 |
| Everest Group Ltd. | 34264 | 11199188 |
| Fidelity National Financial, Inc., Class A | 212504 | 9855936 |
| First American Financial Corp. | 86122 | 5192295 |
| Globe Life, Inc. | 66243 | 9219038 |
| Hanover Insurance Group, Inc. (The) | 16658 | 2887664 |
| Hartford Insurance Group, Inc. (The) | 234241 | 31676410 |
| Loews Corp. | 141306 | 15083002 |
| Marsh & McLennan Cos., Inc. | 407582 | 70695098 |
| MetLife, Inc. | 464787 | 32869737 |
| Old Republic International Corp. | 89721 | 3579868 |
| Primerica, Inc. | 10985 | 2751523 |
| Principal Financial Group, Inc. | 166470 | 15000612 |
| Progressive Corp. (The) | 216305 | 42880303 |
| Prudential Financial, Inc. | 292918 | 28615159 |
| Reinsurance Group of America, Inc. | 55354 | 11301073 |
| RenaissanceRe Holdings Ltd. | 17576 | 5224114 |
| RLI Corp. | 79177 | 4516256 |
| Ryan Specialty Holdings, Inc., Class A | 32769 | 1105626 |
| Selective Insurance Group, Inc. | 51159 | 3856877 |
| Travelers Cos., Inc. (The) | 182051 | 53100636 |
| Unum Group | 127833 | 9335644 |
| W R Berkley Corp. | 109606 | 7264686 |
| Willis Towers Watson PLC | 79859 | 23215011 |
|  |  | 807067340 |
| **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |
| Pinterest, Inc., Class A<sup>(a)</sup> | 158242 | 2902158 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Accenture PLC, Class A | 518022 | 102718582 |
| Akamai Technologies, Inc.<sup>(a)(b)</sup> | 120473 | 13836324 |
| Cognizant Technology Solutions Corp., Class A | 403880 | 24778038 |
| EPAM Systems, Inc.<sup>(a)(b)</sup> | 46308 | 6270103 |
| Gartner, Inc.<sup>(a)(b)</sup> | 60192 | 9530801 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | 114916 | 9500106 |
| International Business Machines Corp. | 377733 | 91558702 |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 190521 | 2499636 |
|  |  | 260692292 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Brunswick Corp. | 55089 | 4008276 |
| Hasbro, Inc. | 112023 | 10485353 |
| Mattel, Inc.<sup>(a)</sup> | 159433 | 2316561 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Leisure Products (continued)** | **Leisure Products (continued)** | **Leisure Products (continued)** |
| Polaris, Inc. | 44810 | $2442145 |
| YETI Holdings, Inc.<sup>(a)</sup> | 26882 | 983612 |
|  |  | 20235947 |
| **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** |
| Agilent Technologies, Inc. | 238401 | 27172946 |
| Avantor, Inc.<sup>(a)</sup> | 573046 | 4492681 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 6905 | 1924769 |
| Bio-Techne Corp. | 130400 | 6814704 |
| Bruker Corp. | 44444 | 1605317 |
| Charles River Laboratories International, Inc.<sup>(a)(b)</sup> | 41154 | 7099065 |
| Danaher Corp. | 529672 | 100425811 |
| Illumina, Inc.<sup>(a)</sup> | 58701 | 7235485 |
| IQVIA Holdings, Inc.<sup>(a)(b)</sup> | 142242 | 24257951 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 9198 | 11600518 |
| Repligen Corp.<sup>(a)</sup> | 20149 | 2373955 |
| Revvity, Inc. | 94808 | 8306129 |
| Thermo Fisher Scientific, Inc. | 316305 | 155473397 |
| Waters Corp.<sup>(a)</sup> | 82837 | 24668858 |
| West Pharmaceutical Services, Inc. | 60138 | 15072988 |
|  |  | 398524574 |
| **Machinery — 2.3%** | **Machinery — 2.3%** | **Machinery — 2.3%** |
| AGCO Corp. | 51851 | 6007975 |
| CNH Industrial NV | 750683 | 8257513 |
| Crane Co. | 20227 | 3458817 |
| Cummins, Inc. | 38392 | 20655664 |
| Deere & Co. | 212240 | 119554792 |
| Donaldson Co., Inc. | 33267 | 2823370 |
| Dover Corp. | 114418 | 23850432 |
| Esab Corp. | 26455 | 2557140 |
| Fortive Corp. | 268192 | 14825654 |
| Graco, Inc. | 67127 | 5682301 |
| IDEX Corp. | 63342 | 12006476 |
| Illinois Tool Works, Inc. | 221284 | 57598012 |
| Ingersoll Rand, Inc. | 302257 | 24216831 |
| Lincoln Electric Holdings, Inc. | 15186 | 3782529 |
| Middleby Corp. (The)<sup>(a)</sup> | 39013 | 5172344 |
| Mueller Industries, Inc. | 27421 | 3038247 |
| Nordson Corp. | 45211 | 12028839 |
| Oshkosh Corp. | 29046 | 4275862 |
| Otis Worldwide Corp. | 325240 | 25069499 |
| PACCAR, Inc. | 442618 | 51122379 |
| Parker-Hannifin Corp. | 46807 | 41903499 |
| Pentair PLC | 137695 | 11994611 |
| Snap-on, Inc. | 43670 | 15861817 |
| Stanley Black & Decker, Inc. | 129685 | 9215416 |
| Terex Corp. | 95219 | 5627443 |
| Timken Co. (The) | 54510 | 5482071 |
| Toro Co. (The) | 81593 | 7624050 |
| Westinghouse Air Brake Technologies Corp. | 143342 | 35822599 |
| Xylem, Inc. | 203601 | 24330319 |
|  |  | 563846501 |
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |
| Kirby Corp.<sup>(a)</sup> | 24244 | 3221543 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 72493 | 15649789 |
| Fox Corp., Class A, NVS | 60062 | 3507621 |
| Fox Corp., Class B | 40523 | 2151771 |
| News Corp., Class A, NVS | 319674 | 7969473 |
| News Corp., Class B | 103538 | 2951869 |
| Nexstar Media Group, Inc., Class A | 11452 | 2070865 |
| Omnicom Group, Inc. | 267155 | 20119443 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Paramount Skydance Corp., Class B, NVS<sup>(b)</sup> | 257664 | $2324129 |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 367906 | 8347787 |
|  |  | 65092747 |
| **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** |
| Alcoa Corp. | 216943 | 14389829 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | 475661 | 4019336 |
| Commercial Metals Co. | 92165 | 5661696 |
| Freeport-McMoRan, Inc. | 1209969 | 71121978 |
| MP Materials Corp., Class A<sup>(a)(b)</sup> | 46455 | 2241918 |
| Nucor Corp. | 192512 | 32553779 |
| Reliance, Inc. | 44257 | 13450587 |
| Steel Dynamics, Inc. | 115976 | 20875680 |
|  |  | 164314803 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
| Annaly Capital Management, Inc. | 604802 | 12791562 |
| Starwood Property Trust, Inc. | 297625 | 5125103 |
|  |  | 17916665 |
| **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** |
| Ameren Corp. | 232697 | 25578054 |
| Black Hills Corp. | 62515 | 4339166 |
| CenterPoint Energy, Inc. | 546757 | 23598032 |
| CMS Energy Corp. | 258649 | 20065990 |
| Consolidated Edison, Inc. | 303929 | 34398684 |
| Dominion Energy, Inc. | 717432 | 44351646 |
| DTE Energy Co. | 175344 | 25638800 |
| NiSource, Inc. | 399787 | 18654062 |
| Northwestern Energy Group, Inc. | 28248 | 1862673 |
| Public Service Enterprise Group, Inc. | 421436 | 34115244 |
| Sempra | 548357 | 53283850 |
| WEC Energy Group, Inc. | 274081 | 31730357 |
|  |  | 317616558 |
| **Office REITs — 0.1%** | **Office REITs — 0.1%** | **Office REITs — 0.1%** |
| BXP, Inc. | 123583 | 6413958 |
| COPT Defense Properties | 58788 | 1798913 |
| Cousins Properties, Inc. | 146202 | 3299779 |
| Kilroy Realty Corp. | 90643 | 2557039 |
| Vornado Realty Trust | 140294 | 3646241 |
|  |  | 17715930 |
| **Oil, Gas & Consumable Fuels — 7.6%** | **Oil, Gas & Consumable Fuels — 7.6%** | **Oil, Gas & Consumable Fuels — 7.6%** |
| Antero Resources Corp.<sup>(a)</sup> | 244613 | 10381376 |
| APA Corp. | 298624 | 12673603 |
| Chevron Corp. | 1578141 | 326517373 |
| Chord Energy Corp. | 48253 | 6860612 |
| CNX Resources Corp.<sup>(a)(b)</sup> | 119856 | 4620449 |
| ConocoPhillips | 1031459 | 136152588 |
| Coterra Energy, Inc. | 636070 | 22351500 |
| Devon Energy Corp. | 526195 | 26478132 |
| Diamondback Energy, Inc. | 163395 | 32317897 |
| DT Midstream, Inc. | 25115 | 3382237 |
| EOG Resources, Inc. | 455665 | 65875489 |
| EQT Corp. | 525189 | 33423028 |
| Expand Energy Corp. | 198932 | 21838755 |
| Exxon Mobil Corp. | 3518267 | 596909179 |
| HF Sinclair Corp. | 134142 | 8369119 |
| Kinder Morgan, Inc. | 1645033 | 55157956 |
| Marathon Petroleum Corp. | 248360 | 60644545 |
| Matador Resources Co. | 100641 | 6358498 |
| Murphy Oil Corp. | 112489 | 4640171 |
| Occidental Petroleum Corp. | 606073 | 39394745 |
| ONEOK, Inc. | 528377 | 47759997 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Ovintiv, Inc. | 235871 | $14001303 |
| PBF Energy, Inc., Class A | 71219 | 3391449 |
| Permian Resources Corp., Class A | 623298 | 13288713 |
| PetroCorp Escrow<sup>(a)(d)</sup> | 190 |  |
| Phillips 66 | 338589 | 61684144 |
| Range Resources Corp. | 201417 | 9100020 |
| Targa Resources Corp. | 180306 | 45208123 |
| Texas Pacific Land Corp. | 48852 | 23183205 |
| Valero Energy Corp. | 256338 | 63335993 |
| Viper Energy, Inc., Class A | 156308 | 7344913 |
| Williams Cos., Inc. (The) | 1028133 | 74827520 |
|  |  | 1837472632 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Louisiana-Pacific Corp. | 52411 | 3812900 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| Alaska Air Group, Inc.<sup>(a)(b)</sup> | 96681 | 3555927 |
| American Airlines Group, Inc.<sup>(a)</sup> | 556460 | 5976380 |
| Delta Air Lines, Inc. | 544471 | 36196432 |
| Southwest Airlines Co. | 413638 | 15540380 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 272478 | 25087050 |
|  |  | 86356169 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| BellRing Brands, Inc.<sup>(a)</sup> | 65063 | 1046864 |
| Coty, Inc., Class A<sup>(a)</sup> | 355016 | 713582 |
| elf Beauty, Inc.<sup>(a)</sup> | 16537 | 1002307 |
| Estee Lauder Cos., Inc. (The), Class A | 208544 | 14967203 |
| Kenvue, Inc. | 1615282 | 27847462 |
|  |  | 45577418 |
| **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** |
| Bristol-Myers Squibb Co. | 1714491 | 103983879 |
| Johnson & Johnson | 831841 | 203335214 |
| Merck & Co., Inc. | 2089597 | 251357623 |
| Pfizer, Inc. | 4786756 | 134412109 |
| Viatris, Inc. | 980195 | 13242434 |
| Zoetis, Inc., Class A | 355384 | 42009943 |
|  |  | 748341202 |
| **Professional Services — 0.8%** | **Professional Services — 0.8%** | **Professional Services — 0.8%** |
| Automatic Data Processing, Inc. | 339028 | 68883709 |
| Booz Allen Hamilton Holding Corp., Class A | 101280 | 7902878 |
| Broadridge Financial Solutions, Inc. | 97423 | 15829289 |
| Concentrix Corp. | 37176 | 1017135 |
| Equifax, Inc. | 101326 | 18245773 |
| Exponent, Inc. | 19539 | 1274920 |
| FTI Consulting, Inc.<sup>(a)</sup> | 15441 | 2729506 |
| Genpact Ltd. | 71145 | 2650151 |
| Jacobs Solutions, Inc. | 99959 | 12722782 |
| KBR, Inc. | 105500 | 3888730 |
| Leidos Holdings, Inc. | 107774 | 16761012 |
| Maximus, Inc. | 21905 | 1404111 |
| Parsons Corp.<sup>(a)</sup> | 14543 | 787794 |
| Paychex, Inc. | 272458 | 25098831 |
| Science Applications International Corp. | 38612 | 3665051 |
| TransUnion<sup>(b)</sup> | 77732 | 5378277 |
| Verisk Analytics, Inc. | 54874 | 10412342 |
|  |  | 198652291 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 245761 | 33290785 |
| CoStar Group, Inc.<sup>(a)</sup> | 355123 | 14325662 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 39927 | 12150585 |
|  |  | 59767032 |

---

482026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| American Homes 4 Rent, Class A | 277053 | $7735320 |
| AvalonBay Communities, Inc. | 118616 | 19375924 |
| Camden Property Trust | 87056 | 8501889 |
| Equity LifeStyle Properties, Inc. | 80541 | 5027369 |
| Equity Residential | 291639 | 17250447 |
| Essex Property Trust, Inc. | 54398 | 13164316 |
| Independence Realty Trust, Inc. | 201537 | 3000886 |
| Invitation Homes, Inc. | 473740 | 11772439 |
| Mid-America Apartment Communities, Inc. | 99038 | 12094520 |
| UDR, Inc. | 254221 | 8587585 |
|  |  | 106510695 |
| **Retail REITs — 0.5%** | **Retail REITs — 0.5%** | **Retail REITs — 0.5%** |
| Agree Realty Corp. | 55539 | 4186530 |
| Brixmor Property Group, Inc. | 137849 | 3970051 |
| Federal Realty Investment Trust | 66940 | 7109697 |
| Kimco Realty Corp. | 568414 | 12772263 |
| Kite Realty Group Trust | 182144 | 4471635 |
| NNN REIT, Inc. | 90140 | 3788584 |
| Realty Income Corp. | 775397 | 47438788 |
| Regency Centers Corp. | 138318 | 10465140 |
| Simon Property Group, Inc. | 161688 | 30159663 |
|  |  | 124362351 |
| **Semiconductors & Semiconductor Equipment — 3.1%** | **Semiconductors & Semiconductor Equipment — 3.1%** | **Semiconductors & Semiconductor Equipment — 3.1%** |
| Allegro MicroSystems, Inc.<sup>(a)(b)</sup> | 38897 | 1226422 |
| Amkor Technology, Inc. | 49904 | 2247177 |
| Analog Devices, Inc. | 411371 | 130873570 |
| Cirrus Logic, Inc.<sup>(a)</sup> | 19334 | 2796083 |
| Entegris, Inc. | 77883 | 9131003 |
| Intel Corp.<sup>(a)</sup> | 3952939 | 174443198 |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 46740 | 4335602 |
| Microchip Technology, Inc. | 454865 | 29388828 |
| MKS, Inc. | 16227 | 3729127 |
| NXP Semiconductors NV | 210984 | 41534310 |
| ON Semiconductor Corp.<sup>(a)</sup> | 331721 | 20540164 |
| Onto Innovation, Inc.<sup>(a)</sup> | 21884 | 4487752 |
| Qnity Electronics, Inc. | 176934 | 20414645 |
| QUALCOMM, Inc. | 898130 | 115661181 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 12839 | 2672438 |
| Skyworks Solutions, Inc. | 128460 | 6879033 |
| Synaptics, Inc.<sup>(a)(b)</sup> | 32665 | 2287857 |
| Teradyne, Inc. | 55034 | 16315380 |
| Texas Instruments, Inc. | 764059 | 148334414 |
| Universal Display Corp. | 21654 | 1984806 |
|  |  | 739282990 |
| **Software — 2.9%** | **Software — 2.9%** | **Software — 2.9%** |
| Adobe, Inc.<sup>(a)</sup> | 345595 | 84007233 |
| Autodesk, Inc.<sup>(a)</sup> | 75300 | 18026820 |
| Bentley Systems, Inc., Class B | 47769 | 1677647 |
| BILL Holdings, Inc.<sup>(a)</sup> | 38719 | 1482938 |
| Blackbaud, Inc.<sup>(a)</sup> | 16968 | 655134 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 84243 | 23408602 |
| Commvault Systems, Inc.<sup>(a)</sup> | 14200 | 1106038 |
| Docusign, Inc.<sup>(a)</sup> | 68445 | 3244977 |
| Dolby Laboratories, Inc., Class A | 29397 | 1765584 |
| Fair Isaac Corp.<sup>(a)</sup> | 10086 | 10767208 |
| Fortinet, Inc.<sup>(a)</sup> | 197811 | 16165115 |
| Gen Digital, Inc. | 469704 | 8844526 |
| Intuit, Inc. | 102788 | 44443475 |
| Manhattan Associates, Inc.<sup>(a)</sup> | 20722 | 2758513 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 90114 | 3425233 |
| Oracle Corp. | 685254 | 100807716 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 299339 | $47990029 |
| PTC, Inc.<sup>(a)</sup> | 99908 | 14235891 |
| Roper Technologies, Inc. | 90099 | 31882432 |
| Salesforce, Inc. | 788855 | 147255563 |
| ServiceNow, Inc.<sup>(a)</sup> | 343442 | 35906861 |
| Synopsys, Inc.<sup>(a)</sup> | 161068 | 63860241 |
| Trimble, Inc.<sup>(a)</sup> | 200950 | 13107969 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 36285 | 12423258 |
| UiPath, Inc., Class A<sup>(a)(b)</sup> | 85996 | 954556 |
| Workday, Inc., Class A<sup>(a)(b)</sup> | 101769 | 13221829 |
|  |  | 703425388 |
| **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** |
| American Tower Corp. | 394131 | 68019128 |
| Crown Castle, Inc. | 366627 | 29810441 |
| CubeSmart | 105100 | 3851915 |
| Digital Realty Trust, Inc. | 271885 | 48996396 |
| EPR Properties | 30649 | 1531224 |
| Equinix, Inc. | 82722 | 81087413 |
| Extra Space Storage, Inc. | 178631 | 23423883 |
| Gaming & Leisure Properties, Inc. | 132576 | 5882397 |
| Iron Mountain, Inc. | 248866 | 25419173 |
| Lamar Advertising Co., Class A | 30144 | 3818039 |
| National Storage Affiliates Trust | 38606 | 1456991 |
| Public Storage | 132395 | 35863158 |
| Rayonier, Inc. | 231921 | 4782211 |
| SBA Communications Corp., Class A | 89349 | 15377856 |
| VICI Properties, Inc. | 895461 | 24463995 |
| Weyerhaeuser Co. | 605351 | 14788725 |
|  |  | 388572945 |
| **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** |
| Abercrombie & Fitch Co., Class A<sup>(a)(b)</sup> | 23213 | 2120972 |
| AutoNation, Inc.<sup>(a)(b)</sup> | 21919 | 4279904 |
| AutoZone, Inc.<sup>(a)</sup> | 4912 | 16591655 |
| Bath & Body Works, Inc. | 172501 | 3220594 |
| Best Buy Co., Inc. | 163292 | 10483346 |
| Burlington Stores, Inc.<sup>(a)</sup> | 20242 | 6586342 |
| Carvana Co., Class A<sup>(a)</sup> | 57890 | 18199458 |
| Chewy, Inc., Class A<sup>(a)</sup> | 71579 | 1932633 |
| Dick's Sporting Goods, Inc. | 33177 | 6578667 |
| Floor & Decor Holdings, Inc., Class A<sup>(a)(b)</sup> | 90089 | 4576521 |
| GameStop Corp., Class A<sup>(a)(b)</sup> | 344620 | 7940045 |
| Gap, Inc. (The) | 190726 | 4615569 |
| Home Depot, Inc. (The) | 838113 | 275646985 |
| Lithia Motors, Inc., Class A | 20538 | 5128749 |
| Lowe's Cos., Inc. | 472259 | 111585357 |
| Murphy U.S.A., Inc. | 14170 | 6999555 |
| Penske Automotive Group, Inc. | 15451 | 2310234 |
| RH<sup>(a)</sup> | 12860 | 1798085 |
| Ross Stores, Inc. | 141594 | 30673508 |
| TJX Cos., Inc. (The) | 419937 | 67063939 |
| Tractor Supply Co. | 444667 | 20143415 |
| Williams-Sonoma, Inc. | 100504 | 18324894 |
|  |  | 626800427 |
| **Technology Hardware, Storage & Peripherals — 7.4%** | **Technology Hardware, Storage & Peripherals — 7.4%** | **Technology Hardware, Storage & Peripherals — 7.4%** |
| Apple Inc. | 6179972 | 1568415094 |
| Dell Technologies, Inc., Class C | 250199 | 41065162 |
| Hewlett Packard Enterprise Co. | 1118715 | 26636604 |
| HP, Inc. | 783929 | 15059276 |
| NetApp, Inc. | 166478 | 17045682 |
| Seagate Technology Holdings PLC | 65563 | 25684961 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 427124 | $9725614 |
| Western Digital Corp. | 285435 | 77207313 |
|  |  | 1780839706 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Capri Holdings Ltd.<sup>(a)</sup> | 52087 | 917773 |
| Columbia Sportswear Co. | 23728 | 1300532 |
| Crocs, Inc.<sup>(a)</sup> | 25251 | 2096338 |
| Deckers Outdoor Corp.<sup>(a)</sup> | 119505 | 11961255 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 90151 | 13802118 |
| NIKE, Inc., Class B | 1003111 | 52984323 |
| PVH Corp. | 40300 | 2811328 |
| VF Corp. | 275749 | 4684976 |
|  |  | 90558643 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| Altria Group, Inc. | 1413260 | 93261027 |
| Philip Morris International, Inc. | 576643 | 95342154 |
|  |  | 188603181 |
| **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
| Applied Industrial Technologies, Inc. | 13976 | 3708112 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 89410 | 4416854 |
| Fastenal Co. | 967967 | 44913669 |
| GATX Corp. | 12300 | 2100102 |
| MSC Industrial Direct Co., Inc., Class A | 22851 | 2108462 |
| United Rentals, Inc. | 23394 | 17043932 |
| Watsco, Inc. | 29768 | 10829301 |
| WESCO International, Inc. | 40782 | 11158771 |
| WW Grainger, Inc. | 36896 | 40246526 |
|  |  | 136525729 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Works Co., Inc. | 163276 | 22220231 |
| Essential Utilities, Inc. | 238028 | 9585387 |
|  |  | 31805618 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| T-Mobile U.S., Inc. | 398891 | $83779077 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $22,044,089,728)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $22,044,089,728)** | 23998993632 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.77%<sup>(c)(e)(f)</sup><br>| 73102149 | 73116769 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(c)(e)</sup><br>| 43679163 | 43679163 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $116,774,901)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $116,774,901)** | 116795932 |
| **Total Investments — 100.2%** <br>**(Cost: $22,160,864,629)** | **Total Investments — 100.2%** <br>**(Cost: $22,160,864,629)** | 24115789564 |
| **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (46546043)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $24069243521 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

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

<sup>(f)</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 March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $112890025<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(39739259 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(23528)<br>| &nbsp;&nbsp; $(10469)<br>| &nbsp;&nbsp; $73116769 | &nbsp;&nbsp; 73102149 | &nbsp;&nbsp; $1058084 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 41277756<br>| &nbsp;&nbsp; 2401407 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43679163 | &nbsp;&nbsp; 43679163 | &nbsp;&nbsp; 1453415 | &nbsp;&nbsp; — |
| BlackRock, Inc. | &nbsp;&nbsp; 110132413<br>| &nbsp;&nbsp; 31666563 | &nbsp;&nbsp; (26217335)<br>| &nbsp;&nbsp; 2493602 | &nbsp;&nbsp; (1248636)<br>| &nbsp;&nbsp; 116826607 | &nbsp;&nbsp; 121478 | &nbsp;&nbsp; 2559490 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $2470074 | &nbsp;&nbsp; $(1259105)<br>| &nbsp;&nbsp; $233622539 |  | &nbsp;&nbsp; $5070989 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

502026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. Value ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Consumer Staples Select Sector Index | 63 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $5242 | &nbsp;&nbsp;&nbsp;&nbsp; $(149953)<br>|
| Russell 1000 Value E-Mini Index | 584 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 61796 | &nbsp;&nbsp;&nbsp;&nbsp; (99196)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(249149)<br>|

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $249149 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $249149 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7028715 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7028715 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1271352)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1271352)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $51591095 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Core S&P U.S. 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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $23998993632 | $— | $— | $23998993632 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 116795932 |  |  | 116795932 |
|  | &nbsp;&nbsp; $24115789564 | $— | $— | $24115789564 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(249149)<br>| $— | $— | $(249149)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

522026 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Core S&P <br>Mid-Cap ETF<br>| iShares <br>Core S&P <br>Small-Cap ETF<br>| iShares <br>Core S&P <br>U.S. Growth <br>ETF<br>| iShares <br>Core S&P <br>U.S. Value ETF<br>|
| **ASSETS** |  |  |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup><sup>(b)</sup> | &nbsp;&nbsp; $105575355934 | &nbsp;&nbsp; $13174632619 | &nbsp;&nbsp; $25960754075 | &nbsp;&nbsp; $23882167025 |
| Investments, at value — affiliated<sup>(c)</sup> | &nbsp;&nbsp; 4427825841 | &nbsp;&nbsp; 82858790153 | &nbsp;&nbsp; 158263158 | &nbsp;&nbsp; 233622539 |
| Cash | &nbsp;&nbsp; 1342669 | &nbsp;&nbsp; 625146 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50 |
| Cash pledged: |  |  |  |  |
| Collateral — OTC derivatives | &nbsp;&nbsp; 80034000 | &nbsp;&nbsp; 35382000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; 19996000 | &nbsp;&nbsp; 27684000 | &nbsp;&nbsp; 2848620 | &nbsp;&nbsp; 4655190 |
| Receivables: |  |  |  |  |
| Securities lending income — affiliated | &nbsp;&nbsp; 1245678 | &nbsp;&nbsp; 843843 | &nbsp;&nbsp; 29221 | &nbsp;&nbsp; 22323 |
| Capital shares sold | &nbsp;&nbsp; 1800064 | &nbsp;&nbsp; 409077 | &nbsp;&nbsp; 56297 | &nbsp;&nbsp; — |
| Dividends — unaffiliated | &nbsp;&nbsp; 100739719 | &nbsp;&nbsp; 87028011 | &nbsp;&nbsp; 4745230 | &nbsp;&nbsp; 21498299 |
| Dividends — affiliated | &nbsp;&nbsp; 1274419 | &nbsp;&nbsp; 4112838 | &nbsp;&nbsp; 54082 | &nbsp;&nbsp; 128403 |
| Variation margin on futures contracts | &nbsp;&nbsp; 7745050 | &nbsp;&nbsp; 9772922 | &nbsp;&nbsp; 1103165 | &nbsp;&nbsp; 1111937 |
| Unrealized appreciation on OTC swaps | &nbsp;&nbsp; 793122 | &nbsp;&nbsp; 46050885 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total assets | &nbsp;&nbsp; 110218152496 | &nbsp;&nbsp; 96245331494 | &nbsp;&nbsp; 26127853848 | &nbsp;&nbsp; 24143205766 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — |
| Cash received: |  |  |  |  |
| Collateral — OTC derivatives | &nbsp;&nbsp; 860000 | &nbsp;&nbsp; 9220000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral on securities loaned | &nbsp;&nbsp; 3955465170 | &nbsp;&nbsp; 4189735565 | &nbsp;&nbsp; 128949695 | &nbsp;&nbsp; 73058573 |
| Payables: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 59399334 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 51374356 | &nbsp;&nbsp; 3543812 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp; 116879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83401 |
| Investment advisory fees | &nbsp;&nbsp; 4535023 | &nbsp;&nbsp; 4698205 | &nbsp;&nbsp; 901296 | &nbsp;&nbsp; 820271 |
| Unrealized depreciation on OTC swaps | &nbsp;&nbsp; 13884387 | &nbsp;&nbsp; 19975500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total liabilities | &nbsp;&nbsp; 4085518270 | &nbsp;&nbsp; 4227289961 | &nbsp;&nbsp; 129851011 | &nbsp;&nbsp; 73962245 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | &nbsp;&nbsp; $106132634226 | &nbsp;&nbsp; $92018041533 | &nbsp;&nbsp; $25998002837 | &nbsp;&nbsp; $24069243521 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $91169946211 | &nbsp;&nbsp; $82764595174 | &nbsp;&nbsp; $20074990673 | &nbsp;&nbsp; $23618894475 |
| Accumulated earnings | &nbsp;&nbsp; 14962688015 | &nbsp;&nbsp; 9253446359 | &nbsp;&nbsp; 5923012164 | &nbsp;&nbsp; 450349046 |
| NET ASSETS | &nbsp;&nbsp; $106132634226 | &nbsp;&nbsp; $92018041533 | &nbsp;&nbsp; $25998002837 | &nbsp;&nbsp; $24069243521 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | &nbsp;&nbsp; $1572600000 | &nbsp;&nbsp; $740550000 | &nbsp;&nbsp; $167600000 | &nbsp;&nbsp; $235400000 |
| Net asset value | &nbsp;&nbsp; $67.49 | &nbsp;&nbsp; $124.26 | &nbsp;&nbsp; $155.12 | &nbsp;&nbsp; $102.25 |
| Shares authorized | &nbsp;&nbsp; Unlimited | &nbsp;&nbsp; Unlimited | &nbsp;&nbsp; Unlimited | &nbsp;&nbsp; Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost — unaffiliated | &nbsp;&nbsp; $87850710037 | &nbsp;&nbsp; $11570376157 | &nbsp;&nbsp; $18147271189 | &nbsp;&nbsp; $21948596908 |
| <sup>(b)</sup> Securities loaned, at value | &nbsp;&nbsp; $4019242338 | &nbsp;&nbsp; $4296619695 | &nbsp;&nbsp; $131046759 | &nbsp;&nbsp; $73675780 |
| <sup>(c)</sup> Investments, at cost — affiliated | &nbsp;&nbsp; $4426572302 | &nbsp;&nbsp; $73124100136 | &nbsp;&nbsp; $158242000 | &nbsp;&nbsp; $212267721 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Core S&P <br>Mid-Cap ETF<br>| iShares <br>Core S&P <br>Small-Cap ETF<br>| iShares <br>Core S&P <br>U.S. Growth <br>ETF<br>| iShares <br>Core S&P <br>U.S. Value ETF<br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $1413486472 | &nbsp;&nbsp; $64721594 | &nbsp;&nbsp; $152418846 | &nbsp;&nbsp; $432584705 |
| Dividends — affiliated | &nbsp;&nbsp; 12078018 | &nbsp;&nbsp; 1166423643 | &nbsp;&nbsp; 809294 | &nbsp;&nbsp; 4012905 |
| Interest — unaffiliated | &nbsp;&nbsp; 366833 | &nbsp;&nbsp; 673531 | &nbsp;&nbsp; 5334 | &nbsp;&nbsp; 16471 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 11620224 | &nbsp;&nbsp; 19534371 | &nbsp;&nbsp; 354985 | &nbsp;&nbsp; 1058084 |
| Foreign taxes withheld | &nbsp;&nbsp; (1079905)<br>| &nbsp;&nbsp; (1548344)<br>| &nbsp;&nbsp; (63439)<br>| &nbsp;&nbsp; (89532)<br>|
| Total investment income | &nbsp;&nbsp; 1436471642 | &nbsp;&nbsp; 1249804795 | &nbsp;&nbsp; 153525020 | &nbsp;&nbsp; 437582633 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 49578562 | &nbsp;&nbsp; 50909805 | &nbsp;&nbsp; 9804375 | &nbsp;&nbsp; 8955208 |
| Interest expense | &nbsp;&nbsp; 15883 | &nbsp;&nbsp; 87943 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 2582 |
| Total expenses | &nbsp;&nbsp; 49594445 | &nbsp;&nbsp; 50997748 | &nbsp;&nbsp; 9804549 | &nbsp;&nbsp; 8957790 |
| Net investment income | &nbsp;&nbsp; 1386877197 | &nbsp;&nbsp; 1198807047 | &nbsp;&nbsp; 143720471 | &nbsp;&nbsp; 428624843 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; 918535148 | &nbsp;&nbsp; 2897133413 | &nbsp;&nbsp; (57176323)<br>| &nbsp;&nbsp; 216044419 |
| Investments — affiliated | &nbsp;&nbsp; (312296)<br>| &nbsp;&nbsp; 153277201 | &nbsp;&nbsp; (8864)<br>| &nbsp;&nbsp; (605174)<br>|
| Futures contracts | &nbsp;&nbsp; 13127737 | &nbsp;&nbsp; 49398833 | &nbsp;&nbsp; 5369843 | &nbsp;&nbsp; 7028715 |
| In-kind redemptions — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 6249508483 | &nbsp;&nbsp; 516536200 | &nbsp;&nbsp; 1296756092 | &nbsp;&nbsp; 1304218074 |
| In-kind redemptions — affiliated<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 4446817822 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3075248 |
| Swaps | &nbsp;&nbsp; (61153574)<br>| &nbsp;&nbsp; 95330184 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 7119705498 | &nbsp;&nbsp; 8158493653 | &nbsp;&nbsp; 1244940748 | &nbsp;&nbsp; 1529761282 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; 6746474339 | &nbsp;&nbsp; 1987494821 | &nbsp;&nbsp; 2993942882 | &nbsp;&nbsp; 725856787 |
| Investments — affiliated | &nbsp;&nbsp; (901253)<br>| &nbsp;&nbsp; 3876812281 | &nbsp;&nbsp; (12552)<br>| &nbsp;&nbsp; (1259105)<br>|
| Futures contracts | &nbsp;&nbsp; (1816903)<br>| &nbsp;&nbsp; 1029388 | &nbsp;&nbsp; (1128199)<br>| &nbsp;&nbsp; (1271352)<br>|
| Swaps | &nbsp;&nbsp; (17425307)<br>| &nbsp;&nbsp; 31875211 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 6726330876 | &nbsp;&nbsp; 5897211701 | &nbsp;&nbsp; 2992802131 | &nbsp;&nbsp; 723326330 |
| Net realized and unrealized gain | &nbsp;&nbsp; 13846036374 | &nbsp;&nbsp; 14055705354 | &nbsp;&nbsp; 4237742879 | &nbsp;&nbsp; 2253087612 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $15232913571 | &nbsp;&nbsp; $15254512401 | &nbsp;&nbsp; $4381463350 | &nbsp;&nbsp; $2681712455 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

542026 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Core S&P Mid-Cap ETF | iShares Core S&P Mid-Cap ETF | iShares Core S&P Small-Cap ETF | iShares Core S&P Small-Cap ETF |
|  | Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>| Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1386877197 | &nbsp;&nbsp; $1294855543 | &nbsp;&nbsp; $1198807047 | &nbsp;&nbsp; $1251462662 |
| Net realized gain | &nbsp;&nbsp; 7119705498 | &nbsp;&nbsp; 3362427779 | &nbsp;&nbsp; 8158493653 | &nbsp;&nbsp; 2134314862 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 6726330876 | &nbsp;&nbsp; (7394368452)<br>| &nbsp;&nbsp; 5897211701 | &nbsp;&nbsp; (6442836841)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 15232913571 | &nbsp;&nbsp; (2737085130)<br>| &nbsp;&nbsp; 15254512401 | &nbsp;&nbsp; (3057059317)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1366053917)<br>| &nbsp;&nbsp; (1228803824)<br>| &nbsp;&nbsp; (1165921489)<br>| &nbsp;&nbsp; (1760277664)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 2800571765 | &nbsp;&nbsp; 8369383012 | &nbsp;&nbsp; (495077612)<br>| &nbsp;&nbsp; 2882602598 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 16667431419 | &nbsp;&nbsp; 4403494058 | &nbsp;&nbsp; 13593513300 | &nbsp;&nbsp; (1934734383)<br>|
| Beginning of year | &nbsp;&nbsp; 89465202807 | &nbsp;&nbsp; 85061708749 | &nbsp;&nbsp; 78424528233 | &nbsp;&nbsp; 80359262616 |
| End of year | &nbsp;&nbsp; $106132634226 | &nbsp;&nbsp; $89465202807 | &nbsp;&nbsp; $92018041533 | &nbsp;&nbsp; $78424528233 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Core S&P U.S. Growth ETF | iShares Core S&P U.S. Growth ETF | iShares Core S&P U.S. Value ETF | iShares Core S&P U.S. Value ETF |
|  | Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>| Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $143720471 | &nbsp;&nbsp; $128169647 | &nbsp;&nbsp; $428624843 | &nbsp;&nbsp; $394475640 |
| Net realized gain | &nbsp;&nbsp; 1244940748 | &nbsp;&nbsp; 2821458523 | &nbsp;&nbsp; 1529761282 | &nbsp;&nbsp; 1479321670 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2992802131 | &nbsp;&nbsp; (1284335276)<br>| &nbsp;&nbsp; 723326330 | &nbsp;&nbsp; (1084242849)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 4381463350 | &nbsp;&nbsp; 1665292894 | &nbsp;&nbsp; 2681712455 | &nbsp;&nbsp; 789554461 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (141501465)<br>| &nbsp;&nbsp; (124512004)<br>| &nbsp;&nbsp; (423058419)<br>| &nbsp;&nbsp; (393543488)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 2300749431 | &nbsp;&nbsp; 994309005 | &nbsp;&nbsp; 1597162401 | &nbsp;&nbsp; 2815407464 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 6540711316 | &nbsp;&nbsp; 2535089895 | &nbsp;&nbsp; 3855816437 | &nbsp;&nbsp; 3211418437 |
| Beginning of year | &nbsp;&nbsp; 19457291521 | &nbsp;&nbsp; 16922201626 | &nbsp;&nbsp; 20213427084 | &nbsp;&nbsp; 17002008647 |
| End of year | &nbsp;&nbsp; $25998002837 | &nbsp;&nbsp; $19457291521 | &nbsp;&nbsp; $24069243521 | &nbsp;&nbsp; $20213427084 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

562026 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Core S&P Mid-Cap ETF | iShares Core S&P Mid-Cap ETF | iShares Core S&P Mid-Cap ETF | iShares Core S&P Mid-Cap ETF | iShares Core S&P Mid-Cap ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>03/31/23<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>03/31/22<sup>(a)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $58.33 | &nbsp;&nbsp;&nbsp; $60.80 | &nbsp;&nbsp;&nbsp; $50.03 | &nbsp;&nbsp;&nbsp; $53.68 | &nbsp;&nbsp;&nbsp; $52.03 |
| Net investment income<sup>(b)</sup> | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 9.15 | &nbsp;&nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Net increase (decrease) from investment operations | 10.05 | &nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.55 | &nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $67.49 | &nbsp;&nbsp;&nbsp; $58.33 | &nbsp;&nbsp;&nbsp; $60.80 | &nbsp;&nbsp;&nbsp; $50.03 | &nbsp;&nbsp;&nbsp; $53.68 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.30<br> %<br>| &nbsp;&nbsp;&nbsp; (2.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.30<br> %<br>| &nbsp;&nbsp;&nbsp; (5.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.51<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Net investment income | 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $106132634 | &nbsp;&nbsp;&nbsp; $89465203 | &nbsp;&nbsp;&nbsp; $85061709 | &nbsp;&nbsp;&nbsp; $66508277 | &nbsp;&nbsp;&nbsp; $66023819 |
| Portfolio turnover rate<sup>(g)(h)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Per share amounts reflect a five-for-one stock split effective after the close of trading on February 21, 2024.

<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.

<sup>(h)</sup> Excludes underlying investments in equity swaps.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Core S&P Small-Cap ETF | iShares Core S&P Small-Cap ETF | iShares Core S&P Small-Cap ETF | iShares Core S&P Small-Cap ETF | iShares Core S&P Small-Cap ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $104.59 | &nbsp;&nbsp;&nbsp; $110.59 | &nbsp;&nbsp;&nbsp; $96.76 | &nbsp;&nbsp;&nbsp; $107.93 | &nbsp;&nbsp;&nbsp; $108.34 |
| Net investment income<sup>(a)</sup> | 1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 19.63 | &nbsp;&nbsp;&nbsp; (5.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.55 | &nbsp;&nbsp;&nbsp; (11.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net increase (decrease) from investment operations | 21.27 | &nbsp;&nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.25 | &nbsp;&nbsp;&nbsp; (9.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.66)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $124.26 | &nbsp;&nbsp;&nbsp; $104.59 | &nbsp;&nbsp;&nbsp; $110.59 | &nbsp;&nbsp;&nbsp; $96.76 | &nbsp;&nbsp;&nbsp; $107.93 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 20.43<br> %<br>| &nbsp;&nbsp;&nbsp; (3.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.91<br> %<br>| &nbsp;&nbsp;&nbsp; (8.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| Net investment income | 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $92018042 | &nbsp;&nbsp;&nbsp; $78424528 | &nbsp;&nbsp;&nbsp; $80359263 | &nbsp;&nbsp;&nbsp; $66756826 | &nbsp;&nbsp;&nbsp; $72070280 |
| Portfolio turnover rate<sup>(f)(g)</sup> | &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.

<sup>(g)</sup> Excludes underlying investments in equity swaps.

*See notes to financial statements.*

582026 iShares Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Core S&P U.S. Growth ETF | iShares Core S&P U.S. Growth ETF | iShares Core S&P U.S. Growth ETF | iShares Core S&P U.S. Growth ETF | iShares Core S&P U.S. Growth ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $127.26 | &nbsp;&nbsp;&nbsp; $117.27 | &nbsp;&nbsp;&nbsp; $88.82 | &nbsp;&nbsp;&nbsp; $105.47 | &nbsp;&nbsp;&nbsp; $90.74 |
| Net investment income<sup>(a)</sup> | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 27.85 | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;28.42 | &nbsp;&nbsp;&nbsp; (16.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.73 |
| Net increase (decrease) from investment operations | 28.76 | &nbsp;&nbsp;&nbsp;&nbsp;10.82 | &nbsp;&nbsp;&nbsp;&nbsp;29.51 | &nbsp;&nbsp;&nbsp; (15.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.45 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $155.12 | &nbsp;&nbsp;&nbsp; $127.26 | &nbsp;&nbsp;&nbsp; $117.27 | &nbsp;&nbsp;&nbsp; $88.82 | &nbsp;&nbsp;&nbsp; $105.47 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 22.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.45<br> %<br>| &nbsp;&nbsp;&nbsp; (14.86)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.03<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Net investment income | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $25998003 | &nbsp;&nbsp;&nbsp; $19457292 | &nbsp;&nbsp;&nbsp; $16922202 | &nbsp;&nbsp;&nbsp; $12323462 | &nbsp;&nbsp;&nbsp; $12857333 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Core S&P U.S. Value ETF | iShares Core S&P U.S. Value ETF | iShares Core S&P U.S. Value ETF | iShares Core S&P U.S. Value ETF | iShares Core S&P U.S. Value ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $92.28 | &nbsp;&nbsp;&nbsp; $90.46 | &nbsp;&nbsp;&nbsp; $73.78 | &nbsp;&nbsp;&nbsp; $75.80 | &nbsp;&nbsp;&nbsp; $68.82 |
| Net investment income<sup>(a)</sup> | 1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 9.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;16.62 | &nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.93 |
| Net increase (decrease) from investment operations | 11.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;18.25 | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.43 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp; (1.45)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $102.25 | &nbsp;&nbsp;&nbsp; $92.28 | &nbsp;&nbsp;&nbsp; $90.46 | &nbsp;&nbsp;&nbsp; $73.78 | &nbsp;&nbsp;&nbsp; $75.80 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.02<br> %<br>| &nbsp;&nbsp;&nbsp; (0.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.33<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Net investment income | 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $24069244 | &nbsp;&nbsp;&nbsp; $20213427 | &nbsp;&nbsp;&nbsp; $17002009 | &nbsp;&nbsp;&nbsp; $13283986 | &nbsp;&nbsp;&nbsp; $12123855 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

602026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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* | &nbsp;&nbsp; *Diversification* <br>*Classification*<br>|
| Core S&P Mid-Cap | Diversified |
| Core S&P Small-Cap | Diversified |
| Core S&P U.S. Growth<sup>(a)</sup> | Diversified |
| Core S&P U.S. Value | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

***2.*** ***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 March 31, 2026, 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.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

**Segment Reporting:** 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 its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

**Recent Accounting Standard:** The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Funds' adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund's financial position or results of operations.

***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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) 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 or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

622026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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 market 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* | &nbsp;&nbsp; *Securities* <br>*Loaned at Value*<br>| &nbsp;&nbsp; *Cash* <br>*Collateral Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash* <br>*Collateral Received,* <br>*at Fair Value*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net* <br>*Amount*<br>|
| Core S&P Mid-Cap  | Core S&P Mid-Cap  | Core S&P Mid-Cap  | Core S&P Mid-Cap  | Core S&P Mid-Cap  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $156608522 | &nbsp;&nbsp;&nbsp; $(156608522)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 11830532 | &nbsp;&nbsp;&nbsp; (11569969)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 260563 <br><sup>(b)</sup><br>|
| BMO Capital Markets Corp. | &nbsp;&nbsp;&nbsp; 187889 | &nbsp;&nbsp;&nbsp; (186877)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1012 <br><sup>(b)</sup><br>|
| BNP Paribas SA | &nbsp;&nbsp;&nbsp; 447481717 | &nbsp;&nbsp;&nbsp; (441494662)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5987055 <br><sup>(b)</sup><br>|
| BofA Securities, Inc. | &nbsp;&nbsp;&nbsp; 558747061 | &nbsp;&nbsp;&nbsp; (549980459)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8766602 <br><sup>(b)</sup><br>|
| Citadel Clearing LLC | &nbsp;&nbsp;&nbsp; 6929111 | &nbsp;&nbsp;&nbsp; (6929111)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 454749659 | &nbsp;&nbsp;&nbsp; (444520298)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10229361 <br><sup>(b)</sup><br>|
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp;&nbsp; 67830 | &nbsp;&nbsp;&nbsp; (66976)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 854 <br><sup>(b)</sup><br>|
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp; 252600487 | &nbsp;&nbsp;&nbsp; (249321148)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3279339 <br><sup>(b)</sup><br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 351289610 | &nbsp;&nbsp;&nbsp; (345875112)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5414498 <br><sup>(b)</sup><br>|
| HSBC Bank PLC | &nbsp;&nbsp;&nbsp; 98923681 | &nbsp;&nbsp;&nbsp; (96578326)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2345355 |
| ING Financial Markets LLC | &nbsp;&nbsp;&nbsp; 4586760 | &nbsp;&nbsp;&nbsp; (4586760)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp; 295899970 | &nbsp;&nbsp;&nbsp; (290286980)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5612990 <br><sup>(b)</sup><br>|
| Jefferies LLC | &nbsp;&nbsp;&nbsp; 21954577 | &nbsp;&nbsp;&nbsp; (21334090)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 620487 <br><sup>(b)</sup><br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 485256750 | &nbsp;&nbsp;&nbsp; (476386983)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8869767 <br><sup>(b)</sup><br>|
| National Financial Services LLC | &nbsp;&nbsp;&nbsp; 192801845 | &nbsp;&nbsp;&nbsp; (191615149)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1186696 <br><sup>(b)</sup><br>|
| Natixis SA | &nbsp;&nbsp;&nbsp; 146902634 | &nbsp;&nbsp;&nbsp; (143461275)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3441359 <br><sup>(b)</sup><br>|
| Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp; 709320 | &nbsp;&nbsp;&nbsp; (709320)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp;&nbsp; 3287346 | &nbsp;&nbsp;&nbsp; (3287346)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Market LLC | &nbsp;&nbsp;&nbsp; 471628 | &nbsp;&nbsp;&nbsp; (471628)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp;&nbsp; 29120615 | &nbsp;&nbsp;&nbsp; (28209464)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 911151 <br><sup>(b)</sup><br>|
| SG Americas Securities LLC | &nbsp;&nbsp;&nbsp; 35987079 | &nbsp;&nbsp;&nbsp; (35380344)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 606735 <br><sup>(b)</sup><br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 51464592 | &nbsp;&nbsp;&nbsp; (51097609)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 366983 <br><sup>(b)</sup><br>|
| TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp; 7589561 | &nbsp;&nbsp;&nbsp; (7352092)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 237469 <br><sup>(b)</sup><br>|
| UBS AG | &nbsp;&nbsp;&nbsp; 159847108 | &nbsp;&nbsp;&nbsp; (157019421)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2827687 <br><sup>(b)</sup><br>|
| UBS Securities LLC | &nbsp;&nbsp;&nbsp; 57488019 | &nbsp;&nbsp;&nbsp; (56507484)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 980535 <br><sup>(b)</sup><br>|
| Virtu Americas LLC | &nbsp;&nbsp;&nbsp; 8550662 | &nbsp;&nbsp;&nbsp; (8548850)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1812 <br><sup>(b)</sup><br>|
| Wells Fargo Bank N.A. | &nbsp;&nbsp;&nbsp; 86921383 | &nbsp;&nbsp;&nbsp; (85211962)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1709421 <br><sup>(b)</sup><br>|
| Wells Fargo Securities LLC | &nbsp;&nbsp;&nbsp; 90986390 | &nbsp;&nbsp;&nbsp; (89550168)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1436222 <br><sup>(b)</sup><br>|
|  | &nbsp;&nbsp;&nbsp; $4019242338 | &nbsp;&nbsp;&nbsp; $(3954148385)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $65093953 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | &nbsp;&nbsp; *Securities*<br> *Loaned at Value*<br>| &nbsp;&nbsp; *Cash*<br> *Collateral Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash*<br> *Collateral Received,*<br> *at Fair Value*<sup>(a)</sup><br>| &nbsp;&nbsp; *Net*<br> *Amount*<br>|
| Core S&P Small-Cap  | Core S&P Small-Cap  | Core S&P Small-Cap  | Core S&P Small-Cap  | Core S&P Small-Cap  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $97252038 | &nbsp;&nbsp;&nbsp; $(96317228)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $934810 |
| Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 40940605 | &nbsp;&nbsp;&nbsp; (39454586)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1486019 <br><sup>(b)</sup><br>|
| BMO Capital Markets Corp. | &nbsp;&nbsp;&nbsp; 792844 | &nbsp;&nbsp;&nbsp; (756560)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36284 <br><sup>(b)</sup><br>|
| BNP Paribas SA | &nbsp;&nbsp;&nbsp; 392488062 | &nbsp;&nbsp;&nbsp; (362850833)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29637229 <br><sup>(b)</sup><br>|
| BofA Securities, Inc. | &nbsp;&nbsp;&nbsp; 366301590 | &nbsp;&nbsp;&nbsp; (359253717)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7047873 <br><sup>(b)</sup><br>|
| Citadel Clearing LLC | &nbsp;&nbsp;&nbsp; 3341285 | &nbsp;&nbsp;&nbsp; (3211575)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 129710 <br><sup>(b)</sup><br>|
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 522176454 | &nbsp;&nbsp;&nbsp; (512126148)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10050306 <br><sup>(b)</sup><br>|
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp; 248755748 | &nbsp;&nbsp;&nbsp; (242810268)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5945480 <br><sup>(b)</sup><br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 343847309 | &nbsp;&nbsp;&nbsp; (338759485)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5087824 |
| HSBC Bank PLC | &nbsp;&nbsp;&nbsp; 96210841 | &nbsp;&nbsp;&nbsp; (89586987)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6623854 <br><sup>(b)</sup><br>|
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp; 429747526 | &nbsp;&nbsp;&nbsp; (423834575)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5912951 <br><sup>(b)</sup><br>|
| Jefferies LLC | &nbsp;&nbsp;&nbsp; 33950754 | &nbsp;&nbsp;&nbsp; (33683657)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 267097 <br><sup>(b)</sup><br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 768980334 | &nbsp;&nbsp;&nbsp; (760286653)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8693681 <br><sup>(b)</sup><br>|
| National Financial Services LLC | &nbsp;&nbsp;&nbsp; 173872732 | &nbsp;&nbsp;&nbsp; (162507743)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11364989 <br><sup>(b)</sup><br>|
| Natixis SA | &nbsp;&nbsp;&nbsp; 46372347 | &nbsp;&nbsp;&nbsp; (46372347)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp; 409390 | &nbsp;&nbsp;&nbsp; (409390)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp;&nbsp; 1412563 | &nbsp;&nbsp;&nbsp; (1158500)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 254063 <br><sup>(b)</sup><br>|
| RBC Capital Market LLC | &nbsp;&nbsp;&nbsp; 1464454 | &nbsp;&nbsp;&nbsp; (1394825)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 69629 <br><sup>(b)</sup><br>|
| Scotia Capital (USA), Inc. | &nbsp;&nbsp;&nbsp; 2389174 | &nbsp;&nbsp;&nbsp; (2349015)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40159 <br><sup>(b)</sup><br>|
| Scotia Capital, Inc. | &nbsp;&nbsp;&nbsp; 8624935 | &nbsp;&nbsp;&nbsp; (8373228)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 251707 <br><sup>(b)</sup><br>|
| SG Americas Securities LLC | &nbsp;&nbsp;&nbsp; 116210122 | &nbsp;&nbsp;&nbsp; (113413926)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2796196 <br><sup>(b)</sup><br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 86463303 | &nbsp;&nbsp;&nbsp; (86463303)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp; 16942154 | &nbsp;&nbsp;&nbsp; (16596169)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 345985 <br><sup>(b)</sup><br>|
| UBS AG | &nbsp;&nbsp;&nbsp; 230953219 | &nbsp;&nbsp;&nbsp; (226467604)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4485615 |
| UBS Securities LLC | &nbsp;&nbsp;&nbsp; 13382131 | &nbsp;&nbsp;&nbsp; (13382131)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Virtu Americas LLC | &nbsp;&nbsp;&nbsp; 24620701 | &nbsp;&nbsp;&nbsp; (23984775)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 635926 <br><sup>(b)</sup><br>|
| Wells Fargo Bank N.A. | &nbsp;&nbsp;&nbsp; 146195732 | &nbsp;&nbsp;&nbsp; (143195349)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3000383 <br><sup>(b)</sup><br>|
| Wells Fargo Securities LLC | &nbsp;&nbsp;&nbsp; 82521348 | &nbsp;&nbsp;&nbsp; (80161869)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2359479 <br><sup>(b)</sup><br>|
|  | &nbsp;&nbsp;&nbsp; $4296619695 | &nbsp;&nbsp;&nbsp; $(4189162446)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $107457249 |
| Core S&P U.S. Growth  | Core S&P U.S. Growth  | Core S&P U.S. Growth  | Core S&P U.S. Growth  | Core S&P U.S. Growth  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $10727127 | &nbsp;&nbsp;&nbsp; $(10727127)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 2143 | &nbsp;&nbsp;&nbsp; (2143)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp;&nbsp; 21809182 | &nbsp;&nbsp;&nbsp; (20712324)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1096858 <br><sup>(b)</sup><br>|
| BofA Securities, Inc. | &nbsp;&nbsp;&nbsp; 17189 | &nbsp;&nbsp;&nbsp; (17189)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 1460556 | &nbsp;&nbsp;&nbsp; (1352386)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 108170 <br><sup>(b)</sup><br>|
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp; 2651846 | &nbsp;&nbsp;&nbsp; (2648594)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3252 <br><sup>(b)</sup><br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 44489224 | &nbsp;&nbsp;&nbsp; (44366732)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 122492 <br><sup>(b)</sup><br>|
| HSBC Bank PLC | &nbsp;&nbsp;&nbsp; 811218 | &nbsp;&nbsp;&nbsp; (800222)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10996 <br><sup>(b)</sup><br>|
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp; 32690465 | &nbsp;&nbsp;&nbsp; (32145002)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 545463 <br><sup>(b)</sup><br>|
| Jefferies LLC | &nbsp;&nbsp;&nbsp; 24537 | &nbsp;&nbsp;&nbsp; (24263)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 274 <br><sup>(b)</sup><br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 8144827 | &nbsp;&nbsp;&nbsp; (7829601)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 315226 <br><sup>(b)</sup><br>|
| National Financial Services LLC | &nbsp;&nbsp;&nbsp; 129703 | &nbsp;&nbsp;&nbsp; (129703)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 2714196 | &nbsp;&nbsp;&nbsp; (2679522)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34674 <br><sup>(b)</sup><br>|
| UBS AG | &nbsp;&nbsp;&nbsp; 44303 | &nbsp;&nbsp;&nbsp; (42779)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1524 <br><sup>(b)</sup><br>|
| UBS Securities LLC | &nbsp;&nbsp;&nbsp; 119408 | &nbsp;&nbsp;&nbsp; (119408)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp;&nbsp; 1325775 | &nbsp;&nbsp;&nbsp; (1325775)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp;&nbsp; 3885060 | &nbsp;&nbsp;&nbsp; (3777750)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 107310 <br><sup>(b)</sup><br>|
|  | &nbsp;&nbsp;&nbsp; $131046759 | &nbsp;&nbsp;&nbsp; $(128700520)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2346239 |
| Core S&P U.S. Value  | Core S&P U.S. Value  | Core S&P U.S. Value  | Core S&P U.S. Value  | Core S&P U.S. Value  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $616928 | &nbsp;&nbsp;&nbsp; $(614802)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2126 <br><sup>(b)</sup><br>|
| Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 3441006 | &nbsp;&nbsp;&nbsp; (3441006)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

642026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | &nbsp;&nbsp; *Securities*<br> *Loaned at Value*<br>| &nbsp;&nbsp; *Cash*<br> *Collateral Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash*<br> *Collateral Received,*<br> *at Fair Value*<sup>(a)</sup><br>| &nbsp;&nbsp; *Net*<br> *Amount*<br>|
| Core S&P U.S. Value (continued) | Core S&P U.S. Value (continued) | Core S&P U.S. Value (continued) | Core S&P U.S. Value (continued) | Core S&P U.S. Value (continued) |
| BNP Paribas SA | &nbsp;&nbsp;&nbsp; $6240214 | &nbsp;&nbsp;&nbsp; $(6160665)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $79549 <br><sup>(b)</sup><br>|
| BofA Securities, Inc. | &nbsp;&nbsp;&nbsp; 1749 | &nbsp;&nbsp;&nbsp; (1749)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 20253718 | &nbsp;&nbsp;&nbsp; (19882605)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 371113 <br><sup>(b)</sup><br>|
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp; 3799531 | &nbsp;&nbsp;&nbsp; (3799531)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 3234597 | &nbsp;&nbsp;&nbsp; (3234597)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp;&nbsp; 269799 | &nbsp;&nbsp;&nbsp; (269799)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp; 5460056 | &nbsp;&nbsp;&nbsp; (5381122)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 78934 <br><sup>(b)</sup><br>|
| Jefferies LLC | &nbsp;&nbsp;&nbsp; 1520920 | &nbsp;&nbsp;&nbsp; (1520920)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 19439507 | &nbsp;&nbsp;&nbsp; (19294396)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 145111 <br><sup>(b)</sup><br>|
| National Financial Services LLC | &nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; (700)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Market LLC | &nbsp;&nbsp;&nbsp; 318536 | &nbsp;&nbsp;&nbsp; (318536)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp;&nbsp; 1756400 | &nbsp;&nbsp;&nbsp; (1661750)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 94650 <br><sup>(b)</sup><br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 772 | &nbsp;&nbsp;&nbsp; (748)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24 <br><sup>(b)</sup><br>|
| TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp; 241415 | &nbsp;&nbsp;&nbsp; (233864)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7551 <br><sup>(b)</sup><br>|
| UBS AG | &nbsp;&nbsp;&nbsp; 746646 | &nbsp;&nbsp;&nbsp; (746646)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp;&nbsp; 2848018 | &nbsp;&nbsp;&nbsp; (2830650)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17368 <br><sup>(b)</sup><br>|
| Wells Fargo Securities LLC | &nbsp;&nbsp;&nbsp; 3485268 | &nbsp;&nbsp;&nbsp; (3432850)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 52418 <br><sup>(b)</sup><br>|
|  | &nbsp;&nbsp;&nbsp; $73675780 | &nbsp;&nbsp;&nbsp; $(72826936)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $848844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026. 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 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.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

Equity swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a spread.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements**: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***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 S&P Mid-Cap | 0.05<br> %<br>|
| Core S&P Small-Cap | 0.06 |
| Core S&P U.S. Growth | 0.04 |
| Core S&P U.S. 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

662026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees 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 specific 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 this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Core S&P Mid-Cap | &nbsp;&nbsp; $4411115 |
| Core S&P Small-Cap | &nbsp;&nbsp; 6209193 |
| Core S&P U.S. Growth | &nbsp;&nbsp; 141108 |
| Core S&P U.S. Value | &nbsp;&nbsp; 284022 |

---

**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 March 31, 2026, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Core S&P Mid-Cap | &nbsp;&nbsp; $3495906255 | &nbsp;&nbsp;&nbsp; $3784789354 | &nbsp;&nbsp;&nbsp; $235338243 |
| Core S&P Small-Cap | &nbsp;&nbsp; 2233629090 | &nbsp;&nbsp;&nbsp; 5295265197 | &nbsp;&nbsp;&nbsp; 1970783420 |
| Core S&P U.S. Growth | &nbsp;&nbsp; 3680320706 | &nbsp;&nbsp;&nbsp; 4069781678 | &nbsp;&nbsp;&nbsp; (58843782)<br>|
| Core S&P U.S. Value | &nbsp;&nbsp; 4468892745 | &nbsp;&nbsp;&nbsp; 4152359853 | &nbsp;&nbsp;&nbsp; 284180513 |

---

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 March 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Core S&P Mid-Cap | &nbsp;&nbsp; $16360674025 | &nbsp;&nbsp;&nbsp; $16249792831 |
| Core S&P Small-Cap | &nbsp;&nbsp; 21815979918 | &nbsp;&nbsp;&nbsp; 21265697757 |
| Core S&P U.S. Growth | &nbsp;&nbsp; 5436474429 | &nbsp;&nbsp;&nbsp; 5417768580 |
| Core S&P U.S. Value | &nbsp;&nbsp; 6286980080 | &nbsp;&nbsp;&nbsp; 6395425177 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

For the year ended March 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Core S&P Mid-Cap | &nbsp;&nbsp; $15070960087 | &nbsp;&nbsp;&nbsp; $12574402927 |
| Core S&P Small-Cap | &nbsp;&nbsp; 12598773054 | &nbsp;&nbsp;&nbsp; 13599229503 |
| Core S&P U.S. Growth | &nbsp;&nbsp; 4963043437 | &nbsp;&nbsp;&nbsp; 2679230637 |
| Core S&P U.S. Value | &nbsp;&nbsp; 5159846752 | &nbsp;&nbsp;&nbsp; 3451086667 |

---

***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 March 31, 2026, 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 March 31, 2026, 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 S&P Mid-Cap | &nbsp;&nbsp; $6243200740 | &nbsp;&nbsp;&nbsp; $(6243200740)<br>|
| Core S&P Small-Cap | &nbsp;&nbsp; 4949657827 | &nbsp;&nbsp;&nbsp; (4949657827)<br>|
| Core S&P U.S. Growth | &nbsp;&nbsp; 1295708414 | &nbsp;&nbsp;&nbsp; (1295708414)<br>|
| Core S&P U.S. Value | &nbsp;&nbsp; 1305646112 | &nbsp;&nbsp;&nbsp; (1305646112)<br>|

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/26*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/25*<br>|
| Core S&P Mid-Cap |  |  |
| Ordinary income | &nbsp;&nbsp; $1366053917 | &nbsp;&nbsp;&nbsp; $1228803824 |
| Core S&P Small-Cap |  |  |
| Ordinary income | &nbsp;&nbsp; $1165921489 | &nbsp;&nbsp;&nbsp; $1760277664 |
| Core S&P U.S. Growth |  |  |
| Ordinary income | &nbsp;&nbsp; $141501465 | &nbsp;&nbsp;&nbsp; $124512004 |
| Core S&P U.S. Value |  |  |
| Ordinary income | &nbsp;&nbsp; $423058419 | &nbsp;&nbsp;&nbsp; $393543488 |

---

As of March 31, 2026, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| &nbsp;&nbsp; *Qualified Late-Year* <br>*Ordinary Losses*<sup>(c)</sup> <br>| *Total* |
| Core S&P Mid-Cap | &nbsp;&nbsp; $186666483 | &nbsp;&nbsp;&nbsp; $(2581464773)<br>| &nbsp;&nbsp;&nbsp; $17357486305 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $14962688015 |
| Core S&P Small-Cap | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1578679856)<br>| &nbsp;&nbsp;&nbsp; 10832691476 | &nbsp;&nbsp;&nbsp; (565261)<br>| &nbsp;&nbsp;&nbsp; 9253446359 |
| Core S&P U.S. Growth | &nbsp;&nbsp; 10274139 | &nbsp;&nbsp;&nbsp; (1896205333)<br>| &nbsp;&nbsp;&nbsp; 7808943358 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5923012164 |
| Core S&P U.S. Value | &nbsp;&nbsp; 18169329 | &nbsp;&nbsp;&nbsp; (1496204285)<br>| &nbsp;&nbsp;&nbsp; 1928384002 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 450349046 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 accounting for swap agreements, 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. 

<sup>(c)</sup> The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

682026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

For the year ended March 31, 2026, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF* | *Utilized* |
| Core S&P Mid-Cap | $937757194 |
| Core S&P Small-Cap | 3323421440 |
| Core S&P U.S. Value | 228048738 |

---

As of March 31, 2026, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Core S&P Mid-Cap | &nbsp;&nbsp; $92645695470 | &nbsp;&nbsp;&nbsp; $25726300868 | &nbsp;&nbsp;&nbsp; $(8368814563)<br>| &nbsp;&nbsp;&nbsp; $17357486305 |
| Core S&P Small-Cap | &nbsp;&nbsp; 85200731296 | &nbsp;&nbsp;&nbsp; 21531535707 | &nbsp;&nbsp;&nbsp; (10698844231)<br>| &nbsp;&nbsp;&nbsp; 10832691476 |
| Core S&P U.S. Growth | &nbsp;&nbsp; 18310073875 | &nbsp;&nbsp;&nbsp; 8510926482 | &nbsp;&nbsp;&nbsp; (701983124)<br>| &nbsp;&nbsp;&nbsp; 7808943358 |
| Core S&P U.S. Value | &nbsp;&nbsp; 22187388620 | &nbsp;&nbsp;&nbsp; 3606838182 | &nbsp;&nbsp;&nbsp; (1678437238)<br>| &nbsp;&nbsp;&nbsp; 1928400944 |

---

***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 each 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 each 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. A 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

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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>03/31/26 | Year Ended <br>03/31/26 | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Core S&P Mid-Cap  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 233900000 | &nbsp;&nbsp;&nbsp; $15282795060 | &nbsp;&nbsp;&nbsp; 256200000 | &nbsp;&nbsp;&nbsp; $15854479058 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (195150000)<br>| &nbsp;&nbsp;&nbsp; (12482223295)<br>| &nbsp;&nbsp;&nbsp; (121450000)<br>| &nbsp;&nbsp;&nbsp; (7485096046)<br>|
|  | &nbsp;&nbsp;&nbsp; 38750000 | &nbsp;&nbsp;&nbsp; $2800571765 | &nbsp;&nbsp;&nbsp; 134750000 | &nbsp;&nbsp;&nbsp; $8369383012 |
| Core S&P Small-Cap  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 109600000 | &nbsp;&nbsp;&nbsp; $13116874025 | &nbsp;&nbsp;&nbsp; 75700000 | &nbsp;&nbsp;&nbsp; $8732983572 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (118900000)<br>| &nbsp;&nbsp;&nbsp; (13611951637)<br>| &nbsp;&nbsp;&nbsp; (52500000)<br>| &nbsp;&nbsp;&nbsp; (5850380974)<br>|
|  | &nbsp;&nbsp;&nbsp; (9300000)<br>| &nbsp;&nbsp;&nbsp; $(495077612)<br>| &nbsp;&nbsp;&nbsp; 23200000 | &nbsp;&nbsp;&nbsp; $2882602598 |
| Core S&P U.S. Growth  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 31350000 | &nbsp;&nbsp;&nbsp; $4974962616 | &nbsp;&nbsp;&nbsp; 49450000 | &nbsp;&nbsp;&nbsp; $6702273543 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (16650000)<br>| &nbsp;&nbsp;&nbsp; (2674213185)<br>| &nbsp;&nbsp;&nbsp; (40850000)<br>| &nbsp;&nbsp;&nbsp; (5707964538)<br>|
|  | &nbsp;&nbsp;&nbsp; 14700000 | &nbsp;&nbsp;&nbsp; $2300749431 | &nbsp;&nbsp;&nbsp; 8600000 | &nbsp;&nbsp;&nbsp; $994309005 |
| Core S&P U.S. Value  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 52000000 | &nbsp;&nbsp;&nbsp; $5181990156 | &nbsp;&nbsp;&nbsp; 89500000 | &nbsp;&nbsp;&nbsp; $8256381910 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (35650000)<br>| &nbsp;&nbsp;&nbsp; (3584827755)<br>| &nbsp;&nbsp;&nbsp; (58400000)<br>| &nbsp;&nbsp;&nbsp; (5440974446)<br>|
|  | &nbsp;&nbsp;&nbsp; 16350000 | &nbsp;&nbsp;&nbsp; $1597162401 | &nbsp;&nbsp;&nbsp; 31100000 | &nbsp;&nbsp;&nbsp; $2815407464 |

---

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.

702026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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.

Notes to Financial Statements

------

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 March 31, 2026, the related statements of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (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 March 31, 2026, 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 March 31, 2026 and each of the financial highlights for each of the five years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp; iShares Core S&P Mid-Cap ETF <br>iShares Core S&P Small-Cap ETF <br>iShares Core S&P U.S. Growth ETF <br>iShares Core S&P U.S. Value ETF<br>

***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 March 31, 2026 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

May 22, 2026

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

722026 iShares Annual Financial Statements and Additional Information

------

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 March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Dividend* <br>*Income*<br>|
| Core S&P Mid-Cap | &nbsp;&nbsp;&nbsp; $1070218860 |
| Core S&P Small-Cap | &nbsp;&nbsp;&nbsp; 958311635 |
| Core S&P U.S. Growth | &nbsp;&nbsp;&nbsp; 142767261 |
| Core S&P U.S. Value | &nbsp;&nbsp;&nbsp; 407661641 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Business* <br>*Income*<br>|
| Core S&P Mid-Cap | &nbsp;&nbsp;&nbsp; $305667581 |
| Core S&P Small-Cap | &nbsp;&nbsp;&nbsp; 229651859 |
| Core S&P U.S. Growth | &nbsp;&nbsp;&nbsp; 7144512 |
| Core S&P U.S. Value | &nbsp;&nbsp;&nbsp; 25003520 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2026 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Dividends-Received* <br>*Deduction*<br>|
| Core S&P Mid-Cap | &nbsp;&nbsp;&nbsp;&nbsp; 79.66<br> % <br>|
| Core S&P Small-Cap | &nbsp;&nbsp;&nbsp;&nbsp;78.95 |
| Core S&P U.S. Growth | &nbsp;&nbsp;&nbsp;&nbsp;96.99 |
| Core S&P U.S. Value | &nbsp;&nbsp;&nbsp;&nbsp;91.15 |

---

Important Tax Information

------

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 the iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF (the "Funds") 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, 2025, was USD 10.34 million. This figure is comprised of fixed remuneration of USD 0.64 million and variable remuneration of USD 9.70 million. There was a total of 5 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, 2025, to its senior management was USD 9.17 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 1.17 million.

**Disclosures Under the EU Sustainable Finance Disclosure Regulation**

The iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF (the "Funds") are 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").

742026 iShares Annual Financial Statements and Additional Information

------

Additional Information (continued)

Each Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, each 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:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• 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**.

Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

762026 iShares Annual Financial Statements and Additional Information

------

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 S&P Dow Jones Indices LLC, 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.©2026 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.

![](g341043img5fd94def2.jpg)

![](g341043imgdfd7b0473.jpg)

------

![](g341043imgfc73c0761.jpg)

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Annual Financial Statements <br> and Additional Information<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| ●iShares MSCI USA Quality GARP ETF \| GARP \| Cboe BZX Exchange |

---

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_3ef27ff0-2746-49de-88e3-6e2cb2fdd0ba_SOIM-TEXT-4013_1)  | 3 |
| [Statement of Assets and Liabilities](#xx_3ef27ff0-2746-49de-88e3-6e2cb2fdd0ba_FS-TEXT-4013_1)  | 7 |
| [Statement of Operations](#xx_3ef27ff0-2746-49de-88e3-6e2cb2fdd0ba_FS-TEXT-4013_2)  | 8 |
| [Statements of Changes in Net Assets](#xx_3ef27ff0-2746-49de-88e3-6e2cb2fdd0ba_FS-TEXT-4013_3)  | 9 |
| [Financial Highlights](#xx_3ef27ff0-2746-49de-88e3-6e2cb2fdd0ba_FIHI-TEXT-4013_1)  | 10 |
| [Notes to Financial Statements](#xx_3ef27ff0-2746-49de-88e3-6e2cb2fdd0ba_NTF-TEXT-4013_1)  | 11 |
| [Report of Independent Registered Public Accounting Firm](#xx_3ef27ff0-2746-49de-88e3-6e2cb2fdd0ba_AUD-TEXT-4013_1)  | 18 |
| [Important Tax Information](#xx_3ef27ff0-2746-49de-88e3-6e2cb2fdd0ba_Tax-TEXT_1)  | 19 |
| [Additional Information](#xx_3ef27ff0-2746-49de-88e3-6e2cb2fdd0ba_AddInfo-TEXT-4013_1)  | 20 |
| [Glossary of Terms Used in these Financial Statements](#xx_3ef27ff0-2746-49de-88e3-6e2cb2fdd0ba_Gloss-TEXT-4013_1)  | 21 |

---

------

Schedule of Investments

March 31, 2026

**iShares® MSCI USA Quality GARP ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1365 | $579702 |
| Boeing Co. (The)<sup>(a)</sup> | 14133 | 2812891 |
| FTAI Aviation Ltd. | 5487 | 1344315 |
| General Electric Co. | 56302 | 15976818 |
| HEICO Corp. | 5504 | 1509197 |
| HEICO Corp., Class A | 18882 | 3985801 |
| Howmet Aerospace, Inc. | 47586 | 10966670 |
| Rocket Lab Corp.<sup>(a)</sup> | 25674 | 1648784 |
|  |  | 38824178 |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Aptiv PLC<sup>(a)</sup> | 53812 | 3736705 |
| **Banks — 0.7%** | **Banks — 0.7%** | **Banks — 0.7%** |
| Citigroup, Inc. | 63662 | 7219907 |
| Citizens Financial Group, Inc. | 45864 | 2750464 |
|  |  | 9970371 |
| **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 7033 | 2327009 |
| Gilead Sciences, Inc. | 44161 | 6154718 |
| Incyte Corp.<sup>(a)</sup> | 17840 | 1679101 |
| Natera, Inc.<sup>(a)</sup> | 6999 | 1399730 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 10655 | 1403690 |
|  |  | 12964248 |
| **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** |
| Amazon.com, Inc.<sup>(a)</sup> | 85630 | 17834160 |
| MercadoLibre, Inc.<sup>(a)(b)</sup> | 1634 | 2825219 |
|  |  | 20659379 |
| **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| Ares Management Corp., Class A | 8089 | 882510 |
| Charles Schwab Corp. (The) | 180240 | 16938955 |
| KKR & Co., Inc., Class A | 22219 | 2055257 |
| LPL Financial Holdings, Inc. | 2895 | 870903 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | 13733 | 951697 |
|  |  | 21699322 |
| **Communications Equipment — 1.5%** | **Communications Equipment — 1.5%** | **Communications Equipment — 1.5%** |
| Arista Networks, Inc.<sup>(a)</sup> | 144550 | 17747849 |
| Ciena Corp.<sup>(a)</sup> | 6351 | 2465649 |
|  |  | 20213498 |
| **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** |
| Comfort Systems U.S.A., Inc. | 8765 | 12086847 |
| EMCOR Group, Inc. | 11153 | 8234372 |
| Quanta Services, Inc. | 26543 | 14572638 |
|  |  | 34893857 |
| **Consumer Finance — 1.4%** | **Consumer Finance — 1.4%** | **Consumer Finance — 1.4%** |
| American Express Co. | 58835 | 17796411 |
| SoFi Technologies, Inc.<sup>(a)(b)</sup> | 44984 | 714346 |
|  |  | 18510757 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| International Paper Co. | 53570 | 1912449 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Constellation Energy Corp. | 16428 | 4587519 |
| NRG Energy, Inc. | 47732 | 6975554 |
|  |  | 11563073 |
| **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** |
| Bloom Energy Corp., Class A<sup>(a)</sup> | 11997 | 1625474 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| GE Vernova, Inc. | 9680 | $8449672 |
| Vertiv Holdings Co., Class A | 38764 | 9713483 |
|  |  | 19788629 |
| **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** |
| Amphenol Corp., Class A | 330614 | 41773079 |
| Coherent Corp.<sup>(a)</sup> | 14041 | 3344707 |
| Jabil, Inc. | 28497 | 7569658 |
|  |  | 52687444 |
| **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** |
| Liberty Media Corp. - Liberty Formula One, Class C, <br> NVS<sup>(a)</sup><br>| 21712 | 1845954 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 8282 | 1263088 |
| Netflix, Inc.<sup>(a)</sup> | 216310 | 20798207 |
|  |  | 23907249 |
| **Financial Services — 5.1%** | **Financial Services — 5.1%** | **Financial Services — 5.1%** |
| Affirm Holdings, Inc., Class A<sup>(a)</sup> | 5080 | 232766 |
| Corpay, Inc.<sup>(a)</sup> | 2524 | 734459 |
| Mastercard, Inc., Class A | 45186 | 22577637 |
| Rocket Cos., Inc., Class A<sup>(a)</sup> | 17153 | 244430 |
| Toast, Inc., Class A<sup>(a)</sup> | 25726 | 681996 |
| Visa, Inc., Class A | 150017 | 45341138 |
|  |  | 69812426 |
| **Ground Transportation — 2.6%** | **Ground Transportation — 2.6%** | **Ground Transportation — 2.6%** |
| Uber Technologies, Inc.<sup>(a)</sup> | 491778 | 35373591 |
| **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** |
| Boston Scientific Corp.<sup>(a)</sup> | 158291 | 9932760 |
| Dexcom, Inc.<sup>(a)</sup> | 41641 | 2615055 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 19877 | 11168687 |
| Insulet Corp.<sup>(a)</sup> | 7534 | 1580935 |
| ResMed, Inc. | 15570 | 3495154 |
|  |  | 28792591 |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| McKesson Corp. | 4382 | 3792007 |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| Welltower, Inc. | 12192 | 2410480 |
| **Hotels, Restaurants & Leisure — 4.9%** | **Hotels, Restaurants & Leisure — 4.9%** | **Hotels, Restaurants & Leisure — 4.9%** |
| Airbnb, Inc., Class A<sup>(a)</sup> | 107225 | 13540373 |
| Booking Holdings, Inc. | 558 | 2349359 |
| Carnival Corp. | 39175 | 1013849 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 164721 | 5272719 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 48083 | 7219662 |
| DraftKings, Inc., Class A<sup>(a)</sup> | 55804 | 1206483 |
| Expedia Group, Inc. | 29154 | 6731367 |
| Flutter Entertainment PLC<sup>(a)</sup> | 41631 | 4244280 |
| Hilton Worldwide Holdings, Inc. | 4153 | 1262844 |
| Hyatt Hotels Corp., Class A | 5203 | 748139 |
| Las Vegas Sands Corp. | 75819 | 4085128 |
| Marriott International, Inc., Class A | 4038 | 1320709 |
| Royal Caribbean Cruises Ltd. | 64526 | 17756265 |
|  |  | 66751177 |
| **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. | 12054 | 1812078 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
| Everest Group Ltd. | 1630 | 532765 |
| **Interactive Media & Services — 9.9%** | **Interactive Media & Services — 9.9%** | **Interactive Media & Services — 9.9%** |
| Alphabet, Inc., Class A | 153468 | 44131258 |
| Alphabet, Inc., Class C, NVS | 85523 | 24533128 |
| Meta Platforms, Inc., Class A | 112995 | 64647829 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® MSCI USA Quality GARP ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| Pinterest, Inc., Class A<sup>(a)</sup> | 60846 | $1115916 |
| Reddit, Inc., Class A<sup>(a)</sup> | 5157 | 694390 |
| Snap, Inc., Class A, NVS<sup>(a)(b)</sup> | 109928 | 505669 |
|  |  | 135628190 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 14215 | 2933123 |
| CoreWeave, Inc., Class A<sup>(a)(b)</sup> | 10578 | 819478 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | 12150 | 1004441 |
| MongoDB, Inc., Class A<sup>(a)</sup> | 3685 | 901977 |
| Okta, Inc., Class A<sup>(a)</sup> | 15277 | 1202453 |
| Snowflake, Inc., Class A<sup>(a)</sup> | 14499 | 2186739 |
|  |  | 9048211 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 44967 | 1020301 |
| **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** |
| Freeport-McMoRan, Inc. | 25574 | 1503240 |
| Newmont Corp. | 97085 | 10509451 |
| Steel Dynamics, Inc. | 7394 | 1330920 |
|  |  | 13343611 |
| **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** |
| Cheniere Energy, Inc. | 3834 | 1087936 |
| Coterra Energy, Inc. | 189685 | 6665531 |
| Diamondback Energy, Inc. | 46393 | 9176071 |
| EQT Corp. | 111065 | 7068177 |
| Expand Energy Corp. | 59324 | 6512589 |
| Marathon Petroleum Corp. | 5327 | 1300747 |
| Phillips 66 | 35872 | 6535161 |
| Targa Resources Corp. | 11474 | 2876876 |
| Texas Pacific Land Corp.<sup>(b)</sup> | 7299 | 3463813 |
| Valero Energy Corp. | 32572 | 8047890 |
|  |  | 52734791 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 17448 | 1159943 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 9054 | 833602 |
|  |  | 1993545 |
| **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** |
| Bristol-Myers Squibb Co. | 72461 | 4394759 |
| Eli Lilly & Co. | 42901 | 39459053 |
|  |  | 43853812 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| Jacobs Solutions, Inc. | 12591 | 1602582 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| CoStar Group, Inc.<sup>(a)</sup> | 52793 | 2129669 |
| Zillow Group, Inc., Class C, NVS<sup>(a)</sup> | 41736 | 1727036 |
|  |  | 3856705 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| UDR, Inc. | 11713 | 395665 |
| **Semiconductors & Semiconductor Equipment — 21.5%** | **Semiconductors & Semiconductor Equipment — 21.5%** | **Semiconductors & Semiconductor Equipment — 21.5%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 146585 | 29819787 |
| Astera Labs, Inc.<sup>(a)</sup> | 5988 | 656285 |
| Broadcom, Inc. | 101361 | 31372243 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 7315 | 686659 |
| First Solar, Inc.<sup>(a)</sup> | 9159 | 1806704 |
| KLA Corp. | 29575 | 43546526 |
| Lam Research Corp. | 306693 | 65528026 |
| Marvell Technology, Inc. | 76353 | 7562765 |
| Microchip Technology, Inc. | 48636 | 3142372 |
| Micron Technology, Inc. | 101318 | 34229273 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Monolithic Power Systems, Inc. | 6466 | $7069601 |
| NVIDIA Corp. | 390579 | 68116978 |
| Teradyne, Inc. | 7029 | 2083817 |
|  |  | 295621036 |
| **Software — 15.8%** | **Software — 15.8%** | **Software — 15.8%** |
| Adobe, Inc.<sup>(a)</sup> | 113078 | 27487000 |
| AppLovin Corp., Class A<sup>(a)</sup> | 10375 | 4129250 |
| Atlassian Corp., Class A<sup>(a)</sup> | 15116 | 1031667 |
| Autodesk, Inc.<sup>(a)</sup> | 57236 | 13702298 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 12273 | 3410299 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 11327 | 4422174 |
| Datadog, Inc., Class A<sup>(a)</sup> | 13896 | 1640423 |
| Fair Isaac Corp.<sup>(a)</sup> | 1044 | 1114512 |
| Fortinet, Inc.<sup>(a)</sup> | 398367 | 32554551 |
| HubSpot, Inc.<sup>(a)</sup> | 4459 | 1088442 |
| IREN Ltd.<sup>(a)</sup> | 29564 | 1013454 |
| Microsoft Corp. | 182036 | 67384266 |
| Oracle Corp. | 155208 | 22832649 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 102841 | 15043581 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 36384 | 5833083 |
| Samsara, Inc., Class A<sup>(a)</sup> | 17303 | 548332 |
| ServiceNow, Inc.<sup>(a)</sup> | 93409 | 9765911 |
| Workday, Inc., Class A<sup>(a)</sup> | 19190 | 2493165 |
| Zscaler, Inc.<sup>(a)</sup> | 4672 | 655435 |
|  |  | 216150492 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| Crown Castle, Inc. | 15493 | 1259736 |
| **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** |
| Burlington Stores, Inc.<sup>(a)</sup> | 7826 | 2546424 |
| Carvana Co., Class A<sup>(a)</sup> | 2483 | 780606 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 11064 | 5783263 |
|  |  | 9110293 |
| **Technology Hardware, Storage & Peripherals — 5.8%** | **Technology Hardware, Storage & Peripherals — 5.8%** | **Technology Hardware, Storage & Peripherals — 5.8%** |
| Apple Inc. | 273787 | 69484403 |
| Dell Technologies, Inc., Class C | 28579 | 4690671 |
| IonQ, Inc.<sup>(a)(b)</sup> | 13294 | 383266 |
| Seagate Technology Holdings PLC | 9814 | 3844733 |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 48381 | 1101635 |
|  |  | 79504708 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 26559 | 4066183 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $1,394,109,291)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $1,394,109,291)** | 1369798135 |

---

42026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® MSCI USA Quality GARP ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.77%<sup>(c)(d)(e)</sup><br>| 5819762 | $5820926 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(c)(d)</sup><br>| 2218187 | 2218187 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $8,039,515)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $8,039,515)** | 8039113 |
| **Total Investments — 100.4%** <br>**(Cost: $1,402,148,806)** | **Total Investments — 100.4%** <br>**(Cost: $1,402,148,806)** | 1377837248 |
| **Liabilities in Excess of Other Assets — (0.4)%** | **Liabilities in Excess of Other Assets — (0.4)%** | (5386058)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1372451190 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $2182991<br>&nbsp;&nbsp; $3637381 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $956 | &nbsp;&nbsp; $(402)<br>| &nbsp;&nbsp; $5820926 | &nbsp;&nbsp; 5819762 | &nbsp;&nbsp; $10976 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 255937<br>&nbsp;&nbsp; 1962250 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2218187 | &nbsp;&nbsp; 2218187 | &nbsp;&nbsp; 45374 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $956 | &nbsp;&nbsp; $(402)<br>| &nbsp;&nbsp; $8039113 |  | &nbsp;&nbsp; $56350 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini Nasdaq 100 Index | 45 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $2152 | &nbsp;&nbsp;&nbsp;&nbsp; $(77147)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® MSCI USA Quality GARP ETF**

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $77147 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $77147 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $112991 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $112991 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(72351)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(72351)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1200488 |

---

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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $1369798135 | $— | $— | $1369798135 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 8039113 |  |  | 8039113 |
|  | &nbsp;&nbsp; $1377837248 | $— | $— | $1377837248 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(77147)<br>| $— | $— | $(77147)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

62026 iShares Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI USA <br>Quality GARP <br>ETF<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)</sup><sup>(b)</sup> | &nbsp;&nbsp; $1369798135 |
| Investments, at value — affiliated<sup>(c)</sup> | &nbsp;&nbsp; 8039113 |
| Cash | &nbsp;&nbsp; 22 |
| Cash pledged: |  |
| Futures contracts | &nbsp;&nbsp; 185000 |
| Receivables: |  |
| Securities lending income — affiliated | &nbsp;&nbsp; 966 |
| Capital shares sold | &nbsp;&nbsp; 27363 |
| Dividends — unaffiliated | &nbsp;&nbsp; 312792 |
| Dividends — affiliated | &nbsp;&nbsp; 6750 |
| Variation margin on futures contracts | &nbsp;&nbsp; 69772 |
| Total assets | &nbsp;&nbsp; 1378439913 |
| **LIABILITIES** |  |
| Collateral on securities loaned | &nbsp;&nbsp; 5820773 |
| Payables: |  |
| Investment advisory fees | &nbsp;&nbsp; 167950 |
| Total liabilities | &nbsp;&nbsp; 5988723 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | &nbsp;&nbsp; $1372451190 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in capital | &nbsp;&nbsp; $1442775634 |
| Accumulated loss | &nbsp;&nbsp; (70324444)<br>|
| NET ASSETS | &nbsp;&nbsp; $1372451190 |
| **NET ASSET VALUE** |  |
| Shares outstanding | &nbsp;&nbsp; $21450000 |
| Net asset value | &nbsp;&nbsp; $63.98 |
| Shares authorized | &nbsp;&nbsp; Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost — unaffiliated | &nbsp;&nbsp; $1394109291 |
| <sup>(b)</sup> Securities loaned, at value | &nbsp;&nbsp; $6029647 |
| <sup>(c)</sup> Investments, at cost — affiliated | &nbsp;&nbsp; $8039515 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations

Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI USA <br>Quality GARP <br>ETF<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $4152407 |
| Dividends — affiliated | &nbsp;&nbsp; 45374 |
| Interest — unaffiliated | &nbsp;&nbsp; 364 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 10976 |
| Total investment income | &nbsp;&nbsp; 4209121 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 1245970 |
| Interest expense | &nbsp;&nbsp; 1358 |
| Total expenses | &nbsp;&nbsp; 1247328 |
| Net investment income | &nbsp;&nbsp; 2961793 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (38569778)<br>|
| Investments — affiliated | &nbsp;&nbsp; 956 |
| Futures contracts | &nbsp;&nbsp; 112991 |
| In-kind redemptions — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 105966410 |
|  | &nbsp;&nbsp; 67510579 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (3464640)<br>|
| Investments — affiliated | &nbsp;&nbsp; (402)<br>|
| Futures contracts | &nbsp;&nbsp; (72351)<br>|
|  | &nbsp;&nbsp; (3537393)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 63973186 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $66934979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

82026 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares MSCI USA Quality GARP <br> ETF | iShares MSCI USA Quality GARP <br> ETF |
|  | Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $2961793 | &nbsp;&nbsp; $825437 |
| Net realized gain | &nbsp;&nbsp; 67510579 | &nbsp;&nbsp; 7134939 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (3537393)<br>| &nbsp;&nbsp; (25251049)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 66934979 | &nbsp;&nbsp; (17290673)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2794347)<br>| &nbsp;&nbsp; (794675)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 992126089 | &nbsp;&nbsp; 286701630 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1056266721 | &nbsp;&nbsp; 268616282 |
| Beginning of year | &nbsp;&nbsp; 316184469 | &nbsp;&nbsp; 47568187 |
| End of year | &nbsp;&nbsp; $1372451190 | &nbsp;&nbsp; $316184469 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI USA Quality GARP ETF | iShares MSCI USA Quality GARP ETF | iShares MSCI USA Quality GARP ETF | iShares MSCI USA Quality GARP ETF | iShares MSCI USA Quality GARP ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $51.00 | &nbsp;&nbsp;&nbsp; $47.57 | &nbsp;&nbsp;&nbsp; $33.10 | &nbsp;&nbsp;&nbsp; $36.39 | &nbsp;&nbsp;&nbsp; $32.35 |
| Net investment income<sup>(a)</sup> | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 12.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;14.46 | &nbsp;&nbsp;&nbsp; (3.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.06 |
| Net increase (decrease) from investment operations | 13.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;14.76 | &nbsp;&nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.30 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $63.98 | &nbsp;&nbsp;&nbsp; $51.00 | &nbsp;&nbsp;&nbsp; $47.57 | &nbsp;&nbsp;&nbsp; $33.10 | &nbsp;&nbsp;&nbsp; $36.39 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 25.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.83<br> %<br>| &nbsp;&nbsp;&nbsp; (7.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.28<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Net investment income | 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1372451 | &nbsp;&nbsp;&nbsp; $316184 | &nbsp;&nbsp;&nbsp; $47568 | &nbsp;&nbsp;&nbsp; $1655 | &nbsp;&nbsp;&nbsp; $5459 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 111<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

102026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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* *Classification* </u> <br> MSCI USA Quality GARP ETF Non-diversified

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES***

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

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

**Recent Accounting Standard:** The Fund adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Fund's adoption of the new standard did not have a material impact on financial statement disclosures and did not affect the Fund's financial position or results of operations.

***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.

Notes to Financial Statements

------

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) 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 or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 market 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.

122026 iShares Annual Financial Statements and Additional Information

------

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* | &nbsp;&nbsp; *Securities* <br>*Loaned at Value*<br>| &nbsp;&nbsp; *Cash* <br>*Collateral Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash* <br>*Collateral Received,* <br>*at Fair Value*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net* <br>*Amount*<sup>(b)</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $1291521 | &nbsp;&nbsp;&nbsp; $(1184750)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $106771 |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp; 21018 | &nbsp;&nbsp;&nbsp; (19874)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1144 |
| Jefferies LLC | &nbsp;&nbsp;&nbsp; 345804 | &nbsp;&nbsp;&nbsp; (330350)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15454 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 3321447 | &nbsp;&nbsp;&nbsp; (3294498)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26949 |
| UBS AG | &nbsp;&nbsp;&nbsp; 1049857 | &nbsp;&nbsp;&nbsp; (991301)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58556 |
|  | &nbsp;&nbsp;&nbsp; $6029647 | &nbsp;&nbsp;&nbsp; $(5820773)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $208874 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

<sup>(b)</sup> The market value of the loaned securities is determined as of March 31, 2026. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock 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* |
| MSCI USA Quality GARP ETF | 0.15<br> %<br>|

---

**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.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

**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, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. 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 specific 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 this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income - affiliated - net in its Statement of Operations. For the year ended March 31, 2026, the Fund paid BTC $4,354 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 March 31, 2026, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI USA Quality GARP ETF | &nbsp;&nbsp; $235903430 | &nbsp;&nbsp;&nbsp; $325399738 | &nbsp;&nbsp;&nbsp; $(14633856)<br>|

---

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 March 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI USA Quality GARP ETF | &nbsp;&nbsp; $561486466 | &nbsp;&nbsp;&nbsp; $560112623 |

---

For the year ended March 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI USA Quality GARP ETF | &nbsp;&nbsp; $1482860803 | &nbsp;&nbsp;&nbsp; $494250336 |

---

142026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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 March 31, 2026, 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 March 31, 2026, 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)* |
| MSCI USA Quality GARP ETF | &nbsp;&nbsp; $105953614 | &nbsp;&nbsp;&nbsp; $(105953614)<br>|

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/26*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/25*<br>|
| MSCI USA Quality GARP ETF |  |  |
| Ordinary income | &nbsp;&nbsp; $2794347 | &nbsp;&nbsp;&nbsp; $794675 |

---

As of March 31, 2026, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| MSCI USA Quality GARP ETF | &nbsp;&nbsp; $204691 | &nbsp;&nbsp;&nbsp; $(46161879)<br>| &nbsp;&nbsp;&nbsp; $(24367256)<br>| &nbsp;&nbsp;&nbsp; $(70324444)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 and the realization for tax purposes of unrealized gains(losses) on certain futures contracts. 

As of March 31, 2026, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI USA Quality GARP ETF | &nbsp;&nbsp; $1402204504 | &nbsp;&nbsp;&nbsp; $88993652 | &nbsp;&nbsp;&nbsp; $(113360908)<br>| &nbsp;&nbsp;&nbsp; $(24367256)<br>|

---

***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. The Fund may invest in illiquid investments. An illiquid investment is any investment that the 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. The 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,

Notes to Financial Statements

------

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 the 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 the Fund may lose value, regardless of the individual results of the securities and other instruments in which the 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, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

**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>03/31/26 | Year Ended <br>03/31/26 | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI USA Quality GARP ETF  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 22950000 | &nbsp;&nbsp;&nbsp; $1486249686 | &nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp; $358709832 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (7700000)<br>| &nbsp;&nbsp;&nbsp; (494123597)<br>| &nbsp;&nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; (72008202)<br>|
|  | &nbsp;&nbsp;&nbsp; 15250000 | &nbsp;&nbsp;&nbsp; $992126089 | &nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp; $286701630 |

---

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

162026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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 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.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of iShares MSCI USA Quality GARP ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares MSCI USA Quality GARP ETF (one of the funds constituting iShares Trust, referred to hereafter as the "Fund") as of March 31, 2026, the related statement of operations for the year ended March 31, 2026, the statement of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (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 March 31, 2026, 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 March 31, 2026 and the financial highlights for each of the five years in the period ended March 31, 2026 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 March 31, 2026 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 22, 2026

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

182026 iShares Annual Financial Statements and Additional Information

------

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 March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Dividend* <br>*Income*<br>|
| iShares MSCI USA Quality GARP ETF | &nbsp;&nbsp;&nbsp; $3710922 |

---

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Business* <br>*Income*<br>|
| iShares MSCI USA Quality GARP ETF | &nbsp;&nbsp;&nbsp; $62610 |

---

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2026 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Dividends-Received* <br>*Deduction*<br>|
| iShares MSCI USA Quality GARP ETF | &nbsp;&nbsp;&nbsp;&nbsp; 100.00<br> % <br>|

---

Important Tax Information

------

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:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• 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**.

202026 iShares Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

Glossary of Terms Used in these Financial Statements

------

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 MSCI 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.©2026 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.

![](g341043img9c295c152.jpg)

![](g341043img3c65e75b3.jpg)

------

![](g341043img901097f51.jpg)

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Annual Financial Statements <br> and Additional Information<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| ●iShares Preferred and Income Securities ETF \| PFF \| NASDAQ |

---

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_c6b6aabb-83b3-4ca4-b616-9d694e496576_SOIM-TEXT-4019_1)  | 3 |
| [Statement of Assets and Liabilities](#xx_c6b6aabb-83b3-4ca4-b616-9d694e496576_FS-TEXT-4019_1)  | 10 |
| [Statement of Operations](#xx_c6b6aabb-83b3-4ca4-b616-9d694e496576_FS-TEXT-4019_2)  | 11 |
| [Statements of Changes in Net Assets](#xx_c6b6aabb-83b3-4ca4-b616-9d694e496576_FS-TEXT-4019_3)  | 12 |
| [Financial Highlights](#xx_c6b6aabb-83b3-4ca4-b616-9d694e496576_FIHI-TEXT-4019_1)  | 13 |
| [Notes to Financial Statements](#xx_c6b6aabb-83b3-4ca4-b616-9d694e496576_NTF-TEXT-4019_1)  | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_c6b6aabb-83b3-4ca4-b616-9d694e496576_AUD-TEXT-4019_1)  | 21 |
| [Important Tax Information](#xx_c6b6aabb-83b3-4ca4-b616-9d694e496576_Tax-TEXT-4019_1)  | 22 |
| [Additional Information](#xx_c6b6aabb-83b3-4ca4-b616-9d694e496576_AddInfo-TEXT-4019_1)  | 23 |
| [Glossary of Terms Used in these Financial Statements](#xx_c6b6aabb-83b3-4ca4-b616-9d694e496576_Gloss-TEXT-4019_1)  | 25 |

---

------

Schedule of Investments

March 31, 2026

**iShares® Preferred and Income Securities ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| Fossil Group, Inc., 7.50%, 06/30/29 | USD  | 1175 | $1080238 |
| **Total Corporate Bonds — 0.0%** <br>**(Cost: $825,990)** | **Total Corporate Bonds — 0.0%** <br>**(Cost: $825,990)** | **Total Corporate Bonds — 0.0%** <br>**(Cost: $825,990)** | 1080238 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 98.9%** | **Preferred Stocks — 98.9%** | **Preferred Stocks — 98.9%** |
| **Aerospace & Defense — 4.1%** | **Aerospace & Defense — 4.1%** | **Aerospace & Defense — 4.1%** |
| Boeing Co. (The), 6.00%<sup>(a)(b)</sup> | 7869996 | 510605341 |
| FTAI Aviation Ltd., Series C, 8.25%, NVS<sup>(c)</sup> | 287452 | 7238041 |
| VSE Corp., 5.75%<sup>(a)</sup> | 630377 | 31707963 |
|  |  | 549551345 |
| **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** |
| Ford Motor Co. |  |  |
| 6.00% | 2189909 | 42330941 |
| 6.50%, NVS | 1642406 | 34490526 |
| 6.20% | 2053070 | 40794501 |
|  |  | 117615968 |
| **Banks — 24.2%** | **Banks — 24.2%** | **Banks — 24.2%** |
| Associated Banc-Corp |  |  |
| 6.63% | 821236 | 20136707 |
| Series E, 5.88%, NVS<sup>(c)</sup> | 284772 | 5911867 |
| Series F, 5.63%, NVS<sup>(c)</sup> | 273716 | 5403154 |
| Atlantic Union Bankshares Corp., Series A, 6.88%, <br> NVS<sup>(c)</sup><br>| 472186 | 11493007 |
| Banc of California, Inc., Series F, 7.75%, NVS<sup>(c)</sup> | 1404934 | 34926659 |
| Bank of America Corp. |  |  |
| Series 02, (3-mo. CME Term SOFR + 0.912%), <br> 4.58%, NVS<sup>(c)(d)</sup><br>| 542561 | 10455150 |
| Series 4, (3-mo. CME Term SOFR + 1.012%), <br> 4.68%, NVS<sup>(b)(c)(d)</sup><br>| 370673 | 7061321 |
| Series 5, (3-mo. CME Term SOFR + 0.762%), <br> 4.43%, NVS<sup>(c)(d)</sup><br>| 737461 | 14387864 |
| Series E, (3-mo. CME Term SOFR + 0.612%), <br> 4.57%, NVS<sup>(b)(c)(d)</sup><br>| 561653 | 10441129 |
| Series GG, 6.00%<sup>(c)</sup> | 2626594 | 64955670 |
| Series HH, 5.88%, NVS<sup>(b)(c)</sup> | 1645837 | 40487590 |
| Series K\*, 6.45% | 2037470 | 52098108 |
| Series KK, 5.38%, NVS<sup>(b)(c)</sup> | 2685446 | 58139906 |
| Series L, 7.25%, NVS<sup>(a)(c)</sup> | 150871 | 179771849 |
| Series LL, 5.00%, NVS<sup>(c)</sup> | 2524838 | 50925982 |
| Series NN, 4.38%, NVS<sup>(c)</sup> | 2075054 | 36437948 |
| Series PP, 4.13%, NVS<sup>(c)</sup> | 1753510 | 29178406 |
| Series QQ, 4.25%, NVS<sup>(c)</sup> | 2510300 | 42675100 |
| Series SS, 4.75%, NVS<sup>(c)</sup> | 1314633 | 25017466 |
| Bank of Hawaii Corp. |  |  |
| 8.00%<sup>(c)</sup> | 452299 | 11872849 |
| Series A, 4.38%, NVS<sup>(c)</sup> | 493399 | 7716760 |
| Bank OZK, Series A, 4.63%, NVS<sup>(c)</sup> | 959353 | 15119403 |
| Citigroup, Inc., Series II, 6.25%<sup>(c)</sup> | 2189927 | 53981701 |
| Citizens Financial Group, Inc. |  |  |
| Series E, 5.00%, NVS<sup>(c)</sup> | 1231833 | 22936730 |
| Series H, 7.38%, NVS<sup>(c)</sup> | 1094988 | 27779846 |
| Series I, 6.50%, NVS<sup>(c)</sup> | 1094988 | 27221402 |
| ConnectOne Bancorp, Inc., Series A, 5.25%, NVS<sup>(c)</sup> | 314796 | 7649543 |
| Cullen/Frost Bankers, Inc., Series B, 4.45%, NVS<sup>(c)</sup> | 410561 | 6967220 |
| Dime Community Bancshares, Inc., 5.50%, NVS<sup>(c)</sup> | 377252 | 6881076 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Fifth Third Bancorp |  |  |
| 6.88%<sup>(b)(c)</sup> | 1094988 | $28535387 |
| Series A, 6.00%, NVS<sup>(c)</sup> | 547485 | 12619529 |
| Series I, (3-mo. CME Term SOFR + 3.972%), <br> 7.97%, NVS<sup>(c)(d)</sup><br>| 1231834 | 31005262 |
| Series K, 4.95%, NVS<sup>(c)</sup> | 684330 | 12940680 |
| First Busey Corp., Series B, 8.25%, NVS<sup>(c)</sup> | 588548 | 14884379 |
| First Citizens BancShares, Inc. |  |  |
| Series A, 5.38%, NVS<sup>(c)</sup> | 944381 | 20379742 |
| Series C, 5.63%, NVS<sup>(c)</sup> | 547485 | 11606682 |
| Series E, 6.63%, NVS<sup>(c)</sup> | 1094988 | 27068103 |
| First Horizon Corp. |  |  |
| Series E, 6.50%, NVS<sup>(c)</sup> | 410596 | 9747549 |
| Series F, 4.70%<sup>(c)</sup> | 410561 | 7037016 |
| Series H, 6.75%, NVS<sup>(c)</sup> | 1097310 | 27279127 |
| Flagstar Bank N.A. |  |  |
| 6.00%, NVS<sup>(a)</sup> | 198445 | 7689744 |
| Series A., 6.38%, NVS<sup>(b)(c)</sup> | 1409784 | 29675953 |
| Fulton Financial Corp., Series A, 5.13%, NVS<sup>(c)</sup> | 548221 | 9752852 |
| Hancock Whitney Corp., 6.25% | 472185 | 10208640 |
| Huntington Bancshares, Inc. |  |  |
| Series C, 5.70%, NVS<sup>(c)</sup> | 478975 | 10345860 |
| Series H, 4.50%, NVS<sup>(c)</sup> | 1368564 | 23320331 |
| Series J, 6.88%, NVS<sup>(c)</sup> | 889696 | 21895419 |
| Series L, 5.50%, NVS<sup>(c)</sup> | 416746 | 8530791 |
| JPMorgan Chase & Co. |  |  |
| Series DD, 5.75%, NVS<sup>(c)</sup> | 4643269 | 112367110 |
| Series EE, 6.00%, NVS<sup>(c)</sup> | 5064214 | 125643149 |
| Series GG, 4.75%, NVS<sup>(c)</sup> | 2463641 | 48016363 |
| Series JJ, 4.55%, NVS<sup>(c)</sup> | 4106065 | 77194022 |
| Series LL, 4.63%, NVS<sup>(c)</sup> | 5064214 | 96827772 |
| Series MM, 4.20%, NVS<sup>(c)</sup> | 5474793 | 95808877 |
| KeyCorp |  |  |
| 6.20%, NVS<sup>(c)</sup> | 1642405 | 38974271 |
| Series E, 6.13%, NVS<sup>(b)(c)</sup> | 1368672 | 33806198 |
| Series F, 5.65%, NVS<sup>(c)</sup> | 1163377 | 24198242 |
| Series G, 5.63%, NVS<sup>(c)</sup> | 1231834 | 25819241 |
| Live Oak Bancshares, Inc., Series A, 8.38%, NVS<sup>(c)</sup> | 284780 | 7119500 |
| M&T Bank Corp. |  |  |
| Series H, 5.63%, NVS<sup>(c)</sup> | 684331 | 16875602 |
| Series J, 7.50%, NVS<sup>(c)</sup> | 2053069 | 52620158 |
| Series K, 6.35%, NVS<sup>(c)</sup> | 1231825 | 30894171 |
| Midland States Bancorp, Inc., 7.75%, NVS<sup>(c)</sup> | 314797 | 7665307 |
| Old National Bancorp |  |  |
| Series A, 7.00%, NVS<sup>(c)</sup> | 295630 | 7272498 |
| Series C, 7.00%, NVS<sup>(c)</sup> | 335322 | 8225449 |
| Pinnacle Financial Partners, Inc. |  |  |
| Series A, (3-mo. CME Term SOFR + 3.614%), <br> 7.30%, NVS<sup>(c)(d)</sup><br>| 547474 | 14075557 |
| Series B, 8.40%, NVS<sup>(c)</sup> | 958082 | 24498157 |
| Series C, 6.75%, NVS<sup>(c)</sup> | 615941 | 15380047 |
| Popular Capital Trust II, 6.13% | 276541 | 6849921 |
| Regions Financial Corp. |  |  |
| 6.95%<sup>(c)</sup> | 1368672 | 34079933 |
| Series C, 5.70%, NVS<sup>(c)</sup> | 1368672 | 32163792 |
| Series E, 4.45%, NVS<sup>(c)</sup> | 1094988 | 17848304 |
| Texas Capital Bancshares, Inc., Series B, 5.75%, <br> NVS<sup>(b)(c)</sup><br>| 821236 | 18141103 |
| Truist Financial Corp. |  |  |
| Series I, (3-mo. CME Term SOFR + 0.792%), <br> 4.47%, NVS<sup>(c)(d)</sup><br>| 472234 | 8783552 |
| Series O, 5.25%, NVS<sup>(c)</sup> | 1574016 | 32377509 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Preferred and Income Securities ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Truist Financial Corp. |  |  |
| Series R, 4.75%, NVS<sup>(c)</sup> | 2532098 | $45906937 |
| U.S. Bancorp |  |  |
| Series A, (3-mo. CME Term SOFR + 1.282%), <br> 4.95%, NVS<sup>(c)(d)</sup><br>| 39289 | 29466750 |
| Series B\*, (3-mo. CME Term SOFR + 0.862%), <br> 4.53%, NVS<sup>(c)(d)</sup><br>| 2737393 | 50039544 |
| Series K, 5.50%, NVS<sup>(c)</sup> | 1574017 | 33825625 |
| Series L, 3.75%, NVS<sup>(c)</sup> | 1368672 | 20215285 |
| Series M, 4.00%, NVS<sup>(c)</sup> | 2053069 | 32027876 |
| Series O, 4.50%, NVS<sup>(c)</sup> | 1231833 | 21372303 |
| UMB Financial Corp., 7.75%, NVS<sup>(c)</sup> | 821236 | 20949730 |
| Valley National Bancorp |  |  |
| Series A, (3-mo. CME Term SOFR + 4.112%), <br> 7.79%, NVS<sup>(b)(c)(d)</sup><br>| 327480 | 8137878 |
| Series B, (3-mo. CME Term SOFR + 3.840%), <br> 7.54%, NVS<sup>(c)(d)</sup><br>| 284780 | 6962871 |
| Series C, 8.25%<sup>(c)</sup> | 410597 | 10388104 |
| WaFd, Inc., Series A, 4.88%, NVS<sup>(c)</sup> | 822331 | 13255976 |
| Webster Financial Corp. |  |  |
| Series F, 5.25%, NVS<sup>(c)</sup> | 410597 | 8491146 |
| Series G, 6.50%<sup>(c)</sup> | 369517 | 8609746 |
| Wells Fargo & Co. |  |  |
| Series AA, 4.70%, NVS<sup>(c)</sup> | 3203286 | 60478040 |
| Series CC, 4.38%, NVS<sup>(c)</sup> | 2874778 | 50164876 |
| Series DD, 4.25%, NVS<sup>(c)</sup> | 3422317 | 59034968 |
| Series L, 7.50%, NVS<sup>(a)(c)</sup> | 268705 | 310354275 |
| Series Y, 5.63%, NVS<sup>(b)(c)</sup> | 1889190 | 44452641 |
| Series Z, 4.75%, NVS<sup>(c)</sup> | 5509779 | 104685801 |
| WesBanco, Inc., Series B, 7.38%<sup>(c)</sup> | 629585 | 15771104 |
| Western Alliance Bancorp, Series A, 4.25%, NVS<sup>(c)</sup> | 821236 | 18822729 |
| Wintrust Financial Corp., Series F, 7.88%<sup>(c)</sup> | 1163550 | 29984683 |
|  |  | 3229479152 |
| **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** |
| Dillard's Capital Trust I, 7.50% | 547485 | 14190811 |
| QVC Group, Inc., 8.00% | 905357 | 2290553 |
| QVC, Inc. |  |  |
| 6.25% | 1369412 | 14392520 |
| 6.38% | 615905 | 6467003 |
|  |  | 37340887 |
| **Capital Markets — 11.1%** | **Capital Markets — 11.1%** | **Capital Markets — 11.1%** |
| Affiliated Managers Group, Inc. |  |  |
| 4.20% | 569477 | 8325754 |
| 4.75% | 752780 | 12097175 |
| 5.88% | 821169 | 16094912 |
| 6.75% | 1231833 | 27593059 |
| Ares Management Corp., Series B, 6.75%, NVS<sup>(a)</sup> | 2053069 | 74280036 |
| Bank of New York Mellon Corp. (The), Series K, <br> 6.15%, NVS<sup>(c)</sup><br>| 1368681 | 34217025 |
| BRC Group Holdings, Inc. |  |  |
| 6.50% | 494159 | 11840050 |
| 6.00% | 601196 | 10226344 |
| 5.25%<sup>(b)</sup> | 1046763 | 16905222 |
| 5.00%<sup>(b)</sup> | 530067 | 12011318 |
| Brookfield Finance I UK PLC, 4.50%<sup>(c)</sup> | 629585 | 9154166 |
| Brookfield Finance, Inc., Series 50, 4.63%, NVS | 1094988 | 16589068 |
| Brookfield Oaktree Holdings LLC |  |  |
| Series A, 6.63%, NVS<sup>(c)</sup> | 492747 | 9963344 |
| Series B, 6.55%, NVS<sup>(c)</sup> | 643286 | 13026541 |
| Carlyle Finance LLC, 4.63%, NVS | 1368672 | 23951760 |
| Charles Schwab Corp. (The) |  |  |
| Series D, 5.95%, NVS<sup>(c)</sup> | 2053070 | 49807478 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Charles Schwab Corp. (The) |  |  |
| Series J, 4.45%, NVS<sup>(c)</sup> | 1642405 | $29037720 |
| CION Investment Corp. |  |  |
| 7.50% | 448379 | 11110832 |
| 7.50%<sup>(b)</sup> | 342655 | 8360782 |
| Crescent Capital BDC, Inc., 5.00% | 305524 | 7613658 |
| DigitalBridge Group, Inc. |  |  |
| Series H, 7.13%, NVS<sup>(c)</sup> | 574493 | 9318276 |
| Series I, 7.15%, NVS<sup>(c)</sup> | 880555 | 14309019 |
| Series J, 7.13%, NVS<sup>(c)</sup> | 794760 | 13097645 |
| Gladstone Investment Corp. |  |  |
| 5.00%, NVS | 364344 | 9181469 |
| 4.88% | 368305 | 8747244 |
| 7.88% | 346275 | 8774609 |
| 7.13% | 285550 | 7232982 |
| Goldman Sachs Group, Inc. (The) |  |  |
| Series A, (3-mo. CME Term SOFR + 1.012%), <br> 4.65%, NVS<sup>(c)(d)</sup><br>| 2053003 | 39335537 |
| Series C, (3-mo. CME Term SOFR + 1.012%), <br> 4.65%, NVS<sup>(c)(d)</sup><br>| 547485 | 10484338 |
| Series D, (3-mo. CME Term SOFR + 0.932%), <br> 4.57%, NVS<sup>(c)(d)</sup><br>| 3695408 | 70434476 |
| KKR & Co., Inc. |  |  |
| Series D, 6.25%<sup>(a)</sup> | 3541498 | 142439050 |
| Series T, 6.88% | 1615079 | 37566738 |
| KKR Group Finance Co. IX LLC, 4.63%, NVS | 1368829 | 21901264 |
| Morgan Stanley |  |  |
| Series A, (3-mo. CME Term SOFR + 0.962%), <br> 4.63%<sup>(c)(d)</sup><br>| 3011145 | 57000975 |
| Series E, 7.13%, NVS<sup>(c)</sup> | 2361016 | 59426773 |
| Series F, 6.88%, NVS<sup>(c)</sup> | 2326821 | 58286866 |
| Series I, 6.38%, NVS<sup>(c)</sup> | 2737393 | 67230372 |
| Series K, 5.85%, NVS<sup>(c)</sup> | 2737393 | 63972874 |
| Series L, 4.88%, NVS<sup>(c)</sup> | 1368672 | 27044959 |
| Series O, 4.25%, NVS<sup>(c)</sup> | 3558629 | 61101660 |
| Series P, 6.50%, NVS<sup>(c)</sup> | 2737393 | 68078964 |
| Series Q, 6.63%, NVS<sup>(c)</sup> | 2737393 | 69091799 |
| New Mountain Finance Corp., 8.25%<sup>(b)</sup> | 314778 | 7985918 |
| Northern Trust Corp., Series E, 4.70%, NVS<sup>(c)</sup> | 1094988 | 20476276 |
| Prospect Capital Corp., Series A, 5.35%<sup>(c)</sup> | 359303 | 5748848 |
| Runway Growth Finance Corp., 7.25% | 273825 | 6845625 |
| Saratoga Investment Corp. |  |  |
| 7.50% | 273825 | 6831934 |
| Series 2027, 6.00% | 288779 | 7121290 |
| State Street Corp., Series G, 5.35%, NVS<sup>(b)(c)(d)</sup> | 1368672 | 29590689 |
| Stifel Financial Corp. |  |  |
| 5.20% | 615942 | 12010869 |
| Series B, 6.25%, NVS<sup>(c)</sup> | 437991 | 10248989 |
| Series C, 6.13%, NVS<sup>(c)</sup> | 615941 | 14776425 |
| Series D, 4.50%, NVS<sup>(c)</sup> | 825362 | 14196226 |
| Trinity Capital, Inc. |  |  |
| 7.88%, NVS | 319267 | 7952941 |
| 7.88% | 326252 | 8139987 |
|  |  | 1478190150 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Albemarle Corp., 7.25%, NVS<sup>(a)</sup> | 3147990 | 226183082 |
| EIDP, Inc., Series B, 4.50%, NVS<sup>(c)</sup> | 114478 | 7700935 |
|  |  | 233884017 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Pitney Bowes, Inc., 6.70% | 957402 | 18382118 |

---

42026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Preferred and Income Securities ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** |
| Atlanticus Holdings Corp. |  |  |
| 6.13% | 405680 | $10137943 |
| 9.25%, NVS | 457660 | 11514726 |
| Capital One Financial Corp. |  |  |
| Series I, 5.00%, NVS<sup>(c)</sup> | 4106065 | 76578112 |
| Series J, 4.80%, NVS<sup>(c)</sup> | 3421724 | 61009339 |
| Series K, 4.63%, NVS<sup>(c)</sup> | 342172 | 5803237 |
| Series L, 4.38%, NVS<sup>(c)</sup> | 1847767 | 29730571 |
| Series N, 4.25%, NVS<sup>(c)</sup> | 1163377 | 18230118 |
| Navient Corp., 6.00% | 821236 | 14790460 |
| SLM Corp., Series B, (3-mo. CME Term SOFR + <br> 1.962%), 5.64%<sup>(c)(d)</sup><br>| 172068 | 12621188 |
| Synchrony Financial |  |  |
| Series A, 5.63%, NVS<sup>(c)</sup> | 2052869 | 38121777 |
| Series B, 8.25%, NVS<sup>(c)</sup> | 1368672 | 34463161 |
|  |  | 313000632 |
| **Diversified REITs — 0.4%** | **Diversified REITs — 0.4%** | **Diversified REITs — 0.4%** |
| AH Realty Trust, Inc., Series A, 6.75%, NVS<sup>(c)</sup> | 468363 | 10191579 |
| CTO Realty Growth, Inc., Series A, 6.38%, NVS<sup>(c)</sup> | 335535 | 6784518 |
| Global Net Lease, Inc. |  |  |
| Series A, 7.25%, NVS<sup>(c)</sup> | 465336 | 10102444 |
| Series B, 6.88%<sup>(c)</sup> | 334261 | 7133130 |
| Series D, 7.50%, NVS<sup>(c)</sup> | 542929 | 12172468 |
| LXP Industrial Trust, Series C, 6.50%, NVS<sup>(a)(c)</sup> | 137728 | 6335488 |
|  |  | 52719627 |
| **Diversified Telecommunication Services — 2.4%** | **Diversified Telecommunication Services — 2.4%** | **Diversified Telecommunication Services — 2.4%** |
| AT&T Inc. |  |  |
| 5.35% | 3620168 | 76964772 |
| Series A, 5.00%, NVS<sup>(c)</sup> | 3284896 | 64515357 |
| Series C, 4.75%, NVS<sup>(c)</sup> | 4790462 | 88144501 |
| Qwest Corp. |  |  |
| 6.75% | 1806662 | 34326578 |
| 6.50%, NVS | 2675787 | 50037217 |
|  |  | 313988425 |
| **Electric Utilities — 10.6%** | **Electric Utilities — 10.6%** | **Electric Utilities — 10.6%** |
| BIP Bermuda Holdings I Ltd., 5.13%<sup>(c)</sup> | 821236 | 13016591 |
| Brookfield BRP Holdings Canada, Inc. |  |  |
| 4.63%, NVS<sup>(c)</sup> | 957794 | 13897591 |
| 4.88%<sup>(c)</sup> | 711742 | 10633425 |
| 7.25%<sup>(c)</sup> | 410597 | 9743467 |
| Brookfield Infrastructure Finance ULC |  |  |
| 5.00% | 684330 | 10333383 |
| 7.25% | 432486 | 9800133 |
| Duke Energy Corp. |  |  |
| 5.63% | 1368672 | 31794250 |
| Series A, 5.75%, NVS<sup>(c)</sup> | 2737393 | 66518650 |
| Entergy Arkansas LLC, 4.88% | 1133635 | 22309937 |
| Entergy Louisiana LLC, 4.88% | 739086 | 14892583 |
| Entergy Mississippi LLC, 4.90% | 711742 | 14483950 |
| Georgia Power Co., Series 2017, 5.00% | 739086 | 15712968 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| Series .Z, 6.50% | 1337255 | 33377885 |
| Series N, 5.65% | 1881962 | 43021651 |
| Series U, 6.50% | 2395325 | 59428013 |
| NextEra Energy, Inc. |  |  |
| 7.30%<sup>(a)</sup> | 2737393 | 153239260 |
| 7.23%<sup>(a)</sup> | 2053069 | 107868245 |
| 7.38%<sup>(a)</sup> | 3154675 | 158459325 |
| Pacific Gas & Electric Co., Series A, 6.00%<sup>(c)</sup> | 299819 | 6685964 |
| PG&E Corp., Series A, 6.00%, NVS<sup>(a)</sup> | 2203608 | 94733108 |
| PPL Corp., 7.00%, NVS<sup>(a)</sup> | 1577371 | 80903359 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| SCE Trust II, 5.10%, NVS<sup>(c)</sup> | 602241 | $10581374 |
| SCE Trust VI, 5.00%, NVS<sup>(c)</sup> | 1300283 | 22494896 |
| SCE Trust VII, Series M, 7.50%<sup>(c)</sup> | 1505567 | 36856280 |
| SCE Trust VIII, Series N, 6.95%, NVS<sup>(c)</sup> | 958082 | 22687382 |
| Southern Co. (The) |  |  |
| 5.25% | 1231833 | 25572853 |
| 6.50% | 1546622 | 38495422 |
| Series 2020, 4.95% | 2737393 | 52831685 |
| Series A, 7.13%<sup>(a)</sup> | 2750967 | 141399704 |
| Series C, 4.20% | 2053069 | 34799519 |
| Xcel Energy, Inc., 6.25% | 2463450 | 60797946 |
|  |  | 1417370799 |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| Babcock & Wilcox Enterprises, Inc., Series A, <br> 7.75%, NVS<sup>(c)</sup><br>| 524849 | 10082349 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| Novanta, Inc., 6.50%<sup>(a)</sup> | 865712 | 46436792 |
| **Financial Services — 4.9%** | **Financial Services — 4.9%** | **Financial Services — 4.9%** |
| Apollo Global Management, Inc. |  |  |
| 6.75%<sup>(a)</sup> | 1967482 | 115018998 |
| 7.63% | 1642405 | 41766359 |
| Citigroup Capital XIII, (3-mo. CME Term SOFR + <br> 6.632%), 10.30%, NVS<sup>(d)</sup><br>| 6148181 | 180449112 |
| Compass Diversified Holdings |  |  |
| Series A, 7.25%, NVS<sup>(c)</sup> | 320056 | 5607381 |
| Series B, 7.88%, NVS<sup>(c)</sup> | 514869 | 10045094 |
| Series C, 7.88%, NVS<sup>(c)</sup> | 541106 | 10573211 |
| Corebridge Financial, Inc., 6.38% | 1642405 | 37397562 |
| Equitable Holdings, Inc. |  |  |
| Series A, 5.25%, NVS<sup>(c)</sup> | 2192816 | 42562559 |
| Series C, 4.30%<sup>(c)</sup> | 822331 | 13124403 |
| Federal Agricultural Mortgage Corp. |  |  |
| Series D, 5.70%, NVS<sup>(c)</sup> | 273715 | 5619369 |
| Series F, 5.25%, NVS<sup>(c)</sup> | 328447 | 6233924 |
| Series G, 4.88%, NVS<sup>(c)</sup> | 342172 | 6046179 |
| Series H, 6.50%<sup>(c)</sup> | 284780 | 6945784 |
| Jackson Financial, Inc., 8.00%<sup>(c)</sup> | 1507574 | 37613971 |
| Merchants Bancorp |  |  |
| 8.25%, NVS<sup>(c)</sup> | 390060 | 9497961 |
| 7.63%, NVS<sup>(c)</sup> | 629585 | 15003011 |
| Series C, 6.00%, NVS<sup>(c)</sup> | 537020 | 10310784 |
| National Rural Utilities Cooperative Finance Corp., <br> Series US, 5.50%<sup>(b)</sup><br>| 684330 | 15705374 |
| Shift4 Payments, Inc., 6.00%, NVS<sup>(a)</sup> | 684330 | 36707461 |
| TPG Operating Group II LP, 6.95% | 1094988 | 27352800 |
| Voya Financial, Inc., Series B, 5.35%, NVS<sup>(c)</sup> | 821236 | 18847366 |
|  |  | 652428663 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| CHS, Inc. |  |  |
| 8.00%, NVS<sup>(c)</sup> | 839847 | 22885831 |
| Series 1, 7.88%, NVS<sup>(c)</sup> | 1468558 | 37785997 |
| Series 2, 7.10%, NVS<sup>(c)(d)</sup> | 1149726 | 28271762 |
| Series 3, 6.75%, NVS<sup>(c)(d)</sup> | 1348307 | 32642513 |
| Series 4, 7.50%<sup>(c)</sup> | 1416634 | 35784175 |
|  |  | 157370278 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| Entergy New Orleans LLC, 5.50% | 313173 | 6855357 |
| Spire, Inc., 6.38% | 547485 | 13117741 |
|  |  | 19973098 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Preferred and Income Securities ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Strive, Inc., Series A, 12.50%, NVS<sup>(c)</sup> | 227191 | $22657758 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| BrightSpring Health Services, Inc., 6.75%<sup>(a)</sup> | 547485 | 77764769 |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| Diversified Healthcare Trust |  |  |
| 6.25%, NVS | 684331 | 11715746 |
| 5.63% | 958082 | 15501767 |
|  |  | 27217513 |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| Braemar Hotels & Resorts, Inc., Series B, 5.50%, <br> NVS<sup>(a)(c)</sup><br>| 224707 | 3267240 |
| Chatham Lodging Trust, Series A, 6.63%, NVS<sup>(c)</sup> | 341679 | 6833580 |
| Pebblebrook Hotel Trust |  |  |
| Series E, 6.38%, NVS<sup>(c)</sup> | 291838 | 5606208 |
| Series F, 6.30%, NVS<sup>(c)</sup> | 403124 | 7780293 |
| Series G, 6.38%, NVS<sup>(c)</sup> | 621776 | 12062454 |
| Series H, 5.70%, NVS<sup>(c)</sup> | 535657 | 9315075 |
| RLJ Lodging Trust, Series A, 1.95%<sup>(a)(c)</sup> | 881430 | 21242463 |
| Summit Hotel Properties, Inc. |  |  |
| Series E, 6.25%, NVS<sup>(c)</sup> | 437991 | 7599144 |
| Series F, 5.88%, NVS<sup>(c)</sup> | 284788 | 4923985 |
| Sunstone Hotel Investors, Inc., Series H, 6.13%<sup>(c)</sup> | 311236 | 6003742 |
|  |  | 84634184 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Whirlpool Corp., Series A, 8.50%, NVS<sup>(a)</sup> | 720122 | 29488996 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| Brookfield Renewable Partners LP, Series 17, <br> 5.25%, NVS<sup>(c)</sup><br>| 547225 | 9477937 |
| Tennessee Valley Authority |  |  |
| Series A, (30-yr. CMT + 0.840%), 2.22%<sup>(d)</sup> | 570340 | 13830745 |
| Series D, (30-yr. CMT + 0.940%), 2.13%<sup>(d)</sup> | 702067 | 17200642 |
|  |  | 40509324 |
| **Insurance — 8.8%** | **Insurance — 8.8%** | **Insurance — 8.8%** |
| AEGON Funding Co. LLC, 5.10%, NVS | 2532098 | 47983257 |
| Allstate Corp. (The) |  |  |
| (3-mo. CME Term SOFR + 3.427%), 7.11%, <br> NVS<sup>(d)</sup><br>| 1368672 | 35256991 |
| Series H, 5.10%, NVS<sup>(c)</sup> | 3147990 | 62235762 |
| Series I, 4.75%, NVS<sup>(c)</sup> | 821236 | 15242140 |
| Series J, 7.38%<sup>(c)</sup> | 1642405 | 41782783 |
| American Financial Group, Inc. |  |  |
| 5.88% | 342172 | 7041900 |
| 4.50% | 547481 | 8869192 |
| 5.63% | 410561 | 8038784 |
| 5.13% | 547485 | 9893054 |
| American National Group, Inc., 7.38%, NVS<sup>(c)</sup> | 821236 | 19381170 |
| Arch Capital Group Ltd. |  |  |
| Series F, 5.45%, NVS<sup>(c)</sup> | 903319 | 17596654 |
| Series G, 4.55%<sup>(c)</sup> | 1368672 | 22487281 |
| Aspen Insurance Holdings Ltd. |  |  |
| 5.63%, NVS<sup>(c)</sup> | 544347 | 11240766 |
| 5.63%, NVS<sup>(c)</sup> | 824054 | 17165045 |
| 7.00%, NVS<sup>(c)</sup> | 615941 | 14351425 |
| Assurant, Inc., 5.25% | 684330 | 13618167 |
| Athene Holding Ltd. |  |  |
| 7.25% | 1574016 | 37272699 |
| Series A, 6.35%, NVS<sup>(c)</sup> | 2361015 | 55790784 |
| Series B, 5.63%, NVS<sup>(c)</sup> | 944381 | 17829913 |
| Series D, 4.88%<sup>(c)</sup> | 1574016 | 25530539 |
| Series E, 7.75%, NVS<sup>(c)</sup> | 1368672 | 34025186 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Axis Capital Holdings Ltd., Series E, 5.50%, NVS<sup>(c)</sup> | 1507574 | $29246936 |
| Brighthouse Financial, Inc. |  |  |
| 6.25% | 1026531 | 16835108 |
| Series A, 6.60%, NVS<sup>(c)</sup> | 1163377 | 17171445 |
| Series B, 6.75%, NVS<sup>(c)</sup> | 1101771 | 17143557 |
| Series C, 5.38%<sup>(c)</sup> | 1574016 | 18888192 |
| Series D, 4.63%, NVS<sup>(c)</sup> | 958082 | 10385609 |
| CNO Financial Group, Inc., 5.13% | 410561 | 7377781 |
| F&G Annuities & Life, Inc. |  |  |
| 7.95% | 944382 | 23524556 |
| 7.30% | 1026532 | 20633293 |
| Globe Life, Inc., 4.25%, NVS | 889625 | 13700225 |
| Hartford Insurance Group, Inc. (The), Series G, <br> 6.00%, NVS<sup>(c)</sup><br>| 944376 | 23241093 |
| Kemper Corp., 5.88% | 410597 | 9357506 |
| Lincoln National Corp., Series D, 9.00%<sup>(c)</sup> | 1370485 | 35824478 |
| Maiden Holdings Ltd., 6.63% | 323197 | 3435584 |
| Maiden Holdings North America Ltd., 7.75% | 417404 | 5004674 |
| MetLife, Inc. |  |  |
| Series A, (3-mo. CME Term SOFR + 1.262%), <br> 4.94%, NVS<sup>(c)(d)</sup><br>| 1642405 | 34030632 |
| Series E, 5.63%, NVS<sup>(b)(c)</sup> | 2203608 | 49448963 |
| Series F, 4.75%, NVS<sup>(c)</sup> | 2737393 | 50258535 |
| Prudential Financial, Inc. |  |  |
| 5.95% | 822332 | 19250792 |
| 5.63% | 1548674 | 34876138 |
| 4.13%, NVS | 1370485 | 22325201 |
| Reinsurance Group of America, Inc. |  |  |
| 7.13% | 1916233 | 48691481 |
| 5.75%, NVS | 1094988 | 27287101 |
| RenaissanceRe Holdings Ltd. |  |  |
| Series F, 5.75%, NVS<sup>(c)</sup> | 684330 | 14227221 |
| Series G, 4.20%, NVS<sup>(c)</sup> | 1368672 | 20680634 |
| Selective Insurance Group, Inc., Series B, 4.60%<sup>(c)</sup> | 547485 | 8661213 |
| Unum Group, 6.25% | 821236 | 18789880 |
| W R Berkley Corp. |  |  |
| 5.70% | 506440 | 10690948 |
| 5.10% | 821236 | 15513148 |
| 4.13% | 821236 | 12745583 |
| 4.25% | 684330 | 11024556 |
|  |  | 1172905555 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Brunswick Corp., 6.38% | 588550 | 13842696 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| Bruker Corp., 6.38%<sup>(a)</sup> | 188904 | 53318154 |
| **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| Global Ship Lease, Inc., 8.75%, NVS<sup>(c)</sup> | 298334 | 7905851 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Liberty Broadband Corp., Series A, 7.00%<sup>(c)</sup> | 491603 | 11454350 |
| **Mortgage Real Estate Investment Trusts (REITs) — 5.8%** | **Mortgage Real Estate Investment Trusts (REITs) — 5.8%** | **Mortgage Real Estate Investment Trusts (REITs) — 5.8%** |
| ACRES Commercial Realty Corp. |  |  |
| Series C, (3-mo. CME Term SOFR + 5.927%), <br> 9.61%<sup>(c)(d)</sup><br>| 328225 | 8222037 |
| Series D, 7.88%, NVS<sup>(c)</sup> | 308449 | 6677921 |
| Adamas Trust, Inc. |  |  |
| 9.88% | 314761 | 7821811 |
| Series D, 8.00%, NVS<sup>(c)</sup> | 420640 | 9123682 |
| Series E, 10.83%, NVS<sup>(c)(d)</sup> | 510282 | 12481498 |
| Series F, 6.88%, NVS<sup>(c)</sup> | 397179 | 9325763 |

---

62026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Preferred and Income Securities ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
| AGNC Investment Corp. |  |  |
| Series C, (3-mo. CME Term SOFR + 5.373%), <br> 9.06%, NVS<sup>(c)(d)</sup><br>| 889626 | $22391886 |
| Series D, (3-mo. CME Term SOFR + 4.594%), <br> 8.27%, NVS<sup>(c)(d)</sup><br>| 645698 | 15871257 |
| Series E, (3-mo. CME Term SOFR + 5.255%), <br> 8.94%, NVS<sup>(c)(d)</sup><br>| 1101771 | 27500204 |
| Series F, (3-mo. CME Term SOFR + 4.959%), <br> 8.64%, NVS<sup>(c)(d)</sup><br>| 1574017 | 38201393 |
| Series G, 7.75%, NVS<sup>(c)</sup> | 410561 | 10075167 |
| Series H, 8.75%, NVS<sup>(c)</sup> | 944382 | 23779539 |
| Annaly Capital Management, Inc. |  |  |
| Series F, (3-mo. CME Term SOFR + 5.255%), <br> 8.94%, NVS<sup>(c)(d)</sup><br>| 1970913 | 49548753 |
| Series G, (3-mo. CME Term SOFR + 4.434%), <br> 8.12%, NVS<sup>(c)(d)</sup><br>| 1163377 | 28386399 |
| Series I, (3-mo. CME Term SOFR + 5.251%), <br> 8.93%, NVS<sup>(c)(d)</sup><br>| 1211279 | 30015494 |
| Series J, 8.88%, NVS<sup>(c)</sup> | 752780 | 19060390 |
| Arbor Realty Trust, Inc. |  |  |
| Series D, 6.38%, NVS<sup>(c)</sup> | 630421 | 10490205 |
| Series E, 6.25%, NVS<sup>(c)</sup> | 394047 | 6450549 |
| Series F, 6.25%, NVS<sup>(c)</sup> | 777196 | 16935101 |
| ARMOUR Residential REIT, Inc., Series C, 7.00%<sup>(c)</sup> | 469768 | 9508104 |
| Chimera Investment Corp. |  |  |
| 8.88% | 339914 | 8314296 |
| Series A, 8.00%, NVS<sup>(c)</sup> | 412905 | 8456294 |
| Series B, (3-mo. CME Term SOFR + 6.053%), <br> 9.75%, NVS<sup>(c)(d)</sup><br>| 889622 | 19429344 |
| Series C, (3-mo. CME Term SOFR + 5.005%), <br> 8.71%, NVS<sup>(c)(d)</sup><br>| 711743 | 14035572 |
| Series D, (3-mo. CME Term SOFR + 5.600%), <br> 9.30%, NVS<sup>(c)(d)</sup><br>| 547485 | 12187016 |
| Dynex Capital, Inc., Series C, (3-mo. CME Term <br> SOFR + 5.723%), 9.41%, NVS<sup>(c)(d)</sup><br>| 305238 | 7838512 |
| Ellington Financial, Inc. |  |  |
| Series B, 6.25%, NVS<sup>(c)</sup> | 329885 | 7788585 |
| Series C, 8.63%<sup>(c)</sup> | 273734 | 6706483 |
| Franklin BSP Realty Trust, Inc., Series E, 7.50%, <br> NVS<sup>(c)</sup><br>| 706843 | 13606728 |
| Granite Point Mortgage Trust, Inc., Series A, 7.00%, <br> NVS<sup>(c)</sup><br>| 563222 | 10222479 |
| Invesco Mortgage Capital, Inc., Series C, 7.50%, <br> NVS<sup>(c)</sup><br>| 466192 | 10890245 |
| KKR Real Estate Finance Trust, Inc., Series A, <br> 6.50%, NVS<sup>(c)</sup><br>| 897149 | 15502735 |
| MFA Financial, Inc. |  |  |
| 8.88% | 329250 | 8214788 |
| Series B, 7.50%, NVS<sup>(c)</sup> | 547485 | 10456964 |
| Series C, (3-mo. CME Term SOFR + 5.607%), <br> 9.29%, NVS<sup>(c)(d)</sup><br>| 752780 | 15936353 |
| PennyMac Mortgage Investment Trust |  |  |
| 9.00%, NVS | 472186 | 11870756 |
| 9.00% | 287416 | 7145162 |
| Series A, 8.13%, NVS<sup>(c)(d)</sup> | 327489 | 7375052 |
| Series B, 8.00%, NVS<sup>(c)(d)</sup> | 533792 | 11722072 |
| Series C, 6.75%, NVS<sup>(c)</sup> | 684331 | 11879986 |
| Ready Capital Corp. |  |  |
| 9.00% | 355834 | 6618512 |
| Series E, 6.50%, NVS<sup>(c)</sup> | 314761 | 3188529 |
| Redwood Trust, Inc., 9.50% | 273716 | 6410429 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
| Rithm Capital Corp. |  |  |
| Series A, (3-mo. CME Term SOFR + 6.064%), <br> 9.75%, NVS<sup>(c)(d)</sup><br>| 299741 | $7420988 |
| Series B, (3-mo. CME Term SOFR + 5.902%), <br> 9.58%<sup>(c)(d)</sup><br>| 770651 | 18680580 |
| Series C, (3-mo. CME Term SOFR + 5.231%), <br> 8.91%, NVS<sup>(c)(d)</sup><br>| 1088340 | 24661784 |
| Series D, 7.00%, NVS<sup>(c)</sup> | 1272871 | 30968951 |
| Series E, 8.75%<sup>(c)</sup> | 520092 | 12482208 |
| Series F, 8.75%<sup>(c)</sup> | 684331 | 16382884 |
| TPG RE Finance Trust, Inc., Series C, 6.25%, <br> NVS<sup>(c)</sup><br>| 550916 | 9740195 |
| Two Harbors Investment Corp. |  |  |
| 9.38% | 314779 | 7913544 |
| Series A, 8.13%, NVS<sup>(c)</sup> | 345603 | 8560586 |
| Series B, 7.63%, NVS<sup>(c)</sup> | 695217 | 17366521 |
| Series C, (3-mo. CME Term SOFR + 5.273%), <br> 8.96%, NVS<sup>(c)(d)</sup><br>| 661157 | 16390082 |
|  |  | 768232368 |
| **Multi-Utilities — 1.8%** | **Multi-Utilities — 1.8%** | **Multi-Utilities — 1.8%** |
| Algonquin Power & Utilities Corp., Series 19-A, <br> 8.86%, NVS<sup>(d)</sup><br>| 958082 | 24986779 |
| Brookfield Infrastructure Partners LP |  |  |
| Series 13, 5.13%, NVS<sup>(c)</sup> | 547485 | 8841883 |
| Series 14, 5.00%, NVS<sup>(c)</sup> | 547485 | 8694062 |
| CMS Energy Corp. |  |  |
| 5.88% | 1724573 | 38113063 |
| 5.88%, NVS | 766498 | 16786306 |
| 5.63% | 547498 | 11672657 |
| Series C, 4.20%, NVS<sup>(c)</sup> | 629585 | 10545549 |
| DTE Energy Co. |  |  |
| 4.38% | 766498 | 12608892 |
| Series E, 5.25% | 1094988 | 22502003 |
| Series G, 4.38% | 629531 | 10280241 |
| Series H, 6.25% | 1642405 | 39072815 |
| Sempra, 5.75% | 2073546 | 42715048 |
|  |  | 246819298 |
| **Office REITs — 0.6%** | **Office REITs — 0.6%** | **Office REITs — 0.6%** |
| Hudson Pacific Properties, Inc., Series C, 4.75%, <br> NVS<sup>(b)(c)</sup><br>| 1163377 | 14995930 |
| SL Green Realty Corp., Series I, 6.50%, NVS<sup>(c)</sup> | 629586 | 12780596 |
| Vornado Realty Trust |  |  |
| Series L, 5.40%, NVS<sup>(c)</sup> | 821237 | 13304039 |
| Series M, 5.25%, NVS<sup>(c)</sup> | 874580 | 14159450 |
| Series N, 5.25%, NVS<sup>(c)</sup> | 821237 | 13345101 |
| Series O, 4.45%, NVS<sup>(c)</sup> | 821237 | 11710840 |
|  |  | 80295956 |
| **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** |
| El Paso Energy Capital Trust I, 4.75%<sup>(a)</sup> | 301818 | 15317263 |
| NGL Energy Partners LP, Series B, (3-mo. CME <br> Term SOFR + 7.475%), 11.15%, NVS<sup>(c)(d)</sup><br>| 927032 | 22879150 |
| Seapeak LLC |  |  |
| 9.00%, NVS<sup>(c)</sup> | 337559 | 8506487 |
| Series B, 8.50%, NVS<sup>(c)</sup> | 451433 | 11421255 |
| TransCanada PipeLines Ltd., 6.25% | 1012838 | 24024517 |
|  |  | 82148672 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
| Brookfield Property Partners LP |  |  |
| Series A, 5.75%, NVS<sup>(c)</sup> | 786975 | 10443158 |
| Series A-1, 6.50%, NVS<sup>(c)</sup> | 524030 | 8625534 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Preferred and Income Securities ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| Brookfield Property Partners LP |  |  |
| Series A2, 6.38%, NVS<sup>(c)</sup> | 684331 | $10169159 |
| Brookfield Property Preferred LP, 6.25% | 1837084 | 31965261 |
|  |  | 61203112 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| American Homes 4 Rent |  |  |
| Series G, 5.88%, NVS<sup>(c)</sup> | 314797 | 7026269 |
| Series H, 6.25%, NVS<sup>(c)</sup> | 314799 | 7444996 |
| UMH Properties, Inc., Series D, 6.38%, NVS<sup>(c)</sup> | 888433 | 18443869 |
|  |  | 32915134 |
| **Retail REITs — 0.5%** | **Retail REITs — 0.5%** | **Retail REITs — 0.5%** |
| Agree Realty Corp., Series A, 4.25%, NVS<sup>(c)</sup> | 479047 | 8047989 |
| Federal Realty Investment Trust, Series C, 5.00%, <br> NVS<sup>(c)</sup><br>| 410597 | 7920416 |
| Kimco Realty Corp. |  |  |
| Series L, 5.13%, NVS<sup>(c)</sup> | 609226 | 11800708 |
| Series M, 5.25%, NVS<sup>(c)</sup> | 716182 | 14323640 |
| Regency Centers Corp. |  |  |
| Series A, 6.25%, NVS<sup>(c)</sup> | 314797 | 7035713 |
| Series B, 5.88%, NVS<sup>(c)</sup> | 327489 | 7208033 |
| Saul Centers, Inc., Series E, 6.00%, NVS<sup>(b)(c)</sup> | 313174 | 7074601 |
|  |  | 63411100 |
| **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** |
| Microchip Technology, Inc., 7.50%<sup>(a)</sup> | 2032501 | 115791582 |
| **Software — 6.6%** | **Software — 6.6%** | **Software — 6.6%** |
| Oracle Corp., Series D, 6.50%, NVS<sup>(a)</sup> | 6843750 | 308037187 |
| Soluna Holdings, Inc., Series A, 9.00%, NVS<sup>(c)</sup> | 373338 | 2893370 |
| Strategy, Inc. |  |  |
| 8.00%, NVS<sup>(a)(c)</sup> | 959648 | 67847114 |
| 10.00%, NVS<sup>(b)(c)</sup> | 878755 | 84132004 |
| Series A, 10.00%, NVS<sup>(b)(c)</sup> | 959979 | 72814407 |
| Series A., 11.50%, NVS<sup>(b)(c)(e)</sup> | 3441825 | 344251336 |
|  |  | 879975418 |
| **Specialized REITs — 2.3%** | **Specialized REITs — 2.3%** | **Specialized REITs — 2.3%** |
| Digital Realty Trust, Inc. |  |  |
| Series J, 5.25%, NVS<sup>(b)(c)</sup> | 547485 | 11092046 |
| Series K, 5.85%, NVS<sup>(c)</sup> | 574830 | 12652008 |
| Series L, 5.20%, NVS<sup>(c)</sup> | 944382 | 18321011 |
| EPR Properties |  |  |
| Series C, 5.75%, NVS<sup>(a)(c)</sup> | 383821 | 8678193 |
| Series E, 9.00%, NVS<sup>(a)(c)</sup> | 245315 | 7452670 |
| Series G, 5.75%, NVS<sup>(c)</sup> | 427249 | 8643247 |
| Gladstone Land Corp., Series B, 6.00%<sup>(c)</sup> | 400235 | 8004700 |
| National Storage Affiliates Trust |  |  |
| 6.00%<sup>(c)</sup> | 291605 | 11314274 |
| Series A, 6.00%, NVS<sup>(c)</sup> | 618430 | 14019808 |
| Public Storage |  |  |
| Series F, 5.15%, NVS<sup>(b)(c)</sup> | 766498 | 15031026 |
| Series G, 5.05%, NVS<sup>(c)</sup> | 821236 | 15874492 |
| Series H, 5.60%<sup>(c)</sup> | 780124 | 17022306 |
| Series I, 4.88%, NVS<sup>(c)</sup> | 865712 | 16110900 |
| Series J, 4.70%, NVS<sup>(c)</sup> | 708304 | 12650309 |
| Series K, 4.75%, NVS<sup>(c)</sup> | 629585 | 11433264 |
| Series L, 4.63%, NVS<sup>(c)</sup> | 1546622 | 27096817 |
| Series M, 4.13%, NVS<sup>(c)</sup> | 629531 | 9852160 |
| Series N, 3.88%, NVS<sup>(c)</sup> | 773348 | 11368216 |
| Series O, 3.90%, NVS<sup>(c)</sup> | 484060 | 7275422 |
| Series P, 4.00%, NVS<sup>(c)</sup> | 1652686 | 25170408 |
| Series Q, 3.95%, NVS<sup>(c)</sup> | 393479 | 5898250 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** | **Specialized REITs (continued)** |
| Public Storage |  |  |
| Series R, 4.00%, NVS<sup>(c)</sup> | 1190788 | $18135701 |
| Series S, 4.10%, NVS<sup>(c)</sup> | 684330 | 10805571 |
|  |  | 303902799 |
| **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** |
| Hewlett Packard Enterprise Co., 7.63%<sup>(a)</sup> | 2053069 | 132443481 |
| **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** |
| QXO, Inc., 5.50%, NVS<sup>(a)</sup> | 786974 | 43275700 |
| Triton International Ltd. |  |  |
| 8.00%, NVS<sup>(c)</sup> | 393533 | 9798972 |
| 7.38%, NVS<sup>(c)</sup> | 479046 | 11295905 |
| 6.88%, NVS<sup>(c)</sup> | 427249 | 9591740 |
| 7.63%<sup>(c)</sup> | 410575 | 9755262 |
| Series E, 5.75%, NVS<sup>(c)</sup> | 479009 | 8698803 |
| Series G, 7.50%, NVS<sup>(c)</sup> | 479040 | 11276602 |
|  |  | 103692984 |
| **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** |
| Array Digital Infrastructure, Inc. |  |  |
| 6.25% | 301376 | 6051630 |
| 5.50% | 297696 | 5245404 |
| Telephone & Data Systems, Inc. |  |  |
| Series UU, 6.63%, NVS<sup>(c)</sup> | 1149726 | 23006017 |
| Series VV, 6.00%, NVS<sup>(c)</sup> | 1888812 | 33394196 |
| T-Mobile U.S.A., Inc. |  |  |
| 6.25% | 1077117 | 26044689 |
| 5.50% | 1097140 | 23314225 |
| 5.50% | 1080615 | 23017100 |
|  |  | 140073261 |
| **Total Preferred Securities — 98.9%** <br>**(Cost: $14,997,194,181)** | **Total Preferred Securities — 98.9%** <br>**(Cost: $14,997,194,181)** | 13200418615 |
| **Total Long-Term Investments — 98.9%** <br>**(Cost: $14,998,020,171)** | **Total Long-Term Investments — 98.9%** <br>**(Cost: $14,998,020,171)** | 13201498853 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.7%** | **Money Market Funds — 2.7%** | **Money Market Funds — 2.7%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.77%<sup>(f)(g)(h)</sup><br>| 184266961 | 184303814 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.62%<sup>(f)(g)</sup><br>| 171344718 | 171344718 |
| **Total Short-Term Securities — 2.7%** <br>**(Cost: $355,656,211)** | **Total Short-Term Securities — 2.7%** <br>**(Cost: $355,656,211)** | 355648532 |
| **Total Investments — 101.6%** <br>**(Cost: $15,353,676,382)** | **Total Investments — 101.6%** <br>**(Cost: $15,353,676,382)** | 13557147385 |
| **Liabilities in Excess of Other Assets — (1.6)%** | **Liabilities in Excess of Other Assets — (1.6)%** | (213490221)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $13343657164 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Convertible security.

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

<sup>(c)</sup> Perpetual security with no stated maturity date.

<sup>(d)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(e)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

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

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

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

82026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Preferred and Income Securities ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $40850184<br>&nbsp;&nbsp; $143517573 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(38529)<br>| &nbsp;&nbsp; $(25414)<br>| &nbsp;&nbsp; $184303814 | &nbsp;&nbsp; 184266961 | &nbsp;&nbsp; $3384608 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 168468346<br>&nbsp;&nbsp; 2876372 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 171344718 | &nbsp;&nbsp; 171344718 | &nbsp;&nbsp; 3974684 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $(38529)<br>| &nbsp;&nbsp; $(25414)<br>| &nbsp;&nbsp; $355648532 |  | &nbsp;&nbsp; $7359292 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

**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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Corporate Bonds  | &nbsp;&nbsp; $— | $1080238 | $— | $1080238 |
| Preferred Securities  |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; 12779067892 | 421350723 |  | 13200418615 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 355648532 |  |  | 355648532 |
|  | &nbsp;&nbsp; $13134716424 | $422430961 | $— | $13557147385 |

---

*See notes to financial statements.*

Schedule of Investments

------

Statement of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>Preferred and <br>Income Securities <br>ETF<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)</sup><sup>(b)</sup> | &nbsp;&nbsp; $13201498853 |
| Investments, at value — affiliated<sup>(c)</sup> | &nbsp;&nbsp; 355648532 |
| Cash | &nbsp;&nbsp; 6624804 |
| Receivables: |  |
| Investments sold | &nbsp;&nbsp; 463181335 |
| Securities lending income — affiliated | &nbsp;&nbsp; 422347 |
| Capital shares sold | &nbsp;&nbsp; 414165 |
| Dividends — unaffiliated | &nbsp;&nbsp; 31925418 |
| Dividends — affiliated | &nbsp;&nbsp; 356460 |
| Interest — unaffiliated | &nbsp;&nbsp; 4071 |
| Total assets | &nbsp;&nbsp; 14060075985 |
| **LIABILITIES** |  |
| Collateral on securities loaned | &nbsp;&nbsp; 184222142 |
| Payables: |  |
| Investments purchased | &nbsp;&nbsp; 526922257 |
| Investment advisory fees | &nbsp;&nbsp; 5274422 |
| Total liabilities | &nbsp;&nbsp; 716418821 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | &nbsp;&nbsp; $13343657164 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in capital | &nbsp;&nbsp; $18504964278 |
| Accumulated loss | &nbsp;&nbsp; (5161307114)<br>|
| NET ASSETS | &nbsp;&nbsp; $13343657164 |
| **NET ASSET VALUE** |  |
| Shares outstanding | &nbsp;&nbsp; $441100000 |
| Net asset value | &nbsp;&nbsp; $30.25 |
| Shares authorized | &nbsp;&nbsp; Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost — unaffiliated | &nbsp;&nbsp; $14998020171 |
| <sup>(b)</sup> Securities loaned, at value | &nbsp;&nbsp; $182563557 |
| <sup>(c)</sup> Investments, at cost — affiliated | &nbsp;&nbsp; $355656211 |

---

*See notes to financial statements.*

102026 iShares Annual Financial Statements and Additional Information

------

Statement of Operations

Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>Preferred and <br>Income Securities <br>ETF<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $899205004 |
| Dividends — affiliated | &nbsp;&nbsp; 3974684 |
| Interest — unaffiliated | &nbsp;&nbsp; 98884 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 3384608 |
| Foreign taxes withheld | &nbsp;&nbsp; (1148037)<br>|
| Total investment income | &nbsp;&nbsp; 905515143 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 63842706 |
| Interest expense | &nbsp;&nbsp; 782 |
| Total expenses | &nbsp;&nbsp; 63843488 |
| Net investment income | &nbsp;&nbsp; 841671655 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (439259106)<br>|
| Investments — affiliated | &nbsp;&nbsp; (38529)<br>|
| In-kind redemptions — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 42236944 |
|  | &nbsp;&nbsp; (397060691)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 183672153 |
| Investments — affiliated | &nbsp;&nbsp; (25414)<br>|
|  | &nbsp;&nbsp; 183646739 |
| Net realized and unrealized loss | &nbsp;&nbsp; (213413952)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $628257703 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statement of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares Preferred and Income Securities ETF | iShares Preferred and Income Securities ETF |
|  | Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $841671655 | &nbsp;&nbsp; $898089784 |
| Net realized loss | &nbsp;&nbsp; (397060691)<br>| &nbsp;&nbsp; (510548912)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 183646739 | &nbsp;&nbsp; (192286678)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 628257703 | &nbsp;&nbsp; 195254194 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (825635486)<br>| &nbsp;&nbsp; (915567083)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (619415860)<br>| &nbsp;&nbsp; 36715242 |
| *NET ASSETS* |  |  |
| Total decrease in net assets | &nbsp;&nbsp; (816793643)<br>| &nbsp;&nbsp; (683597647)<br>|
| Beginning of year | &nbsp;&nbsp; 14160450807 | &nbsp;&nbsp; 14844048454 |
| End of year | &nbsp;&nbsp; $13343657164 | &nbsp;&nbsp; $14160450807 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

122026 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Preferred and Income Securities ETF | iShares Preferred and Income Securities ETF | iShares Preferred and Income Securities ETF | iShares Preferred and Income Securities ETF | iShares Preferred and Income Securities ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $30.65 | &nbsp;&nbsp;&nbsp; $32.15 | &nbsp;&nbsp;&nbsp; $31.18 | &nbsp;&nbsp;&nbsp; $36.39 | &nbsp;&nbsp;&nbsp; $38.27 |
| Net investment income<sup>(a)</sup> | 1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp;&nbsp; (1.94)<br>|
| Net increase (decrease) from investment operations | 1.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $30.25 | &nbsp;&nbsp;&nbsp; $30.65 | &nbsp;&nbsp;&nbsp; $32.15 | &nbsp;&nbsp;&nbsp; $31.18 | &nbsp;&nbsp;&nbsp; $36.39 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 4.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.14<br> %<br>| &nbsp;&nbsp;&nbsp; (8.99)%<br>| &nbsp;&nbsp;&nbsp; (0.67)%<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Net investment income | 5.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.56<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $13343657 | &nbsp;&nbsp;&nbsp; $14160451 | &nbsp;&nbsp;&nbsp; $14844048 | &nbsp;&nbsp;&nbsp; $12981969 | &nbsp;&nbsp;&nbsp; $17711748 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Financial Highlights

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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* *Classification* </u> <br> Preferred and Income Securities Diversified

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES***

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is 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 Fund 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 the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement 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 March 31, 2026, if any, are disclosed in the Statement of Assets and Liabilities.

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

**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.

**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. Dividends 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 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.

**Recent Accounting Standard:** The Fund adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Fund's adoption of the new standard did not have a material impact on financial statement disclosures and did not affect the Fund's financial position or results of operations.

142026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) 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 or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price (including evaluated prices) provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

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

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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 market value of the securities on loan. The

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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.

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*<br>| &nbsp;&nbsp; *Cash* <br>*Collateral Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash* <br>*Collateral Received,* <br>*at Fair Value*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net* <br>*Amount*<sup>(b)</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $15003000 | &nbsp;&nbsp;&nbsp; $(15003000)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 108768 | &nbsp;&nbsp;&nbsp; (108768)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 13502436 | &nbsp;&nbsp;&nbsp; (13502436)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 6488000 | &nbsp;&nbsp;&nbsp; (6325000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 163000 |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 35322752 | &nbsp;&nbsp;&nbsp; (34415434)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 907318 |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 2852190 | &nbsp;&nbsp;&nbsp; (2852190)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 58101627 | &nbsp;&nbsp;&nbsp; (58101627)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 35266846 | &nbsp;&nbsp;&nbsp; (35266846)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 6132322 | &nbsp;&nbsp;&nbsp; (6132322)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 9654144 | &nbsp;&nbsp;&nbsp; (9404160)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 249984 |
| Virtu Americas LLC | &nbsp;&nbsp; 131472 | &nbsp;&nbsp;&nbsp; (131472)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $182563557 | &nbsp;&nbsp;&nbsp; $(181243255)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1320302 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

<sup>(b)</sup> The market value of the loaned securities is determined as of March 31, 2026. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock 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.*** ***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).

162026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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 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 | 0.4800<br> %<br>|
| Over $46 billion, up to and including $81 billion | 0.456000 |
| Over $81 billion, up to and including $111 billion | 0.433200 |
| Over $111 billion, up to and including $141 billion | 0.411540 |
| Over $141 billion, up to and including $171 billion | 0.390963 |
| Over $171 billion | 0.371400 |

---

**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, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. 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 specific 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 this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income - affiliated - net in its Statement of Operations. For the year ended March 31, 2026, the Fund paid BTC $819,100 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:** 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.

***6.*** ***PURCHASES AND SALES***

For the year ended March 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Preferred and Income Securities | &nbsp;&nbsp; $2825160546 | &nbsp;&nbsp;&nbsp; $2744228958 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

For the year ended March 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Preferred and Income Securities | &nbsp;&nbsp; $1250376056 | &nbsp;&nbsp;&nbsp; $1897294086 |

---

***7.*** ***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 March 31, 2026, 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 March 31, 2026, 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)* |
| Preferred and Income Securities | &nbsp;&nbsp; $38769676 | &nbsp;&nbsp;&nbsp; $(38769676)<br>|

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/26*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/25*<br>|
| Preferred and Income Securities |  |  |
| Ordinary income | &nbsp;&nbsp; $825635486 | &nbsp;&nbsp;&nbsp; $915567083 |

---

As of March 31, 2026, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| Preferred and Income Securities | &nbsp;&nbsp; $54984326 | &nbsp;&nbsp;&nbsp; $(3411560927)<br>| &nbsp;&nbsp;&nbsp; $(1804730513)<br>| &nbsp;&nbsp;&nbsp; $(5161307114)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 the tax deferral of losses on wash sales, the timing and recognition of partnership income, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of realized gains / losses for tax purposes, dividends deemed recognized for tax purposes and the classification of investments. 

As of March 31, 2026, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Preferred and Income Securities | &nbsp;&nbsp; $15365071679 | &nbsp;&nbsp;&nbsp; $242133574 | &nbsp;&nbsp;&nbsp; $(2050057868)<br>| &nbsp;&nbsp;&nbsp; $(1807924294)<br>|

---

***8.*** ***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.

182026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

**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. The Fund may invest in illiquid investments. An illiquid investment is any investment that the 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. The 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 the 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 the Fund may lose value, regardless of the individual results of the securities and other instruments in which the 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.

**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.

***9.*** ***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>03/31/26 | Year Ended <br>03/31/26 | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Preferred and Income Securities  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 39950000 | &nbsp;&nbsp;&nbsp; $1246454589 | &nbsp;&nbsp;&nbsp; 41100000 | &nbsp;&nbsp;&nbsp; $1325665881 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (60800000)<br>| &nbsp;&nbsp;&nbsp; (1865870449)<br>| &nbsp;&nbsp;&nbsp; (40900000)<br>| &nbsp;&nbsp;&nbsp; (1288950639)<br>|
|  | &nbsp;&nbsp;&nbsp; (20850000)<br>| &nbsp;&nbsp;&nbsp; $(619415860)<br>| &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $36715242 |

---

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 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

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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.

***10.*** ***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.

202026 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of iShares Preferred and Income Securities ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Preferred and Income Securities ETF (one of the funds constituting iShares Trust, referred to hereafter as the "Fund") as of March 31, 2026, the related statement of operations for the year ended March 31, 2026, the statement of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (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 March 31, 2026, 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 March 31, 2026 and the financial highlights for each of the five years in the period ended March 31, 2026 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 March 31, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 22, 2026

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

Report of Independent Registered Public Accounting Firm

------

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 March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Dividend* <br>*Income*<br>|
| Preferred and Income Securities | &nbsp;&nbsp;&nbsp; $536294495 |

---

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Business* <br>*Income*<br>|
| Preferred and Income Securities | &nbsp;&nbsp;&nbsp; $67719922 |

---

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2026 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Dividends-Received* <br>*Deduction*<br>|
| Preferred and Income Securities | &nbsp;&nbsp;&nbsp;&nbsp; 64.25<br> % <br>|

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *Fund Name* | *Interest Dividends* |
| Preferred and Income Securities | &nbsp;&nbsp;&nbsp; $196932057 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Interest-Related* <br>*Dividends*<br>|
| Preferred and Income Securities | &nbsp;&nbsp;&nbsp; $190681131 |

---

222026 BlackRock Annual Financial Statements and Additional Information

------

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 the iShares Preferred and Income Securities 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, 2025, was USD 10.34 million. This figure is comprised of fixed remuneration of USD 0.64 million and variable remuneration of USD 9.70 million. There was a total of 5 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, 2025, to its senior management was USD 9.17 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 1.17 million.

**Disclosures Under the EU Sustainable Finance Disclosure Regulation**

The iShares Preferred and Income Securities 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").

Additional Information

------

Additional Information (continued)

The iShares Preferred and Income Securities 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:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• 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**.

242026 iShares Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity Treasury |
| LP | Limited Partnership |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

Glossary of Terms Used in these Financial Statements

------

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 MSCI 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.©2026 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.

![](g341043imge8035b762.jpg)

![](g341043imga2c818553.jpg)

------

![](g341043imgf05378541.jpg)

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Annual Financial Statements <br> and Additional Information<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| ●iShares Russell Top 200 ETF \| IWL \| NYSE Arca |
| ●iShares Russell Top 200 Growth ETF \| IWY \| NYSE Arca |
| ●iShares Russell Top 200 Value ETF \| IWX \| NYSE Arca |

---

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_d6be0d54-1466-4f93-8e7c-0e326cd6f4de_SOIM-TEXT-4022_1)  | 3 |
| [Statements of Assets and Liabilities](#xx_d6be0d54-1466-4f93-8e7c-0e326cd6f4de_FS-TEXT-4022_1)  | 17 |
| [Statements of Operations](#xx_d6be0d54-1466-4f93-8e7c-0e326cd6f4de_FS-TEXT-4022_2)  | 18 |
| [Statements of Changes in Net Assets](#xx_d6be0d54-1466-4f93-8e7c-0e326cd6f4de_FS-TEXT-4022_3)  | 19 |
| [Financial Highlights](#xx_d6be0d54-1466-4f93-8e7c-0e326cd6f4de_FIHI-TEXT-4022_1)  | 21 |
| [Notes to Financial Statements](#xx_d6be0d54-1466-4f93-8e7c-0e326cd6f4de_NTF-TEXT-4022_1)  | 24 |
| [Report of Independent Registered Public Accounting Firm](#xx_d6be0d54-1466-4f93-8e7c-0e326cd6f4de_AUD-TEXT-4022_1)  | 32 |
| [Important Tax Information](#xx_d6be0d54-1466-4f93-8e7c-0e326cd6f4de_Tax-TEXT_1)  | 33 |
| [Additional Information](#xx_d6be0d54-1466-4f93-8e7c-0e326cd6f4de_AddInfo-TEXT-4022_1)  | 34 |
| [Glossary of Terms Used in these Financial Statements](#xx_d6be0d54-1466-4f93-8e7c-0e326cd6f4de_Gloss-TEXT-4022_1)  | 35 |

---

------

Schedule of Investments

March 31, 2026

**iShares® Russell Top 200 ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** |
| Boeing Co. (The)<sup>(a)</sup> | 30678 | $6105842 |
| General Dynamics Corp. | 10276 | 3526929 |
| General Electric Co. | 42231 | 11983891 |
| Lockheed Martin Corp. | 8356 | 5050283 |
| Northrop Grumman Corp. | 5429 | 3703881 |
| RTX Corp. | 54320 | 10478328 |
| TransDigm Group, Inc. | 2245 | 2601865 |
|  |  | 43451019 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| FedEx Corp. | 8721 | 3106245 |
| United Parcel Service, Inc., Class B | 29710 | 2922870 |
|  |  | 6029115 |
| **Automobiles — 2.4%** | **Automobiles — 2.4%** | **Automobiles — 2.4%** |
| General Motors Co. | 36702 | 2734299 |
| Tesla, Inc.<sup>(a)</sup> | 114561 | 42588052 |
|  |  | 45322351 |
| **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
| Bank of America Corp. | 266652 | 12999285 |
| Citigroup, Inc. | 70372 | 7980889 |
| JPMorgan Chase & Co. | 110297 | 32444965 |
| NU Holdings Ltd., Class A<sup>(a)</sup> | 135300 | 1944261 |
| PNC Financial Services Group, Inc. (The) | 15809 | 3289695 |
| Truist Financial Corp. | 51280 | 2357342 |
| U.S. Bancorp | 63427 | 3298838 |
| Wells Fargo & Co. | 125740 | 10010161 |
|  |  | 74325436 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| Coca-Cola Co. (The) | 157902 | 12008447 |
| Keurig Dr. Pepper, Inc. | 52355 | 1378507 |
| Monster Beverage Corp.<sup>(a)</sup> | 28202 | 2043517 |
| PepsiCo, Inc. | 55662 | 8643752 |
|  |  | 24074223 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| AbbVie, Inc. | 71928 | 15643621 |
| Amgen, Inc. | 21812 | 7674552 |
| Gilead Sciences, Inc. | 50517 | 7040554 |
| Regeneron Pharmaceuticals, Inc. | 4111 | 3176323 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 10305 | 4601595 |
|  |  | 38136645 |
| **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** |
| Amazon.com, Inc.<sup>(a)</sup> | 389472 | 81115333 |
| **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
| Carrier Global Corp. | 31734 | 1786941 |
| Johnson Controls International PLC | 24852 | 3254369 |
| Trane Technologies PLC | 9063 | 3776915 |
|  |  | 8818225 |
| **Capital Markets — 2.8%** | **Capital Markets — 2.8%** | **Capital Markets — 2.8%** |
| BlackRock, Inc.<sup>(b)</sup> | 6194 | 5956832 |
| Blackstone, Inc., Class A | 30049 | 3455334 |
| Brookfield Asset Management Ltd., Class A | 15463 | 687330 |
| Charles Schwab Corp. (The) | 67803 | 6372126 |
| CME Group, Inc., Class A | 14612 | 4315654 |
| Goldman Sachs Group, Inc. (The) | 11930 | 10092661 |
| Interactive Brokers Group, Inc., Class A | 17438 | 1169567 |
| Intercontinental Exchange, Inc. | 23168 | 3643863 |
| KKR & Co., Inc., Class A | 27434 | 2537645 |
| Moody's Corp. | 6319 | 2756664 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Morgan Stanley | 46061 | $7580259 |
| S&P Global, Inc. | 12325 | 5242315 |
|  |  | 53810250 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Air Products & Chemicals, Inc. | 9054 | 2630096 |
| Ecolab, Inc. | 10158 | 2702231 |
| Linde PLC | 19034 | 9436296 |
| Sherwin-Williams Co. (The) | 9347 | 2996181 |
| Solstice Advanced Materials, Inc. | 6432 | 489861 |
|  |  | 18254665 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Cintas Corp. | 14003 | 2368468 |
| Copart, Inc.<sup>(a)</sup> | 35906 | 1192079 |
| Republic Services, Inc. | 8186 | 1792898 |
| Waste Management, Inc. | 15046 | 3457420 |
|  |  | 8810865 |
| **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** |
| Arista Networks, Inc.<sup>(a)</sup> | 41856 | 5139080 |
| Cisco Systems, Inc. | 161601 | 12538622 |
| Motorola Solutions, Inc. | 6784 | 2944052 |
|  |  | 20621754 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| CRH PLC | 27230 | 2862418 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| American Express Co. | 21946 | 6638226 |
| Capital One Financial Corp. | 24948 | 4551264 |
|  |  | 11189490 |
| **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** |
| Costco Wholesale Corp. | 18022 | 17957662 |
| Target Corp. | 18377 | 2227292 |
| Walmart, Inc. | 176643 | 21953192 |
|  |  | 42138146 |
| **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** |
| AT&T Inc. | 280697 | 8137406 |
| Comcast Corp., Class A | 146568 | 4207967 |
| Verizon Communications, Inc. | 171482 | 8608397 |
|  |  | 20953770 |
| **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** |
| American Electric Power Co., Inc. | 21741 | 2849810 |
| Constellation Energy Corp. | 12681 | 3541169 |
| Duke Energy Corp. | 31641 | 4143073 |
| NextEra Energy, Inc. | 84731 | 7869816 |
| Southern Co. (The) | 44787 | 4322841 |
|  |  | 22726709 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| Eaton Corp. PLC | 15930 | 5697683 |
| Emerson Electric Co. | 22912 | 3001930 |
| GE Vernova, Inc. | 10961 | 9567857 |
|  |  | 18267470 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| Amphenol Corp., Class A | 49586 | 6265191 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| SLB Ltd. | 61097 | 3139775 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc.<sup>(a)</sup> | 172070 | 16544531 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Top 200 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Spotify Technology SA<sup>(a)</sup> | 6257 | $3034082 |
| Walt Disney Co. (The) | 72127 | 6951600 |
|  |  | 26530213 |
| **Financial Services — 4.0%** | **Financial Services — 4.0%** | **Financial Services — 4.0%** |
| Apollo Global Management, Inc. | 16999 | 1894028 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 74885 | 35884892 |
| Fiserv, Inc.<sup>(a)</sup> | 21887 | 1221295 |
| Mastercard, Inc., Class A | 32662 | 16319895 |
| PayPal Holdings, Inc. | 37953 | 1716614 |
| Visa, Inc., Class A | 68345 | 20656593 |
|  |  | 77693317 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Mondelez International, Inc., Class A | 52707 | 3038031 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| CSX Corp. | 76389 | 3135769 |
| Norfolk Southern Corp. | 9187 | 2636669 |
| Uber Technologies, Inc.<sup>(a)</sup> | 81626 | 5871358 |
| Union Pacific Corp. | 24241 | 5881351 |
|  |  | 17525147 |
| **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** |
| Abbott Laboratories | 70304 | 7218112 |
| Becton Dickinson & Co. | 11654 | 1832358 |
| Boston Scientific Corp.<sup>(a)</sup> | 59807 | 3752889 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 23263 | 1862901 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 14341 | 6611058 |
| Medtronic PLC | 52051 | 4510219 |
| Stryker Corp. | 13949 | 4583502 |
|  |  | 30371039 |
| **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** |
| Cigna Group (The) | 10662 | 2844088 |
| CVS Health Corp. | 50979 | 3661312 |
| Elevance Health, Inc. | 9012 | 2638263 |
| HCA Healthcare, Inc. | 6565 | 3106821 |
| McKesson Corp. | 5018 | 4342376 |
| UnitedHealth Group, Inc. | 36946 | 9997218 |
|  |  | 26590078 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Welltower, Inc. | 27951 | 5526192 |
| **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** |
| Airbnb, Inc., Class A<sup>(a)</sup> | 16957 | 2141330 |
| Booking Holdings, Inc. | 1321 | 5561833 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 53329 | 1707061 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 14847 | 2229277 |
| Marriott International, Inc., Class A | 9006 | 2945592 |
| McDonald's Corp. | 29039 | 9025031 |
| Starbucks Corp. | 46201 | 4139148 |
|  |  | 27749272 |
| **Household Products — 0.9%** | **Household Products — 0.9%** | **Household Products — 0.9%** |
| Colgate-Palmolive Co. | 32725 | 2789152 |
| Kimberly-Clark Corp. | 13526 | 1304853 |
| Procter & Gamble Co. (The) | 95366 | 13774665 |
|  |  | 17868670 |
| **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| 3M Co. | 21687 | 3149603 |
| Honeywell International, Inc. | 25820 | 5836095 |
|  |  | 8985698 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Prologis, Inc. | 37649 | 4976445 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| Aflac, Inc. | 19107 | $2096229 |
| American International Group, Inc. | 21901 | 1648050 |
| Aon PLC, Class A | 8495 | 2742016 |
| Arthur J. Gallagher & Co. | 10254 | 2220811 |
| Chubb Ltd. | 14867 | 4845601 |
| Marsh & McLennan Cos., Inc. | 19723 | 3420955 |
| MetLife, Inc. | 22739 | 1608102 |
| Progressive Corp. (The) | 23758 | 4709786 |
| Travelers Cos., Inc. (The) | 8811 | 2569993 |
|  |  | 25861543 |
| **Interactive Media & Services — 9.0%** | **Interactive Media & Services — 9.0%** | **Interactive Media & Services — 9.0%** |
| Alphabet, Inc., Class A | 236007 | 67866173 |
| Alphabet, Inc., Class C, NVS | 192167 | 55125026 |
| Meta Platforms, Inc., Class A | 88648 | 50718180 |
|  |  | 173709379 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| Accenture PLC, Class A | 24980 | 4953284 |
| International Business Machines Corp. | 37776 | 9156525 |
| Snowflake, Inc., Class A<sup>(a)</sup> | 13465 | 2030791 |
|  |  | 16140600 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| Danaher Corp. | 25510 | 4836696 |
| Thermo Fisher Scientific, Inc. | 15342 | 7541053 |
|  |  | 12377749 |
| **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** |
| Caterpillar, Inc. | 18799 | 13318339 |
| Deere & Co. | 9919 | 5587373 |
| Illinois Tool Works, Inc. | 11738 | 3055284 |
| PACCAR, Inc. | 20947 | 2419378 |
| Parker-Hannifin Corp. | 5144 | 4605115 |
|  |  | 28985489 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Versant Media Group, Inc.<sup>(a)</sup> | 5787 | 214235 |
| **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| Freeport-McMoRan, Inc. | 58166 | 3418997 |
| Newmont Corp. | 44629 | 4831089 |
| Southern Copper Corp. | 3393 | 583800 |
|  |  | 8833886 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| Dominion Energy, Inc. | 34498 | 2132666 |
| Sempra | 26591 | 2583848 |
|  |  | 4716514 |
| **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** |
| Chevron Corp. | 76066 | 15738055 |
| ConocoPhillips | 50239 | 6631548 |
| EOG Resources, Inc. | 22240 | 3215237 |
| Exxon Mobil Corp. | 171530 | 29101780 |
| Williams Cos., Inc. (The) | 49537 | 3605303 |
|  |  | 58291923 |
| **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** |
| Bristol-Myers Squibb Co. | 82681 | 5014603 |
| Eli Lilly & Co. | 32527 | 29917359 |
| Johnson & Johnson | 97704 | 23882766 |
| Merck & Co., Inc. | 100902 | 12137501 |
| Pfizer, Inc. | 230479 | 6471850 |
| Zoetis, Inc., Class A | 18034 | 2131799 |
|  |  | 79555878 |

---

42026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Top 200 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| Automatic Data Processing, Inc. | 16372 | $3326463 |
| **Semiconductors & Semiconductor Equipment — 16.3%** | **Semiconductors & Semiconductor Equipment — 16.3%** | **Semiconductors & Semiconductor Equipment — 16.3%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 65385 | 13301271 |
| Analog Devices, Inc. | 19845 | 6313488 |
| Applied Materials, Inc. | 32209 | 11008714 |
| Broadcom, Inc. | 187508 | 58035601 |
| Intel Corp.<sup>(a)</sup> | 179192 | 7907743 |
| KLA Corp. | 5345 | 7870031 |
| Lam Research Corp. | 50978 | 10891960 |
| Marvell Technology, Inc. | 34369 | 3404249 |
| Micron Technology, Inc. | 45364 | 15325774 |
| NVIDIA Corp. | 950238 | 165721507 |
| QUALCOMM, Inc. | 43416 | 5591113 |
| Texas Instruments, Inc. | 36859 | 7155806 |
|  |  | 312527257 |
| **Software — 9.5%** | **Software — 9.5%** | **Software — 9.5%** |
| Adobe, Inc.<sup>(a)</sup> | 16643 | 4045580 |
| AppLovin Corp., Class A<sup>(a)</sup> | 9670 | 3848660 |
| Atlassian Corp., Class A<sup>(a)</sup> | 6720 | 458640 |
| Autodesk, Inc.<sup>(a)</sup> | 8613 | 2061952 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 11104 | 3085468 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 10017 | 3910737 |
| Fortinet, Inc.<sup>(a)</sup> | 25122 | 2052970 |
| Intuit, Inc. | 11105 | 4801580 |
| Microsoft Corp. | 301116 | 111464110 |
| Oracle Corp. | 68345 | 10054233 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 88686 | 12972988 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 32478 | 5206873 |
| Roper Technologies, Inc. | 4372 | 1547076 |
| Salesforce, Inc. | 37019 | 6910337 |
| ServiceNow, Inc.<sup>(a)</sup> | 42403 | 4433234 |
| Strategy, Inc., Class A<sup>(a)</sup> | 12665 | 1580592 |
| Synopsys, Inc.<sup>(a)</sup> | 7752 | 3073513 |
| Workday, Inc., Class A<sup>(a)</sup> | 8693 | 1129394 |
|  |  | 182637937 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| American Tower Corp. | 19024 | 3283162 |
| Equinix, Inc. | 3958 | 3879790 |
| Public Storage | 6387 | 1730110 |
|  |  | 8893062 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| AutoZone, Inc.<sup>(a)</sup> | 676 | $2283379 |
| Home Depot, Inc. (The) | 40425 | 13295378 |
| Lowe's Cos., Inc. | 22740 | 5373007 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 34128 | 3150356 |
| TJX Cos., Inc. (The) | 45369 | 7245430 |
|  |  | 31347550 |
| **Technology Hardware, Storage & Peripherals — 7.8%** | **Technology Hardware, Storage & Peripherals — 7.8%** | **Technology Hardware, Storage & Peripherals — 7.8%** |
| Apple Inc. | 584921 | 148447101 |
| Dell Technologies, Inc., Class C | 12677 | 2080676 |
|  |  | 150527777 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| NIKE, Inc., Class B | 47510 | 2509478 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| Altria Group, Inc. | 68544 | 4523219 |
| Philip Morris International, Inc. | 63256 | 10458747 |
|  |  | 14981966 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| T-Mobile U.S., Inc. | 19522 | 4100206 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $1,496,051,250)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $1,496,051,250)** | 1916705844 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(b)(c)</sup><br>| 2944209 | 2944209 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $2,944,209)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $2,944,209)** | 2944209 |
| **Total Investments — 100.0%** <br>**(Cost: $1,498,995,459)** | **Total Investments — 100.0%** <br>**(Cost: $1,498,995,459)** | 1919650053 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 887027 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1920537080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Affiliate of the Fund. <br> <sup>(c)</sup> Annualized 7-day yield as of period end.

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Top 200 ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $5423547<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5421802 )<sup>(b)</sup><br>| &nbsp;&nbsp; $(1745)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $5435 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 2330601<br>| &nbsp;&nbsp; 613608 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2944209 | &nbsp;&nbsp; 2944209 | &nbsp;&nbsp; 105655 | &nbsp;&nbsp; — |
| BlackRock, Inc. | &nbsp;&nbsp; 5441314<br>| &nbsp;&nbsp; 1189549 | &nbsp;&nbsp; (702283)<br>| &nbsp;&nbsp; 233818 | &nbsp;&nbsp; (205566)<br>| &nbsp;&nbsp; 5956832 | &nbsp;&nbsp; 6194 | &nbsp;&nbsp; 126535 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $232073 | &nbsp;&nbsp; $(205566)<br>| &nbsp;&nbsp; $8901041 |  | &nbsp;&nbsp; $237625 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| S&P 500 E-Mini Index | 10 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $3285 | &nbsp;&nbsp;&nbsp;&nbsp; $(78201)<br>|

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $78201 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $78201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $485896 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $485896 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(111310)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(111310)<br>|

---

62026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Top 200 ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3292922 |

---

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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $1916705844 | $— | $— | $1916705844 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2944209 |  |  | 2944209 |
|  | &nbsp;&nbsp; $1919650053 | $— | $— | $1919650053 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(78201)<br>| $— | $— | $(78201)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Schedule of Investments

------

Schedule of Investments

March 31, 2026

**iShares® Russell Top 200 Growth ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** |
| Boeing Co. (The)<sup>(a)</sup> | 66627 | $13260772 |
| General Electric Co. | 652855 | 185260663 |
| Lockheed Martin Corp. | 36032 | 21777381 |
| TransDigm Group, Inc. | 6063 | 7026774 |
|  |  | 227325590 |
| **Automobiles — 3.5%** | **Automobiles — 3.5%** | **Automobiles — 3.5%** |
| Tesla, Inc.<sup>(a)</sup> | 1399632 | 520313196 |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| Bank of America Corp. | 327569 | 15968989 |
| Citigroup, Inc. | 194204 | 22024676 |
| NU Holdings Ltd., Class A<sup>(a)</sup> | 2099458 | 30169211 |
|  |  | 68162876 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| Coca-Cola Co. (The) | 1192677 | 90703086 |
| Monster Beverage Corp.<sup>(a)</sup> | 437832 | 31725307 |
| PepsiCo, Inc. | 117783 | 18290522 |
|  |  | 140718915 |
| **Biotechnology — 2.9%** | **Biotechnology — 2.9%** | **Biotechnology — 2.9%** |
| AbbVie, Inc. | 1111932 | 241834091 |
| Amgen, Inc. | 249023 | 87618743 |
| Gilead Sciences, Inc. | 210435 | 29328326 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 159299 | 71133375 |
|  |  | 429914535 |
| **Broadline Retail — 4.5%** | **Broadline Retail — 4.5%** | **Broadline Retail — 4.5%** |
| Amazon.com, Inc.<sup>(a)</sup> | 3161713 | 658489966 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| Trane Technologies PLC | 139921 | 58310678 |
| **Capital Markets — 0.9%** | **Capital Markets — 0.9%** | **Capital Markets — 0.9%** |
| Blackstone, Inc., Class A | 465544 | 53532905 |
| Brookfield Asset Management Ltd., Class A | 82165 | 3652234 |
| Charles Schwab Corp. (The) | 91585 | 8607158 |
| Goldman Sachs Group, Inc. (The) | 9919 | 8391375 |
| Interactive Brokers Group, Inc., Class A | 14604 | 979490 |
| KKR & Co., Inc., Class A | 106104 | 9814620 |
| Moody's Corp. | 97565 | 42562731 |
|  |  | 127540513 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| Ecolab, Inc. | 38378 | 10209316 |
| Sherwin-Williams Co. (The) | 131271 | 42078919 |
|  |  | 52288235 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| Cintas Corp. | 215790 | 36498720 |
| Copart, Inc.<sup>(a)</sup> | 516965 | 17163238 |
| Waste Management, Inc. | 232201 | 53357468 |
|  |  | 107019426 |
| **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
| Arista Networks, Inc.<sup>(a)</sup> | 647484 | 79498085 |
| Motorola Solutions, Inc. | 44048 | 19115511 |
|  |  | 98613596 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| American Express Co. | 111145 | 33619140 |
| **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** |
| Costco Wholesale Corp. | 278591 | 277596430 |
| Walmart, Inc. | 272846 | 33909301 |
|  |  | 311505731 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| GE Vernova, Inc. | 169454 | $147916397 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Amphenol Corp., Class A | 765845 | 96764516 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| SLB Ltd. | 73857 | 3795511 |
| **Entertainment — 2.0%** | **Entertainment — 2.0%** | **Entertainment — 2.0%** |
| Netflix, Inc.<sup>(a)</sup> | 2660036 | 255762461 |
| Spotify Technology SA<sup>(a)</sup> | 96544 | 46815151 |
|  |  | 302577612 |
| **Financial Services — 4.0%** | **Financial Services — 4.0%** | **Financial Services — 4.0%** |
| Apollo Global Management, Inc. | 183014 | 20391420 |
| Fiserv, Inc.<sup>(a)</sup> | 92797 | 5178073 |
| Mastercard, Inc., Class A | 504917 | 252286828 |
| Visa, Inc., Class A | 1056551 | 319331974 |
|  |  | 597188295 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Uber Technologies, Inc.<sup>(a)</sup> | 1263651 | 90894416 |
| Union Pacific Corp. | 29630 | 7188831 |
|  |  | 98083247 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| Boston Scientific Corp.<sup>(a)</sup> | 159707 | 10021614 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 221549 | 102131874 |
| Stryker Corp. | 55558 | 18255803 |
|  |  | 130409291 |
| **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |
| Cigna Group (The) | 13011 | 3470684 |
| HCA Healthcare, Inc. | 21519 | 10183652 |
| McKesson Corp. | 71602 | 61961507 |
|  |  | 75615843 |
| **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** |
| Airbnb, Inc., Class A<sup>(a)</sup> | 262139 | 33102913 |
| Booking Holdings, Inc. | 19176 | 80737096 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 826229 | 26447590 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 229519 | 34462278 |
| Marriott International, Inc., Class A | 106830 | 34940888 |
| McDonald's Corp. | 25368 | 7884121 |
| Starbucks Corp. | 94430 | 8459984 |
|  |  | 226034870 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| Colgate-Palmolive Co. | 239139 | 20381817 |
| Kimberly-Clark Corp. | 75113 | 7246151 |
|  |  | 27627968 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| 3M Co. | 53854 | 7821216 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Aon PLC, Class A | 121737 | 39294269 |
| Arthur J. Gallagher & Co. | 10049 | 2176412 |
| Marsh & McLennan Cos., Inc. | 36149 | 6270044 |
| Progressive Corp. (The) | 18320 | 3631757 |
|  |  | 51372482 |
| **Interactive Media & Services — 10.5%** | **Interactive Media & Services — 10.5%** | **Interactive Media & Services — 10.5%** |
| Alphabet, Inc., Class A | 2020576 | 581036835 |
| Alphabet, Inc., Class C, NVS | 1645241 | 471953833 |
| Meta Platforms, Inc., Class A | 882976 | 505177059 |
|  |  | 1558167727 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Snowflake, Inc., Class A<sup>(a)</sup> | 208144 | 31392278 |

---

82026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Top 200 Growth ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| Caterpillar, Inc. | 35772 | $25343031 |
| Illinois Tool Works, Inc. | 59538 | 15497146 |
|  |  | 40840177 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| Williams Cos., Inc. (The) | 41726 | 3036818 |
| **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** |
| Bristol-Myers Squibb Co. | 246091 | 14925419 |
| Eli Lilly & Co. | 462703 | 425580338 |
| Zoetis, Inc., Class A | 220738 | 26093439 |
|  |  | 466599196 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Automatic Data Processing, Inc. | 234657 | 47677609 |
| **Semiconductors & Semiconductor Equipment — 22.5%** | **Semiconductors & Semiconductor Equipment — 22.5%** | **Semiconductors & Semiconductor Equipment — 22.5%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 591258 | 120279615 |
| Applied Materials, Inc. | 141227 | 48269976 |
| Broadcom, Inc. | 2057536 | 636827968 |
| KLA Corp. | 82589 | 121604870 |
| Lam Research Corp. | 788061 | 168377113 |
| Marvell Technology, Inc. | 37076 | 3672378 |
| NVIDIA Corp. | 12377868 | 2158700179 |
| QUALCOMM, Inc. | 153431 | 19758844 |
| Texas Instruments, Inc. | 233387 | 45309752 |
|  |  | 3322800695 |
| **Software — 16.3%** | **Software — 16.3%** | **Software — 16.3%** |
| Adobe, Inc.<sup>(a)</sup> | 257280 | 62539622 |
| AppLovin Corp., Class A<sup>(a)</sup> | 149641 | 59557118 |
| Atlassian Corp., Class A<sup>(a)(b)</sup> | 104090 | 7104142 |
| Autodesk, Inc.<sup>(a)</sup> | 133721 | 32012807 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 171254 | 47586349 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 155198 | 60590851 |
| Fortinet, Inc.<sup>(a)</sup> | 388349 | 31735880 |
| Intuit, Inc. | 171371 | 74097393 |
| Microsoft Corp. | 3953470 | 1463455990 |
| Oracle Corp. | 1056546 | 155428482 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 1370999 | 200549734 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 502085 | 80494267 |
| Salesforce, Inc. | 64098 | 11965174 |
| ServiceNow, Inc.<sup>(a)</sup> | 655505 | 68533048 |
| Strategy, Inc., Class A<sup>(a)(b)</sup> | 10845 | 1353456 |
| Synopsys, Inc.<sup>(a)</sup> | 87910 | 34854557 |
| Workday, Inc., Class A<sup>(a)</sup> | 132779 | 17250648 |
|  |  | 2409109518 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** |
| American Tower Corp. | 293584 | $50666727 |
| Public Storage | 12940 | 3505187 |
|  |  | 54171914 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| AutoZone, Inc.<sup>(a)</sup> | 1641 | 5542937 |
| Home Depot, Inc. (The) | 476253 | 156634849 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 485937 | 44856845 |
| TJX Cos., Inc. (The) | 351023 | 56058373 |
|  |  | 263093004 |
| **Technology Hardware, Storage & Peripherals — 13.2%** | **Technology Hardware, Storage & Peripherals — 13.2%** | **Technology Hardware, Storage & Peripherals — 13.2%** |
| Apple Inc. | 7640460 | 1939072344 |
| Dell Technologies, Inc., Class C | 26825 | 4402787 |
|  |  | 1943475131 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $11,916,287,439)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $11,916,287,439)** | 14739393712 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.77%<sup>(c)(d)(e)</sup><br>| 8104810 | 8106430 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(c)(d)</sup><br>| 24679836 | 24679836 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $32,786,926)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $32,786,926)** | 32786266 |
| **Total Investments — 100.0%** <br>**(Cost: $11,949,074,365)** | **Total Investments — 100.0%** <br>**(Cost: $11,949,074,365)** | 14772179978 |
| **Liabilities in Excess of Other Assets — (0.0)%** | **Liabilities in Excess of Other Assets — (0.0)%** | (4960355)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $14767219623 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Top 200 Growth ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL Agency <br> Shares<br>| &nbsp;&nbsp; $75782792<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(67678021 )<sup>(a)</sup><br>| &nbsp;&nbsp; $2319 | &nbsp;&nbsp; $(660)<br>| &nbsp;&nbsp; $8106430 | &nbsp;&nbsp; 8104810 | &nbsp;&nbsp; $71454 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, <br> SL Agency Shares<br>| &nbsp;&nbsp; 16726822<br>| &nbsp;&nbsp; 7953014 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24679836 | &nbsp;&nbsp; 24679836 | &nbsp;&nbsp; 876199 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $2319 | &nbsp;&nbsp; $(660)<br>| &nbsp;&nbsp; $32786266 |  | &nbsp;&nbsp; $947653 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Russell 1000 Growth E-Mini Index | 116 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $25090 | &nbsp;&nbsp;&nbsp;&nbsp; $(682383)<br>|

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $682383 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $682383 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3668915 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3668915 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(369369)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(369369)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $22263328 |

---

102026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Top 200 Growth ETF**

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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $14739393712 | $— | $— | $14739393712 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 32786266 |  |  | 32786266 |
|  | &nbsp;&nbsp; $14772179978 | $— | $— | $14772179978 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(682383)<br>| $— | $— | $(682383)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Schedule of Investments

------

Schedule of Investments

March 31, 2026

**iShares® Russell Top 200 Value ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** |
| Boeing Co. (The)<sup>(a)</sup> | 107825 | $21460410 |
| General Dynamics Corp. | 41957 | 14400482 |
| Lockheed Martin Corp. | 24714 | 14936894 |
| Northrop Grumman Corp. | 22201 | 15146410 |
| RTX Corp. | 222135 | 42849841 |
| TransDigm Group, Inc. | 7581 | 8786076 |
|  |  | 117580113 |
| **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
| FedEx Corp. | 35584 | 12674309 |
| United Parcel Service, Inc., Class B | 121863 | 11988882 |
|  |  | 24663191 |
| **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| General Motors Co. | 150097 | 11182226 |
| **Banks — 8.4%** | **Banks — 8.4%** | **Banks — 8.4%** |
| Bank of America Corp. | 1003809 | 48935689 |
| Citigroup, Inc. | 236412 | 26811485 |
| JPMorgan Chase & Co. | 451044 | 132679103 |
| PNC Financial Services Group, Inc. (The) | 64650 | 13453018 |
| Truist Financial Corp. | 209710 | 9640369 |
| U.S. Bancorp | 259317 | 13487077 |
| Wells Fargo & Co. | 514211 | 40936338 |
|  |  | 285943079 |
| **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
| Coca-Cola Co. (The) | 330184 | 25110493 |
| Keurig Dr. Pepper, Inc. | 214926 | 5659001 |
| PepsiCo, Inc. | 196361 | 30492900 |
|  |  | 61262394 |
| **Biotechnology — 1.2%** | **Biotechnology — 1.2%** | **Biotechnology — 1.2%** |
| Amgen, Inc. | 23382 | 8226957 |
| Gilead Sciences, Inc. | 151109 | 21060061 |
| Regeneron Pharmaceuticals, Inc. | 16850 | 13018984 |
|  |  | 42306002 |
| **Broadline Retail — 2.7%** | **Broadline Retail — 2.7%** | **Broadline Retail — 2.7%** |
| Amazon.com, Inc.<sup>(a)</sup> | 437873 | 91195810 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| Carrier Global Corp. | 130461 | 7346259 |
| Johnson Controls International PLC | 101639 | 13309627 |
|  |  | 20655886 |
| **Capital Markets — 5.5%** | **Capital Markets — 5.5%** | **Capital Markets — 5.5%** |
| BlackRock, Inc.<sup>(b)</sup> | 25329 | 24359153 |
| Brookfield Asset Management Ltd., Class A | 41475 | 1843564 |
| Charles Schwab Corp. (The) | 253055 | 23782109 |
| CME Group, Inc., Class A | 59710 | 17635349 |
| Goldman Sachs Group, Inc. (The) | 46163 | 39053436 |
| Interactive Brokers Group, Inc., Class A | 67441 | 4523268 |
| Intercontinental Exchange, Inc. | 94719 | 14897404 |
| KKR & Co., Inc., Class A | 84528 | 7818840 |
| Morgan Stanley | 188369 | 30999886 |
| S&P Global, Inc. | 50333 | 21408638 |
|  |  | 186321647 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| Air Products & Chemicals, Inc. | 36898 | 10718500 |
| Ecolab, Inc. | 31181 | 8294770 |
| Linde PLC | 77970 | 38654407 |
| Sherwin-Williams Co. (The) | 3624 | 1161673 |
| Solstice Advanced Materials, Inc. | 26278 | 2001332 |
|  |  | 60830682 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| Copart, Inc.<sup>(a)</sup> | 10077 | $334556 |
| Republic Services, Inc. | 33543 | 7346588 |
|  |  | 7681144 |
| **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** |
| Cisco Systems, Inc. | 660848 | 51275196 |
| Motorola Solutions, Inc. | 16001 | 6943954 |
|  |  | 58219150 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| CRH PLC | 111355 | 11705638 |
| **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
| American Express Co. | 60265 | 18228957 |
| Capital One Financial Corp. | 102025 | 18612421 |
|  |  | 36841378 |
| **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** |
| Target Corp. | 75388 | 9137026 |
| Walmart, Inc. | 650186 | 80805116 |
|  |  | 89942142 |
| **Diversified Telecommunication Services — 2.5%** | **Diversified Telecommunication Services — 2.5%** | **Diversified Telecommunication Services — 2.5%** |
| AT&T Inc. | 1147503 | 33266112 |
| Comcast Corp., Class A | 600106 | 17229043 |
| Verizon Communications, Inc. | 701237 | 35202098 |
|  |  | 85697253 |
| **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** |
| American Electric Power Co., Inc. | 88827 | 11643443 |
| Constellation Energy Corp. | 51862 | 14482464 |
| Duke Energy Corp. | 129167 | 16913127 |
| NextEra Energy, Inc. | 346380 | 32171774 |
| Southern Co. (The) | 182951 | 17658431 |
|  |  | 92869239 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| Eaton Corp. PLC | 65067 | 23272514 |
| Emerson Electric Co. | 93588 | 12261900 |
|  |  | 35534414 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| SLB Ltd. | 229347 | 11786142 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Walt Disney Co. (The) | 294964 | 28428630 |
| **Financial Services — 4.7%** | **Financial Services — 4.7%** | **Financial Services — 4.7%** |
| Apollo Global Management, Inc. | 21103 | 2351296 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 306234 | 146747333 |
| Fiserv, Inc.<sup>(a)</sup> | 64097 | 3576613 |
| PayPal Holdings, Inc. | 155027 | 7011871 |
|  |  | 159687113 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| Mondelez International, Inc., Class A | 215110 | 12398940 |
| **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** |
| CSX Corp. | 311667 | 12793930 |
| Norfolk Southern Corp. | 37496 | 10761352 |
| Union Pacific Corp. | 91458 | 22189540 |
|  |  | 45744822 |
| **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** |
| Abbott Laboratories | 287499 | 29517522 |
| Becton Dickinson & Co. | 47540 | 7474714 |
| Boston Scientific Corp.<sup>(a)</sup> | 202830 | 12727583 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 95654 | 7659972 |

---

122026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Top 200 Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| Medtronic PLC | 212921 | $18449605 |
| Stryker Corp. | 42452 | 13949303 |
|  |  | 89778699 |
| **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** |
| Cigna Group (The) | 40214 | 10727085 |
| CVS Health Corp. | 207948 | 14934825 |
| Elevance Health, Inc. | 36931 | 10811550 |
| HCA Healthcare, Inc. | 21218 | 10041206 |
| McKesson Corp. | 1596 | 1381115 |
| UnitedHealth Group, Inc. | 151087 | 40882631 |
|  |  | 88778412 |
| **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** |
| Welltower, Inc. | 114167 | 22571958 |
| **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** |
| Booking Holdings, Inc. | 326 | 1372564 |
| Marriott International, Inc., Class A | 8631 | 2822941 |
| McDonald's Corp. | 111979 | 34801954 |
| Starbucks Corp. | 163866 | 14680755 |
|  |  | 53678214 |
| **Household Products — 1.9%** | **Household Products — 1.9%** | **Household Products — 1.9%** |
| Colgate-Palmolive Co. | 70253 | 5987663 |
| Kimberly-Clark Corp. | 35389 | 3413977 |
| Procter & Gamble Co. (The) | 389990 | 56330156 |
|  |  | 65731796 |
| **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** |
| 3M Co. | 74222 | 10779261 |
| Honeywell International, Inc. | 105586 | 23865604 |
|  |  | 34644865 |
| **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| Prologis, Inc. | 154010 | 20357042 |
| **Insurance — 2.7%** | **Insurance — 2.7%** | **Insurance — 2.7%** |
| Aflac, Inc. | 78139 | 8572630 |
| American International Group, Inc. | 89565 | 6739766 |
| Aon PLC, Class A | 2687 | 867310 |
| Arthur J. Gallagher & Co. | 39418 | 8537151 |
| Chubb Ltd. | 60684 | 19778736 |
| Marsh & McLennan Cos., Inc. | 71096 | 12331601 |
| MetLife, Inc. | 92481 | 6540256 |
| Progressive Corp. (The) | 92414 | 18320151 |
| Travelers Cos., Inc. (The) | 36035 | 10510689 |
|  |  | 92198290 |
| **Interactive Media & Services — 6.3%** | **Interactive Media & Services — 6.3%** | **Interactive Media & Services — 6.3%** |
| Alphabet, Inc., Class A | 342566 | 98508279 |
| Alphabet, Inc., Class C, NVS | 278931 | 80014147 |
| Meta Platforms, Inc., Class A | 64654 | 36990493 |
|  |  | 215512919 |
| **IT Services — 1.7%** | **IT Services — 1.7%** | **IT Services — 1.7%** |
| Accenture PLC, Class A | 102159 | 20257108 |
| International Business Machines Corp. | 154480 | 37444407 |
|  |  | 57701515 |
| **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| Danaher Corp. | 104547 | 19822111 |
| Thermo Fisher Scientific, Inc. | 62701 | 30819423 |
|  |  | 50641534 |
| **Machinery — 3.2%** | **Machinery — 3.2%** | **Machinery — 3.2%** |
| Caterpillar, Inc. | 67415 | 47760831 |
| Deere & Co. | 40566 | 22850828 |
| Illinois Tool Works, Inc. | 32371 | 8425848 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| PACCAR, Inc. | 85573 | $9883681 |
| Parker-Hannifin Corp. | 21000 | 18800040 |
|  |  | 107721228 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Versant Media Group, Inc.<sup>(a)</sup> | 24175 | 894958 |
| **Metals & Mining — 1.1%** | **Metals & Mining — 1.1%** | **Metals & Mining — 1.1%** |
| Freeport-McMoRan, Inc. | 237472 | 13958604 |
| Newmont Corp. | 182411 | 19745991 |
| Southern Copper Corp. | 13948 | 2399893 |
|  |  | 36104488 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Dominion Energy, Inc. | 141780 | 8764839 |
| Sempra | 108398 | 10533034 |
|  |  | 19297873 |
| **Oil, Gas & Consumable Fuels — 7.0%** | **Oil, Gas & Consumable Fuels — 7.0%** | **Oil, Gas & Consumable Fuels — 7.0%** |
| Chevron Corp. | 311061 | 64358521 |
| ConocoPhillips | 205451 | 27119532 |
| EOG Resources, Inc. | 90736 | 13117703 |
| Exxon Mobil Corp. | 701456 | 119009025 |
| Williams Cos., Inc. (The) | 191487 | 13936424 |
|  |  | 237541205 |
| **Pharmaceuticals — 5.6%** | **Pharmaceuticals — 5.6%** | **Pharmaceuticals — 5.6%** |
| Bristol-Myers Squibb Co. | 273269 | 16573765 |
| Johnson & Johnson | 399553 | 97666735 |
| Merck & Co., Inc. | 412636 | 49635985 |
| Pfizer, Inc. | 943237 | 26486095 |
| Zoetis, Inc., Class A | 14935 | 1765466 |
|  |  | 192128046 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| Automatic Data Processing, Inc. | 4947 | 1005131 |
| **Semiconductors & Semiconductor Equipment — 6.6%** | **Semiconductors & Semiconductor Equipment — 6.6%** | **Semiconductors & Semiconductor Equipment — 6.6%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 110979 | 22576458 |
| Analog Devices, Inc. | 81155 | 25818652 |
| Applied Materials, Inc. | 94356 | 32249937 |
| Intel Corp.<sup>(a)</sup> | 732628 | 32330874 |
| Marvell Technology, Inc. | 130744 | 12950193 |
| Micron Technology, Inc. | 185513 | 62673712 |
| QUALCOMM, Inc. | 136961 | 17637838 |
| Texas Instruments, Inc. | 89161 | 17309716 |
|  |  | 223547380 |
| **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** |
| Roper Technologies, Inc. | 17767 | 6287030 |
| Salesforce, Inc. | 134434 | 25094795 |
| Strategy, Inc., Class A<sup>(a)</sup> | 48915 | 6104592 |
| Synopsys, Inc.<sup>(a)</sup> | 8431 | 3342723 |
|  |  | 40829140 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Equinix, Inc. | 16226 | 15905374 |
| Public Storage | 22780 | 6170647 |
|  |  | 22076021 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| AutoZone, Inc.<sup>(a)</sup> | 2332 | 7876983 |
| Home Depot, Inc. (The) | 39328 | 12934586 |
| Lowe's Cos., Inc. | 93056 | 21987271 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 11471 | 1058888 |
| TJX Cos., Inc. (The) | 92857 | 14829263 |
|  |  | 58686991 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Top 200 Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| Dell Technologies, Inc., Class C | 44746 | $7344161 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| NIKE, Inc., Class B | 194285 | 10262134 |
| **Tobacco — 1.8%** | **Tobacco — 1.8%** | **Tobacco — 1.8%** |
| Altria Group, Inc. | 280078 | 18482347 |
| Philip Morris International, Inc. | 258680 | 42770151 |
|  |  | 61252498 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| T-Mobile U.S., Inc. | 80006 | 16803660 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $3,090,705,827)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $3,090,705,827)** | 3405567193 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.62%<sup>(b)(c)</sup><br>| 6213401 | 6213401 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $6,213,401)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $6,213,401)** | 6213401 |
| **Total Investments — 99.9%** <br>**(Cost: $3,096,919,228)** | **Total Investments — 99.9%** <br>**(Cost: $3,096,919,228)** | 3411780594 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 2844152 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3414624746 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Affiliate of the Fund. <br> <sup>(c)</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 March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $148126<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(149672 )<sup>(b)</sup><br>| &nbsp;&nbsp; $1546 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $10292 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, <br> SL Agency Shares<br>| &nbsp;&nbsp; 5002035<br>| &nbsp;&nbsp; 1211366 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6213401 | &nbsp;&nbsp; 6213401 | &nbsp;&nbsp; 185471 | &nbsp;&nbsp; — |
| BlackRock, Inc. | &nbsp;&nbsp; 26269552<br>| &nbsp;&nbsp; 9047927 | &nbsp;&nbsp; (10582664)<br>| &nbsp;&nbsp; 2074779 | &nbsp;&nbsp; (2450441)<br>| &nbsp;&nbsp; 24359153 | &nbsp;&nbsp; 25329 | &nbsp;&nbsp; 504843 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $2076325 | &nbsp;&nbsp; $(2450441)<br>| &nbsp;&nbsp; $30572554 |  | &nbsp;&nbsp; $700606 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

142026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Top 200 Value ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Russell 1000 Value E-Mini Index | 78 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $8254 | &nbsp;&nbsp;&nbsp;&nbsp; $(11505)<br>|

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11505 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $688795 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $688795 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(108975)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(108975)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $6504423 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Top 200 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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $3405567193 | $— | $— | $3405567193 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 6213401 |  |  | 6213401 |
|  | &nbsp;&nbsp; $3411780594 | $— | $— | $3411780594 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(11505)<br>| $— | $— | $(11505)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

162026 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>Russell Top <br>200 ETF<br>| iShares <br>Russell Top 200 <br>Growth ETF<br>| iShares <br>Russell Top 200 <br>Value ETF<br>|
| **ASSETS** |  |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup><sup>(b)</sup> | &nbsp;&nbsp; $1910749012 | &nbsp;&nbsp; $14739393712 | &nbsp;&nbsp; $3381208040 |
| Investments, at value — affiliated<sup>(c)</sup> | &nbsp;&nbsp; 8901041 | &nbsp;&nbsp; 32786266 | &nbsp;&nbsp; 30572554 |
| Cash | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1 |
| Cash pledged: |  |  |  |
| Futures contracts | &nbsp;&nbsp; 246000 | &nbsp;&nbsp; 2202000 | &nbsp;&nbsp; 635971 |
| Receivables: |  |  |  |
| Securities lending income — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp; 2794 | &nbsp;&nbsp; — |
| Capital shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 51221 | &nbsp;&nbsp; 30287 |
| Dividends — unaffiliated | &nbsp;&nbsp; 791004 | &nbsp;&nbsp; 2471721 | &nbsp;&nbsp; 2575595 |
| Dividends — affiliated | &nbsp;&nbsp; 9736 | &nbsp;&nbsp; 62661 | &nbsp;&nbsp; 16666 |
| Variation margin on futures contracts | &nbsp;&nbsp; 91250 | &nbsp;&nbsp; 905380 | &nbsp;&nbsp; 172380 |
| Total assets | &nbsp;&nbsp; 1920788044 | &nbsp;&nbsp; 14777875760 | &nbsp;&nbsp; 3415211494 |
| **LIABILITIES** |  |  |  |
| Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; 8111658 | &nbsp;&nbsp; — |
| Payables: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 250964 | &nbsp;&nbsp; 2544479 | &nbsp;&nbsp; 586748 |
| Total liabilities | &nbsp;&nbsp; 250964 | &nbsp;&nbsp; 10656137 | &nbsp;&nbsp; 586748 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | &nbsp;&nbsp; $1920537080 | &nbsp;&nbsp; $14767219623 | &nbsp;&nbsp; $3414624746 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $1551382350 | &nbsp;&nbsp; $12427087158 | &nbsp;&nbsp; $3239893816 |
| Accumulated earnings | &nbsp;&nbsp; 369154730 | &nbsp;&nbsp; 2340132465 | &nbsp;&nbsp; 174730930 |
| NET ASSETS | &nbsp;&nbsp; $1920537080 | &nbsp;&nbsp; $14767219623 | &nbsp;&nbsp; $3414624746 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | &nbsp;&nbsp; $11950000 | &nbsp;&nbsp; $59350000 | &nbsp;&nbsp; $36850000 |
| Net asset value | &nbsp;&nbsp; $160.71 | &nbsp;&nbsp; $248.82 | &nbsp;&nbsp; $92.66 |
| Shares authorized | &nbsp;&nbsp; Unlimited | &nbsp;&nbsp; Unlimited | &nbsp;&nbsp; Unlimited |
| Par value |  |  |  |
| <sup>(a)</sup> Investments, at cost — unaffiliated | &nbsp;&nbsp; $1490816761 | &nbsp;&nbsp; $11916287439 | &nbsp;&nbsp; $3067019923 |
| <sup>(b)</sup> Securities loaned, at value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8114399 | &nbsp;&nbsp; $— |
| <sup>(c)</sup> Investments, at cost — affiliated | &nbsp;&nbsp; $8178698 | &nbsp;&nbsp; $32786926 | &nbsp;&nbsp; $29899305 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>Russell Top <br>200 ETF<br>| iShares <br>Russell Top 200 <br>Growth ETF<br>| iShares <br>Russell Top 200 <br>Value ETF<br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $20718906 | &nbsp;&nbsp; $84914034 | &nbsp;&nbsp; $59692304 |
| Dividends — affiliated | &nbsp;&nbsp; 232190 | &nbsp;&nbsp; 876199 | &nbsp;&nbsp; 690314 |
| Interest — unaffiliated | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 281 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 5435 | &nbsp;&nbsp; 71454 | &nbsp;&nbsp; 10292 |
| Foreign taxes withheld | &nbsp;&nbsp; (3115)<br>| &nbsp;&nbsp; (16951)<br>| &nbsp;&nbsp; (7976)<br>|
| Total investment income | &nbsp;&nbsp; 20953446 | &nbsp;&nbsp; 85845561 | &nbsp;&nbsp; 60385215 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 2759932 | &nbsp;&nbsp; 29553397 | &nbsp;&nbsp; 6039495 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 2759932 | &nbsp;&nbsp; 29553417 | &nbsp;&nbsp; 6039495 |
| Net investment income | &nbsp;&nbsp; 18193514 | &nbsp;&nbsp; 56292144 | &nbsp;&nbsp; 54345720 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (9659642)<br>| &nbsp;&nbsp; (107999696)<br>| &nbsp;&nbsp; (2258363)<br>|
| Investments — affiliated | &nbsp;&nbsp; (3332)<br>| &nbsp;&nbsp; 2319 | &nbsp;&nbsp; 78326 |
| Futures contracts | &nbsp;&nbsp; 485896 | &nbsp;&nbsp; 3668915 | &nbsp;&nbsp; 688795 |
| In-kind redemptions — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 84341386 | &nbsp;&nbsp; 944640124 | &nbsp;&nbsp; 201869131 |
| In-kind redemptions — affiliated<sup>(a)</sup> | &nbsp;&nbsp; 235405 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1997999 |
|  | &nbsp;&nbsp; 75399713 | &nbsp;&nbsp; 840311662 | &nbsp;&nbsp; 202375888 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; 181226221 | &nbsp;&nbsp; 1277399090 | &nbsp;&nbsp; 107718744 |
| Investments — affiliated | &nbsp;&nbsp; (205566)<br>| &nbsp;&nbsp; (660)<br>| &nbsp;&nbsp; (2450441)<br>|
| Futures contracts | &nbsp;&nbsp; (111310)<br>| &nbsp;&nbsp; (369369)<br>| &nbsp;&nbsp; (108975)<br>|
|  | &nbsp;&nbsp; 180909345 | &nbsp;&nbsp; 1277029061 | &nbsp;&nbsp; 105159328 |
| Net realized and unrealized gain | &nbsp;&nbsp; 256309058 | &nbsp;&nbsp; 2117340723 | &nbsp;&nbsp; 307535216 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $274502572 | &nbsp;&nbsp; $2173632867 | &nbsp;&nbsp; $361880936 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

182026 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Russell Top 200 ETF | iShares Russell Top 200 ETF | iShares Russell Top 200 Growth ETF | iShares Russell Top 200 Growth ETF |
|  | Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>| Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $18193514 | &nbsp;&nbsp; $16913119 | &nbsp;&nbsp; $56292144 | &nbsp;&nbsp; $53952702 |
| Net realized gain | &nbsp;&nbsp; 75399713 | &nbsp;&nbsp; 105202792 | &nbsp;&nbsp; 840311662 | &nbsp;&nbsp; 1301847957 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 180909345 | &nbsp;&nbsp; 1415473 | &nbsp;&nbsp; 1277029061 | &nbsp;&nbsp; (665471380)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 274502572 | &nbsp;&nbsp; 123531384 | &nbsp;&nbsp; 2173632867 | &nbsp;&nbsp; 690329279 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (17803098)<br>| &nbsp;&nbsp; (16927143)<br>| &nbsp;&nbsp; (56211271)<br>| &nbsp;&nbsp; (53727357)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 97187236 | &nbsp;&nbsp; 150691155 | &nbsp;&nbsp; 899555568 | &nbsp;&nbsp; 892207702 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 353886710 | &nbsp;&nbsp; 257295396 | &nbsp;&nbsp; 3016977164 | &nbsp;&nbsp; 1528809624 |
| Beginning of year | &nbsp;&nbsp; 1566650370 | &nbsp;&nbsp; 1309354974 | &nbsp;&nbsp; 11750242459 | &nbsp;&nbsp; 10221432835 |
| End of year | &nbsp;&nbsp; $1920537080 | &nbsp;&nbsp; $1566650370 | &nbsp;&nbsp; $14767219623 | &nbsp;&nbsp; $11750242459 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares Russell Top 200 Value ETF | iShares Russell Top 200 Value ETF |
|  | Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $54345720 | &nbsp;&nbsp; $49876367 |
| Net realized gain | &nbsp;&nbsp; 202375888 | &nbsp;&nbsp; 274497775 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 105159328 | &nbsp;&nbsp; (61520849)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 361880936 | &nbsp;&nbsp; 262853293 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (53438920)<br>| &nbsp;&nbsp; (49326184)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 11461505 | &nbsp;&nbsp; 739577805 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 319903521 | &nbsp;&nbsp; 953104914 |
| Beginning of year | &nbsp;&nbsp; 3094721225 | &nbsp;&nbsp; 2141616311 |
| End of year | &nbsp;&nbsp; $3414624746 | &nbsp;&nbsp; $3094721225 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

202026 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Russell Top 200 ETF | iShares Russell Top 200 ETF | iShares Russell Top 200 ETF | iShares Russell Top 200 ETF | iShares Russell Top 200 ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $137.43 | &nbsp;&nbsp;&nbsp; $127.12 | &nbsp;&nbsp;&nbsp; $97.38 | &nbsp;&nbsp;&nbsp; $107.99 | &nbsp;&nbsp;&nbsp; $94.64 |
| Net investment income<sup>(a)</sup> | 1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 23.24 | &nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;29.74 | &nbsp;&nbsp;&nbsp; (10.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.37 |
| Net increase (decrease) from investment operations | 24.82 | &nbsp;&nbsp;&nbsp;&nbsp;11.83 | &nbsp;&nbsp;&nbsp;&nbsp;31.21 | &nbsp;&nbsp;&nbsp; (9.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.63 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp; (1.28)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $160.71 | &nbsp;&nbsp;&nbsp; $137.43 | &nbsp;&nbsp;&nbsp; $127.12 | &nbsp;&nbsp;&nbsp; $97.38 | &nbsp;&nbsp;&nbsp; $107.99 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 18.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.29<br> %<br>| &nbsp;&nbsp;&nbsp; (8.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.48<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Net investment income | 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1920537 | &nbsp;&nbsp;&nbsp; $1566650 | &nbsp;&nbsp;&nbsp; $1309355 | &nbsp;&nbsp;&nbsp; $803407 | &nbsp;&nbsp;&nbsp; $1042089 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Russell Top 200 Growth ETF | iShares Russell Top 200 Growth ETF | iShares Russell Top 200 Growth ETF | iShares Russell Top 200 Growth ETF | iShares Russell Top 200 Growth ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $210.77 | &nbsp;&nbsp;&nbsp; $195.25 | &nbsp;&nbsp;&nbsp; $138.98 | &nbsp;&nbsp;&nbsp; $158.56 | &nbsp;&nbsp;&nbsp; $134.47 |
| Net investment income<sup>(a)</sup> | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 38.05 | &nbsp;&nbsp;&nbsp;&nbsp;15.52 | &nbsp;&nbsp;&nbsp;&nbsp;56.34 | &nbsp;&nbsp;&nbsp; (19.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.09 |
| Net increase (decrease) from investment operations | 39.02 | &nbsp;&nbsp;&nbsp;&nbsp;16.50 | &nbsp;&nbsp;&nbsp;&nbsp;57.44 | &nbsp;&nbsp;&nbsp; (18.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.98 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $248.82 | &nbsp;&nbsp;&nbsp; $210.77 | &nbsp;&nbsp;&nbsp; $195.25 | &nbsp;&nbsp;&nbsp; $138.98 | &nbsp;&nbsp;&nbsp; $158.56 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 18.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.48<br> %<br>| &nbsp;&nbsp;&nbsp; (11.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.58<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $14767220 | &nbsp;&nbsp;&nbsp; $11750242 | &nbsp;&nbsp;&nbsp; $10221433 | &nbsp;&nbsp;&nbsp; $5934551 | &nbsp;&nbsp;&nbsp; $4820372 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

222026 iShares Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Russell Top 200 Value ETF | iShares Russell Top 200 Value ETF | iShares Russell Top 200 Value ETF | iShares Russell Top 200 Value ETF | iShares Russell Top 200 Value ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $82.20 | &nbsp;&nbsp;&nbsp; $76.35 | &nbsp;&nbsp;&nbsp; $65.15 | &nbsp;&nbsp;&nbsp; $69.61 | &nbsp;&nbsp;&nbsp; $63.58 |
| Net investment income<sup>(a)</sup> | 1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 10.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;11.18 | &nbsp;&nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.01 |
| Net increase (decrease) from investment operations | 12.00 | &nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.31 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.28)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $92.66 | &nbsp;&nbsp;&nbsp; $82.20 | &nbsp;&nbsp;&nbsp; $76.35 | &nbsp;&nbsp;&nbsp; $65.15 | &nbsp;&nbsp;&nbsp; $69.61 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 14.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.82<br> %<br>| &nbsp;&nbsp;&nbsp; (4.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.56<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $3414625 | &nbsp;&nbsp;&nbsp; $3094721 | &nbsp;&nbsp;&nbsp; $2141616 | &nbsp;&nbsp;&nbsp; $1557158 | &nbsp;&nbsp;&nbsp; $1287723 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Financial Highlights

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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* | &nbsp;&nbsp; *Diversification* <br>*Classification*<br>|
| Russell Top 200<sup>(a)</sup> | Diversified |
| Russell Top 200 Growth<sup>(a)</sup> | Diversified |
| Russell Top 200 Value | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

***2.*** ***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 March 31, 2026, 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.

242026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

**Segment Reporting:** 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 its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

**Recent Accounting Standard:** The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Funds' adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund's financial position or results of operations.

***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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) 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 or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 market 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

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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* | &nbsp;&nbsp; *Securities* <br>*Loaned at Value*<br>| &nbsp;&nbsp; *Cash* <br>*Collateral Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash* <br>*Collateral Received,* <br>*at Fair Value*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net* <br>*Amount*<sup>(b)</sup> <br>|
| Russell Top 200 Growth  | Russell Top 200 Growth  | Russell Top 200 Growth  | Russell Top 200 Growth  | Russell Top 200 Growth  |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; $8114399 | &nbsp;&nbsp;&nbsp; $(8111658)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026. 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 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).

262026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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* |
| Russell Top 200 | 0.15<br> %<br>|
| Russell Top 200 Value | 0.20 |

---

For its investment advisory services to the iShares Russell Top 200 Growth ETF, 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:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $13 billion | 0.2000<br> %<br>|
| Over $13 billion | 0.1900 |

---

Prior to August 1, 2025, BFA was entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the iShares Russell Top 200 Growth ETF, based on the average daily net asset of the fund.

**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 BlackRock Multi-Asset Complex in that calendar year exceeds a specific threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Russell Top 200 | &nbsp;&nbsp; $2226 |
| Russell Top 200 Growth | &nbsp;&nbsp; 29504 |
| Russell Top 200 Value | &nbsp;&nbsp; 4159 |

---

**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.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

For the year ended March 31, 2026, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Russell Top 200 | &nbsp;&nbsp; $40196216 | &nbsp;&nbsp;&nbsp; $25145496 | &nbsp;&nbsp;&nbsp; $(5918569)<br>|
| Russell Top 200 Growth | &nbsp;&nbsp; 1683307977 | &nbsp;&nbsp;&nbsp; 1470300424 | &nbsp;&nbsp;&nbsp; (18444849)<br>|
| Russell Top 200 Value | &nbsp;&nbsp; 458712479 | &nbsp;&nbsp;&nbsp; 268529930 | &nbsp;&nbsp;&nbsp; 19006842 |

---

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 March 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Russell Top 200 | &nbsp;&nbsp; $58831013 | &nbsp;&nbsp;&nbsp; $58290371 |
| Russell Top 200 Growth | &nbsp;&nbsp; 2689041660 | &nbsp;&nbsp;&nbsp; 2716790017 |
| Russell Top 200 Value | &nbsp;&nbsp; 544921777 | &nbsp;&nbsp;&nbsp; 543990214 |

---

For the year ended March 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Russell Top 200 | &nbsp;&nbsp; $302061856 | &nbsp;&nbsp;&nbsp; $205480761 |
| Russell Top 200 Growth | &nbsp;&nbsp; 2793952942 | &nbsp;&nbsp;&nbsp; 1872360375 |
| Russell Top 200 Value | &nbsp;&nbsp; 1040177726 | &nbsp;&nbsp;&nbsp; 1029853155 |

---

***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 March 31, 2026, 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 March 31, 2026, 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)* |
| Russell Top 200 | &nbsp;&nbsp; $84484636 | &nbsp;&nbsp;&nbsp; $(84484636)<br>|
| Russell Top 200 Growth | &nbsp;&nbsp; 944529427 | &nbsp;&nbsp;&nbsp; (944529427)<br>|
| Russell Top 200 Value | &nbsp;&nbsp; 203266831 | &nbsp;&nbsp;&nbsp; (203266831)<br>|

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/26*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/25*<br>|
| Russell Top 200 |  |  |
| Ordinary income | &nbsp;&nbsp; $17803098 | &nbsp;&nbsp;&nbsp; $16927143 |
| Russell Top 200 Growth |  |  |
| Ordinary income | &nbsp;&nbsp; $56211271 | &nbsp;&nbsp;&nbsp; $53727357 |
| Russell Top 200 Value |  |  |
| Ordinary income | &nbsp;&nbsp; $53438920 | &nbsp;&nbsp;&nbsp; $49326184 |

---

282026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

As of March 31, 2026, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| Russell Top 200 | &nbsp;&nbsp; $819563 | &nbsp;&nbsp;&nbsp; $(49845479)<br>| &nbsp;&nbsp;&nbsp; $418180646 | &nbsp;&nbsp;&nbsp; $369154730 |
| Russell Top 200 Growth | &nbsp;&nbsp; 1562823 | &nbsp;&nbsp;&nbsp; (457670878)<br>| &nbsp;&nbsp;&nbsp; 2796240520 | &nbsp;&nbsp;&nbsp; 2340132465 |
| Russell Top 200 Value | &nbsp;&nbsp; 2659202 | &nbsp;&nbsp;&nbsp; (138923601)<br>| &nbsp;&nbsp;&nbsp; 310995329 | &nbsp;&nbsp;&nbsp; 174730930 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 and the realization for tax purposes of unrealized gains(losses) on certain futures contracts. 

As of March 31, 2026, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Russell Top 200 | &nbsp;&nbsp; $1501469407 | &nbsp;&nbsp;&nbsp; $489751669 | &nbsp;&nbsp;&nbsp; $(71571023)<br>| &nbsp;&nbsp;&nbsp; $418180646 |
| Russell Top 200 Growth | &nbsp;&nbsp; 11975939458 | &nbsp;&nbsp;&nbsp; 3254033619 | &nbsp;&nbsp;&nbsp; (457793099)<br>| &nbsp;&nbsp;&nbsp; 2796240520 |
| Russell Top 200 Value | &nbsp;&nbsp; 3100785265 | &nbsp;&nbsp;&nbsp; 523429837 | &nbsp;&nbsp;&nbsp; (212434508)<br>| &nbsp;&nbsp;&nbsp; 310995329 |

---

***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 each 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 each 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. A 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 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

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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>03/31/26 | Year Ended <br>03/31/26 | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Russell Top 200  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; $302746350 | &nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; $450814008 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (1350000)<br>| &nbsp;&nbsp;&nbsp; (205559114)<br>| &nbsp;&nbsp;&nbsp; (2200000)<br>| &nbsp;&nbsp;&nbsp; (300122853)<br>|
|  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; $97187236 | &nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; $150691155 |
| Russell Top 200 Growth  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 10800000 | &nbsp;&nbsp;&nbsp; $2798342660 | &nbsp;&nbsp;&nbsp; 19050000 | &nbsp;&nbsp;&nbsp; $4187470365 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (7200000)<br>| &nbsp;&nbsp;&nbsp; (1898787092)<br>| &nbsp;&nbsp;&nbsp; (15650000)<br>| &nbsp;&nbsp;&nbsp; (3295262663)<br>|
|  | &nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp; $899555568 | &nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; $892207702 |
| Russell Top 200 Value  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 11700000 | &nbsp;&nbsp;&nbsp; $1043977328 | &nbsp;&nbsp;&nbsp; 24750000 | &nbsp;&nbsp;&nbsp; $1971403174 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (12500000)<br>| &nbsp;&nbsp;&nbsp; (1032515823)<br>| &nbsp;&nbsp;&nbsp; (15150000)<br>| &nbsp;&nbsp;&nbsp; (1231825369)<br>|
|  | &nbsp;&nbsp;&nbsp; (800000)<br>| &nbsp;&nbsp;&nbsp; $11461505 | &nbsp;&nbsp;&nbsp; 9600000 | &nbsp;&nbsp;&nbsp; $739577805 |

---

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.

302026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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

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

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

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

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

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (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 March 31, 2026, 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 March 31, 2026 and each of the financial highlights for each of the five years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp; iShares Russell Top 200 ETF <br>iShares Russell Top 200 Growth ETF <br>iShares Russell Top 200 Value ETF<br>

***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 March 31, 2026 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 22, 2026

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

322026 iShares Annual Financial Statements and Additional Information

------

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 March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Dividend* <br>*Income*<br>|
| Russell Top 200 | &nbsp;&nbsp;&nbsp; $20399456 |
| Russell Top 200 Growth | &nbsp;&nbsp;&nbsp; 82912843 |
| Russell Top 200 Value | &nbsp;&nbsp;&nbsp; 58637301 |

---

The following maximum amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Business* <br>*Income*<br>|
| Russell Top 200 | &nbsp;&nbsp;&nbsp; $381411 |
| Russell Top 200 Growth | &nbsp;&nbsp;&nbsp; 1345662 |
| Russell Top 200 Value | &nbsp;&nbsp;&nbsp; 1114036 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2026 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Dividends-Received* <br>*Deduction*<br>|
| Russell Top 200 | &nbsp;&nbsp;&nbsp;&nbsp; 100.00<br> % <br>|
| Russell Top 200 Growth | &nbsp;&nbsp;&nbsp;&nbsp;100.00 |
| Russell Top 200 Value | &nbsp;&nbsp;&nbsp;&nbsp;100.00 |

---

Important Tax Information

------

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:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• 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**.

342026 iShares Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

Glossary of Terms Used in these Financial Statements

------

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 FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2026 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.

![](g341043img23c374c32.jpg)

![](g341043img004fe2c23.jpg)

------

![](g341043imgfe5522991.jpg)

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Annual Financial Statements <br> and Additional Information<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| ●iShares Russell 3000 ETF \| IWV \| NYSE Arca |
| ●iShares Russell Mid-Cap Value ETF \| IWS \| NYSE Arca |

---

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_14e4ffd5-9390-4110-9ea2-95556920dd36_SOIM-TEXT-4020_1)  | 3 |
| [Statements of Assets and Liabilities](#xx_14e4ffd5-9390-4110-9ea2-95556920dd36_FS-TEXT-4020_1)  | 35 |
| [Statements of Operations](#xx_14e4ffd5-9390-4110-9ea2-95556920dd36_FS-TEXT-4020_2)  | 36 |
| [Statements of Changes in Net Assets](#xx_14e4ffd5-9390-4110-9ea2-95556920dd36_FS-TEXT-4020_3)  | 37 |
| [Financial Highlights](#xx_14e4ffd5-9390-4110-9ea2-95556920dd36_FIHI-TEXT-4020_1)  | 38 |
| [Notes to Financial Statements](#xx_14e4ffd5-9390-4110-9ea2-95556920dd36_NTF-TEXT-4020_1)  | 40 |
| [Report of Independent Registered Public Accounting Firm](#xx_14e4ffd5-9390-4110-9ea2-95556920dd36_AUD-TEXT-4020_1)  | 49 |
| [Important Tax Information](#xx_14e4ffd5-9390-4110-9ea2-95556920dd36_Tax-TEXT_1)  | 50 |
| [Additional Information](#xx_14e4ffd5-9390-4110-9ea2-95556920dd36_AddInfo-TEXT-4020_1)  | 51 |
| [Glossary of Terms Used in these Financial Statements](#xx_14e4ffd5-9390-4110-9ea2-95556920dd36_Gloss-TEXT-4020_1)  | 53 |

---

------

Schedule of Investments

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
| AAR Corp.<sup>(a)</sup> | 9482 | $1037900 |
| AeroVironment, Inc.<sup>(a)</sup> | 10142 | 1856493 |
| AerSale Corp.<sup>(a)</sup> | 7507 | 46693 |
| Archer Aviation, Inc., Class A<sup>(a)(b)</sup> | 166568 | 861157 |
| Astronics Corp.<sup>(a)</sup> | 7787 | 519626 |
| ATI, Inc.<sup>(a)</sup> | 36508 | 5310454 |
| Axon Enterprise, Inc.<sup>(a)</sup> | 20514 | 8712091 |
| Beta Technologies, Inc., Class A<sup>(a)</sup> | 11573 | 170123 |
| Boeing Co. (The)<sup>(a)</sup> | 204991 | 40799359 |
| BWX Technologies, Inc. | 24460 | 5001825 |
| Byrna Technologies, Inc.<sup>(a)(b)</sup> | 5821 | 53437 |
| Cadre Holdings, Inc. | 6776 | 207888 |
| Carpenter Technology Corp. | 13146 | 5181496 |
| Curtiss-Wright Corp. | 10186 | 6937888 |
| Ducommun, Inc.<sup>(a)</sup> | 4023 | 490806 |
| Firefly Aerospace, Inc.<sup>(a)(b)</sup> | 6487 | 184685 |
| FTAI Aviation Ltd. | 27647 | 6773515 |
| General Dynamics Corp. | 68693 | 23576811 |
| General Electric Co. | 282315 | 80112528 |
| HEICO Corp. | 11448 | 3139042 |
| HEICO Corp., Class A | 20240 | 4272462 |
| Hexcel Corp. | 21294 | 1723323 |
| Howmet Aerospace, Inc.<sup>(b)</sup> | 109099 | 25142955 |
| Huntington Ingalls Industries, Inc. | 10515 | 3994648 |
| Intuitive Machines, Inc., Class A<sup>(a)(b)</sup> | 29223 | 542379 |
| Karman Holdings, Inc.<sup>(a)(b)</sup> | 13776 | 1102769 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 48601 | 3426856 |
| L3Harris Technologies, Inc. | 50897 | 17567100 |
| Leonardo DRS, Inc. | 19753 | 879404 |
| Loar Holdings, Inc.<sup>(a)(b)</sup> | 11657 | 667829 |
| Lockheed Martin Corp. | 55863 | 33763039 |
| Mercury Systems, Inc.<sup>(a)</sup> | 13264 | 967078 |
| Moog, Inc., Class A | 7764 | 2272057 |
| National Presto Industries, Inc. | 1669 | 228753 |
| Northrop Grumman Corp. | 36277 | 24749620 |
| Park Aerospace Corp. | 6442 | 176382 |
| Red Cat Holdings, Inc.<sup>(a)(b)</sup> | 27467 | 359543 |
| Redwire Corp.<sup>(a)(b)</sup> | 28467 | 241969 |
| Rocket Lab Corp.<sup>(a)</sup> | 132810 | 8529058 |
| RTX Corp. | 363482 | 70115678 |
| StandardAero, Inc.<sup>(a)</sup> | 62010 | 1601718 |
| Textron, Inc. | 48572 | 4252964 |
| TransDigm Group, Inc. | 15033 | 17422646 |
| V2X, Inc.<sup>(a)</sup> | 6592 | 451552 |
| Voyager Technologies, Inc., Class A<sup>(a)(b)</sup> | 12863 | 300866 |
| VSE Corp. | 7219 | 1331184 |
| Woodward, Inc. | 16250 | 5816200 |
|  |  | 422873849 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| CH Robinson Worldwide, Inc. | 32227 | 5351938 |
| Expeditors International of Washington, Inc. | 36424 | 5217009 |
| FedEx Corp. | 57961 | 20644549 |
| Forward Air Corp.<sup>(a)</sup> | 7413 | 123871 |
| GXO Logistics, Inc.<sup>(a)</sup> | 31381 | 1627105 |
| Hub Group, Inc., Class A | 17545 | 632322 |
| United Parcel Service, Inc., Class B | 199650 | 19641567 |
|  |  | 53238361 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Adient PLC<sup>(a)</sup> | 25209 | 509474 |
| Aptiv PLC<sup>(a)</sup> | 58742 | 4079045 |
| BorgWarner, Inc. | 57984 | 3146212 |
| Cooper-Standard Holdings, Inc.<sup>(a)</sup> | 6705 | 186868 |
| Dana, Inc. | 34480 | 1160252 |
| Dauch Corp.<sup>(a)</sup> | 61336 | 363723 |
| Dorman Products, Inc.<sup>(a)</sup> | 7495 | 782178 |
| Fox Factory Holding Corp.<sup>(a)</sup> | 11351 | 186837 |
| Garrett Motion, Inc. | 47697 | 866655 |
| Gentex Corp. | 63444 | 1386251 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| Gentherm, Inc.<sup>(a)</sup> | 8555 | $237658 |
| Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> | 76095 | 504510 |
| LCI Industries | 7037 | 865410 |
| Lear Corp. | 14565 | 1763530 |
| Patrick Industries, Inc. | 8930 | 991855 |
| Phinia, Inc. | 12621 | 863781 |
| QuantumScape Corp., Class A<sup>(a)</sup> | 111394 | 710694 |
| Solid Power, Inc., Class A<sup>(a)(b)</sup> | 38256 | 114768 |
| Standard Motor Products, Inc. | 5149 | 178876 |
| Visteon Corp. | 7066 | 643783 |
| XPEL, Inc.<sup>(a)</sup> | 6711 | 297029 |
|  |  | 19839389 |
| **Automobiles — 1.9%** | **Automobiles — 1.9%** | **Automobiles — 1.9%** |
| Ford Motor Co. | 1065091 | 12291150 |
| General Motors Co. | 245251 | 18271200 |
| Harley-Davidson, Inc. | 32115 | 649365 |
| Lucid Group, Inc.<sup>(a)(b)</sup> | 34154 | 325488 |
| Rivian Automotive, Inc., Class A<sup>(a)(b)</sup> | 209177 | 3148114 |
| Tesla, Inc.<sup>(a)</sup> | 766139 | 284812173 |
| Thor Industries, Inc. | 13478 | 1076757 |
| Winnebago Industries, Inc. | 7916 | 245317 |
|  |  | 320819564 |
| **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
| 1st Source Corp. | 4083 | 282584 |
| ACNB Corp. | 3235 | 154859 |
| Amalgamated Financial Corp. | 5129 | 199364 |
| Amerant Bancorp, Inc., Class A | 7845 | 172904 |
| Ameris Bancorp | 16968 | 1323334 |
| Arrow Financial Corp. | 5038 | 169126 |
| Associated Banc-Corp | 43432 | 1123152 |
| Atlantic Union Bankshares Corp. | 41976 | 1500222 |
| Axos Financial, Inc.<sup>(a)</sup> | 14242 | 1211852 |
| Banc of California, Inc. | 33329 | 585924 |
| BancFirst Corp. | 6039 | 655231 |
| Bancorp, Inc. (The)<sup>(a)</sup> | 11133 | 598176 |
| Bank First Corp. | 2974 | 401668 |
| Bank of America Corp. | 1781808 | 86863140 |
| Bank of Hawaii Corp. | 10736 | 797148 |
| Bank of Marin Bancorp | 4553 | 116693 |
| Bank of NT Butterfield & Son Ltd. (The) | 14199 | 745164 |
| Bank OZK | 29776 | 1366421 |
| BankUnited, Inc. | 20108 | 908077 |
| Banner Corp. | 10216 | 619907 |
| Bar Harbor Bankshares | 4861 | 157739 |
| BayCom Corp. | 6289 | 186941 |
| BCB Bancorp, Inc. | 5817 | 52237 |
| Beacon Financial Corp. | 19886 | 596580 |
| Blue Foundry Bancorp<sup>(a)(b)</sup> | 8962 | 118657 |
| BOK Financial Corp. | 6126 | 784496 |
| Bridgewater Bancshares, Inc.<sup>(a)</sup> | 8262 | 146237 |
| Burke & Herbert Financial Services Corp. | 3963 | 246855 |
| Business First Bancshares, Inc. | 6612 | 178788 |
| Byline Bancorp, Inc. | 7438 | 234818 |
| California BanCorp | 9057 | 160490 |
| Camden National Corp. | 3762 | 178507 |
| Capital City Bank Group, Inc. | 4615 | 200568 |
| Capitol Federal Financial, Inc. | 40091 | 285849 |
| Carter Bankshares, Inc.<sup>(a)(b)</sup> | 8401 | 195911 |
| Cathay General Bancorp | 17489 | 872002 |
| Central Pacific Financial Corp. | 8158 | 260730 |
| ChoiceOne Financial Services, Inc. | 5492 | 154435 |
| Citigroup, Inc. | 470232 | 53329011 |
| Citizens & Northern Corp. | 5871 | 131158 |
| Citizens Financial Group, Inc. | 118553 | 7109623 |
| Citizens Financial Services, Inc. | 1408 | 86099 |
| City Holding Co. | 3834 | 458240 |
| Civista Bancshares, Inc. | 6101 | 139042 |
| CNB Financial Corp. | 5127 | 148478 |
| Coastal Financial Corp.<sup>(a)(b)</sup> | 2827 | 215135 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Colony Bankcorp, Inc. | 2356 | $47049 |
| Columbia Banking System, Inc. | 82732 | 2269339 |
| Columbia Financial, Inc.<sup>(a)(b)</sup> | 8703 | 152390 |
| Commerce Bancshares, Inc. | 35505 | 1746846 |
| Community Financial System, Inc. | 14325 | 840161 |
| Community Trust Bancorp, Inc. | 3888 | 236079 |
| Community West Bancshares | 7226 | 168366 |
| ConnectOne Bancorp, Inc. | 14010 | 375048 |
| Cullen/Frost Bankers, Inc. | 16372 | 2244274 |
| Customers Bancorp, Inc.<sup>(a)</sup> | 7608 | 528071 |
| CVB Financial Corp. | 34996 | 678572 |
| Dime Community Bancshares, Inc. | 9461 | 319971 |
| Eagle Bancorp, Inc. | 7914 | 196821 |
| East West Bancorp, Inc. | 37710 | 4025920 |
| Eastern Bankshares, Inc. | 61334 | 1199693 |
| Enterprise Financial Services Corp. | 9460 | 511881 |
| Equity Bancshares, Inc., Class A | 4010 | 178084 |
| Esquire Financial Holdings, Inc.<sup>(b)</sup> | 2315 | 248863 |
| Farmers & Merchants Bancorp, Inc. | 4401 | 112974 |
| Farmers National Banc Corp. | 22415 | 294981 |
| FB Financial Corp. | 10522 | 546513 |
| Fidelity D&D Bancorp, Inc. | 2354 | 101881 |
| Fifth Third Bancorp | 245031 | 11384140 |
| Financial Institutions, Inc. | 4676 | 148276 |
| First Bancorp, Inc. (The) | 3829 | 107327 |
| First BanCorp/Puerto Rico | 43678 | 932962 |
| First Bancorp/Southern Pines NC | 12181 | 686399 |
| First Bank | 9490 | 151840 |
| First Busey Corp. | 22818 | 576611 |
| First Business Financial Services, Inc. | 3352 | 180773 |
| First Citizens BancShares, Inc., Class A | 2441 | 4600455 |
| First Commonwealth Financial Corp. | 24724 | 434648 |
| First Community Bankshares, Inc. | 4459 | 185138 |
| First Financial Bancorp | 25233 | 703496 |
| First Financial Bankshares, Inc. | 34858 | 1026568 |
| First Financial Corp. | 2828 | 178730 |
| First Foundation, Inc.<sup>(a)</sup> | 11740 | 69266 |
| First Hawaiian, Inc. | 35788 | 881816 |
| First Horizon Corp. | 135452 | 3082888 |
| First Internet Bancorp | 4065 | 82845 |
| First Interstate BancSystem, Inc., Class A | 23948 | 799863 |
| First Merchants Corp. | 14485 | 561004 |
| First Mid Bancshares, Inc. | 7025 | 289360 |
| Firstsun Capital Bancorp<sup>(a)</sup> | 4504 | 164216 |
| Five Star Bancorp | 3963 | 149484 |
| Flagstar Bank N.A. | 81156 | 1068825 |
| Flushing Financial Corp. | 8593 | 131988 |
| FNB Corp. | 95013 | 1588617 |
| FS Bancorp, Inc. | 3269 | 126151 |
| Fulton Financial Corp. | 43569 | 886193 |
| German American Bancorp, Inc. | 10706 | 447404 |
| Glacier Bancorp, Inc. | 35152 | 1570240 |
| Great Southern Bancorp, Inc. | 2612 | 164896 |
| Hancock Whitney Corp. | 23884 | 1518784 |
| Hanmi Financial Corp. | 8508 | 224271 |
| HBT Financial, Inc. | 5188 | 138623 |
| Heritage Commerce Corp. | 16712 | 208566 |
| Heritage Financial Corp. | 9252 | 240552 |
| Hilltop Holdings, Inc. | 13965 | 500226 |
| Hingham Institution For Savings (The)<sup>(b)</sup> | 476 | 136060 |
| Home Bancorp, Inc. | 2931 | 177560 |
| Home BancShares, Inc. | 53060 | 1428906 |
| HomeTrust Bancshares, Inc. | 5496 | 234404 |
| Hope Bancorp, Inc. | 29705 | 331805 |
| Horizon Bancorp, Inc. | 10678 | 176934 |
| Huntington Bancshares, Inc. | 544191 | 8516589 |
| Independent Bank Corp. | 14753 | 1109573 |
| Independent Bank Corp. | 5080 | 169164 |
| International Bancshares Corp. | 14818 | 997103 |
| John Marshall Bancorp, Inc. | 5965 | 120970 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| JPMorgan Chase & Co. | 737621 | $216978593 |
| Kearny Financial Corp. | 15835 | 119554 |
| KeyCorp | 256286 | 5138534 |
| Lakeland Financial Corp. | 5963 | 342157 |
| Live Oak Bancshares, Inc. | 8563 | 283178 |
| M&T Bank Corp. | 41458 | 8570198 |
| Mechanics Bancorp, Class A | 17185 | 253479 |
| Mercantile Bank Corp. | 4815 | 243158 |
| Metrocity Bankshares, Inc. | 7661 | 219641 |
| Metropolitan Bank Holding Corp. | 2493 | 207642 |
| Mid Penn Bancorp, Inc. | 5663 | 182122 |
| Midland States Bancorp, Inc. | 6294 | 140419 |
| MVB Financial Corp. | 5656 | 140438 |
| National Bank Holdings Corp., Class A | 8169 | 319898 |
| NB Bancorp, Inc. | 10440 | 219971 |
| NBT Bancorp, Inc. | 11920 | 507554 |
| Nicolet Bankshares, Inc. | 5265 | 782484 |
| Northeast Bank | 1277 | 143496 |
| Northeast Community Bancorp, Inc. | 7171 | 170670 |
| Northfield Bancorp, Inc. | 12396 | 167842 |
| Northrim BanCorp, Inc. | 10064 | 230264 |
| Northwest Bancshares, Inc. | 38817 | 492588 |
| NU Holdings Ltd., Class A<sup>(a)</sup> | 916037 | 13163452 |
| OceanFirst Financial Corp. | 15349 | 276896 |
| OFG Bancorp | 10977 | 444129 |
| Old National Bancorp | 93754 | 2071963 |
| Old Second Bancorp, Inc. | 12067 | 243271 |
| Orange County Bancorp, Inc. | 5378 | 171988 |
| Origin Bancorp, Inc. | 7101 | 294407 |
| Orrstown Financial Services, Inc. | 6575 | 237226 |
| Park National Corp. | 3604 | 589074 |
| Pathward Financial, Inc. | 6453 | 575801 |
| Peapack-Gladstone Financial Corp. | 4903 | 172635 |
| Peoples Bancorp, Inc. | 9760 | 320811 |
| Peoples Financial Services Corp. | 3280 | 174922 |
| Pinnacle Financial Partners, Inc. | 40520 | 3490393 |
| PNC Financial Services Group, Inc. (The) | 105637 | 21982003 |
| Popular, Inc. | 18019 | 2417609 |
| Preferred Bank | 2234 | 202601 |
| Primis Financial Corp. | 9840 | 130675 |
| Prosperity Bancshares, Inc. | 25001 | 1679567 |
| Provident Financial Services, Inc. | 36608 | 774625 |
| QCR Holdings, Inc. | 5119 | 437419 |
| RBB Bancorp | 4940 | 105568 |
| Red River Bancshares, Inc. | 2084 | 188477 |
| Regions Financial Corp. | 235318 | 6146506 |
| Renasant Corp. | 26308 | 950508 |
| Republic Bancorp, Inc., Class A | 3169 | 223573 |
| S&T Bancorp, Inc. | 9079 | 379775 |
| Seacoast Banking Corp. of Florida | 22737 | 688704 |
| ServisFirst Bancshares, Inc. | 13838 | 1007822 |
| Shore Bancshares, Inc. | 6877 | 128462 |
| Sierra Bancorp | 2180 | 73946 |
| Simmons First National Corp., Class A | 38022 | 739528 |
| SmartFinancial, Inc. | 6500 | 254020 |
| South Plains Financial, Inc. | 3589 | 150379 |
| Southern First Bancshares, Inc.<sup>(a)</sup> | 2945 | 160503 |
| Southern Missouri Bancorp, Inc. | 2589 | 165541 |
| Southside Bancshares, Inc. | 9636 | 299583 |
| Southstate Bank Corp. | 26883 | 2487215 |
| Stellar Bancorp, Inc. | 13745 | 503204 |
| Stock Yards Bancorp, Inc. | 7677 | 508908 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 13187 | 1251183 |
| Third Coast Bancshares, Inc.<sup>(a)</sup> | 5831 | 220587 |
| Timberland Bancorp, Inc. | 3844 | 151569 |
| Tompkins Financial Corp. | 3462 | 272944 |
| Towne Bank | 22289 | 750471 |
| TriCo Bancshares | 7367 | 350227 |
| Triumph Financial, Inc.<sup>(a)</sup> | 5874 | 350443 |
| Truist Financial Corp. | 342660 | 15752080 |

---

42026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| TrustCo Bank Corp. | 5386 | $235799 |
| Trustmark Corp. | 17147 | 722575 |
| U.S. Bancorp | 425438 | 22127030 |
| UMB Financial Corp. | 19766 | 2229407 |
| United Bankshares, Inc. | 36223 | 1500357 |
| United Community Banks, Inc. | 31392 | 988534 |
| Unity Bancorp, Inc. | 3524 | 182649 |
| Univest Financial Corp. | 7273 | 249173 |
| Valley National Bancorp | 125686 | 1543424 |
| WaFd, Inc. | 20099 | 631109 |
| Washington Trust Bancorp, Inc. | 3632 | 121527 |
| Webster Financial Corp. | 44384 | 3081137 |
| Wells Fargo & Co. | 840213 | 66889357 |
| WesBanco, Inc. | 24337 | 839383 |
| West BanCorp, Inc. | 5796 | 137887 |
| Westamerica BanCorp | 7811 | 407344 |
| Western Alliance Bancorp | 28584 | 2025176 |
| Wintrust Financial Corp. | 17318 | 2406163 |
| WSFS Financial Corp. | 16183 | 1059339 |
| Zions Bancorp N.A. | 39919 | 2300133 |
|  |  | 662684434 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Boston Beer Co., Inc. (The), Class A<sup>(a)</sup> | 2447 | 563789 |
| Brown-Forman Corp., Class A | 14315 | 383499 |
| Brown-Forman Corp., Class B, NVS | 39855 | 1053766 |
| Celsius Holdings, Inc.<sup>(a)</sup> | 44407 | 1575560 |
| Coca-Cola Co. (The) | 1056139 | 80319371 |
| Coca-Cola Consolidated, Inc. | 15340 | 2941292 |
| Constellation Brands, Inc., Class A | 39070 | 5860500 |
| Keurig Dr. Pepper, Inc. | 349544 | 9203494 |
| MGP Ingredients, Inc. | 3911 | 71923 |
| Molson Coors Beverage Co., Class B | 46928 | 2020720 |
| Monster Beverage Corp.<sup>(a)</sup> | 188290 | 13643493 |
| National Beverage Corp.<sup>(a)</sup> | 6801 | 228854 |
| PepsiCo, Inc. | 372145 | 57790397 |
| Primo Brands Corp., Class A<sup>(b)</sup> | 65987 | 1242535 |
| Vita Coco Co., Inc. (The)<sup>(a)(b)</sup> | 11986 | 574249 |
|  |  | 177473442 |
| **Biotechnology — 2.4%** | **Biotechnology — 2.4%** | **Biotechnology — 2.4%** |
| 4D Molecular Therapeutics, Inc.<sup>(a)(b)</sup> | 12603 | 117334 |
| AbbVie, Inc. | 480889 | 104588549 |
| ABSCI CORP<sup>(a)(b)</sup> | 35218 | 105654 |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 34946 | 777898 |
| ADC Therapeutics SA<sup>(a)(b)</sup> | 47405 | 177769 |
| ADMA Biologics, Inc.<sup>(a)</sup> | 65361 | 588903 |
| Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 16446 | 556368 |
| Akebia Therapeutics, Inc.<sup>(a)</sup> | 45463 | 63194 |
| Aktis Oncology, Inc.<sup>(a)(b)</sup> | 9408 | 168309 |
| Aldeyra Therapeutics, Inc.<sup>(a)</sup> | 14830 | 25063 |
| Alector, Inc.<sup>(a)(b)</sup> | 16346 | 35144 |
| Alkermes PLC<sup>(a)</sup> | 42963 | 1519172 |
| Allogene Therapeutics, Inc.<sup>(a)(b)</sup> | 25145 | 61354 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 34344 | 11363399 |
| Altimmune, Inc.<sup>(a)(b)</sup> | 23162 | 71339 |
| Amgen, Inc. | 146209 | 51443637 |
| Amicus Therapeutics, Inc.<sup>(a)</sup> | 81244 | 1174788 |
| AnaptysBio, Inc.<sup>(a)(b)</sup> | 7346 | 407409 |
| Anavex Life Sciences Corp.<sup>(a)(b)</sup> | 19492 | 59840 |
| Anika Therapeutics, Inc.<sup>(a)</sup> | 6075 | 88088 |
| Annexon, Inc.<sup>(a)(b)</sup> | 23501 | 130196 |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 26744 | 1075911 |
| Apogee Therapeutics, Inc.<sup>(a)(b)</sup> | 11083 | 932856 |
| Arbutus Biopharma Corp.<sup>(a)(b)</sup> | 48988 | 220446 |
| Arcellx, Inc.<sup>(a)</sup> | 10685 | 1226852 |
| Arcturus Therapeutics Holdings, Inc.<sup>(a)(b)</sup> | 8878 | 68538 |
| Arcus Biosciences, Inc.<sup>(a)</sup> | 20994 | 453470 |
| Arcutis Biotherapeutics, Inc.<sup>(a)(b)</sup> | 31142 | 733706 |
| Ardelyx, Inc.<sup>(a)</sup> | 56630 | 339214 |
| ArriVent Biopharma, Inc.<sup>(a)(b)</sup> | 7585 | 174986 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 35554 | $2229236 |
| ARS Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 17577 | 141143 |
| Atrium Therapeutics, Inc.<sup>(a)</sup> | 3247 | 43412 |
| aTyr Pharma, Inc.<sup>(a)(b)</sup> | 31003 | 24182 |
| Aura Biosciences, Inc.<sup>(a)</sup> | 8800 | 58872 |
| Aurinia Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 38112 | 564820 |
| Avita Medical, Inc.<sup>(a)(b)</sup> | 7219 | 26710 |
| Beam Therapeutics, Inc.<sup>(a)</sup> | 24657 | 587576 |
| Bicara Therapeutics, Inc.<sup>(a)</sup> | 9384 | 186648 |
| BioCryst Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 71828 | 683803 |
| Biogen, Inc.<sup>(a)</sup> | 39700 | 7278201 |
| Biohaven Ltd.<sup>(a)(b)</sup> | 23812 | 201450 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 50415 | 2847943 |
| Bridgebio Pharma, Inc.<sup>(a)(b)</sup> | 42289 | 3140381 |
| Bright Minds Biosciences, Inc.<sup>(a)(b)</sup> | 1991 | 145283 |
| Capricor Therapeutics, Inc.<sup>(a)(b)</sup> | 12984 | 394714 |
| CareDx, Inc.<sup>(a)(b)</sup> | 13023 | 226079 |
| Caris Life Sciences, Inc.<sup>(a)(b)</sup> | 24717 | 441940 |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 32831 | 812896 |
| Celcuity, Inc.<sup>(a)(b)</sup> | 9522 | 1086841 |
| Celldex Therapeutics, Inc.<sup>(a)</sup> | 16720 | 530358 |
| CG oncology, Inc.<sup>(a)(b)</sup> | 16216 | 1097499 |
| Cogent Biosciences, Inc.<sup>(a)</sup> | 38921 | 1498069 |
| Coherus Oncology, Inc.<sup>(a)(b)</sup> | 16760 | 28324 |
| Compass Therapeutics, Inc.<sup>(a)(b)</sup> | 33687 | 178204 |
| Corvus Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 22321 | 326556 |
| CRISPR Therapeutics AG<sup>(a)(b)</sup> | 25317 | 1204330 |
| Cullinan Therapeutics, Inc.<sup>(a)</sup> | 16751 | 238032 |
| Cytokinetics, Inc.<sup>(a)(b)</sup> | 32718 | 2156443 |
| Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 18430 | 395139 |
| Denali Therapeutics, Inc.<sup>(a)</sup> | 41235 | 791712 |
| Design Therapeutics, Inc.<sup>(a)</sup> | 9004 | 95803 |
| Dianthus Therapeutics, Inc.<sup>(a)</sup> | 9622 | 807478 |
| Disc Medicine, Inc.<sup>(a)(b)</sup> | 8325 | 532300 |
| Dyne Therapeutics, Inc.<sup>(a)(b)</sup> | 38669 | 701069 |
| Editas Medicine, Inc.<sup>(a)(b)</sup> | 18915 | 46720 |
| Emergent BioSolutions, Inc.<sup>(a)(b)</sup> | 14317 | 118831 |
| Enanta Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 4884 | 61685 |
| Entrada Therapeutics, Inc.<sup>(a)</sup> | 7554 | 95331 |
| Erasca, Inc.<sup>(a)</sup> | 46535 | 752936 |
| Exelixis, Inc.<sup>(a)</sup> | 72805 | 3122606 |
| Fate Therapeutics, Inc.<sup>(a)(b)</sup> | 20507 | 24608 |
| Geron Corp.<sup>(a)(b)</sup> | 167070 | 248934 |
| Gilead Sciences, Inc. | 338741 | 47210333 |
| Gossamer Bio, Inc.<sup>(a)(b)</sup> | 51538 | 16930 |
| GRAIL, Inc.<sup>(a)</sup> | 8749 | 452148 |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 33447 | 2161680 |
| Heron Therapeutics, Inc.<sup>(a)(b)</sup> | 28471 | 22780 |
| Humacyte, Inc.<sup>(a)(b)</sup> | 24735 | 15007 |
| Ideaya Biosciences, Inc.<sup>(a)(b)</sup> | 21976 | 732240 |
| ImmunityBio, Inc.<sup>(a)(b)</sup> | 79206 | 607510 |
| Immunome, Inc.<sup>(a)(b)</sup> | 30966 | 677226 |
| Immunovant, Inc.<sup>(a)(b)</sup> | 23632 | 587019 |
| Incyte Corp.<sup>(a)</sup> | 43145 | 4060807 |
| Inhibrx Biosciences, Inc.<sup>(a)</sup> | 1933 | 129956 |
| Insmed, Inc.<sup>(a)</sup> | 56717 | 9274364 |
| Intellia Therapeutics, Inc.<sup>(a)(b)</sup> | 23533 | 301693 |
| Ionis Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 42354 | 3180362 |
| Iovance Biotherapeutics, Inc.<sup>(a)(b)</sup> | 64207 | 225367 |
| Ironwood Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 40807 | 143233 |
| Jade Biosciences, Inc. | 14815 | 208151 |
| Janux Therapeutics, Inc.<sup>(a)</sup> | 13436 | 186760 |
| KalVista Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 6561 | 132073 |
| Keros Therapeutics, Inc.<sup>(a)</sup> | 7039 | 77711 |
| Kodiak Sciences, Inc.<sup>(a)</sup> | 14280 | 544354 |
| Korro Bio, Inc.<sup>(a)(b)</sup> | 3272 | 37039 |
| Krystal Biotech, Inc.<sup>(a)</sup> | 6707 | 1732552 |
| Kura Oncology, Inc.<sup>(a)(b)</sup> | 16863 | 137096 |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | 15202 | 1266175 |
| Larimar Therapeutics, Inc.<sup>(a)(b)</sup> | 17101 | 76955 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Lexeo Therapeutics, Inc.<sup>(a)(b)</sup> | 19200 | $110208 |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 4591 | 2403251 |
| MannKind Corp.<sup>(a)</sup> | 82770 | 202787 |
| MapLight Therapeutics, Inc.<sup>(a)(b)</sup> | 10125 | 205841 |
| MeiraGTx Holdings PLC<sup>(a)(b)</sup> | 17340 | 150164 |
| MiMedx Group, Inc.<sup>(a)</sup> | 33791 | 133474 |
| Mineralys Therapeutics, Inc.<sup>(a)(b)</sup> | 11015 | 298396 |
| Mirum Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 10518 | 971653 |
| Moderna, Inc.<sup>(a)(b)</sup> | 95734 | 4863287 |
| Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | 14340 | 235893 |
| Myriad Genetics, Inc.<sup>(a)</sup> | 23001 | 103505 |
| Natera, Inc.<sup>(a)</sup> | 35914 | 7182441 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 26577 | 3501254 |
| Neurogene, Inc.<sup>(a)(b)</sup> | 4436 | 89430 |
| Nkarta, Inc.<sup>(a)</sup> | 8823 | 18617 |
| Novavax, Inc.<sup>(a)(b)</sup> | 41405 | 337037 |
| Nurix Therapeutics, Inc.<sup>(a)(b)</sup> | 27245 | 422298 |
| Nuvalent, Inc., Class A<sup>(a)(b)</sup> | 13405 | 1373342 |
| Olema Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 17278 | 257615 |
| Organogenesis Holdings, Inc., Class A<sup>(a)(b)</sup> | 31370 | 74347 |
| ORIC Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 17404 | 220509 |
| Oruka Therapeutics, Inc.<sup>(a)(b)</sup> | 10355 | 507913 |
| Palvella Therapeutics, Inc.<sup>(a)(b)</sup> | 1943 | 242195 |
| Perspective Therapeutics, Inc.<sup>(a)(b)</sup> | 14935 | 62279 |
| Praxis Precision Medicines, Inc.<sup>(a)</sup> | 6845 | 2205391 |
| Precigen, Inc.<sup>(a)(b)</sup> | 61195 | 236825 |
| Prime Medicine, Inc.<sup>(a)(b)</sup> | 10507 | 36564 |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 16000 | 1686400 |
| Prothena Corp. PLC<sup>(a)</sup> | 10884 | 105792 |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 20052 | 1366143 |
| Recursion Pharmaceuticals, Inc., Class A<sup>(a)(b)</sup> | 97534 | 299429 |
| Regeneron Pharmaceuticals, Inc. | 27484 | 21235238 |
| REGENXBIO, Inc.<sup>(a)(b)</sup> | 9374 | 78554 |
| Relay Therapeutics, Inc.<sup>(a)</sup> | 41985 | 417751 |
| Replimune Group, Inc.<sup>(a)</sup> | 22803 | 174443 |
| Revolution Medicines, Inc.<sup>(a)</sup> | 46145 | 4487601 |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 13972 | 1215145 |
| Rigel Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 6448 | 174354 |
| Rocket Pharmaceuticals, Inc.<sup>(a)</sup> | 18887 | 67615 |
| Roivant Sciences Ltd.<sup>(a)</sup> | 115188 | 3190708 |
| Sana Biotechnology, Inc.<sup>(a)(b)</sup> | 49385 | 142229 |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | 25165 | 547590 |
| Savara, Inc.<sup>(a)(b)</sup> | 42422 | 231624 |
| Scholar Rock Holding Corp.<sup>(a)(b)</sup> | 22093 | 1086092 |
| SELLAS Life Sciences Group, Inc.<sup>(a)(b)</sup> | 43694 | 184826 |
| Sionna Therapeutics, Inc.<sup>(a)</sup> | 4296 | 172227 |
| Soleno Therapeutics, Inc.<sup>(a)(b)</sup> | 15988 | 535278 |
| Solid Biosciences, Inc.<sup>(a)(b)</sup> | 24202 | 174254 |
| Spyre Therapeutics, Inc.<sup>(a)(b)</sup> | 19760 | 996694 |
| Stoke Therapeutics, Inc.<sup>(a)(b)</sup> | 13506 | 439755 |
| Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 31522 | 597657 |
| Syndax Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 19859 | 463906 |
| Tango Therapeutics, Inc.<sup>(a)</sup> | 32996 | 690276 |
| Taysha Gene Therapies, Inc.<sup>(a)(b)</sup> | 69615 | 311179 |
| Tectonic Therapeutic, Inc.<sup>(a)</sup> | 5360 | 165678 |
| TG Therapeutics, Inc.<sup>(a)</sup> | 40569 | 1347702 |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 26903 | 799288 |
| Twist Bioscience Corp.<sup>(a)</sup> | 15266 | 725440 |
| Tyra Biosciences, Inc.<sup>(a)(b)</sup> | 6571 | 251669 |
| Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 25362 | 531334 |
| United Therapeutics Corp.<sup>(a)</sup> | 11503 | 6821049 |
| Upstream Bio, Inc.<sup>(a)(b)</sup> | 9519 | 85671 |
| UroGen Pharma Ltd.<sup>(a)(b)</sup> | 9551 | 171727 |
| Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 15031 | 103864 |
| Vaxcyte, Inc.<sup>(a)</sup> | 33871 | 1968244 |
| Vera Therapeutics, Inc., Class A<sup>(a)</sup> | 14849 | 597375 |
| Veracyte, Inc.<sup>(a)</sup> | 20139 | 648677 |
| Verastem, Inc.<sup>(a)</sup> | 30992 | 164258 |
| Vericel Corp.<sup>(a)</sup> | 14467 | 465403 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 68858 | 30747851 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 27681 | $900740 |
| Vir Biotechnology, Inc.<sup>(a)</sup> | 20328 | 182139 |
| Viridian Therapeutics, Inc.<sup>(a)</sup> | 19270 | 376921 |
| Voyager Therapeutics, Inc.<sup>(a)</sup> | 9063 | 34983 |
| Xencor, Inc.<sup>(a)</sup> | 15106 | 182178 |
| Xenon Pharmaceuticals, Inc.<sup>(a)</sup> | 23264 | 1352802 |
| Zenas Biopharma, Inc.<sup>(a)(b)</sup> | 4686 | 91611 |
| Zymeworks, Inc.<sup>(a)(b)</sup> | 14181 | 355092 |
|  |  | 405712976 |
| **Broadline Retail — 3.3%** | **Broadline Retail — 3.3%** | **Broadline Retail — 3.3%** |
| Amazon.com, Inc.<sup>(a)</sup> | 2604645 | 542469414 |
| Coupang, Inc., Class A<sup>(a)</sup> | 354403 | 6691129 |
| Dillard's, Inc., Class A<sup>(b)</sup> | 767 | 438808 |
| eBay, Inc. | 122426 | 11143215 |
| Etsy, Inc.<sup>(a)</sup> | 27854 | 1392143 |
| Groupon, Inc.<sup>(a)(b)</sup> | 6675 | 79432 |
| Kohl's Corp. | 29653 | 382524 |
| Macy's, Inc. | 74621 | 1349894 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 17191 | 1582260 |
| Savers Value Village, Inc.<sup>(a)(b)</sup> | 6935 | 51596 |
|  |  | 565580415 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| A. O. Smith Corp. | 32184 | 2122213 |
| AAON, Inc. | 17754 | 1469143 |
| Advanced Drainage Systems, Inc. | 19366 | 2655660 |
| Allegion PLC | 23348 | 3392231 |
| American Woodmark Corp.<sup>(a)</sup> | 4816 | 191821 |
| Apogee Enterprises, Inc. | 7053 | 236558 |
| Armstrong World Industries, Inc. | 12259 | 2020283 |
| AZZ, Inc. | 8487 | 1061978 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 29826 | 2455575 |
| Carlisle Cos., Inc. | 11580 | 3863320 |
| Carrier Global Corp. | 211446 | 11906524 |
| CSW Industrials, Inc. | 4452 | 1160102 |
| Fortune Brands Innovations, Inc. | 33044 | 1287725 |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 8228 | 328050 |
| Griffon Corp. | 11231 | 816269 |
| Hayward Holdings, Inc.<sup>(a)</sup> | 53555 | 716566 |
| Insteel Industries, Inc. | 5018 | 168655 |
| Janus International Group, Inc.<sup>(a)(b)</sup> | 38038 | 195896 |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 22020 | 27305 |
| Johnson Controls International PLC | 166064 | 21746081 |
| Lennox International, Inc. | 8503 | 3946497 |
| Masco Corp. | 57378 | 3463910 |
| Masterbrand, Inc.<sup>(a)</sup> | 34568 | 287260 |
| Modine Manufacturing Co.<sup>(a)</sup> | 14423 | 3125608 |
| Owens Corning | 23225 | 2513409 |
| Quanex Building Products Corp. | 11873 | 213358 |
| Resideo Technologies, Inc.<sup>(a)</sup> | 33150 | 1117487 |
| Simpson Manufacturing Co., Inc. | 11747 | 2016020 |
| Tecnoglass, Inc. | 6021 | 268236 |
| Trane Technologies PLC | 60529 | 25224855 |
| Trex Co., Inc.<sup>(a)</sup> | 28832 | 1050061 |
| UFP Industries, Inc. | 16517 | 1521546 |
| Zurn Elkay Water Solutions Corp. | 39371 | 1765396 |
|  |  | 104335598 |
| **Capital Markets — 3.2%** | **Capital Markets — 3.2%** | **Capital Markets — 3.2%** |
| Acadian Asset Management, Inc. | 8627 | 469481 |
| Affiliated Managers Group, Inc. | 7538 | 2085765 |
| Ameriprise Financial, Inc. | 25190 | 11194436 |
| Ares Management Corp., Class A | 50628 | 5523515 |
| Artisan Partners Asset Management, Inc., Class A | 15159 | 551636 |
| Bank of New York Mellon Corp. (The) | 186820 | 22162457 |
| BGC Group, Inc., Class A | 89541 | 875711 |
| BlackRock, Inc.<sup>(c)</sup> | 41355 | 39771517 |
| Blackstone, Inc., Class A | 200929 | 23104826 |
| Blue Owl Capital, Inc., Class A | 164649 | 1503245 |
| Brookfield Asset Management Ltd., Class A | 103202 | 4587329 |
| Bullish<sup>(a)(b)</sup> | 8960 | 320141 |

---

62026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Carlyle Group, Inc. (The) | 70591 | $3415898 |
| Cboe Global Markets, Inc. | 28776 | 8088070 |
| Charles Schwab Corp. (The) | 453073 | 42579801 |
| CME Group, Inc., Class A | 97551 | 28811688 |
| Cohen & Steers, Inc. | 8047 | 503340 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 60356 | 10538761 |
| Diamond Hill Investment Group, Inc., Class A | 696 | 119782 |
| DigitalBridge Group, Inc., Class A | 42402 | 653839 |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 6522 | 307447 |
| Evercore, Inc., Class A | 10115 | 3019429 |
| FactSet Research Systems, Inc. | 10417 | 2260385 |
| Franklin Resources, Inc. | 72791 | 1719323 |
| Freedom Holding Corp.<sup>(a)(b)</sup> | 4758 | 689339 |
| GCM Grosvenor, Inc., Class A | 13169 | 129056 |
| Goldman Sachs Group, Inc. (The) | 79776 | 67489698 |
| Hamilton Lane, Inc., Class A | 10730 | 1066562 |
| Houlihan Lokey, Inc., Class A | 14873 | 2136060 |
| Interactive Brokers Group, Inc., Class A | 115968 | 7777974 |
| Intercontinental Exchange, Inc. | 154720 | 24334362 |
| Invesco Ltd. | 101266 | 2459751 |
| Janus Henderson Group PLC | 35061 | 1801084 |
| Jefferies Financial Group, Inc. | 41326 | 1705524 |
| KKR & Co., Inc., Class A | 184950 | 17107875 |
| Lazard, Inc. | 24876 | 1056732 |
| LPL Financial Holdings, Inc. | 21434 | 6447990 |
| Marex Group PLC | 14408 | 642309 |
| MarketAxess Holdings, Inc. | 9924 | 1637261 |
| Miami International Holdings, Inc.<sup>(a)(b)</sup> | 6314 | 245741 |
| Moelis & Co., Class A | 16331 | 930867 |
| Moody's Corp. | 42298 | 18452502 |
| Morgan Stanley | 307791 | 50653165 |
| Morningstar, Inc. | 6347 | 1072960 |
| MSCI, Inc., Class A | 19350 | 10429843 |
| Nasdaq, Inc. | 122672 | 10413626 |
| Northern Trust Corp. | 51404 | 7174456 |
| Open Lending Corp., Class A<sup>(a)(b)</sup> | 27200 | 34000 |
| Patria Investments Ltd., Class A | 14467 | 182284 |
| Perella Weinberg Partners, Class A | 16191 | 294029 |
| Piper Sandler Cos. | 18012 | 1378819 |
| PJT Partners, Inc., Class A | 6359 | 888479 |
| Raymond James Financial, Inc. | 48170 | 6974534 |
| Ridgepost Capital, Inc., Class A | 9918 | 72005 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | 205837 | 14264504 |
| S&P Global, Inc. | 82519 | 35098631 |
| SEI Investments Co. | 27199 | 2134306 |
| State Street Corp. | 76375 | 9666020 |
| StepStone Group, Inc., Class A | 17666 | 843022 |
| Stifel Financial Corp. | 41613 | 3076033 |
| StoneX Group, Inc.<sup>(a)</sup> | 20190 | 1628323 |
| T Rowe Price Group, Inc. | 59047 | 5322497 |
| TPG, Inc., Class A | 34945 | 1415622 |
| Tradeweb Markets, Inc., Class A | 31901 | 3753472 |
| Victory Capital Holdings, Inc., Class A | 11028 | 722113 |
| Virtu Financial, Inc., Class A | 21991 | 967164 |
| Virtus Investment Partners, Inc. | 1771 | 237934 |
| Webull Corp., Class A<sup>(a)(b)</sup> | 73246 | 351581 |
| WisdomTree, Inc. | 40530 | 590117 |
| XP, Inc., Class A | 110214 | 2098475 |
|  |  | 542016523 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| AdvanSix, Inc. | 7967 | 194395 |
| Air Products & Chemicals, Inc. | 60456 | 17561863 |
| Albemarle Corp. | 31291 | 5617673 |
| American Vanguard Corp.<sup>(a)</sup> | 8922 | 22216 |
| Ashland, Inc. | 13855 | 770477 |
| ASP Isotopes, Inc.<sup>(a)(b)</sup> | 20872 | 92254 |
| Aspen Aerogels, Inc.<sup>(a)</sup> | 15932 | 54487 |
| Avient Corp. | 23285 | 845245 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 61398 | 1700725 |
| Balchem Corp. | 8249 | 1398041 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Cabot Corp. | 14280 | $1075427 |
| Celanese Corp., Class A | 30089 | 1978954 |
| CF Industries Holdings, Inc. | 43382 | 5632719 |
| Chemours Co. (The) | 38696 | 852473 |
| Core Molding Technologies, Inc.<sup>(a)</sup> | 4170 | 93408 |
| Corteva, Inc. | 183619 | 15370746 |
| Dow, Inc. | 190844 | 7948653 |
| DuPont de Nemours, Inc. | 112994 | 5175125 |
| Eastman Chemical Co. | 32166 | 2454909 |
| Ecolab, Inc. | 67664 | 17999977 |
| Ecovyst, Inc.<sup>(a)</sup> | 25938 | 333563 |
| Element Solutions, Inc. | 59597 | 2034642 |
| FMC Corp. | 33394 | 575045 |
| Hawkins, Inc. | 5666 | 870298 |
| HB Fuller Co. | 15253 | 940805 |
| Huntsman Corp. | 45602 | 606963 |
| Ingevity Corp.<sup>(a)</sup> | 9841 | 700974 |
| Innospec, Inc. | 6584 | 480764 |
| International Flavors & Fragrances, Inc. | 69165 | 5017921 |
| Intrepid Potash, Inc.<sup>(a)</sup> | 2924 | 125059 |
| Koppers Holdings, Inc. | 5290 | 204617 |
| Linde PLC | 127460 | 63189570 |
| LSB Industries, Inc.<sup>(a)</sup> | 19701 | 293545 |
| LyondellBasell Industries NV, Class A | 70243 | 5658776 |
| Mativ Holdings, Inc. | 13952 | 121382 |
| Minerals Technologies, Inc. | 8176 | 579842 |
| Mosaic Co. (The) | 84227 | 2147788 |
| NewMarket Corp. | 1588 | 1017829 |
| Olin Corp. | 33815 | 1005320 |
| Orion SA | 16174 | 105131 |
| Perimeter Solutions, Inc.<sup>(a)(b)</sup> | 38936 | 950817 |
| PPG Industries, Inc. | 61918 | 6617796 |
| PureCycle Technologies, Inc.<sup>(a)(b)</sup> | 28075 | 145709 |
| Quaker Chemical Corp. | 3590 | 445986 |
| Rayonier Advanced Materials, Inc.<sup>(a)(b)</sup> | 16412 | 181681 |
| RPM International, Inc. | 35019 | 3480889 |
| Scotts Miracle-Gro Co. (The) | 10852 | 659910 |
| Sensient Technologies Corp. | 11551 | 998468 |
| Sherwin-Williams Co. (The) | 62497 | 20033413 |
| Solstice Advanced Materials, Inc. | 43001 | 3274956 |
| Stepan Co. | 6177 | 308726 |
| Tronox Holdings PLC, Class A | 34405 | 336137 |
| Westlake Corp. | 9149 | 1068786 |
|  |  | 211352875 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| ABM Industries, Inc. | 17732 | 683037 |
| ACCO Brands Corp. | 28106 | 84318 |
| ACV Auctions, Inc., Class A<sup>(a)</sup> | 41834 | 177376 |
| BrightView Holdings, Inc.<sup>(a)</sup> | 14086 | 166074 |
| Brink's Co. (The) | 11793 | 1222109 |
| Casella Waste Systems, Inc., Class A<sup>(a)(b)</sup> | 17482 | 1387022 |
| Cimpress PLC<sup>(a)</sup> | 4504 | 328792 |
| Cintas Corp. | 93452 | 15806471 |
| Clean Harbors, Inc.<sup>(a)</sup> | 13644 | 3912144 |
| Copart, Inc.<sup>(a)</sup> | 240102 | 7971386 |
| CoreCivic, Inc.<sup>(a)</sup> | 30920 | 584697 |
| Deluxe Corp. | 11018 | 303436 |
| Ennis, Inc. | 6586 | 141072 |
| Enviri Corp.<sup>(a)</sup> | 23198 | 455145 |
| GEO Group, Inc. (The)<sup>(a)</sup> | 33516 | 563404 |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 20459 | 379514 |
| HNI Corp. | 18628 | 621989 |
| Interface, Inc., Class A | 14597 | 363757 |
| Liquidity Services, Inc.<sup>(a)</sup> | 6824 | 208610 |
| MillerKnoll, Inc. | 21277 | 307665 |
| Montrose Environmental Group, Inc.<sup>(a)</sup> | 9084 | 198849 |
| MSA Safety, Inc. | 9748 | 1598185 |
| OPENLANE, Inc.<sup>(a)</sup> | 28828 | 840336 |
| Pitney Bowes, Inc. | 49 | 541 |
| RB Global, Inc. | 50438 | 4834482 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Republic Services, Inc. | 54668 | $11973385 |
| Rollins, Inc. | 81309 | 4342714 |
| Tetra Tech, Inc. | 71980 | 2168038 |
| UniFirst Corp. | 4166 | 1048124 |
| Veralto Corp. | 67216 | 5943239 |
| Vestis Corp.<sup>(a)</sup> | 40906 | 321521 |
| Waste Management, Inc. | 100728 | 23146287 |
|  |  | 92083719 |
| **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** |
| ADTRAN Holdings, Inc.<sup>(a)(b)</sup> | 18718 | 235472 |
| Applied Optoelectronics, Inc.<sup>(a)(b)</sup> | 18050 | 1526850 |
| Arista Networks, Inc.<sup>(a)</sup> | 280430 | 34431195 |
| Aviat Networks, Inc.<sup>(a)</sup> | 3580 | 80944 |
| Calix, Inc.<sup>(a)</sup> | 14694 | 719859 |
| Ciena Corp.<sup>(a)</sup> | 38430 | 14919679 |
| Cisco Systems, Inc. | 1080872 | 83864859 |
| Clearfield, Inc.<sup>(a)(b)</sup> | 3447 | 91242 |
| Digi International, Inc.<sup>(a)</sup> | 8762 | 422328 |
| Extreme Networks, Inc.<sup>(a)</sup> | 35540 | 535943 |
| F5, Inc.<sup>(a)(b)</sup> | 15385 | 4451342 |
| Harmonic, Inc.<sup>(a)</sup> | 32478 | 291652 |
| Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 19205 | 13496506 |
| Motorola Solutions, Inc. | 45086 | 19565971 |
| NETGEAR, Inc.<sup>(a)</sup> | 8858 | 193459 |
| NetScout Systems, Inc.<sup>(a)</sup> | 16748 | 532419 |
| Ribbon Communications, Inc.<sup>(a)</sup> | 23715 | 50276 |
| Ubiquiti, Inc. | 1069 | 844820 |
| Viasat, Inc.<sup>(a)</sup> | 31504 | 1442883 |
| Viavi Solutions, Inc.<sup>(a)</sup> | 58867 | 1959094 |
| Vistance Networks, Inc.<sup>(a)</sup> | 61798 | 1124724 |
|  |  | 180781517 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| AECOM | 36062 | 3058779 |
| Ameresco, Inc., Class A<sup>(a)(b)</sup> | 8086 | 206193 |
| API Group Corp.<sup>(a)</sup> | 99438 | 4029228 |
| Arcosa, Inc. | 12941 | 1373558 |
| Argan, Inc. | 3885 | 2115965 |
| Bowman Consulting Group Ltd.<sup>(a)</sup> | 3375 | 95985 |
| Centuri Holdings, Inc.<sup>(a)</sup> | 21719 | 634412 |
| Comfort Systems U.S.A., Inc. | 9394 | 12954232 |
| Construction Partners, Inc., Class A<sup>(a)(b)</sup> | 11855 | 1317328 |
| Dycom Industries, Inc.<sup>(a)</sup> | 7931 | 2687181 |
| EMCOR Group, Inc. | 11938 | 8813945 |
| Everus Construction Group, Inc.<sup>(a)</sup> | 13187 | 1556857 |
| Fluor Corp.<sup>(a)</sup> | 45779 | 2135590 |
| Granite Construction, Inc. | 11182 | 1340498 |
| Great Lakes Dredge & Dock Corp.<sup>(a)(b)</sup> | 14884 | 253028 |
| IES Holdings, Inc.<sup>(a)(b)</sup> | 2550 | 1214998 |
| Legence Corp., Class A<sup>(a)(b)</sup> | 9937 | 561043 |
| Limbach Holdings, Inc.<sup>(a)(b)</sup> | 2575 | 200979 |
| MasTec, Inc.<sup>(a)</sup> | 16955 | 5455102 |
| MYR Group, Inc.<sup>(a)</sup> | 4118 | 1162594 |
| NWPX Infrastructure, Inc.<sup>(a)</sup> | 4044 | 314866 |
| Primoris Services Corp. | 13794 | 1973094 |
| Quanta Services, Inc. | 39815 | 21859231 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 8345 | 3398668 |
| Tutor Perini Corp. | 13415 | 1035504 |
| Valmont Industries, Inc. | 5573 | 2226804 |
| WillScot Holdings Corp., Class A | 49832 | 865083 |
|  |  | 82840745 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| CRH PLC | 183086 | 19246000 |
| Eagle Materials, Inc. | 9115 | 1726837 |
| James Hardie Industries PLC<sup>(a)(b)</sup> | 41373 | 783605 |
| Knife River Corp.<sup>(a)(b)</sup> | 15463 | 1262554 |
| Martin Marietta Materials, Inc. | 16193 | 9532495 |
| United States Lime & Minerals, Inc.<sup>(b)</sup> | 3467 | 452825 |
| Vulcan Materials Co. | 35781 | 9743166 |
|  |  | 42747482 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| Ally Financial, Inc. | 72754 | $2854139 |
| American Express Co. | 146848 | 44418583 |
| Bread Financial Holdings, Inc. | 11414 | 854794 |
| Capital One Financial Corp. | 166707 | 30412358 |
| Credit Acceptance Corp.<sup>(a)(b)</sup> | 1202 | 508999 |
| Dave, Inc., Class A<sup>(a)</sup> | 2963 | 515829 |
| Encore Capital Group, Inc.<sup>(a)</sup> | 6586 | 461810 |
| Enova International, Inc.<sup>(a)</sup> | 7326 | 995091 |
| Figure Technology Solutions, Inc., Class A<sup>(a)(b)</sup> | 9420 | 319809 |
| FirstCash Holdings, Inc. | 10929 | 2054652 |
| Green Dot Corp., Class A<sup>(a)</sup> | 14412 | 161703 |
| LendingClub Corp.<sup>(a)</sup> | 26017 | 372563 |
| LendingTree, Inc.<sup>(a)</sup> | 3912 | 167747 |
| Navient Corp. | 25629 | 209645 |
| Nelnet, Inc., Class A | 3280 | 422989 |
| NerdWallet, Inc., Class A<sup>(a)</sup> | 5995 | 62228 |
| OneMain Holdings, Inc. | 32580 | 1742704 |
| PRA Group, Inc.<sup>(a)</sup> | 9674 | 169295 |
| PROG Holdings, Inc. | 10779 | 309249 |
| Regional Management Corp. | 3425 | 110456 |
| SLM Corp. | 57834 | 1238226 |
| SoFi Technologies, Inc.<sup>(a)(b)</sup> | 328453 | 5215834 |
| Synchrony Financial | 94190 | 6406804 |
| Upstart Holdings, Inc.<sup>(a)(b)</sup> | 22952 | 588719 |
| World Acceptance Corp.<sup>(a)</sup> | 995 | 134365 |
|  |  | 100708591 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |
| Albertsons Cos., Inc., Class A | 95716 | 1631001 |
| Andersons, Inc. (The) | 9946 | 713924 |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 35450 | 3488989 |
| Casey's General Stores, Inc. | 10100 | 7351386 |
| Chefs' Warehouse, Inc. (The)<sup>(a)</sup> | 10622 | 631478 |
| Costco Wholesale Corp. | 120519 | 120088747 |
| Dollar General Corp. | 59745 | 7093524 |
| Dollar Tree, Inc.<sup>(a)</sup> | 52169 | 5713027 |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | 26497 | 186804 |
| Ingles Markets, Inc., Class A | 4282 | 384909 |
| Kroger Co. (The) | 157537 | 11399377 |
| Maplebear, Inc.<sup>(a)</sup> | 46482 | 1741216 |
| Natural Grocers by Vitamin Cottage, Inc. | 3584 | 92646 |
| Performance Food Group Co.<sup>(a)</sup> | 42244 | 3618621 |
| PriceSmart, Inc. | 7442 | 1120021 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 26680 | 2057828 |
| Sysco Corp. | 130950 | 9340663 |
| Target Corp. | 122674 | 14868089 |
| U.S. Foods Holding Corp.<sup>(a)(b)</sup> | 60147 | 5546155 |
| United Natural Foods, Inc.<sup>(a)</sup> | 14245 | 641880 |
| Walmart, Inc. | 1180549 | 146718630 |
| Weis Markets, Inc. | 4791 | 327656 |
|  |  | 344756571 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Amcor PLC | 123514 | 4909682 |
| AptarGroup, Inc. | 17562 | 2213163 |
| Ardagh Metal Packaging SA | 41863 | 169545 |
| Avery Dennison Corp. | 20822 | 3595543 |
| Ball Corp. | 73455 | 4341925 |
| Crown Holdings, Inc. | 31585 | 3166396 |
| Graphic Packaging Holding Co. | 78694 | 782218 |
| Greif, Inc., Class A, NVS | 6394 | 428846 |
| Greif, Inc., Class B | 2017 | 176568 |
| International Paper Co. | 141949 | 5067579 |
| Myers Industries, Inc. | 9823 | 208051 |
| O-I Glass, Inc.<sup>(a)</sup> | 44129 | 463796 |
| Packaging Corp. of America | 24246 | 5145486 |
| Ranpak Holdings Corp., Class A<sup>(a)(b)</sup> | 18145 | 64778 |
| Sealed Air Corp. | 37117 | 1560770 |
| Silgan Holdings, Inc. | 22294 | 865007 |
| Smurfit Westrock PLC | 140255 | 5589162 |

---

82026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| Sonoco Products Co. | 26366 | $1426137 |
| TriMas Corp. | 9972 | 358394 |
|  |  | 40533046 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| Genuine Parts Co. | 37472 | 3962664 |
| GigaCloud Technology, Inc., Class A<sup>(a)</sup> | 6293 | 285576 |
| Gold.com, Inc. | 5210 | 208817 |
| LKQ Corp. | 71470 | 2099074 |
| Pool Corp. | 8927 | 1806200 |
|  |  | 8362331 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| ADT, Inc. | 138040 | 906923 |
| American Public Education, Inc.<sup>(a)</sup> | 4669 | 265573 |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 15145 | 1243859 |
| Carriage Services, Inc. | 3950 | 180357 |
| Coursera, Inc.<sup>(a)(b)</sup> | 35224 | 205004 |
| Covista, Inc.<sup>(a)</sup> | 10691 | 1232138 |
| Driven Brands Holdings, Inc.<sup>(a)(b)</sup> | 17172 | 216539 |
| Duolingo, Inc., Class A<sup>(a)</sup> | 10007 | 986390 |
| European Wax Center, Inc., Class A<sup>(a)</sup> | 6885 | 39795 |
| Frontdoor, Inc.<sup>(a)</sup> | 20407 | 1078714 |
| Graham Holdings Co., Class B | 856 | 905015 |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 8150 | 1385744 |
| H&R Block, Inc. | 37021 | 1175046 |
| KinderCare Learning Cos., Inc.<sup>(a)(b)</sup> | 8705 | 19151 |
| Laureate Education, Inc., Class A<sup>(a)</sup> | 35735 | 1245007 |
| Liberty Live Holdings, Inc., Class A<sup>(a)</sup> | 5075 | 465073 |
| Liberty Live Holdings, Inc., Class C, NVS<sup>(a)</sup> | 12405 | 1167435 |
| Lincoln Educational Services Corp.<sup>(a)</sup> | 11579 | 471034 |
| Matthews International Corp., Class A | 8014 | 206921 |
| Mister Car Wash, Inc.<sup>(a)</sup> | 20445 | 142502 |
| OneSpaWorld Holdings Ltd. | 27720 | 636174 |
| Perdoceo Education Corp. | 20693 | 769986 |
| Service Corp. International | 38721 | 3194870 |
| Strategic Education, Inc. | 5964 | 494773 |
| Stride, Inc.<sup>(a)</sup> | 11283 | 994822 |
| Udemy, Inc.<sup>(a)</sup> | 22606 | 104440 |
| Universal Technical Institute, Inc.<sup>(a)(b)</sup> | 13962 | 504028 |
|  |  | 20237313 |
| **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** |
| AH Realty Trust, Inc. | 14986 | 82423 |
| American Assets Trust, Inc. | 12605 | 232058 |
| Broadstone Net Lease, Inc. | 47134 | 861138 |
| CTO Realty Growth, Inc. | 6774 | 125251 |
| Essential Properties Realty Trust, Inc. | 53087 | 1611722 |
| Gladstone Commercial Corp. | 9903 | 113191 |
| Global Net Lease, Inc. | 55642 | 520809 |
| NexPoint Diversified Real Estate Trust | 12491 | 58333 |
| WP Carey, Inc. | 58969 | 4007533 |
|  |  | 7612458 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| Anterix, Inc.<sup>(a)(b)</sup> | 3236 | 123583 |
| AST SpaceMobile, Inc., Class A<sup>(a)(b)</sup> | 59616 | 4940378 |
| AT&T Inc. | 1877823 | 54438089 |
| ATN International, Inc. | 3100 | 84382 |
| Bandwidth, Inc., Class A<sup>(a)</sup> | 8609 | 153412 |
| Cogent Communications Holdings, Inc. | 11687 | 220183 |
| Comcast Corp., Class A | 979044 | 28108353 |
| GCI Liberty, Inc., Class A<sup>(a)</sup> | 833 | 30696 |
| GCI Liberty, Inc., Class C, NVS<sup>(a)</sup> | 8377 | 311708 |
| Globalstar, Inc.<sup>(a)</sup> | 14181 | 941902 |
| IDT Corp., Class B | 5317 | 261065 |
| Iridium Communications, Inc. | 28730 | 796970 |
| Liberty Global Ltd., Class A<sup>(a)</sup> | 44804 | 541680 |
| Liberty Global Ltd., Class C, NVS<sup>(a)</sup> | 46445 | 544800 |
| Liberty Latin America Ltd., Class A<sup>(a)</sup> | 12034 | 103974 |
| Liberty Latin America Ltd., Class C, NVS<sup>(a)(b)</sup> | 43323 | 382109 |
| Lumen Technologies, Inc.<sup>(a)</sup> | 271602 | 1887634 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Uniti Group, Inc.<sup>(a)</sup> | 37543 | $352153 |
| Verizon Communications, Inc. | 1145033 | 57480657 |
|  |  | 151703728 |
| **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** |
| Alliant Energy Corp. | 68375 | 4906590 |
| American Electric Power Co., Inc. | 145825 | 19114741 |
| Constellation Energy Corp. | 85037 | 23746582 |
| Duke Energy Corp. | 211779 | 27730342 |
| Edison International | 103462 | 7571349 |
| Entergy Corp. | 120748 | 13567245 |
| Evergy, Inc. | 62610 | 5129011 |
| Eversource Energy | 100369 | 6953564 |
| Exelon Corp. | 276294 | 13543932 |
| FirstEnergy Corp. | 148105 | 7502999 |
| Genie Energy Ltd., Class B | 3984 | 56334 |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 44447 | 659594 |
| IDACORP, Inc. | 14487 | 2071207 |
| MGE Energy, Inc. | 9604 | 742293 |
| NextEra Energy, Inc. | 566990 | 52662031 |
| NRG Energy, Inc. | 54985 | 8035508 |
| OGE Energy Corp. | 55769 | 2674681 |
| Oklo, Inc., Class A<sup>(a)(b)</sup> | 32769 | 1625015 |
| Otter Tail Corp. | 10699 | 939051 |
| PG&E Corp. | 590660 | 10377896 |
| Pinnacle West Capital Corp. | 32832 | 3307824 |
| Portland General Electric Co. | 31105 | 1641411 |
| PPL Corp. | 201729 | 7706048 |
| Southern Co. (The) | 298466 | 28807938 |
| TXNM Energy, Inc. | 25438 | 1487106 |
| Xcel Energy, Inc. | 160052 | 12714531 |
|  |  | 265274823 |
| **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** |
| Acuity, Inc. | 8648 | 2423343 |
| Allient, Inc.<sup>(b)</sup> | 3550 | 209770 |
| American Superconductor Corp.<sup>(a)(b)</sup> | 11994 | 405997 |
| AMETEK, Inc. | 62760 | 13453234 |
| Amprius Technologies, Inc.<sup>(a)(b)</sup> | 32968 | 555840 |
| Array Technologies, Inc.<sup>(a)(b)</sup> | 41544 | 300363 |
| Atkore, Inc. | 10083 | 593990 |
| Bloom Energy Corp., Class A<sup>(a)</sup> | 58819 | 7969386 |
| Eaton Corp. PLC | 106246 | 38001007 |
| Emerson Electric Co. | 153416 | 20100564 |
| EnerSys | 10302 | 1789663 |
| Enovix Corp.<sup>(a)(b)</sup> | 38681 | 200368 |
| Eos Energy Enterprises, Inc., Class A<sup>(a)(b)</sup> | 84679 | 420008 |
| Fluence Energy, Inc., Class A<sup>(a)</sup> | 15667 | 215578 |
| GE Vernova, Inc. | 73246 | 63936433 |
| Generac Holdings, Inc.<sup>(a)</sup> | 15716 | 3069806 |
| Hubbell, Inc. | 14599 | 7164313 |
| Hyliion Holdings Corp., Class A<sup>(a)(b)</sup> | 55289 | 97309 |
| LSI Industries, Inc. | 9098 | 169223 |
| NANO Nuclear Energy, Inc.<sup>(a)(b)</sup> | 6580 | 134758 |
| Nextpower, Inc., Class A<sup>(a)</sup> | 38833 | 4681318 |
| NuScale Power Corp., Class A<sup>(a)(b)</sup> | 33857 | 367010 |
| nVent Electric PLC | 43198 | 5109459 |
| Plug Power, Inc.<sup>(a)(b)</sup> | 367906 | 831468 |
| Powell Industries, Inc. | 2529 | 1368391 |
| Power Solutions International, Inc.<sup>(a)(b)</sup> | 2806 | 170829 |
| Preformed Line Products Co. | 891 | 241238 |
| Regal Rexnord Corp. | 17561 | 3288473 |
| Rockwell Automation, Inc. | 30578 | 10973833 |
| Sensata Technologies Holding PLC | 40865 | 1439265 |
| Shoals Technologies Group, Inc., Class A<sup>(a)(b)</sup> | 43503 | 286250 |
| Sunrun, Inc.<sup>(a)</sup> | 54296 | 736254 |
| T1 Energy, Inc.<sup>(a)(b)</sup> | 59282 | 260248 |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 8860 | 446544 |
| Vertiv Holdings Co., Class A | 103467 | 25926761 |
| Vicor Corp.<sup>(a)</sup> | 5607 | 902727 |
|  |  | 218241021 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** |
| 908 Devices, Inc.<sup>(a)(b)</sup> | 8008 | $49009 |
| Advanced Energy Industries, Inc. | 9696 | 3128996 |
| Aeva Technologies, Inc.<sup>(a)(b)</sup> | 8184 | 107701 |
| Amphenol Corp., Class A | 330530 | 41762466 |
| Arlo Technologies, Inc.<sup>(a)</sup> | 21938 | 312178 |
| Arrow Electronics, Inc.<sup>(a)</sup> | 14513 | 2081309 |
| Avnet, Inc. | 21766 | 1341221 |
| Badger Meter, Inc. | 8169 | 1244547 |
| Bel Fuse, Inc., Class B, NVS<sup>(b)</sup> | 2782 | 550780 |
| Belden, Inc. | 11335 | 1301598 |
| Benchmark Electronics, Inc. | 10774 | 603991 |
| CDW Corp. | 35061 | 4243082 |
| Climb Global Solutions, Inc. | 3140 | 62235 |
| Cognex Corp. | 45883 | 2247808 |
| Coherent Corp.<sup>(a)</sup> | 47445 | 11301874 |
| Corning, Inc. | 212399 | 28879892 |
| Crane NXT Co. | 12777 | 518618 |
| CTS Corp. | 8381 | 400277 |
| Daktronics, Inc.<sup>(a)</sup> | 13846 | 270689 |
| ePlus, Inc. | 7684 | 578221 |
| Evolv Technologies Holdings, Inc., Class A<sup>(a)(b)</sup> | 34686 | 209850 |
| Fabrinet<sup>(a)</sup> | 9549 | 4979995 |
| Flex Ltd.<sup>(a)</sup> | 100306 | 6566031 |
| Ingram Micro Holding Corp.<sup>(b)</sup> | 7486 | 174499 |
| Insight Enterprises, Inc.<sup>(a)</sup> | 7443 | 498755 |
| IPG Photonics Corp.<sup>(a)</sup> | 6691 | 766722 |
| Itron, Inc.<sup>(a)</sup> | 11937 | 1069913 |
| Jabil, Inc. | 28151 | 7477750 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 46709 | 13189220 |
| Kimball Electronics, Inc.<sup>(a)</sup> | 6113 | 144817 |
| Knowles Corp.<sup>(a)</sup> | 26401 | 677978 |
| Littelfuse, Inc. | 6368 | 2160981 |
| Methode Electronics, Inc. | 9402 | 51899 |
| MicroVision, Inc.<sup>(a)(b)</sup> | 42236 | 27082 |
| Mirion Technologies, Inc., Class A<sup>(a)</sup> | 64677 | 1202345 |
| Napco Security Technologies, Inc. | 10329 | 406859 |
| nLight, Inc.<sup>(a)(b)</sup> | 11033 | 629102 |
| Novanta, Inc.<sup>(a)</sup> | 9925 | 1172242 |
| OSI Systems, Inc.<sup>(a)</sup> | 4616 | 1225594 |
| Ouster, Inc., Class A<sup>(a)(b)</sup> | 14566 | 267577 |
| PC Connection, Inc. | 3023 | 176725 |
| Plexus Corp.<sup>(a)</sup> | 7548 | 1528772 |
| Powerfleet, Inc. NJ<sup>(a)</sup> | 32117 | 98920 |
| Ralliant Corp. | 30339 | 1261799 |
| Rogers Corp.<sup>(a)</sup> | 5073 | 544485 |
| Sanmina Corp.<sup>(a)</sup> | 14183 | 1838684 |
| ScanSource, Inc.<sup>(a)</sup> | 6915 | 251015 |
| TD SYNNEX Corp. | 21500 | 3627265 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 12536 | 7584405 |
| TTM Technologies, Inc.<sup>(a)</sup> | 28733 | 2799169 |
| Vishay Intertechnology, Inc. | 32733 | 589194 |
| Vishay Precision Group, Inc.<sup>(a)(b)</sup> | 3300 | 143286 |
| Vontier Corp. | 43264 | 1534574 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 13683 | 2860842 |
|  |  | 168724838 |
| **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
| Archrock, Inc. | 47510 | 1653348 |
| Atlas Energy Solutions, Inc. | 18213 | 238955 |
| Baker Hughes Co., Class A | 270544 | 16516711 |
| Borr Drilling Ltd. | 63577 | 366839 |
| Bristow Group, Inc. | 6258 | 293438 |
| Cactus, Inc., Class A | 17609 | 834138 |
| Core Laboratories, Inc. | 12479 | 209522 |
| DMC Global, Inc.<sup>(a)</sup> | 6489 | 33808 |
| Expro Group Holdings NV<sup>(a)</sup> | 25810 | 449352 |
| Flowco Holdings, Inc., Class A | 7290 | 150174 |
| Forum Energy Technologies, Inc.<sup>(a)</sup> | 3044 | 178561 |
| Halliburton Co. | 230482 | 8986493 |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 36160 | 357622 |
| Helmerich & Payne, Inc. | 27354 | 985565 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |
| Innovex International, Inc.<sup>(a)</sup> | 10068 | $245559 |
| Kodiak Gas Services, Inc. | 24688 | 1439804 |
| Liberty Energy, Inc., Class A | 41809 | 1204099 |
| Nabors Industries Ltd.<sup>(a)</sup> | 2274 | 195700 |
| National Energy Services Reunited Corp.<sup>(a)(b)</sup> | 16355 | 351142 |
| Noble Corp. PLC | 33875 | 1662246 |
| NOV, Inc. | 106404 | 2001459 |
| Oceaneering International, Inc.<sup>(a)</sup> | 25066 | 889091 |
| Oil States International, Inc.<sup>(a)</sup> | 23387 | 272225 |
| Patterson-UTI Energy, Inc. | 107040 | 1159243 |
| ProFrac Holding Corp., Class A<sup>(a)(b)</sup> | 8300 | 51460 |
| ProPetro Holding Corp.<sup>(a)</sup> | 20263 | 291990 |
| RPC, Inc. | 21046 | 149006 |
| Seadrill Ltd.<sup>(a)</sup> | 19949 | 907680 |
| Select Water Solutions, Inc., Class A | 22860 | 349758 |
| SLB Ltd. | 408652 | 21000626 |
| Solaris Energy Infrastructure, Inc., Class A | 10935 | 617937 |
| TechnipFMC PLC | 108731 | 7516574 |
| TETRA Technologies, Inc.<sup>(a)</sup> | 42983 | 366215 |
| Tidewater, Inc.<sup>(a)</sup> | 13216 | 1104197 |
| Transocean Ltd.<sup>(a)(b)</sup> | 240848 | 1596822 |
| Valaris Ltd.<sup>(a)</sup> | 15890 | 1557856 |
| Weatherford International PLC | 19660 | 1859443 |
|  |  | 78044658 |
| **Entertainment — 1.5%** | **Entertainment — 1.5%** | **Entertainment — 1.5%** |
| AMC Entertainment Holdings, Inc., Class A<sup>(a)(b)</sup> | 91142 | 89319 |
| Atlanta Braves Holdings, Inc., Class A<sup>(a)(b)</sup> | 3171 | 149513 |
| Atlanta Braves Holdings, Inc., Class C, NVS<sup>(a)(b)</sup> | 13608 | 581062 |
| Cinemark Holdings, Inc. | 29609 | 844449 |
| Electronic Arts, Inc. | 68006 | 13864383 |
| IMAX Corp.<sup>(a)(b)</sup> | 9548 | 362919 |
| Liberty Media Corp. - Liberty Formula One, <br> Class A<sup>(a)</sup><br>| 6649 | 519154 |
| Liberty Media Corp. - Liberty Formula One, Class C, <br> NVS<sup>(a)</sup><br>| 57356 | 4876407 |
| Lionsgate Studios Corp.<sup>(a)(b)</sup> | 50265 | 482041 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 42491 | 6480302 |
| Madison Square Garden Entertainment Corp., <br> Class A<sup>(a)</sup><br>| 11485 | 676581 |
| Madison Square Garden Sports Corp., Class A<sup>(a)</sup> | 4351 | 1398411 |
| Marcus Corp. (The) | 7362 | 126406 |
| Netflix, Inc.<sup>(a)</sup> | 1150408 | 110611729 |
| Playstudios, Inc., Class A<sup>(a)(b)</sup> | 27973 | 13125 |
| Playtika Holding Corp. | 25787 | 71688 |
| ROBLOX Corp., Class A<sup>(a)</sup> | 167998 | 9501967 |
| Roku, Inc., Class A<sup>(a)</sup> | 35429 | 3352292 |
| Sphere Entertainment Co., Class A<sup>(a)</sup> | 6968 | 818043 |
| Spotify Technology SA<sup>(a)</sup> | 41755 | 20247417 |
| Starz Entertainment Corp.<sup>(a)</sup> | 3395 | 39043 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 49394 | 9755315 |
| TKO Group Holdings, Inc., Class A | 18550 | 3740608 |
| Vivid Seats, Inc., Class A<sup>(a)(b)</sup> | 1132 | 6690 |
| Walt Disney Co. (The) | 481963 | 46451594 |
| Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 629865 | 17296093 |
|  |  | 252356551 |
| **Financial Services — 3.4%** | **Financial Services — 3.4%** | **Financial Services — 3.4%** |
| Acacia Research Corp.<sup>(a)(b)</sup> | 31269 | 150404 |
| Affirm Holdings, Inc., Class A<sup>(a)</sup> | 76193 | 3491163 |
| Alerus Financial Corp. | 5650 | 133961 |
| Apollo Global Management, Inc. | 114094 | 12712353 |
| Banco Latinoamericano de Comercio Exterior SA, <br> Class E<br>| 11034 | 563617 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 500802 | 239984318 |
| Better Home & Finance Holding Co.<sup>(a)(b)</sup> | 2912 | 103725 |
| Block, Inc., Class A<sup>(a)</sup> | 146916 | 8841405 |
| Burford Capital Ltd. | 53722 | 242823 |
| Cannae Holdings, Inc. | 16967 | 192915 |
| Cantaloupe, Inc.<sup>(a)(b)</sup> | 24882 | 268974 |
| Cass Information Systems, Inc. | 3447 | 151737 |

---

102026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Compass Diversified Holdings | 20498 | $161114 |
| Corpay, Inc.<sup>(a)</sup> | 18528 | 5391463 |
| Enact Holdings, Inc. | 8585 | 350354 |
| Equitable Holdings, Inc. | 77707 | 2883707 |
| Essent Group Ltd. | 26555 | 1551874 |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 11164 | 740955 |
| EVERTEC, Inc. | 19364 | 546452 |
| Federal Agricultural Mortgage Corp., Class C, NVS | 2554 | 378886 |
| Fidelity National Information Services, Inc. | 140691 | 6599815 |
| Fiserv, Inc.<sup>(a)</sup> | 146289 | 8162926 |
| Flywire Corp.<sup>(a)(b)</sup> | 30736 | 357767 |
| Global Payments, Inc. | 65904 | 4435339 |
| HA Sustainable Infrastructure Capital, Inc. | 31997 | 1175890 |
| International Money Express, Inc.<sup>(a)</sup> | 9676 | 152881 |
| Jack Henry & Associates, Inc. | 20173 | 3188141 |
| Jackson Financial, Inc., Class A | 17898 | 1892177 |
| Marqeta, Inc., Class A<sup>(a)(b)</sup> | 102726 | 419122 |
| Mastercard, Inc., Class A | 218253 | 109052294 |
| Merchants Bancorp | 5263 | 225835 |
| MGIC Investment Corp. | 62956 | 1652595 |
| NCR Atleos Corp.<sup>(a)</sup> | 21690 | 945250 |
| NewtekOne, Inc. | 6718 | 73562 |
| NMI Holdings, Inc., Class A<sup>(a)</sup> | 22415 | 840787 |
| Onity Group, Inc.<sup>(a)</sup> | 3502 | 137523 |
| Pagseguro Digital Ltd., Class A | 53230 | 533365 |
| Payoneer Global, Inc.<sup>(a)</sup> | 73558 | 355285 |
| PayPal Holdings, Inc. | 253760 | 11477565 |
| Paysafe Ltd.<sup>(a)(b)</sup> | 7860 | 53527 |
| Paysign, Inc.<sup>(a)</sup> | 30744 | 181390 |
| PennyMac Financial Services, Inc., Class A | 8437 | 737394 |
| Priority Technology Holdings, Inc.<sup>(a)(b)</sup> | 15981 | 75430 |
| Radian Group, Inc. | 39954 | 1321678 |
| Remitly Global, Inc.<sup>(a)</sup> | 44337 | 694761 |
| Repay Holdings Corp., Class A<sup>(a)(b)</sup> | 21117 | 54904 |
| Rocket Cos., Inc., Class A<sup>(a)</sup> | 257872 | 3674676 |
| Sezzle, Inc.<sup>(a)</sup> | 3554 | 224933 |
| Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | 18705 | 817970 |
| StoneCo Ltd., Class A<sup>(a)(b)</sup> | 74652 | 1054086 |
| TFS Financial Corp. | 15378 | 216061 |
| Toast, Inc., Class A<sup>(a)</sup> | 124462 | 3299488 |
| UWM Holdings Corp., Class A | 33527 | 121368 |
| Velocity Financial, Inc.<sup>(a)</sup> | 7898 | 142875 |
| Visa, Inc., Class A | 456800 | 138063232 |
| Voya Financial, Inc. | 26337 | 1799344 |
| Walker & Dunlop, Inc. | 9570 | 424717 |
| Waterstone Financial, Inc. | 8369 | 150893 |
| Western Union Co. (The) | 69996 | 611065 |
| WEX, Inc.<sup>(a)</sup> | 9161 | 1401999 |
|  |  | 585642110 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Archer-Daniels-Midland Co. | 129391 | 9405432 |
| B&G Foods, Inc. | 17106 | 82280 |
| Beyond Meat, Inc.<sup>(a)(b)</sup> | 15262 | 10708 |
| BRC, Inc., Class A<sup>(a)(b)</sup> | 14293 | 11094 |
| Bunge Global SA | 35910 | 4567752 |
| Calavo Growers, Inc. | 4189 | 108034 |
| Cal-Maine Foods, Inc. | 11818 | 935395 |
| Campbell's Co. (The) | 51357 | 1143720 |
| Conagra Brands, Inc. | 127801 | 2009032 |
| Darling Ingredients, Inc.<sup>(a)</sup> | 42902 | 2653489 |
| Dole PLC | 19030 | 271939 |
| Flowers Foods, Inc. | 49998 | 407484 |
| Fresh Del Monte Produce, Inc. | 9060 | 364756 |
| Freshpet, Inc.<sup>(a)</sup> | 12298 | 725090 |
| General Mills, Inc. | 144481 | 5377583 |
| Hain Celestial Group, Inc. (The)<sup>(a)(b)</sup> | 23698 | 16536 |
| Hershey Co. (The) | 39043 | 8116649 |
| Hormel Foods Corp. | 79181 | 1793450 |
| Ingredion, Inc. | 18118 | 2041174 |
| J & J Snack Foods Corp. | 4168 | 330397 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| J M Smucker Co. (The) | 27663 | $2667820 |
| John B Sanfilippo & Son, Inc. | 1994 | 158184 |
| Kraft Heinz Co. (The) | 230436 | 5182506 |
| Lamb Weston Holdings, Inc. | 39228 | 1657775 |
| Limoneira Co. | 7513 | 100824 |
| Mama's Creations, Inc.<sup>(a)</sup> | 12477 | 191397 |
| Marzetti Co. (The) | 5119 | 708111 |
| McCormick & Co., Inc., NVS | 68666 | 3463513 |
| Mission Produce, Inc.<sup>(a)(b)</sup> | 10594 | 145773 |
| Mondelez International, Inc., Class A | 352803 | 20335565 |
| Pilgrim's Pride Corp. | 10546 | 398217 |
| Post Holdings, Inc.<sup>(a)</sup> | 13522 | 1336785 |
| Seaboard Corp. | 75 | 424052 |
| Seneca Foods Corp., Class A<sup>(a)</sup> | 2122 | 320677 |
| Simply Good Foods Co. (The)<sup>(a)</sup> | 23101 | 331499 |
| Smithfield Foods, Inc. | 14135 | 395356 |
| SunOpta, Inc.<sup>(a)</sup> | 28328 | 183565 |
| Tootsie Roll Industries, Inc. | 4874 | 208217 |
| Tyson Foods, Inc., Class A | 76062 | 4873292 |
| Utz Brands, Inc., Class A | 15783 | 125001 |
| Vital Farms, Inc.<sup>(a)(b)</sup> | 8826 | 124623 |
| Westrock Coffee Co.<sup>(a)(b)</sup> | 10178 | 43257 |
|  |  | 83748003 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| Atmos Energy Corp. | 42974 | 7938158 |
| Brookfield Infrastructure Corp., Class A | 31987 | 1264126 |
| Chesapeake Utilities Corp. | 5922 | 748363 |
| MDU Resources Group, Inc. | 52750 | 1092980 |
| National Fuel Gas Co. | 24823 | 2332369 |
| New Jersey Resources Corp. | 26697 | 1466199 |
| Northwest Natural Holding Co. | 12063 | 641993 |
| ONE Gas, Inc. | 16816 | 1448362 |
| Southwest Gas Holdings, Inc. | 17361 | 1508671 |
| Spire, Inc. | 15876 | 1437413 |
| UGI Corp. | 57030 | 2077033 |
|  |  | 21955667 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| ArcBest Corp. | 6244 | 614160 |
| Avis Budget Group, Inc.<sup>(a)(b)</sup> | 4232 | 617237 |
| Covenant Logistics Group, Inc., Class A | 7546 | 204874 |
| CSX Corp. | 511067 | 20979300 |
| FTAI Infrastructure, Inc. | 32909 | 162570 |
| Heartland Express, Inc. | 12039 | 125206 |
| Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | 36057 | 166223 |
| JB Hunt Transport Services, Inc. | 21067 | 4464097 |
| Knight-Swift Transportation Holdings, Inc. | 42541 | 2449511 |
| Landstar System, Inc. | 9332 | 1496013 |
| Lyft, Inc., Class A<sup>(a)</sup> | 103044 | 1370485 |
| Marten Transport Ltd. | 14276 | 187444 |
| Norfolk Southern Corp. | 61071 | 17527377 |
| Old Dominion Freight Line, Inc. | 50304 | 9829402 |
| RXO, Inc.<sup>(a)</sup> | 42878 | 626876 |
| Ryder System, Inc. | 11069 | 2265935 |
| Saia, Inc.<sup>(a)</sup> | 7173 | 2519731 |
| Schneider National, Inc., Class B | 14970 | 394609 |
| Uber Technologies, Inc.<sup>(a)</sup> | 547572 | 39386854 |
| U-Haul Holding Co.<sup>(a)(b)</sup> | 2344 | 111996 |
| U-Haul Holding Co., NVS | 27038 | 1207788 |
| Union Pacific Corp. | 162166 | 39344715 |
| Universal Logistics Holdings, Inc. | 3562 | 75301 |
| Werner Enterprises, Inc. | 16558 | 486971 |
| XPO, Inc.<sup>(a)</sup> | 30546 | 5942724 |
|  |  | 152557399 |
| **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
| Abbott Laboratories | 469924 | 48247097 |
| Accuray, Inc.<sup>(a)(b)</sup> | 29811 | 11570 |
| Align Technology, Inc.<sup>(a)</sup> | 18498 | 3171112 |
| Alphatec Holdings, Inc.<sup>(a)</sup> | 33629 | 365884 |
| AngioDynamics, Inc.<sup>(a)</sup> | 10336 | 117520 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| Artivion, Inc.<sup>(a)</sup> | 10678 | $391028 |
| AtriCure, Inc.<sup>(a)</sup> | 12182 | 347552 |
| Avanos Medical, Inc.<sup>(a)</sup> | 12206 | 171006 |
| Axogen, Inc.<sup>(a)</sup> | 11092 | 367478 |
| Baxter International, Inc. | 137733 | 2313914 |
| Becton Dickinson & Co. | 77239 | 12144288 |
| Beta Bionics, Inc.<sup>(a)(b)</sup> | 11011 | 110330 |
| Bioventus, Inc., Class A<sup>(a)(b)</sup> | 14806 | 135179 |
| Boston Scientific Corp.<sup>(a)</sup> | 401276 | 25180069 |
| Butterfly Network, Inc., Class A<sup>(a)</sup> | 52547 | 212290 |
| Ceribell, Inc.<sup>(a)(b)</sup> | 8201 | 150324 |
| Cerus Corp.<sup>(a)(b)</sup> | 37803 | 68801 |
| ClearPoint Neuro, Inc.<sup>(a)(b)</sup> | 10771 | 98016 |
| CONMED Corp. | 7932 | 280476 |
| Cooper Cos., Inc. (The)<sup>(a)</sup> | 54987 | 3931570 |
| CVRx, Inc.<sup>(a)(b)</sup> | 5209 | 49277 |
| DENTSPLY SIRONA, Inc. | 53344 | 618790 |
| Dexcom, Inc.<sup>(a)</sup> | 105718 | 6639090 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 157407 | 12605153 |
| Embecta Corp. | 16289 | 143995 |
| Enovis Corp.<sup>(a)</sup> | 14145 | 321799 |
| Envista Holdings Corp.<sup>(a)</sup> | 43657 | 1107578 |
| GE HealthCare Technologies, Inc. | 123098 | 8762116 |
| Glaukos Corp.<sup>(a)</sup> | 15006 | 1615546 |
| Globus Medical, Inc., Class A<sup>(a)</sup> | 30243 | 2605737 |
| Haemonetics Corp.<sup>(a)</sup> | 13856 | 780924 |
| Hologic, Inc.<sup>(a)</sup> | 60980 | 4609478 |
| ICU Medical, Inc.<sup>(a)</sup> | 6040 | 780066 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 21591 | 12131767 |
| Inogen, Inc.<sup>(a)</sup> | 4725 | 29201 |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 7793 | 401963 |
| Insulet Corp.<sup>(a)</sup> | 19215 | 4032076 |
| Integer Holdings Corp.<sup>(a)</sup> | 9204 | 809952 |
| Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 19527 | 183944 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 95996 | 44253196 |
| iRadimed Corp. | 2787 | 268277 |
| IRhythm Holdings, Inc.<sup>(a)</sup> | 8971 | 1058757 |
| Kestra Medical Technologies Ltd.<sup>(a)(b)</sup> | 6526 | 130063 |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 19055 | 1445322 |
| LeMaitre Vascular, Inc. | 4820 | 526199 |
| LivaNova PLC<sup>(a)</sup> | 13955 | 886980 |
| Masimo Corp.<sup>(a)</sup> | 11642 | 2070763 |
| Medline, Inc., Class A<sup>(a)</sup> | 87925 | 3912663 |
| Medtronic PLC | 347954 | 30150214 |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 15714 | 1083166 |
| Neogen Corp.<sup>(a)</sup> | 57790 | 536869 |
| NeuroPace, Inc.<sup>(a)</sup> | 11205 | 147346 |
| Novocure Ltd.<sup>(a)</sup> | 27216 | 296654 |
| Omnicell, Inc.<sup>(a)</sup> | 11718 | 391147 |
| OraSure Technologies, Inc.<sup>(a)(b)</sup> | 20911 | 62733 |
| Orthofix Medical, Inc.<sup>(a)</sup> | 9192 | 105432 |
| OrthoPediatrics Corp.<sup>(a)(b)</sup> | 2893 | 45912 |
| Penumbra, Inc.<sup>(a)</sup> | 10429 | 3424571 |
| PROCEPT BioRobotics Corp.<sup>(a)(b)</sup> | 14023 | 350715 |
| Pulmonx Corp.<sup>(a)</sup> | 8123 | 10479 |
| Pulse Biosciences, Inc.<sup>(a)(b)</sup> | 9423 | 203443 |
| QuidelOrtho Corp.<sup>(a)</sup> | 16829 | 276500 |
| ResMed, Inc. | 39655 | 8901754 |
| RxSight, Inc.<sup>(a)</sup> | 8255 | 50851 |
| SI-BONE, Inc.<sup>(a)(b)</sup> | 13969 | 176428 |
| Solventum Corp.<sup>(a)</sup> | 39932 | 2607560 |
| STAAR Surgical Co.<sup>(a)</sup> | 12792 | 239210 |
| STERIS PLC | 26545 | 5869896 |
| Strive, Inc., Class A<sup>(a)(b)</sup> | 17172 | 172063 |
| Stryker Corp. | 93342 | 30671248 |
| Tactile Systems Technology, Inc.<sup>(a)(b)</sup> | 7320 | 191272 |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> | 16571 | 317666 |
| Teleflex, Inc. | 12959 | 1550026 |
| TransMedics Group, Inc.<sup>(a)(b)</sup> | 8863 | 881071 |
| Treace Medical Concepts, Inc.<sup>(a)</sup> | 10858 | 14550 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| UFP Technologies, Inc.<sup>(a)</sup> | 2001 | $387394 |
| Utah Medical Products, Inc. | 1157 | 71722 |
| Varex Imaging Corp.<sup>(a)</sup> | 9930 | 105357 |
| Zimmer Biomet Holdings, Inc. | 53678 | 4853565 |
|  |  | 304742990 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 24871 | 581733 |
| Accendra Health, Inc.<sup>(a)</sup> | 19722 | 44966 |
| AdaptHealth Corp.<sup>(a)</sup> | 20377 | 242486 |
| Addus HomeCare Corp.<sup>(a)</sup> | 4482 | 419739 |
| agilon health, Inc.<sup>(a)(b)</sup> | 3065 | 24244 |
| Alignment Healthcare, Inc.<sup>(a)</sup> | 50677 | 892929 |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 9710 | 178081 |
| Astrana Health, Inc.<sup>(a)</sup> | 12542 | 307530 |
| Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 19576 | 126069 |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 34651 | 1476479 |
| Brookdale Senior Living, Inc.<sup>(a)(b)</sup> | 66186 | 905425 |
| Cardinal Health, Inc. | 64562 | 13642596 |
| Castle Biosciences, Inc.<sup>(a)</sup> | 5436 | 133454 |
| Cencora, Inc. | 49992 | 15704487 |
| Centene Corp.<sup>(a)</sup> | 132409 | 4335071 |
| Chemed Corp. | 3976 | 1501894 |
| Cigna Group (The) | 71240 | 19003270 |
| Clover Health Investments Corp.<sup>(a)(b)</sup> | 107796 | 189721 |
| Community Health Systems, Inc.<sup>(a)(b)</sup> | 41502 | 122016 |
| Concentra Group Holdings Parent, Inc. | 27844 | 597254 |
| CorVel Corp.<sup>(a)</sup> | 7729 | 422390 |
| Cross Country Healthcare, Inc.<sup>(a)(b)</sup> | 12141 | 114125 |
| CVS Health Corp. | 339924 | 24413342 |
| DaVita, Inc.<sup>(a)</sup> | 10317 | 1585620 |
| DocGo, Inc.<sup>(a)(b)</sup> | 24881 | 15653 |
| Elevance Health, Inc. | 60269 | 17643750 |
| Encompass Health Corp. | 27529 | 2662880 |
| Enhabit, Inc.<sup>(a)</sup> | 14557 | 205108 |
| Ensign Group, Inc. (The) | 15111 | 3044867 |
| Fulgent Genetics, Inc.<sup>(a)(b)</sup> | 5315 | 84509 |
| GeneDx Holdings Corp., Class A<sup>(a)(b)</sup> | 4412 | 283339 |
| Guardant Health, Inc.<sup>(a)(b)</sup> | 33054 | 3053198 |
| Guardian Pharmacy Services, Inc., Class A<sup>(a)</sup> | 6040 | 227466 |
| HCA Healthcare, Inc. | 43893 | 20771923 |
| HealthEquity, Inc.<sup>(a)</sup> | 23267 | 1944423 |
| Henry Schein, Inc.<sup>(a)</sup> | 29564 | 2178867 |
| Hims & Hers Health, Inc., Class A<sup>(a)(b)</sup> | 55869 | 1159840 |
| Humana, Inc. | 32576 | 5648353 |
| Labcorp Holdings, Inc. | 22983 | 6132094 |
| LifeStance Health Group, Inc.<sup>(a)(b)</sup> | 45492 | 289784 |
| McKesson Corp. | 33533 | 29018117 |
| Molina Healthcare, Inc.<sup>(a)(b)</sup> | 14478 | 1929917 |
| Nano-X Imaging Ltd.<sup>(a)(b)</sup> | 14714 | 33401 |
| National HealthCare Corp. | 3547 | 566456 |
| National Research Corp., Class A | 3807 | 64643 |
| NeoGenomics, Inc.<sup>(a)</sup> | 34786 | 258112 |
| Nutex Health, Inc.<sup>(a)(b)</sup> | 1106 | 105114 |
| Omada Health, Inc.<sup>(a)</sup> | 12213 | 153517 |
| OPKO Health, Inc.<sup>(a)(b)</sup> | 101896 | 116161 |
| Option Care Health, Inc.<sup>(a)</sup> | 44675 | 1202651 |
| PACS Group, Inc.<sup>(a)(b)</sup> | 10612 | 340857 |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 20936 | 447821 |
| Pennant Group, Inc. (The)<sup>(a)</sup> | 8691 | 264902 |
| Privia Health Group, Inc.<sup>(a)</sup> | 29514 | 607103 |
| Progyny, Inc.<sup>(a)</sup> | 21282 | 361368 |
| Quest Diagnostics, Inc. | 29750 | 5830405 |
| RadNet, Inc.<sup>(a)</sup> | 18247 | 1019825 |
| Select Medical Holdings Corp. | 26742 | 435627 |
| Strata Critical Medical, Inc., Class A<sup>(a)(b)</sup> | 23701 | 99070 |
| Surgery Partners, Inc.<sup>(a)(b)</sup> | 20129 | 239938 |
| Talkspace, Inc.<sup>(a)</sup> | 53674 | 277763 |
| Tenet Healthcare Corp.<sup>(a)</sup> | 23562 | 4446385 |
| U.S. Physical Therapy, Inc. | 3574 | 267907 |
| UnitedHealth Group, Inc. | 247369 | 66935578 |

---

122026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Universal Health Services, Inc., Class B | 14504 | $2595781 |
| Viemed Healthcare, Inc.<sup>(a)</sup> | 11797 | 108650 |
|  |  | 270038044 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| Alexandria Real Estate Equities, Inc. | 45920 | 2131606 |
| American Healthcare REIT, Inc. | 48631 | 2293438 |
| CareTrust REIT, Inc. | 60765 | 2227037 |
| Chiron Real Estate, Inc. | 2362 | 78135 |
| Community Healthcare Trust, Inc. | 5840 | 92798 |
| Diversified Healthcare Trust | 58871 | 390903 |
| Healthcare Realty Trust, Inc. | 88558 | 1504600 |
| Healthpeak Properties, Inc. | 190415 | 3128519 |
| LTC Properties, Inc. | 9985 | 371043 |
| Medical Properties Trust, Inc. | 159445 | 738230 |
| National Health Investors, Inc. | 11515 | 931103 |
| Omega Healthcare Investors, Inc. | 77501 | 3396094 |
| Sabra Health Care REIT, Inc. | 63871 | 1228239 |
| Sila Realty Trust, Inc. | 14860 | 351885 |
| Universal Health Realty Income Trust | 3285 | 132944 |
| Ventas, Inc. | 126829 | 10372076 |
| Welltower, Inc. | 187144 | 37000240 |
|  |  | 66368890 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Certara, Inc.<sup>(a)</sup> | 28883 | 164633 |
| Definitive Healthcare Corp., Class A<sup>(a)</sup> | 10544 | 12969 |
| Doximity, Inc., Class A<sup>(a)</sup> | 36229 | 844136 |
| Evolent Health, Inc., Class A<sup>(a)</sup> | 29291 | 66783 |
| Health Catalyst, Inc.<sup>(a)(b)</sup> | 12222 | 15522 |
| HealthStream, Inc. | 6979 | 144535 |
| HeartFlow, Inc.<sup>(a)(b)</sup> | 6661 | 162062 |
| OptimizeRx Corp.<sup>(a)</sup> | 5286 | 33196 |
| Phreesia, Inc.<sup>(a)</sup> | 12932 | 108370 |
| Schrodinger, Inc.<sup>(a)(b)</sup> | 15843 | 179977 |
| Simulations Plus, Inc.<sup>(a)</sup> | 4216 | 49833 |
| Teladoc Health, Inc.<sup>(a)(b)</sup> | 45026 | 245392 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 40166 | 7055560 |
| Waystar Holding Corp.<sup>(a)</sup> | 29486 | 710907 |
|  |  | 9793875 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| Apple Hospitality REIT, Inc. | 64495 | 742337 |
| Braemar Hotels & Resorts, Inc. | 22987 | 54249 |
| Chatham Lodging Trust | 13032 | 102562 |
| DiamondRock Hospitality Co. | 57434 | 538157 |
| Host Hotels & Resorts, Inc. | 189320 | 3627371 |
| Park Hotels & Resorts, Inc. | 60080 | 632642 |
| Pebblebrook Hotel Trust | 34454 | 435154 |
| RLJ Lodging Trust | 47343 | 351285 |
| Ryman Hospitality Properties, Inc. | 15659 | 1444856 |
| Service Properties Trust | 43796 | 59344 |
| Summit Hotel Properties, Inc. | 29290 | 129462 |
| Sunstone Hotel Investors, Inc. | 55365 | 498839 |
| Xenia Hotels & Resorts, Inc. | 31284 | 463942 |
|  |  | 9080200 |
| **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** |
| Accel Entertainment, Inc., Class A<sup>(a)</sup> | 13153 | 143499 |
| Airbnb, Inc., Class A<sup>(a)</sup> | 113311 | 14308913 |
| Aramark | 70623 | 2863056 |
| BJ's Restaurants, Inc.<sup>(a)</sup> | 6091 | 213794 |
| Bloomin' Brands, Inc. | 23402 | 126371 |
| Booking Holdings, Inc. | 8824 | 37151864 |
| Boyd Gaming Corp. | 14900 | 1224482 |
| Brightstar Lottery PLC | 29139 | 371231 |
| Brinker International, Inc.<sup>(a)</sup> | 12182 | 1739224 |
| Caesars Entertainment, Inc.<sup>(a)</sup> | 58639 | 1549829 |
| Carnival Corp. | 310848 | 8044746 |
| Cava Group, Inc.<sup>(a)(b)</sup> | 26927 | 2178394 |
| Cheesecake Factory, Inc. (The) | 11763 | 644024 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 356562 | 11413550 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Choice Hotels International, Inc.<sup>(b)</sup> | 7621 | $788774 |
| Churchill Downs, Inc. | 17548 | 1576337 |
| Cracker Barrel Old Country Store, Inc. | 5858 | 164668 |
| Darden Restaurants, Inc. | 31593 | 6193492 |
| Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 9620 | 104185 |
| Dine Brands Global, Inc. | 4604 | 120809 |
| Domino's Pizza, Inc. | 8574 | 3076265 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 99209 | 14896231 |
| DraftKings, Inc., Class A<sup>(a)</sup> | 129713 | 2804395 |
| Dutch Bros, Inc., Class A<sup>(a)(b)</sup> | 32587 | 1650857 |
| El Pollo Loco Holdings, Inc.<sup>(a)(b)</sup> | 11485 | 159182 |
| Expedia Group, Inc. | 31751 | 7330988 |
| First Watch Restaurant Group, Inc.<sup>(a)(b)</sup> | 17612 | 184574 |
| Flutter Entertainment PLC<sup>(a)(b)</sup> | 42783 | 4361727 |
| Genius Sports Ltd.<sup>(a)</sup> | 59142 | 261999 |
| Global Business Travel Group I, Class A<sup>(a)(b)</sup> | 33645 | 187739 |
| Golden Entertainment, Inc. | 5291 | 141217 |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 16362 | 640081 |
| Hilton Worldwide Holdings, Inc. | 61702 | 18762344 |
| Hyatt Hotels Corp., Class A<sup>(b)</sup> | 11823 | 1700029 |
| Inspired Entertainment, Inc.<sup>(a)(b)</sup> | 6692 | 47714 |
| Jack in the Box, Inc.<sup>(b)</sup> | 5501 | 53195 |
| Krispy Kreme, Inc.<sup>(b)</sup> | 22562 | 76485 |
| Kura Sushi U.S.A., Inc., Class A<sup>(a)(b)</sup> | 1536 | 107197 |
| Las Vegas Sands Corp. | 83728 | 4511265 |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 36254 | 976683 |
| Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 12634 | 218568 |
| Marriott International, Inc., Class A | 60181 | 19683400 |
| Marriott Vacations Worldwide Corp. | 7456 | 485535 |
| McDonald's Corp. | 194017 | 60298543 |
| MGM Resorts International<sup>(a)</sup> | 55295 | 2046468 |
| Monarch Casino & Resort, Inc. | 3681 | 351904 |
| Navan, Inc., Class A<sup>(a)(b)</sup> | 10526 | 139364 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)(b)</sup> | 116695 | 2182197 |
| Papa John's International, Inc. | 8839 | 286472 |
| Penn Entertainment, Inc.<sup>(a)</sup> | 43760 | 657713 |
| Planet Fitness, Inc., Class A<sup>(a)</sup> | 22832 | 1698244 |
| Portillo's, Inc., Class A<sup>(a)(b)</sup> | 10616 | 56159 |
| Pursuit Attractions & Hospitality, Inc.<sup>(a)</sup> | 5104 | 186960 |
| RCI Hospitality Holdings, Inc. | 2973 | 67814 |
| Red Rock Resorts, Inc., Class A | 13012 | 694320 |
| Restaurant Brands International, Inc. | 92543 | 6838928 |
| Royal Caribbean Cruises Ltd. | 68902 | 18960452 |
| Rush Street Interactive, Inc., Class A<sup>(a)</sup> | 23305 | 506884 |
| Sabre Corp.<sup>(a)(b)</sup> | 86590 | 125556 |
| Serve Robotics, Inc.<sup>(a)(b)</sup> | 18317 | 154596 |
| Shake Shack, Inc., Class A<sup>(a)</sup> | 9573 | 846923 |
| Six Flags Entertainment Corp.<sup>(a)</sup> | 24986 | 443502 |
| Starbucks Corp. | 308279 | 27618716 |
| Super Group SGHC Ltd. | 36269 | 391705 |
| Sweetgreen, Inc., Class A<sup>(a)(b)</sup> | 25375 | 131696 |
| Target Hospitality Corp.<sup>(a)</sup> | 9719 | 90192 |
| Texas Roadhouse, Inc. | 18438 | 3044851 |
| Travel + Leisure Co. | 16615 | 1149592 |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 10201 | 333165 |
| Vail Resorts, Inc. | 10267 | 1317461 |
| Viking Holdings Ltd.<sup>(a)</sup> | 47129 | 3463039 |
| Wendy's Co. (The) | 48521 | 337221 |
| Wingstop, Inc. | 7889 | 1222558 |
| Wyndham Hotels & Resorts, Inc. | 20194 | 1640359 |
| Wynn Resorts Ltd. | 20671 | 2099140 |
| Xponential Fitness, Inc., Class A<sup>(a)(b)</sup> | 4904 | 29522 |
| Yum! Brands, Inc. | 76140 | 11838247 |
|  |  | 324489375 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| Beazer Homes U.S.A., Inc.<sup>(a)</sup> | 9952 | 191476 |
| Cavco Industries, Inc.<sup>(a)</sup> | 2123 | 1028148 |
| Century Communities, Inc. | 7249 | 415948 |
| Champion Homes, Inc.<sup>(a)</sup> | 15268 | 1135481 |
| Cricut, Inc., Class A | 12720 | 47573 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| DR Horton, Inc. | 70200 | $9632844 |
| Dream Finders Homes, Inc., Class A<sup>(a)</sup> | 7933 | 110427 |
| Ethan Allen Interiors, Inc. | 6102 | 135831 |
| Garmin Ltd. | 43992 | 10206584 |
| Green Brick Partners, Inc.<sup>(a)</sup> | 8367 | 539253 |
| Helen of Troy Ltd.<sup>(a)</sup> | 6471 | 93312 |
| Hovnanian Enterprises, Inc., Class A<sup>(a)(b)</sup> | 1552 | 172132 |
| Installed Building Products, Inc. | 6093 | 1615559 |
| KB Home | 18354 | 949820 |
| La-Z-Boy, Inc. | 12922 | 415313 |
| Leggett & Platt, Inc. | 36718 | 362774 |
| Lennar Corp., Class A | 55574 | 4826046 |
| Lennar Corp., Class B | 3043 | 255977 |
| LGI Homes, Inc.<sup>(a)</sup> | 6028 | 238287 |
| Lovesac Co. (The)<sup>(a)(b)</sup> | 3878 | 57278 |
| M/I Homes, Inc.<sup>(a)</sup> | 7375 | 903069 |
| Meritage Homes Corp. | 19824 | 1225916 |
| Mohawk Industries, Inc.<sup>(a)</sup> | 14025 | 1380901 |
| Newell Brands, Inc. | 116610 | 399972 |
| NVR, Inc.<sup>(a)</sup> | 734 | 4836935 |
| PulteGroup, Inc. | 53170 | 6253324 |
| SharkNinja, Inc.<sup>(a)</sup> | 22389 | 2370995 |
| Somnigroup International, Inc. | 54558 | 4032927 |
| Sonos, Inc.<sup>(a)</sup> | 32644 | 437430 |
| Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 27176 | 1582730 |
| Toll Brothers, Inc. | 25976 | 3544945 |
| TopBuild Corp.<sup>(a)</sup> | 7701 | 2705361 |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 22350 | 1044416 |
| Whirlpool Corp. | 14442 | 778713 |
|  |  | 63927697 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| Central Garden & Pet Co.<sup>(a)</sup> | 2619 | 96301 |
| Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | 15316 | 496545 |
| Church & Dwight Co., Inc. | 64727 | 6040324 |
| Clorox Co. (The) | 33401 | 3461346 |
| Colgate-Palmolive Co. | 218924 | 18658892 |
| Energizer Holdings, Inc. | 19529 | 320666 |
| Kimberly-Clark Corp. | 89651 | 8648632 |
| Oil-Dri Corp. of America | 3936 | 256194 |
| Procter & Gamble Co. (The) | 637774 | 92120077 |
| Reynolds Consumer Products, Inc. | 14485 | 306792 |
| Spectrum Brands Holdings, Inc. | 8197 | 604119 |
| WD-40 Co. | 3627 | 739690 |
|  |  | 131749578 |
| **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) | 190950 | 2690485 |
| Brookfield Renewable Corp. | 34924 | 1391023 |
| Clearway Energy, Inc., Class A | 8405 | 329224 |
| Clearway Energy, Inc., Class C | 23191 | 911174 |
| Hallador Energy Co.<sup>(a)</sup> | 10233 | 166593 |
| Montauk Renewables, Inc.<sup>(a)(b)</sup> | 19130 | 21999 |
| Ormat Technologies, Inc.<sup>(b)</sup> | 16328 | 1827430 |
| Talen Energy Corp.<sup>(a)</sup> | 12237 | 3906418 |
| Vistra Corp. | 91905 | 13816079 |
|  |  | 25060425 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| 3M Co. | 144220 | 20945071 |
| Brookfield Business Corp., Class A<sup>(b)</sup> | 5507 | 174241 |
| Honeywell International, Inc. | 172719 | 39039676 |
|  |  | 60158988 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| Americold Realty Trust, Inc. | 76956 | 881916 |
| EastGroup Properties, Inc. | 14153 | 2619579 |
| First Industrial Realty Trust, Inc. | 34830 | 2014916 |
| Industrial Logistics Properties Trust | 29043 | 164964 |
| Innovative Industrial Properties, Inc. | 7878 | 395160 |
| Lineage, Inc. | 16715 | 547583 |
| LXP Industrial Trust | 15058 | 696583 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Industrial REITs (continued)** | **Industrial REITs (continued)** | **Industrial REITs (continued)** |
| One Liberty Properties, Inc. | 4667 | $100154 |
| Prologis, Inc. | 251212 | 33205202 |
| Rexford Industrial Realty, Inc. | 63971 | 2093771 |
| STAG Industrial, Inc. | 50537 | 1822364 |
| Terreno Realty Corp. | 25611 | 1573028 |
|  |  | 46115220 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| Aflac, Inc. | 127677 | 14007444 |
| Allstate Corp. (The) | 71531 | 14831237 |
| American Coastal Insurance Corp. | 12018 | 135202 |
| American Financial Group, Inc. | 17838 | 2278091 |
| American International Group, Inc. | 146345 | 11012461 |
| AMERISAFE, Inc. | 4956 | 165183 |
| Aon PLC, Class A | 57190 | 18459788 |
| Arch Capital Group Ltd.<sup>(a)</sup> | 96613 | 9273882 |
| Arthur J. Gallagher & Co. | 68493 | 14834214 |
| Assurant, Inc. | 13939 | 3036054 |
| Assured Guaranty Ltd. | 13125 | 1069425 |
| Axis Capital Holdings Ltd. | 21005 | 2130117 |
| Baldwin Insurance Group, Inc. (The), Class A<sup>(a)(b)</sup> | 25689 | 563617 |
| Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 4467 | 100195 |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 14909 | 892751 |
| Brown & Brown, Inc. | 78226 | 5101117 |
| Chubb Ltd. | 98992 | 32264463 |
| Cincinnati Financial Corp. | 41336 | 6504220 |
| CNA Financial Corp. | 5157 | 236809 |
| CNO Financial Group, Inc. | 27909 | 1145943 |
| Donegal Group, Inc., Class A | 7058 | 121256 |
| Employers Holdings, Inc. | 5576 | 229397 |
| Everest Group Ltd. | 11330 | 3703210 |
| F&G Annuities & Life, Inc. | 8959 | 226842 |
| Fidelis Insurance Holdings Ltd. | 16306 | 311608 |
| Fidelity National Financial, Inc., Class A | 70294 | 3260236 |
| First American Financial Corp. | 27859 | 1679619 |
| Genworth Financial, Inc., Class A<sup>(a)</sup> | 102820 | 834898 |
| Globe Life, Inc. | 22386 | 3115460 |
| Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 6410 | 273451 |
| Greenlight Capital Re Ltd., Class A<sup>(a)</sup> | 11081 | 191590 |
| Hamilton Insurance Group Ltd., Class B | 10661 | 318018 |
| Hanover Insurance Group, Inc. (The) | 9528 | 1651679 |
| Hartford Insurance Group, Inc. (The) | 76604 | 10359159 |
| HCI Group, Inc. | 2471 | 382041 |
| Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 9052 | 237615 |
| Hippo Holdings, Inc.<sup>(a)(b)</sup> | 6479 | 168843 |
| Horace Mann Educators Corp. | 11387 | 485997 |
| Investors Title Co. | 646 | 140402 |
| James River Group Holdings, Inc.<sup>(b)</sup> | 8274 | 52126 |
| Kemper Corp. | 16561 | 506104 |
| Kinsale Capital Group, Inc. | 5849 | 1998369 |
| Lemonade, Inc.<sup>(a)</sup> | 16391 | 1027388 |
| Lincoln National Corp. | 45044 | 1599062 |
| Loews Corp. | 46113 | 4922102 |
| Markel Group, Inc.<sup>(a)</sup> | 3357 | 6425533 |
| Marsh & McLennan Cos., Inc. | 131797 | 22860190 |
| MBIA, Inc.<sup>(a)(b)</sup> | 15196 | 89808 |
| Mercury General Corp. | 7117 | 627363 |
| MetLife, Inc. | 151849 | 10738761 |
| Octave Specialty Group, Inc.<sup>(a)</sup> | 13292 | 61808 |
| Old Republic International Corp. | 63513 | 2534169 |
| Oscar Health, Inc., Class A<sup>(a)(b)</sup> | 53294 | 611282 |
| Palomar Holdings, Inc.<sup>(a)</sup> | 7338 | 876891 |
| Primerica, Inc. | 8990 | 2251815 |
| Principal Financial Group, Inc. | 59911 | 5398580 |
| ProAssurance Corp.<sup>(a)</sup> | 13309 | 328998 |
| Progressive Corp. (The) | 159155 | 31550887 |
| Prudential Financial, Inc. | 95510 | 9330372 |
| Reinsurance Group of America, Inc. | 17785 | 3630986 |
| RenaissanceRe Holdings Ltd. | 12270 | 3647012 |
| RLI Corp. | 23329 | 1330686 |
| Root, Inc., Class A<sup>(a)</sup> | 2065 | 91211 |

---

142026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Ryan Specialty Holdings, Inc., Class A | 27100 | $914354 |
| Safety Insurance Group, Inc. | 3813 | 276976 |
| Selective Insurance Group, Inc. | 16898 | 1273940 |
| Selectquote, Inc.<sup>(a)</sup> | 45202 | 28455 |
| SiriusPoint Ltd.<sup>(a)</sup> | 17682 | 380870 |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 8617 | 376391 |
| Slide Insurance Holdings, Inc.<sup>(a)(b)</sup> | 19775 | 355950 |
| Stewart Information Services Corp. | 7032 | 433031 |
| Tiptree, Inc. | 6915 | 117002 |
| Travelers Cos., Inc. (The) | 58879 | 17173827 |
| Trupanion, Inc.<sup>(a)</sup> | 9742 | 249493 |
| United Fire Group, Inc. | 6058 | 224509 |
| Universal Insurance Holdings, Inc. | 9319 | 318337 |
| Unum Group | 46712 | 3411377 |
| W R Berkley Corp. | 60995 | 4042749 |
| White Mountains Insurance Group Ltd.<sup>(b)</sup> | 660 | 1449994 |
| Willis Towers Watson PLC | 25928 | 7537270 |
|  |  | 316789562 |
| **Interactive Media & Services — 6.9%** | **Interactive Media & Services — 6.9%** | **Interactive Media & Services — 6.9%** |
| Alphabet, Inc., Class A | 1578324 | 453862849 |
| Alphabet, Inc., Class C, NVS | 1285140 | 368655260 |
| Angi, Inc., Class A<sup>(a)</sup> | 10826 | 74158 |
| Bumble, Inc., Class A<sup>(a)(b)</sup> | 23500 | 76610 |
| Cargurus, Inc., Class A<sup>(a)</sup> | 26054 | 887139 |
| Cars.com, Inc.<sup>(a)(b)</sup> | 18988 | 154183 |
| EverQuote, Inc., Class A<sup>(a)</sup> | 7859 | 121186 |
| fuboTV, Inc., Class A<sup>(a)(b)</sup> | 7446 | 70439 |
| Getty Images Holdings, Inc., Class A<sup>(a)</sup> | 39116 | 31035 |
| Grindr, Inc.<sup>(a)</sup> | 6583 | 79588 |
| IAC, Inc.<sup>(a)</sup> | 20610 | 825018 |
| Match Group, Inc. | 63836 | 1960403 |
| MediaAlpha, Inc., Class A<sup>(a)(b)</sup> | 7638 | 71033 |
| Meta Platforms, Inc., Class A | 592844 | 339183838 |
| Nextdoor Holdings, Inc., Class A<sup>(a)</sup> | 39621 | 55469 |
| Pinterest, Inc., Class A<sup>(a)</sup> | 158487 | 2906652 |
| QuinStreet, Inc.<sup>(a)</sup> | 12538 | 150581 |
| Reddit, Inc., Class A<sup>(a)</sup> | 35137 | 4731197 |
| Rumble, Inc., Class A<sup>(a)(b)</sup> | 21038 | 107294 |
| Shutterstock, Inc. | 6106 | 101421 |
| Teads Holding Co.<sup>(a)(b)</sup> | 3895 | 2565 |
| TripAdvisor, Inc.<sup>(a)(b)</sup> | 27966 | 298118 |
| Trump Media & Technology Group Corp., <br> Class A<sup>(a)(b)</sup><br>| 43371 | 402483 |
| Yelp, Inc.<sup>(a)</sup> | 18988 | 469763 |
| Ziff Davis, Inc.<sup>(a)</sup> | 13211 | 554334 |
| ZipRecruiter, Inc., Class A<sup>(a)(b)</sup> | 21719 | 39963 |
| ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 83670 | 500347 |
|  |  | 1176372926 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Accenture PLC, Class A | 166924 | 33099360 |
| Akamai Technologies, Inc.<sup>(a)(b)</sup> | 38149 | 4381413 |
| Amdocs Ltd. | 31051 | 2026388 |
| Applied Digital Corp.<sup>(a)(b)</sup> | 63743 | 1513259 |
| ASGN, Inc.<sup>(a)</sup> | 12141 | 469978 |
| BigBear.ai Holdings, Inc.<sup>(a)(b)</sup> | 116295 | 409358 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 84925 | 17523424 |
| Cognizant Technology Solutions Corp., Class A | 130945 | 8033476 |
| Commerce.com, Inc., Series 1<sup>(a)</sup> | 20133 | 53755 |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 20469 | 1755831 |
| DXC Technology Co.<sup>(a)</sup> | 48520 | 609896 |
| EPAM Systems, Inc.<sup>(a)(b)</sup> | 15125 | 2047925 |
| Fastly, Inc., Class A<sup>(a)(b)</sup> | 39825 | 1157315 |
| Gartner, Inc.<sup>(a)(b)</sup> | 19011 | 3010202 |
| Globant SA<sup>(a)(b)</sup> | 11015 | 507902 |
| GoDaddy, Inc., Class A<sup>(a)(b)</sup> | 37093 | 3066478 |
| Grid Dynamics Holdings, Inc., Class A<sup>(a)</sup> | 11474 | 65402 |
| Hackett Group, Inc. (The) | 7987 | 103911 |
| International Business Machines Corp. | 252322 | 61160330 |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 63476 | 832805 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| MongoDB, Inc., Class A<sup>(a)</sup> | 21283 | $5209440 |
| Okta, Inc., Class A<sup>(a)</sup> | 44079 | 3469458 |
| Snowflake, Inc., Class A<sup>(a)</sup> | 89970 | 13569275 |
| Tucows, Inc., Class A<sup>(a)</sup> | 2763 | 47413 |
| Twilio, Inc., Class A<sup>(a)</sup> | 38154 | 4800536 |
| Unisys Corp.<sup>(a)</sup> | 18280 | 37840 |
| VeriSign, Inc. | 22783 | 5658386 |
|  |  | 174620756 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Acushnet Holdings Corp. | 7208 | 673804 |
| Brunswick Corp. | 19110 | 1390443 |
| Callaway Golf Co.<sup>(a)</sup> | 38545 | 535005 |
| Funko, Inc., Class A<sup>(a)(b)</sup> | 7192 | 22655 |
| Hasbro, Inc. | 37823 | 3540233 |
| JAKKS Pacific, Inc. | 3505 | 69820 |
| Johnson Outdoors, Inc., Class A | 1510 | 70230 |
| Malibu Boats, Inc., Class A<sup>(a)(b)</sup> | 5162 | 133799 |
| MasterCraft Boat Holdings, Inc.<sup>(a)</sup> | 5298 | 108662 |
| Mattel, Inc.<sup>(a)</sup> | 89605 | 1301961 |
| Peloton Interactive, Inc., Class A<sup>(a)</sup> | 100527 | 431261 |
| Polaris, Inc. | 14752 | 803984 |
| Smith & Wesson Brands, Inc. | 15198 | 217787 |
| Sturm Ruger & Co., Inc. | 4189 | 167937 |
| YETI Holdings, Inc.<sup>(a)(b)</sup> | 22911 | 838313 |
|  |  | 10305894 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| 10X Genomics, Inc., Class A<sup>(a)(b)</sup> | 30536 | 648279 |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 43034 | 597312 |
| Agilent Technologies, Inc. | 76556 | 8725853 |
| Avantor, Inc.<sup>(a)</sup> | 181013 | 1419142 |
| Azenta, Inc.<sup>(a)</sup> | 10598 | 223936 |
| BioLife Solutions, Inc.<sup>(a)</sup> | 9641 | 183950 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 5214 | 1453403 |
| Bio-Techne Corp. | 42396 | 2215615 |
| Bruker Corp. | 29618 | 1069802 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 13940 | 2404650 |
| Codexis, Inc.<sup>(a)(b)</sup> | 16836 | 27443 |
| CryoPort, Inc.<sup>(a)(b)</sup> | 10216 | 84589 |
| Cytek Biosciences, Inc.<sup>(a)</sup> | 28201 | 123238 |
| Danaher Corp. | 170572 | 32340451 |
| Fortrea Holdings, Inc.<sup>(a)</sup> | 23655 | 222830 |
| Illumina, Inc.<sup>(a)</sup> | 41375 | 5099883 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 45687 | 7791461 |
| Maravai LifeSciences Holdings, Inc., Class A<sup>(a)(b)</sup> | 30194 | 85449 |
| MaxCyte, Inc.<sup>(a)(b)</sup> | 25380 | 17829 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 6169 | 2962292 |
| Mesa Laboratories, Inc. | 1403 | 124053 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 5572 | 7027406 |
| OmniAb, Inc.<sup>(a)(b)</sup> | 19334 | 30354 |
| OmniAb, Inc., 12.50 Earnout Shares<sup>(a)(d)</sup> | 1502 |  |
| OmniAb, Inc., 15.00 Earnout Shares<sup>(a)(d)</sup> | 1502 |  |
| Pacific Biosciences of California, Inc.<sup>(a)(b)</sup> | 68555 | 90493 |
| QIAGEN NV | 55325 | 2215213 |
| Quanterix Corp.<sup>(a)</sup> | 12436 | 43775 |
| Quantum-Si, Inc., Class A<sup>(a)(b)</sup> | 35388 | 27390 |
| Repligen Corp.<sup>(a)(b)</sup> | 14809 | 1744796 |
| Revvity, Inc. | 32245 | 2824985 |
| Sotera Health Co.<sup>(a)</sup> | 57563 | 825453 |
| Standard BioTools, Inc.<sup>(a)(b)</sup> | 82567 | 75904 |
| Tempus AI, Inc., Class A<sup>(a)(b)</sup> | 26029 | 1177031 |
| Thermo Fisher Scientific, Inc. | 102569 | 50415741 |
| Waters Corp.<sup>(a)</sup> | 26467 | 7881873 |
| West Pharmaceutical Services, Inc. | 19614 | 4916053 |
|  |  | 147117927 |
| **Machinery — 2.1%** | **Machinery — 2.1%** | **Machinery — 2.1%** |
| 3D Systems Corp.<sup>(a)(b)</sup> | 31409 | 59049 |
| Aebi Schmidt Holding AG<sup>(b)</sup> | 9361 | 90895 |
| AGCO Corp. | 16540 | 1916490 |
| Alamo Group, Inc. | 2424 | 399887 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Albany International Corp., Class A | 8071 | $421387 |
| Alliance Laundry Holdings, Inc.<sup>(a)(b)</sup> | 11730 | 243280 |
| Allison Transmission Holdings, Inc. | 23477 | 2748218 |
| Astec Industries, Inc. | 6050 | 325732 |
| Atmus Filtration Technologies, Inc. | 22657 | 1286238 |
| Blue Bird Corp.<sup>(a)(b)</sup> | 9985 | 567048 |
| Caterpillar, Inc. | 125621 | 88997454 |
| CECO Environmental Corp.<sup>(a)</sup> | 8540 | 508813 |
| Chart Industries, Inc.<sup>(a)</sup> | 12226 | 2527726 |
| CNH Industrial NV | 235828 | 2594108 |
| Columbus McKinnon Corp. | 6686 | 97148 |
| Crane Co. | 13728 | 2347488 |
| Cummins, Inc. | 37368 | 20104731 |
| Deere & Co. | 66291 | 37341720 |
| Donaldson Co., Inc. | 33024 | 2802747 |
| Douglas Dynamics, Inc. | 5532 | 232842 |
| Dover Corp. | 36899 | 7691597 |
| Energy Recovery, Inc.<sup>(a)</sup> | 15039 | 151443 |
| Enerpac Tool Group Corp., Class A | 16030 | 584614 |
| Enpro, Inc. | 6109 | 1531221 |
| Esab Corp. | 15290 | 1477931 |
| ESCO Technologies, Inc. | 6694 | 1883491 |
| Federal Signal Corp. | 17002 | 1838596 |
| Flowserve Corp. | 35943 | 2642170 |
| Fortive Corp. | 85936 | 4750542 |
| Franklin Electric Co., Inc. | 11914 | 1098113 |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 64096 | 1449211 |
| Gorman-Rupp Co. (The) | 4798 | 298100 |
| Graco, Inc. | 44777 | 3790373 |
| Graham Corp.<sup>(a)</sup> | 4542 | 358455 |
| Greenbrier Cos., Inc. (The) | 8464 | 445630 |
| Helios Technologies, Inc. | 8236 | 532952 |
| Hillman Solutions Corp.<sup>(a)(b)</sup> | 46940 | 390541 |
| Hyster-Yale, Inc., Class A | 2717 | 88330 |
| IDEX Corp. | 20343 | 3856016 |
| Illinois Tool Works, Inc. | 78496 | 20431724 |
| Ingersoll Rand, Inc.<sup>(b)</sup> | 108043 | 8656405 |
| ITT, Inc. | 22935 | 4369806 |
| JBT Marel Corp. | 13962 | 1785321 |
| Kadant, Inc. | 3363 | 983173 |
| Kennametal, Inc. | 22396 | 809167 |
| Lincoln Electric Holdings, Inc. | 15088 | 3758119 |
| Lindsay Corp. | 3135 | 373284 |
| Luxfer Holdings PLC | 7352 | 89547 |
| Manitowoc Co., Inc. (The)<sup>(a)</sup> | 9304 | 108392 |
| Microvast Holdings, Inc.<sup>(a)(b)</sup> | 53132 | 79698 |
| Middleby Corp. (The)<sup>(a)</sup> | 12900 | 1710282 |
| Miller Industries, Inc. | 3078 | 140203 |
| Mueller Industries, Inc. | 29425 | 3260290 |
| Mueller Water Products, Inc., Class A | 40661 | 1117771 |
| Nordson Corp. | 14550 | 3871173 |
| Omega Flex, Inc. | 1098 | 34082 |
| Oshkosh Corp. | 16919 | 2490646 |
| Otis Worldwide Corp. | 105675 | 8145429 |
| PACCAR, Inc. | 139327 | 16092268 |
| Parker-Hannifin Corp. | 34268 | 30678084 |
| Pentair PLC | 44661 | 3890420 |
| Proto Labs, Inc.<sup>(a)</sup> | 7214 | 411342 |
| RBC Bearings, Inc.<sup>(a)</sup> | 8363 | 4542113 |
| Snap-on, Inc. | 14006 | 5087259 |
| SPX Technologies, Inc.<sup>(a)</sup> | 12903 | 2579826 |
| Standex International Corp. | 3130 | 797712 |
| Stanley Black & Decker, Inc. | 41224 | 2929377 |
| Tennant Co. | 4676 | 310486 |
| Terex Corp. | 30063 | 1776723 |
| Timken Co. (The) | 16863 | 1695912 |
| Titan International, Inc.<sup>(a)</sup> | 11295 | 78048 |
| Toro Co. (The) | 26460 | 2472422 |
| Trinity Industries, Inc. | 20380 | 655828 |
| Wabash National Corp. | 12700 | 109474 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Watts Water Technologies, Inc., Class A | 7098 | $2060478 |
| Westinghouse Air Brake Technologies Corp. | 46191 | 11543593 |
| Worthington Enterprises, Inc. | 7893 | 411541 |
| Xylem, Inc. | 66020 | 7889390 |
|  |  | 358699135 |
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |
| Costamare Bulkers Holdings Ltd.<sup>(a)(b)</sup> | 3642 | 56342 |
| Costamare, Inc. | 18213 | 307800 |
| Genco Shipping & Trading Ltd. | 9152 | 206378 |
| Kirby Corp.<sup>(a)</sup> | 15833 | 2103889 |
| Matson, Inc. | 8349 | 1368735 |
| Pangaea Logistics Solutions Ltd. | 17116 | 121181 |
| Safe Bulkers, Inc. | 13882 | 87873 |
|  |  | 4252198 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Advantage Solutions, Inc., Class A<sup>(a)(b)</sup> | 1552 | 32809 |
| AMC Networks, Inc., Class A<sup>(a)</sup> | 7737 | 52534 |
| Boston Omaha Corp., Class A<sup>(a)(b)</sup> | 4996 | 58353 |
| Cable One, Inc.<sup>(a)</sup> | 1469 | 133987 |
| Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 22635 | 4886444 |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 37379 | 355101 |
| EchoStar Corp., Class A<sup>(a)(b)</sup> | 37067 | 4339434 |
| Entravision Communications Corp., Class A | 23696 | 70377 |
| EW Scripps Co. (The), Class A<sup>(a)(b)</sup> | 13845 | 51503 |
| Fox Corp., Class A, NVS | 57018 | 3329851 |
| Fox Corp., Class B | 40337 | 2141895 |
| Gray Media, Inc. | 21749 | 94391 |
| Ibotta, Inc., Class A<sup>(a)(b)</sup> | 4426 | 132647 |
| iHeartMedia, Inc., Class A<sup>(a)(b)</sup> | 28642 | 83635 |
| John Wiley & Sons, Inc., Class A | 12204 | 464972 |
| Liberty Broadband Corp., Class A<sup>(a)</sup> | 4167 | 209267 |
| Liberty Broadband Corp., Class C, NVS<sup>(a)</sup> | 29232 | 1470370 |
| Magnite, Inc.<sup>(a)(b)</sup> | 34357 | 408161 |
| National CineMedia, Inc. | 24658 | 75207 |
| New York Times Co. (The), Class A | 44188 | 3699861 |
| News Corp., Class A, NVS | 104878 | 2614609 |
| News Corp., Class B | 31851 | 908072 |
| Nexstar Media Group, Inc., Class A | 8277 | 1496730 |
| NIQ Global Intelligence PLC<sup>(a)(b)</sup> | 12907 | 146753 |
| Omnicom Group, Inc. | 86791 | 6536230 |
| Optimum Communications, Inc., Class A<sup>(a)</sup> | 75782 | 98517 |
| PubMatic, Inc., Class A<sup>(a)(b)</sup> | 11480 | 93906 |
| Scholastic Corp. | 7021 | 274240 |
| Sinclair, Inc., Class A | 12034 | 155720 |
| Sirius XM Holdings, Inc. | 51235 | 1182504 |
| Stagwell, Inc., Class A<sup>(a)(b)</sup> | 34300 | 215747 |
| TechTarget, Inc.<sup>(a)</sup> | 7457 | 28933 |
| Thryv Holdings, Inc.<sup>(a)</sup> | 6726 | 18429 |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 120997 | 2745422 |
| U.S.A. TODAY Co., Inc.<sup>(a)(b)</sup> | 26489 | 186747 |
| Versant Media Group, Inc.<sup>(a)</sup> | 39153 | 1449444 |
|  |  | 40242802 |
| **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** |
| Alcoa Corp. | 70584 | 4681837 |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 3056 | 627305 |
| American Battery Technology Co.<sup>(a)(b)</sup> | 37024 | 103297 |
| Anglogold Ashanti PLC | 135952 | 13236287 |
| Caledonia Mining Corp. PLC | 4416 | 99757 |
| Century Aluminum Co.<sup>(a)</sup> | 15464 | 907582 |
| Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | 150910 | 1275189 |
| Coeur Mining, Inc.<sup>(a)</sup> | 274651 | 5155199 |
| Commercial Metals Co. | 32068 | 1969937 |
| Compass Minerals International, Inc.<sup>(a)</sup> | 9108 | 212672 |
| Constellium SE, Class A<sup>(a)</sup> | 30836 | 757949 |
| Critical Metals Corp.<sup>(a)(b)</sup> | 19761 | 156902 |
| Dakota Gold Corp.<sup>(a)</sup> | 31239 | 157757 |
| Freeport-McMoRan, Inc. | 389436 | 22891048 |
| Hecla Mining Co. | 169270 | 3153500 |
| Idaho Strategic Resources, Inc.<sup>(a)(b)</sup> | 5188 | 166638 |

---

162026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Ivanhoe Electric, Inc.<sup>(a)</sup> | 27746 | $327958 |
| Kaiser Aluminum Corp. | 4400 | 530244 |
| Materion Corp. | 5076 | 734243 |
| Metallus, Inc.<sup>(a)</sup> | 10162 | 166047 |
| MP Materials Corp., Class A<sup>(a)(b)</sup> | 38585 | 1862112 |
| Newmont Corp. | 298612 | 32324749 |
| NioCorp Developments Ltd.<sup>(a)(b)</sup> | 33133 | 147773 |
| Novagold Resources, Inc.<sup>(a)(b)</sup> | 86698 | 778548 |
| Nucor Corp. | 61986 | 10481833 |
| Perpetua Resources Corp.<sup>(a)</sup> | 23939 | 673165 |
| Ramaco Resources, Inc., Class A<sup>(a)</sup> | 11457 | 177125 |
| Reliance, Inc. | 14578 | 4430546 |
| Royal Gold, Inc. | 22893 | 5826040 |
| Ryerson Holding Corp. | 13539 | 304357 |
| Southern Copper Corp. | 22775 | 3918666 |
| SSR Mining, Inc.<sup>(a)(b)</sup> | 53720 | 1579368 |
| Steel Dynamics, Inc. | 37699 | 6785820 |
| SunCoke Energy, Inc. | 26617 | 173277 |
| Tredegar Corp.<sup>(a)</sup> | 11547 | 91799 |
| U.S.A. Rare Earth, Inc., Class A<sup>(a)(b)</sup> | 49471 | 748744 |
| United States Antimony Corp.<sup>(a)(b)</sup> | 23797 | 207748 |
| Warrior Met Coal, Inc. | 14724 | 1371541 |
| Worthington Steel, Inc. | 7893 | 239552 |
|  |  | 129434111 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
| Adamas Trust, Inc. | 24723 | 181961 |
| AGNC Investment Corp. | 299998 | 3008980 |
| Annaly Capital Management, Inc. | 193186 | 4085884 |
| Apollo Commercial Real Estate Finance, Inc. | 41614 | 439444 |
| Arbor Realty Trust, Inc. | 41214 | 317760 |
| Ares Commercial Real Estate Corp. | 11227 | 53890 |
| ARMOUR Residential REIT, Inc. | 27038 | 450994 |
| Blackstone Mortgage Trust, Inc., Class A | 48172 | 922494 |
| BrightSpire Capital, Inc., Class A | 41135 | 230356 |
| Chicago Atlantic Real Estate Finance, Inc. | 7551 | 85477 |
| Chimera Investment Corp. | 20275 | 254451 |
| Claros Mortgage Trust, Inc.<sup>(a)</sup> | 23763 | 56556 |
| Dynex Capital, Inc. | 57042 | 727856 |
| Ellington Financial, Inc. | 33981 | 402675 |
| Franklin BSP Realty Trust, Inc. | 22237 | 188792 |
| Invesco Mortgage Capital, Inc. | 8804 | 71136 |
| KKR Real Estate Finance Trust, Inc. | 16154 | 98862 |
| Ladder Capital Corp., Class A | 28348 | 276960 |
| MFA Financial, Inc. | 30179 | 289115 |
| Orchid Island Capital, Inc. | 54413 | 382523 |
| PennyMac Mortgage Investment Trust | 24035 | 280248 |
| Ready Capital Corp. | 39127 | 63386 |
| Redwood Trust, Inc. | 32024 | 179655 |
| Rithm Capital Corp. | 152983 | 1450279 |
| Starwood Property Trust, Inc. | 92961 | 1600788 |
| Sunrise Realty Trust, Inc. | 2182 | 16736 |
| TPG RE Finance Trust, Inc. | 15075 | 117736 |
| Two Harbors Investment Corp. | 24322 | 277757 |
|  |  | 16512751 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Ameren Corp. | 72513 | 7970629 |
| Avista Corp. | 22015 | 883682 |
| Black Hills Corp. | 20302 | 1409162 |
| CenterPoint Energy, Inc. | 177348 | 7654340 |
| CMS Energy Corp. | 80649 | 6256749 |
| Consolidated Edison, Inc. | 97293 | 11011622 |
| Dominion Energy, Inc. | 233020 | 14405296 |
| DTE Energy Co. | 56481 | 8258652 |
| NiSource, Inc. | 130335 | 6081431 |
| Northwestern Energy Group, Inc. | 15708 | 1035785 |
| Public Service Enterprise Group, Inc. | 134703 | 10904208 |
| Sempra | 178212 | 17316860 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
| Unitil Corp. | 3465 | $181012 |
| WEC Energy Group, Inc. | 88194 | 10210219 |
|  |  | 103579647 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Brandywine Realty Trust | 50121 | 135828 |
| BXP, Inc. | 42177 | 2188986 |
| COPT Defense Properties | 30127 | 921886 |
| Cousins Properties, Inc. | 43602 | 984097 |
| Douglas Emmett, Inc. | 44557 | 419727 |
| Easterly Government Properties, Inc. | 10547 | 226022 |
| Empire State Realty Trust, Inc., Class A | 39153 | 203596 |
| Highwoods Properties, Inc. | 27418 | 587019 |
| Hudson Pacific Properties, Inc.<sup>(a)</sup> | 14306 | 84549 |
| JBG SMITH Properties | 18312 | 267538 |
| Kilroy Realty Corp. | 31416 | 886245 |
| NET Lease Office Properties | 3786 | 43615 |
| Peakstone Realty Trust, Class E | 7396 | 154503 |
| Piedmont Realty Trust, Inc., Class A<sup>(a)</sup> | 34331 | 225555 |
| Postal Realty Trust, Inc., Class A | 3906 | 72495 |
| SL Green Realty Corp. | 18921 | 698942 |
| Vornado Realty Trust | 47906 | 1245077 |
|  |  | 9345680 |
| **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** |
| Antero Midstream Corp. | 90075 | 2053710 |
| Antero Resources Corp.<sup>(a)</sup> | 77995 | 3310108 |
| APA Corp. | 95076 | 4035025 |
| Ardmore Shipping Corp. | 13473 | 205463 |
| BKV Corp.<sup>(a)</sup> | 6276 | 178992 |
| California Resources Corp. | 21328 | 1476324 |
| Calumet, Inc.<sup>(a)</sup> | 18415 | 661099 |
| Centrus Energy Corp., Class A<sup>(a)(b)</sup> | 4283 | 743486 |
| Cheniere Energy, Inc. | 57707 | 16374938 |
| Chevron Corp. | 508440 | 105196236 |
| Chord Energy Corp. | 15541 | 2209619 |
| Clean Energy Fuels Corp.<sup>(a)</sup> | 42331 | 104981 |
| CNX Resources Corp.<sup>(a)</sup> | 34970 | 1348093 |
| Comstock Resources, Inc.<sup>(a)</sup> | 22689 | 478284 |
| ConocoPhillips | 335706 | 44313192 |
| Core Natural Resources, Inc. | 14891 | 1559534 |
| Coterra Energy, Inc. | 204952 | 7202013 |
| Crescent Energy Co., Class A | 70993 | 958406 |
| CVR Energy, Inc.<sup>(a)</sup> | 7627 | 256649 |
| Delek U.S. Holdings, Inc. | 19404 | 874538 |
| Devon Energy Corp. | 166294 | 8367914 |
| DHT Holdings, Inc. | 31675 | 578702 |
| Diamondback Energy, Inc. | 53391 | 10560206 |
| Diversified Energy Co. | 12599 | 219727 |
| Dorian LPG Ltd. | 9561 | 326986 |
| DT Midstream, Inc. | 26821 | 3611984 |
| Encore Energy Corp.<sup>(a)(b)</sup> | 44044 | 79279 |
| Energy Fuels, Inc.<sup>(a)(b)</sup> | 57666 | 1052405 |
| EOG Resources, Inc. | 148806 | 21512883 |
| EQT Corp. | 163461 | 10402658 |
| Evolution Petroleum Corp. | 14223 | 65141 |
| Excelerate Energy, Inc., Class A | 4924 | 164560 |
| Expand Energy Corp. | 61595 | 6761899 |
| Exxon Mobil Corp. | 1147158 | 194626826 |
| FLEX LNG Ltd. | 7333 | 217863 |
| Gevo, Inc.<sup>(a)</sup> | 74920 | 204532 |
| Golar LNG Ltd. | 25556 | 1382835 |
| Granite Ridge Resources, Inc. | 21889 | 128488 |
| Green Plains, Inc.<sup>(a)</sup> | 20566 | 338311 |
| Gulfport Energy Corp.<sup>(a)(b)</sup> | 3780 | 799735 |
| HF Sinclair Corp. | 43402 | 2707851 |
| Infinity Natural Resources, Inc., Class A<sup>(a)</sup> | 3429 | 60385 |
| International Seaways, Inc. | 10826 | 788999 |
| Kinder Morgan, Inc. | 529478 | 17753397 |
| Kinetik Holdings, Inc., Class A | 13204 | 639206 |
| Kosmos Energy Ltd.<sup>(a)</sup> | 125705 | 349460 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Magnolia Oil & Gas Corp., Class A | 48905 | $1543931 |
| Marathon Petroleum Corp. | 81578 | 19919716 |
| Matador Resources Co. | 33222 | 2098966 |
| Murphy Oil Corp. | 38463 | 1586599 |
| New Fortress Energy, Inc., Class A<sup>(a)(b)</sup> | 58672 | 34616 |
| NextDecade Corp.<sup>(a)(b)</sup> | 31907 | 244408 |
| Nordic American Tankers Ltd. | 52147 | 305581 |
| Northern Oil & Gas, Inc. | 24696 | 721864 |
| Occidental Petroleum Corp. | 190718 | 12396670 |
| ONEOK, Inc. | 170021 | 15368198 |
| Ovintiv, Inc. | 77863 | 4621948 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 13146 | 823465 |
| PBF Energy, Inc., Class A | 22404 | 1066878 |
| Peabody Energy Corp. | 30903 | 1018254 |
| Permian Resources Corp., Class A | 192650 | 4107298 |
| PetroCorp Escrow<sup>(a)(d)</sup> | 1248 |  |
| Phillips 66 | 109038 | 19864543 |
| Range Resources Corp. | 63095 | 2850632 |
| REX American Resources Corp.<sup>(a)</sup> | 9298 | 423710 |
| Riley Exploration Permian, Inc. | 3350 | 122108 |
| Sable Offshore Corp., Class A<sup>(a)(b)</sup> | 33417 | 552049 |
| SandRidge Energy, Inc. | 10112 | 164927 |
| Scorpio Tankers, Inc. | 12946 | 966548 |
| SFL Corp. Ltd. | 35566 | 383757 |
| SM Energy Co. | 70869 | 2209695 |
| Talos Energy, Inc.<sup>(a)</sup> | 36296 | 572025 |
| Targa Resources Corp. | 57549 | 14429261 |
| Teekay Corp. Ltd. | 22238 | 271526 |
| Teekay Tankers Ltd., Class A | 6455 | 473281 |
| Texas Pacific Land Corp.<sup>(b)</sup> | 15690 | 7445846 |
| Uranium Energy Corp.<sup>(a)(b)</sup> | 127980 | 1727730 |
| VAALCO Energy, Inc. | 28240 | 179042 |
| Valero Energy Corp. | 82351 | 20347285 |
| Viper Energy, Inc., Class A | 50538 | 2374781 |
| Vitesse Energy, Inc. | 6442 | 116987 |
| W&T Offshore, Inc. | 33545 | 114388 |
| Williams Cos., Inc. (The) | 331811 | 24149205 |
| World Kinect Corp. | 18009 | 415468 |
|  |  | 643256108 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Clearwater Paper Corp.<sup>(a)(b)</sup> | 4573 | 65760 |
| Louisiana-Pacific Corp. | 17037 | 1239442 |
| Sylvamo Corp. | 9489 | 400815 |
|  |  | 1706017 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Alaska Air Group, Inc.<sup>(a)</sup> | 32998 | 1213666 |
| Allegiant Travel Co.<sup>(a)</sup> | 3711 | 300739 |
| American Airlines Group, Inc.<sup>(a)</sup> | 176511 | 1895728 |
| Delta Air Lines, Inc. | 178170 | 11844742 |
| Frontier Group Holdings, Inc.<sup>(a)(b)</sup> | 9932 | 35060 |
| JetBlue Airways Corp.<sup>(a)</sup> | 81399 | 359784 |
| Joby Aviation, Inc., Class A<sup>(a)(b)</sup> | 157270 | 1299050 |
| SkyWest, Inc.<sup>(a)</sup> | 11477 | 1053933 |
| Southwest Airlines Co. | 127397 | 4786305 |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 12238 | 202172 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 88227 | 8123060 |
|  |  | 31114239 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Beauty Health Co. (The), Class A<sup>(a)(b)</sup> | 24430 | 21743 |
| BellRing Brands, Inc.<sup>(a)</sup> | 35924 | 578017 |
| Coty, Inc., Class A<sup>(a)(b)</sup> | 99985 | 200970 |
| Edgewell Personal Care Co. | 15312 | 326758 |
| elf Beauty, Inc.<sup>(a)</sup> | 14490 | 878239 |
| Estee Lauder Cos., Inc. (The), Class A | 66156 | 4748016 |
| Herbalife Ltd.<sup>(a)(b)</sup> | 28677 | 422125 |
| Honest Co., Inc. (The)<sup>(a)(b)</sup> | 16406 | 48234 |
| Interparfums, Inc. | 5098 | 463102 |
| Kenvue, Inc. | 517425 | 8920407 |
| Medifast, Inc.<sup>(a)(b)</sup> | 3236 | 32975 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Personal Care Products (continued)** | **Personal Care Products (continued)** | **Personal Care Products (continued)** |
| Niagen Bioscience, Inc.<sup>(a)</sup> | 20955 | $92412 |
| Nu Skin Enterprises, Inc., Class A | 12006 | 87404 |
| Olaplex Holdings, Inc.<sup>(a)(b)</sup> | 34965 | 70979 |
| USANA Health Sciences, Inc.<sup>(a)</sup> | 3660 | 63940 |
| Waldencast PLC, Class A<sup>(a)(b)</sup> | 11680 | 11092 |
|  |  | 16966413 |
| **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** |
| Alumis, Inc.<sup>(a)(b)</sup> | 15169 | 334173 |
| Amneal Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 48346 | 600941 |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 10596 | 207576 |
| Amylyx Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 23796 | 330764 |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 5406 | 415721 |
| Aquestive Therapeutics, Inc.<sup>(a)(b)</sup> | 33759 | 140100 |
| Arvinas, Inc.<sup>(a)</sup> | 14693 | 155746 |
| Atea Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 18437 | 99191 |
| Axsome Therapeutics, Inc.<sup>(a)(b)</sup> | 11275 | 1905701 |
| BioAge Labs, Inc.<sup>(a)</sup> | 8901 | 155679 |
| Bristol-Myers Squibb Co. | 552065 | 33482742 |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 9176 | 303450 |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 25373 | 1022786 |
| CorMedix, Inc.<sup>(a)(b)</sup> | 22681 | 154004 |
| Crinetics Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 26898 | 976935 |
| Definium Therapeutics, Inc.<sup>(a)</sup> | 19536 | 369230 |
| Edgewise Therapeutics, Inc.<sup>(a)(b)</sup> | 20783 | 654665 |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 131431 | 3145144 |
| Eli Lilly & Co. | 217536 | 200083087 |
| Enliven Therapeutics, Inc.<sup>(a)(b)</sup> | 11971 | 469263 |
| Esperion Therapeutics, Inc.<sup>(a)(b)</sup> | 65145 | 178497 |
| Eton Pharmaceuticals, Inc.<sup>(a)</sup> | 9060 | 223601 |
| Evolus, Inc.<sup>(a)</sup> | 11699 | 48083 |
| EyePoint, Inc.<sup>(a)</sup> | 21856 | 281724 |
| Fulcrum Therapeutics, Inc.<sup>(a)(b)</sup> | 23018 | 176548 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 11668 | 326821 |
| Harrow, Inc.<sup>(a)(b)</sup> | 6922 | 244070 |
| Indivior Pharmaceuticals, Inc.<sup>(a)</sup> | 32456 | 989259 |
| Innoviva, Inc.<sup>(a)</sup> | 18740 | 436642 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 16644 | 3146548 |
| Johnson & Johnson | 653612 | 159768917 |
| LENZ Therapeutics, Inc.<sup>(a)(b)</sup> | 5782 | 52905 |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 5348 | 1067728 |
| Liquidia Corp.<sup>(a)(b)</sup> | 21171 | 798994 |
| Maze Therapeutics, Inc.<sup>(a)</sup> | 5759 | 171906 |
| MBX Biosciences, Inc.<sup>(a)</sup> | 7646 | 228233 |
| Merck & Co., Inc. | 674242 | 81104570 |
| Nuvation Bio, Inc., Class A<sup>(a)</sup> | 69268 | 297160 |
| Ocular Therapeutix, Inc.<sup>(a)(b)</sup> | 45160 | 382505 |
| Omeros Corp.<sup>(a)</sup> | 19634 | 207335 |
| Organon & Co. | 69067 | 413711 |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 11955 | 270183 |
| Perrigo Co. PLC | 37392 | 401590 |
| Pfizer, Inc. | 1544431 | 43367622 |
| Phathom Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 9238 | 102634 |
| Phibro Animal Health Corp., Class A | 3859 | 213441 |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 13794 | 817570 |
| Rapport Therapeutics, Inc.<sup>(a)(b)</sup> | 7641 | 239087 |
| Royalty Pharma PLC, Class A | 105722 | 5071484 |
| Septerna, Inc.<sup>(a)</sup> | 6848 | 164557 |
| SIGA Technologies, Inc. | 12261 | 65596 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 13256 | 685203 |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 9826 | 689294 |
| Terns Pharmaceuticals, Inc.<sup>(a)</sup> | 23593 | 1243823 |
| Theravance Biopharma, Inc.<sup>(a)(b)</sup> | 15577 | 252815 |
| Third Harmonic Bio, Inc.<sup>(a)(d)</sup> | 10547 |  |
| Trevi Therapeutics, Inc.<sup>(a)(b)</sup> | 24364 | 290663 |
| Viatris, Inc. | 310874 | 4199908 |
| WaVe Life Sciences Ltd.<sup>(a)</sup> | 31023 | 224917 |
| Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 46516 | 269793 |
| Zevra Therapeutics, Inc.<sup>(a)(b)</sup> | 18765 | 174890 |
| Zoetis, Inc., Class A | 120449 | 14238276 |
|  |  | 568536001 |

---

182026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Professional Services — 0.6%** | **Professional Services — 0.6%** | **Professional Services — 0.6%** |
| Alight, Inc., Class A | 117496 | $68465 |
| Amentum Holdings, Inc.<sup>(a)</sup> | 42272 | 1102454 |
| Asure Software, Inc.<sup>(a)(b)</sup> | 3464 | 29790 |
| Automatic Data Processing, Inc. | 109993 | 22348378 |
| Barrett Business Services, Inc. | 7052 | 205777 |
| BlackSky Technology, Inc., Class A<sup>(a)(b)</sup> | 8336 | 209734 |
| Booz Allen Hamilton Holding Corp., Class A | 32875 | 2565236 |
| Broadridge Financial Solutions, Inc. | 31782 | 5163939 |
| CACI International, Inc., Class A<sup>(a)</sup> | 6138 | 3338274 |
| CBIZ, Inc.<sup>(a)(b)</sup> | 13727 | 368570 |
| Clarivate PLC<sup>(a)(b)</sup> | 124553 | 315119 |
| Concentrix Corp. | 13396 | 366515 |
| Conduent, Inc.<sup>(a)</sup> | 41629 | 53285 |
| CRA International, Inc. | 1755 | 284099 |
| CSG Systems International, Inc. | 7955 | 635923 |
| Equifax, Inc. | 33291 | 5994710 |
| ExlService Holdings, Inc.<sup>(a)</sup> | 40960 | 1247232 |
| Exponent, Inc. | 13559 | 884725 |
| First Advantage Corp.<sup>(a)(b)</sup> | 19150 | 225204 |
| Forrester Research, Inc.<sup>(a)(b)</sup> | 3675 | 20800 |
| Franklin Covey Co.<sup>(a)(b)</sup> | 4428 | 69918 |
| FTI Consulting, Inc.<sup>(a)</sup> | 8150 | 1440675 |
| Genpact Ltd. | 43435 | 1617954 |
| Huron Consulting Group, Inc.<sup>(a)(b)</sup> | 4746 | 605068 |
| ICF International, Inc. | 4910 | 320574 |
| Innodata, Inc.<sup>(a)(b)</sup> | 8622 | 332982 |
| Insperity, Inc. | 9516 | 257313 |
| Jacobs Solutions, Inc. | 32630 | 4153146 |
| KBR, Inc. | 36852 | 1358365 |
| Kelly Services, Inc., Class A, NVS | 10204 | 90305 |
| Kforce, Inc. | 5119 | 149680 |
| Korn Ferry | 14322 | 901570 |
| Legalzoom.com, Inc.<sup>(a)</sup> | 36439 | 206609 |
| Leidos Holdings, Inc. | 34409 | 5351288 |
| ManpowerGroup, Inc. | 12048 | 354934 |
| Maximus, Inc. | 14414 | 923937 |
| Parsons Corp.<sup>(a)(b)</sup> | 14678 | 795107 |
| Paychex, Inc. | 86883 | 8003662 |
| Paycom Software, Inc. | 14097 | 1713349 |
| Paylocity Holding Corp.<sup>(a)</sup> | 12175 | 1315387 |
| Planet Labs PBC, Class A<sup>(a)(b)</sup> | 72744 | 2033195 |
| Resolute Holdings Management, Inc.<sup>(a)(b)</sup> | 907 | 147206 |
| Resources Connection, Inc. | 10835 | 40415 |
| Robert Half, Inc. | 28664 | 728066 |
| Science Applications International Corp. | 13684 | 1298885 |
| SS&C Technologies Holdings, Inc. | 57659 | 3896019 |
| TIC Solutions, Inc.<sup>(a)(b)</sup> | 44819 | 294909 |
| TransUnion | 52537 | 3635035 |
| TriNet Group, Inc. | 8598 | 313225 |
| TrueBlue, Inc.<sup>(a)(b)</sup> | 10108 | 39522 |
| TTEC Holdings, Inc.<sup>(a)</sup> | 4716 | 11790 |
| Upwork, Inc.<sup>(a)(b)</sup> | 30779 | 337338 |
| Verisk Analytics, Inc. | 37591 | 7132892 |
| Verra Mobility Corp., Class A<sup>(a)</sup> | 44640 | 637906 |
| Willdan Group, Inc.<sup>(a)(b)</sup> | 4116 | 315121 |
|  |  | 96251576 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 80286 | 10875541 |
| Compass, Inc., Class A<sup>(a)</sup> | 174740 | 1277349 |
| CoStar Group, Inc.<sup>(a)</sup> | 114348 | 4612798 |
| Cushman & Wakefield Ltd.<sup>(a)</sup> | 40265 | 493649 |
| eXp World Holdings, Inc. | 16417 | 98338 |
| Forestar Group, Inc.<sup>(a)</sup> | 6671 | 163039 |
| FRP Holdings, Inc.<sup>(a)</sup> | 5102 | 111632 |
| Howard Hughes Holdings, Inc.<sup>(a)</sup> | 7860 | 497224 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 12867 | 3915685 |
| Kennedy-Wilson Holdings, Inc. | 32068 | 346976 |
| Marcus & Millichap, Inc. | 5953 | 158290 |
| Newmark Group, Inc., Class A | 42141 | 631694 |
| Real Brokerage, Inc. (The)<sup>(a)(b)</sup> | 25534 | 63835 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| REX Holdings, Inc., Class A<sup>(a)(b)</sup> | 5504 | $31703 |
| RMR Group, Inc. (The), Class A | 4189 | 64804 |
| Seaport Entertainment Group, Inc.<sup>(a)(b)</sup> | 2461 | 52862 |
| St. Joe Co. (The) | 11861 | 744871 |
| Tejon Ranch Co.<sup>(a)</sup> | 8537 | 160837 |
| Zillow Group, Inc., Class A<sup>(a)(b)</sup> | 12703 | 525777 |
| Zillow Group, Inc., Class C, NVS<sup>(a)</sup> | 45091 | 1865866 |
|  |  | 26692770 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| American Homes 4 Rent, Class A | 89320 | 2493814 |
| AvalonBay Communities, Inc. | 38493 | 6287832 |
| Camden Property Trust | 29434 | 2874524 |
| Centerspace | 4717 | 270992 |
| Equity LifeStyle Properties, Inc. | 52128 | 3253830 |
| Equity Residential | 102894 | 6086180 |
| Essex Property Trust, Inc. | 17421 | 4215882 |
| Independence Realty Trust, Inc. | 58592 | 872435 |
| Invitation Homes, Inc. | 165251 | 4106487 |
| Mid-America Apartment Communities, Inc. | 31425 | 3837621 |
| NexPoint Residential Trust, Inc. | 6278 | 156950 |
| Sun Communities, Inc. | 33170 | 4178093 |
| UDR, Inc. | 89256 | 3015068 |
| UMH Properties, Inc. | 15733 | 227027 |
| Veris Residential, Inc. | 24450 | 461372 |
|  |  | 42338107 |
| **Retail REITs — 0.3%** | **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |
| Acadia Realty Trust | 31757 | 607194 |
| Agree Realty Corp. | 29809 | 2247002 |
| Alexander's, Inc. | 566 | 133689 |
| Brixmor Property Group, Inc. | 81146 | 2337005 |
| CBL & Associates Properties, Inc. | 9080 | 348944 |
| Curbline Properties Corp. | 24256 | 625562 |
| Federal Realty Investment Trust | 22675 | 2408312 |
| Getty Realty Corp. | 12026 | 382427 |
| InvenTrust Properties Corp. | 18741 | 570851 |
| Kimco Realty Corp. | 182290 | 4096056 |
| Kite Realty Group Trust | 56014 | 1375144 |
| Macerich Co. (The) | 72538 | 1370968 |
| NETSTREIT Corp. | 25502 | 480203 |
| NNN REIT, Inc. | 49320 | 2072920 |
| Phillips Edison & Co., Inc. | 33993 | 1272018 |
| Realty Income Corp. | 248025 | 15174169 |
| Regency Centers Corp. | 48790 | 3691451 |
| Saul Centers, Inc. | 3238 | 105494 |
| Simon Property Group, Inc. | 88054 | 16424713 |
| SITE Centers Corp. | 12128 | 65491 |
| Tanger, Inc. | 29192 | 991944 |
| Urban Edge Properties | 31265 | 624675 |
| Whitestone REIT | 15932 | 257302 |
|  |  | 57663534 |
| **Semiconductors & Semiconductor Equipment — 12.9%** | **Semiconductors & Semiconductor Equipment — 12.9%** | **Semiconductors & Semiconductor Equipment — 12.9%** |
| ACM Research, Inc., Class A<sup>(a)</sup> | 16174 | 636447 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 437300 | 88959939 |
| Aehr Test Systems<sup>(a)(b)</sup> | 6868 | 254665 |
| Allegro MicroSystems, Inc.<sup>(a)</sup> | 33320 | 1050580 |
| Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 6452 | 142976 |
| Ambarella, Inc.<sup>(a)(b)</sup> | 11736 | 604111 |
| Ambiq Micro, Inc.<sup>(a)(b)</sup> | 6750 | 171517 |
| Amkor Technology, Inc. | 33724 | 1518592 |
| Analog Devices, Inc. | 132606 | 42187273 |
| Applied Materials, Inc. | 215224 | 73561411 |
| Astera Labs, Inc.<sup>(a)</sup> | 34067 | 3733743 |
| Axcelis Technologies, Inc.<sup>(a)(b)</sup> | 8936 | 831763 |
| Broadcom, Inc. | 1253989 | 388122135 |
| CEVA, Inc.<sup>(a)(b)</sup> | 5723 | 106906 |
| Cirrus Logic, Inc.<sup>(a)</sup> | 14501 | 2097135 |
| Cohu, Inc.<sup>(a)</sup> | 11222 | 343618 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 43352 | 4069452 |
| Diodes, Inc.<sup>(a)</sup> | 12272 | 837687 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Enphase Energy, Inc.<sup>(a)</sup> | 36357 | $1374658 |
| Entegris, Inc. | 40332 | 4728524 |
| First Solar, Inc.<sup>(a)</sup> | 27400 | 5404924 |
| FormFactor, Inc.<sup>(a)</sup> | 20637 | 2001583 |
| GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | 33307 | 1481495 |
| Ichor Holdings Ltd.<sup>(a)</sup> | 7405 | 345147 |
| Impinj, Inc.<sup>(a)</sup> | 7188 | 738208 |
| indie Semiconductor, Inc., Class A<sup>(a)(b)</sup> | 33156 | 106762 |
| Intel Corp.<sup>(a)</sup> | 1199358 | 52927669 |
| KLA Corp. | 35752 | 52641602 |
| Kopin Corp.<sup>(a)</sup> | 60664 | 136494 |
| Kulicke & Soffa Industries, Inc. | 15250 | 1002230 |
| Lam Research Corp. | 340810 | 72817465 |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 36981 | 3430358 |
| MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 17982 | 3993263 |
| Marvell Technology, Inc. | 229660 | 22747823 |
| MaxLinear, Inc.<sup>(a)</sup> | 18967 | 329836 |
| Microchip Technology, Inc. | 141656 | 9152394 |
| Micron Technology, Inc. | 303646 | 102583765 |
| MKS, Inc. | 17793 | 4089009 |
| Monolithic Power Systems, Inc. | 12652 | 13833064 |
| Navitas Semiconductor Corp.<sup>(a)(b)</sup> | 46359 | 406568 |
| NVE Corp. | 1261 | 82595 |
| NVIDIA Corp. | 6354840 | 1108284096 |
| ON Semiconductor Corp.<sup>(a)</sup> | 109040 | 6751757 |
| Onto Innovation, Inc.<sup>(a)</sup> | 13554 | 2779519 |
| PDF Solutions, Inc.<sup>(a)</sup> | 7630 | 249577 |
| Penguin Solutions, Inc.<sup>(a)</sup> | 14245 | 250712 |
| Photronics, Inc.<sup>(a)</sup> | 16425 | 663734 |
| Power Integrations, Inc. | 15810 | 809472 |
| Qnity Electronics, Inc. | 56486 | 6517355 |
| Qorvo, Inc.<sup>(a)</sup> | 22939 | 1775479 |
| QUALCOMM, Inc. | 290115 | 37361010 |
| Rambus, Inc.<sup>(a)(b)</sup> | 29582 | 2544939 |
| Rigetti Computing, Inc.<sup>(a)(b)</sup> | 85511 | 1200574 |
| Semtech Corp.<sup>(a)</sup> | 25770 | 1981455 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 8460 | 1760949 |
| SiTime Corp.<sup>(a)</sup> | 6137 | 2119413 |
| SkyWater Technology, Inc.<sup>(a)(b)</sup> | 9723 | 266507 |
| Skyworks Solutions, Inc. | 41368 | 2215256 |
| Synaptics, Inc.<sup>(a)(b)</sup> | 10370 | 726315 |
| Teradyne, Inc. | 42417 | 12574944 |
| Texas Instruments, Inc. | 246853 | 47924041 |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 11632 | 723278 |
| Universal Display Corp. | 12764 | 1169948 |
| Veeco Instruments, Inc.<sup>(a)</sup> | 15367 | 520327 |
|  |  | 2206756043 |
| **Software — 7.9%** | **Software — 7.9%** | **Software — 7.9%** |
| 8x8, Inc.<sup>(a)</sup> | 28424 | 47184 |
| A10 Networks, Inc. | 23208 | 536569 |
| ACI Worldwide, Inc.<sup>(a)</sup> | 27875 | 1143154 |
| Adeia, Inc. | 28346 | 681154 |
| Adobe, Inc.<sup>(a)</sup> | 111211 | 27033170 |
| Agilysys, Inc.<sup>(a)</sup> | 6351 | 451810 |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 12343 | 533094 |
| Alkami Technology, Inc.<sup>(a)(b)</sup> | 18413 | 288532 |
| Amplitude, Inc., Class A<sup>(a)</sup> | 17409 | 118729 |
| Appfolio, Inc., Class A<sup>(a)</sup> | 6110 | 964280 |
| Appian Corp., Class A<sup>(a)</sup> | 10422 | 251274 |
| AppLovin Corp., Class A<sup>(a)</sup> | 64717 | 25757366 |
| Arteris, Inc.<sup>(a)</sup> | 13826 | 227299 |
| Asana, Inc., Class A<sup>(a)</sup> | 19916 | 127462 |
| Atlassian Corp., Class A<sup>(a)(b)</sup> | 44920 | 3065790 |
| Aurora Innovation, Inc., Class A<sup>(a)(b)</sup> | 321750 | 1325610 |
| Autodesk, Inc.<sup>(a)</sup> | 58223 | 13938586 |
| AvePoint, Inc., Class A<sup>(a)</sup> | 39685 | 377404 |
| Bentley Systems, Inc., Class B | 42481 | 1491933 |
| BILL Holdings, Inc.<sup>(a)</sup> | 21787 | 834442 |
| Bit Digital, Inc.<sup>(a)(b)</sup> | 85128 | 111518 |
| Bitdeer Technologies Group, Class A<sup>(a)(b)</sup> | 23970 | 207340 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Blackbaud, Inc.<sup>(a)</sup> | 11417 | $440810 |
| BlackLine, Inc.<sup>(a)</sup> | 15048 | 556776 |
| Blend Labs, Inc., Class A<sup>(a)(b)</sup> | 61902 | 105233 |
| Box, Inc., Class A<sup>(a)</sup> | 37853 | 894845 |
| Braze, Inc., Class A<sup>(a)(b)</sup> | 23259 | 549145 |
| C3.ai, Inc., Class A<sup>(a)(b)</sup> | 29749 | 250487 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 74022 | 20568493 |
| CCC Intelligent Solutions Holdings, Inc.<sup>(a)(b)</sup> | 148026 | 888156 |
| Cerence, Inc.<sup>(a)(b)</sup> | 10043 | 63371 |
| Cipher Digital, Inc.<sup>(a)(b)</sup> | 86989 | 1119548 |
| Circle Internet Group, Inc., Class A<sup>(a)</sup> | 30810 | 2939582 |
| Cleanspark, Inc.<sup>(a)(b)</sup> | 80349 | 683770 |
| Clear Secure, Inc., Class A | 22170 | 1073250 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 74822 | 1769540 |
| Commvault Systems, Inc.<sup>(a)</sup> | 11554 | 899941 |
| Consensus Cloud Solutions, Inc.<sup>(a)(b)</sup> | 5738 | 136220 |
| Core Scientific, Inc.<sup>(a)(b)</sup> | 73734 | 1103061 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 66975 | 26147710 |
| CS Disco, Inc.<sup>(a)(b)</sup> | 9822 | 37520 |
| Daily Journal Corp.<sup>(a)(b)</sup> | 396 | 191007 |
| Datadog, Inc., Class A<sup>(a)</sup> | 84756 | 10005446 |
| Digimarc Corp.<sup>(a)(b)</sup> | 5362 | 26327 |
| Digital Turbine, Inc.<sup>(a)(b)</sup> | 22874 | 65877 |
| Docusign, Inc.<sup>(a)</sup> | 54332 | 2575880 |
| Dolby Laboratories, Inc., Class A | 15678 | 941621 |
| Domo, Inc., Class B<sup>(a)(b)</sup> | 6979 | 21356 |
| Dropbox, Inc., Class A<sup>(a)(b)</sup> | 50191 | 1140340 |
| D-Wave Quantum, Inc.<sup>(a)(b)</sup> | 100200 | 1445886 |
| Dynatrace, Inc.<sup>(a)</sup> | 80001 | 2958437 |
| Elastic NV<sup>(a)</sup> | 25943 | 1296891 |
| EverCommerce, Inc.<sup>(a)(b)</sup> | 11471 | 131114 |
| Fair Isaac Corp.<sup>(a)</sup> | 6337 | 6765001 |
| Five9, Inc.<sup>(a)</sup> | 19613 | 297529 |
| Fortinet, Inc.<sup>(a)</sup> | 167868 | 13718173 |
| Freshworks, Inc., Class A<sup>(a)</sup> | 54659 | 438912 |
| Gen Digital, Inc. | 148056 | 2787894 |
| Gitlab, Inc., Class A<sup>(a)</sup> | 39677 | 858610 |
| Guidewire Software, Inc.<sup>(a)</sup> | 22723 | 3398452 |
| HubSpot, Inc.<sup>(a)</sup> | 13761 | 3359060 |
| Hut 8 Corp.<sup>(a)(b)</sup> | 26055 | 1222240 |
| I3 Verticals, Inc., Class A<sup>(a)(b)</sup> | 6210 | 138856 |
| Intapp, Inc.<sup>(a)</sup> | 14335 | 368266 |
| InterDigital, Inc. | 7096 | 2142992 |
| Intuit, Inc. | 74204 | 32084326 |
| Life360, Inc.<sup>(a)(b)</sup> | 4936 | 201488 |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 16859 | 447101 |
| Manhattan Associates, Inc.<sup>(a)</sup> | 16694 | 2222305 |
| MARA Holdings, Inc.<sup>(a)(b)</sup> | 101476 | 828044 |
| Microsoft Corp. | 2013756 | 745432058 |
| Mitek Systems, Inc.<sup>(a)(b)</sup> | 11083 | 149620 |
| N-able, Inc.<sup>(a)</sup> | 18165 | 84831 |
| nCino, Inc.<sup>(a)</sup> | 28769 | 430960 |
| NCR Voyix Corp.<sup>(a)</sup> | 44742 | 283217 |
| NextNav, Inc.<sup>(a)(b)</sup> | 23172 | 371215 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 68283 | 2595437 |
| ON24, Inc.<sup>(a)(b)</sup> | 15315 | 124051 |
| OneSpan, Inc. | 11113 | 117020 |
| Ooma, Inc.<sup>(a)</sup> | 7187 | 104571 |
| Oracle Corp. | 456873 | 67210587 |
| Pagaya Technologies Ltd., Class A<sup>(a)(b)</sup> | 11592 | 135047 |
| PagerDuty, Inc.<sup>(a)</sup> | 26980 | 167546 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 593204 | 86773881 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 217021 | 34792807 |
| PAR Technology Corp.<sup>(a)(b)</sup> | 10137 | 135126 |
| Pegasystems, Inc. | 25536 | 1086812 |
| Porch Group, Inc.<sup>(a)(b)</sup> | 28426 | 203814 |
| Procore Technologies, Inc.<sup>(a)</sup> | 33980 | 1936860 |
| Progress Software Corp.<sup>(a)</sup> | 11875 | 304594 |
| PTC, Inc.<sup>(a)</sup> | 31982 | 4557115 |
| Q2 Holdings, Inc.<sup>(a)</sup> | 16417 | 776524 |

---

202026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Qualys, Inc.<sup>(a)</sup> | 10107 | $887900 |
| Rapid7, Inc.<sup>(a)</sup> | 15352 | 84590 |
| Red Violet, Inc.<sup>(a)</sup> | 2499 | 86465 |
| Rezolve AI PLC<sup>(a)(b)</sup> | 56236 | 143964 |
| Rimini Street, Inc.<sup>(a)(b)</sup> | 25528 | 83732 |
| RingCentral, Inc., Class A | 24694 | 918370 |
| Riot Platforms, Inc.<sup>(a)</sup> | 92163 | 1139135 |
| Roper Technologies, Inc. | 29081 | 10290603 |
| Rubrik, Inc., Class A<sup>(a)</sup> | 39538 | 1936176 |
| SailPoint, Inc.<sup>(a)(b)</sup> | 16234 | 214938 |
| Salesforce, Inc. | 247368 | 46176185 |
| Samsara, Inc., Class A<sup>(a)(b)</sup> | 84559 | 2679675 |
| SEMrush Holdings, Inc., Class A<sup>(a)(b)</sup> | 12331 | 147232 |
| SentinelOne, Inc., Class A<sup>(a)</sup> | 86541 | 1114648 |
| ServiceNow, Inc.<sup>(a)</sup> | 283340 | 29623197 |
| SoundHound AI, Inc., Class A<sup>(a)(b)</sup> | 99993 | 686952 |
| SoundThinking, Inc.<sup>(a)</sup> | 2910 | 19264 |
| Sprinklr, Inc., Class A<sup>(a)</sup> | 31105 | 186630 |
| Sprout Social, Inc., Class A<sup>(a)</sup> | 13832 | 78842 |
| SPS Commerce, Inc.<sup>(a)</sup> | 9934 | 553026 |
| Strategy, Inc., Class A<sup>(a)(b)</sup> | 84631 | 10561949 |
| Synopsys, Inc.<sup>(a)</sup> | 51799 | 20537268 |
| Tenable Holdings, Inc.<sup>(a)(b)</sup> | 31696 | 536138 |
| Teradata Corp.<sup>(a)</sup> | 26596 | 681655 |
| Terawulf, Inc.<sup>(a)(b)</sup> | 79432 | 1146204 |
| Trimble, Inc.<sup>(a)</sup> | 65427 | 4267803 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 11835 | 4052067 |
| UiPath, Inc., Class A<sup>(a)(b)</sup> | 108831 | 1208024 |
| Unity Software, Inc.<sup>(a)</sup> | 88291 | 1937105 |
| Varonis Systems, Inc.<sup>(a)</sup> | 30557 | 656059 |
| Vertex, Inc., Class A<sup>(a)</sup> | 19163 | 227848 |
| Viant Technology, Inc., Class A<sup>(a)(b)</sup> | 7869 | 88133 |
| Weave Communications, Inc.<sup>(a)(b)</sup> | 13563 | 62661 |
| Workday, Inc., Class A<sup>(a)</sup> | 58073 | 7544844 |
| Workiva, Inc., Class A<sup>(a)</sup> | 13210 | 787712 |
| Xperi, Inc.<sup>(a)(b)</sup> | 12543 | 70241 |
| Yext, Inc.<sup>(a)(b)</sup> | 25814 | 99126 |
| Zeta Global Holdings Corp., Class A<sup>(a)</sup> | 57906 | 921864 |
| Zoom Communications, Inc., Class A<sup>(a)</sup> | 71631 | 5758416 |
| Zscaler, Inc.<sup>(a)(b)</sup> | 26359 | 3697904 |
|  |  | 1341488827 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| American Tower Corp. | 127498 | 22003605 |
| Crown Castle, Inc. | 117426 | 9547908 |
| CubeSmart | 59389 | 2176607 |
| Digital Realty Trust, Inc. | 93207 | 16796833 |
| EPR Properties | 20908 | 1044564 |
| Equinix, Inc. | 26618 | 26092028 |
| Extra Space Storage, Inc. | 56922 | 7464182 |
| Farmland Partners, Inc. | 10363 | 116376 |
| Four Corners Property Trust, Inc. | 28116 | 664943 |
| Gaming & Leisure Properties, Inc. | 72567 | 3219798 |
| Gladstone Land Corp. | 9364 | 95513 |
| Iron Mountain, Inc. | 79526 | 8122786 |
| Lamar Advertising Co., Class A | 23572 | 2985629 |
| Millrose Properties, Inc., Class A | 41492 | 1161776 |
| National Storage Affiliates Trust | 18643 | 703587 |
| Outfront Media, Inc. | 39249 | 1040098 |
| Public Storage | 42970 | 11639714 |
| Rayonier, Inc. | 81208 | 1674509 |
| Safehold, Inc. | 14654 | 198269 |
| SBA Communications Corp., Class A | 28798 | 4956424 |
| Smartstop Self Storage REIT, Inc. | 14938 | 452323 |
| VICI Properties, Inc. | 285275 | 7793713 |
| Weyerhaeuser Co. | 198286 | 4844127 |
|  |  | 134795312 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| 1-800-Flowers.com, Inc., Class A<sup>(a)(b)</sup> | 10848 | 32978 |
| Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 13861 | 1266480 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Academy Sports & Outdoors, Inc. | 17313 | $977319 |
| Advance Auto Parts, Inc. | 15762 | 831445 |
| American Eagle Outfitters, Inc. | 49118 | 820271 |
| America's Car-Mart, Inc.<sup>(a)(b)</sup> | 1976 | 25154 |
| Arhaus, Inc., Class A | 13736 | 93130 |
| Arko Corp., Class A | 21078 | 117194 |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 5480 | 1070847 |
| AutoNation, Inc.<sup>(a)</sup> | 6961 | 1359205 |
| AutoZone, Inc.<sup>(a)</sup> | 4510 | 15233788 |
| Bath & Body Works, Inc. | 61942 | 1156457 |
| Bed Bath & Beyond, Inc.<sup>(a)(b)</sup> | 11688 | 54232 |
| Best Buy Co., Inc. | 52172 | 3349442 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 8272 | 1210690 |
| Buckle, Inc. (The) | 6871 | 346024 |
| Build-A-Bear Workshop, Inc. | 4317 | 161672 |
| Burlington Stores, Inc.<sup>(a)</sup> | 17230 | 5606297 |
| Caleres, Inc. | 10810 | 113937 |
| Camping World Holdings, Inc., Class A | 15075 | 102962 |
| CarMax, Inc.<sup>(a)</sup> | 41494 | 1725321 |
| Carvana Co., Class A<sup>(a)</sup> | 36613 | 11510395 |
| Chewy, Inc., Class A<sup>(a)</sup> | 63524 | 1715148 |
| Designer Brands, Inc., Class A | 17954 | 102158 |
| Dick's Sporting Goods, Inc. | 17743 | 3518259 |
| EVgo, Inc., Class A<sup>(a)(b)</sup> | 20948 | 36031 |
| Five Below, Inc.<sup>(a)</sup> | 14793 | 3379905 |
| Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 28169 | 1430985 |
| GameStop Corp., Class A<sup>(a)(b)</sup> | 109990 | 2534170 |
| Gap, Inc. (The) | 62079 | 1502312 |
| Genesco, Inc.<sup>(a)</sup> | 3236 | 93812 |
| Group 1 Automotive, Inc. | 3412 | 1128110 |
| Haverty Furniture Cos., Inc. | 4642 | 98318 |
| Home Depot, Inc. (The) | 270441 | 88945340 |
| Lithia Motors, Inc., Class A | 6455 | 1611943 |
| Lowe's Cos., Inc. | 151944 | 35901328 |
| MarineMax, Inc.<sup>(a)</sup> | 5484 | 148397 |
| Monro, Inc. | 8683 | 139275 |
| Murphy U.S.A., Inc. | 4598 | 2271274 |
| National Vision Holdings, Inc.<sup>(a)</sup> | 20908 | 541517 |
| OneWater Marine, Inc., Class A<sup>(a)(b)</sup> | 3418 | 32300 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 228144 | 21059973 |
| Outdoor Holding Co.<sup>(a)</sup> | 37132 | 74635 |
| Penske Automotive Group, Inc. | 5388 | 805614 |
| Petco Health & Wellness Co., Inc.<sup>(a)(b)</sup> | 23690 | 65858 |
| RealReal, Inc. (The)<sup>(a)</sup> | 27031 | 245441 |
| Revolve Group, Inc., Class A<sup>(a)(b)</sup> | 9845 | 222595 |
| RH<sup>(a)</sup> | 4221 | 590180 |
| Ross Stores, Inc. | 86302 | 18695602 |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 28076 | 388853 |
| Shoe Carnival, Inc. | 5597 | 87257 |
| Signet Jewelers Ltd. | 11883 | 1005777 |
| Sleep Number Corp.<sup>(a)(b)</sup> | 5848 | 10497 |
| Sonic Automotive, Inc., Class A | 3379 | 231698 |
| Stitch Fix, Inc., Class A<sup>(a)(b)</sup> | 26592 | 88020 |
| ThredUp, Inc., Class A<sup>(a)</sup> | 29830 | 97842 |
| TJX Cos., Inc. (The) | 303047 | 48396606 |
| Tractor Supply Co. | 143597 | 6504944 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 12074 | 6311201 |
| Upbound Group, Inc. | 16562 | 298944 |
| Urban Outfitters, Inc.<sup>(a)</sup> | 16764 | 1061999 |
| Valvoline, Inc.<sup>(a)</sup> | 34483 | 1161387 |
| Victoria's Secret & Co.<sup>(a)</sup> | 21454 | 994607 |
| Warby Parker, Inc., Class A<sup>(a)</sup> | 26167 | 551339 |
| Wayfair, Inc., Class A<sup>(a)(b)</sup> | 26542 | 1996224 |
| Williams-Sonoma, Inc. | 31969 | 5828908 |
| Winmark Corp. | 785 | 335627 |
| Zumiez, Inc.<sup>(a)</sup> | 5468 | 121171 |
|  |  | 309528621 |
| **Technology Hardware, Storage & Peripherals — 6.4%** | **Technology Hardware, Storage & Peripherals — 6.4%** | **Technology Hardware, Storage & Peripherals — 6.4%** |
| Apple Inc. | 3911732 | 992758464 |
| Corsair Gaming, Inc.<sup>(a)</sup> | 10335 | 57359 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| Dell Technologies, Inc., Class C | 84707 | $13902960 |
| Diebold Nixdorf, Inc.<sup>(a)(b)</sup> | 6778 | 511332 |
| Eastman Kodak Co.<sup>(a)</sup> | 20273 | 183471 |
| Everpure, Inc., Class A<sup>(a)</sup> | 83283 | 4917028 |
| GPGI, Inc., Class A<sup>(b)</sup> | 47767 | 816816 |
| Hewlett Packard Enterprise Co. | 358777 | 8542480 |
| HP, Inc. | 253572 | 4871118 |
| Immersion Corp. | 5081 | 27742 |
| IonQ, Inc.<sup>(a)(b)</sup> | 90728 | 2615688 |
| NetApp, Inc. | 54355 | 5565409 |
| Quantum Computing, Inc.<sup>(a)(b)</sup> | 54051 | 370249 |
| Sandisk Corp.<sup>(a)</sup> | 38802 | 24652463 |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 138589 | 3155672 |
| Turtle Beach Corp.<sup>(a)(b)</sup> | 8556 | 86758 |
| Western Digital Corp. | 92161 | 24928629 |
| Xerox Holdings Corp. | 33787 | 43585 |
|  |  | 1088007223 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Amer Sports, Inc.<sup>(a)</sup> | 40268 | 1325623 |
| Birkenstock Holding PLC<sup>(a)(b)</sup> | 14141 | 506672 |
| Capri Holdings Ltd.<sup>(a)(b)</sup> | 30789 | 542502 |
| Carter's, Inc. | 9987 | 357135 |
| Columbia Sportswear Co. | 8261 | 452785 |
| Crocs, Inc.<sup>(a)</sup> | 15025 | 1247375 |
| Deckers Outdoor Corp.<sup>(a)</sup> | 39295 | 3933037 |
| Figs, Inc., Class A<sup>(a)</sup> | 23556 | 347922 |
| G-III Apparel Group Ltd. | 11372 | 315004 |
| Kontoor Brands, Inc. | 14313 | 1006061 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 28410 | 4349571 |
| Movado Group, Inc. | 4405 | 107570 |
| NIKE, Inc., Class B | 317469 | 16768713 |
| On Holding AG, Class A<sup>(a)</sup> | 59460 | 2022829 |
| Oxford Industries, Inc. | 4651 | 179110 |
| PVH Corp. | 14800 | 1032448 |
| Ralph Lauren Corp., Class A | 10529 | 3621871 |
| Steven Madden Ltd. | 19509 | 661745 |
| Tapestry, Inc. | 55823 | 7877184 |
| Under Armour, Inc., Class A<sup>(a)(b)</sup> | 50838 | 300453 |
| Under Armour, Inc., Class C, NVS<sup>(a)</sup> | 51737 | 299557 |
| VF Corp. | 93555 | 1589499 |
| Wolverine World Wide, Inc. | 22852 | 372945 |
|  |  | 49217611 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc. | 458336 | 30245593 |
| Philip Morris International, Inc. | 422986 | 69936505 |
| Turning Point Brands, Inc.<sup>(b)</sup> | 4079 | 354016 |
| Universal Corp. | 6727 | 354513 |
|  |  | 100890627 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| Air Lease Corp., Class A | 28698 | 1863648 |
| Alta Equipment Group, Inc., Class A | 9052 | 48609 |
| Applied Industrial Technologies, Inc. | 10702 | 2839455 |
| BlueLinx Holdings, Inc.<sup>(a)(b)</sup> | 2316 | 125481 |
| Boise Cascade Co. | 11080 | 840418 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 52052 | 2571369 |
| Custom Truck One Source, Inc.<sup>(a)</sup> | 17418 | 114436 |
| Distribution Solutions Group, Inc.<sup>(a)(b)</sup> | 4031 | 105773 |
| DNOW, Inc.<sup>(a)</sup> | 50400 | 600264 |
| DXP Enterprises, Inc.<sup>(a)</sup> | 2868 | 400746 |
| Fastenal Co. | 311598 | 14458147 |
| Ferguson Enterprises, Inc. | 51500 | 12012890 |
| GATX Corp. | 9133 | 1559368 |
| Global Industrial Co. | 4003 | 126175 |
| Herc Holdings, Inc. | 8574 | 853542 |
| Hudson Technologies, Inc.<sup>(a)(b)</sup> | 11465 | 67414 |
| McGrath RentCorp | 6224 | 686383 |
| MSC Industrial Direct Co., Inc., Class A | 12494 | 1152821 |
| NPK International, Inc.<sup>(a)</sup> | 26626 | 385811 |
| QXO, Inc.<sup>(a)(b)</sup> | 174593 | 3390596 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| Rush Enterprises, Inc., Class A | 15660 | $1035283 |
| Rush Enterprises, Inc., Class B | 3400 | 218790 |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 12375 | 1647236 |
| Titan Machinery, Inc.<sup>(a)</sup> | 5783 | 96692 |
| Transcat, Inc.<sup>(a)(b)</sup> | 2645 | 194275 |
| United Rentals, Inc. | 17276 | 12586602 |
| Watsco, Inc. | 9342 | 3398526 |
| WESCO International, Inc. | 12903 | 3530519 |
| Willis Lease Finance Corp.<sup>(b)</sup> | 1191 | 202780 |
| WW Grainger, Inc. | 11794 | 12865013 |
| Xometry, Inc., Class A<sup>(a)(b)</sup> | 12490 | 510092 |
|  |  | 80489154 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American States Water Co. | 10318 | 780247 |
| American Water Works Co., Inc. | 52747 | 7178339 |
| California Water Service Group | 15682 | 711022 |
| Consolidated Water Co. Ltd. | 4768 | 157916 |
| Essential Utilities, Inc. | 74394 | 2995846 |
| H2O America | 7758 | 455162 |
| Middlesex Water Co. | 5289 | 275293 |
| York Water Co. (The) | 3339 | 101673 |
|  |  | 12655498 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Gogo, Inc.<sup>(a)</sup> | 17630 | 70873 |
| Millicom International Cellular SA | 27724 | 2077636 |
| Shenandoah Telecommunications Co. | 13468 | 207677 |
| Spok Holdings, Inc. | 7747 | 84442 |
| Telephone & Data Systems, Inc. | 27903 | 1174716 |
| T-Mobile U.S., Inc. | 130533 | 27415846 |
|  |  | 31031190 |
| **Total Common Stocks — 99.8%** <br>**(Cost: $11,023,378,361)** | **Total Common Stocks — 99.8%** <br>**(Cost: $11,023,378,361)** | 17023023539 |
| **Rights** | **Rights** | **Rights** |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Aduro Biotech CVR<sup>(a)(d)</sup> | 4039 | 2060 |
| Akero Therapeutics, Inc.<sup>(a)(d)</sup> | 21010 | 13657 |
| Chinook Therapeutics, Inc., CVR<sup>(a)(d)</sup> | 16679 | 2835 |
| GTX, Inc., Contingent Rights<sup>(a)(b)(d)</sup> | 684 |  |
| Inhibrx, Inc., CVR<sup>(a)(d)</sup> | 7685 | 12757 |
|  |  | 31309 |
| **Total Rights — 0.0%** <br>**(Cost: $1,402)** | **Total Rights — 0.0%** <br>**(Cost: $1,402)** | 31309 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $11,023,379,763)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $11,023,379,763)** | 17023054848 |

---

222026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.77%<sup>(c)(e)(f)</sup><br>| 191560926 | $191599238 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.62%<sup>(c)(e)</sup><br>| 26573663 | 26573663 |
| **Total Short-Term Securities — 1.3%** <br>**(Cost: $218,066,743)** | **Total Short-Term Securities — 1.3%** <br>**(Cost: $218,066,743)** | 218172901 |
| **Total Investments — 101.1%** <br>**(Cost: $11,241,446,506)** | **Total Investments — 101.1%** <br>**(Cost: $11,241,446,506)** | 17241227749 |
| **Liabilities in Excess of Other Assets — (1.1)%** | **Liabilities in Excess of Other Assets — (1.1)%** | (194088811)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $17047138938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

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

<sup>(f)</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 March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $206421024<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14762336 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(10027)<br>| &nbsp;&nbsp; $(49423)<br>| &nbsp;&nbsp; $191599238 | &nbsp;&nbsp; 191560926 | &nbsp;&nbsp; $1247094 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 23775370<br>| &nbsp;&nbsp; 2798293 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26573663 | &nbsp;&nbsp; 26573663 | &nbsp;&nbsp; 898870 | &nbsp;&nbsp; — |
| BlackRock, Inc. | &nbsp;&nbsp; 37352833<br>| &nbsp;&nbsp; 6858096 | &nbsp;&nbsp; (4925851)<br>| &nbsp;&nbsp; 2949734 | &nbsp;&nbsp; (2463295)<br>| &nbsp;&nbsp; 39771517 | &nbsp;&nbsp; 41355 | &nbsp;&nbsp; 869081 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $2939707 | &nbsp;&nbsp; $(2512718)<br>| &nbsp;&nbsp; $257944418 |  | &nbsp;&nbsp; $3015045 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Russell 2000 E-Mini Index | 16 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $2010 | &nbsp;&nbsp;&nbsp;&nbsp; $5698 |
| S&P 500 E-Mini Index | 60 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 19712 | &nbsp;&nbsp;&nbsp;&nbsp; (315248)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(309550)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 3000 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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5698 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5698 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $315248 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $315248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4678858 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4678858 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(643936)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(643936)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $24993972 |

---

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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $17023023539 | $— | $— | $17023023539 |
| Rights  | &nbsp;&nbsp; — |  | 31309 | 31309 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 218172901 |  |  | 218172901 |
|  | &nbsp;&nbsp; $17241196440 | $— | $31309 | $17241227749 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $5698 | $— | $— | $5698 |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (315248)<br>|  |  | (315248)<br>|
|  | &nbsp;&nbsp; $(309550)<br>| $— | $— | $(309550)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

242026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2026

**iShares® Russell Mid-Cap Value ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| ATI, Inc.<sup>(a)</sup> | 193779 | $28187093 |
| BWX Technologies, Inc. | 108619 | 22211499 |
| Carpenter Technology Corp. | 57186 | 22539862 |
| Curtiss-Wright Corp. | 53032 | 36121156 |
| Hexcel Corp. | 109839 | 8889270 |
| Huntington Ingalls Industries, Inc. | 56078 | 21304032 |
| L3Harris Technologies, Inc. | 269268 | 92937850 |
| Leonardo DRS, Inc. | 63859 | 2843003 |
| Loar Holdings, Inc.<sup>(a)(b)</sup> | 6157 | 352735 |
| StandardAero, Inc.<sup>(a)(b)</sup> | 299865 | 7745513 |
| Textron, Inc. | 252598 | 22117481 |
| Woodward, Inc. | 86201 | 30853062 |
|  |  | 296102556 |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| CH Robinson Worldwide, Inc. | 169680 | 28178758 |
| Expeditors International of Washington, Inc. | 192578 | 27582947 |
| GXO Logistics, Inc.<sup>(a)</sup> | 163250 | 8464512 |
|  |  | 64226217 |
| **Automobile Components — 0.4%** | **Automobile Components — 0.4%** | **Automobile Components — 0.4%** |
| Aptiv PLC<sup>(a)</sup> | 312425 | 21694792 |
| BorgWarner, Inc. | 305390 | 16570461 |
| Gentex Corp. | 315580 | 6895423 |
| Lear Corp. | 74349 | 9002177 |
| QuantumScape Corp., Class A<sup>(a)(b)</sup> | 646378 | 4123892 |
|  |  | 58286745 |
| **Automobiles — 0.7%** | **Automobiles — 0.7%** | **Automobiles — 0.7%** |
| Ford Motor Co. | 5626163 | 64925921 |
| Harley-Davidson, Inc. | 161283 | 3261142 |
| Lucid Group, Inc.<sup>(a)(b)</sup> | 193128 | 1840510 |
| Rivian Automotive, Inc., Class A<sup>(a)(b)</sup> | 1141600 | 17181080 |
| Thor Industries, Inc. | 73366 | 5861210 |
|  |  | 93069863 |
| **Banks — 3.3%** | **Banks — 3.3%** | **Banks — 3.3%** |
| Bank OZK | 157742 | 7238780 |
| BOK Financial Corp. | 26776 | 3428935 |
| Central BanCo, Inc., Class A<sup>(b)</sup> | 28417 | 680587 |
| Citizens Financial Group, Inc. | 619718 | 37164488 |
| Columbia Banking System, Inc. | 420116 | 11523782 |
| Commerce Bancshares, Inc. | 194717 | 9580076 |
| Cullen/Frost Bankers, Inc. | 85947 | 11781615 |
| East West Bancorp, Inc. | 197224 | 21055634 |
| Fifth Third Bancorp | 1302098 | 60495473 |
| First Citizens BancShares, Inc., Class A<sup>(b)</sup> | 12604 | 23754255 |
| First Hawaiian, Inc. | 181318 | 4467676 |
| First Horizon Corp. | 690640 | 15718966 |
| FNB Corp. | 511029 | 8544405 |
| Huntington Bancshares, Inc. | 2890145 | 45230769 |
| KeyCorp | 1333591 | 26738500 |
| M&T Bank Corp. | 218860 | 45242739 |
| Pinnacle Financial Partners, Inc. | 214255 | 18455926 |
| Popular, Inc. | 84277 | 11307445 |
| Prosperity Bancshares, Inc. | 134990 | 9068628 |
| Regions Financial Corp. | 1251554 | 32690590 |
| Southstate Bank Corp. | 140927 | 13038566 |
| Webster Financial Corp. | 230245 | 15983608 |
| Western Alliance Bancorp | 122867 | 8705127 |
| Wintrust Financial Corp. | 95267 | 13236397 |
| Zions Bancorp N.A. | 208777 | 12029731 |
|  |  | 467162698 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Boston Beer Co., Inc. (The), Class A<sup>(a)</sup> | 11333 | $2611123 |
| Brown-Forman Corp., Class A | 62287 | 1668669 |
| Brown-Forman Corp., Class B, NVS | 205863 | 5443018 |
| Coca-Cola Consolidated, Inc. | 70295 | 13478363 |
| Constellation Brands, Inc., Class A | 205141 | 30771150 |
| Molson Coors Beverage Co., Class B | 235149 | 10125516 |
| Primo Brands Corp., Class A<sup>(b)</sup> | 369750 | 6962392 |
|  |  | 71060231 |
| **Biotechnology — 1.3%** | **Biotechnology — 1.3%** | **Biotechnology — 1.3%** |
| Biogen, Inc.<sup>(a)(b)</sup> | 210347 | 38562916 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 275057 | 15537970 |
| Caris Life Sciences, Inc.<sup>(a)(b)</sup> | 66366 | 1186624 |
| Exelixis, Inc.<sup>(a)</sup> | 73494 | 3152158 |
| Incyte Corp.<sup>(a)</sup> | 171078 | 16101861 |
| Insmed, Inc.<sup>(a)(b)</sup> | 18866 | 3084968 |
| Ionis Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 17745 | 1332472 |
| Moderna, Inc.<sup>(a)(b)</sup> | 515041 | 26164083 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 20577 | 2710814 |
| Revolution Medicines, Inc.<sup>(a)</sup> | 245804 | 23904439 |
| Roivant Sciences Ltd.<sup>(a)</sup> | 610526 | 16911570 |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | 29883 | 650254 |
| United Therapeutics Corp.<sup>(a)</sup> | 61017 | 36181861 |
| Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 145093 | 4721326 |
|  |  | 190203316 |
| **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** |
| Dillard's, Inc., Class A<sup>(b)</sup> | 4459 | 2551039 |
| eBay, Inc. | 650912 | 59246010 |
| Etsy, Inc.<sup>(a)</sup> | 56896 | 2843662 |
| Macy's, Inc. | 386321 | 6988547 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 88076 | 8106515 |
|  |  | 79735773 |
| **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
| A. O. Smith Corp. | 164351 | 10837305 |
| Advanced Drainage Systems, Inc. | 101684 | 13943927 |
| Allegion PLC | 123941 | 18007388 |
| Armstrong World Industries, Inc. | 44303 | 7301134 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 156498 | 12884480 |
| Carlisle Cos., Inc. | 52577 | 17540739 |
| Fortune Brands Innovations, Inc. | 174194 | 6788340 |
| Hayward Holdings, Inc.<sup>(a)</sup> | 296440 | 3966367 |
| Masco Corp. | 298743 | 18035115 |
| Owens Corning | 117185 | 12681761 |
| Simpson Manufacturing Co., Inc. | 55368 | 9502256 |
| Trex Co., Inc.<sup>(a)</sup> | 153330 | 5584279 |
|  |  | 137073091 |
| **Capital Markets — 4.9%** | **Capital Markets — 4.9%** | **Capital Markets — 4.9%** |
| Affiliated Managers Group, Inc. | 39529 | 10937674 |
| Ameriprise Financial, Inc. | 12333 | 5480785 |
| Bank of New York Mellon Corp. (The) | 920540 | 109203660 |
| Bullish<sup>(a)(b)</sup> | 40146 | 1434417 |
| Carlyle Group, Inc. (The) | 376211 | 18204850 |
| Cboe Global Markets, Inc. | 150617 | 42333920 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 289806 | 50603026 |
| Evercore, Inc., Class A | 53028 | 15829388 |
| FactSet Research Systems, Inc. | 50845 | 11032857 |
| Franklin Resources, Inc. | 391096 | 9237688 |
| Freedom Holding Corp.<sup>(a)(b)</sup> | 4542 | 658045 |
| Hamilton Lane, Inc., Class A | 20395 | 2027263 |
| Houlihan Lokey, Inc., Class A | 48969 | 7032928 |
| Invesco Ltd. | 525095 | 12754558 |
| Janus Henderson Group PLC | 176305 | 9056788 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Mid-Cap Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Jefferies Financial Group, Inc. | 166402 | $6867411 |
| Lazard, Inc. | 106082 | 4506363 |
| MarketAxess Holdings, Inc. | 53545 | 8833854 |
| Morningstar, Inc. | 9839 | 1663283 |
| MSCI, Inc., Class A | 52305 | 28192918 |
| Nasdaq, Inc. | 652508 | 55391404 |
| Northern Trust Corp. | 267088 | 37277472 |
| Raymond James Financial, Inc. | 257293 | 37253454 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | 946478 | 65590925 |
| SEI Investments Co. | 147669 | 11587586 |
| State Street Corp. | 401668 | 50835102 |
| Stifel Financial Corp. | 213060 | 15749395 |
| T Rowe Price Group, Inc. | 311473 | 28076176 |
| TPG, Inc., Class A | 12647 | 512330 |
| Tradeweb Markets, Inc., Class A | 154233 | 18147055 |
| Virtu Financial, Inc., Class A | 114727 | 5045693 |
| XP, Inc., Class A | 518537 | 9872945 |
|  |  | 691231213 |
| **Chemicals — 2.9%** | **Chemicals — 2.9%** | **Chemicals — 2.9%** |
| Albemarle Corp. | 169407 | 30413639 |
| Ashland, Inc. | 64843 | 3605919 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 306260 | 8483402 |
| Celanese Corp., Class A | 158540 | 10427176 |
| CF Industries Holdings, Inc. | 224001 | 29084290 |
| Corteva, Inc. | 976024 | 81702969 |
| Dow, Inc. | 1018071 | 42402657 |
| DuPont de Nemours, Inc. | 604383 | 27680741 |
| Eastman Chemical Co. | 162872 | 12430391 |
| Element Solutions, Inc. | 323669 | 11050060 |
| FMC Corp. | 178489 | 3073580 |
| Huntsman Corp. | 239319 | 3185336 |
| International Flavors & Fragrances, Inc. | 369600 | 26814480 |
| LyondellBasell Industries NV, Class A | 368896 | 29718262 |
| Mosaic Co. (The) | 452694 | 11543697 |
| NewMarket Corp. | 9071 | 5814057 |
| Olin Corp. | 169294 | 5033111 |
| PPG Industries, Inc. | 323256 | 34549601 |
| RPM International, Inc. | 183867 | 18276380 |
| Scotts Miracle-Gro Co. (The) | 63842 | 3882232 |
| Westlake Corp. | 48740 | 5693807 |
|  |  | 404865787 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Clean Harbors, Inc.<sup>(a)</sup> | 72763 | 20863335 |
| MSA Safety, Inc. | 53565 | 8781982 |
| RB Global, Inc. | 250366 | 23997581 |
| Tetra Tech, Inc. | 308609 | 9295303 |
| Veralto Corp. | 214814 | 18993854 |
|  |  | 81932055 |
| **Communications Equipment — 1.2%** | **Communications Equipment — 1.2%** | **Communications Equipment — 1.2%** |
| Ciena Corp.<sup>(a)</sup> | 203482 | 78997817 |
| F5, Inc.<sup>(a)</sup> | 81614 | 23613378 |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 93743 | 65878831 |
|  |  | 168490026 |
| **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** |
| AECOM | 185197 | 15708409 |
| API Group Corp.<sup>(a)</sup> | 516548 | 20930525 |
| EMCOR Group, Inc. | 41638 | 30741752 |
| Everus Construction Group, Inc.<sup>(a)</sup> | 73446 | 8671035 |
| MasTec, Inc.<sup>(a)</sup> | 70780 | 22772757 |
| Quanta Services, Inc. | 47780 | 26232175 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| Valmont Industries, Inc. | 28045 | $11205941 |
| WillScot Holdings Corp., Class A | 195727 | 3397821 |
|  |  | 139660415 |
| **Construction Materials — 0.8%** | **Construction Materials — 0.8%** | **Construction Materials — 0.8%** |
| Eagle Materials, Inc. | 42732 | 8095577 |
| James Hardie Industries PLC<sup>(a)(b)</sup> | 81660 | 1546640 |
| Martin Marietta Materials, Inc. | 86464 | 50899628 |
| Vulcan Materials Co. | 190539 | 51883770 |
|  |  | 112425615 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| Ally Financial, Inc. | 350366 | 13744858 |
| Credit Acceptance Corp.<sup>(a)(b)</sup> | 4852 | 2054628 |
| Figure Technology Solutions, Inc., Class A<sup>(a)(b)</sup> | 41055 | 1393817 |
| OneMain Holdings, Inc. | 169143 | 9047459 |
| SLM Corp. | 259989 | 5566365 |
| SoFi Technologies, Inc.<sup>(a)(b)</sup> | 1510596 | 23988264 |
| Synchrony Financial | 500728 | 34059519 |
|  |  | 89854910 |
| **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** |
| Albertsons Cos., Inc., Class A | 514719 | 8770812 |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 160623 | 15808516 |
| Casey's General Stores, Inc. | 45309 | 32978609 |
| Dollar General Corp. | 316932 | 37629336 |
| Dollar Tree, Inc.<sup>(a)</sup> | 271112 | 29689475 |
| Kroger Co. (The) | 837832 | 60625523 |
| Maplebear, Inc.<sup>(a)</sup> | 248226 | 9298546 |
| Performance Food Group Co.<sup>(a)</sup> | 192221 | 16465651 |
| Sysco Corp. | 320332 | 22849282 |
| U.S. Foods Holding Corp.<sup>(a)</sup> | 322655 | 29752017 |
|  |  | 263867767 |
| **Containers & Packaging — 1.5%** | **Containers & Packaging — 1.5%** | **Containers & Packaging — 1.5%** |
| Amcor PLC | 662248 | 26324358 |
| AptarGroup, Inc. | 94393 | 11895406 |
| Avery Dennison Corp. | 110597 | 19097890 |
| Ball Corp. | 387402 | 22899332 |
| Crown Holdings, Inc. | 166986 | 16740347 |
| Graphic Packaging Holding Co. | 432891 | 4302937 |
| International Paper Co. | 754955 | 26951893 |
| Packaging Corp. of America | 127324 | 27020699 |
| Sealed Air Corp. | 210843 | 8865948 |
| Silgan Holdings, Inc. | 126515 | 4908782 |
| Smurfit Westrock PLC | 748849 | 29841633 |
| Sonoco Products Co. | 143848 | 7780738 |
|  |  | 206629963 |
| **Distributors — 0.3%** | **Distributors — 0.3%** | **Distributors — 0.3%** |
| Genuine Parts Co. | 200002 | 21150212 |
| LKQ Corp. | 371843 | 10921029 |
| Pool Corp. | 38567 | 7803261 |
|  |  | 39874502 |
| **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** |
| ADT, Inc. | 752432 | 4943478 |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 71718 | 5890200 |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 28941 | 4920838 |
| H&R Block, Inc. | 151417 | 4805976 |
| Liberty Live Holdings, Inc., Class A<sup>(a)</sup> | 28483 | 2610182 |
| Liberty Live Holdings, Inc., Class C, NVS<sup>(a)(b)</sup> | 69212 | 6513541 |
| Service Corp. International | 196094 | 16179716 |
|  |  | 45863931 |

---

262026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Mid-Cap Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| WP Carey, Inc. | 312365 | $21228325 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| AST SpaceMobile, Inc., Class A<sup>(a)(b)</sup> | 24096 | 1996836 |
| GCI Liberty, Inc., Class A<sup>(a)</sup> | 3793 | 139772 |
| GCI Liberty, Inc., Class C, NVS<sup>(a)</sup> | 39744 | 1478874 |
| Iridium Communications, Inc. | 123203 | 3417651 |
| Liberty Global Ltd., Class A<sup>(a)</sup> | 239657 | 2897453 |
| Liberty Global Ltd., Class C, NVS<sup>(a)(b)</sup> | 192668 | 2259996 |
|  |  | 12190582 |
| **Electric Utilities — 3.7%** | **Electric Utilities — 3.7%** | **Electric Utilities — 3.7%** |
| Alliant Energy Corp. | 370749 | 26604948 |
| Edison International | 548705 | 40154232 |
| Entergy Corp. | 643196 | 72269503 |
| Evergy, Inc. | 332141 | 27208991 |
| Eversource Energy | 541593 | 37521563 |
| Exelon Corp. | 1455911 | 71368757 |
| FirstEnergy Corp. | 789604 | 40001339 |
| IDACORP, Inc. | 77778 | 11119921 |
| OGE Energy Corp. | 302273 | 14497013 |
| PG&E Corp. | 3163629 | 55584961 |
| Pinnacle West Capital Corp. | 171851 | 17313988 |
| PPL Corp. | 1067462 | 40777048 |
| Xcel Energy, Inc. | 852474 | 67720535 |
|  |  | 522142799 |
| **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** |
| Acuity, Inc. | 44775 | 12546851 |
| AMETEK, Inc. | 331801 | 71124862 |
| Generac Holdings, Inc.<sup>(a)</sup> | 83134 | 16238564 |
| Hubbell, Inc. | 77143 | 37857156 |
| nVent Electric PLC | 230200 | 27228056 |
| Regal Rexnord Corp. | 95108 | 17809924 |
| Rockwell Automation, Inc. | 149968 | 53820516 |
| Sensata Technologies Holding PLC | 208391 | 7339531 |
|  |  | 243965460 |
| **Electronic Equipment, Instruments & Components — 3.5%** | **Electronic Equipment, Instruments & Components — 3.5%** | **Electronic Equipment, Instruments & Components — 3.5%** |
| Arrow Electronics, Inc.<sup>(a)</sup> | 73968 | 10607751 |
| Avnet, Inc. | 116143 | 7156731 |
| CDW Corp. | 173248 | 20966473 |
| Cognex Corp. | 242540 | 11882034 |
| Coherent Corp.<sup>(a)</sup> | 252206 | 60077991 |
| Corning, Inc. | 1125208 | 152994532 |
| Crane NXT Co. | 71466 | 2900805 |
| Flex Ltd.<sup>(a)(b)</sup> | 531282 | 34777720 |
| Ingram Micro Holding Corp. | 28754 | 670256 |
| IPG Photonics Corp.<sup>(a)</sup> | 36150 | 4142428 |
| Jabil, Inc. | 51781 | 13754587 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 247810 | 69974110 |
| Littelfuse, Inc. | 35351 | 11996362 |
| Ralliant Corp. | 163549 | 6802003 |
| TD SYNNEX Corp. | 109773 | 18519803 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 66890 | 40469119 |
| Vontier Corp. | 210079 | 7451502 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 73587 | 15385570 |
|  |  | 490529777 |
| **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** |
| Baker Hughes Co., Class A | 1430020 | 87302721 |
| Halliburton Co. | 1210009 | 47178251 |
| NOV, Inc. | 525192 | 9878861 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |
| TechnipFMC PLC | 576402 | $39846670 |
| Weatherford International PLC | 102022 | 9649241 |
|  |  | 193855744 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** |
| Electronic Arts, Inc. | 362159 | 73833355 |
| Liberty Media Corp. - Liberty Formula One, <br> Class A<sup>(a)(b)</sup><br>| 22853 | 1784362 |
| Liberty Media Corp. - Liberty Formula One, Class C, <br> NVS<sup>(a)</sup><br>| 209157 | 17782528 |
| Madison Square Garden Sports Corp., Class A<sup>(a)</sup> | 23558 | 7571541 |
| Roku, Inc., Class A<sup>(a)</sup> | 160861 | 15220668 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 173395 | 34245513 |
| TKO Group Holdings, Inc., Class A | 54720 | 11034288 |
| Warner Bros Discovery, Inc., Class A<sup>(a)(b)</sup> | 3358061 | 92212355 |
|  |  | 253684610 |
| **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
| Affirm Holdings, Inc., Class A<sup>(a)</sup> | 160815 | 7368543 |
| Block, Inc., Class A<sup>(a)</sup> | 486574 | 29282023 |
| Euronet Worldwide, Inc.<sup>(a)(b)</sup> | 58157 | 3859880 |
| Fidelity National Information Services, Inc. | 747897 | 35083848 |
| Global Payments, Inc. | 339317 | 22836034 |
| Jack Henry & Associates, Inc. | 105225 | 16629759 |
| MGIC Investment Corp. | 321002 | 8426303 |
| Rocket Cos., Inc., Class A<sup>(a)</sup> | 1366255 | 19469134 |
| TFS Financial Corp. | 76781 | 1078773 |
| UWM Holdings Corp., Class A | 285987 | 1035273 |
| Voya Financial, Inc. | 138709 | 9476599 |
| Western Union Co. (The) | 403681 | 3524135 |
| WEX, Inc.<sup>(a)(b)</sup> | 45210 | 6918939 |
|  |  | 164989243 |
| **Food Products — 2.1%** | **Food Products — 2.1%** | **Food Products — 2.1%** |
| Archer-Daniels-Midland Co. | 689037 | 50086100 |
| Bunge Global SA | 188083 | 23924158 |
| Campbell's Co. (The) | 278698 | 6206604 |
| Conagra Brands, Inc. | 685455 | 10775353 |
| Darling Ingredients, Inc.<sup>(a)</sup> | 199515 | 12340003 |
| Flowers Foods, Inc. | 282990 | 2306368 |
| Freshpet, Inc.<sup>(a)</sup> | 51229 | 3020462 |
| General Mills, Inc. | 766732 | 28537765 |
| Hershey Co. (The) | 184271 | 38308098 |
| Hormel Foods Corp. | 416186 | 9426613 |
| Ingredion, Inc. | 90632 | 10210601 |
| J M Smucker Co. (The) | 148684 | 14339085 |
| Kraft Heinz Co. (The) | 1228883 | 27637579 |
| Lamb Weston Holdings, Inc. | 194557 | 8221979 |
| McCormick & Co., Inc., NVS | 364418 | 18381244 |
| Pilgrim's Pride Corp. | 62807 | 2371592 |
| Post Holdings, Inc.<sup>(a)(b)</sup> | 66163 | 6540874 |
| Seaboard Corp. | 375 | 2120257 |
| Smithfield Foods, Inc. | 64674 | 1808932 |
| Tyson Foods, Inc., Class A | 399706 | 25609163 |
|  |  | 302172830 |
| **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** |
| Atmos Energy Corp. | 230807 | 42634669 |
| MDU Resources Group, Inc. | 293189 | 6074876 |
| National Fuel Gas Co. | 135173 | 12700855 |
| UGI Corp. | 310385 | 11304222 |
|  |  | 72714622 |
| **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** |
| Avis Budget Group, Inc.<sup>(a)(b)</sup> | 16092 | 2347018 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Mid-Cap Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| JB Hunt Transport Services, Inc. | 110190 | $23349261 |
| Knight-Swift Transportation Holdings, Inc. | 227089 | 13075785 |
| Landstar System, Inc. | 49008 | 7856473 |
| Lyft, Inc., Class A<sup>(a)(b)</sup> | 464049 | 6171852 |
| Old Dominion Freight Line, Inc. | 249803 | 48811506 |
| Ryder System, Inc. | 56544 | 11575122 |
| Saia, Inc.<sup>(a)</sup> | 38365 | 13476857 |
| Schneider National, Inc., Class B | 66120 | 1742923 |
| U-Haul Holding Co.<sup>(a)(b)</sup> | 6654 | 317928 |
| U-Haul Holding Co., NVS | 92592 | 4136085 |
| XPO, Inc.<sup>(a)(b)</sup> | 130939 | 25474182 |
|  |  | 158334992 |
| **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| Align Technology, Inc.<sup>(a)</sup> | 96474 | 16538538 |
| Baxter International, Inc.<sup>(b)</sup> | 739729 | 12427447 |
| Cooper Cos., Inc. (The)<sup>(a)</sup> | 280429 | 20050673 |
| DENTSPLY SIRONA, Inc. | 287529 | 3335336 |
| Envista Holdings Corp.<sup>(a)</sup> | 234606 | 5951954 |
| GE HealthCare Technologies, Inc. | 659894 | 46971255 |
| Globus Medical, Inc., Class A<sup>(a)</sup> | 161372 | 13903812 |
| Hologic, Inc.<sup>(a)</sup> | 322305 | 24363035 |
| Medline, Inc., Class A<sup>(a)</sup> | 470333 | 20929818 |
| ResMed, Inc. | 160660 | 36064957 |
| Solventum Corp.<sup>(a)</sup> | 212859 | 13899693 |
| STERIS PLC | 141166 | 31216038 |
| Teleflex, Inc. | 64514 | 7716520 |
| Zimmer Biomet Holdings, Inc. | 285546 | 25819069 |
|  |  | 279188145 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 134262 | 3140388 |
| Cardinal Health, Inc. | 171168 | 36169510 |
| Centene Corp.<sup>(a)</sup> | 708436 | 23194195 |
| Chemed Corp. | 18239 | 6889600 |
| Encompass Health Corp. | 143753 | 13905228 |
| Henry Schein, Inc.<sup>(a)</sup> | 145956 | 10756957 |
| Humana, Inc. | 174120 | 30190667 |
| Labcorp Holdings, Inc. | 120329 | 32104980 |
| Molina Healthcare, Inc.<sup>(a)(b)</sup> | 33010 | 4400233 |
| Quest Diagnostics, Inc. | 160654 | 31484971 |
| Tenet Healthcare Corp.<sup>(a)</sup> | 125258 | 23637437 |
| Universal Health Services, Inc., Class B | 75362 | 13487537 |
|  |  | 229361703 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Alexandria Real Estate Equities, Inc. | 246797 | 11456317 |
| Healthcare Realty Trust, Inc. | 471866 | 8017003 |
| Healthpeak Properties, Inc. | 1001965 | 16462285 |
| Medical Properties Trust, Inc. | 727748 | 3369473 |
| Omega Healthcare Investors, Inc. | 424284 | 18592125 |
| Ventas, Inc. | 674741 | 55180319 |
|  |  | 113077522 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Certara, Inc.<sup>(a)</sup> | 171086 | 975190 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 43729 | 7681436 |
|  |  | 8656626 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| Host Hotels & Resorts, Inc. | 986722 | 18905594 |
| Park Hotels & Resorts, Inc. | 265863 | 2799537 |
|  |  | 21705131 |
| **Hotels, Restaurants & Leisure — 1.2%** | **Hotels, Restaurants & Leisure — 1.2%** | **Hotels, Restaurants & Leisure — 1.2%** |
| Aramark | 376779 | 15274621 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Boyd Gaming Corp. | 79072 | $6498137 |
| Caesars Entertainment, Inc.<sup>(a)(b)</sup> | 295751 | 7816699 |
| Carnival Corp. | 1139108 | 29480115 |
| Choice Hotels International, Inc.<sup>(b)</sup> | 28135 | 2911973 |
| Churchill Downs, Inc. | 15402 | 1383562 |
| Darden Restaurants, Inc. | 8166 | 1600863 |
| Domino's Pizza, Inc. | 31409 | 11269235 |
| Flutter Entertainment PLC<sup>(a)(b)</sup> | 39233 | 3999804 |
| Hyatt Hotels Corp., Class A | 58504 | 8412290 |
| MGM Resorts International<sup>(a)(b)</sup> | 296453 | 10971726 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)(b)</sup> | 68217 | 1275658 |
| Penn Entertainment, Inc.<sup>(a)</sup> | 188510 | 2833305 |
| Restaurant Brands International, Inc.<sup>(b)</sup> | 177807 | 13139937 |
| Travel + Leisure Co. | 60035 | 4153822 |
| Vail Resorts, Inc. | 9139 | 1172716 |
| Wendy's Co. (The) | 133395 | 927095 |
| Wyndham Hotels & Resorts, Inc. | 12073 | 980690 |
| Wynn Resorts Ltd. | 109529 | 11122670 |
| Yum! Brands, Inc. | 267057 | 41522022 |
|  |  | 176746940 |
| **Household Durables — 1.7%** | **Household Durables — 1.7%** | **Household Durables — 1.7%** |
| DR Horton, Inc. | 372762 | 51150402 |
| Garmin Ltd. | 234544 | 54416554 |
| Lennar Corp., Class A | 296348 | 25734860 |
| Lennar Corp., Class B | 13626 | 1146219 |
| Mohawk Industries, Inc.<sup>(a)(b)</sup> | 73523 | 7239075 |
| Newell Brands, Inc. | 626589 | 2149200 |
| NVR, Inc.<sup>(a)</sup> | 3905 | 25733286 |
| PulteGroup, Inc. | 280364 | 32973610 |
| SharkNinja, Inc.<sup>(a)</sup> | 99606 | 10548275 |
| Toll Brothers, Inc. | 135390 | 18476673 |
| TopBuild Corp.<sup>(a)(b)</sup> | 37534 | 13185694 |
| Whirlpool Corp. | 86818 | 4681227 |
|  |  | 247435075 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Church & Dwight Co., Inc. | 346853 | 32368322 |
| Clorox Co. (The) | 175247 | 18160847 |
| Reynolds Consumer Products, Inc. | 83801 | 1774905 |
|  |  | 52304074 |
| **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** |
| AES Corp. (The) | 1044096 | 14711313 |
| Brookfield Renewable Corp. | 194729 | 7756056 |
| Clearway Energy, Inc., Class A | 52197 | 2044556 |
| Clearway Energy, Inc., Class C | 122740 | 4822454 |
| Talen Energy Corp.<sup>(a)</sup> | 65468 | 20899350 |
|  |  | 50233729 |
| **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** |
| Americold Realty Trust, Inc. | 409268 | 4690211 |
| EastGroup Properties, Inc. | 76573 | 14172897 |
| First Industrial Realty Trust, Inc. | 185604 | 10737192 |
| Lineage, Inc. | 101728 | 3332609 |
| Rexford Industrial Realty, Inc. | 334606 | 10951654 |
| STAG Industrial, Inc. | 269686 | 9724877 |
|  |  | 53609440 |
| **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
| Allstate Corp. (The) | 376055 | 77971244 |
| American Financial Group, Inc. | 95184 | 12155949 |
| Arch Capital Group Ltd.<sup>(a)</sup> | 505918 | 48563069 |
| Assurant, Inc. | 71656 | 15607393 |
| Assured Guaranty Ltd. | 61736 | 5030249 |

---

282026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Mid-Cap Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Axis Capital Holdings Ltd. | 109698 | $11124474 |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 83722 | 5013273 |
| Brown & Brown, Inc. | 367146 | 23941591 |
| Cincinnati Financial Corp. | 221650 | 34876628 |
| CNA Financial Corp. | 32814 | 1506819 |
| Everest Group Ltd. | 51293 | 16765117 |
| Fidelity National Financial, Inc., Class A | 374359 | 17362770 |
| First American Financial Corp. | 138507 | 8350587 |
| Globe Life, Inc. | 114459 | 15929259 |
| Hanover Insurance Group, Inc. (The) | 51179 | 8871880 |
| Hartford Insurance Group, Inc. (The) | 404800 | 54741104 |
| Kemper Corp. | 83432 | 2549682 |
| Lincoln National Corp. | 253726 | 9007273 |
| Loews Corp. | 242281 | 25861074 |
| Markel Group, Inc.<sup>(a)(b)</sup> | 14290 | 27352060 |
| Old Republic International Corp. | 329161 | 13133524 |
| Primerica, Inc. | 45679 | 11441676 |
| Principal Financial Group, Inc. | 312967 | 28201456 |
| Prudential Financial, Inc. | 504215 | 49256763 |
| Reinsurance Group of America, Inc. | 94720 | 19338035 |
| RenaissanceRe Holdings Ltd. | 65130 | 19358590 |
| RLI Corp. | 111764 | 6375019 |
| Unum Group | 238563 | 17422256 |
| W R Berkley Corp.<sup>(b)</sup> | 324275 | 21492947 |
| White Mountains Insurance Group Ltd. | 3573 | 7849738 |
| Willis Towers Watson PLC | 138030 | 40125321 |
|  |  | 656576820 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| IAC, Inc.<sup>(a)</sup> | 96512 | 3863375 |
| Match Group, Inc. | 337965 | 10378905 |
| Pinterest, Inc., Class A<sup>(a)(b)</sup> | 429786 | 7882275 |
| Trump Media & Technology Group Corp., <br> Class A<sup>(a)(b)</sup><br>| 105220 | 976442 |
| ZoomInfo Technologies, Inc., Class A<sup>(a)(b)</sup> | 381479 | 2281245 |
|  |  | 25382242 |
| **IT Services — 1.3%** | **IT Services — 1.3%** | **IT Services — 1.3%** |
| Akamai Technologies, Inc.<sup>(a)(b)</sup> | 202511 | 23258388 |
| Amdocs Ltd. | 154811 | 10102966 |
| Cognizant Technology Solutions Corp., Class A | 697125 | 42768619 |
| DXC Technology Co.<sup>(a)(b)</sup> | 241596 | 3036862 |
| EPAM Systems, Inc.<sup>(a)(b)</sup> | 77444 | 10485918 |
| Globant SA<sup>(a)(b)</sup> | 56917 | 2624443 |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 311887 | 4091957 |
| MongoDB, Inc., Class A<sup>(a)</sup> | 102960 | 25201519 |
| Okta, Inc., Class A<sup>(a)</sup> | 145600 | 11460176 |
| Twilio, Inc., Class A<sup>(a)</sup> | 168540 | 21205703 |
| VeriSign, Inc. | 120146 | 29839460 |
|  |  | 184076011 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| Brunswick Corp. | 94783 | 6896411 |
| Hasbro, Inc. | 200420 | 18759312 |
| Mattel, Inc.<sup>(a)</sup> | 444436 | 6457655 |
| YETI Holdings, Inc.<sup>(a)(b)</sup> | 111353 | 4074406 |
|  |  | 36187784 |
| **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** |
| Agilent Technologies, Inc. | 410801 | 46823098 |
| Avantor, Inc.<sup>(a)</sup> | 952931 | 7470979 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 26751 | 7456841 |
| Bio-Techne Corp. | 221512 | 11576217 |
| Bruker Corp. | 152065 | 5492588 |
| Charles River Laboratories International, Inc.<sup>(a)(b)</sup> | 70494 | 12160215 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |
| Illumina, Inc.<sup>(a)</sup> | 221802 | $27339315 |
| IQVIA Holdings, Inc.<sup>(a)(b)</sup> | 243510 | 41528195 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 29581 | 37307557 |
| QIAGEN NV | 292979 | 11730879 |
| Repligen Corp.<sup>(a)</sup> | 67077 | 7903012 |
| Revvity, Inc. | 162833 | 14265799 |
| Sotera Health Co.<sup>(a)</sup> | 319266 | 4578275 |
| Waters Corp.<sup>(a)(b)</sup> | 96670 | 28788326 |
| West Pharmaceutical Services, Inc. | 103195 | 25864795 |
|  |  | 290286091 |
| **Machinery — 5.0%** | **Machinery — 5.0%** | **Machinery — 5.0%** |
| AGCO Corp. | 89706 | 10394234 |
| Allison Transmission Holdings, Inc. | 99908 | 11695231 |
| CNH Industrial NV | 1270122 | 13971342 |
| Crane Co. | 70640 | 12079440 |
| Cummins, Inc. | 198391 | 106738326 |
| Donaldson Co., Inc. | 166111 | 14097841 |
| Dover Corp. | 195074 | 40663175 |
| Esab Corp. | 82505 | 7974933 |
| Flowserve Corp. | 182412 | 13409106 |
| Fortive Corp. | 456209 | 25219234 |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 367905 | 8318332 |
| Graco, Inc. | 239378 | 20263348 |
| IDEX Corp. | 109069 | 20674029 |
| Ingersoll Rand, Inc.<sup>(b)</sup> | 573169 | 45922300 |
| ITT, Inc. | 123106 | 23455386 |
| Lincoln Electric Holdings, Inc. | 77053 | 19192361 |
| Middleby Corp. (The)<sup>(a)</sup> | 68564 | 9090215 |
| Mueller Industries, Inc. | 156505 | 17340754 |
| Nordson Corp. | 76550 | 20366893 |
| Oshkosh Corp. | 90456 | 13316028 |
| Otis Worldwide Corp. | 562671 | 43370681 |
| Pentair PLC | 235238 | 20491582 |
| RBC Bearings, Inc.<sup>(a)</sup> | 35551 | 19308459 |
| Snap-on, Inc. | 73952 | 26860845 |
| Stanley Black & Decker, Inc. | 222095 | 15782071 |
| Timken Co. (The) | 90474 | 9098970 |
| Toro Co. (The) | 142400 | 13305856 |
| Westinghouse Air Brake Technologies Corp. | 244540 | 61112991 |
| Xylem, Inc. | 351276 | 41977482 |
|  |  | 705491445 |
| **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| Kirby Corp.<sup>(a)</sup> | 77434 | 10289430 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 118166 | 25509676 |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 104194 | 989843 |
| Fox Corp., Class A, NVS | 296779 | 17331894 |
| Fox Corp., Class B | 215842 | 11461210 |
| Liberty Broadband Corp., Class A<sup>(a)</sup> | 18978 | 953075 |
| Liberty Broadband Corp., Class C, NVS<sup>(a)</sup> | 129525 | 6515107 |
| New York Times Co. (The), Class A | 230624 | 19310148 |
| News Corp., Class A, NVS | 548807 | 13681759 |
| News Corp., Class B | 180516 | 5146511 |
| Nexstar Media Group, Inc., Class A | 38268 | 6920002 |
| NIQ Global Intelligence PLC<sup>(a)(b)</sup> | 50230 | 571115 |
| Omnicom Group, Inc. | 450796 | 33949447 |
| Sirius XM Holdings, Inc. | 278374 | 6424872 |
|  |  | 148764659 |
| **Metals & Mining — 1.7%** | **Metals & Mining — 1.7%** | **Metals & Mining — 1.7%** |
| Alcoa Corp. | 373299 | 24760923 |
| Anglogold Ashanti PLC | 637871 | 62103121 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Mid-Cap Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | 813570 | $6874666 |
| MP Materials Corp., Class A<sup>(a)(b)</sup> | 204501 | 9869218 |
| Nucor Corp. | 331010 | 55973791 |
| Reliance, Inc. | 75031 | 22803421 |
| Royal Gold, Inc. | 121391 | 30892796 |
| Steel Dynamics, Inc. | 177956 | 32032080 |
|  |  | 245310016 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** |
| AGNC Investment Corp. | 1603537 | 16083476 |
| Annaly Capital Management, Inc. | 1016770 | 21504686 |
| Rithm Capital Corp. | 795090 | 7537453 |
| Starwood Property Trust, Inc. | 499056 | 8593744 |
|  |  | 53719359 |
| **Multi-Utilities — 2.6%** | **Multi-Utilities — 2.6%** | **Multi-Utilities — 2.6%** |
| Ameren Corp. | 389105 | 42770422 |
| CenterPoint Energy, Inc. | 939762 | 40560128 |
| CMS Energy Corp. | 437026 | 33904477 |
| Consolidated Edison, Inc. | 520039 | 58858014 |
| DTE Energy Co. | 298748 | 43682932 |
| NiSource, Inc. | 686146 | 32015572 |
| Public Service Enterprise Group, Inc. | 719548 | 58247411 |
| WEC Energy Group, Inc. | 469254 | 54325536 |
|  |  | 364364492 |
| **Office REITs — 0.2%** | **Office REITs — 0.2%** | **Office REITs — 0.2%** |
| BXP, Inc. | 227025 | 11782598 |
| Cousins Properties, Inc. | 242630 | 5476159 |
| Highwoods Properties, Inc. | 157891 | 3380446 |
| Kilroy Realty Corp. | 168598 | 4756150 |
| Vornado Realty Trust | 255988 | 6653128 |
|  |  | 32048481 |
| **Oil, Gas & Consumable Fuels — 7.1%** | **Oil, Gas & Consumable Fuels — 7.1%** | **Oil, Gas & Consumable Fuels — 7.1%** |
| Antero Midstream Corp. | 483166 | 11016185 |
| Antero Resources Corp.<sup>(a)</sup> | 416429 | 17673247 |
| APA Corp. | 504688 | 21418959 |
| Cheniere Energy, Inc. | 168970 | 47946927 |
| Chord Energy Corp. | 81871 | 11640419 |
| Coterra Energy, Inc. | 1085459 | 38143029 |
| Devon Energy Corp. | 873913 | 43975302 |
| Diamondback Energy, Inc. | 283410 | 56055664 |
| DT Midstream, Inc. | 146650 | 19749356 |
| EQT Corp. | 867616 | 55215082 |
| Expand Energy Corp. | 328094 | 36018159 |
| HF Sinclair Corp. | 201980 | 12601532 |
| Kinder Morgan, Inc. | 2803619 | 94005345 |
| Marathon Petroleum Corp. | 433440 | 105837379 |
| Matador Resources Co. | 168952 | 10674387 |
| Occidental Petroleum Corp. | 1015632 | 66016080 |
| ONEOK, Inc. | 901259 | 81464801 |
| Ovintiv, Inc. | 413817 | 24564177 |
| Permian Resources Corp., Class A | 990719 | 21122129 |
| Phillips 66 | 539418 | 98271171 |
| Range Resources Corp. | 339532 | 15340056 |
| Valero Energy Corp. | 437604 | 108123196 |
| Viper Energy, Inc., Class A | 268158 | 12600745 |
|  |  | 1009473327 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Louisiana-Pacific Corp. | 90711 | 6599225 |
| **Passenger Airlines — 1.0%** | **Passenger Airlines — 1.0%** | **Passenger Airlines — 1.0%** |
| Alaska Air Group, Inc.<sup>(a)(b)</sup> | 139536 | 5132134 |
| American Airlines Group, Inc.<sup>(a)(b)</sup> | 884383 | 9498274 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** |
| Delta Air Lines, Inc. | 939555 | $62461616 |
| Southwest Airlines Co. | 593548 | 22299598 |
| United Airlines Holdings, Inc.<sup>(a)(b)</sup> | 469152 | 43194825 |
|  |  | 142586447 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| BellRing Brands, Inc.<sup>(a)</sup> | 168162 | 2705726 |
| Coty, Inc., Class A<sup>(a)</sup> | 553664 | 1112865 |
| elf Beauty, Inc.<sup>(a)</sup> | 83218 | 5043843 |
| Estee Lauder Cos., Inc. (The), Class A | 354084 | 25412609 |
| Kenvue, Inc. | 2739442 | 47227980 |
|  |  | 81503023 |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
| Elanco Animal Health, Inc.<sup>(a)(b)</sup> | 709531 | 16979077 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 83548 | 15794749 |
| Organon & Co. | 370054 | 2216623 |
| Perrigo Co. PLC | 206277 | 2215415 |
| Royalty Pharma PLC, Class A | 555278 | 26636686 |
| Viatris, Inc. | 1667568 | 22528844 |
|  |  | 86371394 |
| **Professional Services — 1.6%** | **Professional Services — 1.6%** | **Professional Services — 1.6%** |
| Amentum Holdings, Inc.<sup>(a)</sup> | 229224 | 5978162 |
| Broadridge Financial Solutions, Inc. | 15980 | 2596430 |
| CACI International, Inc., Class A<sup>(a)</sup> | 31421 | 17088939 |
| Clarivate PLC<sup>(a)(b)</sup> | 533541 | 1349859 |
| Concentrix Corp. | 63916 | 1748742 |
| Equifax, Inc. | 144881 | 26088722 |
| FTI Consulting, Inc.<sup>(a)(b)</sup> | 43321 | 7657853 |
| Genpact Ltd. | 227954 | 8491287 |
| Jacobs Solutions, Inc. | 168069 | 21391822 |
| KBR, Inc. | 167218 | 6163655 |
| Leidos Holdings, Inc. | 183848 | 28592041 |
| ManpowerGroup, Inc. | 70223 | 2068770 |
| Parsons Corp.<sup>(a)(b)</sup> | 76185 | 4126941 |
| Paychex, Inc. | 320132 | 29490560 |
| Paycom Software, Inc. | 33376 | 4056519 |
| Paylocity Holding Corp.<sup>(a)</sup> | 5159 | 557378 |
| Robert Half, Inc. | 144584 | 3672434 |
| Science Applications International Corp. | 65940 | 6259025 |
| SS&C Technologies Holdings, Inc. | 300601 | 20311610 |
| TransUnion | 281512 | 19477815 |
| Verisk Analytics, Inc. | 80607 | 15295178 |
|  |  | 232463742 |
| **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 381216 | 51639519 |
| CoStar Group, Inc.<sup>(a)</sup> | 527966 | 21298148 |
| Howard Hughes Holdings, Inc.<sup>(a)(b)</sup> | 46227 | 2924320 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 49714 | 15128965 |
| Zillow Group, Inc., Class A<sup>(a)(b)</sup> | 69245 | 2866051 |
| Zillow Group, Inc., Class C, NVS<sup>(a)</sup> | 237353 | 9821667 |
|  |  | 103678670 |
| **Residential REITs — 1.5%** | **Residential REITs — 1.5%** | **Residential REITs — 1.5%** |
| American Homes 4 Rent, Class A | 492865 | 13760791 |
| AvalonBay Communities, Inc. | 205137 | 33509129 |
| Camden Property Trust | 151802 | 14824983 |
| Equity LifeStyle Properties, Inc. | 277024 | 17291838 |
| Equity Residential | 544797 | 32224743 |
| Essex Property Trust, Inc. | 92051 | 22276342 |
| Invitation Homes, Inc. | 882742 | 21936139 |
| Mid-America Apartment Communities, Inc. | 168117 | 20530448 |

---

302026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Mid-Cap Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Residential REITs (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** |
| Sun Communities, Inc. | 142415 | $17938593 |
| UDR, Inc. | 451966 | 15267411 |
|  |  | 209560417 |
| **Retail REITs — 1.7%** | **Retail REITs — 1.7%** | **Retail REITs — 1.7%** |
| Agree Realty Corp. | 162665 | 12261688 |
| Brixmor Property Group, Inc. | 437576 | 12602189 |
| Federal Realty Investment Trust | 122848 | 13047686 |
| Kimco Realty Corp. | 960263 | 21577109 |
| NNN REIT, Inc. | 273522 | 11496129 |
| Realty Income Corp. | 1320795 | 80806238 |
| Regency Centers Corp. | 260377 | 19700124 |
| Simon Property Group, Inc. | 363156 | 67739489 |
|  |  | 239230652 |
| **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** |
| Allegro MicroSystems, Inc.<sup>(a)(b)</sup> | 176723 | 5572076 |
| Amkor Technology, Inc. | 178921 | 8056813 |
| Cirrus Logic, Inc.<sup>(a)</sup> | 74105 | 10717065 |
| Entegris, Inc.<sup>(b)</sup> | 181051 | 21226419 |
| First Solar, Inc.<sup>(a)</sup> | 146000 | 28799960 |
| GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | 176684 | 7858904 |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 29986 | 2781502 |
| MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 71633 | 15907540 |
| Microchip Technology, Inc. | 760765 | 49153027 |
| MKS, Inc. | 96879 | 22263763 |
| ON Semiconductor Corp.<sup>(a)</sup> | 579677 | 35893600 |
| Onto Innovation, Inc.<sup>(a)</sup> | 54460 | 11168112 |
| Qnity Electronics, Inc. | 302077 | 34853644 |
| Qorvo, Inc.<sup>(a)</sup> | 120693 | 9341638 |
| Skyworks Solutions, Inc. | 215336 | 11531243 |
| Teradyne, Inc. | 225511 | 66854991 |
| Universal Display Corp. | 63207 | 5793554 |
|  |  | 347773851 |
| **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** |
| Aurora Innovation, Inc., Class A<sup>(a)(b)</sup> | 1676840 | 6908581 |
| BILL Holdings, Inc.<sup>(a)(b)</sup> | 115706 | 4431540 |
| CCC Intelligent Solutions Holdings, Inc.<sup>(a)(b)</sup> | 867300 | 5203800 |
| Circle Internet Group, Inc., Class A<sup>(a)</sup> | 138668 | 13230314 |
| Docusign, Inc.<sup>(a)(b)</sup> | 70442 | 3339655 |
| Dolby Laboratories, Inc., Class A | 86890 | 5218613 |
| Dropbox, Inc., Class A<sup>(a)</sup> | 182352 | 4143038 |
| Fair Isaac Corp.<sup>(a)</sup> | 5952 | 6353998 |
| Gen Digital, Inc. | 702339 | 13225043 |
| nCino, Inc.<sup>(a)</sup> | 142505 | 2134725 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 279980 | 10642040 |
| Pegasystems, Inc. | 88684 | 3774391 |
| PTC, Inc.<sup>(a)</sup> | 149753 | 21338305 |
| Rubrik, Inc., Class A<sup>(a)</sup> | 82792 | 4054324 |
| SailPoint, Inc.<sup>(a)(b)</sup> | 95752 | 1267757 |
| SentinelOne, Inc., Class A<sup>(a)</sup> | 127209 | 1638452 |
| Teradata Corp.<sup>(a)(b)</sup> | 102686 | 2631842 |
| Trimble, Inc.<sup>(a)</sup> | 343308 | 22393981 |
| Tyler Technologies, Inc.<sup>(a)(b)</sup> | 10587 | 3624777 |
| UiPath, Inc., Class A<sup>(a)</sup> | 582551 | 6466316 |
| Unity Software, Inc.<sup>(a)</sup> | 443966 | 9740614 |
| Zoom Communications, Inc., Class A<sup>(a)</sup> | 383416 | 30822812 |
|  |  | 182584918 |
| **Specialized REITs — 2.6%** | **Specialized REITs — 2.6%** | **Specialized REITs — 2.6%** |
| Crown Castle, Inc. | 625410 | 50852087 |
| CubeSmart | 326606 | 11970110 |
| Digital Realty Trust, Inc. | 496166 | 89414075 |
| EPR Properties | 107272 | 5359309 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** | **Specialized REITs (continued)** |
| Extra Space Storage, Inc. | 303863 | $39845555 |
| Fermi, Inc.<sup>(a)(b)</sup> | 51522 | 300889 |
| Gaming & Leisure Properties, Inc. | 391531 | 17372230 |
| Iron Mountain, Inc. | 423103 | 43215740 |
| Millrose Properties, Inc., Class A | 224435 | 6284180 |
| National Storage Affiliates Trust | 103135 | 3892315 |
| Rayonier, Inc. | 429185 | 8849795 |
| SBA Communications Corp., Class A | 152148 | 26186192 |
| VICI Properties, Inc. | 1540473 | 42085722 |
| Weyerhaeuser Co. | 1045329 | 25537388 |
|  |  | 371165587 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| AutoNation, Inc.<sup>(a)</sup> | 38192 | 7457370 |
| Bath & Body Works, Inc. | 296403 | 5533844 |
| Best Buy Co., Inc. | 278655 | 17889651 |
| CarMax, Inc.<sup>(a)</sup> | 203337 | 8454752 |
| Dick's Sporting Goods, Inc. | 91322 | 18108239 |
| Five Below, Inc.<sup>(a)</sup> | 77718 | 17757009 |
| Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 106700 | 5420360 |
| GameStop Corp., Class A<sup>(a)(b)</sup> | 584810 | 13474022 |
| Gap, Inc. (The) | 325913 | 7887095 |
| Lithia Motors, Inc., Class A | 30372 | 7584496 |
| Penske Automotive Group, Inc. | 27125 | 4055730 |
| RH<sup>(a)</sup> | 18498 | 2586390 |
| Ross Stores, Inc. | 367094 | 79523573 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 48054 | 25118306 |
| Valvoline, Inc.<sup>(a)</sup> | 20870 | 702902 |
| Wayfair, Inc., Class A<sup>(a)(b)</sup> | 116817 | 8785807 |
| Williams-Sonoma, Inc. | 141281 | 25759765 |
|  |  | 256099311 |
| **Technology Hardware, Storage & Peripherals — 2.6%** | **Technology Hardware, Storage & Peripherals — 2.6%** | **Technology Hardware, Storage & Peripherals — 2.6%** |
| Everpure, Inc., Class A<sup>(a)</sup> | 64989 | 3836950 |
| Hewlett Packard Enterprise Co. | 1920313 | 45722652 |
| HP, Inc. | 1326509 | 25482238 |
| NetApp, Inc. | 171976 | 17608623 |
| Sandisk Corp.<sup>(a)</sup> | 206137 | 130967082 |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 404367 | 9207437 |
| Western Digital Corp. | 490341 | 132632337 |
|  |  | 365457319 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Amer Sports, Inc.<sup>(a)</sup> | 214566 | 7063513 |
| Birkenstock Holding PLC<sup>(a)(b)</sup> | 43167 | 1546674 |
| Columbia Sportswear Co. | 36310 | 1990151 |
| Crocs, Inc.<sup>(a)</sup> | 72411 | 6011561 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 63424 | 9710214 |
| PVH Corp.<sup>(b)</sup> | 65241 | 4551212 |
| Ralph Lauren Corp., Class A | 50693 | 17437885 |
| Tapestry, Inc. | 24718 | 3487957 |
| Under Armour, Inc., Class A<sup>(a)(b)</sup> | 287117 | 1696862 |
| Under Armour, Inc., Class C, NVS<sup>(a)(b)</sup> | 266056 | 1540464 |
| VF Corp. | 506417 | 8604025 |
|  |  | 63640518 |
| **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** |
| Air Lease Corp., Class A | 151662 | 9848930 |
| Applied Industrial Technologies, Inc. | 53216 | 14119269 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 114147 | 5638862 |
| Fastenal Co. | 296215 | 13744376 |
| Ferguson Enterprises, Inc. | 259045 | 60424837 |
| MSC Industrial Direct Co., Inc., Class A | 63582 | 5866711 |
| QXO, Inc.<sup>(a)(b)</sup> | 925117 | 17965772 |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 43898 | 5843263 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Mid-Cap Value ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| United Rentals, Inc. | 91416 | $66602041 |
| Watsco, Inc. | 50266 | 18286268 |
| WESCO International, Inc. | 69743 | 19083080 |
| WW Grainger, Inc. | 9254 | 10094356 |
|  |  | 247517765 |
| **Water Utilities — 0.4%** | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** |
| American Water Works Co., Inc. | 280936 | 38232580 |
| Essential Utilities, Inc. | 404775 | 16300290 |
|  |  | 54532870 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| Millicom International Cellular SA | 143414 | 10747445 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $11,966,748,298)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $11,966,748,298)** | 14133227354 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.77%<sup>(c)(d)(e)</sup><br>| 294914015 | 294972998 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.62%<sup>(c)(d)</sup><br>| 24843555 | 24843555 |
| **Total Short-Term Securities — 2.3%** <br>**(Cost: $319,669,916)** | **Total Short-Term Securities — 2.3%** <br>**(Cost: $319,669,916)** | 319816553 |
| **Total Investments — 102.1%** <br>**(Cost: $12,286,418,214)** | **Total Investments — 102.1%** <br>**(Cost: $12,286,418,214)** | 14453043907 |
| **Liabilities in Excess of Other Assets — (2.1)%** | **Liabilities in Excess of Other Assets — (2.1)%** | (291257699)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $14161786208 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $423380361<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(128288065 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(56849)<br>| &nbsp;&nbsp; $(62449)<br>| &nbsp;&nbsp; $294972998 | &nbsp;&nbsp; 294914015 | &nbsp;&nbsp; $2778876 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 14015923<br>| &nbsp;&nbsp; 10827632 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24843555 | &nbsp;&nbsp; 24843555 | &nbsp;&nbsp; 916756 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(56849)<br>| &nbsp;&nbsp; $(62449)<br>| &nbsp;&nbsp; $319816553 |  | &nbsp;&nbsp; $3695632 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

322026 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell Mid-Cap Value ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| S&P 500 E-Mini Index | 10 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $3285 | &nbsp;&nbsp;&nbsp;&nbsp; $(17927)<br>|
| S&P Mid 400 E-Mini Index | 66 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 22417 | &nbsp;&nbsp;&nbsp;&nbsp; 172408 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $154481 |

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $172408 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $172408 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17927 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17927 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 March 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4439819 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4439819 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(240147)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(240147)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $32704540 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**iShares® Russell 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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $14133227354 | $— | $— | $14133227354 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 319816553 |  |  | 319816553 |
|  | &nbsp;&nbsp; $14453043907 | $— | $— | $14453043907 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $172408 | $— | $— | $172408 |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (17927)<br>|  |  | (17927)<br>|
|  | &nbsp;&nbsp; $154481 | $— | $— | $154481 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

342026 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Russell 3000 ETF<br>| iShares <br>Russell Mid-Cap <br>Value ETF<br>|
| **ASSETS** |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup><sup>(b)</sup> | &nbsp;&nbsp; $16983283331 | &nbsp;&nbsp; $14133227354 |
| Investments, at value — affiliated<sup>(c)</sup> | &nbsp;&nbsp; 257944418 | &nbsp;&nbsp; 319816553 |
| Cash | &nbsp;&nbsp; 6226 | &nbsp;&nbsp; 294 |
| Cash pledged: |  |  |
| Futures contracts | &nbsp;&nbsp; 2559459 | &nbsp;&nbsp; 2755590 |
| Receivables: |  |  |
| Investments sold | &nbsp;&nbsp; 311721 | &nbsp;&nbsp; 4950 |
| Securities lending income — affiliated | &nbsp;&nbsp; 68789 | &nbsp;&nbsp; 102918 |
| Dividends — unaffiliated | &nbsp;&nbsp; 9179289 | &nbsp;&nbsp; 16305628 |
| Dividends — affiliated | &nbsp;&nbsp; 65140 | &nbsp;&nbsp; 74721 |
| Variation margin on futures contracts | &nbsp;&nbsp; 885550 | &nbsp;&nbsp; 958175 |
| Total assets | &nbsp;&nbsp; 17254303923 | &nbsp;&nbsp; 14473246183 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned | &nbsp;&nbsp; 191489530 | &nbsp;&nbsp; 294579803 |
| Payables: |  |  |
| Investments purchased | &nbsp;&nbsp; 12748906 | &nbsp;&nbsp; 14073093 |
| Investment advisory fees | &nbsp;&nbsp; 2926549 | &nbsp;&nbsp; 2807079 |
| Total liabilities | &nbsp;&nbsp; 207164985 | &nbsp;&nbsp; 311459975 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | &nbsp;&nbsp; $17047138938 | &nbsp;&nbsp; $14161786208 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital | &nbsp;&nbsp; $11487795337 | &nbsp;&nbsp; $13519596761 |
| Accumulated earnings | &nbsp;&nbsp; 5559343601 | &nbsp;&nbsp; 642189447 |
| NET ASSETS | &nbsp;&nbsp; $17047138938 | &nbsp;&nbsp; $14161786208 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | &nbsp;&nbsp; $46000000 | &nbsp;&nbsp; $97200000 |
| Net asset value | &nbsp;&nbsp; $370.59 | &nbsp;&nbsp; $145.70 |
| Shares authorized | &nbsp;&nbsp; Unlimited | &nbsp;&nbsp; Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost — unaffiliated | &nbsp;&nbsp; $10994275186 | &nbsp;&nbsp; $11966748298 |
| <sup>(b)</sup> Securities loaned, at value | &nbsp;&nbsp; $195566486 | &nbsp;&nbsp; $298654145 |
| <sup>(c)</sup> Investments, at cost — affiliated | &nbsp;&nbsp; $247171320 | &nbsp;&nbsp; $319669916 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Russell 3000 ETF<br>| iShares <br>Russell Mid-Cap <br>Value ETF<br>|
| **INVESTMENT INCOME** |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $203488145 | &nbsp;&nbsp; $262852241 |
| Dividends — affiliated | &nbsp;&nbsp; 1767951 | &nbsp;&nbsp; 916756 |
| Interest — unaffiliated | &nbsp;&nbsp; 13953 | &nbsp;&nbsp; 37575 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 1247094 | &nbsp;&nbsp; 2778876 |
| Foreign taxes withheld | &nbsp;&nbsp; (106869)<br>| &nbsp;&nbsp; (275617)<br>|
| Total investment income | &nbsp;&nbsp; 206410274 | &nbsp;&nbsp; 266309831 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 33279809 | &nbsp;&nbsp; 31484574 |
| Interest expense | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 1715 |
| Total expenses | &nbsp;&nbsp; 33280117 | &nbsp;&nbsp; 31486289 |
| Net investment income | &nbsp;&nbsp; 173130157 | &nbsp;&nbsp; 234823542 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (68293789)<br>| &nbsp;&nbsp; (176350841)<br>|
| Investments — affiliated | &nbsp;&nbsp; (10027)<br>| &nbsp;&nbsp; (56849)<br>|
| Futures contracts | &nbsp;&nbsp; 4678858 | &nbsp;&nbsp; 4439819 |
| In-kind redemptions — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 1221411117 | &nbsp;&nbsp; 1396496101 |
| In-kind redemptions — affiliated<sup>(a)</sup> | &nbsp;&nbsp; 2949734 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 1160735893 | &nbsp;&nbsp; 1224528230 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; 1255805294 | &nbsp;&nbsp; 748097995 |
| Investments — affiliated | &nbsp;&nbsp; (2512718)<br>| &nbsp;&nbsp; (62449)<br>|
| Futures contracts | &nbsp;&nbsp; (643936)<br>| &nbsp;&nbsp; (240147)<br>|
|  | &nbsp;&nbsp; 1252648640 | &nbsp;&nbsp; 747795399 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2413384533 | &nbsp;&nbsp; 1972323629 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $2586514690 | &nbsp;&nbsp; $2207147171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

362026 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Russell 3000 ETF | iShares Russell 3000 ETF | iShares Russell Mid-Cap Value ETF | iShares Russell Mid-Cap Value ETF |
|  | Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>| Year Ended <br>03/31/26<br>| Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $173130157 | &nbsp;&nbsp; $165420553 | &nbsp;&nbsp; $234823542 | &nbsp;&nbsp; $215868139 |
| Net realized gain | &nbsp;&nbsp; 1160735893 | &nbsp;&nbsp; 620486762 | &nbsp;&nbsp; 1224528230 | &nbsp;&nbsp; 1080597402 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1252648640 | &nbsp;&nbsp; 197872710 | &nbsp;&nbsp; 747795399 | &nbsp;&nbsp; (1065184661)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2586514690 | &nbsp;&nbsp; 983780025 | &nbsp;&nbsp; 2207147171 | &nbsp;&nbsp; 231280880 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (167807486)<br>| &nbsp;&nbsp; (169322017)<br>| &nbsp;&nbsp; (219224054)<br>| &nbsp;&nbsp; (207879928)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 196263772 | &nbsp;&nbsp; (37513336)<br>| &nbsp;&nbsp; (1108360392)<br>| &nbsp;&nbsp; (870180334)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 2614970976 | &nbsp;&nbsp; 776944672 | &nbsp;&nbsp; 879562725 | &nbsp;&nbsp; (846779382)<br>|
| Beginning of year | &nbsp;&nbsp; 14432167962 | &nbsp;&nbsp; 13655223290 | &nbsp;&nbsp; 13282223483 | &nbsp;&nbsp; 14129002865 |
| End of year | &nbsp;&nbsp; $17047138938 | &nbsp;&nbsp; $14432167962 | &nbsp;&nbsp; $14161786208 | &nbsp;&nbsp; $13282223483 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Russell 3000 ETF | iShares Russell 3000 ETF | iShares Russell 3000 ETF | iShares Russell 3000 ETF | iShares Russell 3000 ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $317.54 | &nbsp;&nbsp;&nbsp; $300.11 | &nbsp;&nbsp;&nbsp; $235.52 | &nbsp;&nbsp;&nbsp; $262.10 | &nbsp;&nbsp;&nbsp; $237.19 |
| Net investment income<sup>(a)</sup> | 3.78 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 52.93 | &nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;64.59 | &nbsp;&nbsp;&nbsp; (26.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.00 |
| Net increase (decrease) from investment operations | 56.71 | &nbsp;&nbsp;&nbsp;&nbsp;21.12 | &nbsp;&nbsp;&nbsp;&nbsp;68.06 | &nbsp;&nbsp;&nbsp; (23.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.87 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp;&nbsp; (2.96)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $370.59 | &nbsp;&nbsp;&nbsp; $317.54 | &nbsp;&nbsp;&nbsp; $300.11 | &nbsp;&nbsp;&nbsp; $235.52 | &nbsp;&nbsp;&nbsp; $262.10 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.12<br> %<br>| &nbsp;&nbsp;&nbsp; (8.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.75<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $17047139 | &nbsp;&nbsp;&nbsp; $14432168 | &nbsp;&nbsp;&nbsp; $13655223 | &nbsp;&nbsp;&nbsp; $10727904 | &nbsp;&nbsp;&nbsp; $12017483 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

382026 iShares Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Russell Mid-Cap Value ETF | iShares Russell Mid-Cap Value ETF | iShares Russell Mid-Cap Value ETF | iShares Russell Mid-Cap Value ETF | iShares Russell Mid-Cap Value ETF |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $126.02 | &nbsp;&nbsp;&nbsp; $125.42 | &nbsp;&nbsp;&nbsp; $106.21 | &nbsp;&nbsp;&nbsp; $119.55 | &nbsp;&nbsp;&nbsp; $109.15 |
| Net investment income<sup>(a)</sup> | 2.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 19.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;19.12 | &nbsp;&nbsp;&nbsp; (13.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.55 |
| Net increase (decrease) from investment operations | 21.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;21.15 | &nbsp;&nbsp;&nbsp; (11.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.17 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp; (1.77)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $145.70 | &nbsp;&nbsp;&nbsp; $126.02 | &nbsp;&nbsp;&nbsp; $125.42 | &nbsp;&nbsp;&nbsp; $106.21 | &nbsp;&nbsp;&nbsp; $119.55 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.17<br> %<br>| &nbsp;&nbsp;&nbsp; (9.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.19<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>|
| Net investment income | 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $14161786 | &nbsp;&nbsp;&nbsp; $13282223 | &nbsp;&nbsp;&nbsp; $14129003 | &nbsp;&nbsp;&nbsp; $12676126 | &nbsp;&nbsp;&nbsp; $14907745 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Financial Highlights

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> Russell 3000 Diversified <br> Russell Mid-Cap 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.

**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 March 31, 2026, 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 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 its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

**Recent Accounting Standard:** The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Funds' adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund's financial position or results of operations.

402026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) 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 or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 market 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.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of 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* | &nbsp;&nbsp; *Securities* <br>*Loaned at Value*<br>| &nbsp;&nbsp; *Cash* <br>*Collateral Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash* <br>*Collateral Received,* <br>*at Fair Value*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net* <br>*Amount*<br>|
| Russell 3000<sup>(b)</sup>  | Russell 3000<sup>(b)</sup>  | Russell 3000<sup>(b)</sup>  | Russell 3000<sup>(b)</sup>  | Russell 3000<sup>(b)</sup>  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $4745791 | &nbsp;&nbsp;&nbsp; $(4683490)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $62301 |
| Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 916361 | &nbsp;&nbsp;&nbsp; (828364)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 87997 <br><sup>(c)</sup><br>|
| BMO Capital Markets Corp. | &nbsp;&nbsp;&nbsp; 9739 | &nbsp;&nbsp;&nbsp; (9739)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp;&nbsp; 12817984 | &nbsp;&nbsp;&nbsp; (12609126)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 208858 <br><sup>(c)</sup><br>|
| BofA Securities, Inc. | &nbsp;&nbsp;&nbsp; 7732406 | &nbsp;&nbsp;&nbsp; (7561473)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 170933 <br><sup>(c)</sup><br>|
| Citadel Clearing LLC | &nbsp;&nbsp;&nbsp; 1020894 | &nbsp;&nbsp;&nbsp; (989175)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31719 <br><sup>(c)</sup><br>|
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 14240230 | &nbsp;&nbsp;&nbsp; (13938428)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 301802 <br><sup>(c)</sup><br>|
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp; (375)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 <br><sup>(c)</sup><br>|
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp; 13290727 | &nbsp;&nbsp;&nbsp; (13276866)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13861 <br><sup>(c)</sup><br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 32104681 | &nbsp;&nbsp;&nbsp; (31605054)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 499627 <br><sup>(c)</sup><br>|
| HSBC Bank PLC | &nbsp;&nbsp;&nbsp; 6163496 | &nbsp;&nbsp;&nbsp; (6021593)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 141903 |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp; 35634048 | &nbsp;&nbsp;&nbsp; (34670114)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 963934 <br><sup>(c)</sup><br>|
| Jefferies LLC | &nbsp;&nbsp;&nbsp; 2071174 | &nbsp;&nbsp;&nbsp; (2029248)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 41926 <br><sup>(c)</sup><br>|
| Mizuho Securities USA LLC | &nbsp;&nbsp;&nbsp; 22887 | &nbsp;&nbsp;&nbsp; (22887)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 31053978 | &nbsp;&nbsp;&nbsp; (30396238)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 657740 <br><sup>(c)</sup><br>|
| National Bank of Canada | &nbsp;&nbsp;&nbsp; 1642994 | &nbsp;&nbsp;&nbsp; (1601388)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 41606 <br><sup>(c)</sup><br>|
| National Financial Services LLC | &nbsp;&nbsp;&nbsp; 4366956 | &nbsp;&nbsp;&nbsp; (4301259)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 65697 <br><sup>(c)</sup><br>|
| Natixis SA | &nbsp;&nbsp;&nbsp; 1762478 | &nbsp;&nbsp;&nbsp; (1702214)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 60264 <br><sup>(c)</sup><br>|
| Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp; 30864 | &nbsp;&nbsp;&nbsp; (30864)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp;&nbsp; 92907 | &nbsp;&nbsp;&nbsp; (91367)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1540 <br><sup>(c)</sup><br>|
| RBC Capital Market LLC | &nbsp;&nbsp;&nbsp; 9701 | &nbsp;&nbsp;&nbsp; (9375)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 326 <br><sup>(c)</sup><br>|
| Scotia Capital (USA), Inc. | &nbsp;&nbsp;&nbsp; 1017532 | &nbsp;&nbsp;&nbsp; (964832)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 52700 <br><sup>(c)</sup><br>|
| Scotia Capital, Inc. | &nbsp;&nbsp;&nbsp; 172820 | &nbsp;&nbsp;&nbsp; (172820)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp;&nbsp; 1176015 | &nbsp;&nbsp;&nbsp; (1176015)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 356412 | &nbsp;&nbsp;&nbsp; (351586)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4826 <br><sup>(c)</sup><br>|
| TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp; 1260122 | &nbsp;&nbsp;&nbsp; (1142073)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 118049 <br><sup>(c)</sup><br>|
| UBS AG | &nbsp;&nbsp;&nbsp; 6293622 | &nbsp;&nbsp;&nbsp; (6170699)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 122923 |
| UBS Securities LLC | &nbsp;&nbsp;&nbsp; 932223 | &nbsp;&nbsp;&nbsp; (854575)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 77648 <br><sup>(c)</sup><br>|
| Virtu Americas LLC | &nbsp;&nbsp;&nbsp; 1283753 | &nbsp;&nbsp;&nbsp; (1251124)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32629 <br><sup>(c)</sup><br>|
| Wells Fargo Bank N.A. | &nbsp;&nbsp;&nbsp; 5961229 | &nbsp;&nbsp;&nbsp; (5904080)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57149 <br><sup>(c)</sup><br>|
| Wells Fargo Securities LLC | &nbsp;&nbsp;&nbsp; 7382073 | &nbsp;&nbsp;&nbsp; (7064595)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 317478 <br><sup>(c)</sup><br>|
|  | &nbsp;&nbsp;&nbsp; $195566486 | &nbsp;&nbsp;&nbsp; $(191431036)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4135450 |
| Russell Mid-Cap Value  | Russell Mid-Cap Value  | Russell Mid-Cap Value  | Russell Mid-Cap Value  | Russell Mid-Cap Value  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $2866741 | &nbsp;&nbsp;&nbsp; $(2822423)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $44318 <br><sup>(c)</sup><br>|
| Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 467884 | &nbsp;&nbsp;&nbsp; (456575)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11309 <br><sup>(c)</sup><br>|
| BNP Paribas SA | &nbsp;&nbsp;&nbsp; 17453732 | &nbsp;&nbsp;&nbsp; (17404191)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49541 <br><sup>(c)</sup><br>|
| BofA Securities, Inc. | &nbsp;&nbsp;&nbsp; 7850823 | &nbsp;&nbsp;&nbsp; (7734441)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 116382 <br><sup>(c)</sup><br>|
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 38840495 | &nbsp;&nbsp;&nbsp; (37878997)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 961498 <br><sup>(c)</sup><br>|
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp; 26976836 | &nbsp;&nbsp;&nbsp; (26976836)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 12138394 | &nbsp;&nbsp;&nbsp; (12049348)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 89046 <br><sup>(c)</sup><br>|
| HSBC Bank PLC | &nbsp;&nbsp;&nbsp; 8758680 | &nbsp;&nbsp;&nbsp; (8495966)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 262714 <br><sup>(c)</sup><br>|

---

422026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | &nbsp;&nbsp; *Securities*<br> *Loaned at Value*<br>| &nbsp;&nbsp; *Cash*<br> *Collateral Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash*<br> *Collateral Received,*<br> *at Fair Value*<sup>(a)</sup><br>| &nbsp;&nbsp; *Net*<br> *Amount*<br>|
| Russell Mid-Cap Value (continued) | Russell Mid-Cap Value (continued) | Russell Mid-Cap Value (continued) | Russell Mid-Cap Value (continued) | Russell Mid-Cap Value (continued) |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp; $53991554 | &nbsp;&nbsp;&nbsp; $(52555326)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1436228 <br><sup>(c)</sup><br>|
| Jefferies LLC | &nbsp;&nbsp;&nbsp; 60398 | &nbsp;&nbsp;&nbsp; (60398)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 60294807 | &nbsp;&nbsp;&nbsp; (59107630)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1187177 <br><sup>(c)</sup><br>|
| National Financial Services LLC | &nbsp;&nbsp;&nbsp; 6431351 | &nbsp;&nbsp;&nbsp; (6356776)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 74575 <br><sup>(c)</sup><br>|
| Natixis SA | &nbsp;&nbsp;&nbsp; 9726568 | &nbsp;&nbsp;&nbsp; (9529900)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 196668 <br><sup>(c)</sup><br>|
| Pershing LLC | &nbsp;&nbsp;&nbsp; 721599 | &nbsp;&nbsp;&nbsp; (706890)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14709 <br><sup>(c)</sup><br>|
| Scotia Capital (USA), Inc. | &nbsp;&nbsp;&nbsp; 1410216 | &nbsp;&nbsp;&nbsp; (1340226)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 69990 <br><sup>(c)</sup><br>|
| SG Americas Securities LLC | &nbsp;&nbsp;&nbsp; 5083840 | &nbsp;&nbsp;&nbsp; (5066350)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17490 <br><sup>(c)</sup><br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 3440865 | &nbsp;&nbsp;&nbsp; (3440865)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp; 1530965 | &nbsp;&nbsp;&nbsp; (1502727)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28238 <br><sup>(c)</sup><br>|
| UBS AG | &nbsp;&nbsp;&nbsp; 18373150 | &nbsp;&nbsp;&nbsp; (18262162)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 110988 <br><sup>(c)</sup><br>|
| UBS Securities LLC | &nbsp;&nbsp;&nbsp; 12475532 | &nbsp;&nbsp;&nbsp; (12429536)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45996 <br><sup>(c)</sup><br>|
| Virtu Americas LLC | &nbsp;&nbsp;&nbsp; 438434 | &nbsp;&nbsp;&nbsp; (436251)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2183 <br><sup>(c)</sup><br>|
| Wells Fargo Bank N.A. | &nbsp;&nbsp;&nbsp; 9308623 | &nbsp;&nbsp;&nbsp; (9308623)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp;&nbsp; 12658 | &nbsp;&nbsp;&nbsp; (12658)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; $298654145 | &nbsp;&nbsp;&nbsp; $(293935095)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4719050 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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> Securities loaned with a value of $2,895 have been sold and are pending settlement as of March 31, 2026.

<sup>(c)</sup> The market value of the loaned securities is determined as of March 31, 2026. 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 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).

Notes to Financial Statements

------

Notes to Financial Statements (continued)

For its investment advisory services to the iShares Russell 3000 ETF, 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:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $15 billion | 0.2000<br> %<br>|
| Over $15 billion | 0.1900 |

---

Prior to August 1, 2025, BFA was entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the iShares Russell 3000 ETF, based on the average daily net asset of the fund.

For its investment advisory services to the iShares Russell Mid-Cap Value 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 $121 billion | 0.250000<br> %<br>|
| Over $121 billion, up to and including $181 billion | 0.237500 |
| Over $181 billion, up to and including $231 billion | 0.225625 |
| Over $231 billion, up to and including $281 billion | 0.214343 |
| Over $281 billion | 0.203626 |

---

**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 specific 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 this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Russell 3000 | &nbsp;&nbsp; $378892 |
| Russell Mid-Cap Value | &nbsp;&nbsp; 782204 |

---

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

442026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

**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 March 31, 2026, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Russell 3000 | &nbsp;&nbsp; $85943254 | &nbsp;&nbsp;&nbsp; $77058281 | &nbsp;&nbsp;&nbsp; $(3932082)<br>|
| Russell Mid-Cap Value | &nbsp;&nbsp; 972770841 | &nbsp;&nbsp;&nbsp; 516873960 | &nbsp;&nbsp;&nbsp; (69497525)<br>|

---

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 March 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Russell 3000 | &nbsp;&nbsp; $476554465 | &nbsp;&nbsp;&nbsp; $451000954 |
| Russell Mid-Cap Value | &nbsp;&nbsp; 2147821902 | &nbsp;&nbsp;&nbsp; 2120395355 |

---

For the year ended March 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Russell 3000 | &nbsp;&nbsp; $2146035229 | &nbsp;&nbsp;&nbsp; $1957880179 |
| Russell Mid-Cap Value | &nbsp;&nbsp; 2632508822 | &nbsp;&nbsp;&nbsp; 3747931173 |

---

***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 March 31, 2026, 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 March 31, 2026, 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)* |
| Russell 3000 | &nbsp;&nbsp; $1223314685 | &nbsp;&nbsp;&nbsp; $(1223314685)<br>|
| Russell Mid-Cap Value | &nbsp;&nbsp; 1392433870 | &nbsp;&nbsp;&nbsp; (1392433870)<br>|

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/26*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/25*<br>|
| Russell 3000 |  |  |
| Ordinary income | &nbsp;&nbsp; $167807486 | &nbsp;&nbsp;&nbsp; $169322017 |
| Russell Mid-Cap Value |  |  |
| Ordinary income | &nbsp;&nbsp; $219224054 | &nbsp;&nbsp;&nbsp; $207879928 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

As of March 31, 2026, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| Russell 3000 | &nbsp;&nbsp; $8488457 | &nbsp;&nbsp;&nbsp; $(390734624)<br>| &nbsp;&nbsp;&nbsp; $5941589768 | &nbsp;&nbsp;&nbsp; $5559343601 |
| Russell Mid-Cap Value | &nbsp;&nbsp; 41465938 | &nbsp;&nbsp;&nbsp; (1505366043)<br>| &nbsp;&nbsp;&nbsp; 2106089552 | &nbsp;&nbsp;&nbsp; 642189447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 timing and recognition of partnership income, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and undistributed capital gains from underlying REIT investments. 

As of March 31, 2026, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Russell 3000 | &nbsp;&nbsp; $11299618975 | &nbsp;&nbsp;&nbsp; $6827249662 | &nbsp;&nbsp;&nbsp; $(885640888)<br>| &nbsp;&nbsp;&nbsp; $5941608774 |
| Russell Mid-Cap Value | &nbsp;&nbsp; 12347934408 | &nbsp;&nbsp;&nbsp; 3456293638 | &nbsp;&nbsp;&nbsp; (1351184139)<br>| &nbsp;&nbsp;&nbsp; 2105109499 |

---

***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 each 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 each 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. A 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

462026 iShares Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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>03/31/26 | Year Ended <br>03/31/26 | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Russell 3000  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 5850000 | &nbsp;&nbsp;&nbsp; $2156488053 | &nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; $1066361962 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (5300000)<br>| &nbsp;&nbsp;&nbsp; (1960224281)<br>| &nbsp;&nbsp;&nbsp; (3350000)<br>| &nbsp;&nbsp;&nbsp; (1103875298)<br>|
|  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; $196263772 | &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; $(37513336)<br>|
| Russell Mid-Cap Value  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 19700000 | &nbsp;&nbsp;&nbsp; $2652185177 | &nbsp;&nbsp;&nbsp; 25650000 | &nbsp;&nbsp;&nbsp; $3176533677 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (27900000)<br>| &nbsp;&nbsp;&nbsp; (3760545569)<br>| &nbsp;&nbsp;&nbsp; (32900000)<br>| &nbsp;&nbsp;&nbsp; (4046714011)<br>|
|  | &nbsp;&nbsp;&nbsp; (8200000)<br>| &nbsp;&nbsp;&nbsp; $(1108360392)<br>| &nbsp;&nbsp;&nbsp; (7250000)<br>| &nbsp;&nbsp;&nbsp; $(870180334)<br>|

---

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.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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.

482026 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of each of the two 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 (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (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 March 31, 2026, 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 March 31, 2026 and each of the financial highlights for each of the five years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp; iShares Russell 3000 ETF <br>iShares Russell Mid-Cap Value ETF<br>

***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 March 31, 2026 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

May 22, 2026

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

Report of Independent Registered Public Accounting Firm

------

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 March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Dividend* <br>*Income*<br>|
| Russell 3000 | &nbsp;&nbsp;&nbsp; $190112105 |
| Russell Mid-Cap Value | &nbsp;&nbsp;&nbsp; 211211561 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Qualified Business* <br>*Income*<br>|
| Russell 3000 | &nbsp;&nbsp;&nbsp; $11040478 |
| Russell Mid-Cap Value | &nbsp;&nbsp;&nbsp; 40102435 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2026 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | &nbsp;&nbsp; *Dividends-Received* <br>*Deduction*<br>|
| Russell 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 100.00<br> % <br>|
| Russell Mid-Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;84.14 |

---

502026 iShares Annual Financial Statements and Additional Information

------

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 the iShares Russell 3000 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, 2025, was USD 10.34 million. This figure is comprised of fixed remuneration of USD 0.64 million and variable remuneration of USD 9.70 million. There was a total of 5 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, 2025, to its senior management was USD 9.17 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 1.17 million.

**Disclosures Under the EU Sustainable Finance Disclosure Regulation**

The iShares Russell 3000 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").

Additional Information

------

Additional Information (continued)

iShares Russell 3000 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:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• 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**.

522026 iShares Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CVR | Contingent Value Rights |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

Glossary of Terms Used in these Financial Statements

------

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 FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2026 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.

![](g341043img66eb48702.jpg)

![](g341043img7bc445e93.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 – Not Applicable

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

------

---

| | |
|:---|:---|
| 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 (the "Exchange Act").

&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.](d341043dex99cert.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.](d341043dex99906cert.htm)

------

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: May 22, 2026

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: May 22, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of |
|  | iShares Trust |

---

Date: May 22, 2026

## 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 twenty series: iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF, iShares Core S&P U.S. Growth ETF, iShares Core S&P U.S. Value ETF, iShares ESG Select Screened S&P 500 ETF, iShares ESG Select Screened S&P Mid-Cap ETF, iShares ESG Select Screened S&P Small-Cap ETF, iShares Mortgage Real Estate ETF, iShares MSCI USA Quality GARP ETF, iShares Preferred and Income Securities ETF, iShares Residential and Multisector Real Estate ETF, iShares Russell 3000 ETF, iShares Russell Mid-Cap Value ETF, iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF, iShares S&P 100 ETF, iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF, iShares S&P Small-Cap 600 Value ETF;

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;

2. 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;

3. 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

4. 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: May 22, 2026

<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 twenty series: iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF, iShares Core S&P U.S. Growth ETF, iShares Core S&P U.S. Value ETF, iShares ESG Select Screened S&P 500 ETF, iShares ESG Select Screened S&P Mid-Cap ETF, iShares ESG Select Screened S&P Small-Cap ETF, iShares Mortgage Real Estate ETF, iShares MSCI USA Quality GARP ETF, iShares Preferred and Income Securities ETF, iShares Residential and Multisector Real Estate ETF, iShares Russell 3000 ETF, iShares Russell Mid-Cap Value ETF, iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF, iShares S&P 100 ETF, iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF, iShares S&P Small-Cap 600 Value ETF;

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;

2. 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;

3. 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: May 22, 2026

<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 March 31, 2026 (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: May 22, 2026

<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 their knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2026 (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: May 22, 2026

<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**.**