# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-25-135608
**Filing Date:** 2025-6
**Character Count:** 1725861
**Document Hash:** 1462017d4f3ca038a02ce0c7dae174e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135608.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135608

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**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:** 251026381

**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:

03/31/2025

Date of reporting period:

03/31/2025

Item 1 — Reports to Stockholders

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

![TSR - iShares Fund Logo](g86604images_27643.jpg)

### iShares Mortgage Real Estate ETF

### REM \| Cboe BZX Exchange

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Mortgage Real Estate ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Mortgage Real Estate ETF | $49 | 0.48% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 5.82%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 7.22% and the FTSE Nareit All Mortgage Capped Index returned 6.44%. 

What contributed to performance?

The Federal Reserve began to ease its monetary stance in 2024 and cut interest rates by 100 basis points before the end of the reporting period. As mortgage REITs derive their income from the difference between the short-term interest rates at which they borrow funds to purchase securities and the long-term rates they earn on their mortgage investments, they are sensitive to changing interest rates. However, mortgage rates stayed elevated since they are closely tied to the 10-year Treasury benchmark, which rose during the reporting period. Contributors to returns included firms that focus on highly liquid agency mortgage-backed securities that are guaranteed by government entities, largely eliminating credit risk for investors. This strategy allowed these firms to leverage favorable funding conditions and provide stable dividends despite broader market volatility.

What detracted from performance?

Firms that provide commercial mortgage REITs detracted from the Fund's return during the reporting period. The commercial real estate sector faced significant headwinds, as weak property fundamental factors constrained transaction volumes and rent growth. These firms were also negatively impacted by non-performing loans that required provisions.

*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, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9818491.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 5.82% | 12.88% | 1.94% |
| Russell 3000<sup>®</sup> Index | 7.22 | 18.18 | 11.80 |
| FTSE Nareit All Mortgage Capped Index | 6.44 | 13.75 | 2.53 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$651004711 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2992088 |
| Portfolio Turnover Rate | &nbsp;&nbsp;24% |

---

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

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

#### What did the Fund invest in?
(as of March 31, 2025)

**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. | 19.6% |
| AGNC Investment Corp. | 14.3% |
| Starwood Property Trust, Inc. | 10.8% |
| Blackstone Mortgage Trust, Inc., Class A | 4.7% |
| Rithm Capital Corp. | 4.7% |
| Arbor Realty Trust, Inc. | 3.4% |
| Two Harbors Investment Corp. | 3.2% |
| Apollo Commercial Real Estate Finance, Inc. | 3.0% |
| Ladder Capital Corp., Class A | 3.0% |
| PennyMac Mortgage Investment Trust | 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 FTSE Russell or FTSE International Limited, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares Mortgage Real Estate ETF

Annual Shareholder Report — March 31, 2025

REM-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

### iShares Residential and Multisector Real Estate ETF

### REZ \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Residential and Multisector Real Estate ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Residential and Multisector Real Estate ETF | $53 | 0.48% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 22.58%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 7.22% and the FTSE Nareit All Residential Capped Index returned 23.22%. 

What contributed to performance?

Healthcare REITs were the largest contributors to the Fund's return during the reporting period, due to strong demographic tailwinds, particularly an aging population in the United States. This trend has driven increased demand for senior living facilities, medical office buildings, and skilled nursing facilities. Firms that specialize in healthcare REITs benefited from operational improvements such as higher occupancy rates as well as favorable market conditions. Residential REITs also contributed to performance. Multi-family REITs were supported by recovering rent growth, supported by favorable demographics, steady job growth, and the high cost of homeownership, which made renting more attractive.

What detracted from performance?

There were no significant detractors from the Fund's return 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, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9818535.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% | 12.35% | 6.77% |
| Russell 3000<sup>®</sup> Index | 7.22 | 18.18 | 11.80 |
| FTSE Nareit All Residential Capped Index | 23.22 | 12.84 | 7.20 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$859366731 |
| Number of Portfolio Holdings | &nbsp;&nbsp;42 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$4134342 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

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

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Residential REITs | 42.0% |
| Health Care REITs | 40.1% |
| Specialized REITs | 17.9% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Welltower, Inc. | 18.3% |
| Public Storage | 9.2% |
| Extra Space Storage, Inc. | 6.0% |
| AvalonBay Communities, Inc. | 5.9% |
| Ventas, Inc. | 5.6% |
| Invitation Homes, Inc. | 4.6% |
| Equity Residential | 4.5% |
| Essex Property Trust, Inc. | 4.4% |
| Mid-America Apartment Communities, Inc. | 4.4% |
| Sun Communities, Inc. | 3.6% |

---

<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 FTSE Russell or FTSE International Limited, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares Residential and Multisector Real Estate ETF

Annual Shareholder Report — March 31, 2025

REZ-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

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

### XVV \| Cboe BZX Exchange

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares ESG Select Screened S&P 500 ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares ESG Select Screened S&P 500 ETF | $8 | 0.08% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 7.35%. 

* For the same period, the S&P Total Market Index<sup>™</sup> returned 7.09% and the S&P 500 Sustainability Screened Index<sup>®</sup> returned 7.45%. 

What contributed to performance?

Financial stocks contributed to the Fund's return during the reporting period. While the Federal Reserve cut interest rates during the reporting period, they remained relatively high, keeping lending rates elevated and helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) for banks. A multi-sector holding company saw strength from its insurance business holdings and significant gains in investment income. Overall, insurance companies were supported by rising premiums and growth in property and casualty names. Additionally, the continued shift from cash to digital payments was a tailwind for payment processing companies. The capital markets industry further contributed, driven in part by growing trading volumes and investment banking revenues. The information technology sector was supported by an innovative multinational technology company who benefited from consistently strong brand recognition and the robust ecosystem of its products and services. Additionally, optimism was further fueled by the potential of emerging technologies like artificial intelligence (AI) to enhance product development and operational efficiency. In the communication sector, media and entertainment stocks contributed, as the benefits of investments in AI for advertising came to fruition.

What detracted from performance?

There were no significant detractors from the Fund's return 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: September 22, 2020 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9818755.jpg)

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

Average annual total returns

---

| | | |
|:---|:---|:---|
|  | *1 Year* | *Since Fund<br>Inception* |
| Fund NAV | 7.35% | 13.66% |
| S&P Total Market Index<sup>™</sup> | 7.09 | 13.15 |
| S&P 500 Sustainability Screened Index<sup>®</sup> | 7.45 | 13.76 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$299223458 |
| Number of Portfolio Holdings | &nbsp;&nbsp;447 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$224110 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

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

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, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 32.1% |
| Financials | 16.1% |
| Health Care | 11.4% |
| Consumer Discretionary | 11.2% |
| Communication Services | 10.1% |
| Industrials | 7.1% |
| Consumer Staples | 4.9% |
| Real Estate | 2.5% |
| Materials | 2.1% |
| Utilities | 1.4% |
| Energy | 1.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Apple Inc. | 7.7% |
| Microsoft Corp. | 6.5% |
| NVIDIA Corp. | 6.2% |
| Amazon.com, Inc. | 4.2% |
| Meta Platforms, Inc., Class A | 2.9% |
| Berkshire Hathaway, Inc., Class B | 2.3% |
| Alphabet, Inc., Class A | 2.1% |
| Broadcom, Inc. | 1.8% |
| Alphabet, Inc., Class C, NVS | 1.7% |
| Tesla, Inc. | 1.7% |

---

<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, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective February 19, 2025, the name of the Fund was changed from iShares ESG Screened S&P 500 ETF to iShares ESG Select Screened S&P 500 ETF.

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC, and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares ESG Select Screened S&P 500 ETF

Annual Shareholder Report — March 31, 2025

XVV-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

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

### XJH \| Cboe BZX Exchange

#### Annual Shareholder Report — March 31, 2025

------

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, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares ESG Select Screened S&P Mid-Cap ETF | $12 | 0.12% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (3.81)%. 

* For the same period, the S&P Total Market Index<sup>™</sup> returned 7.09% and the S&P MidCap 400 Sustainability Screened Index<sup>®</sup> returned (3.59)%. 

What contributed to performance?

Financial stocks contributed to the Fund's return during the reporting period. While the Federal Reserve cut interest rates during the reporting period, they remained relatively high, keeping lending rates elevated and helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) for banks. Insurance stocks contributed, helped by rising premiums.

What detracted from performance?

Woes over lingering inflation and the possibility of trade wars dampened consumer sentiment, leading the consumer discretionary sector to be the largest detractor from the Fund's return during the reporting period. In addition to facing increased competition from China, automobile firms were challenged by dampened consumer demand, particularly for big-ticket items like electric vehicles (EVs), as affordability concerns hindered EV adoption despite government incentives. Also detracting was the industrials sector, challenged by weaker global trade volumes, elevated material costs, and trade uncertainty. In the information technology sector, semiconductor materials and equipment firms were pressured by uneven demand conditions, escalating trade wars, and geopolitical tensions.

*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, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9818799.jpg)

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

Average annual total returns

---

| | | |
|:---|:---|:---|
|  | *1 Year* | *Since Fund<br>Inception* |
| Fund NAV | (3.81)% | 11.60% |
| S&P Total Market Index<sup>™</sup> | 7.09 | 13.15 |
| S&P MidCap 400 Sustainability Screened Index<sup>®</sup> | (3.59) | 11.78 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$255539560 |
| Number of Portfolio Holdings | &nbsp;&nbsp;359 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$274593 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

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

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, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Industrials | 21.1% |
| Financials | 20.0% |
| Consumer Discretionary | 13.4% |
| Information Technology | 10.7% |
| Health Care | 9.8% |
| Real Estate | 8.4% |
| Materials | 7.0% |
| Consumer Staples | 5.0% |
| Energy | 1.7% |
| Utilities | 1.6% |
| Communication Services | 1.3% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| RB Global, Inc. | 0.8% |
| Interactive Brokers Group, Inc., Class A | 0.7% |
| Watsco, Inc. | 0.7% |
| EMCOR Group, Inc. | 0.7% |
| Fidelity National Financial, Inc., Class A | 0.7% |
| Docusign, Inc. | 0.7% |
| Casey's General Stores, Inc. | 0.7% |
| Guidewire Software, Inc. | 0.6% |
| Reliance, Inc. | 0.6% |
| Sprouts Farmers Market, Inc. | 0.6% |

---

<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, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective February 19, 2025, the name of the Fund was changed from iShares ESG Screened S&P Mid-Cap ETF to iShares ESG Select Screened S&P Mid-Cap ETF.

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC, and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares ESG Select Screened S&P Mid-Cap ETF

Annual Shareholder Report — March 31, 2025

XJH-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

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

### XJR \| Cboe BZX Exchange

#### Annual Shareholder Report — March 31, 2025

------

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, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares ESG Select Screened S&P Small-Cap ETF | $12 | 0.12% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (2.14)%. 

* For the same period, the S&P Total Market Index<sup>™</sup> returned 7.09% and the S&P SmallCap 600 Sustainability Screened Index<sup>®</sup> returned (1.96)%. 

What contributed to performance?

Financial stocks contributed to the Fund's return during the reporting period. While the Federal Reserve cut interest rates during the reporting period, they remained relatively high, keeping lending rates elevated and helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) for banks.

What detracted from performance?

Small capitalization stocks lagged during the reporting period as they faced weaker earnings growth due to their greater sensitivity to economic pressures. Concerns over lingering inflation and the possibility of trade wars dampened consumer sentiment, leading the consumer discretionary sector to be the largest detractor from the Fund's return during the reporting period. Companies that operate in the consumer discretionary distribution and retail segment were pressured by weakening demand as consumers prioritized essentials, and among consumer durables names, consumers delayed purchases on bigger ticket items. In the information technology sector, semiconductor materials and equipment firms were pressured by escalating trade and geopolitical tensions which compounded broader industry headwinds, such as a cyclical downturn in semiconductor capital spending and macroeconomic uncertainty. Also detracting was the industrials sector, challenged by weaker global trade volumes, elevated material costs, and trade uncertainty.

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

#### Fund performance
Cumulative performance: September 22, 2020 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9818843.jpg)

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

Average annual total returns

---

| | | |
|:---|:---|:---|
|  | *1 Year* | *Since Fund<br>Inception* |
| Fund NAV | (2.14)% | 10.94% |
| S&P Total Market Index<sup>™</sup> | 7.09 | 13.15 |
| S&P SmallCap 600 Sustainability Screened Index<sup>®</sup> | (1.96) | 11.25 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$93945180 |
| Number of Portfolio Holdings | &nbsp;&nbsp;685 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$101817 |
| Portfolio Turnover Rate | &nbsp;&nbsp;27% |

---

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

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, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 19.5% |
| Industrials | 18.0% |
| Consumer Discretionary | 13.7% |
| Health Care | 13.1% |
| Information Technology | 12.7% |
| Real Estate | 8.8% |
| Materials | 3.6% |
| Communication Services | 3.5% |
| Consumer Staples | 3.2% |
| Utilities | 2.2% |
| Energy | 1.7% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Corcept Therapeutics, Inc. | 1.0% |
| Mr. Cooper Group, Inc. | 0.7% |
| Qorvo, Inc. | 0.6% |
| Brinker International, Inc. | 0.6% |
| Terreno Realty Corp. | 0.6% |
| Merit Medical Systems, Inc. | 0.6% |
| Armstrong World Industries, Inc. | 0.6% |
| Essential Properties Realty Trust, Inc. | 0.6% |
| SPX Technologies, Inc. | 0.5% |
| ACI Worldwide, Inc. | 0.5% |

---

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

#### Material Fund changes
This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective February 19, 2025, the name of the Fund was changed from iShares ESG Screened S&P Small-Cap ETF to iShares ESG Select Screened S&P Small-Cap ETF.

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC, and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares ESG Select Screened S&P Small-Cap ETF

Annual Shareholder Report — March 31, 2025

XJR-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

### iShares S&P 100 ETF

### OEF \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares S&P 100 ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares S&P 100 ETF | $21 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 10.47%. 

* For the same period, the S&P Total Market Index<sup>™</sup> returned 7.09% and the S&P 100<sup>®</sup> returned 10.70%. 

What contributed to performance?

U.S. large cap equities ended the period higher, and stocks in the information technology sector contributed the most to returns, helped by the rapid development and advancement of artificial intelligence ("AI"). Within the technology hardware segment, an innovative multinational technology company benefited from consistently strong brand recognition and the robust ecosystem of its products and services. Additionally, optimism was further fueled by the potential of emerging technologies to enhance product development and operational efficiency. In the semiconductors and semiconductor equipment segent, leading chipmakers specializing in high-performance hardware also benefited performance, especially a manufacturer of graphics processing units, which are critical for AI infrastructure and high-performance computing. Within the financials sector, the continued shift from cash to digital payments was a tailwind for transaction and payment processing services companies. Additionally, a diversified financial holding company benefited from strong performance from its insurance segment. In the communication sector, media and entertainment stocks contributed, as the benefits of investments in AI for advertising came to fruition.

What detracted from performance?

A major software firm detracted from the Fund's return during the reporting period, due to decelerating growth in its cloud infrastructure unit and concerns about its AI investment strategy.

*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, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9819195.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 10.47% | 19.50% | 13.49% |
| S&P Total Market Index<sup>™</sup> | 7.09 | 18.08 | 11.72 |
| S&P 100<sup>®</sup> | 10.70 | 19.73 | 13.71 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$16587895157 |
| Number of Portfolio Holdings | &nbsp;&nbsp;104 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$27666291 |
| Portfolio Turnover Rate | &nbsp;&nbsp;4% |

---

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

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 36.0% |
| Financials | 13.4% |
| Communication Services | 12.5% |
| Health Care | 10.9% |
| Consumer Discretionary | 10.9% |
| Consumer Staples | 6.7% |
| Industrials | 4.6% |
| Energy | 2.8% |
| Utilities | 1.0% |
| Materials | 0.7% |
| Real Estate | 0.5% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Apple Inc. | 10.0% |
| Microsoft Corp. | 8.4% |
| NVIDIA Corp. | 8.0% |
| Amazon.com, Inc. | 5.4% |
| Meta Platforms, Inc., Class A | 3.8% |
| Berkshire Hathaway, Inc., Class B | 2.9% |
| Alphabet, Inc., Class A | 2.7% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc., Class C, NVS | 2.2% |
| Tesla, Inc. | 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares S&P 100 ETF

Annual Shareholder Report — March 31, 2025

OEF-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

### iShares S&P 500 Growth ETF

### IVW \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares S&P 500 Growth ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares S&P 500 Growth ETF | $19 | 0.18% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 10.25%. 

* For the same period, the S&P Total Market Index<sup>™</sup> returned 7.09% and the S&P 500 Growth Index<sup>™</sup> returned 10.46%. 

What contributed to performance?

U.S. large cap equities ended the period higher, and stocks in the information technology sector contributed the most to returns, helped by the rapid development and advancement of artificial intelligence ("AI"). Within the technology hardware segment, an innovative multinational technology company benefited from consistently strong brand recognition and the robust ecosystem of its products and services. Additionally, optimism was further fueled by the potential of emerging technologies to enhance product development and operational efficiency. Within semiconductors and semiconductor equipment, leading chipmakers specializing in high-performance hardware also benefited performance, especially a manufacturer of graphics processing units, which are critical for AI infrastructure and high-performance computing. Within the financials sector, the continued shift from cash to digital payments was a tailwind for transaction and payment processing services companies. In the consumer discretionary sector, the stock of an electric vehicle maker gained, helped by a sharp rise in carbon credit revenue, possible deregulation of autonomous driving, and as investors remained optimistic about the company's long-term growth plans. (Carbon credits are tradable permits that allow companies to emit a certain amount of greenhouse gases. Firms can earn revenue by selling these credits to automakers that need them to meet regulatory emissions standards.) Within communications, a large online marketplace was supported by e-commerce sales, and as its cloud services division delivered strong revenue gains.

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, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9819239.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 10.25% | 18.48% | 13.79% |
| S&P Total Market Index<sup>™</sup> | 7.09 | 18.08 | 11.72 |
| S&P 500 Growth Index<sup>™</sup> | 10.46 | 18.70 | 13.99 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$51420197448 |
| Number of Portfolio Holdings | &nbsp;&nbsp;214 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$94583863 |
| Portfolio Turnover Rate | &nbsp;&nbsp;31% |

---

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

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 37.0% |
| Communication Services | 14.4% |
| Financials | 13.7% |
| Consumer Discretionary | 12.4% |
| Industrials | 8.5% |
| Health Care | 6.5% |
| Consumer Staples | 3.8% |
| Real Estate | 1.3% |
| Utilities | 1.1% |
| Energy | 0.8% |
| Materials | 0.5% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| NVIDIA Corp. | 11.2% |
| Apple Inc. | 6.5% |
| Microsoft Corp. | 6.1% |
| Meta Platforms, Inc., Class A | 5.3% |
| Amazon.com, Inc. | 4.4% |
| Alphabet, Inc., Class A | 3.8% |
| Broadcom, Inc. | 3.3% |
| Alphabet, Inc., Class C, NVS | 3.1% |
| Tesla, Inc. | 3.1% |
| Eli Lilly & Co. | 2.7% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares S&P 500 Growth ETF

Annual Shareholder Report — March 31, 2025

IVW-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

### iShares S&P 500 Value ETF

### IVE \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares S&P 500 Value ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares S&P 500 Value ETF | $18 | 0.18% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 4.02%. 

* For the same period, the S&P Total Market Index<sup>™</sup> returned 7.09% and the S&P 500 Value Index<sup>™</sup> returned 4.21%. 

What contributed to performance?

Financial stocks were the leading contributor to the Fund's return during the reporting period. While the Federal Reserve cut interest rates during the reporting period, they remained relatively high, keeping lending rates elevated and helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) for banks. The capital markets industry further contributed, driven in part by growing trading volumes and investment banking revenues. Within the defensive consumer staples sector, stocks in the consumer staples merchandise retail sector gained, particularly leading brick-and-mortar retailers with a focus on low pricing and everyday essentials. Additionally, these companies benefited from efforts to increase their e-commerce operations. The utilities sector benefited from its defensive nature, as well as the increasing electricity demand needed to support the rapid development of artificial intelligence data centers.

What detracted from performance?

During the reporting period, the information technology sector was the leading detractor from the Fund's return. Semiconductors and semiconductor equipment names faced significant negative impacts due to escalating trade tensions and geopolitical tensions, additionally, while demand for chips that power artificial intelligence experienced strong demand, suppliers exposed to the PC, smartphone, industrial, and automotive sectors generally saw fundamentals under pressure due to weak end demand conditions and excess inventory.

*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, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9819283.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 4.02% | 17.00% | 9.93% |
| S&P Total Market Index<sup>™</sup> | 7.09 | 18.08 | 11.72 |
| S&P 500 Value Index<sup>™</sup> | 4.21 | 17.21 | 10.11 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$37289321835 |
| Number of Portfolio Holdings | &nbsp;&nbsp;402 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$62476052 |
| Portfolio Turnover Rate | &nbsp;&nbsp;32% |

---

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

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 22.3% |
| Health Care | 15.9% |
| Financials | 15.6% |
| Industrials | 8.4% |
| Consumer Staples | 8.3% |
| Consumer Discretionary | 8.3% |
| Energy | 6.5% |
| Communication Services | 4.0% |
| Utilities | 4.0% |
| Materials | 3.5% |
| Real Estate | 3.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Apple Inc. | 7.6% |
| Microsoft Corp. | 5.6% |
| Amazon.com, Inc. | 3.2% |
| Exxon Mobil Corp. | 2.2% |
| Berkshire Hathaway, Inc., Class B | 2.1% |
| UnitedHealth Group, Inc. | 2.0% |
| Procter & Gamble Co. (The) | 1.7% |
| Johnson & Johnson | 1.7% |
| JPMorgan Chase & Co. | 1.2% |
| Chevron 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares S&P 500 Value ETF

Annual Shareholder Report — March 31, 2025

IVE-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

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

### IJS \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares S&P Small-Cap 600 Value ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares S&P Small-Cap 600 Value ETF | $18 | 0.18% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (3.35)%. 

* For the same period, the S&P Total Market Index<sup>™</sup> returned 7.09% and the S&P SmallCap 600 Value Index<sup>™</sup> returned (3.24)%. 

What contributed to performance?

Financial stocks contributed to the Fund's return during the reporting period. While the Federal Reserve cut interest rates during the reporting period, they remained relatively high, keeping lending rates elevated and helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) for regional banks. The capital markets industry further contributed, driven in part by growing trading volumes and investment banking revenues.

What detracted from performance?

During the reporting period, the consumer discretionary sector was the leading detractor from the Fund's return as concerns over lingering inflation and the possibility of trade wars dampened consumer sentiment. This led consumers to prioritize their spending, and delay purchases on both nonessential goods and bigger ticket items. The information technology sector was pressured as semiconductors and semiconductor equipment makers exposed to the PC, smartphone, industrial, and automotive sectors generally saw fundamentals under pressure due to weak end demand conditions and excess inventory. These challenges compounded broader industry headwinds, such as a cyclical downturn in semiconductor capital spending and macroeconomic uncertainty. Within healthcare, pharma, biotech, and life sciences companies weighed on 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: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9819327.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (3.35)% | 16.01% | 6.72% |
| S&P Total Market Index<sup>™</sup> | 7.09 | 18.08 | 11.72 |
| S&P SmallCap 600 Value Index<sup>™</sup> | (3.24) | 16.25 | 6.92 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6405666680 |
| Number of Portfolio Holdings | &nbsp;&nbsp;504 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$12717018 |
| Portfolio Turnover Rate | &nbsp;&nbsp;52% |

---

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

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 22.7% |
| Industrials | 15.3% |
| Consumer Discretionary | 14.1% |
| Information Technology | 10.3% |
| Health Care | 8.7% |
| Real Estate | 7.7% |
| Materials | 6.4% |
| Energy | 4.2% |
| Utilities | 3.8% |
| Consumer Staples | 3.6% |
| Communication Services | 3.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Mr. Cooper Group, Inc. | 1.2% |
| Qorvo, Inc. | 1.1% |
| Teleflex, Inc. | 1.0% |
| BorgWarner, Inc. | 1.0% |
| Celanese Corp., Class A | 1.0% |
| Lincoln National Corp. | 1.0% |
| Sandisk Corp. | 0.9% |
| Robert Half, Inc. | 0.9% |
| FMC Corp. | 0.8% |
| Meritage Homes Corp. | 0.8% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares S&P Small-Cap 600 Value ETF

Annual Shareholder Report — March 31, 2025

IJS-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

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

### IJH \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Core S&P Mid-Cap ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

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

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (2.76)%. 

* For the same period, the S&P Total Market Index returned 7.09% and the S&P MidCap 400<sup>®</sup> returned (2.71)%. 

What contributed to performance?

During the reporting period, the financials sector contributed to the Fund's return. While the Federal Reserve cut interest rates during the reporting period, they remained relatively high, keeping lending rates elevated and helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) for regional banks. Insurance stocks also gained. The property and casualty segment contributed as premiums increased significantly, driven by reinsurance costs, climate-related risks, and elevated claims from extreme events, even as rising replacement costs and severe weather-related losses presented challenges.

What detracted from performance?

During the reporting period, the consumer discretionary sector was the leading detractor from the Fund's return as concerns over lingering inflation and the possibility of trade wars dampened consumer sentiment. Consumers prioritized spending on essentials and delayed purchases on bigger ticket items, negatively impacting companies such as appliances and electronics in the consumer durables segment. Stocks in the automobile subsector declined amid tariffs that sparked trade war concerns. In the industrials sector, capital goods stocks were pressured, as manufacturers contended with persistent challenges such as higher input costs and weaker demand. Within information technology, semiconductor stocks detracted, as companies exposed to PCs, smartphones, industrial, and automotive sectors faced significant challenges.

*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, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9818579.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (2.76)% | 16.87% | 8.37% |
| S&P Total Market Index | 7.09 | 18.08 | 11.72 |
| S&P MidCap 400<sup>®</sup> | (2.71) | 16.91 | 8.43 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$89465202807 |
| Number of Portfolio Holdings | &nbsp;&nbsp;416 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$45039395 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

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

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Industrials | 21.0% |
| Financials | 18.6% |
| Consumer Discretionary | 13.3% |
| Information Technology | 10.0% |
| Health Care | 9.1% |
| Real Estate | 7.5% |
| Materials | 6.6% |
| Consumer Staples | 5.4% |
| Energy | 4.1% |
| Utilities | 3.1% |
| Communication Services | 1.3% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| RB Global, Inc. | 0.7% |
| Interactive Brokers Group, Inc., Class A | 0.7% |
| Watsco, Inc. | 0.6% |
| EMCOR Group, Inc. | 0.6% |
| Fidelity National Financial, Inc., Class A | 0.6% |
| Docusign, Inc. | 0.6% |
| Casey's General Stores, Inc. | 0.6% |
| Guidewire Software, Inc. | 0.6% |
| Reliance, Inc. | 0.6% |
| Sprouts Farmers Market, 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares Core S&P Mid-Cap ETF

Annual Shareholder Report — March 31, 2025

IJH-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

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

### IJR \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Core S&P Small-Cap ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Core S&P Small-Cap ETF | $6 | 0.06% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (3.46)%. 

* For the same period, the S&P Total Market Index returned 7.09% and the S&P SmallCap 600<sup>®</sup> returned (3.38)%. 

What contributed to performance?

Financial stocks contributed to the Fund's return during the reporting period. While the Federal Reserve cut interest rates during the reporting period, they remained relatively high, keeping lending rates elevated and helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) for regional banks.

What detracted from performance?

During the reporting period, the consumer discretionary sector was the leading detractor from the Fund's return as concerns over lingering inflation and the possibility of trade wars dampened consumer sentiment. This led consumers to prioritize their spending, and delay purchases on both nonessential goods and bigger ticket items. The information technology sector was pressured as suppliers exposed to the PC, smartphone, industrial, and automotive sectors generally saw fundamentals under pressure due to weak end demand conditions and excess inventory. These challenges compounded broader industry headwinds, such as a cyclical downturn in semiconductor capital spending and macroeconomic uncertainty. The energy sector was also a notable detractor, marked by significant volatility amid trade uncertainty and as OPEC+ announced a production increase amid slowing energy demand in major economies.

*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, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9818623.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (3.46)% | 15.01% | 7.48% |
| S&P Total Market Index | 7.09 | 18.08 | 11.72 |
| S&P SmallCap 600<sup>®</sup> | (3.38) | 15.09 | 7.52 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$78424528233 |
| Number of Portfolio Holdings | &nbsp;&nbsp;662 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$50345706 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

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

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 18.5% |
| Industrials | 18.0% |
| Consumer Discretionary | 12.9% |
| Health Care | 12.2% |
| Information Technology | 11.8% |
| Real Estate | 8.3% |
| Materials | 5.0% |
| Energy | 4.5% |
| Consumer Staples | 3.3% |
| Communication Services | 3.0% |
| Utilities | 2.5% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Corcept Therapeutics, Inc. | 0.9% |
| Mr. Cooper Group, Inc. | 0.6% |
| Qorvo, Inc. | 0.5% |
| Brinker International, Inc. | 0.5% |
| Teleflex, Inc. | 0.5% |
| Terreno Realty Corp. | 0.5% |
| BorgWarner, Inc. | 0.5% |
| Celanese Corp., Class A | 0.5% |
| Merit Medical Systems, Inc. | 0.5% |
| Armstrong World Industries, Inc. | 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares Core S&P Small-Cap ETF

Annual Shareholder Report — March 31, 2025

IJR-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

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

### IUSG \| NASDAQ

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Core S&P U.S. Growth ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Core S&P U.S. Growth ETF | $4 | 0.04% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 9.19%. 

* For the same period, the S&P Total Market Index returned 7.09% and the S&P 900 Growth Index<sup>™</sup> returned 9.26%. 

What contributed to performance?

During the reporting period, the information technology sector was the leading contributor to the Fund's performance. In particular, an innovative multinational technology company benefited from consistently strong brand recognition and the robust ecosystem of its products and services. Additionally, optimism was further fueled by the potential of emerging technologies like artificial intelligence ("AI") to enhance product development and operational efficiency. The semiconductor segment was also positive, as leading chipmakers specializing in high-performance hardware designed for AI and high-performance computing contributed. In the financials sector, insurance companies were supported by rising premiums and growth in property and casualty names. Among financial services firms, the continued shift from cash to digital payments was a tailwind for transaction and payment processing services companies. Communications stocks were also meaningful contributors, buoyed by strong performance from media and entertainment names.

What detracted from performance?

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

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

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9818667.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 9.19% | 18.41% | 13.43% |
| S&P Total Market Index | 7.09 | 18.08 | 11.72 |
| S&P 900 Growth Index<sup>™</sup> | 9.26 | 18.46 | 13.48 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$19457291521 |
| Number of Portfolio Holdings | &nbsp;&nbsp;455 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$7825650 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

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

The performance of the S&P 900 Growth Index™ in this report reflects the performance of the Russell 3000<sup>®</sup> Growth Index through January 22, 2017 and, beginning on January 23, 2017, the performance of the S&P 900 Growth Index™.

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 35.7% |
| Financials | 13.8% |
| Communication Services | 13.7% |
| Consumer Discretionary | 12.5% |
| Industrials | 9.5% |
| Health Care | 6.7% |
| Consumer Staples | 3.9% |
| Real Estate | 1.5% |
| Utilities | 1.0% |
| Energy | 0.9% |
| Materials | 0.8% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| NVIDIA Corp. | 10.6% |
| Apple Inc. | 6.1% |
| Microsoft Corp. | 5.8% |
| Meta Platforms, Inc., Class A | 5.0% |
| Amazon.com, Inc. | 4.2% |
| Alphabet, Inc., Class A | 3.6% |
| Broadcom, Inc. | 3.1% |
| Alphabet, Inc., Class C, NVS | 3.0% |
| Tesla, Inc. | 2.9% |
| Eli Lilly & Co. | 2.6% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares Core S&P U.S. Growth ETF

Annual Shareholder Report — March 31, 2025

IUSG-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

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

### IUSV \| NASDAQ

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Core S&P U.S. Value ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Core S&P U.S. Value ETF | $4 | 0.04% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 4.14%. 

* For the same period, the S&P Total Market Index returned 7.09% and the S&P 900 Value Index<sup>™</sup> returned 4.18%. 

What contributed to performance?

Financial stocks were the leading contributor to the Fund's return during the reporting period. While the Federal Reserve cut interest rates during the reporting period, they remained relatively high, keeping lending rates elevated and helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) for banks. The capital markets industry further contributed, driven in part by growing trading volumes and investment banking revenues. Also benefiting performance were insurance companies, supported by rising premiums and growth in property and casualty names. Stocks in the consumer staples sector gained, particularly leading brick-and-mortar retailers with a focus on low pricing and everyday essentials. Additionally, these companies benefited from efforts to increase their e-commerce operations.

What detracted from performance?

The information technology sector was the main detractor from the Fund's return during the reporting period. In the semiconductors segment, suppliers exposed to the PC, smartphone, industrial and automotive sectors generally saw fundamentals under pressure due to weak end demand conditions and excess inventory. These challenges compounded broader industry headwinds, such as a cyclical downturn in semiconductor capital spending and macroeconomic uncertainty. In the software subsector, a major firm detracted, due to decelerating growth in its cloud infrastructure unit and concerns about its artificial intelligence investment strategy. Consumer discretionary stocks also detracted as concerns over lingering inflation and the possibility of trade wars dampened consumer sentiment. This led consumers to prioritize their spending, and delay purchases on both nonessential goods and bigger ticket items.

*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, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9818711.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 4.14% | 17.31% | 9.94% |
| S&P Total Market Index | 7.09 | 18.08 | 11.72 |
| S&P 900 Value Index<sup>™</sup> | 4.18 | 17.35 | 9.96 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$20213427084 |
| Number of Portfolio Holdings | &nbsp;&nbsp;701 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$7545873 |
| Portfolio Turnover Rate | &nbsp;&nbsp;31% |

---

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

The performance of the S&P 900 Value Index™ in this report reflects the performance of the Russell 3000<sup>®</sup> Value Index through January 22, 2017 and, beginning on January 23, 2017, the performance of the S&P 900 Value Index™.

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 21.5% |
| Financials | 15.9% |
| Health Care | 15.4% |
| Industrials | 8.8% |
| Consumer Discretionary | 8.4% |
| Consumer Staples | 8.2% |
| Energy | 6.4% |
| Utilities | 4.1% |
| Communication Services | 3.9% |
| Materials | 3.8% |
| Real Estate | 3.6% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Apple Inc. | 7.2% |
| Microsoft Corp. | 5.3% |
| Amazon.com, Inc. | 3.0% |
| Exxon Mobil Corp. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 2.0% |
| UnitedHealth Group, Inc. | 1.9% |
| Procter & Gamble Co. (The) | 1.6% |
| Johnson & Johnson | 1.6% |
| JPMorgan Chase & Co. | 1.2% |
| Chevron 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares Core S&P U.S. Value ETF

Annual Shareholder Report — March 31, 2025

IUSV-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

### iShares MSCI USA Quality GARP ETF

### GARP \| Cboe BZX Exchange

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares MSCI USA Quality GARP ETF (the "Fund") (formerly known as iShares Factors US Growth Style ETF) for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares MSCI USA Quality GARP ETF | $16 | 0.15% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 7.67%. 

* For the same period, the MSCI USA Index returned 8.17% and the Underlying Index returned 7.87%. 

What contributed to performance?

Consumer discretionary stocks were the top contributor to the Fund' performance during the reporting period. In particular, the stock of an electric vehicle ("EV") maker gained, helped by a sharp rise in carbon credit revenue, possible deregulation of autonomous driving, and as investors remained optimistic about the company's long-term growth plans. (Carbon credits are tradable permits that allow companies to emit a certain amount of greenhouse gases, firms can earn revenue by selling these credits to automakers that need them to meet regulatory emissions standards.) Financial stocks also contributed, supported by transaction and payment processing services firms, amid a continued shift from cash to digital payments. In the industrials sector, aerospace companies benefited as both leisure and business air travel experienced a sharp rebound. Defense stocks gained amid rising geopolitical tensions and as defense spending increases, driving robust growth in military contracts and backlogs. Reflecting factor contributions, profitability and momentum drove performance during the period as well as earnings yield.

What detracted from performance?

During the reporting period, factor detractors from the Fund's return included volatility and dividend yield.

*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, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9818887.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 | 7.67% | 21.35% | 15.75% |
| MSCI USA Index | 8.17 | 18.58 | 12.53 |
| Underlying Index | 7.87 | 21.60 | 15.98 |
| MSCI USA Quality GARP Select Index | N/A | N/A | 10.04 |
| Russell US Large Cap Factors Growth Style Index | 8.34 | N/A | 17.25 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$316184469 |
| Number of Portfolio Holdings | &nbsp;&nbsp;135 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$242567 |
| Portfolio Turnover Rate | &nbsp;&nbsp;69% |

---

The Fund has added the MSCI USA Index in response to new regulatory requirements.

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

The performance of the Underlying Index in this report reflects the performance of the Russell US Large Cap Factors Growth Style Index through June 2, 2024 and, beginning on June 3, 2024, the performance of the MSCI USA Quality GARP Select Index.

The inception date of the MSCI USA Quality GARP Select Index was April 16, 2024. The cumulative total return for this index for the period April 16, 2024 through September 30, 2024 was 14.88%.

Effective August 5, 2024, the Russell US Large Cap Value Factors Growth Style Index was discontinued by the index provider. Returns shown are through August 2, 2024.

**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, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 46.3% |
| Consumer Discretionary | 13.2% |
| Financials | 13.1% |
| Communication Services | 9.9% |
| Industrials | 7.5% |
| Health Care | 5.2% |
| Energy | 3.3% |
| Real Estate | 1.0% |
| Materials | 0.4% |
| Utilities | 0.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Mastercard, Inc., Class A | 5.4% |
| Microsoft Corp. | 5.3% |
| Apple Inc. | 5.3% |
| NVIDIA Corp. | 4.5% |
| Meta Platforms, Inc., Class A | 4.1% |
| Adobe, Inc. | 3.9% |
| Alphabet, Inc., Class A | 3.7% |
| KLA Corp. | 3.6% |
| Tesla, Inc. | 3.5% |
| Eli Lilly & Co. | 3.5% |

---

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

#### Material Fund changes
This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

On March 5, 2024, the Board of Trustees approved a proposal to change the fund name of iShares Factors US Growth Style ETF to iShares MSCI USA Quality GARP ETF, the ticker from STLG to GARP and the underlying index from Russell US Large Cap Factors Growth Style Index to MSCI USA Quality GARP Select Index and to make related changes to the Fund's investment objective, investment strategy, and investment risks. The Fund's revised investment objective is to track the investment results of an index composed of US large- and mid-capitalization growth stocks exhibiting favorable value and quality characteristics. These changes became effective on June 3, 2024.

Effective April 1, 2024, for its investment advisory services to the Fund, BlackRock Fund Advisors ("BFA") is entitled to an annual investment advisory fee of 0.15%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to April 1, 2024, BFA was entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

#### 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 MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares MSCI USA Quality GARP ETF

Annual Shareholder Report — March 31, 2025

GARP-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

### iShares Preferred and Income Securities ETF

### PFF \| NASDAQ

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Preferred and Income Securities ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Preferred and Income Securities ETF | $45 | 0.45% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 1.46%. 

* For the same period, the MSCI USA Index returned 8.17% and the ICE Exchange-Listed Preferred & Hybrid Securities Index returned 1.86%. 

What contributed to performance?

During the reporting period, the financials sector was the largest contributor to the Fund's return. The Federal Reserve began to ease its monetary stance in 2024 and cut interest rates by 100 basis points before the end of the reporting period. Mortgage REITs, which earn income from the spread between short-term borrowing rates and long-term mortgage yields, benefited performance. While mortgages are sensitive to interest rate changes, rates stayed elevated due to rising 10-year Treasury yields. Additionally, banks were supported as lending rates remained relatively high, helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits).

What detracted from performance?

During the reporting period, materials stocks detracted from the Fund's return, particularly in the chemicals subsector. Falling lithium prices due to a weakening Chinese economy negatively impacted one of the world's largest producers of lithium.

*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, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9818931.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 1.46% | 5.26% | 3.01% |
| MSCI USA Index | 8.17 | 18.58 | 12.41 |
| ICE Exchange-Listed Preferred & Hybrid Securities Index | 1.86 | 5.76 | 3.64 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$14160450807 |
| Number of Portfolio Holdings | &nbsp;&nbsp;448 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$66634982 |
| Portfolio Turnover Rate | &nbsp;&nbsp;20% |

---

The Fund has added the MSCI USA Index in response to new regulatory requirements.

The performance of the ICE Exchange-Listed Preferred & Hybrid Securities Index in this report reflects the performance of the S&P U.S. Preferred Stock Index through January 31, 2019, the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index beginning on February 1, 2019 through October 31, 2019 and, beginning on November 1, 2019, the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Index.

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 64.8% |
| Utilities | 11.2% |
| Real Estate | 6.4% |
| Industrials | 5.9% |
| Communication Services | 4.1% |
| Information Technology | 2.4% |
| Consumer Discretionary | 1.9% |
| Consumer Staples | 1.4% |
| Materials | 1.1% |
| Energy | 0.5% |
| Health Care | 0.3% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Boeing Co. (The) | 4.1% |
| Wells Fargo & Co., Series L, NVS | 2.4% |
| Citigroup Capital XIII, (3-mo. CME Term SOFR + 6.632%), NVS | 1.6% |
| KKR & Co., Inc., Series D | 1.5% |
| Bank of America Corp., Series L, NVS | 1.3% |
| Apollo Global Management, Inc. | 1.2% |
| NextEra Energy, Inc. | 1.1% |
| JPMorgan Chase & Co., Series EE, NVS | 1.0% |
| Albemarle Corp., NVS | 1.0% |
| NextEra Energy, Inc. | 1.0% |

---

<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, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

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

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares Preferred and Income Securities ETF

Annual Shareholder Report — March 31, 2025

PFF-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

### iShares Russell Top 200 ETF

### IWL \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Russell Top 200 ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Russell Top 200 ETF | $16 | 0.15% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 9.29%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 7.22% and the Russell Top 200<sup>®</sup> Index returned 9.47%. 

What contributed to performance?

The largest contributor to the Fund's return during the reporting period was the financials sector. Banks were supported by strong trading activity, and a resurgence in wealth management and investment banking units. Additionally, a diversified financial holding company benefited from strong performance from its insurance segment. Stocks in the information technology sector also contributed to returns. Technology hardware stocks were supported by an innovative multinational technology company that benefited from consistently strong brand recognition and the robust ecosystem of its products and services. Additionally, optimism was further fueled by the potential of emerging technologies to enhance product development and operational efficiency. The semiconductors and semiconductor equipment segment specializing in high-performance hardware designed for artificial intelligence ("AI") and high-performance computing also supported performance. In the communication sector, interactive media and services stocks contributed, as the benefits of investments in AI for online advertising came to fruition.

What detracted from performance?

Software stocks within the information technology sector detracted from the Fund's return during the reporting period. Macroeconomic and policy shocks, particularly new tariffs and trade tensions, as well as concerns about growth and a shift in spending, all weighed on 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: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9819063.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 9.29% | 19.00% | 13.25% |
| Russell 3000<sup>®</sup> Index | 7.22 | 18.18 | 11.80 |
| Russell Top 200<sup>®</sup> Index | 9.47 | 19.18 | 13.41 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1566650370 |
| Number of Portfolio Holdings | &nbsp;&nbsp;202 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2292941 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

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

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 32.5% |
| Financials | 14.5% |
| Health Care | 11.6% |
| Communication Services | 10.6% |
| Consumer Discretionary | 10.5% |
| Industrials | 7.2% |
| Consumer Staples | 6.1% |
| Energy | 3.1% |
| Materials | 1.5% |
| Utilities | 1.4% |
| Real Estate | 1.0% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Apple Inc. | 8.1% |
| Microsoft Corp. | 7.0% |
| NVIDIA Corp. | 6.3% |
| Amazon.com, Inc. | 4.4% |
| Meta Platforms, Inc., Class A | 3.1% |
| Berkshire Hathaway, Inc., Class B | 2.4% |
| Alphabet, Inc., Class A | 2.3% |
| Broadcom, Inc. | 1.9% |
| Alphabet, Inc., Class C, NVS | 1.9% |
| Tesla, 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares Russell Top 200 ETF

Annual Shareholder Report — March 31, 2025

IWL-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

### iShares Russell Top 200 Growth ETF

### IWY \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Russell Top 200 Growth ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Russell Top 200 Growth ETF | $21 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 8.43%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 7.22% and the Russell Top 200<sup>®</sup> Growth Index returned 8.76%. 

What contributed to performance?

The largest contributor to the Fund's return during the reporting period was the information technology sector. Technology hardware stocks were supported by an innovative multinational technology company that benefited from consistently strong brand recognition and the robust ecosystem of its products and services. Additionally, optimism was further fueled by the potential of emerging technologies to enhance product development and operational efficiency. The semiconductors and semiconductor equipment segment specializing in high-performance hardware designed for AI and high-performance computing also supported performance. In the communication sector, interactive media and services stocks contributed, as the benefits of investments in AI for online advertising came to fruition. The consumer discretionary sector was led by strong performance from a major electric vehicle manufacturer. The firm was helped by a sharp rise in carbon credit revenue, possible deregulation of autonomous driving, and as investors remained optimistic about the company's long-term growth plans.

What detracted from performance?

Software stocks within the information technology sector detracted from the Fund's return during the reporting period. A major software firm was pressured by decelerating growth in its cloud infrastructure unit and concerns about its AI investment strategy.

*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, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9819107.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 8.43% | 20.96% | 16.26% |
| Russell 3000<sup>®</sup> Index | 7.22 | 18.18 | 11.80 |
| Russell Top 200<sup>®</sup> Growth Index | 8.76 | 21.22 | 16.48 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$11750242459 |
| Number of Portfolio Holdings | &nbsp;&nbsp;109 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$24032562 |
| Portfolio Turnover Rate | &nbsp;&nbsp;28% |

---

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

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 45.6% |
| Consumer Discretionary | 15.3% |
| Communication Services | 13.1% |
| Health Care | 8.1% |
| Financials | 8.1% |
| Consumer Staples | 4.7% |
| Industrials | 3.8% |
| Materials | 0.7% |
| Real Estate | 0.6% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Apple Inc. | 11.8% |
| Microsoft Corp. | 10.2% |
| NVIDIA Corp. | 9.3% |
| Amazon.com, Inc. | 6.8% |
| Meta Platforms, Inc., Class A | 4.3% |
| Alphabet, Inc., Class A | 3.5% |
| Tesla, Inc. | 3.4% |
| Eli Lilly & Co. | 3.2% |
| Broadcom, Inc. | 3.2% |
| Visa, Inc., Class A | 3.0% |

---

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

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares Russell Top 200 Growth ETF

Annual Shareholder Report — March 31, 2025

IWY-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

### iShares Russell Top 200 Value ETF

### IWX \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Russell Top 200 Value ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Russell Top 200 Value ETF | $21 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 9.71%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 7.22% and the Russell Top 200<sup>®</sup> Value Index returned 9.95%. 

What contributed to performance?

The largest contributor to the Fund's return was the financial sector. Banks were supported by strong trading activity, and a resurgence in wealth management and investment banking units. Additionally, a diversified financial holding company benefited from strong performance from its insurance segment. The Fund benefited from food, beverage, and tobacco holdings within the defensive consumer staples sector. Tobacco companies saw positive outcomes from the success of their smoke-free products, such as tobacco pouches and e-cigarettes. Industrials companies were supported by the capital goods segment. Aerospace and defense stocks registered strong returns amid a landscape of geopolitical instability and ongoing conflicts, which led to increased defense spending.

What detracted from performance?

Semiconductor stocks within the information technology sector detracted from the Fund's return during the reporting period, as these firms faced significant negative impacts due to escalating trade tensions and geopolitical tensions. Additionally, while demand for chips that power artificial intelligence experienced strong demand, suppliers exposed to the PC, smartphone, industrial, and automotive sectors generally saw fundamentals under pressure due to weak end demand conditions and excess inventory.

*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, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9819151.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 9.71% | 15.66% | 9.16% |
| Russell 3000<sup>®</sup> Index | 7.22 | 18.18 | 11.80 |
| Russell Top 200<sup>®</sup> Value Index | 9.95 | 15.91 | 9.38 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3094721225 |
| Number of Portfolio Holdings | &nbsp;&nbsp;161 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$5006654 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

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

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 25.8% |
| Health Care | 18.3% |
| Industrials | 12.9% |
| Consumer Staples | 9.3% |
| Information Technology | 8.8% |
| Energy | 7.5% |
| Communication Services | 5.1% |
| Consumer Discretionary | 4.2% |
| Utilities | 3.3% |
| Materials | 2.9% |
| Real Estate | 1.9% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Berkshire Hathaway, Inc., Class B | 5.9% |
| JPMorgan Chase & Co. | 4.2% |
| Exxon Mobil Corp. | 3.2% |
| UnitedHealth Group, Inc. | 2.7% |
| Johnson & Johnson | 2.4% |
| Walmart, Inc. | 2.3% |
| Procter & Gamble Co. (The) | 1.9% |
| Bank of America Corp. | 1.7% |
| Chevron Corp. | 1.7% |
| Philip Morris International, Inc. | 1.5% |

---

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

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares Russell Top 200 Value ETF

Annual Shareholder Report — March 31, 2025

IWX-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

### iShares Russell 3000 ETF

### IWV \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Russell 3000 ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Russell 3000 ETF | $21 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 7.02%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 7.22%. 

What contributed to performance?

Financials stocks were the main contributors to the Fund's return during the reporting period. While the Federal Reserve cut interest rates during the reporting period, they remained relatively high, keeping lending rates elevated and helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) for banks. Capital markets firms were supported by strong trading activity, and a resurgence in wealth management and investment banking units. The information technology sector also contributed due to an innovative multinational technology company benefiting from consistently strong brand recognition and the robust ecosystem of its products and services. Additionally, optimism was further fueled by the potential of emerging technologies to enhance product development and operational efficiency. In the communication sector, interactive media and services stocks contributed, as the benefits of investments in artificial intelligence for online advertising came to fruition.

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, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9818975.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 7.02% | 17.99% | 11.62% |
| Russell 3000<sup>®</sup> Index | 7.22 | 18.18 | 11.80 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$14432167962 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2676 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$29532196 |
| 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, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 27.5% |
| Financials | 15.3% |
| Health Care | 11.3% |
| Consumer Discretionary | 10.3% |
| Industrials | 9.6% |
| Communication Services | 8.8% |
| Consumer Staples | 5.8% |
| Energy | 3.8% |
| Real Estate | 2.7% |
| Utilities | 2.5% |
| Materials | 2.4% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Apple Inc. | 6.1% |
| Microsoft Corp. | 5.2% |
| NVIDIA Corp. | 4.7% |
| Amazon.com, Inc. | 3.3% |
| Meta Platforms, Inc., Class A | 2.4% |
| Berkshire Hathaway, Inc., Class B | 1.8% |
| Alphabet, Inc., Class A | 1.7% |
| Broadcom, Inc. | 1.4% |
| Alphabet, Inc., Class C, NVS | 1.4% |
| Tesla, Inc. | 1.4% |

---

<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, and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares Russell 3000 ETF

Annual Shareholder Report — March 31, 2025

IWV-03/25-AR

![TSR - iShares Fund Logo](g86604images_27643.jpg)

### iShares Russell Mid-Cap Value ETF

### IWS \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Russell Mid-Cap Value ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| iShares Russell Mid-Cap Value ETF | $23 | 0.23% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 2.06%. 

* For the same period, the Russell 3000<sup>®</sup> Index returned 7.22% and the Russell MidCap<sup>®</sup> Value Index returned 2.27%. 

What contributed to performance?

Financial stocks were the leading contributors to the Fund's return during the reporting period. While the Federal Reserve cut interest rates during the reporting period, they remained relatively high, keeping lending rates elevated and helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) for banks. The capital markets industry further contributed, driven in part by growing trading volumes and investment banking revenues. Overall, insurance companies were supported by rising premiums and growth in property and casualty names. The utilities sector was also a notable contributor, as the sector benefited from its defensive nature and dividend appeal, as well as the increasing energy demand needed to support the rapid development of artificial intelligence data centers. The real estate sector benefited from improving interest rate expectations and due to their appeal as income-generating assets.

What detracted from performance?

During the reporting period, the materials sector was the leading detractor from the Fund's return. Stocks in the chemicals subsector faced increasing pricing pressures and weakened demand from China and Europe. Within the healthcare sector, the pharma, biotech, and life sciences segment weighed on performance. If approved, the Biosecure Act would require firms to shift their sourcing away from targeted Chinese companies, potentially leading to increased costs and logistical challenges. In addition, pharmaceutical, biotechnology, and life sciences firms were also impacted by uncertainty around policy changes from the new U.S. presidential administration.

*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, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g86604chartimages_9819019.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 2.06% | 16.47% | 7.41% |
| Russell 3000<sup>®</sup> Index | 7.22 | 18.18 | 11.80 |
| Russell MidCap<sup>®</sup> Value Index | 2.27 | 16.70 | 7.62 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$13282223483 |
| Number of Portfolio Holdings | &nbsp;&nbsp;716 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$30641067 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

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

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

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 18.3% |
| Industrials | 16.2% |
| Real Estate | 10.2% |
| Consumer Discretionary | 8.7% |
| Information Technology | 8.5% |
| Health Care | 7.9% |
| Utilities | 7.7% |
| Materials | 6.7% |
| Energy | 6.3% |
| Consumer Staples | 6.0% |
| Communication Services | 3.5% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Arthur J. Gallagher & Co. | 0.9% |
| Williams Cos., Inc. (The) | 0.9% |
| MicroStrategy, Inc., Class A | 0.7% |
| ONEOK, Inc. | 0.7% |
| Aflac, Inc. | 0.7% |
| Bank of New York Mellon Corp. (The) | 0.7% |
| Kinder Morgan, Inc. | 0.7% |
| Realty Income Corp. | 0.6% |
| Howmet Aerospace, Inc. | 0.6% |
| Digital Realty Trust, Inc. | 0.6% |

---

<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, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

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

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g86604images_27642.jpg)

iShares Russell Mid-Cap Value ETF

Annual Shareholder Report — March 31, 2025

IWS-03/25-AR

------

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

---

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

---

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

Richard L. Fagnani

Laura F. Fergerson

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

------

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

Item 4 – Principal Accountant Fees and Services

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the twenty series of the registrant for which the fiscal year-end is March 31, 2025 (the "Fund"), 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, 2024 and $270,400 for the fiscal year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u> – There were no fees billed for the fiscal years ended March 31, 2024 and March 31, 2025 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Funds financial statements and are not reported under (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u> – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $174,600 for the fiscal year ended March 31, 2024 and $194,000 for the fiscal year ended March 31, 2025. These services related to the review of the Funds' tax returns and excise tax calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees – There were no other fees billed in each of the fiscal years ended March 31, 2024 and March 31, 2025 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's principal accountant for services rendered to the Funds, and rendered to the registrant's investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $174,600 for the fiscal year ended March 31, 2024 and $194,000 for the fiscal year ended March 31, 2025.

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

------

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

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

Item 5 – Audit Committee of Listed Registrant

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

Richard L. Fagnani

Laura F. Fergerson

Cecilia H. Herbert

John E. Martinez

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

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statement 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.

------

---

| | |
|:---|:---|
| ![LOGO](g86604g70e91.jpg)  | **MARCH 31, 2025** |

---

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

#### 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](#fin186604_1) | 3 |
|  [Statements of Assets and Liabilities](#fin186604_2) | 29 |
|  [Statements of Operations](#fin186604_3) | 30 |
|  [Statements of Changes in Net Assets](#fin186604_4) | 31 |
|  [Financial Highlights](#fin186604_5) | 33 |
|  [Notes to Financial Statements](#fin186604_6) | 37 |
|  [Report of Independent Registered Public Accounting Firm](#fin186604_7) | 47 |
|  [Important Tax Information](#fin186604_8) | 48 |
|  [Additional Information](#fin186604_9) | 49 |
|  [Glossary of Terms Used in these Financial Statements](#fin186604_10) | 50 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments <br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 100 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
|  Boeing Co. (The)<sup>(a)(b)</sup>  | 373126 | $63636639 |
|  General Dynamics Corp. | 126229 | 34407501 |
|  General Electric Co. | 533912 | 106862487 |
|  Lockheed Martin Corp. | 104214 | 46553436 |
|  RTX Corp. | 662676 | 87778063 |
|  |  | 339238126 |
| **Air Freight & Logistics — 0.4%** |  |  |
|  FedEx Corp. | 110228 | 26871382 |
|  United Parcel Service, Inc., Class B | 363826 | 40017222 |
|  |  | 66888604 |
| **Automobiles — 2.3%** |  |  |
|  General Motors Co. | 494972 | 23278533 |
|  Tesla, Inc.<sup>(a)</sup>  | 1392063 | 360767047 |
|  |  | 384045580 |
| **Banks — 4.2%** |  |  |
|  Bank of America Corp. | 3293883 | 137453738 |
|  Citigroup, Inc. | 933777 | 66288829 |
|  JPMorgan Chase & Co. | 1390943 | 341198318 |
|  U.S. Bancorp. | 776032 | 32764071 |
|  Wells Fargo & Co. | 1636080 | 117454183 |
|  |  | 695159139 |
| **Beverages — 1.5%** |  |  |
|  Coca-Cola Co. (The) | 1926051 | 137943773 |
|  PepsiCo, Inc. | 682258 | 102297764 |
|  |  | 240241537 |
| **Biotechnology — 2.0%** |  |  |
|  AbbVie, Inc. | 878185 | 183997321 |
|  Amgen, Inc. | 267236 | 83257376 |
|  Gilead Sciences, Inc. | 619965 | 69467078 |
|  |  | 336721775 |
| **Broadline Retail — 5.4%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup>  | 4691995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892698969 |
| **Capital Markets — 1.9%** |  |  |
|  Bank of New York Mellon Corp. (The) | 357013 | 29942680 |
|  BlackRock, Inc.<sup>(c)</sup>  | 72423 | 68546921 |
|  Charles Schwab Corp. (The) | 847718 | 66359365 |
|  Goldman Sachs Group, Inc. (The) | 155228 | 84799504 |
|  Morgan Stanley | 615547 | 71815869 |
|  |  | 321464339 |
| **Chemicals — 0.7%** |  |  |
|  Linde PLC | 236866 | 110294284 |
| **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |  |
|  Cisco Systems, Inc. | 1981247 | 122262752 |
| **Consumer Finance — 0.7%** |  |  |
|  American Express Co. | 276087 | 74281207 |
|  Capital One Financial Corp. | 189633 | 34001197 |
|  |  | 108282404 |
| **Consumer Staples Distribution & Retail — 2.5%** | **Consumer Staples Distribution & Retail — 2.5%** |  |
|  Costco Wholesale Corp. | 220819 | 208846194 |
|  Target Corp. | 227941 | 23787923 |
|  Walmart, Inc. | 2157978 | 189448888 |
|  |  | 422083005 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |  |
|  AT&T Inc. | 3570834 | $100983186 |
|  Verizon Communications, Inc. | 2094142 | 94990281 |
|  |  | 195973467 |
| **Electric Utilities — 1.0%** |  |  |
|  Duke Energy Corp. | 386027 | 47083713 |
|  NextEra Energy, Inc. | 1022968 | 72518202 |
|  Southern Co. (The) | 545058 | 50118083 |
|  |  | 169719998 |
| **Electrical Equipment — 0.2%** |  |  |
|  Emerson Electric Co. | 280517 | 30755884 |
| **Entertainment — 1.7%** |  |  |
|  Netflix, Inc.<sup>(a)</sup>  | 212793 | 198435856 |
|  Walt Disney Co. (The) | 899299 | 88760812 |
|  |  | 287196668 |
| **Financial Services — 6.3%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | 911814 | 485613900 |
|  Mastercard, Inc., Class A | 405126 | 222057663 |
|  PayPal Holdings, Inc.<sup>(a)</sup>  | 492102 | 32109655 |
|  Visa, Inc., Class A | 857295 | 300447606 |
|  |  | 1040228824 |
| **Food Products — 0.3%** |  |  |
|  Mondelez International, Inc., Class A | 643473 | 43659643 |
| **Ground Transportation — 0.4%** |  |  |
|  Union Pacific Corp. | 300604 | 71014689 |
| **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** |  |
|  Abbott Laboratories | 862817 | 114452675 |
|  Intuitive Surgical, Inc.<sup>(a)</sup>  | 177423 | 87872289 |
|  Medtronic PLC | 637879 | 57319807 |
|  |  | 259644771 |
| **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** |  |
|  CVS Health Corp. | 627193 | 42492326 |
|  UnitedHealth Group, Inc. | 457798 | 239771702 |
|  |  | 282264028 |
| **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** |  |
|  Booking Holdings, Inc. | 16461 | 75834346 |
|  McDonald's Corp. | 356489 | 111356469 |
|  Starbucks Corp. | 565061 | 55426833 |
|  |  | 242617648 |
| **Household Products — 1.4%** |  |  |
|  Colgate-Palmolive Co. | 403702 | 37826878 |
|  Procter & Gamble Co. (The) | 1166458 | 198787772 |
|  |  | 236614650 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |  |
|  3M Co. | 270067 | 39662040 |
|  Honeywell International, Inc. | 323470 | 68494772 |
|  |  | 108156812 |
| **Insurance — 0.3%** |  |  |
|  American International Group, Inc. | 295159 | 25661123 |
|  MetLife, Inc. | 287992 | 23122878 |
|  |  | 48784001 |
| **Interactive Media & Services — 8.7%** | **Interactive Media & Services — 8.7%** |  |
|  Alphabet, Inc., Class A | 2901663 | 448713167 |
|  Alphabet, Inc., Class C, NVS | 2351683 | 367403435 |
|  Meta Platforms, Inc., Class A | 1089381 | 627875633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443992235 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 100 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **IT Services — 1.3%** |  |  |  |
|  Accenture PLC, Class A | 311150 | $| 97091246 |
|  International Business Machines Corp. | 459969 |  | 114375892 |
|  |  |  | 211467138 |
| **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |  |  |
|  Danaher Corp. | 318374 |  | 65266670 |
|  Thermo Fisher Scientific, Inc. | 190276 |  | 94681338 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159948008 |
| **Machinery — 0.8%** |  |  |  |
|  Caterpillar, Inc. | 237751 |  | 78410280 |
|  Deere & Co. | 126000 |  | 59138100 |
|  |  |  | 137548380 |
| **Media — 0.5%** |  |  |  |
|  Charter Communications, Inc., Class A<sup>(a)</sup>  | 48016 |  | 17695336 |
|  Comcast Corp., Class A | 1876192 |  | 69231485 |
|  |  |  | 86926821 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |  |  |
|  Chevron Corp. | 831395 |  | 139084070 |
|  ConocoPhillips | 634690 |  | 66655144 |
|  Exxon Mobil Corp. | 2165425 |  | 257533995 |
|  |  |  | 463273209 |
| **Pharmaceuticals — 4.6%** |  |  |  |
|  Bristol-Myers Squibb Co. | 1009491 |  | 61568856 |
|  Eli Lilly & Co. | 391964 |  | 323726987 |
|  Johnson & Johnson | 1197685 |  | 198624080 |
|  Merck & Co., Inc. | 1258380 |  | 112952189 |
|  Pfizer, Inc. | 2819076 |  | 71435386 |
|  |  |  | 768307498 |
| **Retail REITs — 0.2%** |  |  |  |
|  Simon Property Group, Inc. | 152564 |  | 25337829 |
| **Semiconductors & Semiconductor Equipment —12.1%** | **Semiconductors & Semiconductor Equipment —12.1%** | **Semiconductors & Semiconductor Equipment —12.1%** | **Semiconductors & Semiconductor Equipment —12.1%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup>  | 806120 |  | 82820769 |
|  Broadcom, Inc. | 2331755 |  | 390405740 |
|  Intel Corp. | 2153986 |  | 48917022 |
|  NVIDIA Corp. | 12182701 |  | 1320361134 |
|  QUALCOMM, Inc. | 550188 |  | 84514379 |
|  Texas Instruments, Inc. | 452848 |  | 81376785 |
|  |  |  | 2008395829 |
| **Software — 11.8%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup>  | 216550 |  | 83053421 |
|  Intuit, Inc. | 139249 |  | 85497494 |
|  Microsoft Corp. | 3698077 |  | 1388221125 |
|  Oracle Corp. | 806989 |  | 112825132 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup>  | 1019695 |  | 86062258 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Software (continued)** |  |  |
|  Salesforce, Inc. | 476063 | $127756267 |
|  ServiceNow, Inc.<sup>(a)</sup>  | 102479 | 81587631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965003328 |
| **Specialized REITs — 0.3%** |  |  |
|  American Tower Corp. | 232459 | 50583078 |
| **Specialty Retail — 1.5%** |  |  |
|  Home Depot, Inc. (The) | 494154 | 181102500 |
|  Lowe's Cos., Inc. | 280888 | 65511508 |
|  |  | 246614008 |
| **Technology Hardware, Storage & Peripherals — 10.0%** | **Technology Hardware, Storage & Peripherals — 10.0%** | **Technology Hardware, Storage & Peripherals — 10.0%** |
|  Apple Inc. | 7472820 | 1659937507 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |  |
|  NIKE, Inc., Class B | 587613 | 37301673 |
| **Tobacco — 1.0%** |  |  |
|  Altria Group, Inc. | 843097 | 50602682 |
|  Philip Morris International, Inc. | 773474 | 122773528 |
|  |  | 173376210 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
|  T-Mobile U.S., Inc. | 238550 | 63623670 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $13,181,489,154)** | **Total Long-Term Investments — 99.8%<br>(Cost: $13,181,489,154)** | 16557648018 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.3%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(c)(d)(e)</sup>  | 18524699 | 18533961 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(c)(d)</sup>  | 24443382 | 24443382 |
|  **Total Short-Term Securities — 0.3%<br>(Cost: $42,977,343)** | **Total Short-Term Securities — 0.3%<br>(Cost: $42,977,343)** | 42977343 |
|  **Total Investments — 100.1%<br>(Cost: $13,224,466,497)** | **Total Investments — 100.1%<br>(Cost: $13,224,466,497)** | 16600625361 |
|  **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (12730204) |
|  **Net Assets — 100.0%** |  | $16587895157 |

---

<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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 100 ETF**  |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $85068 | $18460460 <sup>(a)</sup> | $— | $(11559) | $(8) | $18533961 | 18524699 | $24043 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 16278938 | 8164444 <sup>(a)</sup> |  |  |  | 24443382 | 24443382 | 1199855 |  |
|  BlackRock, Inc. | 45350779 | 21005230 | (3984055) | 1086548 | 5088419 | 68546921 | 72423 | 1245834 |  |
|  |  |  |  | $1074989 | $5088411 | $111524264 |  | $2469732 | $— |

---

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 95 | 06/20/25 | $26853 | $351368 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $351368 | $— | $— | $— | $351368 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1403 | $— | $— | $— | $1403 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(89551) | $— | $— | $— | $(89551) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 100 ETF**  |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $23906878 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $16557648018 | $— | $— | $16557648018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 42977343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 42977343 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16600625361 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16600625361 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $351368 | $— | $— | $351368 |

---

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

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments <br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 500 Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** |
|  Axon Enterprise, Inc.<sup>(a)</sup>  | 156916 | $82529970 |
|  General Electric Co. | 953247 | 190792387 |
|  Howmet Aerospace, Inc. | 877363 | 113820302 |
|  RTX Corp. | 1644814 | 217872062 |
|  TransDigm Group, Inc. | 121495 | 168062819 |
|  |  | 773077540 |
| **Automobiles — 3.1%** |  |  |
|  Tesla, Inc.<sup>(a)</sup>  | 6061916 | 1571006151 |
| **Banks — 1.6%** |  |  |
|  JPMorgan Chase & Co. | 3452462 | 846888929 |
| **Beverages — 0.1%** |  |  |
|  Monster Beverage Corp.<sup>(a)</sup>  | 669627 | 39186572 |
| **Biotechnology — 1.5%** |  |  |
|  AbbVie, Inc. | 1606154 | 336521386 |
|  Amgen, Inc. | 500386 | 155895258 |
|  Incyte Corp.<sup>(a)(b)</sup>  | 208512 | 12625402 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | 556254 | 269683064 |
|  |  | 774725110 |
| **Broadline Retail — 4.5%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup>  | 11850449 | 2254666427 |
|  eBay, Inc. | 693791 | 46990464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301656891 |
| **Building Products — 0.6%** |  |  |
|  Allegion PLC | 100135 | 13063612 |
|  Builders FirstSource, Inc.<sup>(a)(b)</sup>  | 130059 | 16249571 |
|  Carrier Global Corp. | 839704 | 53237234 |
|  Lennox International, Inc. | 69266 | 38846451 |
|  Masco Corp. | 188274 | 13092574 |
|  Trane Technologies PLC | 485876 | 163701342 |
|  |  | 298190784 |
| **Capital Markets — 1.8%** |  |  |
|  Ameriprise Financial, Inc. | 208404 | 100890460 |
|  Bank of New York Mellon Corp. (The) | 839533 | 70411633 |
|  FactSet Research Systems, Inc. | 37164 | 16896241 |
|  Intercontinental Exchange, Inc. | 647187 | 111639758 |
|  KKR & Co., Inc., Class A | 643416 | 74385324 |
|  Moody's Corp. | 174390 | 81211679 |
|  Morgan Stanley | 1206223 | 140730037 |
|  MSCI, Inc., Class A | 168201 | 95117666 |
|  Nasdaq, Inc. | 368767 | 27974665 |
|  Raymond James Financial, Inc. | 246562 | 34249927 |
|  S&P Global, Inc. | 320714 | 162954783 |
|  |  | 916462173 |
| **Chemicals — 0.3%** |  |  |
|  Ecolab, Inc. | 267410 | 67793783 |
|  Sherwin-Williams Co. (The) | 286110 | 99906751 |
|  |  | 167700534 |
| **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |  |
|  Cintas Corp. | 743041 | 152717217 |
|  Copart, Inc.<sup>(a)(b)</sup>  | 1899349 | 107484160 |
|  Republic Services, Inc. | 439734 | 106485985 |
|  Rollins, Inc. | 354092 | 19131591 |
|  Veralto Corp. | 258009 | 25142977 |
|  Waste Management, Inc. | 419347 | 97083024 |
|  |  | 508044954 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
|  Arista Networks, Inc.<sup>(a)</sup>  | 2237729 | $173379243 |
|  F5, Inc.<sup>(a)</sup>  | 57161 | 15220259 |
|  Motorola Solutions, Inc. | 362044 | 158506484 |
|  |  | 347105986 |
| **Construction & Engineering — 0.2%** |  |  |
|  Quanta Services, Inc. | 319771 | 81279393 |
| **Construction Materials — 0.1%** |  |  |
|  Martin Marietta Materials, Inc. | 69080 | 33029220 |
|  Vulcan Materials Co. | 176919 | 41275203 |
|  |  | 74304423 |
| **Consumer Finance — 0.9%** |  |  |
|  American Express Co. | 1202228 | 323459444 |
|  Discover Financial Services | 543720 | 92813004 |
|  Synchrony Financial | 841629 | 44555839 |
|  |  | 460828287 |
| **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** |  |
|  Costco Wholesale Corp. | 961603 | 909464885 |
|  Walmart, Inc. | 6296097 | 552734356 |
|  |  | 1462199241 |
| **Containers & Packaging — 0.0%** |  |  |
|  Packaging Corp. of America | 96894 | 19186950 |
| **Electric Utilities — 0.8%** |  |  |
|  Constellation Energy Corp. | 677670 | 136638602 |
|  NextEra Energy, Inc. | 2984594 | 211577869 |
|  NRG Energy, Inc. | 437644 | 41777496 |
|  PPL Corp. | 834042 | 30117257 |
|  |  | 420111224 |
| **Electrical Equipment — 1.2%** |  |  |
|  AMETEK, Inc. | 234878 | 40431899 |
|  Eaton Corp. PLC | 856079 | 232707954 |
|  Emerson Electric Co. | 830649 | 91072356 |
|  GE Vernova, Inc. | 597670 | 182456698 |
|  Generac Holdings, Inc.<sup>(a)</sup>  | 80179 | 10154670 |
|  Hubbell, Inc. | 116637 | 38596350 |
|  |  | 595419927 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
|  Amphenol Corp., Class A | 2620307 | 171865936 |
|  Trimble, Inc.<sup>(a)</sup>  | 233538 | 15331770 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup>  | 50435 | 14250913 |
|  |  | 201448619 |
| **Entertainment — 1.9%** |  |  |
|  Electronic Arts, Inc. | 205529 | 29703051 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup>  | 340801 | 44501795 |
|  Netflix, Inc.<sup>(a)</sup>  | 926645 | 864124262 |
|  TKO Group Holdings, Inc., Class A | 144241 | 22041467 |
|  |  | 960370575 |
| **Financial Services — 7.5%** |  |  |
|  Apollo Global Management, Inc. | 968270 | 132594894 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | 1945555 | 1036163682 |
|  Corpay, Inc.<sup>(a)(b)</sup>  | 150792 | 52584186 |
|  Fiserv, Inc.<sup>(a)(b)</sup>  | 1232397 | 272150230 |
|  Jack Henry & Associates, Inc. | 63421 | 11580675 |
|  Mastercard, Inc., Class A | 1764169 | 966976312 |
|  PayPal Holdings, Inc.<sup>(a)</sup>  | 1435725 | 93681056 |
|  Visa, Inc., Class A | 3733209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308340426 |
|  |  | 3874071461 |
| **Ground Transportation — 0.8%** |  |  |
|  CSX Corp. | 1920897 | 56531999 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 500 Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Ground Transportation (continued)** |  |  |  |
|  Old Dominion Freight Line, Inc. | 187834 | $| 31077135 |
|  Uber Technologies, Inc.<sup>(a)(b)</sup>  | 4525255 |  | 329710079 |
|  |  |  | 417319213 |
| **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |
|  Boston Scientific Corp.<sup>(a)</sup>  | 3192644 |  | 322073927 |
|  Dexcom, Inc.<sup>(a)</sup>  | 365036 |  | 24928308 |
|  Insulet Corp.<sup>(a)(b)</sup>  | 152448 |  | 40034369 |
|  Intuitive Surgical, Inc.<sup>(a)</sup>  | 772620 |  | 382655507 |
|  ResMed, Inc. | 317917 |  | 71165721 |
|  Stryker Corp. | 394310 |  | 146781898 |
|  |  |  | 987639730 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |  |  |
|  DaVita, Inc.<sup>(a)(b)</sup>  | 95340 |  | 14584160 |
|  HCA Healthcare, Inc. | 228552 |  | 78976143 |
|  |  |  | 93560303 |
| **Health Care REITs — 0.2%** |  |  |  |
|  Welltower, Inc. | 712651 |  | 109185260 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |  |  |
|  Host Hotels & Resorts, Inc. | 957155 |  | 13601173 |
| **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup>  | 937736 |  | 112021943 |
|  Booking Holdings, Inc. | 71666 |  | 330158812 |
|  Carnival Corp.<sup>(a)(b)</sup>  | 2257623 |  | 44091377 |
|  Chipotle Mexican Grill, Inc.<sup>(a)(b)</sup>  | 2935978 |  | 147415455 |
|  Darden Restaurants, Inc. | 109809 |  | 22813918 |
|  Domino's Pizza, Inc. | 31518 |  | 14480945 |
|  DoorDash, Inc., Class A<sup>(a)</sup>  | 734889 |  | 134315663 |
|  Expedia Group, Inc. | 266947 |  | 44873791 |
|  Hilton Worldwide Holdings, Inc.<sup>(b)</sup>  | 521193 |  | 118597467 |
|  Las Vegas Sands Corp. | 744389 |  | 28755747 |
|  Marriott International, Inc., Class A | 495709 |  | 118077884 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)(b)</sup>  | 955673 |  | 18119560 |
|  Royal Caribbean Cruises Ltd. | 536330 |  | 110183635 |
|  Wynn Resorts Ltd. | 194071 |  | 16204928 |
|  Yum! Brands, Inc. | 248692 |  | 39134173 |
|  |  |  | 1299245298 |
| **Household Durables — 0.3%** |  |  |  |
|  Garmin Ltd. | 332685 |  | 72235894 |
|  NVR, Inc.<sup>(a)(b)</sup>  | 4057 |  | 29390490 |
|  PulteGroup, Inc. | 438598 |  | 45087875 |
|  |  |  | 146714259 |
| **Household Products — 0.1%** |  |  |  |
|  Colgate-Palmolive Co. | 773522 |  | 72479011 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **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. | 736976 |  | 86550461 |
| **Insurance — 1.8%** |  |  |  |
|  Aon PLC, Class A | 238954 |  | 95364152 |
|  Arch Capital Group Ltd. | 811745 |  | 78073634 |
|  Arthur J. Gallagher & Co. | 247923 |  | 85592936 |
|  Brown & Brown, Inc. | 513687 |  | 63902663 |
|  Cincinnati Financial Corp. | 180067 |  | 26599497 |
|  Erie Indemnity Co., Class A, NVS | 54207 |  | 22715443 |
|  Hartford Insurance Group, Inc. (The) | 342660 |  | 42397322 |
|  Marsh & McLennan Cos., Inc. | 468102 |  | 114230931 |
|  Progressive Corp. (The) | 1268972 |  | 359131766 |
|  W R Berkley Corp.<sup>(b)</sup>  | 355948 |  | 25329260 |
|  Willis Towers Watson PLC | 103755 |  | 35064002 |
|  |  |  | 948401606 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Interactive Media & Services — 12.2%** | **Interactive Media & Services — 12.2%** |  |  |
|  Alphabet, Inc., Class A | 12635615 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953971504 |
|  Alphabet, Inc., Class C, NVS | 10240680 |  | 1599901436 |
|  Meta Platforms, Inc., Class A | 4743821 |  | 2734148672 |
|  |  |  | 6288021612 |
| **IT Services — 1.2%** |  |  |  |
|  Gartner, Inc.<sup>(a)(b)</sup>  | 166405 |  | 69846835 |
|  GoDaddy, Inc., Class A<sup>(a)</sup>  | 305116 |  | 54963596 |
|  International Business Machines Corp. | 2003011 |  | 498068715 |
|  |  |  | 622879146 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |  |  |
|  Mettler-Toledo International, Inc.<sup>(a)(b)</sup>  | 18592 |  | 21955479 |
|  Waters Corp.<sup>(a)(b)</sup>  | 59372 |  | 21882738 |
|  |  |  | 43838217 |
| **Machinery — 2.0%** |  |  |  |
|  Caterpillar, Inc. | 1035284 |  | 341436663 |
|  Cummins, Inc. | 298151 |  | 93452450 |
|  Deere & Co. | 241432 |  | 113316109 |
|  Dover Corp. | 134182 |  | 23573094 |
|  Illinois Tool Works, Inc. | 237187 |  | 58824748 |
|  Ingersoll Rand, Inc.<sup>(b)</sup>  | 872747 |  | 69845942 |
|  PACCAR, Inc. | 624151 |  | 60773583 |
|  Parker-Hannifin Corp. | 278924 |  | 169543953 |
|  Pentair PLC | 230474 |  | 20161866 |
|  Westinghouse Air Brake Technologies Corp. | 370071 |  | 67112376 |
|  |  |  | 1018040784 |
| **Multi-Utilities — 0.1%** |  |  |  |
|  Public Service Enterprise Group, Inc. | 508937 |  | 41885515 |
| **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** |  |  |
|  Hess Corp. | 598717 |  | 95633066 |
|  ONEOK, Inc. | 752548 |  | 74667813 |
|  Targa Resources Corp. | 472399 |  | 94701828 |
|  Texas Pacific Land Corp.<sup>(b)</sup>  | 40757 |  | 54002617 |
|  Williams Cos., Inc. (The) | 1373137 |  | 82058667 |
|  |  |  | 401063991 |
| **Passenger Airlines — 0.2%** |  |  |  |
|  Delta Air Lines, Inc. | 1388101 |  | 60521203 |
|  United Airlines Holdings, Inc.<sup>(a)(b)</sup>  | 711438 |  | 49124794 |
|  |  |  | 109645997 |
| **Pharmaceuticals — 2.7%** |  |  |  |
|  Eli Lilly & Co. | 1706842 |  | 1409697876 |
| **Professional Services — 0.6%** |  |  |  |
|  Automatic Data Processing, Inc. | 502363 |  | 153486967 |
|  Broadridge Financial Solutions, Inc. | 111783 |  | 27102906 |
|  Dayforce, Inc.<sup>(a)(b)</sup>  | 342745 |  | 19992316 |
|  Leidos Holdings, Inc. | 147731 |  | 19934821 |
|  Paychex, Inc. | 327185 |  | 50478102 |
|  Paycom Software, Inc. | 101990 |  | 22282775 |
|  Verisk Analytics, Inc. | 135045 |  | 40192093 |
|  |  |  | 333469980 |
| **Real Estate Management & Development — 0.2%** | **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>  | 640309 |  | 83739611 |
| **Residential REITs — 0.2%** |  |  |  |
|  AvalonBay Communities, Inc. | 135849 |  | 29155912 |
|  Camden Property Trust | 118241 |  | 14460874 |
|  Essex Property Trust, Inc. | 67047 |  | 20554599 |
|  Mid-America Apartment Communities, Inc. | 104162 |  | 17455468 |
|  UDR, Inc. | 293682 |  | 13265616 |
|  |  |  | 94892469 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 500 Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Retail REITs — 0.2%** |  |  |  |
|  Simon Property Group, Inc. | 664373 | $| 110339068 |
| **Semiconductors & Semiconductor Equipment — 15.3%** | **Semiconductors & Semiconductor Equipment — 15.3%** | **Semiconductors & Semiconductor Equipment — 15.3%** | **Semiconductors & Semiconductor Equipment — 15.3%** |
|  Applied Materials, Inc. | 739427 |  | 107305646 |
|  Broadcom, Inc. | 10153881 |  | 1700064296 |
|  First Solar, Inc.<sup>(a)(b)</sup>  | 123324 |  | 15591853 |
|  KLA Corp. | 287866 |  | 195691307 |
|  Monolithic Power Systems, Inc. | 103573 |  | 60070269 |
|  NVIDIA Corp. | 53050867 |  | 5749652965 |
|  NXP Semiconductors NV | 220953 |  | 41994327 |
|  |  |  | 7870370663 |
| **Software — 12.8%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup>  | 396068 |  | 151903960 |
|  ANSYS, Inc.<sup>(a)(b)</sup>  | 83617 |  | 26469798 |
|  Autodesk, Inc.<sup>(a)(b)</sup>  | 465738 |  | 121930208 |
|  Cadence Design Systems, Inc.<sup>(a)</sup>  | 326733 |  | 83098004 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup>  | 533557 |  | 188121527 |
|  Fair Isaac Corp.<sup>(a)</sup>  | 52912 |  | 97578194 |
|  Fortinet, Inc.<sup>(a)</sup>  | 1378039 |  | 132650034 |
|  Gen Digital, Inc. | 683554 |  | 18141523 |
|  Intuit, Inc. | 606383 |  | 372313098 |
|  Microsoft Corp. | 8373896 |  | 3143476820 |
|  Oracle Corp. | 3514128 |  | 491310236 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup>  | 4440393 |  | 374769169 |
|  Palo Alto Networks, Inc.<sup>(a)(b)</sup>  | 1434235 |  | 244737860 |
|  PTC, Inc.<sup>(a)(b)</sup>  | 122714 |  | 19014534 |
|  Salesforce, Inc. | 2073079 |  | 556331480 |
|  ServiceNow, Inc.<sup>(a)(b)</sup>  | 446227 |  | 355259164 |
|  Synopsys, Inc.<sup>(a)</sup>  | 173602 |  | 74449218 |
|  Tyler Technologies, Inc.<sup>(a)(b)</sup>  | 92597 |  | 53834970 |
|  Workday, Inc., Class A<sup>(a)</sup>  | 217571 |  | 50809356 |
|  |  |  | 6556199153 |
| **Specialized REITs — 0.5%** |  |  |  |
|  Equinix, Inc. | 98560 |  | 80360896 |
|  Extra Space Storage, Inc. | 207320 |  | 30784947 |
|  Iron Mountain, Inc. | 637798 |  | 54876140 |
|  Public Storage | 341406 |  | 102179401 |
|  |  |  | 268201384 |
| **Specialty Retail — 1.8%** |  |  |  |
|  AutoZone, Inc.<sup>(a)</sup>  | 36336 |  | 138541174 |
|  Home Depot, Inc. (The) | 946788 |  | 346988334 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup>  | 124504 |  | 178361940 |
|  TJX Cos., Inc. (The) | 1436782 |  | 175000048 |
|  Tractor Supply Co. | 626806 |  | 34537011 |
|  Williams-Sonoma, Inc. | 266659 |  | 42158788 |
|  |  |  | 915587295 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** |
|  Apple Inc. | 14968943 | $3325051309 |
|  Dell Technologies, Inc., Class C | 313778 | 28600865 |
|  NetApp, Inc. | 206511 | 18139926 |
|  Super Micro Computer, Inc.<sup>(a)(b)</sup>  | 1094494 | 37475474 |
|  |  | 3409267574 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |  |
|  Deckers Outdoor Corp.<sup>(a)(b)</sup>  | 328084 | 36683072 |
|  Lululemon Athletica, Inc.<sup>(a)(b)</sup>  | 111641 | 31601102 |
|  Ralph Lauren Corp., Class A | 86291 | 19047875 |
|  Tapestry, Inc. | 448413 | 31572759 |
|  |  | 118904808 |
| **Tobacco — 0.8%** |  |  |
|  Altria Group, Inc. | 1688799 | 101361716 |
|  Philip Morris International, Inc. | 1818809 | 288699553 |
|  |  | 390061269 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |  |
|  Fastenal Co. | 709718 | 55038631 |
|  United Rentals, Inc. | 141485 | 88668650 |
|  WW Grainger, Inc. | 96022 | 94853412 |
|  |  | 238560693 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |  |
|  T-Mobile U.S., Inc. | 550573 | 146843325 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $38,687,581,509)** | **Total Long-Term Investments — 99.8%<br>(Cost: $38,687,581,509)** | 51339472468 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.6%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(c)(d)(e)</sup>  | 219714776 | 219824633 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(c)(d)</sup>  | 70598005 | 70598005 |
|  **Total Short-Term Securities — 0.6%<br>(Cost: $290,380,534)** | **Total Short-Term Securities — 0.6%<br>(Cost: $290,380,534)** | 290422638 |
|  **Total Investments — 100.4%<br>(Cost: $38,977,962,043)** | **Total Investments — 100.4%<br>(Cost: $38,977,962,043)** | 51629895106 |
|  **Liabilities in Excess of Other Assets — (0.4)%** | **Liabilities in Excess of Other Assets — (0.4)%** | (209697658) |
|  **Net Assets — 100.0%** |  | $51420197448 |

---

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

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

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 500 Growth ETF**  |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares*<br> *Held at*<br> *03/31/25* | *Income* | *Capital*<br> *Gain*<br> *Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $212646423 | $7187883 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(3533) | $(6140) | $219824633 | 219714776 | $518651 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 24073535 | 46524470 <sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 70598005 | 70598005 | 2732758 |  |
|  |  |  |  | $(3533) | $(6140) | $290422638 |  | $3251409 | $— |

---

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 1000 Growth E-Mini Index | 386 | 06/20/25 | $70796 | $(1270745) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $1270745 | $— | $— | $— | $1270745 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(995502) | $— | $— | $— | $(995502) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |
|  Futures contracts | $— | $— | $(1458599) | $— | $— | $— | $(1458599) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 500 Growth ETF**  |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $65668461 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $51339472468 | $— | $— | $51339472468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 290422638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 290422638 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51629895106 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51629895106 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(1270745) | $— | $— | $(1270745) |

---

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

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments <br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 500 Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.6%** |  |  |
|  Boeing Co. (The)<sup>(a)(b)</sup>  | 1169458 | $199451062 |
|  General Dynamics Corp. | 395623 | 107838917 |
|  General Electric Co. | 987294 | 197606894 |
|  Huntington Ingalls Industries, Inc. | 60861 | 12418079 |
|  L3Harris Technologies, Inc. | 294716 | 61687006 |
|  Lockheed Martin Corp. | 326616 | 145902633 |
|  Northrop Grumman Corp. | 212850 | 108981329 |
|  RTX Corp. | 893079 | 118297244 |
|  Textron, Inc. | 288461 | 20841307 |
|  |  | 973024471 |
| **Air Freight & Logistics — 0.7%** |  |  |
|  CH Robinson Worldwide, Inc. | 183952 | 18836685 |
|  Expeditors International of Washington, Inc. | 218869 | 26318997 |
|  FedEx Corp. | 345469 | 84218433 |
|  United Parcel Service, Inc., Class B | 1140285 | 125419947 |
|  |  | 254794062 |
| **Automobile Components — 0.1%** |  |  |
|  Aptiv PLC<sup>(a)(b)</sup>  | 357725 | 21284637 |
| **Automobiles — 0.4%** |  |  |
|  Ford Motor Co. | 6066810 | 60850104 |
|  General Motors Co. | 1551318 | 72958486 |
|  |  | 133808590 |
| **Banks — 5.3%** |  |  |
|  Bank of America Corp. | 10323629 | 430805038 |
|  Citigroup, Inc. | 2926626 | 207761180 |
|  Citizens Financial Group, Inc. | 682872 | 27977266 |
|  Fifth Third Bancorp | 1040868 | 40802026 |
|  Huntington Bancshares, Inc. | 2266282 | 34016893 |
|  JPMorgan Chase & Co. | 1874569 | 459831776 |
|  KeyCorp | 1553558 | 24841392 |
|  M&T Bank Corp. | 258917 | 46281414 |
|  PNC Financial Services Group, Inc. (The) | 616696 | 108396656 |
|  Regions Financial Corp. | 1419123 | 30837543 |
|  Truist Financial Corp. | 2051696 | 84427290 |
|  U.S. Bancorp | 2432216 | 102688159 |
|  Wells Fargo & Co. | 5127781 | 368123398 |
|  |  | 1966790031 |
| **Beverages — 2.5%** |  |  |
|  Brown-Forman Corp., Class B, NVS | 285329 | 9684066 |
|  Coca-Cola Co. (The) | 6036587 | 432340361 |
|  Constellation Brands, Inc., Class A | 243007 | 44596645 |
|  Keurig Dr. Pepper, Inc. | 1858993 | 63614740 |
|  Molson Coors Beverage Co., Class B | 271565 | 16530162 |
|  Monster Beverage Corp.<sup>(a)</sup>  | 609487 | 35667179 |
|  PepsiCo, Inc. | 2138324 | 320620301 |
|  |  | 923053454 |
| **Biotechnology — 2.3%** |  |  |
|  AbbVie, Inc. | 1596393 | 334476261 |
|  Amgen, Inc. | 477413 | 148738020 |
|  Biogen, Inc.<sup>(a)</sup>  | 228508 | 31269035 |
|  Gilead Sciences, Inc. | 1943067 | 217720657 |
|  Incyte Corp.<sup>(a)</sup>  | 100383 | 6078191 |
|  Moderna, Inc.<sup>(a)(b)</sup>  | 526906 | 14937785 |
|  Regeneron Pharmaceuticals, Inc. | 164033 | 104034650 |
|  |  | 857254599 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Broadline Retail — 3.2%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup>  | 6176338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175110068 |
|  eBay, Inc. | 246142 | 16671198 |
|  |  | 1191781266 |
| **Building Products — 0.5%** |  |  |
| A. O. Smith Corp. | 186111 | 12164215 |
|  Allegion PLC | 63788 | 8321782 |
|  Builders FirstSource, Inc.<sup>(a)(b)</sup>  | 85285 | 10655508 |
|  Carrier Global Corp. | 654714 | 41508868 |
|  Johnson Controls International PLC | 1029235 | 82452016 |
|  Masco Corp. | 197847 | 13758280 |
|  |  | 168860669 |
| **Capital Markets — 4.6%** |  |  |
|  Bank of New York Mellon Corp. (The) | 514726 | 43170070 |
|  BlackRock, Inc.<sup>(c)</sup>  | 226986 | 214837709 |
|  Blackstone, Inc., Class A, NVS | 1141168 | 159512463 |
|  Cboe Global Markets, Inc. | 163214 | 36933696 |
|  Charles Schwab Corp. (The) | 2656915 | 207983306 |
|  CME Group, Inc., Class A | 561851 | 149053452 |
|  FactSet Research Systems, Inc. | 32423 | 14740793 |
|  Franklin Resources, Inc. | 480310 | 9245968 |
|  Goldman Sachs Group, Inc. (The) | 486500 | 265770085 |
|  Intercontinental Exchange, Inc. | 429994 | 74173965 |
|  Invesco Ltd. | 696975 | 10573111 |
|  KKR & Co., Inc., Class A | 587542 | 67925731 |
|  MarketAxess Holdings, Inc. | 58703 | 12700394 |
|  Moody's Corp. | 116001 | 54020506 |
|  Morgan Stanley | 1060406 | 123717568 |
|  Nasdaq, Inc. | 380705 | 28880281 |
|  Northern Trust Corp. | 307839 | 30368317 |
|  Raymond James Financial, Inc. | 108324 | 15047287 |
|  S&P Global, Inc. | 260305 | 132260970 |
|  State Street Corp. | 449759 | 40266923 |
|  T Rowe Price Group, Inc. | 345436 | 31735205 |
|  |  | 1722917800 |
| **Chemicals — 2.3%** |  |  |
|  Air Products & Chemicals, Inc. | 346874 | 102300080 |
|  Albemarle Corp. | 183176 | 13192336 |
|  CF Industries Holdings, Inc. | 271597 | 21225306 |
|  Corteva, Inc. | 1068208 | 67222329 |
|  Dow, Inc. | 1097350 | 38319462 |
|  DuPont de Nemours, Inc. | 652839 | 48754016 |
|  Eastman Chemical Co. | 179979 | 15857950 |
|  Ecolab, Inc. | 200385 | 50801605 |
|  International Flavors & Fragrances, Inc. | 397834 | 30875897 |
|  Linde PLC | 742393 | 345687876 |
|  LyondellBasell Industries NV, Class A | 403683 | 28419283 |
|  Mosaic Co. (The) | 495614 | 13386534 |
|  PPG Industries, Inc. | 361816 | 39564580 |
|  Sherwin-Williams Co. (The) | 155112 | 54163559 |
|  |  | 869770813 |
| **Commercial Services & Supplies — 0.2%** |  |  |
|  Rollins, Inc. | 185235 | 10008247 |
|  Veralto Corp. | 200895 | 19577218 |
|  Waste Management, Inc. | 267858 | 62011805 |
|  |  | 91597270 |
| **Communications Equipment — 1.1%** |  |  |
|  Cisco Systems, Inc. | 6209599 | 383194355 |
|  F5, Inc.<sup>(a)</sup>  | 48660 | 12956698 |
|  Juniper Networks, Inc. | 513532 | 18584723 |
|  |  | 414735776 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 500 Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |  |  |
|  Martin Marietta Materials, Inc. | 45423 | $| 21718099 |
|  Vulcan Materials Co. | 78156 |  | 18233795 |
|  |  |  | 39951894 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |  |  |
|  Capital One Financial Corp. | 592808 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106290474 |
| **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |
|  Dollar General Corp. | 341815 |  | 30055793 |
|  Dollar Tree, Inc.<sup>(a)</sup>  | 314385 |  | 23600882 |
|  Kroger Co. (The) | 1034497 |  | 70025102 |
|  Sysco Corp. | 763474 |  | 57291089 |
|  Target Corp. | 715362 |  | 74655178 |
|  Walgreens Boots Alliance, Inc. | 1116604 |  | 12472466 |
|  Walmart, Inc. | 2231949 |  | 195942803 |
|  |  |  | 464043313 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |  |  |
|  Amcor PLC | 2246577 |  | 21791797 |
|  Avery Dennison Corp. | 125246 |  | 22290030 |
|  Ball Corp. | 464957 |  | 24210311 |
|  International Paper Co. | 822054 |  | 43856581 |
|  Packaging Corp. of America | 69531 |  | 13768529 |
|  Smurfit WestRock PLC | 767605 |  | 34588281 |
|  |  |  | 160505529 |
| **Distributors — 0.2%** |  |  |  |
|  Genuine Parts Co. | 216152 |  | 25752349 |
|  LKQ Corp. | 404243 |  | 17196497 |
|  Pool Corp. | 59499 |  | 18941507 |
|  |  |  | 61890353 |
| **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** |
|  AT&T Inc. | 11191626 |  | 316499183 |
|  Verizon Communications, Inc. | 6563427 |  | 297717049 |
|  |  |  | 614216232 |
| **Electric Utilities — 2.4%** |  |  |  |
|  Alliant Energy Corp. | 397987 |  | 25610463 |
|  American Electric Power Co., Inc. | 831331 |  | 90839538 |
|  Duke Energy Corp. | 1209873 |  | 147568210 |
|  Edison International | 601671 |  | 35450455 |
|  Entergy Corp. | 669363 |  | 57223843 |
|  Evergy, Inc. | 358275 |  | 24703061 |
|  Eversource Energy | 570197 |  | 35414936 |
|  Exelon Corp. | 1567243 |  | 72218557 |
|  FirstEnergy Corp. | 801118 |  | 32381190 |
|  NextEra Energy, Inc. | 1058032 |  | 75003889 |
|  PG&E Corp. | 3420049 |  | 58756442 |
|  Pinnacle West Capital Corp. | 175747 |  | 16739902 |
|  PPL Corp. | 549318 |  | 19835873 |
|  Southern Co. (The) | 1708291 |  | 157077357 |
|  Xcel Energy, Inc. | 896023 |  | 63429468 |
|  |  |  | 912253184 |
| **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |  |  |
|  AMETEK, Inc. | 190877 |  | 32857567 |
|  Emerson Electric Co. | 282331 |  | 30954771 |
|  Generac Holdings, Inc.<sup>(a)</sup>  | 35178 |  | 4455294 |
|  Rockwell Automation, Inc. | 175815 |  | 45427079 |
|  |  |  | 113694711 |
| **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** |
|  CDW Corp. | 208161 |  | 33359882 |
|  Corning, Inc. | 1198795 |  | 54880835 |
|  Jabil, Inc. | 170785 |  | 23238715 |
|  Keysight Technologies, Inc.<sup>(a)</sup>  | 270029 |  | 40442244 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
|  TE Connectivity PLC | 465413 | $65772165 |
|  Teledyne Technologies, Inc.<sup>(a)</sup>  | 72672 | 36169581 |
|  Trimble, Inc.<sup>(a)</sup>  | 213983 | 14047984 |
|  Zebra Technologies Corp., Class A<sup>(a)(b)</sup>  | 44213 | 12492825 |
|  |  | 280404231 |
| **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |  |
|  Baker Hughes Co., Class A | 1543693 | 67845307 |
|  Halliburton Co. | 1366872 | 34677543 |
|  Schlumberger NV | 2184090 | 91294962 |
|  |  | 193817812 |
| **Entertainment — 1.1%** |  |  |
|  Electronic Arts, Inc. | 223134 | 32247325 |
|  Take-Two Interactive Software, Inc.<sup>(a)(b)</sup>  | 255908 | 53036933 |
|  Walt Disney Co. (The) | 2818554 | 278191280 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)</sup>  | 3472819 | 37263348 |
|  |  | 400738886 |
| **Financial Services — 2.5%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | 1457463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776215645 |
|  Fidelity National Information Services, Inc. | 825852 | 61674627 |
|  Global Payments, Inc. | 386070 | 37803974 |
|  Jack Henry & Associates, Inc. | 67436 | 12313814 |
|  PayPal Holdings, Inc.<sup>(a)</sup>  | 508973 | 33210488 |
|  |  | 921218548 |
| **Food Products — 1.3%** |  |  |
|  Archer-Daniels-Midland Co. | 744295 | 35733603 |
|  Bunge Global SA | 208108 | 15903613 |
|  Conagra Brands, Inc. | 742583 | 19804689 |
|  General Mills, Inc. | 860864 | 51471059 |
|  Hershey Co. (The) | 230405 | 39406167 |
|  Hormel Foods Corp. | 453416 | 14028691 |
|  J M Smucker Co. (The) | 165477 | 19594132 |
|  Kellanova | 417543 | 34443122 |
|  Kraft Heinz Co. (The) | 1371916 | 41747404 |
|  Lamb Weston Holdings, Inc. | 220935 | 11775835 |
|  McCormick & Co., Inc., NVS | 392916 | 32340916 |
|  Mondelez International, Inc., Class A | 2016753 | 136836691 |
|  The Campbell's Co. | 306209 | 12223863 |
|  Tyson Foods, Inc., Class A | 443974 | 28329981 |
|  |  | 493639766 |
| **Gas Utilities — 0.1%** |  |  |
|  Atmos Energy Corp. | 247471 | 38254067 |
| **Ground Transportation — 1.1%** |  |  |
|  CSX Corp. | 1623585 | 47782107 |
|  JB Hunt Transport Services, Inc. | 123081 | 18209834 |
|  Norfolk Southern Corp. | 352106 | 83396306 |
|  Old Dominion Freight Line, Inc. | 158376 | 26203309 |
|  Union Pacific Corp. | 942262 | 222599975 |
|  |  | 398191531 |
| **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** |  |
|  Abbott Laboratories | 2704222 | 358715048 |
|  Align Technology, Inc.<sup>(a)</sup>  | 108859 | 17293341 |
|  Baxter International, Inc. | 794640 | 27200527 |
|  Becton Dickinson & Co. | 449239 | 102902685 |
|  Cooper Cos., Inc. (The)<sup>(a)</sup>  | 310619 | 26200713 |
|  Dexcom, Inc.<sup>(a)</sup>  | 345701 | 23607921 |
|  Edwards Lifesciences Corp.<sup>(a)</sup>  | 916399 | 66420600 |
|  GE HealthCare Technologies, Inc. | 713130 | 57556722 |
|  Hologic, Inc.<sup>(a)(b)</sup>  | 349843 | 21609802 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup>  | 127702 | 53628455 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 500 Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
|  Medtronic PLC | 1999239 | $| 179651617 |
|  Solventum Corp.<sup>(a)(b)</sup>  | 215400 |  | 16379016 |
|  STERIS PLC | 153491 |  | 34788735 |
|  Stryker Corp. | 251648 |  | 93675968 |
|  Zimmer Biomet Holdings, Inc. | 310148 |  | 35102551 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114733701 |
| **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** |
|  Cardinal Health, Inc. | 376137 |  | 51820395 |
|  Cencora, Inc. | 269087 |  | 74830404 |
|  Centene Corp.<sup>(a)</sup>  | 773187 |  | 46940183 |
|  Cigna Group (The) | 426868 |  | 140439572 |
|  CVS Health Corp. | 1965723 |  | 133177733 |
|  Elevance Health, Inc. | 361587 |  | 157275882 |
|  HCA Healthcare, Inc. | 114296 |  | 39494983 |
|  Henry Schein, Inc.<sup>(a)</sup>  | 194433 |  | 13316716 |
|  Humana, Inc. | 188274 |  | 49817300 |
|  Labcorp Holdings, Inc. | 129916 |  | 30236650 |
|  McKesson Corp. | 195400 |  | 131502246 |
|  Molina Healthcare, Inc.<sup>(a)</sup>  | 86529 |  | 28501787 |
|  Quest Diagnostics, Inc. | 173221 |  | 29308993 |
|  UnitedHealth Group, Inc. | 1434839 |  | 751496926 |
|  Universal Health Services, Inc., Class B | 91116 |  | 17120696 |
|  |  |  | 1695280466 |
| **Health Care REITs — 0.4%** |  |  |  |
|  Alexandria Real Estate Equities, Inc. | 241990 |  | 22386495 |
|  Healthpeak Properties, Inc. | 1088875 |  | 22017053 |
|  Ventas, Inc. | 681550 |  | 46863378 |
|  Welltower, Inc. | 436953 |  | 66945569 |
|  |  |  | 158212495 |
| **Hotel & Resort REITs — 0.0%** |  |  |  |
|  Host Hotels & Resorts, Inc. | 401335 |  | 5702970 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |  |  |
|  Caesars Entertainment, Inc.<sup>(a)(b)</sup>  | 328346 |  | 8208650 |
|  Darden Restaurants, Inc. | 104517 |  | 21714452 |
|  Domino's Pizza, Inc. | 31251 |  | 14358272 |
|  McDonald's Corp. | 1117286 |  | 349006628 |
|  MGM Resorts International<sup>(a)</sup>  | 349601 |  | 10362174 |
|  Starbucks Corp. | 1770992 |  | 173716605 |
|  Yum! Brands, Inc. | 257007 |  | 40442621 |
|  |  |  | 617809402 |
| **Household Durables — 0.3%** |  |  |  |
|  DR Horton, Inc. | 442182 |  | 56214598 |
|  Lennar Corp., Class A | 364072 |  | 41788184 |
|  Mohawk Industries, Inc.<sup>(a)</sup>  | 81455 |  | 9300532 |
|  NVR, Inc.<sup>(a)</sup>  | 1749 |  | 12670438 |
|  |  |  | 119973752 |
| **Household Products — 2.2%** |  |  |  |
|  Church & Dwight Co., Inc. | 383497 |  | 42219185 |
|  Clorox Co. (The) | 192415 |  | 28333109 |
|  Colgate-Palmolive Co. | 710139 |  | 66540024 |
|  Kimberly-Clark Corp. | 519134 |  | 73831237 |
|  Procter & Gamble Co. (The) | 3655900 |  | 623038478 |
|  |  |  | 833962033 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
|  AES Corp. (The) | 1106143 |  | 13738296 |
| **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** |  |  |
|  3M Co. | 846362 |  | 124296724 |
|  Honeywell International, Inc. | 1013811 |  | 214674479 |
|  |  |  | 338971203 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Industrial REITs — 0.4%** |  |  |
|  Prologis, Inc. | 1445080 | $161545493 |
| **Insurance — 2.9%** |  |  |
|  Aflac, Inc. | 771710 | 85806435 |
|  Allstate Corp. (The) | 413175 | 85556147 |
|  American International Group, Inc. | 925069 | 80425499 |
|  Aon PLC, Class A | 164700 | 65730123 |
|  Arthur J. Gallagher & Co. | 218120 | 75303749 |
|  Assurant, Inc. | 79350 | 16643663 |
|  Chubb Ltd. | 581004 | 175457398 |
|  Cincinnati Financial Corp. | 113895 | 16824569 |
|  Everest Group Ltd. | 66603 | 24198868 |
|  Globe Life, Inc. | 130605 | 17203291 |
|  Hartford Insurance Group, Inc. (The) | 202825 | 25095537 |
|  Loews Corp. | 279332 | 25673404 |
|  Marsh & McLennan Cos., Inc. | 428218 | 104498039 |
|  MetLife, Inc. | 905879 | 72733025 |
|  Principal Financial Group, Inc. | 326382 | 27536849 |
|  Prudential Financial, Inc. | 552710 | 61726653 |
|  Travelers Cos., Inc. (The) | 352670 | 93267108 |
|  W R Berkley Corp. | 209621 | 14916630 |
|  Willis Towers Watson PLC | 81524 | 27551036 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096148023 |
| **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |  |
|  Match Group, Inc. | 392052 | 12232022 |
| **IT Services — 1.2%** |  |  |
|  Accenture PLC, Class A | 975194 | 304299536 |
|  Akamai Technologies, Inc.<sup>(a)</sup>  | 232611 | 18725186 |
|  Cognizant Technology Solutions Corp., Class A | 772163 | 59070469 |
|  EPAM Systems, Inc.<sup>(a)</sup>  | 87887 | 14838841 |
|  VeriSign, Inc.<sup>(a)</sup>  | 126835 | 32199601 |
|  |  | 429133633 |
| **Leisure Products — 0.0%** |  |  |
|  Hasbro, Inc. | 203388 | 12506328 |
| **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |  |
|  Agilent Technologies, Inc. | 446570 | 52239759 |
|  Bio-Techne Corp. | 247735 | 14524703 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup>  | 79601 | 11981543 |
|  Danaher Corp. | 999089 | 204813245 |
|  IQVIA Holdings, Inc.<sup>(a)</sup>  | 260840 | 45986092 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup>  | 19422 | 22935634 |
|  Revvity, Inc.<sup>(b)</sup>  | 189376 | 20035981 |
|  Thermo Fisher Scientific, Inc. | 596355 | 296746248 |
|  Waters Corp.<sup>(a)(b)</sup>  | 49999 | 18428131 |
|  West Pharmaceutical Services, Inc. | 112999 | 25298216 |
|  |  | 712989552 |
| **Machinery — 1.2%** |  |  |
|  Deere & Co. | 221469 | 103946475 |
|  Dover Corp. | 117168 | 20584074 |
|  Fortive Corp. | 531973 | 38929784 |
|  IDEX Corp. | 117988 | 21352288 |
|  Illinois Tool Works, Inc. | 246835 | 61217548 |
|  Nordson Corp. | 83716 | 16887192 |
|  Otis Worldwide Corp. | 620857 | 64072442 |
|  PACCAR, Inc. | 367480 | 35781528 |
|  Pentair PLC | 89000 | 7785720 |
|  Snap-on, Inc. | 81205 | 27366897 |
|  Stanley Black & Decker, Inc. | 239595 | 18420064 |
|  Xylem, Inc. | 378460 | 45210832 |
|  |  | 461554844 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 500 Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Media — 1.0%** |  |  |
|  Charter Communications, Inc., Class A<sup>(a)(b)</sup>  | 150184 | $55347310 |
|  Comcast Corp., Class A | 5880327 | 216984066 |
|  Fox Corp., Class A, NVS | 344050 | 19473230 |
|  Fox Corp., Class B | 205036 | 10807448 |
|  Interpublic Group of Cos., Inc. (The) | 579815 | 15747775 |
|  News Corp., Class A, NVS | 586682 | 15969484 |
|  News Corp., Class B | 176406 | 5357450 |
|  Omnicom Group, Inc. | 306347 | 25399230 |
|  Paramount Global, Class B, NVS | 925841 | 11073058 |
|  |  | 376159051 |
| **Metals & Mining — 0.6%** |  |  |
|  Freeport-McMoRan, Inc. | 2240557 | 84827488 |
|  Newmont Corp. | 1774968 | 85695455 |
|  Nucor Corp. | 365682 | 44006172 |
|  Steel Dynamics, Inc. | 221272 | 27676702 |
|  |  | 242205817 |
| **Multi-Utilities — 1.3%** |  |  |
|  Ameren Corp. | 420816 | 42249926 |
|  CenterPoint Energy, Inc. | 1013274 | 36710917 |
|  CMS Energy Corp. | 463553 | 34817466 |
|  Consolidated Edison, Inc. | 540734 | 59799773 |
|  Dominion Energy, Inc. | 1310142 | 73459662 |
|  DTE Energy Co. | 323280 | 44699926 |
|  NiSource, Inc. | 732688 | 29373462 |
|  Public Service Enterprise Group, Inc. | 412401 | 33940602 |
|  Sempra | 984450 | 70250352 |
|  WEC Energy Group, Inc. | 495311 | 53978993 |
|  |  | 479281079 |
| **Office REITs — 0.0%** |  |  |
|  BXP, Inc. | 225765 | 15169150 |
| **Oil, Gas & Consumable Fuels — 6.0%** |  |  |
|  APA Corp. | 578794 | 12166250 |
|  Chevron Corp. | 2605750 | 435915918 |
|  ConocoPhillips | 1989222 | 208908095 |
|  Coterra Energy, Inc. | 1145947 | 33117868 |
|  Devon Energy Corp. | 1020971 | 38184315 |
|  Diamondback Energy, Inc. | 290968 | 46519964 |
|  EOG Resources, Inc. | 876925 | 112456862 |
|  EQT Corp. | 929214 | 49647904 |
|  Expand Energy Corp. | 327884 | 36500047 |
|  Exxon Mobil Corp. | 6786841 | 807159000 |
|  Kinder Morgan, Inc. | 3013942 | 85987765 |
|  Marathon Petroleum Corp. | 492684 | 71779132 |
|  Occidental Petroleum Corp. | 1050039 | 51829925 |
|  ONEOK, Inc. | 425244 | 42192710 |
|  Phillips 66 | 643908 | 79509760 |
|  Valero Energy Corp. | 493916 | 65231486 |
|  Williams Cos., Inc. (The) | 913036 | 54563031 |
|  |  | 2231670032 |
| **Passenger Airlines — 0.1%** |  |  |
|  Southwest Airlines Co. | 931238 | 31270972 |
| **Personal Care Products — 0.3%** |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 363201 | 23971266 |
|  Kenvue, Inc. | 2979839 | 71456539 |
|  |  | 95427805 |
| **Pharmaceuticals — 4.1%** |  |  |
|  Bristol-Myers Squibb Co. | 3163929 | 192968030 |
|  Johnson & Johnson | 3753758 | 622523227 |
|  Merck & Co., Inc. | 3944008 | 354014158 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Pharmaceuticals (continued)** |  |  |  |
|  Pfizer, Inc. | 8835497 | $| 223891494 |
|  Viatris, Inc. | 1853572 |  | 16144612 |
|  Zoetis, Inc., Class A | 698153 |  | 114950891 |
|  |  |  | 1524492412 |
| **Professional Services — 0.7%** |  |  |  |
|  Automatic Data Processing, Inc. | 272042 |  | 83116992 |
|  Broadridge Financial Solutions, Inc. | 101733 |  | 24666183 |
|  Equifax, Inc. | 193323 |  | 47085750 |
|  Jacobs Solutions, Inc. | 193171 |  | 23352442 |
|  Leidos Holdings, Inc. | 99630 |  | 13444072 |
|  Paychex, Inc. | 264727 |  | 40842082 |
|  Verisk Analytics, Inc. | 123444 |  | 36739404 |
|  |  |  | 269246925 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |  |  |
|  CoStar Group, Inc.<sup>(a)</sup>  | 656330 |  | 52001026 |
| **Residential REITs — 0.4%** |  |  |  |
|  AvalonBay Communities, Inc. | 123641 |  | 26535831 |
|  Camden Property Trust | 81853 |  | 10010622 |
|  Equity Residential | 530796 |  | 37994378 |
|  Essex Property Trust, Inc. | 52198 |  | 16002341 |
|  Invitation Homes, Inc. | 885543 |  | 30861173 |
|  Mid-America Apartment Communities, Inc. | 107975 |  | 18094450 |
|  UDR, Inc. | 257868 |  | 11647898 |
|  |  |  | 151146693 |
| **Retail REITs — 0.4%** |  |  |  |
|  Federal Realty Investment Trust | 120234 |  | 11761290 |
|  Kimco Realty Corp. | 1059418 |  | 22502038 |
|  Realty Income Corp. | 1364730 |  | 79167987 |
|  Regency Centers Corp. | 252663 |  | 18636423 |
|  |  |  | 132067738 |
| **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup>  | 2526526 |  | 259575281 |
|  Analog Devices, Inc. | 773497 |  | 155991140 |
|  Applied Materials, Inc. | 734921 |  | 106651736 |
|  Enphase Energy, Inc.<sup>(a)(b)</sup>  | 210165 |  | 13040738 |
|  First Solar, Inc.<sup>(a)</sup>  | 78439 |  | 9917043 |
|  Intel Corp. | 6750984 |  | 153314847 |
|  Lam Research Corp. | 1999796 |  | 145385169 |
|  Microchip Technology, Inc. | 838519 |  | 40592705 |
|  Micron Technology, Inc. | 1737129 |  | 150939139 |
|  NXP Semiconductors NV | 238074 |  | 45248344 |
|  ON Semiconductor Corp.<sup>(a)</sup>  | 661607 |  | 26920789 |
|  QUALCOMM, Inc. | 1724393 |  | 264884009 |
|  Skyworks Solutions, Inc. | 249554 |  | 16128675 |
|  Teradyne, Inc. | 253883 |  | 20970736 |
|  Texas Instruments, Inc. | 1417785 |  | 254775964 |
|  |  |  | 1664336315 |
| **Software — 6.8%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup>  | 393653 |  | 150977735 |
|  ANSYS, Inc.<sup>(a)</sup>  | 76107 |  | 24092432 |
|  Cadence Design Systems, Inc.<sup>(a)</sup>  | 192421 |  | 48938433 |
|  Gen Digital, Inc. | 357758 |  | 9494897 |
|  Microsoft Corp. | 5563410 |  | 2088448480 |
|  PTC, Inc.<sup>(a)</sup>  | 99416 |  | 15404509 |
|  Roper Technologies, Inc. | 167188 |  | 98570701 |
|  Synopsys, Inc.<sup>(a)</sup>  | 115691 |  | 49614086 |
|  Workday, Inc., Class A<sup>(a)</sup>  | 176832 |  | 41295577 |
|  |  |  | 2526836850 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 500 Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Specialized REITs — 1.4%** |  |  |  |
|  American Tower Corp. | 728556 | $| 158533786 |
|  Crown Castle, Inc. | 677864 |  | 70653765 |
|  Digital Realty Trust, Inc. | 493364 |  | 70694127 |
|  Equinix, Inc. | 80438 |  | 65585123 |
|  Extra Space Storage, Inc. | 182136 |  | 27045375 |
|  SBA Communications Corp., Class A | 167358 |  | 36820433 |
|  VICI Properties, Inc. | 1638427 |  | 53445489 |
|  Weyerhaeuser Co. | 1131704 |  | 33136293 |
|  |  |  | 515914391 |
| **Specialty Retail — 2.1%** |  |  |  |
|  Best Buy Co., Inc. | 303787 |  | 22361761 |
|  CarMax, Inc.<sup>(a)</sup>  | 240864 |  | 18768123 |
|  Home Depot, Inc. (The) | 867319 |  | 317863740 |
|  Lowe's Cos., Inc. | 881697 |  | 205638191 |
|  Ross Stores, Inc. | 515637 |  | 65893252 |
|  TJX Cos., Inc. (The) | 718722 |  | 87540340 |
|  Tractor Supply Co. | 382366 |  | 21068367 |
|  Ulta Beauty, Inc.<sup>(a)</sup>  | 73218 |  | 26837326 |
|  |  |  | 765971100 |
| **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** |
|  Apple Inc. | 12647432 |  | 2809374070 |
|  Dell Technologies, Inc., Class C | 257785 |  | 23497103 |
|  Hewlett Packard Enterprise Co. | 2047756 |  | 31596875 |
|  HP, Inc. | 1462146 |  | 40486823 |
|  NetApp, Inc. | 169407 |  | 14880711 |
|  Seagate Technology Holdings PLC | 330409 |  | 28068244 |
|  Western Digital Corp.<sup>(a)</sup>  | 538405 |  | 21767714 |
|  |  |  | 2969671540 |
| **Textiles, Apparel & Luxury Goods — 0.4%** |  |  |  |
|  Lululemon Athletica, Inc.<sup>(a)</sup>  | 94600 |  | 26777476 |
|  NIKE, Inc., Class B | 1841700 |  | 116911116 |
|  |  |  | 143688592 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Tobacco — 0.7%** |  |  |
|  Altria Group, Inc. | 1426912 | $85643258 |
|  Philip Morris International, Inc. | 1115136 | 177005538 |
|  |  | 262648796 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
|  Fastenal Co. | 384171 | 29792461 |
| **Water Utilities — 0.1%** |  |  |
|  American Water Works Co., Inc. | 303911 | 44832951 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
|  T-Mobile U.S., Inc. | 351399 | 93721627 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $35,126,401,795)** | **Total Long-Term Investments — 99.7%<br>(Cost: $35,126,401,795)** | 37190831505 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.5%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(c)(d)(e)</sup>  | 124358351 | 124420531 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(c)(d)</sup>  | 66635664 | 66635664 |
|  **Total Short-Term Securities — 0.5%<br>(Cost: $191,021,183)** | **Total Short-Term Securities — 0.5%<br>(Cost: $191,021,183)** | 191056195 |
|  **Total Investments — 100.2%<br>(Cost: $35,317,422,978)** | **Total Investments — 100.2%<br>(Cost: $35,317,422,978)** | 37381887700 |
|  **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (92565865) |
|  **Net Assets — 100.0%** |  | $37289321835 |

---

<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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares*<br> *Held at*<br> *03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $108139870 | $16295133 <sup>(a)</sup> | $— | $7456 | $(21928) | $124420531 | 124358351 | $269829 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 44835528 | 21800136 <sup>(a)</sup> |  |  |  | 66635664 | 66635664 | 2626388 |  |
|  BlackRock, Inc. | 195796946 | 65351878 | (74947241) | 8881418 | 19754708 | 214837709 | 226986 | 4766449 |  |
|  |  |  |  | $8888874 | $19732780 | $405893904 |  | $7662666 | $— |

---

<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.

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

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 500 Value ETF** |

---

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 1000 Value E-Mini Index | 740 | 06/20/25 | $68975 | $948450 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 91 | 06/20/25 | 25722 | 160138 |
|  |  |  |  | $1108588 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** | **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $1108588 | $— | $— | $— | $1108588 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(3414807) | $— | $— | $— | $(3414807) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |
|  Futures contracts | $— | $— | $(1295434) | $— | $— | $— | $(1295434) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $88393211 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P 500 Value ETF** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $37190831505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $37190831505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 191056195 |  |  | 191056195 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37381887700 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37381887700 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $1108588 | $— | $— | $1108588 |

---

<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.* 

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

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---

| | |
|:---|:---|
| Schedule of Investments <br> March 31, 2025 | **iShares**<sup>®</sup> **S&P Small-Cap 600 Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 1.2%** |  |  |
|  AAR Corp.<sup>(a)(b)</sup>  | 358311 | $20061833 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup>  | 651986 | 19357464 |
|  Mercury Systems, Inc.<sup>(a)</sup>  | 515231 | 22201304 |
|  National Presto Industries, Inc. | 51979 | 4569474 |
|  Triumph Group, Inc.<sup>(a)</sup>  | 314841 | 7978071 |
|  |  | 74168146 |
| **Air Freight & Logistics — 0.4%** |  |  |
|  Forward Air Corp.<sup>(a)</sup>  | 123918 | 2489513 |
|  Hub Group, Inc., Class A | 616982 | 22933221 |
|  |  | 25422734 |
| **Automobile Components — 2.6%** |  |  |
|  Adient PLC<sup>(a)</sup>  | 853474 | 10975676 |
|  American Axle & Manufacturing Holdings,<br>Inc.<sup>(a)</sup>  | 1195592 | 4866059 |
|  BorgWarner, Inc. | 2221230 | 63638240 |
|  Dana, Inc. | 1310480 | 17468698 |
|  Fox Factory Holding Corp.<sup>(a)</sup>  | 423849 | 9892636 |
|  Gentherm, Inc.<sup>(a)</sup>  | 315012 | 8423421 |
|  LCI Industries | 258607 | 22610010 |
|  Patrick Industries, Inc. | 178415 | 15086772 |
|  Phinia, Inc. | 203353 | 8628268 |
|  Standard Motor Products, Inc. | 209830 | 5231062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166820842 |
| **Automobiles — 0.2%** |  |  |
|  Winnebago Industries, Inc. | 288381 | 9937609 |
| **Banks — 11.1%** |  |  |
|  Ameris Bancorp | 342345 | 19708802 |
|  Atlantic Union Bankshares Corp. | 913706 | 28452805 |
|  Banc of California, Inc. | 1402032 | 19894834 |
|  Bank of Hawaii Corp. | 218466 | 15067600 |
|  BankUnited, Inc. | 410836 | 14149192 |
|  Banner Corp. | 171865 | 10959831 |
|  Berkshire Hills Bancorp, Inc. | 464201 | 12111004 |
|  Brookline Bancorp, Inc. | 906866 | 9884839 |
|  Capitol Federal Financial, Inc. | 1242185 | 6956236 |
|  Cathay General Bancorp | 362342 | 15591576 |
|  Central Pacific Financial Corp. | 108048 | 2921618 |
|  Community Financial System, Inc. | 193533 | 11004286 |
|  Customers Bancorp, Inc.<sup>(a)</sup>  | 297753 | 14947201 |
|  CVB Financial Corp. | 784360 | 14479286 |
|  Dime Community Bancshares, Inc. | 396908 | 11065795 |
|  Eagle Bancorp, Inc. | 307405 | 6455505 |
|  FB Financial Corp. | 195724 | 9073765 |
|  First BanCorp/Puerto Rico | 646392 | 12391335 |
|  First Bancorp/Southern Pines NC | 420842 | 16892598 |
|  First Commonwealth Financial Corp. | 551710 | 8573573 |
|  First Financial Bancorp | 515148 | 12868397 |
|  First Hawaiian, Inc. | 730185 | 17845721 |
|  Fulton Financial Corp. | 984425 | 17808248 |
|  Hanmi Financial Corp. | 307812 | 6975020 |
|  Heritage Financial Corp. | 347935 | 8465259 |
|  Hilltop Holdings, Inc. | 466221 | 14196429 |
|  Hope Bancorp, Inc. | 1235792 | 12938742 |
|  Independent Bank Corp. | 432507 | 27096564 |
|  Lakeland Financial Corp. | 119465 | 7101000 |
|  National Bank Holdings Corp., Class A | 213029 | 8152620 |
|  NBT Bancorp, Inc. | 268879 | 11534909 |
|  Northwest Bancshares, Inc. | 1297815 | 15599736 |
|  OFG Bancorp | 168149 | 6729323 |
|  Pacific Premier Bancorp, Inc. | 981616 | 20928053 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  Park National Corp. | 50279 | $7612241 |
|  Provident Financial Services, Inc. | 1281572 | 22004591 |
|  Renasant Corp. | 647545 | 21971202 |
|  S&T Bancorp, Inc. | 183023 | 6781002 |
|  Seacoast Banking Corp. of Florida | 865142 | 22260104 |
|  Simmons First National Corp., Class A | 1278924 | 26256310 |
|  Southside Bancshares, Inc. | 289975 | 8397676 |
|  Stellar Bancorp, Inc. | 481230 | 13310822 |
|  Tompkins Financial Corp. | 76625 | 4825842 |
|  Triumph Financial, Inc.<sup>(a)(b)</sup>  | 87121 | 5035594 |
|  TrustCo Bank Corp. | 194583 | 5930890 |
|  Trustmark Corp. | 620958 | 21416841 |
|  United Community Banks, Inc. | 1214923 | 34175784 |
|  Veritex Holdings, Inc. | 556686 | 13900449 |
|  WaFd, Inc. | 830140 | 23725401 |
|  Westamerica BanCorp | 122329 | 6193517 |
|  WSFS Financial Corp. | 322395 | 16722629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709342597 |
| **Beverages — 0.1%** |  |  |
|  MGP Ingredients, Inc. | 142863 | 4197315 |
|  National Beverage Corp. | 114228 | 4745031 |
|  |  | 8942346 |
| **Biotechnology — 1.0%** |  |  |
|  ACADIA Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | 388126 | 6446773 |
|  Alkermes PLC<sup>(a)(b)</sup>  | 594570 | 19632701 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup>  | 781158 | 9951953 |
|  Dynavax Technologies Corp.<sup>(a)(b)</sup>  | 733432 | 9512613 |
|  Myriad Genetics, Inc.<sup>(a)</sup>  | 925667 | 8210666 |
|  Vir Biotechnology, Inc.<sup>(a)</sup>  | 938248 | 6079847 |
|  Xencor, Inc.<sup>(a)(b)</sup>  | 412725 | 4391394 |
|  |  | 64225947 |
| **Broadline Retail — 0.6%** |  |  |
|  Etsy, Inc.<sup>(a)</sup>  | 582703 | 27491928 |
|  Kohl's Corp.<sup>(b)</sup>  | 1131908 | 9259007 |
|  |  | 36750935 |
| **Building Products — 1.6%** |  |  |
|  American Woodmark Corp.<sup>(a)(b)</sup>  | 153072 | 9005226 |
|  Gibraltar Industries, Inc.<sup>(a)</sup>  | 308154 | 18076314 |
|  Hayward Holdings, Inc.<sup>(a)(b)</sup>  | 1444052 | 20101204 |
|  Insteel Industries, Inc. | 183297 | 4820711 |
|  Masterbrand, Inc.<sup>(a)(b)</sup>  | 1292541 | 16880585 |
|  Quanex Building Products Corp. | 480034 | 8923832 |
|  Resideo Technologies, Inc.<sup>(a)</sup>  | 1492758 | 26421816 |
|  |  | 104229688 |
| **Capital Markets — 1.4%** |  |  |
|  Artisan Partners Asset Management, Inc., Class A | 374034 | 14624729 |
|  BGC Group, Inc., Class A | 1410485 | 12934147 |
|  Donnelley Financial Solutions, Inc.<sup>(a)</sup>  | 156377 | 6835239 |
|  Moelis & Co., Class A | 271282 | 15832018 |
|  StepStone Group, Inc., Class A | 289322 | 15111288 |
|  StoneX Group, Inc.<sup>(a)(b)</sup>  | 206335 | 15759867 |
|  Virtus Investment Partners, Inc. | 40867 | 7043836 |
|  |  | 88141124 |
| **Chemicals — 4.6%** |  |  |
|  AdvanSix, Inc. | 271807 | 6156429 |
|  Celanese Corp., Class A<sup>(b)</sup>  | 1110310 | 63032299 |
|  Chemours Co. (The) | 1517496 | 20531721 |
|  Element Solutions, Inc. | 1221931 | 27627860 |
|  FMC Corp. | 1267982 | 53496160 |
|  HB Fuller Co. | 555326 | 31164895 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P Small-Cap 600 Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Chemicals (continued)** |  |  |  |
|  Ingevity Corp.<sup>(a)</sup>  | 181107 | $| 7170026 |
|  Innospec, Inc. | 126814 |  | 12015626 |
|  Koppers Holdings, Inc. | 206100 |  | 5770800 |
|  Minerals Technologies, Inc. | 323880 |  | 20589052 |
|  Quaker Chemical Corp. | 139287 |  | 17217266 |
|  Sensient Technologies Corp. | 202463 |  | 15069321 |
|  Stepan Co. | 215019 |  | 11834646 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291676101 |
| **Commercial Services & Supplies — 2.1%** |  |  |  |
|  ABM Industries, Inc. | 631787 |  | 29921432 |
|  Brady Corp., Class A, NVS | 161890 |  | 11435910 |
|  CoreCivic, Inc.<sup>(a)</sup>  | 525045 |  | 10653163 |
|  Deluxe Corp. | 450169 |  | 7117172 |
|  Enviri Corp.<sup>(a)</sup>  | 819312 |  | 5448425 |
|  Healthcare Services Group, Inc.<sup>(a)</sup>  | 747246 |  | 7532240 |
|  HNI Corp. | 233324 |  | 10347919 |
|  Matthews International Corp., Class A | 314900 |  | 7003376 |
|  MillerKnoll, Inc. | 693104 |  | 13266010 |
|  Pitney Bowes, Inc. | 852762 |  | 7717496 |
|  UniFirst Corp. | 83826 |  | 14585724 |
|  Vestis Corp. | 1164023 |  | 11523828 |
|  |  |  | 136552695 |
| **Communications Equipment — 1.1%** |  |  |  |
|  Calix, Inc.<sup>(a)</sup>  | 360104 |  | 12762086 |
|  Digi International, Inc.<sup>(a)(b)</sup>  | 153831 |  | 4281117 |
|  Extreme Networks, Inc.<sup>(a)</sup>  | 701941 |  | 9286679 |
|  Harmonic, Inc.<sup>(a)</sup>  | 583210 |  | 5592984 |
|  NetScout Systems, Inc.<sup>(a)</sup>  | 732681 |  | 15393628 |
|  Viasat, Inc.<sup>(a)(b)</sup>  | 866529 |  | 9029232 |
|  Viavi Solutions, Inc.<sup>(a)</sup>  | 1285940 |  | 14389668 |
|  |  |  | 70735394 |
| **Construction & Engineering — 0.8%** |  |  |  |
|  Arcosa, Inc. | 178565 |  | 13770933 |
|  Everus Construction Group, Inc.<sup>(a)(b)</sup>  | 269563 |  | 9998092 |
|  MYR Group, Inc.<sup>(a)</sup>  | 70491 |  | 7971827 |
|  WillScot Holdings Corp., Class A | 713073 |  | 19823429 |
|  |  |  | 51564281 |
| **Consumer Finance — 1.0%** |  |  |  |
|  Bread Financial Holdings, Inc. | 497094 |  | 24894468 |
|  Encore Capital Group, Inc.<sup>(a)(b)</sup>  | 240897 |  | 8257949 |
|  EZCORP, Inc., Class A, NVS<sup>(a)</sup>  | 528424 |  | 7778401 |
|  Navient Corp. | 754077 |  | 9523993 |
|  PRA Group, Inc.<sup>(a)</sup>  | 400904 |  | 8266640 |
|  World Acceptance Corp.<sup>(a)</sup>  | 32909 |  | 4164634 |
|  |  |  | 62886085 |
| **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |
|  Andersons, Inc. (The) | 326700 |  | 14025231 |
|  Grocery Outlet Holding Corp.<sup>(a)(b)</sup>  | 987759 |  | 13808871 |
|  PriceSmart, Inc. | 252004 |  | 22138551 |
|  SpartanNash Co. | 343199 |  | 6953212 |
|  United Natural Foods, Inc.<sup>(a)</sup>  | 611711 |  | 16754764 |
|  |  |  | 73680629 |
| **Containers & Packaging — 0.7%** |  |  |  |
|  O-I Glass, Inc.<sup>(a)</sup>  | 1564770 |  | 17947912 |
|  Sealed Air Corp. | 905611 |  | 26172158 |
|  |  |  | 44120070 |
| **Diversified Consumer Services — 0.5%** |  |  |  |
|  Mister Car Wash, Inc.<sup>(a)(b)</sup>  | 503632 |  | 3973656 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Diversified Consumer Services (continued)** |  |  |  |
|  Perdoceo Education Corp. | 277979 | $| 6999511 |
|  Strategic Education, Inc. | 248135 |  | 20833415 |
|  |  |  | 31806582 |
| **Diversified REITs — 0.5%** |  |  |  |
|  Alexander & Baldwin, Inc. | 738590 |  | 12725906 |
|  American Assets Trust, Inc. | 196854 |  | 3964640 |
|  Armada Hoffler Properties, Inc. | 291726 |  | 2190862 |
|  Global Net Lease, Inc. | 2022214 |  | 16258600 |
|  |  |  | 35140008 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
|  Lumen Technologies, Inc.<sup>(a)</sup>  | 5050379 |  | 19797486 |
| **Electric Utilities — 0.5%** |  |  |  |
|  MGE Energy, Inc. | 139914 |  | 13006406 |
|  Otter Tail Corp. | 233652 |  | 18778611 |
|  |  |  | 31785017 |
| **Electrical Equipment — 0.3%** |  |  |  |
|  Sunrun, Inc.<sup>(a)(b)</sup>  | 2284547 |  | 13387446 |
|  Vicor Corp.<sup>(a)(b)</sup>  | 103094 |  | 4822737 |
|  |  |  | 18210183 |
| **Electronic Equipment, Instruments & Components —2.9%** | **Electronic Equipment, Instruments & Components —2.9%** | **Electronic Equipment, Instruments & Components —2.9%** | **Electronic Equipment, Instruments & Components —2.9%** |
|  Advanced Energy Industries, Inc.<sup>(b)</sup>  | 195137 |  | 18598507 |
|  Arlo Technologies, Inc.<sup>(a)</sup>  | 438725 |  | 4330216 |
|  Benchmark Electronics, Inc. | 161052 |  | 6124808 |
|  CTS Corp. | 122492 |  | 5089543 |
|  ePlus, Inc.<sup>(a)</sup>  | 141957 |  | 8663636 |
|  Insight Enterprises, Inc.<sup>(a)(b)</sup>  | 277584 |  | 41634824 |
|  Knowles Corp.<sup>(a)</sup>  | 891437 |  | 13549842 |
|  PC Connection, Inc. | 125637 |  | 7842262 |
|  Plexus Corp.<sup>(a)</sup>  | 87987 |  | 11273774 |
|  Rogers Corp.<sup>(a)</sup>  | 172679 |  | 11661013 |
|  Sanmina Corp.<sup>(a)(b)</sup>  | 286912 |  | 21856956 |
|  ScanSource, Inc.<sup>(a)</sup>  | 219501 |  | 7465229 |
|  TTM Technologies, Inc.<sup>(a)</sup>  | 497694 |  | 10207704 |
|  Vishay Intertechnology, Inc. | 1141146 |  | 18144221 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186442535 |
| **Energy Equipment & Services — 1.3%** |  |  |  |
|  Bristow Group, Inc.<sup>(a)(b)</sup>  | 250344 |  | 7905863 |
|  Core Laboratories, Inc.<sup>(b)</sup>  | 247598 |  | 3711494 |
|  Helix Energy Solutions Group, Inc.<sup>(a)</sup>  | 625149 |  | 5194988 |
|  Helmerich & Payne, Inc. | 424423 |  | 11085929 |
|  Innovex International, Inc.<sup>(a)(b)</sup>  | 393834 |  | 7073259 |
|  Liberty Energy, Inc., Class A | 740000 |  | 11714200 |
|  Patterson-UTI Energy, Inc. | 3571296 |  | 29356053 |
|  ProPetro Holding Corp.<sup>(a)</sup>  | 805896 |  | 5923336 |
|  RPC, Inc. | 403156 |  | 2217358 |
|  |  |  | 84182480 |
| **Financial Services — 3.2%** |  |  |  |
|  EVERTEC, Inc. | 226396 |  | 8324581 |
|  HA Sustainable Infrastructure Capital, Inc. | 558700 |  | 16336388 |
|  Jackson Financial, Inc., Class A | 416274 |  | 34875436 |
|  Mr. Cooper Group, Inc.<sup>(a)</sup>  | 646003 |  | 77261959 |
|  NCR Atleos Corp.<sup>(a)(b)</sup>  | 412773 |  | 10888952 |
|  Radian Group, Inc. | 810353 |  | 26798373 |
|  Walker & Dunlop, Inc. | 325816 |  | 27811654 |
|  |  |  | 202297343 |
| **Food Products — 1.1%** |  |  |  |
|  B&G Foods, Inc. | 804959 |  | 5530068 |
|  Fresh Del Monte Produce, Inc. | 341246 |  | 10520614 |
|  J & J Snack Foods Corp. | 71345 |  | 9397564 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P Small-Cap 600 Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Food Products (continued)** |  |  |  |
|  John B Sanfilippo & Son, Inc. | 91931 | $| 6514231 |
|  Simply Good Foods Co. (The)<sup>(a)(b)</sup>  | 504231 |  | 17390927 |
|  Tootsie Roll Industries, Inc. | 77906 |  | 2452481 |
|  TreeHouse Foods, Inc.<sup>(a)(b)</sup>  | 459424 |  | 12445796 |
|  WK Kellogg Co. | 256171 |  | 5105488 |
|  |  |  | 69357169 |
| **Gas Utilities — 1.0%** |  |  |  |
|  Chesapeake Utilities Corp. | 99485 |  | 12776859 |
|  MDU Resources Group, Inc. | 2070883 |  | 35018631 |
|  Northwest Natural Holding Co. | 407592 |  | 17412330 |
|  |  |  | 65207820 |
| **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |  |  |
|  ArcBest Corp. | 237113 |  | 16735435 |
|  Heartland Express, Inc. | 439121 |  | 4048696 |
|  Hertz Global Holdings, Inc.<sup>(a)(b)</sup>  | 1247402 |  | 4914764 |
|  Marten Transport Ltd. | 588125 |  | 8069075 |
|  RXO, Inc.<sup>(a)(b)</sup>  | 761058 |  | 14536208 |
|  Schneider National, Inc., Class B | 477916 |  | 10920381 |
|  Werner Enterprises, Inc. | 628172 |  | 18405439 |
|  |  |  | 77629998 |
| **Health Care Equipment & Supplies — 3.1%** | **Health Care Equipment & Supplies — 3.1%** | **Health Care Equipment & Supplies — 3.1%** | **Health Care Equipment & Supplies — 3.1%** |
|  Avanos Medical, Inc.<sup>(a)</sup>  | 467303 |  | 6696452 |
|  CONMED Corp. | 313741 |  | 18946819 |
|  Embecta Corp. | 591120 |  | 7536780 |
|  Enovis Corp.<sup>(a)(b)</sup>  | 577492 |  | 22065969 |
|  Integra LifeSciences Holdings Corp.<sup>(a)(b)</sup>  | 674827 |  | 14839446 |
|  Neogen Corp.<sup>(a)(b)</sup>  | 2005044 |  | 17383731 |
|  Omnicell, Inc.<sup>(a)(b)</sup>  | 470407 |  | 16445429 |
|  QuidelOrtho Corp.<sup>(a)(b)</sup>  | 669442 |  | 23410387 |
|  STAAR Surgical Co.<sup>(a)(b)</sup>  | 215382 |  | 3797185 |
|  Teleflex, Inc. | 471744 |  | 65190303 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196312501 |
| **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** |
|  AdaptHealth Corp.<sup>(a)(b)</sup>  | 1080307 |  | 11710528 |
|  Addus HomeCare Corp.<sup>(a)(b)</sup>  | 69289 |  | 6851989 |
|  AMN Healthcare Services, Inc.<sup>(a)</sup>  | 387146 |  | 9469591 |
|  Concentra Group Holdings Parent, Inc. | 648592 |  | 14074446 |
|  National HealthCare Corp. | 45219 |  | 4196323 |
|  NeoGenomics, Inc.<sup>(a)</sup>  | 717864 |  | 6812529 |
|  Owens & Minor, Inc.<sup>(a)</sup>  | 751515 |  | 6786181 |
|  Patterson Cos., Inc. | 797832 |  | 24924272 |
|  Pediatrix Medical Group, Inc.<sup>(a)</sup>  | 859491 |  | 12454025 |
|  Premier, Inc., Class A | 928529 |  | 17902039 |
|  Privia Health Group, Inc.<sup>(a)(b)</sup>  | 325305 |  | 7303097 |
|  Progyny, Inc.<sup>(a)</sup>  | 376647 |  | 8414294 |
|  Select Medical Holdings Corp. | 1062532 |  | 17744284 |
|  U.S. Physical Therapy, Inc. | 78279 |  | 5664269 |
|  |  |  | 154307867 |
| **Health Care REITs — 1.2%** |  |  |  |
|  CareTrust REIT, Inc. | 972084 |  | 27782161 |
|  LTC Properties, Inc. | 243919 |  | 8646928 |
|  Medical Properties Trust, Inc.<sup>(b)</sup>  | 6098260 |  | 36772508 |
|  Universal Health Realty Income Trust | 64783 |  | 2653512 |
|  |  |  | 75855109 |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |  |  |
|  Certara, Inc.<sup>(a)</sup>  | 1111744 |  | 11006265 |
|  HealthStream, Inc. | 102615 |  | 3302151 |
|  Schrodinger, Inc.<sup>(a)</sup>  | 264831 |  | 5227764 |
|  Simulations Plus, Inc. | 74467 |  | 1825931 |
|  |  |  | 21362111 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Hotel & Resort REITs — 0.4%** | **Hotel & Resort REITs — 0.4%** |  |  |
|  Apple Hospitality REIT, Inc. | 1158799 | $| 14960095 |
|  Pebblebrook Hotel Trust<sup>(b)</sup>  | 608535 |  | 6164460 |
|  Summit Hotel Properties, Inc. | 562235 |  | 3041691 |
|  |  |  | 24166246 |
| **Hotels, Restaurants & Leisure — 1.2%** | **Hotels, Restaurants & Leisure — 1.2%** |  |  |
|  BJ's Restaurants, Inc.<sup>(a)</sup>  | 232009 |  | 7948628 |
|  Bloomin' Brands, Inc. | 767807 |  | 5505176 |
|  Cheesecake Factory, Inc. (The) | 162339 |  | 7899416 |
|  Cracker Barrel Old Country Store, Inc. | 226336 |  | 8786364 |
|  Golden Entertainment, Inc. | 209179 |  | 5520234 |
|  Jack in the Box, Inc. | 191733 |  | 5213220 |
|  Papa John's International, Inc. | 332405 |  | 13655197 |
|  Penn Entertainment, Inc.<sup>(a)</sup>  | 1519689 |  | 24786128 |
|  |  |  | 79314363 |
| **Household Durables — 3.1%** |  |  |  |
|  Century Communities, Inc. | 276717 |  | 18567711 |
|  Ethan Allen Interiors, Inc. | 230135 |  | 6374740 |
|  Helen of Troy Ltd.<sup>(a)(b)</sup>  | 232417 |  | 12431985 |
|  La-Z-Boy, Inc. | 423481 |  | 16553872 |
|  Leggett & Platt, Inc. | 1366644 |  | 10810154 |
|  LGI Homes, Inc.<sup>(a)(b)</sup>  | 210410 |  | 13985953 |
|  M/I Homes, Inc.<sup>(a)</sup>  | 130211 |  | 14867492 |
|  Meritage Homes Corp. | 734963 |  | 52094177 |
|  Newell Brands, Inc. | 4225219 |  | 26196358 |
|  Sonos, Inc.<sup>(a)</sup>  | 1210936 |  | 12920687 |
|  Tri Pointe Homes, Inc.<sup>(a)</sup>  | 468339 |  | 14949381 |
|  |  |  | 199752510 |
| **Household Products — 0.7%** |  |  |  |
|  Central Garden & Pet Co.<sup>(a)</sup>  | 93726 |  | 3435995 |
|  Central Garden & Pet Co., Class A, NVS<sup>(a)</sup>  | 513817 |  | 16817231 |
|  Energizer Holdings, Inc. | 386959 |  | 11577813 |
|  WD-40 Co. | 53721 |  | 13107924 |
|  |  |  | 44938963 |
| **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** |
|  Clearway Energy, Inc., Class A | 351966 |  | 10016952 |
|  Clearway Energy, Inc., Class C | 841300 |  | 25466151 |
|  |  |  | 35483103 |
| **Industrial REITs — 1.0%** |  |  |  |
|  Innovative Industrial Properties, Inc. | 92188 |  | 4986449 |
|  LXP Industrial Trust | 3003629 |  | 25981391 |
|  Terreno Realty Corp. | 516853 |  | 32675446 |
|  |  |  | 63643286 |
| **Insurance — 3.2%** |  |  |  |
|  AMERISAFE, Inc. | 106482 |  | 5595629 |
|  Assured Guaranty Ltd. | 247732 |  | 21825189 |
|  Employers Holdings, Inc. | 120752 |  | 6114881 |
|  Genworth Financial, Inc., Class A<sup>(a)</sup>  | 4327023 |  | 30678593 |
|  Horace Mann Educators Corp. | 414847 |  | 17726412 |
|  Lincoln National Corp. | 1733802 |  | 62260830 |
|  ProAssurance Corp.<sup>(a)</sup>  | 518048 |  | 12096421 |
|  Safety Insurance Group, Inc. | 150883 |  | 11901651 |
|  SiriusPoint Ltd.<sup>(a)(b)</sup>  | 761000 |  | 13157690 |
|  Stewart Information Services Corp. | 281985 |  | 20119630 |
|  United Fire Group, Inc. | 216454 |  | 6376735 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207853661 |
| **Interactive Media & Services — 1.2%** | **Interactive Media & Services — 1.2%** |  |  |
|  Cars.com, Inc.<sup>(a)</sup>  | 339148 |  | 3822198 |
|  IAC, Inc.<sup>(a)(b)</sup>  | 721580 |  | 33149385 |
|  Shutterstock, Inc. | 244371 |  | 4552632 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P Small-Cap 600 Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |  |  |
|  TripAdvisor, Inc.<sup>(a)</sup>  | 369397 | $| 5234355 |
|  Yelp, Inc.<sup>(a)</sup>  | 300790 |  | 11138254 |
|  Ziff Davis, Inc.<sup>(a)(b)</sup>  | 434642 |  | 16333846 |
|  |  |  | 74230670 |
| **IT Services — 0.5%** |  |  |  |
|  DXC Technology Co.<sup>(a)</sup>  | 1838896 |  | 31353177 |
|  Grid Dynamics Holdings, Inc., Class A<sup>(a)</sup>  | 213251 |  | 3337378 |
|  |  |  | 34690555 |
| **Leisure Products — 0.4%** |  |  |  |
|  Acushnet Holdings Corp. | 122417 |  | 8405152 |
|  Sturm Ruger & Co., Inc. | 170735 |  | 6708178 |
|  Topgolf Callaway Brands Corp.<sup>(a)</sup>  | 1437419 |  | 9472591 |
|  |  |  | 24585921 |
| **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |  |  |
|  Azenta, Inc.<sup>(a)(b)</sup>  | 236667 |  | 8198145 |
|  Cytek Biosciences, Inc.<sup>(a)</sup>  | 1060925 |  | 4254309 |
|  Fortrea Holdings, Inc.<sup>(a)</sup>  | 912994 |  | 6893105 |
|  Mesa Laboratories, Inc. | 18234 |  | 2163646 |
|  |  |  | 21509205 |
| **Machinery — 3.1%** |  |  |  |
|  Alamo Group, Inc. | 59060 |  | 10525083 |
|  Albany International Corp., Class A | 159137 |  | 10986818 |
|  Astec Industries, Inc. | 231858 |  | 7987508 |
|  Enpro, Inc.<sup>(b)</sup>  | 81117 |  | 13123919 |
|  Franklin Electric Co., Inc. | 156491 |  | 14691375 |
|  Gates Industrial Corp. PLC<sup>(a)</sup>  | 784942 |  | 14450782 |
|  Hillenbrand, Inc. | 715210 |  | 17265169 |
|  JBT Marel Corp. | 271998 |  | 33238156 |
|  Kennametal, Inc. | 785689 |  | 16735176 |
|  Lindsay Corp. | 60775 |  | 7689253 |
|  Proto Labs, Inc.<sup>(a)</sup>  | 249224 |  | 8732809 |
|  Standex International Corp. | 42345 |  | 6834060 |
|  Tennant Co. | 192718 |  | 15369260 |
|  Titan International, Inc.<sup>(a)</sup>  | 487930 |  | 4093733 |
|  Worthington Enterprises, Inc. | 316788 |  | 15867911 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197591012 |
| **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |  |  |
|  Matson, Inc. | 122070 |  | 15645712 |
| **Media — 0.9%** |  |  |  |
|  Cable One, Inc. | 46862 |  | 12454514 |
|  John Wiley & Sons, Inc., Class A | 170947 |  | 7617398 |
|  Scholastic Corp., NVS | 252361 |  | 4764576 |
|  TechTarget, Inc.<sup>(a)(b)</sup>  | 150175 |  | 2224092 |
|  TEGNA, Inc. | 1636491 |  | 29816866 |
|  Thryv Holdings, Inc.<sup>(a)</sup>  | 258334 |  | 3309258 |
|  |  |  | 60186704 |
| **Metals & Mining — 1.1%** |  |  |  |
|  Alpha Metallurgical Resources, Inc.<sup>(a)</sup>  | 41135 |  | 5152159 |
|  Kaiser Aluminum Corp. | 162083 |  | 9825471 |
|  Materion Corp. | 210753 |  | 17197445 |
|  Metallus, Inc.<sup>(a)</sup>  | 380240 |  | 5080006 |
|  MP Materials Corp., Class A<sup>(a)(b)</sup>  | 687780 |  | 16788710 |
|  SunCoke Energy, Inc. | 857712 |  | 7890950 |
|  Worthington Steel, Inc. | 355641 |  | 9008387 |
|  |  |  | 70943128 |
| **Mortgage Real Estate Investment Trusts (REITs) — 2.5%** | **Mortgage Real Estate Investment Trusts (REITs) — 2.5%** | **Mortgage Real Estate Investment Trusts (REITs) — 2.5%** | **Mortgage Real Estate Investment Trusts (REITs) — 2.5%** |
|  Apollo Commercial Real Estate Finance, Inc. | 1299170 |  | 12433057 |
|  Arbor Realty Trust, Inc.<sup>(b)</sup>  | 1930321 |  | 22681272 |
|  ARMOUR Residential REIT, Inc. | 777055 |  | 13287640 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
|  Blackstone Mortgage Trust, Inc., Class A | 1742880 | $34857600 |
|  Ellington Financial, Inc. | 920739 | 12208999 |
|  Franklin BSP Realty Trust, Inc. | 844662 | 10760994 |
|  KKR Real Estate Finance Trust, Inc. | 586908 | 6338606 |
|  New York Mortgage Trust, Inc. | 921029 | 5977478 |
|  PennyMac Mortgage Investment Trust | 883273 | 12939949 |
|  Ready Capital Corp. | 1713664 | 8722550 |
|  Redwood Trust, Inc. | 1347496 | 8179301 |
|  Two Harbors Investment Corp. | 1054316 | 14085662 |
|  |  | 162473108 |
| **Multi-Utilities — 0.6%** |  |  |
|  Avista Corp. | 804256 | 33674199 |
|  Unitil Corp. | 100768 | 5813306 |
|  |  | 39487505 |
| **Office REITs — 1.1%** |  |  |
|  Brandywine Realty Trust | 1755711 | 7830471 |
|  Douglas Emmett, Inc. | 715813 | 11453008 |
|  Easterly Government Properties, Inc. | 1009571 | 10701453 |
|  Highwoods Properties, Inc. | 426271 | 12634673 |
|  JBG SMITH Properties | 859049 | 13839279 |
|  SL Green Realty Corp. | 213656 | 12327951 |
|  |  | 68786835 |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |  |
|  California Resources Corp. | 723892 | 31829531 |
|  Comstock Resources, Inc.<sup>(a)</sup>  | 451414 | 9181761 |
|  Crescent Energy Co., Class A | 1857608 | 20879514 |
|  CVR Energy, Inc. | 347556 | 6742586 |
|  Dorian LPG Ltd. | 369955 | 8264795 |
|  International Seaways, Inc. | 176373 | 5855584 |
|  Magnolia Oil & Gas Corp., Class A | 699372 | 17666137 |
|  Par Pacific Holdings, Inc.<sup>(a)(b)</sup>  | 568934 | 8112999 |
|  Peabody Energy Corp. | 1240209 | 16804832 |
|  REX American Resources Corp.<sup>(a)(b)</sup>  | 157190 | 5905628 |
|  SM Energy Co. | 581771 | 17424041 |
|  Talos Energy, Inc.<sup>(a)(b)</sup>  | 1262676 | 12273211 |
|  Vital Energy, Inc.<sup>(a)</sup>  | 274184 | 5818184 |
|  World Kinect Corp. | 592884 | 16814190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183572993 |
| **Passenger Airlines — 0.4%** |  |  |
|  Allegiant Travel Co. | 147891 | 7638570 |
|  JetBlue Airways Corp.<sup>(a)(b)</sup>  | 3099198 | 14938135 |
|  Sun Country Airlines Holdings, Inc.<sup>(a)</sup>  | 399988 | 4927852 |
|  |  | 27504557 |
| **Personal Care Products — 0.3%** |  |  |
|  Edgewell Personal Care Co. | 492638 | 15375232 |
|  USANA Health Sciences, Inc.<sup>(a)</sup>  | 112408 | 3031644 |
|  |  | 18406876 |
| **Pharmaceuticals — 1.5%** |  |  |
|  Amphastar Pharmaceuticals, Inc.<sup>(a)</sup>  | 141097 | 4090402 |
|  Innoviva, Inc.<sup>(a)</sup>  | 252072 | 4570065 |
|  Ligand Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | 86459 | 9090299 |
|  Organon & Co. | 2615828 | 38949679 |
|  Pacira BioSciences, Inc.<sup>(a)</sup>  | 469516 | 11667473 |
|  Prestige Consumer Healthcare, Inc.<sup>(a)</sup>  | 201249 | 17301377 |
|  Supernus Pharmaceuticals, Inc.<sup>(a)</sup>  | 275126 | 9010376 |
|  |  | 94679671 |
| **Professional Services — 1.8%** |  |  |
|  Amentum Holdings, Inc.<sup>(a)</sup>  | 1457049 | 26518292 |
|  CSG Systems International, Inc. | 137550 | 8317648 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P Small-Cap 600 Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Professional Services (continued)** | **Professional Services (continued)** |  |  |
|  Heidrick & Struggles International, Inc. | 95461 | $| 4088595 |
|  Korn Ferry | 199326 |  | 13520283 |
|  NV5 Global, Inc.<sup>(a)(b)</sup>  | 529317 |  | 10199939 |
|  Robert Half, Inc. | 1020210 |  | 55652455 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118297212 |
| **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** |
|  Cushman & Wakefield PLC<sup>(a)</sup>  | 2003333 |  | 20474063 |
|  eXp World Holdings, Inc. | 857633 |  | 8387651 |
|  Kennedy-Wilson Holdings, Inc. | 756045 |  | 6562471 |
|  Marcus & Millichap, Inc. | 244356 |  | 8418064 |
|  |  |  | 43842249 |
| **Residential REITs — 0.3%** |  |  |  |
|  Centerspace | 74145 |  | 4800888 |
|  Elme Communities | 366992 |  | 6385661 |
|  Veris Residential, Inc. | 468177 |  | 7921555 |
|  |  |  | 19108104 |
| **Retail REITs — 1.4%** |  |  |  |
|  Acadia Realty Trust | 377181 |  | 7901942 |
|  Getty Realty Corp. | 293423 |  | 9148929 |
|  Macerich Co. (The) | 858179 |  | 14734934 |
|  Phillips Edison & Co., Inc. | 711976 |  | 25980004 |
|  Saul Centers, Inc. | 57758 |  | 2083331 |
|  SITE Centers Corp. | 479811 |  | 6160773 |
|  Tanger, Inc. | 371451 |  | 12551329 |
|  Urban Edge Properties | 510284 |  | 9695396 |
|  Whitestone REIT | 226593 |  | 3301460 |
|  |  |  | 91558098 |
| **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** |
|  Alpha & Omega Semiconductor Ltd.<sup>(a)(b)</sup>  | 127536 |  | 3170545 |
|  Axcelis Technologies, Inc.<sup>(a)</sup>  | 135518 |  | 6731179 |
|  CEVA, Inc.<sup>(a)(b)</sup>  | 124928 |  | 3199406 |
|  Cohu, Inc.<sup>(a)(b)</sup>  | 473982 |  | 6972275 |
|  Diodes, Inc.<sup>(a)(b)</sup>  | 470591 |  | 20315414 |
|  FormFactor, Inc.<sup>(a)</sup>  | 433170 |  | 12254379 |
|  Ichor Holdings Ltd.<sup>(a)</sup>  | 344297 |  | 7784555 |
|  Kulicke & Soffa Industries, Inc. | 542177 |  | 17880997 |
|  MaxLinear, Inc.<sup>(a)</sup>  | 783130 |  | 8504792 |
|  Penguin Solutions, Inc.<sup>(a)(b)</sup>  | 541877 |  | 9412404 |
|  Photronics, Inc.<sup>(a)</sup>  | 373525 |  | 7754379 |
|  Qorvo, Inc.<sup>(a)(b)</sup>  | 948659 |  | 68692398 |
|  SolarEdge Technologies, Inc.<sup>(a)(b)</sup>  | 412475 |  | 6673846 |
|  Ultra Clean Holdings, Inc.<sup>(a)</sup>  | 458186 |  | 9809762 |
|  Veeco Instruments, Inc.<sup>(a)</sup>  | 589134 |  | 11829811 |
|  Wolfspeed, Inc.<sup>(a)(b)</sup>  | 949132 |  | 2904344 |
|  |  |  | 203890486 |
| **Software — 1.4%** |  |  |  |
|  A10 Networks, Inc. | 299732 |  | 4897621 |
|  Adeia, Inc. | 699057 |  | 9241534 |
|  Alarm.com Holdings, Inc.<sup>(a)(b)</sup>  | 201048 |  | 11188321 |
|  DoubleVerify Holdings, Inc.<sup>(a)</sup>  | 628185 |  | 8398833 |
|  LiveRamp Holdings, Inc.<sup>(a)</sup>  | 320965 |  | 8390025 |
|  N-able, Inc.<sup>(a)</sup>  | 401940 |  | 2849755 |
|  NCR Voyix Corp.<sup>(a)(b)</sup>  | 1486483 |  | 14493209 |
|  SolarWinds Corp. | 558379 |  | 10290925 |
|  Sprinklr, Inc., Class A<sup>(a)(b)</sup>  | 704941 |  | 5886257 |
|  Teradata Corp.<sup>(a)</sup>  | 631756 |  | 14201875 |
|  |  |  | 89838355 |
| **Specialized REITs — 1.0%** |  |  |  |
|  Four Corners Property Trust, Inc. | 467034 |  | 13403876 |
|  Millrose Properties, Inc., Class A<sup>(a)(b)</sup>  | 1221474 |  | 32381276 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** |  |  |
|  Safehold, Inc. | 464968 | $| 8704201 |
|  Uniti Group, Inc. | 1315577 |  | 6630508 |
|  |  |  | 61119861 |
| **Specialty Retail — 4.5%** |  |  |  |
|  Academy Sports & Outdoors, Inc. | 704860 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32148665 |
|  Advance Auto Parts, Inc. | 602706 |  | 23632102 |
|  American Eagle Outfitters, Inc. | 1775484 |  | 20631124 |
|  Asbury Automotive Group, Inc.<sup>(a)(b)</sup>  | 198947 |  | 43935456 |
|  Buckle, Inc. (The) | 152079 |  | 5827667 |
|  Caleres, Inc. | 341948 |  | 5891764 |
|  Foot Locker, Inc.<sup>(a)</sup>  | 839463 |  | 11836428 |
|  Group 1 Automotive, Inc.<sup>(b)</sup>  | 67497 |  | 25780479 |
|  Guess?, Inc. | 277311 |  | 3069833 |
|  MarineMax, Inc.<sup>(a)(b)</sup>  | 203183 |  | 4368435 |
|  Monro, Inc. | 304530 |  | 4406549 |
|  National Vision Holdings, Inc.<sup>(a)</sup>  | 800759 |  | 10233700 |
|  ODP Corp. (The)<sup>(a)(b)</sup>  | 306249 |  | 4388548 |
|  Sally Beauty Holdings, Inc.<sup>(a)(b)</sup>  | 1036695 |  | 9361356 |
|  Shoe Carnival, Inc. | 179609 |  | 3949602 |
|  Signet Jewelers Ltd. | 441727 |  | 25646670 |
|  Sonic Automotive, Inc., Class A | 148724 |  | 8471319 |
|  Upbound Group, Inc. | 519390 |  | 12444584 |
|  Urban Outfitters, Inc.<sup>(a)</sup>  | 316067 |  | 16561911 |
|  Victoria's Secret & Co.<sup>(a)(b)</sup>  | 798490 |  | 14835944 |
|  |  |  | 287422136 |
| **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** |
|  Corsair Gaming, Inc.<sup>(a)(b)</sup>  | 457785 |  | 4055975 |
|  Sandisk Corp.<sup>(a)(b)</sup>  | 1170470 |  | 55726077 |
|  Xerox Holdings Corp. | 1175207 |  | 5676250 |
|  |  |  | 65458302 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |  |  |
|  Carter's, Inc. | 368048 |  | 15053163 |
|  G-III Apparel Group Ltd.<sup>(a)(b)</sup>  | 392711 |  | 10740646 |
|  Hanesbrands, Inc.<sup>(a)</sup>  | 1685379 |  | 9724637 |
|  Oxford Industries, Inc. | 150073 |  | 8804783 |
|  Steven Madden Ltd. | 249580 |  | 6648811 |
|  Wolverine World Wide, Inc. | 260526 |  | 3623917 |
|  |  |  | 54595957 |
| **Tobacco — 0.2%** |  |  |  |
|  Universal Corp. | 250781 |  | 14056275 |
| **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** |  |  |
|  Air Lease Corp., Class A | 1052085 |  | 50826227 |
|  Boise Cascade Co. | 390081 |  | 38263045 |
|  DNOW, Inc.<sup>(a)</sup>  | 461951 |  | 7890123 |
|  GMS, Inc.<sup>(a)(b)</sup>  | 142087 |  | 10396506 |
|  Rush Enterprises, Inc., Class A | 240552 |  | 12847882 |
|  |  |  | 120223783 |
| **Water Utilities — 1.0%** |  |  |  |
|  American States Water Co. | 193044 |  | 15188702 |
|  California Water Service Group | 603506 |  | 29245901 |
|  Middlesex Water Co. | 91420 |  | 5860022 |
|  SJW Group | 307731 |  | 16829808 |
|  |  |  | 67124433 |
| **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** |
|  Gogo, Inc.<sup>(a)(b)</sup>  | 324598 |  | 2798035 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P Small-Cap 600 Value ETF** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
|  Shenandoah Telecommunications Co. | 466375 | $5862333 |
|  Telephone & Data Systems, Inc. | 990512 | 38372435 |
|  |  | 47032803 |
|  **Total Long-Term Investments — 98.7%<br>(Cost: $7,034,081,812)** |  | 6321906070 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 4.2%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(c)(d)(e)</sup>  | 212876442 | 212982880 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(c)(d)</sup>  | 59043931 | 59043931 |
|  **Total Short-Term Securities — 4.2%<br>(Cost: $271,844,929)** |  | 272026811 |
|  **Total Investments — 102.9%<br>(Cost: $7,305,926,741)** |  | 6593932881 |
|  **Liabilities in Excess of Other Assets — (2.9)%** | **Liabilities in Excess of Other Assets — (2.9)%** | (188266201) |
|  **Net Assets — 100.0%** |  | $6405666680 |

---

<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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds*<br> *from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Cash<br> Funds: Institutional,<br> SL Agency Shares | $348242967 | $— | $(135272936) <sup>(a)</sup> | $52813 | $(39964) | $212982880 | 212876442 | $2391930 <sup>(b)</sup> | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Cash<br> Funds: Treasury,<br> SL Agency Shares | 120932534 |  | (61888603) <sup>(a)</sup> |  |  | 59043931 | 59043931 | 4376613 |  |
|  |  |  |  | $52813 | $(39964) | $272026811 |  | $6768543 | $— |

---

<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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P Small-Cap 600 Value ETF**  |

---

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/*<br> *Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 E-Mini Index | 205 | 06/20/25 | $20778 | $145026 |

---

#### OTC Total Return Swaps

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Payment<br>Frequency* | *Counterparty<sup>(a)</sup>* | *Termination*<br> *Date* | *Net*<br> *Notional* | *Accrued<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Net Value of<br>Reference<br>Entity* | *Gross Notional<br>Amount*<br> *Net Asset<br>Percentage* |
|  Equity Securities Long/Short | Monthly | Goldman Sachs Bank USA<sup>(b)</sup> | 08/18/26–08/19/26 | $9462734 | $(108406)<sup>(c)</sup> | $9363112 | 0.1% |
|  | Monthly | HSBC Bank PLC<sup>(d)</sup> | 02/09/28 | 45836170 | 1021730 <sup>(e)</sup> | 46932433 | 0.7 |
|  | Monthly | JPMorgan Chase Bank NA<sup>(f)</sup> | 02/09/26 | 5710116 | 114265 <sup>(g)</sup> | 5835196 | 0.1 |
|  |  |  |  |  | $1027589 | $62130741 |  |

---

<sup>(a)</sup> The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives 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 positions. 

<sup>(c)</sup> Amount includes $(8784) of net dividends, payable for referenced securities purchased and financing fees. 

<sup>(e)</sup> Amount includes $(74533) of net dividends, payable for referenced securities purchased and financing fees. 

<sup>(g)</sup> Amount includes $(10815) of net dividends, payable for referenced securities purchased and financing fees. 

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

---

| | | | |
|:---|:---|:---|:---|
|  | (b) | (d) | (f) |
| Range: | 40 basis points | 40 basis points | 40 basis points |
| Benchmarks: | USD - 1D Overnight Fed Funds Effective Rate | USD - 1D Overnight Bank Funding Rate | USD - 1D Overnight Bank Funding Rate |
|  | (FEDL01) | (OBFR01) | (OBFR01) |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination dates August 18, 2026 to August 19, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Banks** |  |  |  |
|  Ameris Bancorp | 1108 | $63788 | 0.7% |
|  Banc of California, Inc. | 4458 | 63259 | 0.7 |
|  Central Pacific Financial Corp. | 1372 | 37099 | 0.4 |
|  Community Financial System, Inc. | 268 | 15238 | 0.1 |
|  First Bancorp/Southern Pines NC | 1585 | 63622 | 0.7 |
|  Fulton Financial Corp. | 2146 | 38821 | 0.4 |
|  Independent Bank Corp. | 1003 | 62838 | 0.6 |
|  Lakeland Financial Corp. | 27 | 1605 | 0.0 |
|  Pacific Premier Bancorp, Inc. | 2987 | 63683 | 0.7 |
|  Trustmark Corp. | 1852 | 63875 | 0.7 |
|  United Community Banks, Inc. | 2275 | 63996 | 0.7 |
|  WSFS Financial Corp. | 1231 | 63852 | 0.7 |
|  |  | 601676 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Capital Markets** |  |  |  |
|  Moelis & Co., Class A | 65964 | $3849659 | 41.1% |
| **Commercial Services & Supplies** |  |  |  |
|  Enviri Corp. | 4485 | 29825 | 0.3 |
| **Consumer Finance** |  |  |  |
|  Bread Financial Holdings, Inc. | 1944 | 97356 | 1 |
| **Diversified Consumer Services** |  |  |  |
|  Perdoceo Education Corp. | 4071 | 102508 | 1.1 |
| **Financial Services** |  |  |  |
|  Jackson Financial, Inc., Class A | 54964 | 4604884 | 49.2 |
| **Insurance** |  |  |  |
|  ProAssurance Corp. | 584 | 13636 | 0.2 |
| **Office REITs** |  |  |  |
|  Douglas Emmett, Inc. | 3973 | 63568 | 0.7 |
|  **Net Value of Reference Entity —<br>Goldman Sachs Bank USA** |  | $9363112 |  |

---

S C H E D U L E O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **S&P Small-Cap 600 Value ETF**  |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 9, 2028.

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *%of<br>Basket<br>Value* |
| **Reference Entity — Long** | **Reference Entity — Long** |  |  |
| **Common Stocks** |  |  |  |
| **Banks** |  |  |  |
|  Atlantic Union Bankshares Corp. | 411427 | $12811837 | 27.3% |
|  Community Financial System, Inc. | 280 | 15921 | 0.0 |
|  Customers Bancorp, Inc. | 1028 | 51606 | 0.1 |
|  Heritage Financial Corp. | 1964 | 47784 | 0.1 |
|  Hope Bancorp, Inc. | 978 | 10240 | 0.0 |
|  OFG Bancorp | 1166 | 46663 | 0.1 |
|  Provident Financial Services, Inc. | 44896 | 770864 | 1.7 |
|  Renasant Corp. | 289455 | 9821208 | 20.9 |
|  |  | 23576123 |  |
| **Building Products** |  |  |  |
|  Insteel Industries, Inc. | 14478 | 380771 | 0.8 |
| **Containers & Packaging** |  |  |  |
|  Sealed Air Corp. | 1044 | 30172 | 0.1 |
| **Financial Services** |  |  |  |
|  Jackson Financial, Inc., Class A | 236946 | 19851336 | 42.3 |
| **Insurance** |  |  |  |
|  SiriusPoint Ltd. | 176899 | 3058584 | 6.5 |
| **Water Utilities** |  |  |  |
|  Middlesex Water Co. | 553 | 35447 | 0.1 |
|  **Net Value of Reference Entity — HSBC Bank PLC** |  | $46932433 |  |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 9, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *%of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Banks** |  |  |  |
|  OFG Bancorp | 21978 | $879559 | 15.1% |
| **Capital Markets** |  |  |  |
|  Moelis & Co., Class A | 15519 | 905689 | 15.5 |
| **Diversified Consumer Services** |  |  |  |
|  Perdoceo Education Corp. | 13460 | 338923 | 5.8 |
| **Financial Services** |  |  |  |
|  Jackson Financial, Inc., Class A | 42650 | 3573217 | 61.2 |
| **Insurance** |  |  |  |
|  Genworth Financial, Inc., Class A | 19437 | 137808 | 2.4 |
|  **Net Value of Reference Entity — JPMorgan Chase Bank NA** |  | $5835196 |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *Description* | *Swap<br>Premiums<br>Paid* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* |
|  OTC Swaps | $– $– $| 1135995 | $(108406) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** | **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $145026 | $— | $— | $— | $145026 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid |  |  | 1135995 |  |  |  | 1135995 |
|  | $— | $— | $1281021 | $— | $— | $— | $1281021 |
|  **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received | $— | $— | $108406 | $— | $— | $— | $108406 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $975781 | $— | $— | $— | $975781 |
|  Swaps |  |  | 5816177 |  |  |  | 5816177 |
|  | $— | $— | $6791958 | $— | $— | $— | $6791958 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
|  Futures contracts | $— | $— | $(93846) | $— | $— | $— | $(93846) |
|  Swaps |  |  | (3679620) |  |  |  | (3679620) |
|  | $— | $— | $(3773466) | $— | $— | $— | $(3773466) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $20818731 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | 72833590 |

---

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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $— | $119500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup>  | 1135995 | 108406 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | $1135995 | $227906 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  | (119500) |
|  Total derivative assets and liabilities subject to an MNA | $1135995 | $108406 |

---

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

S C H E D U L E O F I N V E S T M E N T S 27

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **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* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Non-*<br> *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Cash*<br> *Collateral<br>Received<sup>(b)</sup>*  | *Net<br>Amount of<br>Derivative<br>Assets<sup>(c)</sup>* |
|  HSBC Bank PLC | $1021730 | $— | $— | $(1021730) | $— |
|  JPMorgan Chase Bank N.A | 114265 |  |  | (114265) |  |
|  | $1135995 | $— | $— | $(1135995) | $— |
| *Counterparty* | *Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Non-*<br> *Cash<br>Collateral<br>Pledged<sup>(b)</sup>*  | *Cash*<br> *Collateral<br>Pledged<sup>(b)</sup>*  | *Net<br>Amount of<br>Derivative<br>Liabilities<sup>(d)</sup>* |
|  Goldman Sachs Bank USA | $108406 | $— | $— | $(90000) | $18406 |

---

<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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $6321906070 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $6321906070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 272026811 |  |  | 272026811 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593932881 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593932881 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $145026 | $1135995 | $— | $1281021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  | (108406) |  | (108406) |
|  | $145026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027589 | $— | $1172615 |

---

<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.* 

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

------

Statements of Assets and Liabilities

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> S&P 100 ETF | iShares<br> S&P 500 Growth<br> ETF | iShares<br> S&P 500 Value ETF | iShares<br> S&P Small-Cap<br> 600 Value ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $16489101097 | $51339472468 | $36975993796 | $6321906070 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 111524264 | 290422638 | 405893904 | 272026811 |
|  Cash | 1705 | 398 | 2271 | 683456 |
|  Cash pledged: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives |  |  |  | 6380000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1652640 | 5381340 | 5377360 | 2149000 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  |  | 12240646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 1236 | 41486 | 15978 | 127476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 102571 |  | 83788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 6637353 | 12394971 | 30957452 | 9923953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 104276 | 282028 | 234744 | 363080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 143687 | 111940 | 716480 |  |
|  Unrealized appreciation on OTC swaps |  |  |  | 1135995 |
|  Total assets | 16609268829 | 51648107269 | 37419275773 | 6626936487 |
|  **LIABILITIES** |  |  |  |  |
|  Cash received: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives |  |  |  | 90000 |
|  Collateral on securities loaned | 18533961 | 219605442 | 124267155 | 212854772 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  |  | 7022665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed |  | 228900 |  | 52254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2839711 | 8075479 | 5686783 | 1022210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  | 119500 |
|  Unrealized depreciation on OTC swaps |  |  |  | 108406 |
|  Total liabilities | 21373672 | 227909821 | 129953938 | 221269807 |
|  **Commitments and contingent liabilities** |  |  |  |  |
|  NET ASSETS | $16587895157 | $51420197448 | $37289321835 | $6405666680 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
|  Paid-in capital | $13720242682 | $41597506229 | $37975932473 | $8280274896 |
|  Accumulated earnings (loss) | 2867652475 | 9822691219 | (686610638) | (1874608216) |
|  NET ASSETS | $16587895157 | $51420197448 | $37289321835 | $6405666680 |
|  **NET ASSET VALUE** |  |  |  |  |
|  Shares outstanding | 61300000 | 554350000 | 195700000 | 65700000 |
|  Net asset value | $270.60 | $92.76 | $190.54 | $97.50 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $13127871890 | $38687581509 | $34957593288 | $7034081812 |
|  <sup>(b) </sup>Securities loaned, at value | $17849763 | $215048075 | $120387148 | $205433267 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $96594607 | $290380534 | $359829690 | $271844929 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 29

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Statements of Operations

Year Ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> S&P 100 ETF | iShares<br> S&P 500 Growth<br> ETF | iShares<br> S&P 500 Value ETF | iShares<br> S&P Small-Cap<br> 600 Value ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $173010808 | $356831284 | $735886606 | $119706678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 2445689 | 2732758 | 7392837 | 4376613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 3309 | 21824 | 11954 | 93276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 24043 | 518651 | 269829 | 2391930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld |  | (207185) | (84898) | (25929) |
|  Total investment income | 175483849 | 359897332 | 743476328 | 126542568 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 27666291 | 94583863 | 62476052 | 12717018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 916 | 5314 | 2108 | 1253 |
|  Total expenses | 27667207 | 94589177 | 62478160 | 12718271 |
|  Net investment income | 147816642 | 265308155 | 680998168 | 113824297 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (89597350) | 848008985 | (174510310) | (209283938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (89485) | (3533) | 5074213 | 52813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1403 | (995502) | (3414807) | 975781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | 338628413 | 5302549358 | 2554549465 | 395682744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup>  | 1164474 |  | 3814661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  |  | 5816177 |
|  | 250107455 | 6149559308 | 2385513222 | 193243577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 713226169 | (1705590976) | (1771420520) | (569570490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 5088411 | (6140) | 19732780 | (39964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (89551) | (1458599) | (1295434) | (93846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  |  | (3679620) |
|  | 718225029 | (1707055715) | (1752983174) | (573383920) |
|  Net realized and unrealized gain (loss) | 968332484 | 4442503593 | 632530048 | (380140343) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1116149126 | $4707811748 | $1313528216 | $(266316046) |

---

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

*See notes to financial statements.* 

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

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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> 03/31/25 | Year Ended<br> 03/31/24 | Year Ended<br> 03/31/25 | Year Ended<br> 03/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $147816642 | $129347242 | $265308155 | $330164354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 250107455 | 1240683662 | 6149559308 | 2872957670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 718225029 | 1770781391 | (1707055715) | 6951610079 |
|  Net increase in net assets resulting from operations | 1116149126 | 3140812295 | 4707811748 | 10154732103 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (145863162) | (128201209) | (255833646) | (327303427) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 3925742825 | 1131227742 | 2770048036 | 4206651149 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 4896028789 | 4143838828 | 7222026138 | 14034079825 |
|  Beginning of year | 11691866368 | 7548027540 | 44198171310 | 30164091485 |
|  End of year | $16587895157 | $11691866368 | $51420197448 | $44198171310 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 31

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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> 03/31/25 | Year Ended<br> 03/31/24 | Year Ended<br> 03/31/25 | Year Ended<br> 03/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $680998168 | $511037793 | $113824297 | $130876502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 2385513222 | 2483850832 | 193243577 | 53059409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1752983174) | 3311268765 | (573383920) | 538008192 |
|  Net increase (decrease) in net assets resulting from operations | 1313528216 | 6306157390 | (266316046) | 721944103 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (693932456) | (493782581) | (128110427) | (107152234) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 2932474951 | 3448601067 | (424710753) | (373336015) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 3552070711 | 9260975876 | (819137226) | 241455854 |
|  Beginning of year | 33737251124 | 24476275248 | 7224803906 | 6983348052 |
|  End of year | $37289321835 | $33737251124 | $6405666680 | $7224803906 |

---

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

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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> 03/31/25 | Year Ended<br> 03/31/24 | Year Ended<br> 03/31/23 | Year Ended<br> 03/31/22 | Year Ended<br> 03/31/21 |
|  **Net asset value, beginning of year** | $247.45 | $187.06 | $208.24 | $179.83 | $118.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 2.92 | 2.82 | 2.66 | 2.41 | 2.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | 23.03 | 60.31 | (21.16) | 28.36 | 61.39 |
|  Net increase (decrease) from investment operations | 25.95 | 63.13 | (18.50) | 30.77 | 63.76 |
|  Distributions from net investment income<sup>(c)</sup>  | (2.80) | (2.74) | (2.68) | (2.36) | (2.43) |
|  **Net asset value, end of year** | $270.60 | $247.45 | $187.06 | $208.24 | $179.83 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 10.47% | 33.98% | (8.80)% | 17.14% | 54.11% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Net investment income | 1.07% | 1.32% | 1.48% | 1.19% | 1.52% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $16587895 | $11691866 | $7548028 | $8777448 | $6977233 |
|  Portfolio turnover rate<sup>(f)</sup>  | 4% | 3% | 3% | 2% | 8% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 33

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21<br><sup>(a)</sup> |
|  **Net asset value, beginning of year** | $84.53 | $63.92 | $76.34 | $65.08 | $41.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.48 | 0.68 | 0.60 | 0.41 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | 8.21 | 20.60 | (12.44) | 11.27 | 23.85 |
|  Net increase (decrease) from investment operations | 8.69 | 21.28 | (11.84) | 11.68 | 24.32 |
|  Distributions from net investment income<sup>(d)</sup>  | (0.46) | (0.67) | (0.58) | (0.42) | (0.49) |
|  **Net asset value, end of year** | $92.76 | $84.53 | $63.92 | $76.34 | $65.08 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 10.25% | 33.49% | (15.48)% | 17.94% | 59.13% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
|  Net investment income | 0.50% | 0.95% | 0.94% | 0.55% | 0.82% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $51420197 | $44198171 | $30164091 | $36758412 | $31174756 |
|  Portfolio turnover rate<sup>(g)</sup>  | 31% | 31% | 34% | 14% | 13% |

---

<sup>(a)</sup> Per share amounts reflect a four-for-one stock split effective after the close of trading on October 16, 2020. 

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

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

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

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

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21 |
|  **Net asset value, beginning of year** | $186.86 | $151.79 | $155.61 | $141.09 | $96.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 3.75 | 3.16 | 3.00 | 2.89 | 2.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | 3.73 | 34.93 | (3.78) | 14.48 | 44.86 |
|  Net increase (decrease) from investment operations | 7.48 | 38.09 | (0.78) | 17.37 | 47.69 |
|  Distributions from net investment income<sup>(c)</sup>  | (3.80) | (3.02) | (3.04) | (2.85) | (2.89) |
|  **Net asset value, end of year** | $190.54 | $186.86 | $151.79 | $155.61 | $141.09 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 4.02% | 25.36% | (0.35)% | 12.39% | 50.10% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
|  Net investment income | 1.96% | 1.93% | 2.06% | 1.92% | 2.39% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $37289322 | $33737251 | $24476275 | $25886355 | $21424451 |
|  Portfolio turnover rate<sup>(f)</sup>  | 32% | 32% | 29% | 18% | 26% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 35

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br> 03/31/21<br><sup>(a)</sup>  |
|  **Net asset value, beginning of year** | $102.77 | $93.67 | $102.39 | $100.53 | $50.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 1.69 | 1.82 | 1.62 | 1.07 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (5.03) | 8.78 | (8.96) | 2.32 | 50.16 |
|  Net increase (decrease) from investment operations | (3.34) | 10.60 | (7.34) | 3.39 | 51.28 |
|  Distributions from net investment income<sup>(d)</sup>  | (1.93) | (1.50) | (1.38) | (1.53) | (0.89) |
|  **Net asset value, end of year** | $97.50 | $102.77 | $93.67 | $102.39 | $100.53 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (3.35)% | 11.46% | (7.08)% | 3.38% | 103.08 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.21% |
|  Net investment income | 1.61% | 1.93% | 1.71% | 1.04% | 1.56% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $6405667 | $7224804 | $6983348 | $8549270 | $8806141 |
|  Portfolio turnover rate<sup>(h)(i)</sup>  | 52% | 66% | 54% | 42% | 52% |

---

<sup>(a)</sup> Per share amounts reflect a two-for-one stock split effective after the close of trading on October 16, 2020. 

<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> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

<sup>(i)</sup> Excludes underlying investments in total return swaps. 

*See notes to financial statements.* 

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

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Notes to Financial Statements

*1. ORGANIZATION* 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* |
|  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 |

---

<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.

**ForeignTaxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "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, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

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

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

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

------

Notes to Financial Statements (continued)

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

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

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

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

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

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

• 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange ("NYSE"). Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

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

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

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

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

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

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

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

*4. SECURITIES AND OTHER INVESTMENTS* 

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and

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

------

Notes to Financial Statements (continued)

a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty* | *Securities<br>Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net<br>Amount* |
|  S&P 100 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | $17849763 | $(17849763) | $— | $— |
|  S&P 500 Growth |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $54790274 | $(54790274) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 29744414 | (29744414) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 40037089 | (40037089) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 2392315 | (2392315) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 2067562 | (2067562) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 13397034 | (13397034) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 10319460 | (10319460) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 46287150 | (46287150) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Americas LLC | 2588258 | (2588258) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 8241432 | (8241432) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 5183087 | (5183087) |  |  |
|  | $215048075 | $(215048075) | $— | $— |
|  S&P 500 Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | $65883465 | $(65883465) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 1195000 | (1195000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 13494600 | (13494600) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 2592100 | (2592100) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 7601125 | (7601125) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 2711019 | (2711019) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 1399328 | (1399328) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Americas LLC | 15208 | (15208) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 18253073 | (18253073) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 7242230 | (7242230) |  |  |
|  | $120387148 | $(120387148) | $— | $— |
|  S&P Small-Cap 600 Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $7516380 | $(7516380) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 9657 | (9657) |  |  |

---

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

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities<br>Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net<br>Amount* |
|  S&P Small-Cap 600 Value (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | $55671 | $(55671) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 16935841 | (16935841) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 19031383 | (19031383) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 10323074 | (10323074) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 61744807 | (61744807) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 299943 | (299943) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 42136962 | (42136962) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 499514 | (499514) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 25242012 | (25242012) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 5424457 | (5424457) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA | 749980 | (749980) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital, Inc. | 185026 | (185026) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 428952 | (428952) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 2955247 | (2955247) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 1325130 | (1325130) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 9652435 | (9652435) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Americas LLC | 38190 | (38190) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 773963 | (773963) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 104643 | (104643) |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205433267 | $(205433267) | $— | $— |

---

<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. 

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 Statement 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 Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

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

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Notes to Financial Statements (continued)

Total return swaps are entered into by the iShares S&P Small-Cap 600 Value 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).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and 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, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement 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 it 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 Statement 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).

N O T E S T O F I N A N C I A L S T A T E M E N T S 41

------

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* |
|  S&P 100 | 0.20% |
|  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. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  S&P 100 | $9948 |
|  S&P 500 Growth | 212171 |
|  S&P 500 Value | 111240 |
|  S&P Small-Cap 600 Value | 700554 |

---

**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.

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

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Notes to Financial Statements (continued)

For the year ended March 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  S&P 100 | $89912105 | $173774877 | $(35163637) |
|  S&P 500 Growth | 9042131297 | 12686822502 | 831497818 |
|  S&P 500 Value | 9432964629 | 5991542577 | 235924185 |
|  S&P Small-Cap 600 Value | 2142115806 | 1400287870 | 134940129 |

---

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, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  S&P 100 | $562766534 | $556768258 |
|  S&P 500 Growth | 16177015621 | 16222237372 |
|  S&P 500 Value | 11043318183 | 11049234117 |
|  S&P Small-Cap 600 Value | 3769178661 | 3595471456 |

---

For the year ended March 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind*<br> *Sales* |
|  S&P 100 | $4559625004 | $644634477 |
|  S&P 500 Growth | 11935688509 | 9161443990 |
|  S&P 500 Value | 9662595138 | 6745876569 |
|  S&P Small-Cap 600 Value | 1297705009 | 1866925992 |

---

*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, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  S&P 100 | $337963662 | $(337963662) |
|  S&P 500 Growth | 5301680141 | (5301680141) |
|  S&P 500 Value | 2554202875 | (2554202875) |
|  S&P Small-Cap 600 Value | 392069783 | (392069783) |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 43

------

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended*<br> *03/31/25* | *Year Ended*<br> *03/31/24* |
|  S&P 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $145863162 | $128201209 |
|  S&P 500 Growth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $255833646 | $327303427 |
|  S&P 500 Value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $693932456 | $493782581 |
|  S&P Small-Cap 600 Value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $128110427 | $107152234 |

---

As of March 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed*<br> *Ordinary Income* | *Non-expiring*<br> *Capital Loss*<br> *Carryforwards<sup>(a)</sup>* | *Net Unrealized*<br> *Gains (Losses)<sup>(b)</sup>* | *Qualified Late-Year*<br> *Ordinary Losses<sup>(c)</sup>*  | *Total* |
|  S&P 100 | $4943328 | $(491781124) | $3354490271 | $— | $2867652475 |
|  S&P 500 Growth | 19067734 | (2834397300) | 12638020785 |  | 9822691219 |
|  S&P 500 Value | 8944742 | (2721737226) | 2026181846 |  | (686610638) |
|  S&P Small-Cap 600 Value |  | (1124472961) | (737985682) | (12149573) | (1874608216) |

---

<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.

For the year ended March 31, 2025, the iShares S&P 500 Growth utilized 835,694,087 of its capital loss carryforwards.

As of March 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized*<br> *Appreciation* | *Gross Unrealized*<br> *Depreciation* | *Net Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  S&P 100 | $13246135090 | $3647734362 | $(293244091) | $3354490271 |
|  S&P 500 Growth | 38991874321 | 13162393371 | (524372586) | 12638020785 |
|  S&P 500 Value | 35355600535 | 4287024053 | (2260736888) | 2026287165 |
|  S&P Small-Cap 600 Value | 7331918563 | 444265809 | (1182251491) | (737985682) |

---

*9. PRINCIPAL RISKS* 

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

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

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

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

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

------

Notes to Financial Statements (continued)

results of the securities and other instruments in which a fund invests. Each Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**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 the Manager 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.

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>03/31/25 | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  S&P 100 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 16400000 | $4571638930 | 19700000 | $4039635606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2350000) | (645896105) | (12800000) | (2908407864) |
|  | 14050000 | $3925742825 | 6900000 | $1131227742 |
|  S&P 500 Growth |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 127000000 | $11949199662 | 140700000 | $10873698665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (95500000) | (9179151626) | (89750000) | (6667047516) |
|  | 31500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770048036 | 50950000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4206651149 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 45

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>03/31/25 | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  S&P 500 Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 50550000 | $9696343900 | 77400000 | $13285072289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (35400000) | (6763868949) | (58100000) | (9836471222) |
|  | 15150000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932474951 | 19300000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448601067 |
|  S&P Small-Cap 600 Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 13400000 | $1447744012 | 11850000 | $1155662611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (18000000) | (1872454765) | (16100000) | (1528998626) |
|  | (4600000) | $(424710753) | (4250000) | $(373336015) |

---

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.

46 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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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, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

<br> <u> 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</u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 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, 2025

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

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 47

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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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend*<br> *Income* |
|  S&P 100 | $171662332 |
|  S&P 500 Growth | 339054788 |
|  S&P 500 Value | 703049637 |
|  S&P Small-Cap 600 Value | 103720573 |

---

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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business*<br> *Income* |
|  S&P 100 | $1894559 |
|  S&P 500 Growth | 9201789 |
|  S&P 500 Value | 34236390 |
|  S&P Small-Cap 600 Value | 19935564 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received<br>Deduction* |
|  S&P 100 | 100.00% |
|  S&P 500 Growth | 100.00 |
|  S&P 500 Value | 98.80 |
|  S&P Small-Cap 600 Value | 79.59 |

---

48 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Additional Information

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

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

To enroll in electronic delivery:

• Go to **icsdelivery.com**.

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

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

#### Proxy Results
Not applicable.

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

#### Availability of Portfolio Holdings Information
A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

A D D I T I O N A L I N F O R M A T I O N 49

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Glossary of Terms Used in these Financial Statements

#### Portfolio Abbreviation

---

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

---

50 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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

---

| | |
|:---|:---|
| ![LOGO](g86604g76o73.jpg)  | ![LOGO](g86604g87s07.jpg) |

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| | |
|:---|:---|
| ![LOGO](g86604g70e91.jpg) <br>| **MARCH 31, 2025** |

---

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

#### iShares Trust
· iShares Preferred and Income Securities ETF \| PFF \| NASDAQ

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedule of Investments](#fin286604_1) | 3 |
|  [Statement of Assets and Liabilities](#fin286604_2) | 10 |
|  [Statement of Operations](#fin286604_3) | 11 |
|  [Statements of Changes in Net Assets](#fin286604_4) | 12 |
|  [Financial Highlights](#fin286604_5) | 13 |
|  [Notes to Financial Statements](#fin286604_6) | 14 |
|  [Report of Independent Registered Public Accounting Firm](#fin286604_7) | 20 |
|  [Important Tax Information](#fin286604_8) | 21 |
|  [Additional Information](#fin286604_9) | 22 |
|  [Glossary of Terms Used in these Financial Statements](#fin286604_10) | 24 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments<br> March 31, 2025 | **iShares**<sup>®</sup> **Preferred and Income Securities ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Preferred Securities** |  |  |
| **Preferred Stocks — 98.7%** |  |  |
| **Aerospace & Defense — 4.0%** |  |  |
|  Boeing Co. (The), 6.00% | 9539097 | $570724174 |
| **Automobiles — 1.1%** |  |  |
|  Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 2654350 | 55263567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, NVS | 1990750 | 45209933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% | 2488487 | 53502470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153975970 |
| **Banks — 24.5%** |  |  |
|  Associated Banc-Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 995360 | 23978222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.88%, NVS<sup>(a)</sup> | 358946 | 7516329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.63%, NVS<sup>(a)</sup> | 344239 | 6912319 |
|  Atlantic Union Bankshares Corp., Series A, 6.88%, NVS<sup>(a)</sup> | 595449 | 14677818 |
|  Banc of California, Inc., Series F, 7.75%, NVS<sup>(a)</sup> | 1704318 | 42522734 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02, (3-mo. CME Term SOFR + 0.912%), 5.23%, NVS<sup>(a)(b)</sup> | 542222 | 11972262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4, (3-mo. CME Term SOFR + 1.012%), 5.33%, NVS<sup>(a)(b)</sup> | 363403 | 8496362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5, (3-mo. CME Term SOFR + 0.762%), 5.09%, NVS<sup>(a)(b)</sup> | 790045 | 17847117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, (3-mo. CME Term SOFR + 0.612%), 4.94%, NVS<sup>(a)(b)</sup> | 564025 | 12464952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG, 6.00%<sup>(a)</sup> | 2678958 | 66732844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH, 5.88%, NVS<sup>(a)</sup> | 1667781 | 41260902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K\*, 6.45% | 2078262 | 53452899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KK, 5.38%, NVS<sup>(a)</sup> | 2740021 | 61513471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 7.25%, NVS<sup>(a)(c)</sup> | 152838 | 188689210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series LL, 5.00%, NVS<sup>(a)</sup> | 2575794 | 54246222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NN, 4.38%, NVS<sup>(a)</sup> | 2105240 | 38925888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series PP, 4.13%, NVS<sup>(a)</sup> | 1789707 | 31140902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QQ, 4.25%, NVS<sup>(a)</sup> | 2560888 | 46044766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series SS, 4.75%, NVS<sup>(a)</sup> | 1341679 | 26860414 |
|  Bank of Hawaii Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%<sup>(a)</sup> | 569518 | 14636613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.38%, NVS<sup>(a)</sup> | 600471 | 9403376 |
|  Bank OZK, Series A, 4.63%, NVS<sup>(a)</sup> | 1161308 | 18906094 |
|  Cadence Bank, Series A, 5.50%, NVS<sup>(a)</sup> | 593730 | 12830505 |
|  Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, NVS<sup>(a)</sup> | 1327183 | 34281137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, NVS<sup>(a)</sup> | 1493047 | 28890459 |
|  ConnectOne Bancorp, Inc., Series A, 5.25%, NVS<sup>(a)</sup> | 386938 | 8590024 |
|  Cullen/Frost Bankers, Inc., Series B, 4.45%, NVS<sup>(a)</sup> | 517746 | 9127862 |
|  Dime Community Bancshares, Inc., 5.50%, NVS<sup>(a)</sup> | 456876 | 8794863 |
|  Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, NVS<sup>(a)(d)</sup> | 690410 | 16852908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, (3-mo. CME Term SOFR + 3.972%), 8.30%, NVS<sup>(a)(b)</sup> | 1493047 | 37565063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 4.95%, NVS<sup>(a)</sup> | 862944 | 18743144 |
|  First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.38%, NVS<sup>(a)</sup> | 1144666 | 23740373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.63%, NVS<sup>(a)</sup> | 689712 | 15132281 |
|  First Horizon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.50%, NVS<sup>(a)</sup> | 517319 | 12684662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 4.70%<sup>(a)</sup> | 534941 | 9602191 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  Flagstar Financial, Inc., Series A., 6.38%, NVS<sup>(a)</sup>  | 1708763 | $40463508 |
|  Fulton Financial Corp., Series A, 5.13%, NVS<sup>(a)</sup> | 687890 | 13799073 |
|  Hancock Whitney Corp., 6.25% | 594921 | 14516072 |
|  Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.70%, NVS<sup>(a)</sup> | 603553 | 13954145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.50%, NVS<sup>(a)</sup> | 1658990 | 28833246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 6.88%, NVS<sup>(a)</sup> | 1078321 | 27605018 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD, 5.75%, NVS<sup>(a)</sup> | 5321029 | 130844103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 6.00%, NVS<sup>(a)</sup> | 5811657 | 145407658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG, 4.75%, NVS<sup>(a)</sup> | 2765606 | 56860859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series JJ, 4.55%, NVS<sup>(a)</sup> | 4676194 | 91559879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series LL, 4.63%, NVS<sup>(a)</sup> | 5792232 | 115555028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MM, 4.20%, NVS<sup>(a)</sup> | 6266418 | 114926106 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, NVS<sup>(a)</sup> | 1990725 | 47359348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.13%, NVS<sup>(a)(d)</sup> | 1658991 | 39948503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.65%, NVS<sup>(a)</sup> | 1410149 | 29387505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.63%, NVS<sup>(a)</sup> | 1493047 | 30980725 |
|  M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.63%, NVS<sup>(a)(d)</sup> | 829501 | 20007564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 7.50%, NVS<sup>(a)</sup> | 2488487 | 64949511 |
|  Midland States Bancorp, Inc., 7.75%, NVS<sup>(a)</sup> | 395825 | 9650213 |
|  New York Community Capital Trust V, 6.00%, NVS<sup>(c)</sup> | 249582 | 9304417 |
|  Old National Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.00%, NVS<sup>(a)</sup> | 372786 | 9286099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 7.00%, NVS<sup>(a)</sup> | 422829 | 10511529 |
|  Pinnacle Financial Partners, Inc., Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, NVS<sup>(a)</sup> | 749938 | 18073506 |
|  Popular Capital Trust II, 6.13%<sup>(d)</sup> | 360818 | 9323537 |
|  Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%<sup>(a)</sup> | 1658990 | 41673829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.70%, NVS<sup>(a)</sup> | 1665658 | 39359499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.45%, NVS<sup>(a)</sup> | 1327183 | 22814276 |
|  Synovus Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, (3-mo. CME Term SOFR + 3.614%), 7.90%, NVS<sup>(a)(b)(d)</sup> | 690405 | 17294645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 8.40%, NVS<sup>(a)</sup> | 1161308 | 29450771 |
|  Texas Capital Bancshares, Inc., Series B, 5.75%, NVS<sup>(a)(d)</sup> | 995364 | 19300108 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, (3-mo. CME Term SOFR + 0.792%), 5.08%, NVS<sup>(a)(b)</sup> | 595440 | 13200905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 5.25%, NVS<sup>(a)</sup> | 1907827 | 40579480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 4.75%, NVS<sup>(a)</sup> | 3069055 | 59938644 |
|  U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (3-mo. CME Term SOFR + 1.282%), 5.58%, NVS<sup>(a)(b)</sup> | 47701 | 41070561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B\*, (3-mo. CME Term SOFR + 0.862%), 5.16%, NVS<sup>(a)(b)</sup> | 3317897 | 71533859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 5.50%, NVS<sup>(a)</sup> | 1907828 | 43899122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.75%, NVS<sup>(a)</sup> | 1658990 | 25896834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 4.00%, NVS<sup>(a)</sup> | 2488487 | 41184460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.50%, NVS<sup>(a)</sup> | 1493008 | 28576173 |
|  UMB Financial Corp., 7.00%<sup>(a)</sup> | 381559 | 9439770 |
|  Valley National Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.25%, NVS<sup>(a)</sup> | 395820 | 9745088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 8.43%, NVS<sup>(a)(b)</sup> | 341129 | 8238265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 8.25%<sup>(a)</sup> | 517751 | 12980018 |
|  WaFd, Inc., Series A, 4.88%, NVS<sup>(a)</sup> | 1028313 | 16699803 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Preferred and Income Securities ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  Webster Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.25%, NVS<sup>(a)</sup> | 517746 | $10354920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 6.50%<sup>(a)</sup> | 465986 | 10717678 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.70%, NVS<sup>(a)</sup> | 3194190 | 61392332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC, 4.38%, NVS<sup>(a)</sup> | 2848274 | 51268932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD, 4.25%, NVS<sup>(a)</sup> | 3410498 | 60297605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 7.50%, NVS<sup>(a)(c)</sup> | 280150 | 336404120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y, 5.63%, NVS<sup>(a)(d)</sup> | 1858599 | 43268185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z, 4.75%, NVS<sup>(a)</sup> | 5569107 | 110880920 |
|  WesBanco, Inc., Series A, 6.75%, NVS<sup>(a)</sup> | 517746 | 13042022 |
|  Western Alliance Bancorp, Series A, 4.25%, NVS<sup>(a)</sup> | 995364 | 21838286 |
|  Wintrust Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 6.50%, NVS<sup>(a)</sup> | 431484 | 10907916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.88%, NVS<sup>(a)</sup> | 953879 | 24199910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475593276 |
| **Broadline Retail — 0.5%** |  |  |
|  Dillard's Capital Trust I, 7.50%<sup>(d)</sup> | 663546 | 17019955 |
|  QVC Group, Inc., 8.00% | 1064497 | 27474668 |
|  QVC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 1659787 | 16199521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 775912 | 7828952 |
|  |  | 68523096 |
| **Capital Markets — 13.1%** |  |  |
|  Affiliated Managers Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% | 688398 | 10828501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 949250 | 16649845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 995364 | 21251021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 1493047 | 35833128 |
|  Ares Management Corp., Series B, 6.75%, NVS | 2488487 | 119969958 |
|  B Riley Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 621438 | 7979264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%<sup>(d)</sup> | 907606 | 7778183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%<sup>(d)</sup> | 750547 | 16241837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%<sup>(d)</sup> | 1399637 | 12036878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%<sup>(d)</sup> | 1089286 | 11165182 |
|  Bank of New York Mellon Corp. (The), Series K, 6.15%, NVS<sup>(a)</sup> | 1661047 | 42356698 |
|  Brookfield Finance I UK PLC, 4.50%<sup>(a)</sup> | 770015 | 11881331 |
|  Brookfield Finance, Inc., Series 50, 4.63%, NVS | 1333811 | 20927495 |
|  Brookfield Oaktree Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.63%, NVS<sup>(a)</sup> | 620826 | 13385009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.55%, NVS<sup>(a)</sup> | 783265 | 16268414 |
|  Carlyle Finance LLC, 4.63%, NVS | 1658990 | 28866426 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.95%, NVS<sup>(a)(d)</sup> | 2488487 | 61913557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 4.45%, NVS<sup>(a)</sup> | 1990725 | 38620065 |
|  CION Investment Corp., 7.50% | 517285 | 12901088 |
|  Crescent Capital BDC, Inc., 5.00% | 389985 | 9632630 |
|  DigitalBridge Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 7.13%, NVS<sup>(a)</sup> | 724422 | 17284709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 7.15%, NVS<sup>(a)</sup> | 1067271 | 24984814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 7.13%, NVS<sup>(a)(d)</sup> | 963435 | 22611819 |
|  Gladstone Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, NVS | 446200 | 11114842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 469289 | 10896891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% | 438775 | 11144885 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (3-mo. CME Term SOFR + 1.012%), 5.31%, NVS<sup>(a)(b)(d)</sup> | 2488328 | 55838080 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Capital Markets (continued)** |  |  |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (3-mo. CME Term SOFR + 1.012%), 5.31%, NVS<sup>(a)(b)(d)</sup> | 690406 | $15720545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, (3-mo. CME Term SOFR + 0.932%), 5.23%, NVS<sup>(a)(b)</sup> | 4479136 | 98988906 |
|  KKR & Co., Inc., Series D, 6.25% | 4296860 | 212264884 |
|  KKR Group Finance Co. IX LLC, 4.63%, NVS | 1659104 | 29532051 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (3-mo. CME Term SOFR + 0.962%), 5.26%<sup>(a)(b)(d)</sup> | 3566420 | 81314376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 7.13%, NVS<sup>(a)(b)</sup> | 2788991 | 70059454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 6.88%, NVS<sup>(a)(b)</sup> | 2747570 | 69018958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 6.38%, NVS<sup>(a)(b)</sup> | 3241994 | 80595971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 5.85%, NVS<sup>(a)(b)(d)</sup> | 3239731 | 76943611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.88%, NVS<sup>(a)</sup> | 1580657 | 32134757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.25%, NVS<sup>(a)</sup> | 4210450 | 75493368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 6.50%, NVS<sup>(a)</sup> | 3243018 | 81886204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 6.63%, NVS<sup>(a)</sup> | 3243778 | 82716339 |
|  New Mountain Finance Corp., 8.25%<sup>(d)</sup> | 395820 | 10097368 |
|  Northern Trust Corp., Series E, 4.70%, NVS<sup>(a)</sup> | 1327183 | 26225136 |
|  Prospect Capital Corp., Series A, 5.35%<sup>(a)(d)</sup> | 451876 | 7379135 |
|  Saratoga Investment Corp., Series 2027, 6.00%<sup>(d)</sup> | 350010 | 8540244 |
|  State Street Corp., Series G, 5.35%, NVS<sup>(a)(b)</sup> | 1658991 | 37393657 |
|  Stifel Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 746524 | 15288812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.25%, NVS<sup>(a)</sup> | 552285 | 13343206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 6.13%, NVS<sup>(a)</sup> | 746523 | 17550756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.50%, NVS<sup>(a)</sup> | 995364 | 17170029 |
|  Trinity Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, NVS | 395696 | 9943840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% | 395825 | 9966874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849931031 |
| **Chemicals — 1.0%** |  |  |
|  Albemarle Corp., 7.25%, NVS<sup>(c)</sup> | 3819267 | 136156868 |
|  EIDP, Inc., Series B, 4.50%, NVS<sup>(a)</sup> | 144249 | 10449398 |
|  |  | 146606266 |
| **Commercial Services & Supplies — 0.2%** |  |  |
|  Pitney Bowes, Inc., 6.70% | 1416543 | 27211791 |
| **Consumer Finance — 2.7%** |  |  |
|  Atlanticus Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 511554 | 12389838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, NVS | 545285 | 13773899 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.00%, NVS<sup>(a)</sup> | 4976898 | 94461524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 4.80%, NVS<sup>(a)</sup> | 4147397 | 75233781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 4.63%, NVS<sup>(a)</sup> | 430223 | 7593436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.38%, NVS<sup>(a)</sup> | 2239566 | 36818465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 4.25%, NVS<sup>(a)</sup> | 1410149 | 22703399 |
|  Navient Corp., 6.00%<sup>(d)</sup> | 996085 | 18487338 |
|  SLM Corp., Series B, (3-mo. CME Term SOFR + 1.962%), 6.26%<sup>(a)(b)</sup> | 209591 | 15446857 |
|  Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.63%, NVS<sup>(a)</sup> | 2488566 | 43873418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 8.25%, NVS<sup>(a)</sup> | 1658990 | 41507930 |
|  |  | 382289885 |
| **Diversified REITs — 0.5%** |  |  |
|  Armada Hoffler Properties, Inc., Series A, 6.75%, NVS<sup>(a)</sup> | 570246 | 12568222 |
|  CTO Realty Growth, Inc., Series A, 6.38%, NVS<sup>(a)</sup> | 399113 | 8177825 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Preferred and Income Securities ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Diversified REITs (continued)** |  |  |  |
|  Global Net Lease, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.25%, NVS<sup>(a)</sup> | 563977 | $| 12604886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.88%<sup>(a)</sup> | 396689 |  | 8572449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 7.50%, NVS<sup>(a)</sup> | 683986 |  | 16135230 |
|  LXP Industrial Trust, Series C, 6.50%, NVS<sup>(a)(c)</sup> | 160521 |  | 7319758 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65378370 |
| **Diversified Telecommunication Services — 2.7%** | **Diversified Telecommunication Services — 2.7%** | **Diversified Telecommunication Services — 2.7%** | **Diversified Telecommunication Services — 2.7%** |
|  AT&T Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 4387957 |  | 99826022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, NVS<sup>(a)</sup> | 3981533 |  | 80466782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.75%, NVS<sup>(a)</sup> | 5806383 |  | 110727724 |
|  Qwest Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 2189793 |  | 36569543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, NVS | 3243291 |  | 53644033 |
|  |  |  | 381234104 |
| **Electric Utilities — 8.7%** |  |  |  |
|  BIP Bermuda Holdings I Ltd., 5.13%<sup>(a)</sup> | 995364 |  | 16254294 |
|  Brookfield BRP Holdings Canada, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, NVS<sup>(a)</sup> | 1166603 |  | 17114066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%<sup>(a)</sup> | 896658 |  | 14176163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%<sup>(a)</sup> | 510470 |  | 12297222 |
|  Brookfield Infrastructure Finance ULC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 833261 |  | 13732141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 524406 |  | 12680137 |
|  Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 1658990 |  | 39616681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.75%, NVS<sup>(a)</sup> | 3317896 |  | 81520705 |
|  Entergy Arkansas LLC, 4.88%<sup>(d)</sup> | 1360383 |  | 28282362 |
|  Entergy Louisiana LLC, 4.88% | 895825 |  | 18355454 |
|  Entergy Mississippi LLC, 4.90% | 862701 |  | 17745760 |
|  Georgia Power Co., Series 2017, 5.00% | 899895 |  | 19851684 |
|  NextEra Energy Capital Holdings, Inc., Series N, 5.65% | 2281051 |  | 51848289 |
|  NextEra Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.93%<sup>(c)</sup> | 3317896 |  | 134806114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%<sup>(c)</sup> | 3332960 |  | 159348818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.23%<sup>(c)</sup> | 2488487 |  | 113350583 |
|  Pacific Gas & Electric Co., Series A, 6.00%<sup>(a)</sup> | 363083 |  | 8583282 |
|  PG&E Corp., Series A, 6.00%, NVS | 2670924 |  | 119497140 |
|  SCE Trust II, 5.10%, NVS<sup>(a)</sup> | 729969 |  | 13139442 |
|  SCE Trust IV, Series J, 5.38%, NVS<sup>(a)</sup> | 1082124 |  | 24066438 |
|  SCE Trust V, Series K, 5.45%, NVS<sup>(a)</sup> | 999879 |  | 22907228 |
|  SCE Trust VI, 5.00%, NVS<sup>(a)</sup> | 1576024 |  | 27028812 |
|  SCE Trust VII, Series M, 7.50%<sup>(a)</sup> | 1824865 |  | 41971895 |
|  SCE Trust VIII, Series N, 6.95%, NVS<sup>(a)(d)</sup> | 1161308 |  | 26373305 |
|  Southern Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 1493047 |  | 32145302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 1874638 |  | 48065718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 4.95% | 3317896 |  | 67751436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.20% | 2488487 |  | 45713506 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228223977 |
| **Electrical Equipment — 0.2%** |  |  |  |
|  Babcock & Wilcox Enterprises, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 528317 |  | 9789714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% | 666328 |  | 14092837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.75%, NVS<sup>(a)</sup> | 636098 |  | 4980648 |
|  |  |  | 28863199 |
| **Financial Services — 5.7%** |  |  |  |
|  Apollo Global Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(c)</sup> | 2384723 |  | 174299404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% | 1990725 |  | 51619499 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Financial Services (continued)** |  |  |
|  Citigroup Capital XIII, (3-mo. CME Term SOFR + 6.632%), 10.92%, NVS<sup>(b)</sup> | 7452083 | $222519198 |
|  Compass Diversified Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.25%, NVS<sup>(a)</sup> | 403193 | 8922661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.88%, NVS<sup>(a)</sup> | 560078 | 12612957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 7.88%, NVS<sup>(a)</sup> | 613923 | 13727318 |
|  Corebridge Financial, Inc., 6.38% | 1990725 | 49529238 |
|  Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, NVS<sup>(a)</sup> | 2656491 | 54750280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.30%<sup>(a)</sup> | 1031753 | 17333450 |
|  Federal Agricultural Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.70%, NVS<sup>(a)</sup> | 344909 | 7839782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.25%, NVS<sup>(a)</sup> | 413530 | 8601424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 4.88%, NVS<sup>(a)</sup> | 431079 | 8449148 |
|  Jackson Financial, Inc., 8.00%<sup>(a)</sup> | 1826328 | 48068953 |
|  Merchants Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, NVS<sup>(a)</sup> | 493522 | 12629228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, NVS<sup>(a)</sup> | 763085 | 19061863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 6.00%, NVS<sup>(a)</sup> | 654079 | 13238559 |
|  National Rural Utilities Cooperative Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp., Series US, 5.50% | 829501 | 19725534 |
|  NewtekOne, Inc., 5.50% | 396710 | 9834441 |
|  TPG Operating Group II LP, 6.95%, NVS | 1327183 | 33179575 |
|  Voya Financial, Inc., Series B, 5.35%, NVS<sup>(a)</sup> | 995364 | 23619988 |
|  |  | 809562500 |
| **Food Products — 1.4%** |  |  |
|  CHS, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, NVS<sup>(a)</sup> | 1017972 | 28299622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 7.88%, NVS<sup>(a)(d)</sup> | 1780033 | 46280858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 7.10%, NVS<sup>(a)(b)(d)</sup> | 1393507 | 34837675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3, 6.75%, NVS<sup>(a)(b)</sup> | 1634157 | 40085871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4, 7.50%<sup>(a)</sup> | 1717044 | 44454269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193958295 |
| **Gas Utilities — 0.2%** |  |  |
|  Entergy New Orleans LLC, 5.50% | 364906 | 7852777 |
|  Spire, Inc., Series A, 5.90%, NVS<sup>(a)</sup> | 829501 | 19957794 |
|  |  | 27810571 |
| **Health Care Providers & Services — 0.3%** |  |  |
|  BrightSpring Health Services, Inc., 6.75%, NVS<sup>(c)</sup>  | 666567 | 43326855 |
| **Health Care REITs — 0.2%** |  |  |
|  Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, NVS | 862934 | 12529801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 1166576 | 15515461 |
|  |  | 28045262 |
| **Hotel & Resort REITs — 0.8%** |  |  |
|  Braemar Hotels & Resorts, Inc., Series B, 5.50%, NVS<sup>(a)(c)</sup> | 259291 | 3373376 |
|  Chatham Lodging Trust, Series A, 6.63%, NVS<sup>(a)(d)</sup> | 404678 | 7968110 |
|  DiamondRock Hospitality Co., 8.25%, NVS<sup>(a)</sup> | 394785 | 9778824 |
|  Pebblebrook Hotel Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.38%, NVS<sup>(a)</sup> | 376226 | 6452276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 6.30%, NVS<sup>(a)</sup> | 497661 | 8714044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 6.38%, NVS<sup>(a)</sup> | 763086 | 13514253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.70%, NVS<sup>(a)</sup> | 688311 | 11226352 |
|  RLJ Lodging Trust, Series A, 1.95%<sup>(a)(c)</sup> | 1068308 | 26066715 |
|  Summit Hotel Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.25%, NVS<sup>(a)</sup> | 530883 | 10553954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.88%, NVS<sup>(a)</sup> | 345389 | 6693639 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Preferred and Income Securities ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Hotel & Resort REITs (continued)** |  |  |  |
|  Sunstone Hotel Investors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 6.13%<sup>(a)</sup> | 388591 | $| 7690216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.70%, NVS<sup>(a)</sup> | 338434 |  | 6267798 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118299557 |
| **Hotels, Restaurants & Leisure — 0.0%** |  |  |  |
|  FAT Brands, Inc., Series B, 8.25%, NVS<sup>(a)</sup> | 701389 |  | 5625140 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **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, 5.25%, NVS<sup>(a)</sup> | 666576 |  | 11771732 |
|  Tennessee Valley Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (30-yr. CMT + 0.840%), 2.22%<sup>(b)</sup> | 691338 |  | 16287923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, (30-yr. CMT + 0.940%), 2.13%<sup>(b)</sup> | 850913 |  | 20226202 |
|  |  |  | 48285857 |
| **Industrial Conglomerates — 0.1%** |  |  |  |
|  Steel Partners Holdings LP, Series A, 6.00%, NVS | 487057 |  | 11811132 |
| **Insurance — 11.8%** |  |  |  |
|  Abacus Global Management, Inc., 9.88%<sup>(d)</sup> | 57787 |  | 1411736 |
|  AEGON Funding Co. LLC, 5.10%, NVS | 3069055 |  | 61196957 |
|  Allstate Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 3.427%), 7.73%, NVS<sup>(b)(d)</sup> | 1658990 |  | 44112544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.10%, NVS<sup>(a)</sup> | 3815579 |  | 80127159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 4.75%, NVS<sup>(a)</sup> | 995364 |  | 19359830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 7.38%<sup>(a)</sup> | 1990725 |  | 52097273 |
|  American Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 430218 |  | 9430379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 690405 |  | 11895678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 517751 |  | 11110936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 690405 |  | 13476706 |
|  American National Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, NVS<sup>(a)</sup> | 995364 |  | 25600762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.63%, NVS<sup>(a)</sup> | 995360 |  | 24943722 |
|  Arch Capital Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.45%, NVS<sup>(a)(d)</sup> | 1094904 |  | 22675462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 4.55%<sup>(a)</sup> | 1658990 |  | 28916196 |
|  Argo Group International Holdings, Inc., 7.00%, NVS<sup>(a)</sup> | 497682 |  | 12437073 |
|  Argo Group U.S., Inc., 6.50% | 477286 |  | 9884593 |
|  Aspen Insurance Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, NVS<sup>(a)</sup> | 795810 |  | 15422798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, NVS<sup>(a)</sup> | 862835 |  | 16989221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, NVS<sup>(a)</sup> | 746523 |  | 18700401 |
|  Assurant, Inc., 5.25% | 829501 |  | 15934714 |
|  Athene Holding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, NVS | 1907827 |  | 48096319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.35%, NVS<sup>(a)</sup> | 2873798 |  | 69919505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.63%, NVS<sup>(a)</sup> | 1144666 |  | 22515580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 6.38%, NVS<sup>(a)</sup> | 1990725 |  | 49648681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.88%<sup>(a)</sup> | 1907827 |  | 32623842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 7.75%, NVS<sup>(a)(d)</sup> | 1658990 |  | 43382588 |
|  Axis Capital Holdings Ltd., Series E, 5.50%, NVS<sup>(a)</sup> | 1824865 |  | 37227246 |
|  Brighthouse Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 1244205 |  | 26165631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.60%, NVS<sup>(a)</sup> | 1410149 |  | 27624819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.75%, NVS<sup>(a)</sup> | 1335453 |  | 26668996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.38%<sup>(a)</sup> | 1907827 |  | 30029197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.63%, NVS<sup>(a)</sup> | 1161308 |  | 16107342 |
|  CNO Financial Group, Inc., 5.13% | 497683 |  | 9406209 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Insurance (continued)** |  |  |  |
|  Enstar Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 7.00%, NVS<sup>(a)</sup> | 1328384 | $| 27683523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 7.00%, NVS<sup>(a)</sup> | 374830 |  | 7597804 |
|  F&G Annuities & Life, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, NVS | 1144667 |  | 29280582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% | 1244206 |  | 30781656 |
|  Globe Life, Inc., 4.25%, NVS | 1078342 |  | 17264255 |
|  Hartford Insurance Group, Inc. (The), Series G, 6.00%, NVS<sup>(a)</sup> | 1144680 |  | 28365170 |
|  Kemper Corp., 5.88% | 497682 |  | 11217752 |
|  Lincoln National Corp., Series D, 9.00%<sup>(a)</sup> | 1658990 |  | 44129134 |
|  Maiden Holdings Ltd., 6.63% | 369770 |  | 4962313 |
|  Maiden Holdings North America Ltd., 7.75% | 525934 |  | 8877766 |
|  MetLife, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (3-mo. CME Term SOFR + 1.262%), 5.56%, NVS<sup>(a)(b)</sup> | 1990725 |  | 47319533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.63%, NVS<sup>(a)</sup> | 2670913 |  | 62980129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 4.75%, NVS<sup>(a)</sup> | 3317896 |  | 65694341 |
|  Prudential Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%<sup>(d)</sup> | 995365 |  | 24605423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 1874628 |  | 43491370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, NVS<sup>(d)</sup> | 1659019 |  | 29016242 |
|  Reinsurance Group of America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% | 2322658 |  | 59738764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, NVS<sup>(d)</sup> | 1327183 |  | 32661974 |
|  RenaissanceRe Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.75%, NVS<sup>(a)</sup> | 829501 |  | 17850862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 4.20%, NVS<sup>(a)</sup> | 1658990 |  | 26294992 |
|  Selective Insurance Group, Inc., Series B, 4.60%<sup>(a)(d)</sup> | 663546 |  | 12030089 |
|  SiriusPoint Ltd., Series B, 8.00%, NVS<sup>(a)</sup> | 664091 |  | 16708530 |
|  Unum Group, 6.25% | 995364 |  | 25073219 |
|  W R Berkley Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 638556 |  | 14067389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 995364 |  | 19767929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 995364 |  | 16662393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 829501 |  | 14118107 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673381336 |
| **Leisure Products — 0.2%** |  |  |  |
|  Brunswick Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 638561 |  | 15421248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 763085 |  | 17947759 |
|  |  |  | 33369007 |
| **Machinery — 0.3%** |  |  |  |
|  Chart Industries, Inc., Series B, 6.75%, NVS<sup>(c)</sup> | 670796 |  | 36739497 |
| **Marine Transportation — 0.1%** |  |  |  |
|  Global Ship Lease, Inc., 8.75%, NVS<sup>(a)</sup> | 363191 |  | 9323113 |
| **Media — 0.1%** |  |  |  |
|  Liberty Broadband Corp., Series A, 7.00%<sup>(a)</sup> | 596971 |  | 14351183 |
| **Mortgage Real Estate Investment Trusts (REITs) — 6.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 6.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 6.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 6.1%** |
|  ACRES Commercial Realty Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (3-mo. CME Term SOFR + 5.927%), 10.22%<sup>(a)(b)</sup> | 398125 |  | 10048675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 7.88%, NVS<sup>(a)(d)</sup> | 373938 |  | 8159327 |
|  AGNC Investment Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (3-mo. CME Term SOFR + 5.373%), 9.68%, NVS<sup>(a)(b)</sup> | 1078342 |  | 28112376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, (3-mo. CME Term SOFR + 4.594%), 8.90%, NVS<sup>(a)(b)</sup> | 779724 |  | 19727017 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Preferred and Income Securities ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, (3-mo. CME Term SOFR + 5.255%), 9.56%, NVS<sup>(a)(b)</sup> | 1335464 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34174524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 6.13%, NVS<sup>(a)</sup> | 1907828 | 48191735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 7.75%, NVS<sup>(a)</sup> | 516248 | 13468910 |
|  Annaly Capital Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, (3-mo. CME Term SOFR + 5.255%), 9.54%, NVS<sup>(a)(b)</sup> | 2388952 | 60966055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, (3-mo. CME Term SOFR + 4.434%), 8.72%, NVS<sup>(a)(b)</sup> | 1410149 | 35437044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, (3-mo. CME Term SOFR + 5.251%), 9.54%, NVS<sup>(a)(b)</sup> | 1468221 | 37483682 |
|  Arbor Realty Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 6.38%, NVS<sup>(a)</sup> | 766604 | 13507562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.25%, NVS<sup>(a)</sup> | 491776 | 8197906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 6.25%, NVS<sup>(a)</sup> | 940817 | 19738341 |
|  ARMOUR Residential REIT, Inc., Series C, 7.00%<sup>(a)</sup> | 567912 | 12102205 |
|  Chimera Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 8.00%, NVS<sup>(a)</sup> | 498781 | 10968194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (3-mo. CME Term SOFR + 6.053%), 10.35%, NVS<sup>(a)(b)</sup> | 1078342 | 25740024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 7.75%, NVS<sup>(a)(d)</sup> | 862701 | 19428027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, (3-mo. CME Term SOFR + 5.600%), 9.90%, NVS<sup>(a)(b)</sup> | 666613 | 15432091 |
|  Dynex Capital, Inc., Series C, 6.90%, NVS<sup>(a)</sup> | 369949 | 9478093 |
|  Ellington Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.27%, NVS<sup>(a)(b)</sup> | 397186 | 9881988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.25%, NVS<sup>(a)</sup> | 414705 | 9409656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 8.63%<sup>(a)</sup> | 345389 | 8548378 |
|  Franklin BSP Realty Trust, Inc., Series E, 7.50%, NVS<sup>(a)</sup> | 856724 | 17382930 |
|  Granite Point Mortgage Trust, Inc., Series A, 7.00%, NVS<sup>(a)</sup> | 682659 | 11714428 |
|  Invesco Mortgage Capital, Inc., Series C, 7.50%, NVS<sup>(a)</sup> | 595408 | 14158802 |
|  KKR Real Estate Finance Trust, Inc., Series A, 6.50%, NVS<sup>(a)</sup> | 1092453 | 20876777 |
|  MFA Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, NVS | 395100 | 9905157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.50%, NVS<sup>(a)</sup> | 663547 | 14020748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 6.50%, NVS<sup>(a)(b)</sup> | 912467 | 22629182 |
|  New York Mortgage Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 8.00%, NVS<sup>(a)</sup> | 507008 | 11002074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 11.28%, NVS<sup>(a)(b)</sup> | 609078 | 14983319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 6.88%, NVS<sup>(a)</sup> | 495650 | 10760561 |
|  PennyMac Mortgage Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, NVS | 585945 | 14929879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 8.13%, NVS<sup>(a)(b)</sup> | 395740 | 9754991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 8.00%, NVS<sup>(a)(b)</sup> | 646984 | 15754060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 6.75%, NVS<sup>(a)</sup> | 833319 | 16333052 |
|  Ready Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% | 347095 | 8479531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 684401 | 16938925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 450759 | 10687496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.50%, NVS<sup>(a)</sup> | 387439 | 6214522 |
|  Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (3-mo. CME Term SOFR + 6.064%), 10.39%, NVS<sup>(a)(b)</sup> | 361519 | 9276578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (3-mo. CME Term SOFR + 5.902%), 10.23%<sup>(a)(b)</sup> | 934050 | 23566081 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
|  Rithm Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (3-mo. CME Term SOFR + 5.231%), 9.55%, NVS<sup>(a)(b)</sup> | 1319130 | $| 33136546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 7.00%, NVS<sup>(a)</sup> | 1542809 |  | 37258837 |
|  TPG RE Finance Trust, Inc., Series C, 6.25%, NVS<sup>(a)(d)</sup> | 670842 |  | 11612275 |
|  Two Harbors Investment Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 8.13%, NVS<sup>(a)</sup> | 428531 |  | 10584716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.63%, NVS<sup>(a)</sup> | 846594 |  | 19835697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 7.25%, NVS<sup>(a)(b)</sup> | 801390 |  | 20066806 |
|  |  |  | 870065780 |
| **Multi-Utilities — 1.8%** |  |  |  |
|  Algonquin Power & Utilities Corp., Series 19-A, 8.86%, NVS<sup>(b)</sup> | 1161308 |  | 29264962 |
|  Brookfield Infrastructure Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13, 5.13%, NVS<sup>(a)</sup> | 669587 |  | 11155319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 14, 5.00%, NVS<sup>(a)</sup> | 669587 |  | 10900876 |
|  CMS Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 2090264 |  | 47678922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, NVS | 929029 |  | 20810250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 690410 |  | 15078554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.20%, NVS<sup>(a)</sup> | 793895 |  | 13797895 |
|  DTE Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 929029 |  | 16778264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.25%<sup>(d)</sup> | 1327207 |  | 28707487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 4.38% | 793897 |  | 14258390 |
|  Sempra, 5.75% | 2513330 |  | 53860662 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262291581 |
| **Office REITs — 0.8%** |  |  |  |
|  City Office REIT, Inc., Series A, 6.63%, NVS<sup>(a)</sup> | 386801 |  | 7233179 |
|  Hudson Pacific Properties, Inc., Series C, 4.75%, NVS<sup>(a)</sup> | 1415650 |  | 18629954 |
|  Office Properties Income Trust, 6.38% | 554300 |  | 4123992 |
|  SL Green Realty Corp., Series I, 6.50%, NVS<sup>(a)</sup> | 765704 |  | 17182398 |
|  Vornado Realty Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.40%, NVS<sup>(a)</sup> | 1000852 |  | 16884373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 5.25%, NVS<sup>(a)</sup> | 1064983 |  | 17401822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 5.25%, NVS<sup>(a)</sup> | 997171 |  | 16463293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.45%, NVS<sup>(a)</sup> | 1036122 |  | 15158465 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113077476 |
| **Oil, Gas & Consumable Fuels — 0.5%** |  |  |  |
|  El Paso Energy Capital Trust I, 4.75%<sup>(c)</sup> | 365899 |  | 17804645 |
|  NGL Energy Partners LP, Series B, (3-mo. CME Term SOFR + 7.475%), 11.76%,<br>NVS<sup>(a)(b)</sup> | 1174945 |  | 28186931 |
|  Seapeak LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, NVS<sup>(a)</sup> | 409133 |  | 10269238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 8.50%, NVS<sup>(a)</sup> | 547126 |  | 13710978 |
|  |  |  | 69971792 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
|  Brookfield Property Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.75%, NVS<sup>(a)</sup> | 962541 |  | 11945134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 6.50%, NVS<sup>(a)</sup> | 635103 |  | 8643752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A2, 6.38%, NVS<sup>(a)</sup> | 842638 |  | 11645257 |
|  Brookfield Property Preferred LP, 6.25% | 2236838 |  | 31874941 |
|  |  |  | 64109084 |
| **Residential REITs — 0.3%** |  |  |  |
|  American Homes 4 Rent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.88%, NVS<sup>(a)</sup> | 381570 |  | 8470854 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Preferred and Income Securities ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Residential REITs (continued)** |  |  |  |
|  American Homes 4 Rent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 6.25%, NVS<sup>(a)</sup> | 397186 | $| 9381533 |
|  UMH Properties, Inc., Series D, 6.38%, NVS<sup>(a)</sup> | 1058947 |  | 23699234 |
|  |  |  | 41551621 |
| **Retail REITs — 0.6%** |  |  |  |
|  Agree Realty Corp., Series A, 4.25%, NVS<sup>(a)</sup> | 580660 |  | 9993159 |
|  Federal Realty Investment Trust, Series C, 5.00%, NVS<sup>(a)</sup> | 497650 |  | 10162013 |
|  Kimco Realty Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.13%, NVS<sup>(a)</sup> | 738402 |  | 15218465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 5.25%, NVS<sup>(a)</sup> | 868025 |  | 18167763 |
|  Regency Centers Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.25%, NVS<sup>(a)</sup> | 396946 |  | 9264720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.88%, NVS<sup>(a)</sup> | 396573 |  | 8692880 |
|  Saul Centers, Inc., Series E, 6.00%, NVS<sup>(a)</sup> | 364928 |  | 7521166 |
|  |  |  | 79020166 |
| **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** |
|  Microchip Technology, Inc., 7.50% | 2023201 |  | 101827706 |
| **Software — 0.8%** |  |  |  |
|  MicroStrategy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, NVS<sup>(a)(d)</sup> | 623648 |  | 52392668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, NVS<sup>(a)</sup> | 529506 |  | 49244058 |
|  Soluna Holdings, Inc., Series A, 9.00%, NVS<sup>(a)(d)</sup>  | 462863 |  | 2703120 |
|  Synchronoss Technologies, Inc., 8.38% | 404549 |  | 9891223 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114231069 |
| **Specialized REITs — 2.7%** |  |  |  |
|  Digital Realty Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 5.25%, NVS<sup>(a)(d)</sup> | 688383 |  | 14414740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 5.85%, NVS<sup>(a)</sup> | 696747 |  | 16255108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.20%, NVS<sup>(a)</sup> | 1148563 |  | 23109088 |
|  EPR Properties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.75%, NVS<sup>(a)(c)</sup> | 465605 |  | 10746163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 9.00%, NVS<sup>(a)(c)(d)</sup> | 297392 |  | 8924734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.75%, NVS<sup>(a)</sup> | 518061 |  | 10697960 |
|  Gladstone Land Corp., Series B, 6.00%<sup>(a)</sup> | 489545 |  | 9732155 |
|  National Storage Affiliates Trust, Series A, 6.00%, NVS<sup>(a)</sup> | 755840 |  | 16545338 |
|  Public Storage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.15%, NVS<sup>(a)</sup> | 929029 |  | 19639673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.05%, NVS<sup>(a)(d)</sup> | 995364 |  | 20823015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.60%<sup>(a)</sup> | 945586 |  | 21682287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 4.88%, NVS<sup>(a)</sup> | 1049275 |  | 21100920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 4.70%, NVS<sup>(a)</sup> | 858477 |  | 16731717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 4.75%, NVS<sup>(a)</sup> | 793176 |  | 15625567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.63%, NVS<sup>(a)(d)</sup> | 1874627 |  | 35430450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 4.13%, NVS<sup>(a)</sup> | 793176 |  | 13571241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 3.88%, NVS<sup>(a)(d)</sup> | 974243 |  | 15734024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 3.90%, NVS<sup>(a)</sup> | 593780 |  | 9530169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 4.00%, NVS<sup>(a)</sup> | 2003223 |  | 32572406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 3.95%, NVS<sup>(a)</sup> | 503409 |  | 8175362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 4.00%, NVS<sup>(a)</sup> | 1443269 |  | 23467554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 4.10%, NVS<sup>(a)(d)</sup> | 862128 |  | 14440644 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378950315 |
| **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** |
|  Hewlett Packard Enterprise Co., 7.63% | 2488487 |  | 118800369 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
|  Fossil Group, Inc., 7.00% | 517319 | $9311742 |
| **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** |
|  FTAI Aviation Ltd., Series C, 8.25%,<br>NVS<sup>(a)(d)</sup> | 362108 | 9143227 |
|  Triton International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, NVS<sup>(a)</sup> | 496176 | 12478827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, NVS<sup>(a)</sup> | 604023 | 14569035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, NVS<sup>(a)</sup> | 517751 | 11721883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%<sup>(a)</sup> | 498275 | 12611340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.75%, NVS<sup>(a)</sup> | 604018 | 11657547 |
|  WESCO International, Inc., Series A, 10.63%, NVS<sup>(a)</sup> | 1786636 | 45130425 |
|  |  | 117312284 |
| **Transportation Infrastructure — 0.2%** |  |  |
|  Atlas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 7.95%<sup>(a)</sup> | 439564 | 10936352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 7.88%, NVS<sup>(a)</sup> | 748604 | 18490519 |
|  |  | 29426871 |
| **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** |
|  Telephone & Data Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 6.63%, NVS<sup>(a)(d)</sup> | 1393507 | 28929205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VV, 6.00%, NVS<sup>(a)</sup> | 2297230 | 40546110 |
|  United States Cellular Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 1658990 | 39550322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 1658990 | 36613909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 1658990 | 36696859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182336405 |
|  **Total Long-Term Investments — 98.7%<br>(Cost: $15,961,728,395)** | **Total Long-Term Investments — 98.7%<br>(Cost: $15,961,728,395)** | 13984728705 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.5%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(e)(f)(g)</sup> | 40829769 | 40850184 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(e)(f)</sup> | 168468346 | 168468346 |
|  **Total Short-Term Securities — 1.5%<br>(Cost: $209,300,795)** | **Total Short-Term Securities — 1.5%<br>(Cost: $209,300,795)** | 209318530 |
|  **Total Investments — 100.2%<br>(Cost: $16,171,029,190)** | **Total Investments — 100.2%<br>(Cost: $16,171,029,190)** | 14194047235 |
|  **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (33596428) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $14160450807 |

---

<sup>(a)</sup> Perpetual security with no stated maturity date.

<sup>(b)</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>(c)</sup> Convertible security.

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

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Preferred and Income Securities ETF** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares<br>Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash<br>Funds: Institutional,<br>SL Agency Shares | $142225542 | $— | $(101400561)<sup>(a)</sup> | $20292 | $4911 | $40850184 | 40829769 | $2137607 <sup>(b)</sup> | $— |
|  BlackRock Cash<br>Funds: Treasury,<br>SL Agency Shares | 406927713 |  | (238459367)<sup>(a)</sup> |  |  | 168468346 | 168468346 | 5631874 |  |
|  |  |  |  | $20292 | $4911 | $209318530 |  | $7769481 | $— |

---

<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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $13984728705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $13984728705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 209318530 |  |  | 209318530 |
|  | $14194047235 | $— | $— | $14194047235 |

---

*See notes to financial statements.* 

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

------

Statement of Assets and Liabilities

March 31, 2025

---

| | |
|:---|:---|
|  | iShares<br> Preferred and<br>Income Securities<br>ETF |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $13984728705 |
|  Investments, at value — affiliated<sup>(c)</sup> | 209318530 |
|  Cash | 14069 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 407853481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 383545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 163835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 35613917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 418204 |
|  Total assets | 14638494286 |
|  **LIABILITIES** |  |
|  Collateral on securities loaned | 40704570 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 431755473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 5583436 |
|  Total liabilities | 478043479 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $14160450807 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $19085610462 |
|  Accumulated loss | (4925159655) |
|  NET ASSETS | $14160450807 |
|  **NET ASSET VALUE** |  |
|  Shares outstanding | 461950000 |
|  Net asset value | $30.65 |
|  Shares authorized | Unlimited |
|  Par value |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $15961728395 |
|  <sup>(b) </sup>Securities loaned, at value | $38825942 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $209300795 |

---

*See notes to financial statements.* 

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

------

Statement of Operations

Year Ended March 31, 2025

---

| | |
|:---|:---|
|  | iShares<br> Preferred and<br>Income Securities<br>ETF |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957857302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 5631874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 188725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 2137607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (1086188) |
|  Total investment income | 964729320 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 66634982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 5405 |
|  Total expenses | 66640387 |
|  Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment by affiliate | (851) |
|  Total expenses after payment by affiliate | 66639536 |
|  Net investment income | 898089784 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (578638215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 20292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | 68069011 |
|  | (510548912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (192291589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 4911 |
|  | (192286678) |
|  Net realized and unrealized loss | (702835590) |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $195254194 |

---

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

*See notes to financial statements.* 

S T A T E M E N T O F O P E R A T I O N S 11

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | iShares Preferred and Income Securities ETF | iShares Preferred and Income Securities ETF |
|  | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $898089784 | $867924083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (510548912) | (415652921) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (192286678) | 846470347 |
|  Net increase in net assets resulting from operations | 195254194 | 1298741509 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (915567083) | (870372798) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 36715242 | 1433710878 |
|  *NET ASSETS* |  |  |
|  Total increase (decrease) in net assets | (683597647) | 1862079589 |
|  Beginning of year | 14844048454 | 12981968865 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14160450807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14844048454 |

---

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

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21 |
|  **Net asset value, beginning of year** | $32.15 | $31.18 | $36.39 | $38.27 | $31.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.95 | 2.02 | 1.90 | 1.75 | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (1.46) | 0.99 | (5.13) | (1.94) | 6.78 |
|  Net increase (decrease) from investment operations | 0.49 | 3.01 | (3.23) | (0.19) | 8.59 |
|  Distributions from net investment income<sup>(c)</sup> | (1.99) | (2.04) | (1.98) | (1.69) | (1.82) |
|  **Net asset value, end of year** | $30.65 | $32.15 | $31.18 | $36.39 | $38.27 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 1.46 %<sup>(e)</sup> | 10.14% | (8.99)% | (0.67)% | 27.88% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.45 %<sup>(g)</sup> | 0.46% | 0.46% | 0.45% | 0.46% |
|  Net investment income | 6.10% | 6.58% | 5.80% | 4.56% | 4.97% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $14160451 | $14844048 | $12981969 | $17711748 | $18364340 |
|  Portfolio turnover rate<sup>(h)</sup> | 20% | 21% | 16% | 21% | 28% |

---

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

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

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 13

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Notes to Financial Statements

*1. ORGANIZATION* 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* |
|  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. 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, 2025, 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. Dividend and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

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

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

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of the Fund has approved

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Notes to Financial Statements (continued)

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:

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

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

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

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

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

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

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

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

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

*4. SECURITIES AND OTHER INVESTMENTS* 

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

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

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

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

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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* | *Securities<br>Loaned at Value* | *Cash<br>Collateral Received <br><sup>(a)</sup>* |  | *Net<br>Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $679728 | $(679728) | $– | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 213828 | (213828) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 8708926 | (8708926) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 702539 | (702539) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 33300 | (33300) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 5368460 | (5368460) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 18074181 | (18074181) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 670810 | (670810) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 3159552 | (3159552) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 816562 | (816562) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 398056 | (398056) | – |  |
|  | $38825942 | $(38825942) | $– | $— |

---

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

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

*5. 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 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% |
|  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 SLAgency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day

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Notes to Financial Statements (continued)

exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by the Fund is shown as securities lending income - affiliated - net in its Statement of Operations. For the year ended March 31, 2025, the Fund paid BTC $529,435 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.

For the year ended March 31, 2025, the Fund received a reimbursement of $851 from an affiliate, which is included in payment by affiliate in the Statement of Operations, related to an operating event.

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

*6. PURCHASES AND SALES* 

For the year ended March 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Preferred and Income Securities | $2924132562 | $2923509084 |

---

For the year ended March 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind*<br> *Sales* |
|  Preferred and Income Securities | $1236207685 | $1216073353 |

---

*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, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

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Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  Preferred and Income Securities | $59155213 | $(59155213) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>03/31/25* | *Year Ended<br>03/31/24* |
|  Preferred and Income Securities<br>Ordinary income | $915567083 | $870372798 |

---

As of March 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Total* |
|  Preferred and Income Securities | $62903240 | $(2995430407) | $(1992632488) | $(4925159655) |

---

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

<sup>(b)</sup> The difference between book-basis and tax-basis net accumulated losses was attributable primarily to the the tax deferral of losses on wash sales, 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. 

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as "passive foreign investment companies." Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Preferred and Income Securities | $16186679723 | $56676675 | $(2049309163) | $(1992632488) |

---

*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.

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

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Notes to Financial Statements (continued)

entering into transactions only with counterparties that the Manager 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 the Fund invests.

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>03/31/25 | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Preferred and Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 41100000 | $1325665881 | 75050000 | $2326504374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (40900000) | (1288950639) | (29600000) | (892793496) |
|  | 200000 | $36715242 | 45450000 | $1433710878 |

---

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

*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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 19

------

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, 2025, the related statement of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 22, 2025

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

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

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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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend<br>Income* |
|  Preferred and Income Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565745365 |

---

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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business<br>Income* |
|  Preferred and Income Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82127128 |

---

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received<br>Deduction* |
|  Preferred and Income Securities | 60.19% |

---

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, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Interest Dividends* |
|  Preferred and Income Securities | $215592123 |

---

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, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Interest-Related<br>Dividends* |
|  Preferred and Income Securities | $206842412 |

---

I M P O R T A N T T A X I N F O R M A T I O N 21

------

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 Fund to be marketed to investors in the EU and/or UK.

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

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

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

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

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

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

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

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

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

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

#### Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares 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").

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

------

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:

• Go to **icsdelivery.com**.

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

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

#### Proxy Results
Not applicable.

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

#### Availability of Portfolio Holdings Information
A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

A D D I T I O N A L I N F O R M A T I O N 23

------

Glossary of Terms Used in these Financial Statements

---

| | |
|:---|:---|
| 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 |

---

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

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

---

| | |
|:---|:---|
| ![LOGO](g86604g76o73.jpg)  | ![LOGO](g86604g87s07.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g86604g70e91.jpg)  | **MARCH 31, 2025** |

---

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

#### 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](#fin386604_1) | 3 |
|  [Statements of Assets and Liabilities](#fin386604_2) | 53 |
|  [Statements of Operations](#fin386604_3) | 54 |
|  [Statements of Changes in Net Assets](#fin386604_4) | 55 |
|  [Financial Highlights](#fin386604_5) | 57 |
|  [Notes to Financial Statements](#fin386604_6) | 61 |
|  [Report of Independent Registered Public Accounting Firm](#fin386604_7) | 72 |
|  [Important Tax Information](#fin386604_8) | 73 |
|  [Additional Information](#fin386604_9) | 74 |
|  [Glossary of Terms Used in these Financial Statements](#fin386604_10) | 76 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Mid-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 1.3%** |  |  |
|  BWX Technologies, Inc. | 2986813 | $294649102 |
|  Curtiss-Wright Corp. | 1230047 | 390257012 |
|  Hexcel Corp. | 2650642 | 145149156 |
|  Woodward, Inc. | 1938862 | 353822926 |
|  |  | 1183878196 |
| **Air Freight & Logistics — 0.2%** |  |  |
|  GXO Logistics, Inc.<sup>(a)(b)</sup> | 3903868 | 152563161 |
| **Automobile Components — 0.8%** |  |  |
|  Autoliv, Inc. | 2336758 | 206686245 |
|  Gentex Corp. | 7428682 | 173088291 |
|  Goodyear Tire & Rubber Co. (The)<sup>(a)(b)</sup> | 9294788 | 85883841 |
|  Lear Corp. | 1752637 | 154617636 |
|  Visteon Corp.<sup>(a)(b)</sup> | 900799 | 69920018 |
|  |  | 690196031 |
| **Automobiles — 0.2%** |  |  |
|  Harley-Davidson, Inc. | 3737651 | 94375688 |
|  Thor Industries, Inc. | 1735871 | 131596380 |
|  |  | 225972068 |
| **Banks — 6.7%** |  |  |
|  Associated Banc-Corp | 5358127 | 120718601 |
|  Bank OZK | 3441188 | 149519619 |
|  Cadence Bank | 4729501 | 143587650 |
|  Columbia Banking System, Inc. | 6844409 | 170699560 |
|  Comerica, Inc. | 4292186 | 253496505 |
|  Commerce Bancshares, Inc. | 3987419 | 248137084 |
|  Cullen/Frost Bankers, Inc. | 2098091 | 262680993 |
|  East West Bancorp, Inc. | 4528005 | 406433729 |
|  First Financial Bankshares, Inc. | 4202073 | 150938462 |
|  First Horizon Corp. | 17115296 | 332379048 |
|  Flagstar Financial, Inc.<sup>(b)</sup> | 9905372 | 115100423 |
|  FNB Corp. | 11747946 | 158009874 |
|  Glacier Bancorp, Inc. | 3704491 | 163812592 |
|  Hancock Whitney Corp. | 2806890 | 147221381 |
|  Home BancShares, Inc. | 6039084 | 170724905 |
|  International Bancshares Corp. | 1748789 | 110278634 |
|  Old National Bancorp | 10418968 | 220777932 |
|  Pinnacle Financial Partners, Inc. | 2499646 | 265062462 |
|  Prosperity Bancshares, Inc. | 3111943 | 222099372 |
|  SouthState Corp. | 3206844 | 297659260 |
|  Synovus Financial Corp. | 4610873 | 215512204 |
|  Texas Capital Bancshares, Inc.<sup>(a)</sup> | 1502913 | 112267601 |
|  UMB Financial Corp. | 2222925 | 224737718 |
|  United Bankshares, Inc. | 4656445 | 161438948 |
|  Valley National Bancorp | 15520160 | 137974222 |
|  Webster Financial Corp. | 5598104 | 288582261 |
|  Western Alliance Bancorp | 3562497 | 273706645 |
|  Wintrust Financial Corp. | 2171915 | 244253561 |
|  Zions Bancorp N.A. | 4829875 | 240817568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6008628814 |
| **Beverages — 0.6%** |  |  |
|  Boston Beer Co., Inc. (The), Class A, NVS<sup>(a)(b)</sup> | 281099 | 67137685 |
|  Celsius Holdings, Inc.<sup>(a)(b)</sup> | 5143504 | 183211613 |
|  Coca-Cola Consolidated, Inc. | 192530 | 259915500 |
|  |  | 510264798 |
| **Biotechnology — 2.6%** |  |  |
|  BioMarin Pharmaceutical, Inc.<sup>(a)(b)</sup> | 6224974 | 440043412 |
|  Cytokinetics, Inc.<sup>(a)(b)</sup> | 3854927 | 154929516 |
|  Exelixis, Inc.<sup>(a)(b)</sup> | 9141696 | 337511416 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Halozyme Therapeutics, Inc.<sup>(a)(b)</sup> | 4155585 | $265167879 |
|  Neurocrine Biosciences, Inc.<sup>(a)(b)</sup> | 3256610 | 360181066 |
|  Roivant Sciences Ltd.<sup>(a)(b)</sup> | 13731280 | 138548615 |
|  Sarepta Therapeutics, Inc.<sup>(a)(b)</sup> | 3119953 | 199115401 |
|  United Therapeutics Corp.<sup>(a)(b)</sup> | 1458225 | 449527021 |
|  |  | 2345024326 |
| **Broadline Retail — 0.5%** |  |  |
|  Macy's, Inc. | 9074951 | 113981385 |
|  Nordstrom, Inc. | 3176135 | 77656501 |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)(b)</sup> | 2001476 | 232891747 |
|  |  | 424529633 |
| **Building Products — 2.4%** |  |  |
|  AAON, Inc. | 2203595 | 172166877 |
|  Advanced Drainage Systems, Inc.<sup>(b)</sup> | 2305771 | 250522019 |
|  Carlisle Cos., Inc. | 1452119 | 494446520 |
|  Fortune Brands Innovations, Inc. | 4057566 | 247024618 |
|  Owens Corning | 2801942 | 400173356 |
|  Simpson Manufacturing Co., Inc. | 1377195 | 216329791 |
|  Trex Co., Inc.<sup>(a)(b)</sup> | 3499622 | 203328038 |
|  UFP Industries, Inc. | 1983452 | 212308702 |
|  |  | 2196299921 |
| **Capital Markets — 3.5%** |  |  |
|  Affiliated Managers Group, Inc.<sup>(b)</sup> | 955742 | 160593328 |
|  Carlyle Group, Inc. (The) | 6892881 | 300460683 |
|  Evercore, Inc., Class A | 1156402 | 230956607 |
|  Federated Hermes, Inc., Class B | 2541407 | 103613163 |
|  Hamilton Lane, Inc., Class A | 1415046 | 210374889 |
|  Houlihan Lokey, Inc., Class A | 1764635 | 284988553 |
|  Interactive Brokers Group, Inc., Class A | 3556293 | 588886558 |
|  Janus Henderson Group PLC | 4155588 | 150224506 |
|  Jefferies Financial Group, Inc. | 5317991 | 284884778 |
|  Morningstar, Inc. | 882450 | 264620282 |
|  SEI Investments Co. | 3148634 | 244428457 |
|  Stifel Financial Corp. | 3337193 | 314563812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138595616 |
| **Chemicals — 1.7%** |  |  |
|  Ashland, Inc. | 1538920 | 91242567 |
|  Avient Corp. | 2986715 | 110986329 |
|  Axalta Coating Systems Ltd.<sup>(a)</sup> | 7125158 | 236341491 |
|  Cabot Corp. | 1775777 | 147638100 |
|  NewMarket Corp. | 248889 | 140983174 |
|  Olin Corp. | 3779084 | 91604996 |
|  RPM International, Inc. | 4199391 | 485785551 |
|  Scotts Miracle-Gro Co. (The) | 1405930 | 77171498 |
|  Westlake Corp. | 1091490 | 109181744 |
|  |  | 1490935450 |
| **Commercial Services & Supplies — 1.7%** |  |  |
|  Brink's Co. (The) | 1426307 | 122890611 |
|  Clean Harbors, Inc.<sup>(a)(b)</sup> | 1654863 | 326173497 |
|  MSA Safety, Inc. | 1282082 | 188068609 |
|  RB Global, Inc.<sup>(b)</sup> | 6023506 | 604157651 |
|  Tetra Tech, Inc. | 8754801 | 256077929 |
|  |  | 1497368297 |
| **Communications Equipment — 0.5%** |  |  |
|  Ciena Corp.<sup>(a)</sup> | 4641903 | 280510199 |
|  Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 2257080 | 140706367 |
|  |  | 421216566 |
| **Construction & Engineering — 2.2%** |  |  |
|  AECOM | 4334024 | 401894045 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Mid-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
|  Comfort Systems U.S.A., Inc. | 1158878 | $373541146 |
|  EMCOR Group, Inc. | 1502554 | 555389035 |
|  Fluor Corp.<sup>(a)(b)</sup> | 5602186 | 200670302 |
|  MasTec, Inc.<sup>(a)</sup> | 2010870 | 234688638 |
|  Valmont Industries, Inc. | 654396 | 186744987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952928153 |
| **Construction Materials — 0.5%** |  |  |
|  Eagle Materials, Inc.<sup>(b)</sup> | 1087275 | 241298941 |
|  Knife River Corp.<sup>(a)(b)</sup> | 1849278 | 166823368 |
|  |  | 408122309 |
| **Consumer Finance — 0.8%** |  |  |
|  Ally Financial, Inc. | 8977336 | 327403444 |
|  FirstCash Holdings, Inc. | 1272208 | 153072067 |
|  SLM Corp. | 6872241 | 201837718 |
|  |  | 682313229 |
| **Consumer Staples Distribution & Retail — 3.3%** | **Consumer Staples Distribution & Retail — 3.3%** |  |
|  Albertsons Cos., Inc., Class A | 13246888 | 291299067 |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)(b)</sup> | 4314553 | 492290497 |
|  Casey's General Stores, Inc.<sup>(b)</sup> | 1212372 | 526217943 |
|  Maplebear, Inc.<sup>(a)(b)</sup> | 5286269 | 210869271 |
|  Performance Food Group Co.<sup>(a)(b)</sup> | 5102448 | 401205486 |
|  Sprouts Farmers Market, Inc.<sup>(a)(b)</sup> | 3265981 | 498519340 |
|  U.S. Foods Holding Corp.<sup>(a)(b)</sup> | 7524819 | 492574652 |
|  |  | 2912976256 |
| **Containers & Packaging — 1.7%** |  |  |
|  AptarGroup, Inc. | 2171915 | 322268748 |
|  Berry Global Group, Inc. | 3782349 | 264045784 |
|  Crown Holdings, Inc. | 3823468 | 341282754 |
|  Graphic Packaging Holding Co. | 9805822 | 254559139 |
|  Greif, Inc., Class A, NVS | 845888 | 46515381 |
|  Silgan Holdings, Inc. | 2647249 | 135327369 |
|  Sonoco Products Co. | 3210190 | 151649375 |
|  |  | 1515648550 |
| **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** |  |
|  Duolingo, Inc., Class A<sup>(a)(b)</sup> | 1237818 | 384392002 |
|  Graham Holdings Co., Class B | 109950 | 105646557 |
|  Grand Canyon Education, Inc.<sup>(a)</sup> | 938954 | 162457821 |
|  H&R Block, Inc. | 4371877 | 240059766 |
|  Service Corp. International | 4710362 | 377771032 |
|  |  | 1270327178 |
| **Diversified REITs — 0.5%** |  |  |
|  WP Carey, Inc. | 7148220 | 451124164 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |  |
|  Frontier Communications Parent, Inc.<sup>(a)</sup> | 7238838 | 259584731 |
|  Iridium Communications, Inc. | 3549944 | 96984470 |
|  |  | 356569201 |
| **Electric Utilities — 1.1%** |  |  |
|  ALLETE, Inc. | 1892354 | 124327658 |
|  IDACORP, Inc. | 1739950 | 202216989 |
|  OGE Energy Corp. | 6563524 | 301659563 |
|  Portland General Electric Co. | 3572132 | 159317087 |
|  TXNM Energy, Inc. | 2946661 | 157587430 |
|  |  | 945108727 |
| **Electrical Equipment — 1.4%** |  |  |
|  Acuity, Inc. | 1001412 | 263721850 |
|  EnerSys | 1289959 | 118134445 |
|  NEXTracker, Inc., Class A<sup>(a)(b)</sup> | 4693970 | 197803896 |
|  nVent Electric PLC | 5383346 | 282194998 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Electrical Equipment (continued)** |  |  |  |
|  Regal Rexnord Corp. | 2163186 | $| 246278726 |
|  Sensata Technologies Holding PLC | 4888385 |  | 118641104 |
|  |  |  | 1226775019 |
| **Electronic Equipment, Instruments & Components — 2.7%** | **Electronic Equipment, Instruments & Components — 2.7%** | **Electronic Equipment, Instruments & Components — 2.7%** | **Electronic Equipment, Instruments & Components — 2.7%** |
|  Arrow Electronics, Inc.<sup>(a)(b)</sup> | 1702189 |  | 176738284 |
|  Avnet, Inc. | 2825484 |  | 135877525 |
|  Belden, Inc.<sup>(b)</sup> | 1315917 |  | 131920679 |
|  Cognex Corp. | 5551726 |  | 165607987 |
|  Coherent Corp.<sup>(a)(b)</sup> | 5061655 |  | 328703876 |
|  Crane NXT Co. | 1603820 |  | 82436348 |
|  Fabrinet<sup>(a)(b)</sup> | 1175531 |  | 232179128 |
|  Flex Ltd.<sup>(a)(b)</sup> | 12507186 |  | 413737713 |
|  IPG Photonics Corp.<sup>(a)(b)</sup> | 872731 |  | 55104235 |
|  Littelfuse, Inc. | 810586 |  | 159474690 |
|  Novanta, Inc.<sup>(a)(b)</sup> | 1173530 |  | 150059281 |
|  TD SYNNEX Corp. | 2460822 |  | 255827055 |
|  Vontier Corp.<sup>(b)</sup> | 4861701 |  | 159706878 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2447373679 |
| **Energy Equipment & Services — 0.6%** |  |  |  |
|  ChampionX Corp. | 6232060 |  | 185715388 |
|  NOV, Inc. | 12438641 |  | 189316116 |
|  Valaris Ltd.<sup>(a)(b)</sup> | 2134070 |  | 83783588 |
|  Weatherford International PLC | 2380637 |  | 127483112 |
|  |  |  | 586298204 |
| **Entertainment — 0.2%** |  |  |  |
|  Warner Music Group Corp., Class A | 4736649 |  | 148493946 |
| **Financial Services — 1.8%** |  |  |  |
|  Equitable Holdings, Inc. | 8185440 |  | 426379570 |
|  Essent Group Ltd. | 3430091 |  | 197984853 |
|  Euronet Worldwide, Inc.<sup>(a)(b)</sup> | 1349265 |  | 144168965 |
|  MGIC Investment Corp. | 8115034 |  | 201090543 |
|  Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | 2242790 |  | 183258371 |
|  Voya Financial, Inc. | 3142744 |  | 212952333 |
|  Western Union Co. (The) | 9480549 |  | 100304208 |
|  WEX, Inc.<sup>(a)(b)</sup> | 1140354 |  | 179058385 |
|  |  |  | 1645197228 |
| **Food Products — 1.0%** |  |  |  |
|  Darling Ingredients, Inc.<sup>(a)(b)</sup> | 5195467 |  | 162306389 |
|  Flowers Foods, Inc. | 6401319 |  | 121689074 |
|  Ingredion, Inc. | 2106754 |  | 284854209 |
|  Lancaster Colony Corp. | 629545 |  | 110170375 |
|  Pilgrim's Pride Corp.<sup>(a)(b)</sup> | 1316728 |  | 71774843 |
|  Post Holdings, Inc.<sup>(a)(b)</sup> | 1494409 |  | 173889431 |
|  |  |  | 924684321 |
| **Gas Utilities — 1.2%** |  |  |  |
|  National Fuel Gas Co. | 2957677 |  | 234218441 |
|  New Jersey Resources Corp. | 3276146 |  | 160727723 |
|  ONE Gas, Inc. | 1847856 |  | 139679435 |
|  Southwest Gas Holdings, Inc. | 1969039 |  | 141377000 |
|  Spire, Inc. | 1906223 |  | 149161950 |
|  UGI Corp. | 7016386 |  | 232031885 |
|  |  |  | 1057196434 |
| **Ground Transportation — 1.5%** |  |  |  |
|  Avis Budget Group, Inc.<sup>(a)</sup> | 551084 |  | 41827276 |
|  Knight-Swift Transportation Holdings, Inc. | 5287874 |  | 229969640 |
|  Landstar System, Inc. | 1153609 |  | 173272072 |
|  Ryder System, Inc. | 1374616 |  | 197683527 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Mid-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Ground Transportation (continued)** |  |  |
|  Saia, Inc.<sup>(a)(b)</sup> | 868664 | $303537261 |
|  XPO, Inc.<sup>(a)(b)</sup> | 3829486 | 411976104 |
|  |  | 1358265880 |
| **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** |  |
|  DENTSPLY SIRONA, Inc. | 6483433 | 96862489 |
|  Envista Holdings Corp.<sup>(a)(b)</sup> | 5616124 | 96934300 |
|  Globus Medical, Inc., Class A<sup>(a)(b)</sup> | 3714967 | 271935584 |
|  Haemonetics Corp.<sup>(a)(b)</sup> | 1642467 | 104378778 |
|  Lantheus Holdings, Inc.<sup>(a)(b)</sup> | 2270946 | 221644330 |
|  LivaNova PLC<sup>(a)(b)</sup> | 1773786 | 69674314 |
|  Masimo Corp.<sup>(a)(b)</sup> | 1451500 | 241819900 |
|  Penumbra, Inc.<sup>(a)(b)</sup> | 1253567 | 335216352 |
|  |  | 1438466047 |
| **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** |  |
|  Acadia Healthcare Co., Inc.<sup>(a)(b)</sup> | 3029581 | 91856896 |
|  Amedisys, Inc.<sup>(a)(b)</sup> | 1068230 | 98950145 |
|  Chemed Corp.<sup>(b)</sup> | 489387 | 301129609 |
|  Encompass Health Corp. | 3290774 | 333289591 |
|  Ensign Group, Inc. (The) | 1862435 | 240999089 |
|  HealthEquity, Inc.<sup>(a)(b)</sup> | 2830653 | 250144806 |
|  Hims & Hers Health, Inc., Class A<sup>(a)</sup> | 6244857 | 184535524 |
|  Option Care Health, Inc.<sup>(a)(b)</sup> | 5558585 | 194272546 |
|  Tenet Healthcare Corp.<sup>(a)(b)</sup> | 3106131 | 417774619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112952825 |
| **Health Care REITs — 0.8%** |  |  |
|  Healthcare Realty Trust, Inc. | 11575300 | 195622570 |
|  Omega Healthcare Investors, Inc. | 9205584 | 350548639 |
|  Sabra Health Care REIT, Inc. | 7716621 | 134809369 |
|  |  | 680980578 |
| **Health Care Technology — 0.3%** |  |  |
|  Doximity, Inc., Class A<sup>(a)(b)</sup> | 4360547 | 253042542 |
| **Hotel & Resort REITs — 0.1%** |  |  |
|  Park Hotels & Resorts, Inc. | 6732124 | 71899084 |
| **Hotels, Restaurants & Leisure — 3.4%** |  |  |
|  Aramark | 8659068 | 298911027 |
|  Boyd Gaming Corp. | 2165925 | 142582843 |
|  Cava Group, Inc.<sup>(a)(b)</sup> | 2657171 | 229606146 |
|  Choice Hotels International, Inc.<sup>(b)</sup> | 728688 | 96755193 |
|  Churchill Downs, Inc.<sup>(b)</sup> | 2400615 | 266636308 |
|  Hilton Grand Vacations, Inc.<sup>(a)(b)</sup> | 2023779 | 75709572 |
|  Hyatt Hotels Corp., Class A<sup>(b)</sup> | 1392950 | 170636375 |
|  Light & Wonder, Inc., Class A<sup>(a)(b)</sup> | 2884386 | 249816671 |
|  Marriott Vacations Worldwide Corp. | 1047561 | 67295319 |
|  Planet Fitness, Inc., Class A<sup>(a)(b)</sup> | 2749590 | 265637890 |
|  Texas Roadhouse, Inc. | 2179065 | 363097601 |
|  Travel + Leisure Co. | 2236521 | 103528557 |
|  Vail Resorts, Inc. | 1222831 | 195677417 |
|  Wendy's Co. (The) | 5592529 | 81818699 |
|  Wingstop, Inc. | 954145 | 215236029 |
|  Wyndham Hotels & Resorts, Inc. | 2539404 | 229841456 |
|  |  | 3052787103 |
| **Household Durables — 1.7%** |  |  |
|  KB Home | 2271734 | 132033180 |
|  Somnigroup International, Inc. | 6245929 | 374006229 |
|  Taylor Morrison Home Corp., Class A<sup>(a)(b)</sup> | 3379879 | 202927935 |
|  Toll Brothers, Inc. | 3262650 | 344503213 |
|  TopBuild Corp.<sup>(a)(b)</sup> | 957704 | 292051835 |
|  Whirlpool Corp. | 1809189 | 163062205 |
|  |  | 1508584597 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  Ormat Technologies, Inc.<sup>(b)</sup> | 1877969 | $132903866 |
| **Industrial REITs — 1.2%** |  |  |
|  EastGroup Properties, Inc. | 1696503 | 298839003 |
|  First Industrial Realty Trust, Inc. | 4324326 | 233340631 |
|  Rexford Industrial Realty, Inc. | 7432351 | 290976542 |
|  STAG Industrial, Inc. | 6093728 | 220105455 |
|  |  | 1043261631 |
| **Insurance — 5.0%** |  |  |
|  American Financial Group, Inc. | 2358943 | 309823574 |
|  Brighthouse Financial, Inc.<sup>(a)(b)</sup> | 1914280 | 111009097 |
|  CNO Financial Group, Inc. | 3323316 | 138416111 |
|  Fidelity National Financial, Inc., Class A | 8490916 | 552588813 |
|  First American Financial Corp. | 3364401 | 220805638 |
|  Hanover Insurance Group, Inc. (The) | 1176935 | 204727843 |
|  Kemper Corp. | 1961955 | 131156692 |
|  Kinsale Capital Group, Inc.<sup>(b)</sup> | 722623 | 351707840 |
|  Old Republic International Corp. | 7619326 | 298829966 |
|  Primerica, Inc. | 1089985 | 310133432 |
|  Reinsurance Group of America, Inc. | 2151562 | 423642558 |
|  RenaissanceRe Holdings Ltd.<sup>(b)</sup> | 1608671 | 386081040 |
|  RLI Corp. | 2723920 | 218812494 |
|  Ryan Specialty Holdings, Inc., Class A | 3475194 | 256712581 |
|  Selective Insurance Group, Inc. | 1986064 | 181804298 |
|  Unum Group | 5227777 | 425854714 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4522106691 |
| **Interactive Media & Services — 0.1%** |  |  |
|  ZoomInfo Technologies, Inc., Class A<sup>(a)(b)</sup> | 8847504 | 88475040 |
| **IT Services — 0.4%** |  |  |
|  ASGN, Inc.<sup>(a)(b)</sup> | 1441639 | 90852090 |
|  Kyndryl Holdings, Inc.<sup>(a)(b)</sup> | 7600462 | 238654507 |
|  |  | 329506597 |
| **Leisure Products — 0.5%** |  |  |
|  Brunswick Corp. | 2156781 | 116142657 |
|  Mattel, Inc.<sup>(a)(b)</sup> | 11004089 | 213809449 |
|  Polaris, Inc. | 1712300 | 70101562 |
|  YETI Holdings, Inc.<sup>(a)(b)</sup> | 2766660 | 91576446 |
|  |  | 491630114 |
| **Life Sciences Tools & Services — 1.8%** |  |  |
|  Avantor, Inc.<sup>(a)(b)</sup> | 22240186 | 360513415 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(a)(b)</sup> | 629520 | 153325891 |
|  Bruker Corp.<sup>(b)</sup> | 3615498 | 150910886 |
|  Illumina, Inc.<sup>(a)(b)</sup> | 5173780 | 410487705 |
|  Medpace Holdings, Inc.<sup>(a)(b)</sup> | 816017 | 248632220 |
|  Repligen Corp.<sup>(a)(b)</sup> | 1701894 | 216548993 |
|  Sotera Health Co.<sup>(a)(b)</sup> | 4999435 | 58293412 |
|  |  | 1598712522 |
| **Machinery — 5.1%** |  |  |
|  AGCO Corp. | 2023635 | 187327892 |
|  Chart Industries, Inc.<sup>(a)(b)</sup> | 1373473 | 198274562 |
|  CNH Industrial NV | 28556685 | 350676092 |
|  Crane Co. | 1588956 | 243396280 |
|  Donaldson Co., Inc. | 3900753 | 261584496 |
|  Esab Corp.<sup>(b)</sup> | 1855932 | 216216078 |
|  Flowserve Corp. | 4291109 | 209577764 |
|  Graco, Inc. | 5515115 | 460567254 |
|  ITT, Inc. | 2658755 | 343404796 |
|  Lincoln Electric Holdings, Inc. | 1843030 | 348627555 |
|  Middleby Corp. (The)<sup>(a)(b)</sup> | 1757027 | 267032963 |
|  Mueller Industries, Inc. | 3714902 | 282852638 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Mid-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Machinery (continued)** |  |  |  |
|  Oshkosh Corp. | 2125202 | $| 199939004 |
|  RBC Bearings, Inc.<sup>(a)(b)</sup> | 1021395 |  | 328654269 |
|  Terex Corp. | 2168803 |  | 81937377 |
|  Timken Co. (The) | 2084616 |  | 149821352 |
|  Toro Co. (The) | 3286725 |  | 239109244 |
|  Watts Water Technologies, Inc., Class A | 893881 |  | 182280214 |
|  |  |  | 4551279830 |
| **Marine Transportation — 0.2%** |  |  |  |
|  Kirby Corp.<sup>(a)(b)</sup> | 1874843 |  | 189377891 |
| **Media — 0.6%** |  |  |  |
|  EchoStar Corp., Class A<sup>(a)</sup> | 3940762 |  | 100804692 |
|  New York Times Co. (The), Class A | 5329711 |  | 264353666 |
|  Nexstar Media Group, Inc., Class A | 952529 |  | 170712247 |
|  |  |  | 535870605 |
| **Metals & Mining — 2.5%** |  |  |  |
|  Alcoa Corp. | 8438596 |  | 257377178 |
|  ATI, Inc.<sup>(a)(b)</sup> | 4659120 |  | 242414014 |
|  Carpenter Technology Corp.<sup>(b)</sup> | 1631472 |  | 295590097 |
|  Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | 15788423 |  | 129780837 |
|  Commercial Metals Co. | 3712026 |  | 170790316 |
|  Reliance, Inc. | 1767714 |  | 510427417 |
|  Royal Gold, Inc. | 2147873 |  | 351198714 |
|  United States Steel Corp. | 7354707 |  | 310809918 |
|  |  |  | 2268388491 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **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. | 18890781 |  | 383671762 |
|  Starwood Property Trust, Inc. | 10461927 |  | 206832297 |
|  |  |  | 590504059 |
| **Multi-Utilities — 0.3%** |  |  |  |
|  Black Hills Corp. | 2335867 |  | 141670334 |
|  Northwestern Energy Group, Inc. | 2004676 |  | 116010600 |
|  |  |  | 257680934 |
| **Office REITs — 0.6%** |  |  |  |
|  COPT Defense Properties | 3668515 |  | 100040404 |
|  Cousins Properties, Inc. | 5476888 |  | 161568196 |
|  Kilroy Realty Corp. | 3475508 |  | 113857642 |
|  Vornado Realty Trust<sup>(b)</sup> | 5423231 |  | 200605315 |
|  |  |  | 576071557 |
| **Oil, Gas & Consumable Fuels — 3.5%** |  |  |  |
|  Antero Midstream Corp. | 10942820 |  | 196970760 |
|  Antero Resources Corp.<sup>(a)(b)</sup> | 9554164 |  | 386370392 |
|  Chord Energy Corp. | 1996676 |  | 225065319 |
|  Civitas Resources, Inc. | 2896060 |  | 101043533 |
|  CNX Resources Corp.<sup>(a)(b)</sup> | 4862554 |  | 153073200 |
|  DT Midstream, Inc. | 3309559 |  | 319306252 |
|  HF Sinclair Corp. | 5223853 |  | 171760287 |
|  Matador Resources Co. | 3790149 |  | 193638712 |
|  Murphy Oil Corp. | 4480275 |  | 127239810 |
|  Ovintiv, Inc. | 8502908 |  | 363924462 |
|  PBF Energy, Inc., Class A | 3201475 |  | 61116158 |
|  Permian Resources Corp., Class A | 20894022 |  | 289382205 |
|  Range Resources Corp. | 7881860 |  | 314722670 |
|  Viper Energy, Inc., Class A | 4289052 |  | 193650698 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097264458 |
| **Paper & Forest Products — 0.2%** |  |  |  |
|  Louisiana-Pacific Corp. | 2041805 |  | 187805224 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Passenger Airlines — 0.5%** |  |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup> | 4020071 | $| 197867895 |
|  American Airlines Group, Inc.<sup>(a)(b)</sup> | 21477933 |  | 226592193 |
|  |  |  | 424460088 |
| **Personal Care Products — 0.5%** |  |  |  |
|  BellRing Brands, Inc.<sup>(a)(b)</sup> | 4190076 |  | 311993059 |
|  Coty, Inc., Class A<sup>(a)(b)</sup> | 11962307 |  | 65433819 |
|  elf Beauty, Inc.<sup>(a)(b)</sup> | 1843385 |  | 115746144 |
|  |  |  | 493173022 |
| **Pharmaceuticals — 0.4%** |  |  |  |
|  Jazz Pharmaceuticals PLC<sup>(a)(b)</sup> | 1974626 |  | 245149818 |
|  Perrigo Co. PLC | 4458678 |  | 125021331 |
|  |  |  | 370171149 |
| **Professional Services — 2.5%** |  |  |  |
|  CACI International, Inc., Class A<sup>(a)(b)</sup> | 732301 |  | 268695883 |
|  Concentrix Corp. | 1519013 |  | 84517883 |
|  ExlService Holdings, Inc.<sup>(a)(b)</sup> | 5254853 |  | 248081610 |
|  Exponent, Inc. | 1658775 |  | 134460301 |
|  FTI Consulting, Inc.<sup>(a)(b)</sup> | 1153784 |  | 189312879 |
|  Genpact Ltd. | 5248552 |  | 264422050 |
|  Insperity, Inc. | 1156459 |  | 103190837 |
|  KBR, Inc. | 4352058 |  | 216776009 |
|  ManpowerGroup, Inc. | 1530885 |  | 88607624 |
|  Maximus, Inc. | 1849732 |  | 126133225 |
|  Parsons Corp.<sup>(a)(b)</sup> | 1523975 |  | 90234560 |
|  Paylocity Holding Corp.<sup>(a)(b)</sup> | 1423828 |  | 266739937 |
|  Science Applications International Corp. | 1597156 |  | 179312704 |
|  |  |  | 2260485502 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |  |  |
|  Jones Lang LaSalle, Inc.<sup>(a)(b)</sup> | 1549681 |  | 384181417 |
| **Residential REITs — 1.1%** |  |  |  |
|  American Homes 4 Rent, Class A | 10361608 |  | 391772398 |
|  Equity LifeStyle Properties, Inc. | 6240451 |  | 416238082 |
|  Independence Realty Trust, Inc. | 7528987 |  | 159840394 |
|  |  |  | 967850874 |
| **Retail REITs — 1.1%** |  |  |  |
|  Agree Realty Corp. | 3495932 |  | 269850991 |
|  Brixmor Property Group, Inc. | 9992587 |  | 265303185 |
|  Kite Realty Group Trust | 7175979 |  | 160526650 |
|  NNN REIT, Inc. | 6125998 |  | 261273815 |
|  |  |  | 956954641 |
| **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** |
|  Allegro MicroSystems, Inc.<sup>(a)(b)</sup> | 4263884 |  | 107151405 |
|  Amkor Technology, Inc. | 3700354 |  | 66828393 |
|  Cirrus Logic, Inc.<sup>(a)</sup> | 1735944 |  | 172995499 |
|  Entegris, Inc.<sup>(b)</sup> | 4936231 |  | 431821488 |
|  Lattice Semiconductor Corp.<sup>(a)(b)</sup> | 4506520 |  | 236366974 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)(b)</sup> | 1942519 |  | 194990057 |
|  MKS Instruments, Inc. | 2198177 |  | 176183887 |
|  Onto Innovation, Inc.<sup>(a)(b)</sup> | 1613252 |  | 195751998 |
|  Power Integrations, Inc.<sup>(b)</sup> | 1856979 |  | 93777439 |
|  Rambus, Inc.<sup>(a)(b)</sup> | 3481033 |  | 180230484 |
|  Silicon Laboratories, Inc.<sup>(a)(b)</sup> | 1058698 |  | 119177634 |
|  Synaptics, Inc.<sup>(a)(b)</sup> | 1291971 |  | 82324392 |
|  Universal Display Corp. | 1441694 |  | 201087479 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258687129 |
| **Software — 3.3%** |  |  |  |
|  Appfolio, Inc., Class A<sup>(a)(b)</sup> | 759220 |  | 166952478 |
|  BILL Holdings, Inc.<sup>(a)(b)</sup> | 3071019 |  | 140929062 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Mid-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Software (continued)** |  |  |  |
|  Blackbaud, Inc.<sup>(a)(b)</sup> | 1240536 | $| 76975259 |
|  Commvault Systems, Inc.<sup>(a)(b)</sup> | 1437099 |  | 226716738 |
|  Docusign, Inc.<sup>(a)(b)</sup> | 6598635 |  | 537128889 |
|  Dolby Laboratories, Inc., Class A | 1999434 |  | 160574545 |
|  Dropbox, Inc., Class A<sup>(a)(b)</sup> | 7069629 |  | 188829791 |
|  Dynatrace, Inc.<sup>(a)(b)</sup> | 9777601 |  | 461013887 |
|  Guidewire Software, Inc.<sup>(a)(b)</sup> | 2727965 |  | 511111522 |
|  Manhattan Associates, Inc.<sup>(a)(b)</sup> | 1996480 |  | 345470899 |
|  Qualys, Inc.<sup>(a)(b)</sup> | 1195403 |  | 150537100 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966240170 |
| **Specialized REITs — 1.7%** |  |  |  |
|  CubeSmart | 7386781 |  | 315489416 |
|  EPR Properties | 2474965 |  | 130207909 |
|  Gaming & Leisure Properties, Inc. | 8962408 |  | 456186567 |
|  Lamar Advertising Co., Class A | 2872295 |  | 326809725 |
|  National Storage Affiliates Trust | 2290477 |  | 90244794 |
|  PotlatchDeltic Corp. | 2338473 |  | 105511902 |
|  Rayonier, Inc. | 4592297 |  | 128033240 |
|  |  |  | 1552483553 |
| **Specialty Retail — 3.6%** |  |  |  |
|  Abercrombie & Fitch Co., Class A<sup>(a)(b)</sup> | 1647493 |  | 125819040 |
|  AutoNation, Inc.<sup>(a)(b)</sup> | 844016 |  | 136663071 |
|  Bath & Body Works, Inc. | 7074168 |  | 214488774 |
|  Burlington Stores, Inc.<sup>(a)(b)</sup> | 2051486 |  | 488930658 |
|  Chewy, Inc., Class A<sup>(a)(b)</sup> | 5410608 |  | 175898866 |
|  Dick's Sporting Goods, Inc. | 1891310 |  | 381212444 |
|  Five Below, Inc.<sup>(a)(b)</sup> | 1797598 |  | 134685030 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)(b)</sup> | 3502463 |  | 281843198 |
|  GameStop Corp., Class A<sup>(a)(b)</sup> | 13280291 |  | 296416095 |
|  Gap, Inc. (The) | 7257218 |  | 149571263 |
|  Lithia Motors, Inc., Class A | 870035 |  | 255390074 |
|  Murphy U.S.A., Inc.<sup>(b)</sup> | 594935 |  | 279506412 |
|  Penske Automotive Group, Inc. | 609781 |  | 87796268 |
|  RH<sup>(a)(b)</sup> | 492533 |  | 115454661 |
|  Valvoline, Inc.<sup>(a)(b)</sup> | 4145516 |  | 144305412 |
|  |  |  | 3267981266 |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
|  Pure Storage, Inc., Class A<sup>(a)(b)</sup> | 10123022 |  | 448146184 |
| **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** |  |  |
|  Capri Holdings Ltd.<sup>(a)(b)</sup> | 3845755 |  | 75876746 |
|  Columbia Sportswear Co. | 1044650 |  | 79069559 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
|  Crocs, Inc.<sup>(a)(b)</sup> | 1830949 | $194446784 |
|  PVH Corp.<sup>(b)</sup> | 1817127 | 117459089 |
|  Skechers U.S.A., Inc., Class A<sup>(a)(b)</sup> | 4298194 | 244051455 |
|  Under Armour, Inc., Class A<sup>(a)(b)</sup> | 6145788 | 38411175 |
|  Under Armour, Inc., Class C, NVS<sup>(a)(b)</sup> | 4240137 | 25228815 |
|  VF Corp. | 10816382 | 167870249 |
|  |  | 942413872 |
| **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** |
|  Applied Industrial Technologies, Inc.<sup>(b)</sup> | 1253501 | 282463915 |
|  Core & Main, Inc., Class A<sup>(a)(b)</sup> | 6213501 | 300174233 |
|  GATX Corp. | 1160805 | 180238193 |
|  MSC Industrial Direct Co., Inc., Class A | 1457569 | 113209384 |
|  Watsco, Inc. | 1137644 | 578264445 |
|  WESCO International, Inc. | 1450368 | 225242151 |
|  |  | 1679592321 |
| **Water Utilities — 0.4%** |  |  |
|  Essential Utilities, Inc. | 8251998 | 326201481 |
|  **Total Long-Term Investments — 99.5%<br>(Cost: $78,075,278,754)** |  | 89053450310 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 4.9%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(c)(d)(e)</sup> | 3931909249 | 3933875204 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(c)(d)</sup> | 396535059 | 396535059 |
|  **Total Short-Term Securities — 4.9%<br>(Cost: $4,328,255,471)** |  | 4330410263 |
|  **Total Investments — 104.4%<br>(Cost: $82,403,534,225)** |  | 93383860573 |
|  **Liabilities in Excess of Other Assets — (4.4)%** | **Liabilities in Excess of Other Assets — (4.4)%** | (3918657766) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89465202807 |

---

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

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

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Mid-Cap ETF** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $3953977091 | $— | $(19892407)<sup>(a)</sup> | $20463 | $(229943) | $3933875204 | 3931909249 | $9479280 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 620525039 |  | (223989980)<sup>(a)</sup> |  |  | 396535059 | 396535059 | 18316194 |  |
|  |  |  |  | $20463 | $(229943) | $4330410263 |  | $27795474 | $— |

---

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Mid 400 E-Mini Index | 789 | 06/20/25 | $231856 | $4401267 |

---

#### OTC Total Return Swaps

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Payment*<br> *Frequency* | *Counterparty<sup>(a)</sup>* | *Termination*<br> *Date* | *Net*<br> *Notional* | *Accrued<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Net Value of<br>Reference<br>Entity* | *Gross Notional<br>Amount<br>Net Asset<br>Percentage* |
| Equity Securities Long/Short | Monthly | Goldman Sachs Bank USA<sup>(b)</sup> | 08/18/26–08/19/26 | $51151425 | $(40865)<sup>(c)</sup> | $51065451 | 0.1% |
|  | Monthly | HSBC Bank PLC<sup>(d)</sup> | 02/09/28 | 57414881 | 3205083 <sup>(e)</sup> | 60697699 | 0.1 |
|  | Monthly | JPMorgan Chase Bank NA<sup>(f)</sup> | 02/09/26 | 53701188 | 1169824 <sup>(g)</sup> | 54916232 | 0.1 |
|  |  |  |  |  | $4334042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166679382 |  |

---

<sup>(a)</sup> The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives 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 positions. 

<sup>(c)</sup> Amount includes $45,109 of net dividends, payable for referenced securities purchased and financing fees. 

<sup>(e)</sup> Amount includes $(77735) of net dividends, payable for referenced securities purchased and financing fees. 

<sup>(g)</sup> Amount includes $(45220) of net dividends, payable for referenced securities purchased and financing fees. 

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

---

| | | | |
|:---|:---|:---|:---|
|  | (b) | (d) | (f) |
| Range: | 40 basis points | 40 basis points | 40 basis points |
| Benchmarks: | USD - 1D Overnight Fed Funds Effective Rate (FEDL01) | USD - 1D Overnight Bank Funding Rate<br> (OBFR01) | USD - 1D Overnight Bank Funding Rate<br> (OBFR01) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Mid-Cap ETF** |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 18, 2026 to August 19, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Banks** |  |  |  |
|  Cadence Bank | 589229 | $17888992 | 35.0% |
| **Financial Services** |  |  |  |
|  Equitable Holdings, Inc. | 516446 | 26901672 | 52.7 |
|  Western Union Co. (The) | 593080 | 6274787 | 12.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33176459 |  |
|  **Net Value of Reference Entity — Goldman Sachs Bank USA** |  | $51065451 |  |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 09, 2028.

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Banks** |  |  |  |
|  Cadence Bank | 293390 | $8907321 | 14.7% |
| **Financial Services** |  |  |  |
|  Equitable Holdings, Inc. | 994248 | 51790378 | 85.3 |
|  **Net Value of Reference Entity — HSBC Bank PLC** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60697699 |  |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 09, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Banks** |  |  |  |
|  Cadence Bank | 380529 | $11552860 | 21.0% |
| **Financial Services** |  |  |  |
|  Equitable Holdings, Inc. | 422767 | 22021933 | 40.1 |
|  Western Union Co. (The) | 959532 | 10151849 | 18.5 |
|  |  | 32173782 |  |
| **Insurance** |  |  |  |
|  Unum Group | 137363 | 11189590 | 20.4 |
|  **Net Value of Reference Entity — JPMorgan Chase Bank NA** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54916232 |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *Description* | *Swap<br>Premiums<br>Paid* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* |
|  OTC Swaps | $– $– $| 4374907 | $(40865) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $4401267 | $— | $— | $— | $4401267 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid |  |  | 4374907 |  |  |  | 4374907 |
|  | $— | $— | $8776174 | $— | $— | $— | $8776174 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received | $— | $— | $40865 | $— | $— | $— | $40865 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1230551 | $— | $— | $— | $1230551 |
|  Swaps |  |  | 70839809 |  |  |  | 70839809 |
|  | $— | $— | $72070360 | $— | $— | $— | $72070360 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(1252223) | $— | $— | $— | $(1252223) |
|  Swaps |  |  | (34511508) |  |  |  | (34511508) |
|  | $— | $— | $(35763731) | $— | $— | $— | $(35763731) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $242406143.0 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | 205067800.0 |

---

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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $569160 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup> | 4374907 | 40865 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | $4944067 | $40865 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | (569160) |  |
|  Total derivative assets and liabilities subject to an MNA | $4374907 | $40865 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Mid-Cap ETF** |

---

The following table presents 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* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Non-*<br> *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Net*<br> *Amount of<br>Derivative<br>Assets<sup>(c)</sup>* |
|  HSBC Bank PLC | $3205083 | $— | $— | $(2980000) | $225083 |
|  JPMorgan Chase Bank N.A. | 1169824 |  |  |  | 1169824 |
|  | $4374907 | $— | $— | $(2980000) | $1394907 |
| *Counterparty* | *Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Non-*<br> *Cash<br>Collateral<br>Pledged<sup>(b)</sup>* | *Cash<br>Collateral<br>Pledged<sup>(b)</sup>* | *Net*<br> *Amount of<br>Derivative<br>Liabilities<sup>(d)</sup>* |
|  Goldman Sachs Bank USA | $40865 | $— | $— | $— | $40865 |

---

<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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $89053450310 | $— | $— | $89053450310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 4330410263 |  |  | 4330410263 |
|  | $93383860573 | $— | $— | $93383860573 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $4401267 | $4374907 | $— | $8776174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  | (40865) |  | (40865) |
|  | $4401267 | $4334042 | $— | $8735309 |

---

<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.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 1.5%** |  |  |
|  AAR Corp.<sup>(a)(b)(c)</sup> | 2188708 | $122545761 |
|  AeroVironment, Inc.<sup>(a)(b)(c)</sup> | 1731594 | 206388689 |
|  Kratos Defense & Security<br>Solutions, Inc.<sup>(a)(b)(c)</sup>  | 9451343 | 280610374 |
|  Mercury Systems, Inc.<sup>(a)(b)(c)</sup> | 3136717 | 135161136 |
|  Moog, Inc., Class A<sup>(a)(c)</sup> | 1753086 | 303897458 |
|  National Presto Industries, Inc. | 324371 | 28515455 |
|  Triumph Group, Inc.<sup>(a)(b)</sup> | 4076599 | 103301019 |
|  |  | 1180419892 |
| **Air Freight & Logistics — 0.2%** |  |  |
|  Forward Air Corp.<sup>(b)(c)</sup> | 1265797 | 25429862 |
|  Hub Group, Inc., Class A<sup>(a)</sup> | 3756131 | 139615389 |
|  |  | 165045251 |
| **Automobile Components — 1.8%** |  |  |
|  Adient PLC<sup>(a)(b)</sup> | 5189262 | 66733909 |
|  American Axle & Manufacturing<br>Holdings, Inc.<sup>(a)(b)(c)</sup> | 7414625 | 30177524 |
|  BorgWarner, Inc.<sup>(a)</sup> | 13522978 | 387433320 |
|  Dana, Inc.<sup>(a)</sup> | 7978178 | 106349113 |
|  Dorman Products, Inc.<sup>(a)(b)(c)</sup> | 1679456 | 202441626 |
|  Fox Factory Holding Corp.<sup>(a)(b)(c)</sup> | 2577097 | 60149444 |
|  Gentherm, Inc.<sup>(a)(b)</sup> | 1915369 | 51216967 |
|  LCI Industries<sup>(a)</sup> | 1574383 | 137648306 |
|  Patrick Industries, Inc.<sup>(a)</sup> | 2080508 | 175927756 |
|  Phinia, Inc.<sup>(a)</sup> | 2523566 | 107074905 |
|  Standard Motor Products, Inc.<sup>(a)</sup> | 1299465 | 32395662 |
|  XPEL, Inc.<sup>(a)(b)(c)</sup> | 1401697 | 41181858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398730390 |
| **Automobiles — 0.1%** |  |  |
|  Winnebago Industries, Inc.<sup>(a)</sup> | 1755675 | 60500561 |
| **Banks — 8.9%** |  |  |
|  Ameris Bancorp<sup>(a)</sup> | 4003209 | 230464742 |
|  Atlantic Union Bankshares Corp. | 5555891 | 173010446 |
|  Axos Financial, Inc.<sup>(a)(b)(c)</sup> | 3357121 | 216601447 |
|  Banc of California, Inc.<sup>(a)</sup> | 8528742 | 121022849 |
|  BancFirst Corp. | 1232330 | 135396097 |
|  Bancorp, Inc. (The)<sup>(a)(b)(c)</sup> | 2954487 | 156115093 |
|  Bank of Hawaii Corp.<sup>(a)</sup> | 2460015 | 169667235 |
|  BankUnited, Inc.<sup>(a)</sup> | 4626175 | 159325467 |
|  Banner Corp.<sup>(a)</sup> | 2132739 | 136004766 |
|  Berkshire Hills Bancorp, Inc.<sup>(a)</sup> | 2657484 | 69333758 |
|  Brookline Bancorp, Inc.<sup>(a)</sup> | 5514301 | 60105881 |
|  Capitol Federal Financial, Inc.<sup>(a)</sup> | 7560056 | 42336314 |
|  Cathay General Bancorp<sup>(a)</sup> | 4406527 | 189612857 |
|  Central Pacific Financial Corp.<sup>(a)</sup> | 1597517 | 43196860 |
|  City Holding Co.<sup>(a)</sup> | 909911 | 106887245 |
|  Community Financial System, Inc.<sup>(a)</sup> | 3259638 | 185343017 |
|  Customers Bancorp, Inc.<sup>(a)(b)(c)</sup> | 1804270 | 90574354 |
|  CVB Financial Corp.<sup>(a)</sup> | 8121750 | 149927505 |
|  Dime Community Bancshares, Inc.<sup>(a)</sup> | 2427280 | 67672566 |
|  Eagle Bancorp, Inc.<sup>(a)</sup> | 1869912 | 39268152 |
|  FB Financial Corp. | 2163868 | 100316920 |
|  First BanCorp/Puerto Rico<sup>(a)</sup> | 10078091 | 193197004 |
|  First Bancorp/Southern Pines NC<sup>(a)</sup> | 2558978 | 102717377 |
|  First Commonwealth Financial Corp.<sup>(a)</sup> | 6278213 | 97563430 |
|  First Financial Bancorp<sup>(a)</sup> | 5910213 | 147637121 |
|  First Hawaiian, Inc.<sup>(a)</sup> | 7817336 | 191055692 |
|  Fulton Financial Corp.<sup>(a)</sup> | 11269541 | 203865997 |
|  Hanmi Financial Corp.<sup>(a)</sup> | 1892259 | 42878589 |
|  Heritage Financial Corp.<sup>(a)</sup> | 2103713 | 51183337 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  Hilltop Holdings, Inc. | 2847365 | $86702264 |
|  Hope Bancorp, Inc.<sup>(a)</sup> | 7473624 | 78248843 |
|  Independent Bank Corp.<sup>(a)</sup> | 2629904 | 164763486 |
|  Lakeland Financial Corp.<sup>(a)</sup> | 1578821 | 93845120 |
|  National Bank Holdings Corp., Class A<sup>(a)</sup> | 2355173 | 90132471 |
|  NBT Bancorp, Inc.<sup>(a)</sup> | 2919551 | 125248738 |
|  Northwest Bancshares, Inc.<sup>(a)</sup> | 7891507 | 94855914 |
|  OFG Bancorp<sup>(a)</sup> | 2840640 | 113682413 |
|  Pacific Premier Bancorp, Inc.<sup>(a)</sup> | 5968823 | 127255306 |
|  Park National Corp.<sup>(a)</sup> | 899244 | 136145542 |
|  Pathward Financial, Inc.<sup>(a)(c)</sup> | 1475836 | 107662236 |
|  Preferred Bank | 577112 | 48281190 |
|  Provident Financial Services, Inc.<sup>(a)</sup> | 6854136 | 117685515 |
|  Renasant Corp.<sup>(a)</sup> | 3939357 | 133662383 |
|  S&T Bancorp, Inc.<sup>(a)</sup> | 2367861 | 87729250 |
|  Seacoast Banking Corp. of Florida<sup>(a)</sup> | 5248606 | 135046632 |
|  ServisFirst Bancshares, Inc.<sup>(a)</sup> | 3105365 | 256503149 |
|  Simmons First National Corp., Class A<sup>(a)</sup> | 7776639 | 159654399 |
|  Southside Bancshares, Inc.<sup>(a)</sup> | 1769701 | 51250541 |
|  Stellar Bancorp, Inc.<sup>(a)</sup> | 2939963 | 81319377 |
|  Tompkins Financial Corp.<sup>(a)</sup> | 776496 | 48903718 |
|  Triumph Financial, Inc.<sup>(a)(b)(c)</sup> | 1358272 | 78508122 |
|  TrustCo Bank Corp.<sup>(a)</sup> | 1177153 | 35879623 |
|  Trustmark Corp.<sup>(a)</sup> | 3775803 | 130227445 |
|  United Community Banks, Inc.<sup>(a)</sup> | 7389717 | 207872739 |
|  Veritex Holdings, Inc.<sup>(a)</sup> | 3374073 | 84250603 |
|  WaFd, Inc.<sup>(a)</sup> | 5041096 | 144074524 |
|  Westamerica BanCorp<sup>(a)</sup> | 1658796 | 83984841 |
|  WSFS Financial Corp.<sup>(a)</sup> | 3630299 | 188303609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6963962111 |
| **Beverages — 0.1%** |  |  |
|  MGP Ingredients, Inc.<sup>(c)</sup> | 892676 | 26226821 |
|  National Beverage Corp. | 1446963 | 60106843 |
|  |  | 86333664 |
| **Biotechnology — 2.8%** |  |  |
|  ACADIA Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 7613353 | 126457793 |
|  ADMA Biologics, Inc.<sup>(a)(b)(c)</sup> | 14617603 | 290013244 |
|  Alkermes PLC<sup>(a)(b)(c)</sup> | 10055636 | 332037101 |
|  Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 4237655 | 33265592 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(a)(b)(c)</sup> | 7845407 | 99950485 |
|  Catalyst Pharmaceuticals, Inc.<sup>(a)(b)(c)</sup> | 6932598 | 168115501 |
|  Dynavax Technologies Corp.<sup>(a)(b)(c)</sup> | 7558839 | 98038142 |
|  Krystal Biotech, Inc.<sup>(a)(b)(c)</sup> | 1565075 | 282183022 |
|  Myriad Genetics, Inc.<sup>(a)(b)(c)</sup> | 5628350 | 49923464 |
|  Protagonist Therapeutics, Inc.<sup>(a)(b)(c)</sup> | 3685241 | 178218255 |
|  TG Therapeutics, Inc.<sup>(a)(b)(c)</sup> | 8253624 | 325440394 |
|  Vericel Corp.<sup>(a)(b)(c)</sup> | 3051948 | 136177920 |
|  Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 5818628 | 37704709 |
|  Xencor, Inc.<sup>(a)(b)(c)</sup> | 4326704 | 46036131 |
|  |  | 2203561753 |
| **Broadline Retail — 0.5%** |  |  |
|  Etsy, Inc.<sup>(a)(b)(c)</sup> | 6956176 | 328192384 |
|  Kohl's Corp.<sup>(a)(c)</sup> | 6882351 | 56297631 |
|  |  | 384490015 |
| **Building Products — 2.6%** |  |  |
|  American Woodmark Corp.<sup>(a)(b)(c)</sup> | 930736 | 54755199 |
|  Apogee Enterprises, Inc.<sup>(a)</sup> | 1357260 | 62881856 |
|  Armstrong World Industries, Inc.<sup>(a)</sup> | 2695390 | 379726543 |
|  AZZ, Inc.<sup>(a)</sup> | 1852681 | 154902658 |
|  CSW Industrials, Inc.<sup>(a)(c)</sup> | 1037817 | 302544412 |
|  Gibraltar Industries, Inc.<sup>(a)(b)</sup> | 1876027 | 110047744 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Building Products (continued)** |  |  |
|  Griffon Corp.<sup>(a)</sup> | 2445150 | $174828225 |
|  Hayward Holdings, Inc.<sup>(b)(c)</sup> | 8791266 | 122374423 |
|  Insteel Industries, Inc.<sup>(a)(c)</sup> | 1202590 | 31628117 |
|  Masterbrand, Inc.<sup>(a)(b)(c)</sup> | 7858797 | 102635889 |
|  Quanex Building Products Corp.<sup>(a)</sup> | 2918743 | 54259432 |
|  Resideo Technologies, Inc.<sup>(a)(b)(c)</sup> | 9110868 | 161262364 |
|  Zurn Elkay Water Solutions Corp.<sup>(a)</sup> | 8833231 | 291319958 |
|  |  | 2003166820 |
| **Capital Markets — 2.5%** |  |  |
|  Acadian Asset Management, Inc. | 1730428 | 44748868 |
|  Artisan Partners Asset Management, Inc., Class A<sup>(a)</sup> | 4363969 | 170631188 |
|  BGC Group, Inc., Class A<sup>(a)</sup> | 21380777 | 196061725 |
|  Cohen & Steers, Inc. | 1656839 | 132961330 |
|  Donnelley Financial Solutions, Inc.<sup>(a)(b)(c)</sup> | 1641456 | 71748042 |
|  Moelis & Co., Class A | 3252111 | 189793198 |
|  Piper Sandler Cos.<sup>(a)</sup> | 995570 | 246562866 |
|  PJT Partners, Inc., Class A<sup>(a)(c)</sup> | 1465632 | 202081340 |
|  StepStone Group, Inc., Class A<sup>(a)</sup> | 4098405 | 214059693 |
|  StoneX Group, Inc.<sup>(a)(b)(c)</sup> | 2662196 | 203338530 |
|  Virtu Financial, Inc., Class A<sup>(a)</sup> | 4996045 | 190449235 |
|  Virtus Investment Partners, Inc.<sup>(a)</sup> | 407865 | 70299611 |
|  WisdomTree, Inc. | 7082176 | 63173010 |
|  |  | 1995908636 |
| **Chemicals — 3.3%** |  |  |
|  AdvanSix, Inc.<sup>(a)</sup> | 1683307 | 38126904 |
|  Balchem Corp.<sup>(a)</sup> | 2010210 | 333694860 |
|  Celanese Corp., Class A<sup>(a)(c)</sup> | 6759619 | 383743571 |
|  Chemours Co. (The)<sup>(a)</sup> | 9238416 | 124995768 |
|  Element Solutions, Inc.<sup>(a)</sup> | 13776821 | 311493923 |
|  FMC Corp.<sup>(a)</sup> | 7719505 | 325685916 |
|  Hawkins, Inc.<sup>(a)(c)</sup> | 1177605 | 124731922 |
|  HB Fuller Co.<sup>(a)</sup> | 3380795 | 189730215 |
|  Ingevity Corp.<sup>(a)(b)(c)</sup> | 2247429 | 88975714 |
|  Innospec, Inc.<sup>(a)</sup> | 1547313 | 146607907 |
|  Koppers Holdings, Inc.<sup>(a)</sup> | 1253146 | 35088088 |
|  Minerals Technologies, Inc.<sup>(a)</sup> | 1971762 | 125344910 |
|  Quaker Chemical Corp. | 846876 | 104682342 |
|  Sensient Technologies Corp.<sup>(a)</sup> | 2619378 | 194960305 |
|  Stepan Co.<sup>(a)</sup> | 1307333 | 71955608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599817953 |
| **Commercial Services & Supplies — 2.2%** | **Commercial Services & Supplies — 2.2%** |  |
|  ABM Industries, Inc.<sup>(a)</sup> | 3846293 | 182160436 |
|  Brady Corp., Class A, NVS<sup>(a)</sup> | 2734591 | 193171508 |
|  CoreCivic, Inc.<sup>(a)(b)</sup> | 6792987 | 137829706 |
|  Deluxe Corp.<sup>(a)</sup> | 2737155 | 43274421 |
|  Enviri Corp.<sup>(a)(b)(c)</sup> | 4984841 | 33149193 |
|  GEO Group, Inc. (The)<sup>(a)(b)</sup> | 8414766 | 245795315 |
|  Healthcare Services Group, Inc.<sup>(a)(b)(c)</sup> | 4615245 | 46521670 |
|  HNI Corp.<sup>(a)</sup> | 2955798 | 131089641 |
|  Interface, Inc., Class A<sup>(a)(c)</sup> | 3604707 | 71517387 |
|  Liquidity Services, Inc.<sup>(b)(c)</sup> | 1405470 | 43583625 |
|  Matthews International Corp., Class A<sup>(a)</sup> | 1926797 | 42851965 |
|  MillerKnoll, Inc.<sup>(a)</sup> | 4213986 | 80655692 |
|  OPENLANE, Inc.<sup>(a)(b)(c)</sup> | 6606466 | 127372664 |
|  Pitney Bowes, Inc. | 8028112 | 72654414 |
|  Pursuit Attractions & Hospitality, Inc.<sup>(b)(c)</sup> | 1335130 | 47250251 |
|  UniFirst Corp.<sup>(a)</sup> | 927952 | 161463648 |
|  Vestis Corp.<sup>(a)</sup> | 7086379 | 70155152 |
|  |  | 1730496688 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Communications Equipment — 0.8%** |  |  |
|  Calix, Inc.<sup>(a)(b)(c)</sup> | 3649422 | $129335516 |
|  Digi International, Inc.<sup>(a)(b)(c)</sup> | 2307213 | 64209738 |
|  Extreme Networks, Inc.<sup>(b)</sup> | 5919863 | 78319787 |
|  Harmonic, Inc.<sup>(a)(b)(c)</sup> | 7236912 | 69401986 |
|  NetScout Systems, Inc.<sup>(a)(b)(c)</sup> | 4436520 | 93211285 |
|  Viasat, Inc.<sup>(b)(c)</sup> | 5344380 | 55688440 |
|  Viavi Solutions, Inc.<sup>(a)(b)(c)</sup> | 13742856 | 153782559 |
|  |  | 643949311 |
| **Construction & Engineering — 1.6%** |  |  |
|  Arcosa, Inc.<sup>(a)(c)</sup> | 3016179 | 232607724 |
|  Dycom Industries, Inc.<sup>(a)(b)(c)</sup> | 1804158 | 274845430 |
|  Everus Construction Group, Inc.<sup>(a)(b)(c)</sup> | 3152247 | 116916841 |
|  Granite Construction, Inc.<sup>(a)(c)</sup> | 2685813 | 202510300 |
|  MYR Group, Inc.<sup>(a)(b)(c)</sup> | 996858 | 112734671 |
|  WillScot Holdings Corp., Class A<sup>(a)</sup> | 11425110 | 317618058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257233024 |
| **Consumer Finance — 0.7%** |  |  |
|  Bread Financial Holdings, Inc. | 1781705 | 89227786 |
|  Encore Capital Group, Inc.<sup>(a)(b)(c)</sup> | 1464719 | 50210567 |
|  Enova International, Inc.<sup>(a)(b)</sup> | 1598395 | 154341021 |
|  EZCORP, Inc., Class A, NVS<sup>(a)(b)(c)</sup> | 3247290 | 47800109 |
|  Navient Corp. | 4585020 | 57908803 |
|  PRA Group, Inc.<sup>(a)(b)</sup> | 2437616 | 50263642 |
|  PROG Holdings, Inc.<sup>(a)</sup> | 2568444 | 68320610 |
|  World Acceptance Corp.<sup>(b)(c)</sup> | 204560 | 25887068 |
|  |  | 543959606 |
| **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** |  |
|  Andersons, Inc. (The)<sup>(a)</sup> | 1986331 | 85273190 |
|  Chefs' Warehouse, Inc. (The)<sup>(a)(b)(c)</sup> | 2176352 | 118524130 |
|  Grocery Outlet Holding Corp.<sup>(a)(b)(c)</sup> | 6005480 | 83956610 |
|  PriceSmart, Inc.<sup>(a)</sup> | 1534175 | 134777274 |
|  SpartanNash Co.<sup>(a)</sup> | 2125607 | 43064798 |
|  United Natural Foods, Inc.<sup>(a)(b)(c)</sup> | 3704728 | 101472500 |
|  |  | 567068502 |
| **Containers & Packaging — 0.5%** |  |  |
|  O-I Glass, Inc.<sup>(a)(b)(c)</sup> | 9526169 | 109265158 |
|  Sealed Air Corp.<sup>(a)</sup> | 8571854 | 247726581 |
|  |  | 356991739 |
| **Diversified Consumer Services — 1.3%** |  |  |
|  Adtalem Global Education, Inc.<sup>(a)(b)(c)</sup> | 2304302 | 231904953 |
|  Frontdoor, Inc.<sup>(a)(b)(c)</sup> | 4712725 | 181062894 |
|  Mister Car Wash, Inc.<sup>(b)(c)</sup> | 5777814 | 45586952 |
|  Perdoceo Education Corp.<sup>(a)</sup> | 3823151 | 96266942 |
|  Strategic Education, Inc.<sup>(a)</sup> | 1503991 | 126275084 |
|  Stride, Inc.<sup>(a)(b)(c)</sup> | 2644785 | 334565303 |
|  |  | 1015662128 |
| **Diversified REITs — 0.8%** |  |  |
|  Alexander & Baldwin, Inc.<sup>(a)</sup> | 4490640 | 77373727 |
|  American Assets Trust, Inc. | 2919353 | 58795769 |
|  Armada Hoffler Properties, Inc.<sup>(a)</sup> | 5025445 | 37741092 |
|  Essential Properties Realty Trust, Inc.<sup>(a)</sup> | 11606378 | 378832178 |
|  Global Net Lease, Inc. | 9066379 | 72893687 |
|  |  | 625636453 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |  |
|  Cogent Communications Holdings, Inc.<sup>(a)</sup> | 2610806 | 160068516 |
|  Lumen Technologies, Inc.<sup>(b)(c)</sup> | 47061267 | 184480167 |
|  |  | 344548683 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Electric Utilities — 0.5%** |  |  |  |
|  MGE Energy, Inc.<sup>(a)</sup> | 2238927 | $| 208130654 |
|  Otter Tail Corp.<sup>(a)</sup> | 2586438 |  | 207872022 |
|  |  |  | 416002676 |
| **Electrical Equipment — 0.3%** |  |  |  |
|  Powell Industries, Inc.<sup>(c)</sup> | 581871 |  | 99110087 |
|  Sunrun, Inc.<sup>(a)(b)(c)</sup> | 13870552 |  | 81281435 |
|  Vicor Corp.<sup>(b)(c)</sup> | 1424634 |  | 66644379 |
|  |  |  | 247035901 |
| **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** |
|  Advanced Energy Industries, Inc.<sup>(a)(c)</sup> | 2329565 |  | 222030840 |
|  Arlo Technologies, Inc.<sup>(a)(b)(c)</sup> | 6203690 |  | 61230420 |
|  Badger Meter, Inc.<sup>(a)</sup> | 1818703 |  | 346008246 |
|  Benchmark Electronics, Inc.<sup>(a)</sup> | 2225633 |  | 84640823 |
|  CTS Corp.<sup>(a)</sup> | 1861971 |  | 77364895 |
|  ePlus, Inc.<sup>(a)(b)(c)</sup> | 1628667 |  | 99397547 |
|  Insight Enterprises, Inc.<sup>(a)(b)(c)</sup> | 1689937 |  | 253473651 |
|  Itron, Inc.<sup>(a)(b)(c)</sup> | 2788229 |  | 292094870 |
|  Knowles Corp.<sup>(a)(b)</sup> | 5420025 |  | 82384380 |
|  OSI Systems, Inc.<sup>(a)(b)(c)</sup> | 966052 |  | 187742546 |
|  PC Connection, Inc. | 763914 |  | 47683512 |
|  Plexus Corp.<sup>(a)(b)(c)</sup> | 1672033 |  | 214237588 |
|  Rogers Corp.<sup>(a)(b)(c)</sup> | 1049906 |  | 70900152 |
|  Sanmina Corp.<sup>(a)(b)(c)</sup> | 3359268 |  | 255909036 |
|  ScanSource, Inc.<sup>(a)(b)(c)</sup> | 1334638 |  | 45391038 |
|  TTM Technologies, Inc.<sup>(a)(b)</sup> | 6305057 |  | 129316719 |
|  Vishay Intertechnology, Inc.<sup>(a)(c)</sup> | 6947218 |  | 110460766 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580267029 |
| **Energy Equipment & Services — 2.0%** |  |  |  |
|  Archrock, Inc.<sup>(a)</sup> | 10830970 |  | 284204653 |
|  Atlas Energy Solutions, Inc.<sup>(c)</sup> | 4440704 |  | 79222159 |
|  Bristow Group, Inc.<sup>(a)(b)(c)</sup> | 1522161 |  | 48069844 |
|  Cactus, Inc., Class A<sup>(a)</sup> | 4121658 |  | 188895586 |
|  Core Laboratories, Inc.<sup>(a)(c)</sup> | 2895149 |  | 43398284 |
|  Helix Energy Solutions Group, Inc.<sup>(a)(b)(c)</sup> | 8839748 |  | 73458306 |
|  Helmerich & Payne, Inc.<sup>(a)</sup> | 6151469 |  | 160676370 |
|  Innovex International, Inc.<sup>(b)(c)</sup> | 2385988 |  | 42852344 |
|  Liberty Energy, Inc., Class A<sup>(a)</sup> | 10023507 |  | 158672116 |
|  Oceaneering International, Inc.<sup>(a)(b)(c)</sup> | 6248765 |  | 136285565 |
|  Patterson-UTI Energy, Inc.<sup>(a)</sup> | 21741964 |  | 178718944 |
|  ProPetro Holding Corp.<sup>(b)(c)</sup> | 4990879 |  | 36682961 |
|  RPC, Inc. | 5233479 |  | 28784134 |
|  Tidewater, Inc.<sup>(b)(c)</sup> | 2491367 |  | 105310083 |
|  |  |  | 1565231349 |
| **Entertainment — 0.5%** |  |  |  |
|  Cinemark Holdings, Inc.<sup>(a)</sup> | 6634969 |  | 165144378 |
|  Madison Square Garden Sports Corp., Class A<sup>(a)(b)(c)</sup> | 1035911 |  | 201712590 |
|  |  |  | 366856968 |
| **Financial Services — 2.3%** |  |  |  |
|  EVERTEC, Inc.<sup>(a)</sup> | 3942365 |  | 144960761 |
|  HA Sustainable Infrastructure<br>Capital, Inc.<sup>(a)</sup> | 7355936 |  | 215087569 |
|  Jackson Financial, Inc., Class A | 1620247 |  | 135744294 |
|  Mr. Cooper Group, Inc.<sup>(a)(b)(c)</sup> | 3936222 |  | 470772151 |
|  NCR Atleos Corp.<sup>(a)(b)(c)</sup> | 4482041 |  | 118236242 |
|  NMI Holdings, Inc., Class A<sup>(a)(b)(c)</sup> | 4862766 |  | 175302714 |
|  Payoneer Global, Inc.<sup>(b)</sup> | 15891035 |  | 116163466 |
|  Radian Group, Inc. | 6618430 |  | 218871480 |
|  Walker & Dunlop, Inc.<sup>(a)</sup> | 1988413 |  | 169730934 |
|  |  |  | 1764869611 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Food Products — 1.4%** |  |  |
|  B&G Foods, Inc.<sup>(a)</sup> | 4992032 | $34295260 |
|  Cal-Maine Foods, Inc.<sup>(a)</sup> | 2516477 | 228747759 |
|  Fresh Del Monte Produce, Inc. | 2074853 | 63967718 |
|  Freshpet, Inc.<sup>(a)(b)</sup> | 3001359 | 249623028 |
|  J & J Snack Foods Corp. | 964077 | 126988222 |
|  John B Sanfilippo & Son, Inc.<sup>(a)</sup> | 558974 | 39608898 |
|  Simply Good Foods Co. (The)<sup>(a)(b)(c)</sup> | 5685007 | 196075891 |
|  Tootsie Roll Industries, Inc. | 1080499 | 34014109 |
|  TreeHouse Foods, Inc.<sup>(a)(b)(c)</sup> | 2793311 | 75670795 |
|  WK Kellogg Co. | 4098936 | 81691794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130683474 |
| **Gas Utilities — 0.6%** |  |  |
|  Chesapeake Utilities Corp.<sup>(a)</sup> | 1415898 | 181843780 |
|  MDU Resources Group, Inc.<sup>(a)</sup> | 12607494 | 213192724 |
|  Northwest Natural Holding Co.<sup>(a)</sup> | 2481327 | 106002289 |
|  |  | 501038793 |
| **Ground Transportation — 0.7%** |  |  |
|  ArcBest Corp.<sup>(a)(c)</sup> | 1439827 | 101622990 |
|  Heartland Express, Inc. | 2718692 | 25066340 |
|  Hertz Global Holdings, Inc.<sup>(b)(c)</sup> | 7736922 | 30483473 |
|  Marten Transport Ltd. | 3575985 | 49062514 |
|  RXO, Inc.<sup>(a)(b)(c)</sup> | 8760383 | 167323315 |
|  Schneider National, Inc., Class B | 2905792 | 66397347 |
|  Werner Enterprises, Inc.<sup>(a)</sup> | 3824214 | 112049470 |
|  |  | 552005449 |
| **Health Care Equipment & Supplies — 4.0%** | **Health Care Equipment & Supplies — 4.0%** |  |
|  Artivion, Inc.<sup>(a)(b)(c)</sup> | 2332573 | 57334644 |
|  Avanos Medical, Inc.<sup>(a)(b)</sup> | 2841345 | 40716474 |
|  CONMED Corp.<sup>(a)</sup> | 1910009 | 115345444 |
|  Embecta Corp.<sup>(a)</sup> | 3638699 | 46393412 |
|  Enovis Corp.<sup>(a)(b)(c)</sup> | 3526340 | 134741451 |
|  Glaukos Corp.<sup>(a)(b)(c)</sup> | 3409537 | 335566632 |
|  ICU Medical, Inc.<sup>(a)(b)(c)</sup> | 1513986 | 210232096 |
|  Inspire Medical Systems, Inc.<sup>(a)(b)(c)</sup> | 1834650 | 292223052 |
|  Integer Holdings Corp.<sup>(a)(b)(c)</sup> | 2074108 | 244765485 |
|  Integra LifeSciences Holdings Corp.<sup>(a)(b)(c)</sup> | 4103002 | 90225014 |
|  LeMaitre Vascular, Inc.<sup>(a)</sup> | 1265066 | 106139037 |
|  Merit Medical Systems, Inc.<sup>(a)(b)(c)</sup> | 3603840 | 380961926 |
|  Neogen Corp.<sup>(a)(b)(c)</sup> | 12206389 | 105829393 |
|  Omnicell, Inc.<sup>(a)(b)(c)</sup> | 2863735 | 100116176 |
|  QuidelOrtho Corp.<sup>(a)(b)(c)</sup> | 4075516 | 142520795 |
|  STAAR Surgical Co.<sup>(a)(b)(c)</sup> | 3045560 | 53693223 |
|  Tandem Diabetes Care, Inc.<sup>(a)(b)(c)</sup> | 4060597 | 77801039 |
|  Teleflex, Inc.<sup>(a)</sup> | 2872005 | 396882371 |
|  TransMedics Group, Inc.<sup>(a)(b)(c)</sup> | 2075234 | 139621744 |
|  UFP Technologies, Inc.<sup>(a)(b)(c)</sup> | 450751 | 90920984 |
|  |  | 3162030392 |
| **Health Care Providers & Services — 2.3%** | **Health Care Providers & Services — 2.3%** |  |
|  AdaptHealth Corp.<sup>(b)(c)</sup> | 6568372 | 71201152 |
|  Addus HomeCare Corp.<sup>(a)(b)(c)</sup> | 1108718 | 109641123 |
|  AMN Healthcare Services, Inc.<sup>(a)(b)</sup> | 2353963 | 57577935 |
|  Astrana Health, Inc.<sup>(a)(b)(c)</sup> | 2569977 | 79694987 |
|  Concentra Group Holdings Parent, Inc.<sup>(a)</sup> | 6692904 | 145236017 |
|  CorVel Corp.<sup>(b)(c)</sup> | 1683154 | 188462753 |
|  National HealthCare Corp. | 763726 | 70873773 |
|  NeoGenomics, Inc.<sup>(a)(b)(c)</sup> | 7936103 | 75313617 |
|  Owens & Minor, Inc.<sup>(a)(b)(c)</sup> | 4569436 | 41262007 |
|  Patterson Cos., Inc.<sup>(a)</sup> | 4875811 | 152320336 |
|  Pediatrix Medical Group, Inc.<sup>(a)(b)</sup> | 5225722 | 75720712 |
|  Premier, Inc., Class A<sup>(a)</sup> | 5645499 | 108845221 |
|  Privia Health Group, Inc.<sup>(a)(b)(c)</sup> | 6405892 | 143812275 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  Progyny, Inc.<sup>(a)(b)</sup> | 4580481 | $102327946 |
|  RadNet, Inc.<sup>(b)(c)</sup> | 3513849 | 174708572 |
|  Select Medical Holdings Corp.<sup>(a)</sup> | 6460268 | 107886476 |
|  U.S. Physical Therapy, Inc.<sup>(a)</sup> | 933274 | 67531707 |
|  |  | 1772416609 |
| **Health Care REITs — 0.9%** |  |  |
|  CareTrust REIT, Inc.<sup>(a)</sup> | 11604509 | 331656867 |
|  LTC Properties, Inc.<sup>(a)</sup> | 2798434 | 99204485 |
|  Medical Properties Trust, Inc.<sup>(a)(c)</sup> | 37126066 | 223870178 |
|  Universal Health Realty Income Trust<sup>(a)</sup> | 787790 | 32267878 |
|  |  | 686999408 |
| **Health Care Technology — 0.3%** |  |  |
|  Certara, Inc.<sup>(b)(c)</sup> | 6768212 | 67005299 |
|  HealthStream, Inc. | 1485555 | 47805160 |
|  Schrodinger, Inc.<sup>(a)(b)(c)</sup> | 3426070 | 67630622 |
|  Simulations Plus, Inc.<sup>(a)(c)</sup> | 1023567 | 25097863 |
|  |  | 207538944 |
| **Hotel & Resort REITs — 1.2%** |  |  |
|  Apple Hospitality REIT, Inc.<sup>(a)</sup> | 13797192 | 178121749 |
|  DiamondRock Hospitality Co.<sup>(a)</sup> | 12835275 | 99088323 |
|  Pebblebrook Hotel Trust<sup>(a)(c)</sup> | 7400168 | 74963702 |
|  Ryman Hospitality Properties, Inc.<sup>(a)</sup> | 3704138 | 338706379 |
|  Summit Hotel Properties, Inc.<sup>(a)</sup> | 6703049 | 36263495 |
|  Sunstone Hotel Investors, Inc.<sup>(a)</sup> | 12421960 | 116890644 |
|  Xenia Hotels & Resorts, Inc.<sup>(a)</sup> | 6294983 | 74029000 |
|  |  | 918063292 |
| **Hotels, Restaurants & Leisure — 2.0%** |  |  |
|  BJ's Restaurants, Inc.<sup>(a)(b)(c)</sup> | 1410687 | 48330137 |
|  Bloomin' Brands, Inc.<sup>(a)</sup> | 4668516 | 33473260 |
|  Brinker International, Inc.<sup>(a)(b)(c)</sup> | 2746042 | 409297560 |
|  Cheesecake Factory, Inc. (The)<sup>(a)(c)</sup> | 2903463 | 141282510 |
|  Cracker Barrel Old Country Store, Inc.<sup>(a)</sup> | 1376188 | 53423618 |
|  Dave & Buster's Entertainment, Inc.<sup>(a)(b)(c)</sup> | 1904389 | 33460115 |
|  Golden Entertainment, Inc. | 1271872 | 33564702 |
|  Jack in the Box, Inc.<sup>(a)</sup> | 1165791 | 31697857 |
|  Monarch Casino & Resort, Inc. | 786535 | 61153096 |
|  Papa John's International, Inc.<sup>(a)</sup> | 2018199 | 82907615 |
|  Penn Entertainment, Inc.<sup>(a)(b)(c)</sup> | 9304429 | 151755237 |
|  Sabre Corp.<sup>(a)(b)(c)</sup> | 23856212 | 67035956 |
|  Shake Shack, Inc., Class A<sup>(a)(b)(c)</sup> | 2475111 | 218230537 |
|  Six Flags Entertainment Corp.<sup>(a)(c)</sup> | 5766764 | 205700472 |
|  |  | 1571312672 |
| **Household Durables — 3.0%** |  |  |
|  Cavco Industries, Inc.<sup>(a)(b)(c)</sup> | 495507 | 257480302 |
|  Century Communities, Inc.<sup>(a)</sup> | 1684629 | 113038606 |
|  Champion Homes, Inc.<sup>(a)(b)(c)</sup> | 3258442 | 308769964 |
|  Dream Finders Homes, Inc., Class A<sup>(b)(c)</sup> | 1694042 | 38217588 |
|  Ethan Allen Interiors, Inc.<sup>(a)</sup> | 1427288 | 39535878 |
|  Green Brick Partners, Inc.<sup>(b)</sup> | 1898419 | 110696812 |
|  Helen of Troy Ltd.<sup>(a)(b)(c)</sup> | 1413100 | 75586719 |
|  Installed Building Products, Inc.<sup>(a)</sup> | 1435948 | 246207644 |
|  La-Z-Boy, Inc.<sup>(a)</sup> | 2564745 | 100255882 |
|  Leggett & Platt, Inc.<sup>(a)</sup> | 8309415 | 65727473 |
|  LGI Homes, Inc.<sup>(a)(b)(c)</sup> | 1279326 | 85036799 |
|  M/I Homes, Inc.<sup>(a)(b)(c)</sup> | 1682221 | 192075994 |
|  Meritage Homes Corp.<sup>(a)</sup> | 4474485 | 317151497 |
|  Newell Brands, Inc.<sup>(a)</sup> | 25799096 | 159954395 |
|  Sonos, Inc.<sup>(a)(b)(c)</sup> | 7362653 | 78559508 |
|  Tri Pointe Homes, Inc.<sup>(a)(b)(c)</sup> | 5787102 | 184724296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373019357 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Household Products — 0.6%** |  |  |  |
|  Central Garden & Pet Co.<sup>(a)(b)(c)</sup> | 569885 | $| 20891984 |
|  Central Garden & Pet Co., Class A,<br>NVS<sup>(a)(b)(c)</sup>  | 3124012 |  | 102248913 |
|  Energizer Holdings, Inc.<sup>(a)</sup> | 4061971 |  | 121534172 |
|  WD-40 Co.<sup>(a)</sup> | 837618 |  | 204378792 |
|  |  |  | 449053861 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **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> | 2140050 |  | 60905823 |
|  Clearway Energy, Inc., Class C<sup>(a)</sup> | 5121762 |  | 155035736 |
|  |  |  | 215941559 |
| **Industrial REITs — 0.8%** |  |  |  |
|  Innovative Industrial Properties, Inc.<sup>(a)</sup> | 1751783 |  | 94753942 |
|  LXP Industrial Trust<sup>(a)</sup> | 18377769 |  | 158967702 |
|  Terreno Realty Corp.<sup>(a)</sup> | 6170067 |  | 390071636 |
|  |  |  | 643793280 |
| **Insurance — 2.6%** |  |  |  |
|  AMERISAFE, Inc.<sup>(a)</sup> | 1177168 |  | 61860178 |
|  Assured Guaranty Ltd.<sup>(a)</sup> | 2957396 |  | 260546588 |
|  Employers Holdings, Inc.<sup>(a)</sup> | 1529680 |  | 77462995 |
|  Genworth Financial, Inc., Class A<sup>(a)(b)(c)</sup> | 26429134 |  | 187382560 |
|  Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 1515598 |  | 178931500 |
|  HCI Group, Inc. | 524953 |  | 78338736 |
|  Horace Mann Educators Corp.<sup>(a)</sup> | 2522524 |  | 107787451 |
|  Lincoln National Corp.<sup>(a)</sup> | 8547054 |  | 306924709 |
|  Mercury General Corp. | 1643815 |  | 91889258 |
|  Palomar Holdings, Inc.<sup>(a)(b)(c)</sup> | 1640423 |  | 224869185 |
|  ProAssurance Corp.<sup>(a)(b)</sup> | 3166060 |  | 73927501 |
|  Safety Insurance Group, Inc.<sup>(a)</sup> | 917380 |  | 72362934 |
|  SiriusPoint Ltd.<sup>(b)(c)</sup> | 4233731 |  | 73201209 |
|  Stewart Information Services Corp.<sup>(a)</sup> | 1716674 |  | 122484690 |
|  Trupanion, Inc.<sup>(b)(c)</sup> | 2068194 |  | 77081590 |
|  United Fire Group, Inc.<sup>(a)</sup> | 1316108 |  | 38772542 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033823626 |
| **Interactive Media & Services — 1.1%** |  |  |  |
|  Cargurus, Inc., Class A<sup>(a)(b)(c)</sup> | 5457849 |  | 158987141 |
|  Cars.com, Inc.<sup>(a)(b)(c)</sup> | 3682362 |  | 41500220 |
|  IAC, Inc.<sup>(a)(b)(c)</sup> | 4379286 |  | 201184399 |
|  QuinStreet, Inc.<sup>(a)(b)(c)</sup> | 3491271 |  | 62284275 |
|  Shutterstock, Inc. | 1516892 |  | 28259698 |
|  TripAdvisor, Inc.<sup>(a)(b)(c)</sup> | 6806605 |  | 96449593 |
|  Yelp, Inc.<sup>(a)(b)(c)</sup> | 4069717 |  | 150701621 |
|  Ziff Davis, Inc.<sup>(a)(b)(c)</sup> | 2642714 |  | 99313192 |
|  |  |  | 838680139 |
| **IT Services — 0.5%** |  |  |  |
|  DigitalOcean Holdings, Inc.<sup>(b)(c)</sup> | 3937208 |  | 131463375 |
|  DXC Technology Co.<sup>(a)(b)</sup> | 11195105 |  | 190876540 |
|  Grid Dynamics Holdings, Inc., Class A<sup>(b)(c)</sup> | 3813600 |  | 59682840 |
|  |  |  | 382022755 |
| **Leisure Products — 0.3%** |  |  |  |
|  Acushnet Holdings Corp.<sup>(c)</sup> | 1691761 |  | 116156310 |
|  Sturm Ruger & Co., Inc.<sup>(a)</sup> | 1038132 |  | 40788206 |
|  Topgolf Callaway Brands Corp.<sup>(b)(c)</sup> | 8751115 |  | 57669848 |
|  |  |  | 214614364 |
| **Life Sciences Tools & Services — 0.3%** |  |  |  |
|  Azenta, Inc.<sup>(a)(b)(c)</sup> | 2825407 |  | 97872098 |
|  BioLife Solutions, Inc.<sup>(b)(c)</sup> | 2236990 |  | 51092852 |
|  Cytek Biosciences, Inc.<sup>(a)(b)(c)</sup> | 6610606 |  | 26508530 |
|  Fortrea Holdings, Inc.<sup>(a)(b)(c)</sup> | 5551559 |  | 41914270 |
|  Mesa Laboratories, Inc.<sup>(a)(c)</sup> | 342011 |  | 40583025 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |
|  OmniAb, Inc., 12.50 Earnout Shares<sup>(b)(d)</sup> | 450637 | $| 5 |
|  OmniAb, Inc., 15.00 Earnout Shares<sup>(b)(d)</sup> | 450637 |  | 5 |
|  |  |  | 257970785 |
| **Machinery — 4.9%** |  |  |  |
|  Alamo Group, Inc.<sup>(a)</sup> | 641296 |  | 114285360 |
|  Albany International Corp., Class A<sup>(a)(c)</sup> | 1935373 |  | 133618152 |
|  Astec Industries, Inc.<sup>(a)</sup> | 1409758 |  | 48566163 |
|  Enerpac Tool Group Corp., Class A<sup>(a)(c)</sup> | 3363704 |  | 150895761 |
|  Enpro, Inc.<sup>(a)(c)</sup> | 1298065 |  | 210013936 |
|  ESCO Technologies, Inc.<sup>(a)</sup> | 1595759 |  | 253917172 |
|  Federal Signal Corp.<sup>(a)(c)</sup> | 3778606 |  | 277916471 |
|  Franklin Electric Co., Inc.<sup>(a)</sup> | 2429587 |  | 228089628 |
|  Gates Industrial Corp. PLC<sup>(a)(b)(c)</sup> | 14056649 |  | 258782908 |
|  Greenbrier Cos., Inc. (The)<sup>(a)</sup> | 1938921 |  | 99311534 |
|  Hillenbrand, Inc.<sup>(a)</sup> | 4354128 |  | 105108650 |
|  JBT Marel Corp.<sup>(a)(c)</sup> | 2855135 |  | 348897497 |
|  Kadant, Inc.<sup>(a)(c)</sup> | 726278 |  | 244690321 |
|  Kennametal, Inc.<sup>(a)</sup> | 4783141 |  | 101880903 |
|  Lindsay Corp.<sup>(a)</sup> | 671883 |  | 85006637 |
|  Mueller Water Products, Inc., Class A<sup>(a)(c)</sup> | 9683613 |  | 246157442 |
|  Proto Labs, Inc.<sup>(a)(b)(c)</sup> | 1515359 |  | 53098179 |
|  SPX Technologies, Inc.<sup>(a)(b)</sup> | 2866752 |  | 369180323 |
|  Standex International Corp.<sup>(a)(c)</sup> | 735671 |  | 118729943 |
|  Tennant Co.<sup>(a)</sup> | 1166893 |  | 93059717 |
|  Titan International, Inc.<sup>(b)(c)</sup> | 3026362 |  | 25391177 |
|  Trinity Industries, Inc.<sup>(a)</sup> | 5100184 |  | 143111163 |
|  Worthington Enterprises, Inc. | 1918279 |  | 96086595 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805795632 |
| **Marine Transportation — 0.3%** |  |  |  |
|  Matson, Inc.<sup>(a)</sup> | 2053605 |  | 263210553 |
| **Media — 0.6%** |  |  |  |
|  Cable One, Inc.<sup>(a)</sup> | 284927 |  | 75725049 |
|  John Wiley & Sons, Inc., Class A<sup>(a)</sup> | 2535330 |  | 112974305 |
|  Scholastic Corp., NVS<sup>(a)</sup> | 1567289 |  | 29590416 |
|  TechTarget, Inc.<sup>(b)(c)</sup> | 1679112 |  | 24867649 |
|  TEGNA, Inc.<sup>(a)</sup> | 9962923 |  | 181524457 |
|  Thryv Holdings, Inc.<sup>(a)(b)(c)</sup> | 2542984 |  | 32575625 |
|  |  |  | 457257501 |
| **Metals & Mining — 0.9%** |  |  |  |
|  Alpha Metallurgical Resources, Inc.<sup>(a)(b)</sup> | 675986 |  | 84667246 |
|  Century Aluminum Co.<sup>(b)(c)</sup> | 3212944 |  | 59632241 |
|  Kaiser Aluminum Corp.<sup>(a)</sup> | 985511 |  | 59741677 |
|  Materion Corp.<sup>(a)(c)</sup> | 1283053 |  | 104697125 |
|  Metallus, Inc.<sup>(a)(b)(c)</sup> | 2311970 |  | 30887919 |
|  MP Materials Corp., Class A<sup>(b)(c)</sup> | 7467981 |  | 182293416 |
|  SunCoke Energy, Inc.<sup>(a)</sup> | 5215146 |  | 47979343 |
|  Warrior Met Coal, Inc.<sup>(c)</sup> | 2470246 |  | 117880139 |
|  Worthington Steel, Inc. | 2165170 |  | 54843756 |
|  |  |  | 742622862 |
| **Mortgage Real Estate Investment Trusts (REITs) — 1.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.2%** |
|  Apollo Commercial Real Estate Finance, Inc.<sup>(a)</sup>  | 7899007 |  | 75593497 |
|  Arbor Realty Trust, Inc.<sup>(a)(c)</sup> | 10045038 |  | 118029196 |
|  ARMOUR Residential REIT, Inc.<sup>(a)</sup> | 4724582 |  | 80790352 |
|  Blackstone Mortgage Trust, Inc., Class A<sup>(a)</sup> | 10610693 |  | 212213860 |
|  Ellington Financial, Inc.<sup>(a)</sup> | 5605277 |  | 74325973 |
|  Franklin BSP Realty Trust, Inc.<sup>(a)</sup> | 5185363 |  | 66061525 |
|  KKR Real Estate Finance Trust, Inc.<sup>(a)</sup> | 3568585 |  | 38540718 |
|  New York Mortgage Trust, Inc.<sup>(a)</sup> | 5703873 |  | 37018136 |
|  PennyMac Mortgage Investment Trust<sup>(a)</sup> | 5370291 |  | 78674763 |
|  Ready Capital Corp.<sup>(a)</sup> | 10419596 |  | 53035744 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
|  Redwood Trust, Inc.<sup>(a)</sup> | 8193193 | $49732682 |
|  Two Harbors Investment Corp.<sup>(a)</sup> | 6410313 | 85641782 |
|  |  | 969658228 |
| **Multi-Utilities — 0.3%** |  |  |
|  Avista Corp.<sup>(a)</sup> | 4896274 | 205006992 |
|  Unitil Corp.<sup>(a)</sup> | 1004426 | 57945336 |
|  |  | 262952328 |
| **Office REITs — 1.0%** |  |  |
|  Brandywine Realty Trust<sup>(a)</sup> | 10675249 | 47611611 |
|  Douglas Emmett, Inc. | 8150864 | 130413824 |
|  Easterly Government Properties, Inc.<sup>(a)</sup> | 6144758 | 65134435 |
|  Highwoods Properties, Inc.<sup>(a)</sup> | 6654912 | 197251592 |
|  JBG SMITH Properties<sup>(a)</sup> | 5222981 | 84142224 |
|  SL Green Realty Corp.<sup>(a)</sup> | 4330822 | 249888429 |
|  |  | 774442115 |
| **Oil, Gas & Consumable Fuels — 2.5%** |  |  |
|  California Resources Corp. | 4407030 | 193777109 |
|  Comstock Resources, Inc.<sup>(b)</sup> | 5601906 | 113942768 |
|  Core Natural Resources, Inc.<sup>(a)(c)</sup> | 3137340 | 241888914 |
|  Crescent Energy Co., Class A<sup>(a)</sup> | 11309001 | 127113171 |
|  CVR Energy, Inc. | 2113248 | 40997011 |
|  Dorian LPG Ltd.<sup>(a)</sup> | 2249439 | 50252467 |
|  International Seaways, Inc.<sup>(a)(c)</sup> | 2494011 | 82801165 |
|  Magnolia Oil & Gas Corp., Class A<sup>(a)</sup> | 11813073 | 298398224 |
|  Northern Oil & Gas, Inc.<sup>(a)</sup> | 6140613 | 185630731 |
|  Par Pacific Holdings, Inc.<sup>(b)</sup> | 2703882 | 38557357 |
|  Peabody Energy Corp.<sup>(a)</sup> | 7512335 | 101792139 |
|  REX American Resources Corp.<sup>(a)(b)(c)</sup> | 974891 | 36626655 |
|  SM Energy Co.<sup>(a)</sup> | 7075127 | 211900054 |
|  Talos Energy, Inc.<sup>(b)(c)</sup> | 7677140 | 74621801 |
|  Vital Energy, Inc.<sup>(b)(c)</sup> | 1667126 | 35376414 |
|  World Kinect Corp.<sup>(a)</sup> | 3590924 | 101838605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935514585 |
| **Paper & Forest Products — 0.2%** |  |  |
|  Sylvamo Corp.<sup>(a)</sup> | 2108730 | 141432521 |
| **Passenger Airlines — 0.5%** |  |  |
|  Allegiant Travel Co. | 899217 | 46444558 |
|  JetBlue Airways Corp.<sup>(a)(b)(c)</sup> | 18822014 | 90722107 |
|  SkyWest, Inc.<sup>(a)(b)(c)</sup> | 2493838 | 217886626 |
|  Sun Country Airlines Holdings, Inc.<sup>(b)(c)</sup> | 2488786 | 30661844 |
|  |  | 385715135 |
| **Personal Care Products — 0.3%** |  |  |
|  Edgewell Personal Care Co.<sup>(a)</sup> | 2981877 | 93064381 |
|  Interparfums, Inc. | 1109077 | 126290598 |
|  USANA Health Sciences, Inc.<sup>(b)(c)</sup> | 697182 | 18802999 |
|  |  | 238157978 |
| **Pharmaceuticals — 2.3%** |  |  |
|  Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2318671 | 67218272 |
|  ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1026091 | 68696792 |
|  Collegium Pharmaceutical, Inc.<sup>(a)(b)(c)</sup> | 1993898 | 59517855 |
|  Corcept Therapeutics, Inc.<sup>(a)(b)(c)</sup> | 5766321 | 658629185 |
|  Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 2362438 | 78409317 |
|  Innoviva, Inc.<sup>(a)(b)(c)</sup> | 3405927 | 61749457 |
|  Ligand Pharmaceuticals, Inc.<sup>(a)(b)(c)</sup> | 1168316 | 122836744 |
|  Organon & Co.<sup>(a)</sup> | 15925231 | 237126690 |
|  Pacira BioSciences, Inc.<sup>(a)(b)(c)</sup> | 2854708 | 70939494 |
|  Phibro Animal Health Corp., Class A<sup>(a)</sup> | 1282650 | 27397404 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Pharmaceuticals (continued)** |  |  |  |
|  Prestige Consumer Healthcare, Inc.<sup>(a)(b)(c)</sup> | 3063253 | $| 263347860 |
|  Supernus Pharmaceuticals, Inc.<sup>(a)(b)(c)</sup> | 3414200 |  | 111815050 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827684120 |
| **Professional Services — 1.5%** |  |  |  |
|  Amentum Holdings, Inc.<sup>(b)(c)</sup> | 8875107 |  | 161526947 |
|  CSG Systems International, Inc.<sup>(a)</sup> | 1706929 |  | 103217997 |
|  Heidrick & Struggles International, Inc.<sup>(a)</sup> | 1261811 |  | 54043365 |
|  Korn Ferry<sup>(a)</sup> | 3189659 |  | 216354570 |
|  NV5 Global, Inc.<sup>(b)(c)</sup> | 3218363 |  | 62017855 |
|  Robert Half, Inc.<sup>(a)</sup> | 6211059 |  | 338813268 |
|  Verra Mobility Corp., Class A<sup>(a)(b)(c)</sup> | 10190735 |  | 229393445 |
|  |  |  | 1165367447 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
|  Cushman & Wakefield PLC<sup>(b)(c)</sup> | 9772752 |  | 99877525 |
|  eXp World Holdings, Inc.<sup>(c)</sup> | 5221400 |  | 51065292 |
|  Kennedy-Wilson Holdings, Inc.<sup>(a)</sup> | 7306247 |  | 63418224 |
|  Marcus & Millichap, Inc. | 1487681 |  | 51250610 |
|  St. Joe Co. (The) | 2370763 |  | 111307323 |
|  |  |  | 376918974 |
| **Residential REITs — 0.4%** |  |  |  |
|  Centerspace<sup>(a)</sup> | 1024590 |  | 66342202 |
|  Elme Communities<sup>(a)</sup> | 5442677 |  | 94702580 |
|  NexPoint Residential Trust, Inc.<sup>(a)</sup> | 1366451 |  | 54015808 |
|  Veris Residential, Inc.<sup>(a)</sup> | 4994145 |  | 84500933 |
|  |  |  | 299561523 |
| **Retail REITs — 1.8%** |  |  |  |
|  Acadia Realty Trust<sup>(a)</sup> | 7398876 |  | 155006452 |
|  Curbline Properties Corp.<sup>(a)</sup> | 5845482 |  | 141402210 |
|  Getty Realty Corp.<sup>(a)</sup> | 3130133 |  | 97597547 |
|  Macerich Co. (The)<sup>(a)</sup> | 15368034 |  | 263869144 |
|  Phillips Edison & Co., Inc.<sup>(a)</sup> | 7740511 |  | 282451246 |
|  Saul Centers, Inc. | 764612 |  | 27579555 |
|  SITE Centers Corp.<sup>(c)</sup> | 2516603 |  | 32313183 |
|  Tanger, Inc.<sup>(a)</sup> | 6844748 |  | 231284035 |
|  Urban Edge Properties<sup>(a)</sup> | 7757556 |  | 147393564 |
|  Whitestone REIT<sup>(a)</sup> | 2806546 |  | 40891375 |
|  |  |  | 1419788311 |
| **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** |
|  Alpha & Omega Semiconductor Ltd.<sup>(a)(b)(c)</sup> | 1501169 |  | 37319061 |
|  Axcelis Technologies, Inc.<sup>(a)(b)(c)</sup> | 2009892 |  | 99831336 |
|  CEVA, Inc.<sup>(a)(b)(c)</sup> | 1460770 |  | 37410320 |
|  Cohu, Inc.<sup>(a)(b)(c)</sup> | 2881978 |  | 42393896 |
|  Diodes, Inc.<sup>(a)(b)(c)</sup> | 2864941 |  | 123679503 |
|  FormFactor, Inc.<sup>(a)(b)(c)</sup> | 4789085 |  | 135483215 |
|  Ichor Holdings Ltd.<sup>(a)(b)(c)</sup> | 2093421 |  | 47332249 |
|  Impinj, Inc.<sup>(a)(b)(c)</sup> | 1429294 |  | 129636966 |
|  Kulicke & Soffa Industries, Inc.<sup>(a)</sup> | 3300751 |  | 108858768 |
|  MaxLinear, Inc.<sup>(a)(b)(c)</sup> | 4761643 |  | 51711443 |
|  PDF Solutions, Inc.<sup>(b)(c)</sup> | 1953280 |  | 37327181 |
|  Penguin Solutions, Inc.<sup>(a)(b)(c)</sup> | 3294763 |  | 57230033 |
|  Photronics, Inc.<sup>(a)(b)(c)</sup> | 3915831 |  | 81292652 |
|  Qorvo, Inc.<sup>(a)(b)(c)</sup> | 5775487 |  | 418203014 |
|  Semtech Corp.<sup>(a)(b)(c)</sup> | 5326182 |  | 183220661 |
|  SiTime Corp.<sup>(a)(b)(c)</sup> | 1181955 |  | 180685461 |
|  SolarEdge Technologies, Inc.<sup>(a)(b)(c)</sup> | 3582822 |  | 57970060 |
|  Ultra Clean Holdings, Inc.<sup>(a)(b)(c)</sup> | 2785884 |  | 59645776 |
|  Veeco Instruments, Inc.<sup>(a)(b)(c)</sup> | 3586842 |  | 72023787 |
|  Wolfspeed, Inc.<sup>(a)(b)(c)</sup> | 9618331 |  | 29432093 |
|  |  |  | 1990687475 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Software — 4.0%** |  |  |  |
|  A10 Networks, Inc.<sup>(a)</sup> | 4556187 | $| 74448096 |
|  ACI Worldwide, Inc.<sup>(a)(b)(c)</sup> | 6486063 |  | 354852507 |
|  Adeia, Inc.<sup>(a)</sup> | 6762442 |  | 89399483 |
|  Agilysys, Inc.<sup>(b)(c)</sup> | 1388028 |  | 100687551 |
|  Alarm.com Holdings, Inc.<sup>(a)(b)(c)</sup> | 3056402 |  | 170088771 |
|  BlackLine, Inc.<sup>(a)(b)(c)</sup> | 3210221 |  | 155438901 |
|  Box, Inc., Class A<sup>(a)(b)(c)</sup> | 8886134 |  | 274226095 |
|  Cleanspark, Inc.<sup>(a)(b)(c)</sup> | 17189469 |  | 115513232 |
|  Clear Secure, Inc., Class A<sup>(a)</sup> | 5816257 |  | 150699219 |
|  DoubleVerify Holdings, Inc.<sup>(a)(b)</sup> | 8681580 |  | 116072725 |
|  InterDigital, Inc.<sup>(a)</sup> | 1588247 |  | 328370067 |
|  LiveRamp Holdings, Inc.<sup>(a)(b)(c)</sup> | 4066043 |  | 106286364 |
|  MARA Holdings, Inc.<sup>(a)(b)(c)</sup> | 20986291 |  | 241342346 |
|  N-able, Inc.<sup>(b)(c)</sup> | 4445007 |  | 31515100 |
|  NCR Voyix Corp.<sup>(a)(b)(c)</sup> | 9024898 |  | 87992755 |
|  Progress Software Corp.<sup>(a)</sup> | 2683197 |  | 138211477 |
|  SolarWinds Corp. | 3395083 |  | 62571380 |
|  Sprinklr, Inc., Class A<sup>(a)(b)(c)</sup> | 6986439 |  | 58336766 |
|  SPS Commerce, Inc.<sup>(a)(b)(c)</sup> | 2346469 |  | 311446830 |
|  Teradata Corp.<sup>(a)(b)(c)</sup> | 5917353 |  | 133022095 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100521760 |
| **Specialized REITs — 0.8%** |  |  |  |
|  Four Corners Property Trust, Inc.<sup>(a)</sup> | 6211274 |  | 178263564 |
|  Millrose Properties, Inc., Class A<sup>(b)(c)</sup> | 7436217 |  | 197134113 |
|  Outfront Media, Inc.<sup>(a)(c)</sup> | 8518554 |  | 137489462 |
|  Safehold, Inc.<sup>(c)</sup> | 2827132 |  | 52923911 |
|  Uniti Group, Inc.<sup>(a)</sup> | 15092657 |  | 76066991 |
|  |  |  | 641878041 |
| **Specialty Retail — 2.8%** |  |  |  |
|  Academy Sports & Outdoors, Inc.<sup>(a)(c)</sup> | 4291181 |  | 195720765 |
|  Advance Auto Parts, Inc.<sup>(a)</sup> | 3669188 |  | 143868861 |
|  American Eagle Outfitters, Inc.<sup>(a)</sup> | 10809040 |  | 125601045 |
|  Asbury Automotive Group, Inc.<sup>(a)(b)(c)</sup> | 1211201 |  | 267481629 |
|  Boot Barn Holdings, Inc.<sup>(a)(b)(c)</sup> | 1891726 |  | 203228124 |
|  Buckle, Inc. (The) | 1849379 |  | 70868203 |
|  Caleres, Inc.<sup>(a)</sup> | 2079149 |  | 35823737 |
|  Foot Locker, Inc.<sup>(a)(b)</sup> | 5104027 |  | 71966781 |
|  Group 1 Automotive, Inc.<sup>(a)(c)</sup> | 802838 |  | 306643974 |
|  Guess?, Inc. | 1716213 |  | 18998478 |
|  MarineMax, Inc.<sup>(a)(b)(c)</sup> | 1263853 |  | 27172839 |
|  Monro, Inc.<sup>(a)</sup> | 1888839 |  | 27331500 |
|  National Vision Holdings, Inc.<sup>(a)(b)(c)</sup> | 4868808 |  | 62223366 |
|  ODP Corp. (The)<sup>(a)(b)(c)</sup> | 1908234 |  | 27344993 |
|  Sally Beauty Holdings, Inc.<sup>(a)(b)(c)</sup> | 6303411 |  | 56919801 |
|  Shoe Carnival, Inc.<sup>(c)</sup> | 1113999 |  | 24496838 |
|  Signet Jewelers Ltd.<sup>(a)</sup> | 2689196 |  | 156134720 |
|  Sonic Automotive, Inc., Class A | 904287 |  | 51508188 |
|  Upbound Group, Inc.<sup>(a)</sup> | 3157912 |  | 75663572 |
|  Urban Outfitters, Inc.<sup>(b)(c)</sup> | 3480582 |  | 182382497 |
|  Victoria's Secret & Co.<sup>(a)(b)(c)</sup> | 4861222 |  | 90321505 |
|  |  |  | 2221701416 |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
|  Corsair Gaming, Inc.<sup>(b)(c)</sup> | 2835051 |  | 25118552 |
|  Sandisk Corp.<sup>(b)(c)</sup> | 7125909 |  | 339264527 |
|  Xerox Holdings Corp.<sup>(a)</sup> | 7154786 |  | 34557616 |
|  |  |  | 398940695 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
|  Carter's, Inc.<sup>(a)</sup> | 2228223 |  | 91134321 |
|  G-III Apparel Group Ltd.<sup>(a)(b)(c)</sup> | 2387766 |  | 65305400 |
|  Hanesbrands, Inc.<sup>(a)(b)(c)</sup> | 21833478 |  | 125979168 |
|  Kontoor Brands, Inc.<sup>(a)</sup> | 3068670 |  | 196793807 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
|  Oxford Industries, Inc.<sup>(a)</sup> | 912487 | $| 53535612 |
|  Steven Madden Ltd.<sup>(a)</sup> | 4463628 |  | 118911050 |
|  Wolverine World Wide, Inc.<sup>(a)</sup> | 4950222 |  | 68857588 |
|  |  |  | 720516946 |
| **Tobacco — 0.1%** |  |  |  |
|  Universal Corp.<sup>(a)</sup> | 1526687 |  | 85570806 |
| **Trading Companies & Distributors — 1.4%** | **Trading Companies & Distributors — 1.4%** |  |  |
|  Air Lease Corp., Class A<sup>(a)</sup> | 6405114 |  | 309431057 |
|  Boise Cascade Co.<sup>(a)</sup> | 2374816 |  | 232945701 |
|  DNOW, Inc.<sup>(a)(b)(c)</sup> | 6532502 |  | 111575134 |
|  DXP Enterprises, Inc.<sup>(a)(b)(c)</sup> | 786004 |  | 64656689 |
|  GMS, Inc.<sup>(a)(b)(c)</sup> | 2411582 |  | 176455455 |
|  Rush Enterprises, Inc., Class A<sup>(a)</sup> | 3854314 |  | 205858911 |
|  |  |  | 1100922947 |
| **Water Utilities — 0.7%** |  |  |  |
|  American States Water Co.<sup>(a)</sup> | 2343654 |  | 184398697 |
|  California Water Service Group<sup>(a)</sup> | 3688213 |  | 178730802 |
|  Middlesex Water Co.<sup>(a)</sup> | 1108134 |  | 71031389 |
|  SJW Group<sup>(a)</sup> | 1870994 |  | 102324662 |
|  |  |  | 536485550 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
|  Gogo, Inc.<sup>(b)(c)</sup> | 3654922 |  | 31505428 |
|  Shenandoah Telecommunications Co.<sup>(a)</sup> | 2835700 |  | 35644749 |
|  Telephone & Data Systems, Inc.<sup>(a)(c)</sup> | 6030201 |  | 233609987 |
|  |  |  | 300760164 |
|  **Total Long-Term Investments — 98.4%<br>(Cost: $71,670,652,761)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77142821086 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 6.5%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(a)(e)(f)</sup> | 3906886037 | $3908839480 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(a)(e)</sup> | 1215109656 | 1215109656 |
|  **Total Short-Term Securities — 6.5%<br>(Cost: $5,121,478,084)** |  | 5123949136 |
|  **Total Investments — 104.9%<br>(Cost: $76,792,130,845)** |  | 82266770222 |
|  **Liabilities in Excess of Other Assets — (4.9)%** | **Liabilities in Excess of Other Assets — (4.9)%** | (3842241989) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78424528233 |

---

<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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at*<br> *03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  3D Systems Corp.<sup>(a)</sup> | $40138763 | $2356974 | $(25536400) | $(81229400) | $64270063 | $— |  | $— | $— |
|  A10 Networks, Inc. | 64830610 | 12376683 | (15772810) | 893230 | 12120383 | 74448096 | 4556187 | 1133559 |  |
|  AAON, Inc.<sup>(a)</sup> | 401191982 | 5179552 | (362569155) | 186771022 | (230573401) |  |  |  |  |
|  AAR Corp. | 134187170 | 25747946 | (29122311) | 5840086 | (14107130) | 122545761 | 2188708 |  |  |
|  Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 426616928 | 18112646 | (558095183) | 465896115 | (352530506) |  |  |  |  |
|  ABM Industries, Inc. | 189430417 | 32437452 | (51427710) | 5046391 | 6673886 | 182160436 | 3846293 | 3847096 |  |
|  Academy Sports & Outdoors, Inc. | 338208644 | 36509397 | (77162299) | 10697837 | (112532814) | 195720765 | 4291181 | 2151049 |  |
|  Acadia Realty Trust | 118094664 | 44079462 | (31076201) | (2675204) | 26583731 | 155006452 | 7398876 | 5418351 |  |
|  Acadian Asset Management, Inc.<sup>(b)(c)</sup> | 50100613 | 7348846 | (17916704) | 3641524 | (22297989) | N/A | N/A | 77201 |  |
|  ACI Worldwide, Inc. | 244471131 | 45262815 | (83046708) | 15671718 | 132493551 | 354852507 | 6486063 |  |  |
|  Addus HomeCare Corp. | 111713640 | 32416889 | (28666468) | 3948097 | (9771035) | 109641123 | 1108718 |  |  |
|  Adeia, Inc. | 76516779 |  | (3200044) | (1907423) | 17990171 | 89399483 | 6762442 | 1393143 |  |
|  Adient PLC |  | 134424421 | (13031843) | (3980068) | (50678601) | 66733909 | 5189262 |  |  |
|  ADMA Biologics, Inc. |  | 318742866 | (25360180) | (1209772) | (2159670) | 290013244 | 14617603 |  |  |
|  Adtalem Global Education, Inc. | 136044749 | 29065082 | (54614370) | 13022515 | 108386977 | 231904953 | 2304302 |  |  |
|  ADTRAN Holdings,<br>Inc.<sup>(a)</sup> | 26105510 | 532784 | (25735055) | (61298886) | 60395647 |  |  |  |  |

---

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

---

#### Affiliates (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at*<br> *03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  Advance Auto Parts, Inc. | $339650520 | $30172151 | $(43854043) | $(10507339) | $(171592428) | $143868861 | 3669188 | $3871262 | $— |
|  Advanced Energy Industries, Inc. | 256757392 | 38089673 | (57161200) | 9333714 | (24988739) | 222030840 | 2329565 | 985422 |  |
|  AdvanSix, Inc. | 52228519 | 7864763 | (11305606) | (832886) | (9827886) | 38126904 | 1683307 | 1126078 |  |
|  AeroVironment, Inc. | 289734914 | 46654492 | (72129309) | 15500781 | (73372189) | 206388689 | 1731594 |  |  |
|  Agilysys, Inc.<sup>(c)</sup> | 115408563 | 30226047 | (25852352) | 8907732 | (67913724) | N/A | N/A |  |  |
|  Air Lease Corp., Class A | 358689114 | 45351944 | (70846666) | (1247866) | (22515469) | 309431057 | 6405114 | 5837406 |  |
|  Alamo Group, Inc. | 159303329 | 19361051 | (29289362) | 4197694 | (39287352) | 114285360 | 641296 | 727112 |  |
|  Alarm.com Holdings, Inc. | 244650169 | 31301376 | (48528209) | (3241027) | (54093538) | 170088771 | 3056402 |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup> | 366060323 | 55228679 | (502609759) | 115958832 | (34638075) |  |  |  |  |
|  Albany International Corp., Class A | 197035295 | 25843981 | (39490846) | 2696693 | (52466971) | 133618152 | 1935373 | 2173296 |  |
|  Alexander & Baldwin, Inc. | 81114519 | 15193717 | (22459303) | (3211052) | 6735846 | 77373727 | 4490640 | 4274212 |  |
|  Alkermes PLC | 305075002 | 43704544 | (80015906) | 2955735 | 60317726 | 332037101 | 10055636 |  |  |
|  Allegiant Travel<br>Co.<sup>(c)</sup> | 73157820 | 9820367 | (13723930) | (12427233) | 63623004 | N/A | N/A | 578009 |  |
|  Alpha & Omega Semiconductor Ltd. | 34202796 | 8620296 | (9713730) | (141921) | 4351620 | 37319061 | 1501169 |  |  |
|  Alpha Metallurgical Resources, Inc. | 264412751 | 28153512 | (53083487) | (5848349) | (148967181) | 84667246 | 675986 |  |  |
|  AMC Networks, Inc., Class A<sup>(a)</sup> | 24968356 | 821764 | (17341077) | (46234645) | 37785602 |  |  |  |  |
|  American Assets Trust, Inc.<sup>(c)</sup> | 72317307 | 11272096 | (20771376) | (7401811) | 47093358 | N/A | N/A | 3459941 |  |
|  American Axle & Manufacturing Holdings, Inc. | 58372587 | 8237110 | (10958149) | (8999349) | (16474675) | 30177524 | 7414625 |  |  |
|  American Eagle Outfitters, Inc. | 323400488 | 33442570 | (64052629) | 4752675 | (171942059) | 125601045 | 10809040 | 5886849 |  |
|  American Equity Investment Life Holding Co.<sup>(a)</sup> | 237031953 | 2699524 | (241403983) | 102729246 | (101056740) |  |  | 1608040 |  |
|  American States Water Co. | 180425468 | 30003650 | (41146729) | 3101379 | 12014929 | 184398697 | 2343654 | 4474577 |  |
|  American Woodmark Corp. | 110597134 | 14450217 | (25751987) | (257768) | (44282397) | 54755199 | 930736 |  |  |
|  Ameris Bancorp | 208183978 | 5087680 | (21530160) | 2659195 | 36064049 | 230464742 | 4003209 | 2868585 |  |
|  AMERISAFE, Inc. | 64964180 | 11317397 | (16512238) | (2046643) | 4137482 | 61860178 | 1177168 | 5713279 |  |
|  AMN Healthcare Services, Inc. | 159966403 | 16560364 | (23776555) | (10996578) | (84175699) | 57577935 | 2353963 |  |  |
|  Amphastar Pharmaceuticals, Inc.<sup>(c)</sup> | 111383775 | 16880461 | (25320530) | 2632258 | (50508985) | N/A | N/A |  |  |
|  Andersons, Inc. (The) | 122629580 | 16097888 | (22720801) | 2498944 | (33232421) | 85273190 | 1986331 | 1184756 |  |
|  Anywhere Real Estate, Inc.<sup>(a)</sup> | 46360549 | 521081 | (25187544) | (34503698) | 12809612 |  |  |  |  |
|  Apogee Enterprises, Inc. | 88313909 | 14935472 | (21976849) | 1917089 | (20307765) | 62881856 | 1357260 | 1444876 |  |
|  Apollo Commercial Real Estate Finance, Inc. | 98659427 | 12378215 | (27875177) | (8927666) | 1358698 | 75593497 | 7899007 | 2738588 |  |
|  Apple Hospitality REIT, Inc. | 235995243 | 42567718 | (51030876) | (2469677) | (46940659) | 178121749 | 13797192 | 14575135 |  |
|  Arbor Realty Trust, Inc. | 130667896 | 2508484 |  |  | (15147184) | 118029196 | 10045038 | 17040995 |  |
|  ArcBest Corp. | 227715000 | 25067055 | (39070493) | 5519092 | (117607664) | 101622990 | 1439827 | 741756 |  |
|  Archrock, Inc. | 182923270 | 76585009 | (43560519) | 12834019 | 55422874 | 284204653 | 10830970 | 7186763 |  |
|  Arcosa, Inc. | 282727707 | 42275351 | (64978644) | 13556639 | (40973329) | 232607724 | 3016179 | 633582 |  |
|  Arlo Technologies, Inc. | 81276705 | 12723683 | (14221191) | 2028595 | (20577372) | 61230420 | 6203690 |  |  |
|  Armada Hoffler Properties, Inc. | 47491964 | 15109387 | (11335003) | (1832031) | (11693225) | 37741092 | 5025445 | 2576757 |  |

---

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sales* | *Net*<br> *Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  ARMOUR Residential REIT, Inc. | $65625863 | $41741054 | $(17214875) | $(22199016) | $12837326 | $80790352 | 4724582 | $8135773 | $— |
|  Armstrong World Industries, Inc. | 370612482 | 54371568 | (90029554) | 8116646 | 36655401 | 379726543 | 2695390 | 3360752 |  |
|  Arrowhead Pharmaceuticals, Inc. |  | 167663952 | (4254801) | (560903) | (62897763) | 99950485 | 7845407 |  |  |
|  Artisan Partners Asset Management, Inc., Class A | 210773276 | 1120963 | (17254674) | 96649 | (24105026) | 170631188 | 4363969 | 9440345 |  |
|  Artivion, Inc. | 55906434 | 10266068 | (17586294) | 1278070 | 7470366 | 57334644 | 2332573 |  |  |
|  Asbury Automotive Group, Inc. | 327638238 | 45703201 | (85865750) | 17515702 | (37509762) | 267481629 | 1211201 |  |  |
|  Assured Guaranty Ltd. | 320280790 | 40688995 | (97863898) | 22797121 | (25356420) | 260546588 | 2957396 | 4226528 |  |
|  Astec Industries, Inc. | 67137118 | 8490792 | (12272533) | (4495016) | (10294198) | 48566163 | 1409758 | 777211 |  |
|  Astrana Health, Inc. | 119433375 | 19137264 | (30565692) | (19051193) | (9258767) | 79694987 | 2569977 |  |  |
|  ATI, Inc.<sup>(a)</sup> | 440845464 | 128871394 | (576899646) | 314067784 | (306884996) |  |  |  |  |
|  Atlantic Union Bankshares Corp.<sup>(c)</sup> | 172030744 | 31015749 | (10061158) | (100109) | (4355824) | N/A | N/A | 7582484 |  |
|  Avanos Medical, Inc. | 62437222 | 9693556 | (15092398) | (8760726) | (7561180) | 40716474 | 2841345 |  |  |
|  Avista Corp. | 181775337 | 19143289 | (29972522) | (5068689) | 39129577 | 205006992 | 4896274 | 9831905 |  |
|  Axcelis Technologies, Inc. | 246790637 | 30510818 | (49244119) | 5773554 | (133999554) | 99831336 | 2009892 |  |  |
|  Axos Financial, Inc. | 184564001 | 15064577 | (16696436) | 1953360 | 31715945 | 216601447 | 3357121 |  |  |
|  Azenta, Inc. |  | 148930710 | (21836765) | 494497 | (29716344) | 97872098 | 2825407 |  |  |
|  AZZ, Inc. | 130942421 | 43969442 | (33277643) | 5959286 | 7309152 | 154902658 | 1852681 | 1262423 |  |
|  B&G Foods, Inc. | 60938752 | 7325057 | (10432031) | (13638524) | (9897994) | 34295260 | 4992032 | 3837793 |  |
|  Badger Meter, Inc. | 320684928 | 55433714 | (87801702) | 24698399 | 32992907 | 346008246 | 1818703 | 2481275 |  |
|  Balchem Corp. | 337370931 | 48976657 | (74770188) | 12463103 | 9654357 | 333694860 | 2010210 | 1821499 |  |
|  Banc of California, Inc. | 142775981 | 19318843 | (31089518) | (3776295) | (6206162) | 121022849 | 8528742 | 3603980 |  |
|  Bancorp, Inc. (The) | 119020466 |  | (26957419) | 12218770 | 51833276 | 156115093 | 2954487 |  |  |
|  Bank of Hawaii Corp. | 164414620 |  | (10813675) | 3801993 | 12264297 | 169667235 | 2460015 | 7141113 |  |
|  BankUnited, Inc. | 138128788 |  | (10189411) | 3009389 | 28376701 | 159325467 | 4626175 | 5579850 |  |
|  Banner Corp. | 109299984 |  | (8138722) | (661353) | 35504857 | 136004766 | 2132739 | 4248161 |  |
|  Barnes Group,<br>Inc.<sup>(a)</sup> | 127508496 | 18109373 | (176472028) | 3237723 | 27616436 |  |  | 1090735 |  |
|  Benchmark Electronics, Inc. | 72706217 | 15913726 | (23476216) | 3791305 | 15705791 | 84640823 | 2225633 | 1547689 |  |
|  Berkshire Hills Bancorp, Inc. | 65145745 | 5905927 | (10431609) | (6362535) | 15076230 | 69333758 | 2657484 | 1957539 |  |
|  BGC Group, Inc., Class A<sup>(d)</sup> | N/A | 32758876 |  |  | 12653414 | 196061725 | 21380777 | 1581347 |  |
|  BioLife Solutions, Inc.<sup>(c)</sup> | 44461976 | 8095591 | (12311335) | (6820495) | 60332311 | N/A | N/A |  |  |
|  BJ's Restaurants, Inc. | 56788309 | 7978841 | (13207262) | (861943) | (2367808) | 48330137 | 1410687 |  |  |
|  BlackLine, Inc. | 221795489 | 28839653 | (39647776) | (4634945) | (50913520) | 155438901 | 3210221 |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | 4168842834 |  | (260089717)<sup>(e)</sup> | 123689 | (37326) | 3908839480 | 3906886037 | 19009286 <sup>(f)</sup> |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 1650477675 |  | (435368019)<sup>(e)</sup> |  |  | 1215109656 | 1215109656 | 73925047 |  |
|  Blackstone Mortgage Trust, Inc., Class A | 231674194 | 33734805 | (77443927) | (3675845) | 27924633 | 212213860 | 10610693 |  |  |
|  Bloomin' Brands, Inc. | 168157121 | 14070681 | (32685442) | (9642762) | (106426338) | 33473260 | 4668516 | 4692120 |  |
|  Boise Cascade Co. | 410039603 | 47825450 | (82800431) | 15506469 | (157625390) | 232945701 | 2374816 | 15375465 |  |
|  Boot Barn Holdings, Inc. | 194716578 | 39300600 | (61053435) | 18886174 | 11378207 | 203228124 | 1891726 |  |  |
|  BorgWarner, Inc. |  | 389530263 | (1353420) | 11954 | (755477) | 387433320 | 13522978 |  |  |
|  Box, Inc., Class A | 274622552 | 41717700 | (66859659) | 1370033 | 23375469 | 274226095 | 8886134 |  |  |
|  Brady Corp., Class A, NVS<sup>(d)</sup> | N/A | 29543064 | (50120800) | 9094224 | 68763325 | 193171508 | 2734591 | 2747482 |  |
|  Brandywine Realty Trust | 55576656 | 5166894 | (13199805) | (7191396) | 7259262 | 47611611 | 10675249 | 2908668 |  |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at*<br> *03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  Brinker International, Inc. | $148806405 | $39103742 | $(65042572) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21293224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265136761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409297560 | 2746042 | $— | $— |
|  Bristow Group, Inc. | 44244635 | 8881634 | (12000676) | 1099834 | 5844417 | 48069844 | 1522161 |  |  |
|  Brookline Bancorp, Inc. | 58926806 | 2470819 | (6211534) | (4506232) | 9426022 | 60105881 | 5514301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122471 |  |
|  Cable One, Inc. |  | 138027305 | (22728149) | (2704008) | (36870099) | 75725049 | 284927 | 3560446 |  |
|  Cactus, Inc., Class A |  | 246588525 | (39184849) | (72374) | (18435716) | 188895586 | 4121658 | 1685817 |  |
|  Calavo Growers, Inc.<sup>(a)</sup> | 33535384 | 2226183 | (36587719) | (34677970) | 35504122 |  |  | 115398 |  |
|  Caleres, Inc. | 92489498 | 13226083 | (15719444) | (1799403) | (52372997) | 35823737 | 2079149 | 617067 |  |
|  California Resources<br>Corp.<sup>(c)</sup> | 240636797 | 49984157 | (44924001) | (993381) | (45258433) | N/A | N/A | 6512869 |  |
|  California Water Service Group | 181161610 | 27948233 | (37454998) | (220612) | 7296569 | 178730802 | 3688213 | 4531060 |  |
|  Calix, Inc. | 131656972 | 20023970 | (31783957) | 889142 | 8549389 | 129335516 | 3649422 |  |  |
|  Cal-Maine Foods, Inc. | 161995100 | 31315412 | (48947442) | 9240580 | 75144109 | 228747759 | 2516477 | 11360316 |  |
|  Capitol Federal Financial, Inc. | 50037138 | 2356210 | (8980538) | (4757692) | 3681196 | 42336314 | 7560056 | 597169 |  |
|  CareTrust REIT, Inc. | 214785921 | 126768068 | (48155658) | 8044681 | 30213855 | 331656867 | 11604509 | 10234182 |  |
|  Cargurus, Inc., Class A | 133562229 | 37473933 | (44407809) | 4602993 | 27755795 | 158987141 | 5457849 |  |  |
|  Carpenter Technology Corp.<sup>(a)</sup> | 238329540 | 55110798 | (613636148) | 459935182 | (139739372) |  |  | 1962682 |  |
|  Cars.com, Inc. | 71846245 | 10965030 | (18811620) | (675229) | (21824206) | 41500220 | 3682362 |  |  |
|  Carter's, Inc. |  | 131595408 | (6433734) | (1197851) | (32829502) | 91134321 | 2228223 | 1836932 |  |
|  Catalyst Pharmaceuticals, Inc. | 120580314 | 20235565 | (33137213) | 4361752 | 56075083 | 168115501 | 6932598 |  |  |
|  Cathay General Bancorp | 166360187 | 3969008 | (4312651) | 626109 | 22970204 | 189612857 | 4406527 | 6093328 |  |
|  Cavco Industries, Inc. | 209205210 | 37941286 | (50789754) | 13059477 | 48064083 | 257480302 | 495507 |  |  |
|  Celanese Corp., Class A |  | 387357001 | (1358417) | 23673 | (2278686) | 383743571 | 6759619 |  |  |
|  Centerspace | 58274858 | 14752916 | (15972692) | (806520) | 10093640 | 66342202 | 1024590 | 1323448 |  |
|  Central Garden & Pet Co. | 27644281 | 3860555 | (6629413) | 531837 | (4515276) | 20891984 | 569885 |  |  |
|  Central Garden & Pet Co., Class A, NVS<sup>(d)</sup> | N/A | 16194184 | (33408960) | 1852967 | 11889957 | 102248913 | 3124012 |  |  |
|  Central Pacific Financial Corp. | 31550961 |  |  |  | 11645899 | 43196860 | 1597517 | 1677393 |  |
|  Century Communities, Inc. | 184307376 | 24049946 | (42550349) | 8336172 | (61104539) | 113038606 | 1684629 | 1963453 |  |
|  Cerence, Inc.<sup>(a)</sup> | 44565995 | 378570 | (9546056) | (75386085) | 39987576 |  |  |  |  |
|  CEVA, Inc. | 36252382 | 5905912 | (9458927) | (2257151) | 6968104 | 37410320 | 1460770 |  |  |
|  Champion Homes, Inc. |  | 331960939 | (18965750) | (60145) | (4165080) | 308769964 | 3258442 |  |  |
|  Chatham Lodging Trust<sup>(a)</sup> | 33462988 | 625364 | (27998829) | (25231174) | 19141651 |  |  |  |  |
|  Cheesecake Factory, Inc. (The) | 114054371 | 21562006 | (32511877) | 5224907 | 32953103 | 141282510 | 2903463 | 3313933 |  |
|  Chefs' Warehouse, Inc. (The) | 89802643 | 15259240 | (24442314) | 3590565 | 34313996 | 118524130 | 2176352 |  |  |
|  Chemours Co. (The) |  | 130795734 | (504334) | 4702 | (5300334) | 124995768 | 9238416 |  |  |
|  Chesapeake Utilities Corp. | 161134020 | 25045296 | (34592176) | 3503387 | 26753253 | 181843780 | 1415898 | 3761108 |  |
|  Chuy's Holdings, Inc.<sup>(a)</sup> | 39656159 | 3418091 | (46890632) | 9949725 | (6133343) |  |  |  |  |
|  Cinemark Holdings, Inc. | 128753594 | 28542098 | (41305868) | 5868112 | 43286442 | 165144378 | 6634969 | 542097 |  |
|  City Holding Co. | 102477442 | 2036369 | (10267364) | 2883350 | 9757448 | 106887245 | 909911 | 2851405 |  |
|  Cleanspark, Inc. |  | 128519645 | (517179) | 31514 | (12520748) | 115513232 | 17189469 |  |  |
|  Clear Secure, Inc., Class A |  | 208557086 | (16522296) | (1456217) | (39879354) | 150699219 | 5816257 | 3109620 |  |
|  Clearwater Paper Corp.<sup>(a)</sup> | 49072013 | 4512580 | (33698675) | (12263768) | (7622150) |  |  |  |  |
|  Clearway Energy, Inc., Class A | 50443789 | 9237238 | (18372367) | 933916 | 18663247 | 60905823 | 2140050 | 10787 |  |
|  Clearway Energy, Inc., Class C | 114319172 | 34721511 | (41587040) | 2602991 | 44979102 | 155035736 | 5121762 | 299137 |  |
|  Cogent Communications Holdings, Inc. | 185461025 | 32082211 | (57212676) | 7944618 | (8206662) | 160068516 | 2610806 |  |  |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at*<br> *03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  Cohu, Inc. | $107492550 | $13528958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21562768) | $(2847531) | $(54217313) | $42393896 | 2881978 | $— | $— |
|  Collegium Pharmaceutical, Inc. | 85512929 | 11692915 | (18995876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615199 | (21307312) | 59517855 | 1993898 |  |  |
|  Community Financial System, Inc.<sup>(g)</sup> | 169987632 |  | (14377946) | (4242452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33975783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185343017 | 3259638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6211817 |  |
|  Community Healthcare Trust, Inc.<sup>(a)</sup> | 43689432 | 2808647 | (30359291) | (33258396) | 17119608 |  |  | 978232 |  |
|  Compass Minerals International, Inc.<sup>(a)</sup> | 36124701 | 2144523 | (28403721) | (87558178) | 77692675 |  |  |  |  |
|  Concentra Group Holdings Parent, Inc. |  | 106448054 | (11386358) | 2207662 | 47966659 | 145236017 | 6692904 | 427525 |  |
|  CONMED Corp. | 166319593 | 21814699 | (32932538) | (11055945) | (28800365) | 115345444 | 1910009 | 1608165 |  |
|  Corcept Therapeutics, Inc. | 154327618 | 38472384 | (54385600) | 14344279 | 505870504 | 658629185 | 5766321 |  |  |
|  Core Laboratories, Inc. | 53906000 | 9818711 | (13566545) | (2829522) | (3930360) | 43398284 | 2895149 | 123030 |  |
|  Core Natural Resources,<br>Inc.<sup>(h)</sup> | 350189705 | 52834336 | (78586148) | 7255015 | (89803994) | 241888914 | 3137340 | 3161949 |  |
|  CoreCivic, Inc. | 120375922 | 18914423 | (31262305) | 1928609 | 27873057 | 137829706 | 6792987 |  |  |
|  Cracker Barrel Old Country Store, Inc. | 109535744 | 11318535 | (17024884) | (13666309) | (36739468) | 53423618 | 1376188 | 3014323 |  |
|  Crescent Energy Co., Class A |  | 156558361 | (12567847) | 192265 | (17069608) | 127113171 | 11309001 | 2508575 |  |
|  Cross Country Healthcare,<br>Inc.<sup>(a)</sup> | 41907491 | 2775159 | (32176655) | (4099721) | (8406274) |  |  |  |  |
|  CSG Systems International, Inc. | 98425216 | 14576751 | (25048748) | 1223793 | 14040985 | 103217997 | 1706929 | 2248518 |  |
|  CSW Industrials, Inc. |  | 411287492 | (35150879) | (4001803) | (69590398) | 302544412 | 1037817 | 512744 |  |
|  CTS Corp. | 98474562 | 16244070 | (27428767) | 4552256 | (14477226) | 77364895 | 1861971 | 308583 |  |
|  Curbline Properties Corp. |  | 143992100 | (109821617) | 5458667 | 101773060 | 141402210 | 5845482 |  |  |
|  Customers Bancorp, Inc. | 101367522 | 7274818 | (12156650) | 1836909 | (7748245) | 90574354 | 1804270 |  |  |
|  CVB Financial Corp. | 156554438 | 12633949 | (23976581) | (3700186) | 8415885 | 149927505 | 8121750 | 6837381 |  |
|  Cytek Biosciences, Inc. | 44984430 | 8113171 | (8694360) | (4503176) | (13391535) | 26508530 | 6610606 |  |  |
|  Dana, Inc. | 110753068 | 16000878 | (25334685) | (4908199) | 9838051 | 106349113 | 7978178 | 3382574 |  |
|  Dave & Buster's Entertainment, Inc. | 135937089 | 12210627 | (19179790) | (1983018) | (93524793) | 33460115 | 1904389 |  |  |
|  Deluxe Corp. | 60961307 | 9777620 | (13385258) | (3224854) | (10854394) | 43274421 | 2737155 | 3474440 |  |
|  Designer Brands, Inc., Class A<sup>(a)</sup> | 31716095 | 1864352 | (20770359) | (25452632) | 12642544 |  |  | 143920 |  |
|  DiamondRock Hospitality Co. | 136062147 | 20329035 | (31660477) | (4401497) | (21240885) | 99088323 | 12835275 | 4912066 |  |
|  Digi International, Inc. | 78434480 | 10378423 | (14108934) | 2560591 | (13054822) | 64209738 | 2307213 |  |  |
|  Dime Community Bancshares, Inc. | 45186213 | 10867601 | (6798946) | (870494) | 19288192 | 67672566 | 2427280 | 2354244 |  |
|  Dine Brands Global, Inc.<sup>(a)</sup> | 48734326 | 2746342 | (34077896) | (43832398) | 26429626 |  |  | 1053066 |  |
|  Diodes, Inc. | 218729916 | 28259041 | (40866732) | (1169327) | (81273395) | 123679503 | 2864941 |  |  |
|  DNOW, Inc. | 109719194 | 15567189 | (24627875) | 2915000 | 8001626 | 111575134 | 6532502 |  |  |
|  Donnelley Financial Solutions, Inc. | 104157515 | 19182631 | (20147581) | 4950220 | (36394743) | 71748042 | 1641456 |  |  |
|  Dorian LPG Ltd. | 89039592 | 13915661 | (15735777) | 2260892 | (39227901) | 50252467 | 2249439 | 8537137 |  |
|  Dorman Products, Inc. | 184483809 | 31121561 | (56673806) | 7078680 | 36431382 | 202441626 | 1679456 |  |  |
|  DoubleVerify Holdings, Inc. | 330969132 | 27464718 | (39767880) | (18229992) | (184363253) | 116072725 | 8681580 |  |  |
|  Dril-Quip, Inc.<sup>(a)</sup> | 52021387 | 3082143 | (79518578) | (1867399) | 26282447 |  |  |  |  |
|  DXC Technology Co. | 261941846 | 35808746 | (56877897) | (3486092) | (46510063) | 190876540 | 11195105 |  |  |
|  DXP Enterprises, Inc. | 48388486 | 7920322 | (15089522) | 3679952 | 19757451 | 64656689 | 786004 |  |  |
|  Dycom Industries, Inc. | 284371540 | 46873326 | (76827956) | 14527001 | 5901519 | 274845430 | 1804158 |  |  |

---

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at*<br> *03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  Dynavax Technologies Corp. | $108897787 | $15624690 | $(30153605) | $(476260) | $4145530 | $98038142 | 7558839 | $— | $— |
|  Eagle Bancorp, Inc. | 46756352 | 1008194 | (3476194) | (5026393) | 6193 | 39268152 | 1869912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411355 |  |
|  Easterly Government Properties, Inc. | 73901601 | 12423951 | (19475140) | (6751737) | 5035760 | 65134435 | 6144758 | 3340875 |  |
|  EchoStar Corp.<sup>(a)</sup> | 116518688 | 25665768 | (239898979) | 69217410 | 28497113 |  |  |  |  |
|  Edgewell Personal Care Co. | 130314327 | 18298014 | (31428476) | (2014792) | (22104692) | 93064381 | 2981877 | 1948894 |  |
|  Element Solutions, Inc. |  | 348855075 | (1168981) | (6495) | (36185676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311493923 | 13776821 |  |  |
|  Ellington Financial, Inc. | 63431203 | 15908522 | (14819953) | (726892) | 10533093 | 74325973 | 5605277 | 7222178 |  |
|  Elme Communities | 83013576 | 12259764 | (24004752) | (6243584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29677576 | 94702580 | 5442677 | 798330 |  |
|  Embecta Corp. | 51766934 | 9516827 | (13161382) | (7043188) | 5314221 | 46393412 | 3638699 | 2283599 |  |
|  Employers Holdings, Inc. | 77506103 |  | (8139196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730367 | 7365721 | 77462995 | 1529680 | 1933795 |  |
|  Encore Capital Group, Inc. | 72864940 | 10869397 | (16213967) | 639106 | (17948909) | 50210567 | 1464719 |  |  |
|  Encore Wire<br>Corp.<sup>(a)</sup> | 279963447 | 6620565 | (315509362) | 246139246 | (217213896) |  |  | 21303 |  |
|  Energizer Holdings, Inc. | 132741368 | 21377565 | (33863465) | (2768903) | 4047607 | 121534172 | 4061971 | 5213686 |  |
|  Enerpac Tool Group Corp., Class A | 130735444 | 23031747 | (35002741) | 6296932 | 25834379 | 150895761 | 3363704 | 137954 |  |
|  Enhabit, Inc.<sup>(a)</sup> | 39567070 | 2243905 | (29425018) | (44271422) | 31885465 |  |  |  |  |
|  Enova International, Inc. | 123538671 | 16548486 | (43736366) | 17223063 | 40767167 | 154341021 | 1598395 |  |  |
|  Enovis Corp. |  | 165356886 | (5091083) | (349918) | (25174434) | 134741451 | 3526340 |  |  |
|  Enpro, Inc. | 238291764 | 32844001 | (50610408) | 10039044 | (20550465) | 210013936 | 1298065 | 1662871 |  |
|  Ensign Group, Inc. (The)<sup>(a)</sup> | 472263109 | 34818663 | (579245632) | 311973488 | (239809628) |  |  | 435326 |  |
|  Enviri Corp. | 49491243 | 6020798 | (9468772) | (6863429) | (6030647) | 33149193 | 4984841 |  |  |
|  ePlus, Inc. | 141335872 | 21574413 | (34488039) | 5480938 | (34505637) | 99397547 | 1628667 |  |  |
|  ESCO Technologies, Inc. | 187009178 | 30541762 | (49619747) | 9980981 | 76004998 | 253917172 | 1595759 | 398092 |  |
|  Essential Properties Realty Trust, Inc. | 280910288 | 77085419 | (49447135) | 6541657 | 63741949 | 378832178 | 11606378 | 12332030 |  |
|  Ethan Allen Interiors, Inc. | 53540771 | 8043405 | (11516806) | 703988 | (11235480) | 39535878 | 1427288 | 2949601 |  |
|  Etsy, Inc. |  | 424327878 | (48396110) | (926118) | (46813266) | 328192384 | 6956176 |  |  |
|  EVERTEC, Inc. | 174163939 | 23786520 | (37944568) | 3762673 | (18807803) | 144960761 | 3942365 | 837617 |  |
|  Everus Construction Group, Inc. |  | 175427897 | (15362529) | (1250410) | (41898117) | 116916841 | 3152247 |  |  |
|  EW Scripps Co. (The), Class A, NVS<sup>(a)</sup> | 15629783 |  | (13012784) | (49687334) | 47070335 |  |  |  |  |
|  EZCORP, Inc., Class A, NVS<sup>(d)</sup> | N/A | 5803817 | (9086632) | 1330851 | 18090535 | 47800109 | 3247290 |  |  |
|  Fabrinet<sup>(a)</sup> | 463452278 | 36229939 | (604364217) | 390445457 | (285763457) |  |  |  |  |
|  FB Financial<br>Corp.<sup>(c)</sup> | 89370607 | 16639485 | (25523076) | 2646851 | (4424617) | N/A | N/A | 1610571 |  |
|  Federal Signal Corp. | 349207715 | 51914298 | (79028827) | 18989753 | (63166468) | 277916471 | 3778606 | 1992548 |  |
|  First BanCorp/Puerto Rico | 196392661 |  | (21358429) | 11204988 | 6957784 | 193197004 | 10078091 | 6976678 |  |
|  First Bancorp/Southern Pines NC | 98394709 | 905680 | (7118448) | (1791749) | 12327185 | 102717377 | 2558978 | 2303178 |  |
|  First Commonwealth Financial Corp. | 94229992 | 2332431 | (9714468) | (933236) | 11648711 | 97563430 | 6278213 | 3437651 |  |
|  First Financial Bancorp | 141381955 |  | (9390673) | (1589061) | 17234900 | 147637121 | 5910213 | 5827048 |  |
|  First Hawaiian, Inc. | 189773225 | 30325588 | (48281117) | (241522) | 19479518 | 191055692 | 7817336 | 8717206 |  |
|  FMC Corp. |  | 321614039 | (1137787) | 15125 | 5194539 | 325685916 | 7719505 | 4474756 |  |
|  Foot Locker, Inc. | 157685484 | 18803219 | (28281184) | 300440 | (76541178) | 71966781 | 5104027 |  |  |
|  FormFactor, Inc. | 239877184 | 35775572 | (56246100) | 11049490 | (94972931) | 135483215 | 4789085 |  |  |
|  Fortrea Holdings, Inc. | 237073985 | 5663907 | (10930872) | (10901008) | (178991742) | 41914270 | 5551559 |  |  |
|  Forward Air Corp.<sup>(c)</sup> | 64716795 | 8764473 | (38586520) | (37151978) | 59886089 | N/A | N/A |  |  |
|  Four Corners Property Trust, Inc. | 149675869 | 32649804 | (30818043) | 2538150 | 24217784 | 178263564 | 6211274 | 7839962 |  |

---

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in Unrealized<br>Appreciation<br>(Depreciation)* | *Value at*<br> *03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  Fox Factory Holding Corp. | $— | $159003699 | $(26931915) | $(4034707) | $(67887633) | $60149444 | 2577097 | $— | $— |
|  Franklin BSP Realty Trust, Inc. | 74448306 | 10644843 | (15722730) | (2477011) | (831883) | 66061525 | 5185363 | 7447031 |  |
|  Franklin Electric Co., Inc. | 286147087 | 36428542 | (60366879) | 10990912 | (45110034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228089628 | 2429587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615536 |  |
|  Freshpet, Inc. |  | 260978547 | (924299) | 3178 | (10434398) | 249623028 | 3001359 |  |  |
|  Frontdoor, Inc. | 175197419 | 33978812 | (62026001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10278285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23634379 | 181062894 | 4712725 |  |  |
|  Fulton Financial Corp. | 158776503 | 36903722 | (14739035) | (77497) | 23002304 | 203865997 | 11269541 | 6027642 |  |
|  Gates Industrial Corp. PLC |  | 273317833 | (30198901) | 1486104 | 14177872 | 258782908 | 14056649 |  |  |
|  Gentherm, Inc. | 127545919 | 15046386 | (28149085) | (7380056) | (55846197) | 51216967 | 1915369 |  |  |
|  Genworth Financial, Inc., Class A | 188577805 |  | (18850916) | 6305455 | 11350216 | 187382560 | 26429134 |  |  |
|  GEO Group, Inc. (The) | 116993858 | 30685640 | (32714235) | 8029630 | 122800422 | 245795315 | 8414766 |  |  |
|  Getty Realty Corp. | 90703731 | 15872509 | (22901339) | 1175512 | 12747134 | 97597547 | 3130133 | 4009639 |  |
|  Gibraltar Industries, Inc. | 165982396 | 21213759 | (32995182) | 3227165 | (47380394) | 110047744 | 1876027 |  |  |
|  G-III Apparel Group Ltd. | 80161244 | 11749501 | (23143367) | (563664) | (2898314) | 65305400 | 2387766 |  |  |
|  Glaukos Corp. | 310739672 | 85132562 | (67975227) | 18419934 | (10750309) | 335566632 | 3409537 |  |  |
|  GMS, Inc. | 261751056 | 37249119 | (58471799) | 11760890 | (75833811) | 176455455 | 2411582 |  |  |
|  Golden Entertainment, Inc.<sup>(c)</sup> | 53670481 | 6915044 | (12532922) | (6256994) | 20721378 | N/A | N/A | 1390306 |  |
|  Goosehead Insurance, Inc., Class A<sup>(d)</sup> | N/A | 23233446 | (36597867) | 4123190 | 71761017 | 178931500 | 1515598 | 9267447 |  |
|  Granite Construction, Inc. | 169512080 | 32512811 | (52911697) | 11904114 | 41492992 | 202510300 | 2685813 | 1448728 |  |
|  Green Dot<br>Corp.<sup>(a)</sup> | 27918280 |  | (23456310) | (80248742) | 75786772 |  |  |  |  |
|  Green Plains, Inc.<sup>(a)</sup> | 86725756 | 13464098 | (26608688) | (78192373) | 4611207 |  |  |  |  |
|  Greenbrier Cos., Inc. (The) | 109967366 | 17528460 | (26088111) | 3284814 | (5380995) | 99311534 | 1938921 | 2439394 |  |
|  Griffon Corp. | 189755002 | 38255392 | (47326192) | 14883665 | (20739642) | 174828225 | 2445150 | 1688022 |  |
|  Grocery Outlet Holding Corp. |  | 153298645 | (21343759) | (5057099) | (42941177) | 83956610 | 6005480 |  |  |
|  Group 1 Automotive, Inc. | 262083845 | 44268291 | (79278732) | 26165149 | 53405421 | 306643974 | 802838 | 1648125 |  |
|  HA Sustainable Infrastructure Capital, Inc.<sup>(i)</sup> | 212931073 | 28067446 | (44285009) | 1819987 | 16554072 | 215087569 | 7355936 | 255920 |  |
|  Hain Celestial Group, Inc. (The)<sup>(a)</sup> | 47837917 | 6776872 | (31444421) | (75062037) | 51891669 |  |  |  |  |
|  Hanesbrands, Inc. | 137124946 | 21562431 | (32362561) | 2995897 | (3341545) | 125979168 | 21833478 |  |  |
|  Hanmi Financial Corp. | 32078068 |  | (2166080) | (1561803) | 14528404 | 42878589 | 1892259 | 1983881 |  |
|  Harmonic, Inc. | 102565814 | 15166609 | (19916141) | 3839665 | (32253961) | 69401986 | 7236912 |  |  |
|  Haverty Furniture Cos., Inc.<sup>(a)</sup> | 30833016 | 2230829 | (27010818) | 4127202 | (10180229) |  |  | 577094 |  |
|  Hawkins, Inc. | 99171994 | 19858653 | (30995054) | 9451418 | 27244911 | 124731922 | 1177605 | 874109 |  |
|  Haynes International, Inc.<sup>(a)</sup> | 51663220 | 5961858 | (58251606) | 17721576 | (17095048) |  |  | 376320 |  |
|  HB Fuller Co. | 291912112 | 39396763 | (57893092) | 3483783 | (87169351) | 189730215 | 3380795 | 3164080 |  |
|  Healthcare Services Group, Inc. | 62441758 | 8649000 | (12744898) | (8960183) | (2864007) | 46521670 | 4615245 |  |  |
|  HealthStream, Inc.<sup>(c)</sup> | 43213567 | 7357083 | (11196075) | 635048 | (1668672) | N/A | N/A | 181149 |  |
|  Heidrick & Struggles International, Inc. | 45889015 | 8058184 | (11813199) | 1444799 | 10464566 | 54043365 | 1261811 | 795912 |  |
|  Helen of Troy Ltd. |  | 95362701 | (10444259) | (569365) | (8762358) | 75586719 | 1413100 |  |  |
|  Helix Energy Solutions Group, Inc. | 104258014 | 15838660 | (22537235) | 3138622 | (27239755) | 73458306 | 8839748 |  |  |
|  Helmerich & Payne, Inc. | 280710753 | 35953971 | (50448281) | 2801494 | (108341567) | 160676370 | 6151469 | 8732626 |  |
|  Heritage Financial Corp. | 44863496 | 619573 | (5040307) | (2798505) | 13539080 | 51183337 | 2103713 | 2079084 |  |
|  Hibbett, Inc.<sup>(a)</sup> | 61077161 | 3293633 | (72781737) | 45522096 | (37111153) |  |  |  |  |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at*<br> *03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  Highwoods Properties, Inc. | $187403299 | $32438698 | $(47709069) | $4228346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20890318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197251592 | 6654912 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12869630 | $— |
|  Hillenbrand, Inc. | 238257223 | 24838293 | (35343268) | (6539359) | (116104239) | 105108650 | 4354128 | 4110403 |  |
|  HNI Corp. | 142367324 | 23487250 | (31940294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4029097 | (6853736) | 131089641 | 2955798 | 4091354 |  |
|  Hope Bancorp, Inc. | 91648340 | 3019480 | (8001652) | (4671254) | (3746071) | 78248843 | 7473624 | 4378521 |  |
|  Horace Mann Educators Corp. | 100136924 |  | (6560587) | (1779339) | 15990453 | 107787451 | 2522524 | 3587162 |  |
|  Hub Group, Inc., Class A | 182095541 | 27876490 | (46506172) | 5971008 | (29821478) | 139615389 | 3756131 | 2023344 |  |
|  Hudson Pacific Properties, Inc.<sup>(a)</sup> | 55189483 | 5767153 | (30104930) | (81347612) | 50495906 |  |  | 141001 |  |
|  IAC, Inc. |  | 288936032 | (45049205) | (3377719) | (39324709) | 201184399 | 4379286 |  |  |
|  Ichor Holdings Ltd. | 76787219 | 17931252 | (12734804) | (1130204) | (33521214) | 47332249 | 2093421 |  |  |
|  ICU Medical, Inc. | 146979247 | 67290964 | (39401969) | 6073585 | 29290269 | 210232096 | 1513986 |  |  |
|  Impinj, Inc. |  | 313570601 | (19930662) | (5306899) | (158696074) | 129636966 | 1429294 |  |  |
|  Inari Medical,<br>Inc.<sup>(a)</sup> | 166090927 | 23333793 | (291448731) | 101996633 | 27378 |  |  |  |  |
|  Independent Bank Corp. | 147955908 |  | (11753783) | (5990491) | 34551852 | 164763486 | 2629904 | 6198320 |  |
|  Independent Bank Group, Inc.<sup>(a)</sup> | 110740646 | 16754259 | (133877585) | (2467030) | 8849710 |  |  | 2707782 |  |
|  Ingevity Corp. | 109111890 | 18521750 | (20197370) | (1785807) | (16674749) | 88975714 | 2247429 |  |  |
|  Innospec, Inc. | 216531908 | 26301300 | (39912906) | 4094360 | (60406755) | 146607907 | 1547313 | 2533894 |  |
|  Innovative Industrial Properties, Inc. | 196591916 | 29921092 | (43448521) | (13337484) | (74973061) | 94753942 | 1751783 | 13725421 |  |
|  Innoviva, Inc. | 58231202 | 11374045 | (18275550) | 2204722 | 8215038 | 61749457 | 3405927 |  |  |
|  Insight Enterprises, Inc. | 346915721 | 46154460 | (78057641) | 18160163 | (79699052) | 253473651 | 1689937 |  |  |
|  Inspire Medical Systems, Inc. |  | 432926689 | (39000920) | (3884420) | (97818297) | 292223052 | 1834650 |  |  |
|  Installed Building Products, Inc. | 409605812 | 47718568 | (75144688) | 16161995 | (152134043) | 246207644 | 1435948 | 4664430 |  |
|  Insteel Industries, Inc. | 50360583 | 4864747 | (8130484) | (1401784) | (14064945) | 31628117 | 1202590 | 1413479 |  |
|  Integer Holdings Corp. | 262609926 | 39917320 | (61211356) | 11981169 | (8531574) | 244765485 | 2074108 |  |  |
|  Integra LifeSciences Holdings Corp. |  | 145709638 | (19522441) | (5832841) | (30129342) | 90225014 | 4103002 |  |  |
|  InterDigital, Inc. | 185290969 | 37093086 | (57980294) | 13209096 | 150757210 | 328370067 | 1588247 | 2804072 |  |
|  Interface, Inc., Class A | 66217195 | 12398751 | (18189433) | 1726526 | 9364348 | 71517387 | 3604707 | 152103 |  |
|  International Seaways, Inc. |  | 95099081 | (5715854) | (112012) | (6470050) | 82801165 | 2494011 | 1790335 |  |
|  Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 80834305 | 6884890 | (22773109) | (89862609) | 24916523 |  |  |  |  |
|  Itron, Inc. | 284246698 | 45372693 | (73911917) | 12784936 | 23602460 | 292094870 | 2788229 |  |  |
|  J & J Snack Foods Corp.<sup>(c)</sup> | 151372390 | 24780407 | (36960541) | 732757 | 1122758 | N/A | N/A | 3122660 |  |
|  Jack in the Box, Inc. | 90464340 | 10193876 | (15954154) | (10747514) | (42258691) | 31697857 | 1165791 | 2235906 |  |
|  JBG SMITH Properties | 92662861 | 8524832 | (17021057) | (80723) | 56311 | 84142224 | 5222981 | 2970577 |  |
|  JBT Marel Corp.<sup>(j)</sup> | 225538359 | 154001675 | (58707364) | (1463082) | 29527909 | 348897497 | 2855135 | 930026 |  |
|  JetBlue Airways Corp. | 167021826 | 20121075 | (41437342) | 3413782 | (58397234) | 90722107 | 18822014 |  |  |
|  John B Sanfilippo & Son, Inc. | 64605268 | 9125065 | (13482303) | 283528 | (20922660) | 39608898 | 558974 | 1882019 |  |
|  John Wiley & Sons, Inc., Class A | 109181518 | 18900890 | (32280948) | 2660114 | 14512731 | 112974305 | 2535330 | 3820943 |  |
|  Kadant, Inc. |  | 300153968 | (10466512) | (1215543) | (43781592) | 244690321 | 726278 |  |  |
|  Kaiser Aluminum Corp. | 95942079 | 11712063 | (17908530) | (2541390) | (27462545) | 59741677 | 985511 | 3204084 |  |
|  Kaman Corp.<sup>(a)</sup> | 88158700 | 592447 | (88997896) | 1782858 | (1536109) |  |  |  |  |
|  Kennametal, Inc. | 133900441 | 20492097 | (33794347) | (1221378) | (17495910) | 101880903 | 4783141 | 4122402 |  |
|  Kennedy-Wilson Holdings, Inc. | 68667679 | 11737048 | (18177442) | (5663304) | 6854243 | 63418224 | 7306247 | 3603051 |  |

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S C H E D U L E O F I N V E S T M E N T S 25

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation<br>(Depreciation)* | *Value at*<br> *03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  KKR Real Estate Finance Trust, Inc. | $39683551 | $6463046 | $(15152190) | $(4340095) | $11886406 | $38540718 | 3568585 | $— | $— |
|  Knowles Corp. | 96889478 | 16425758 | (26269562) | 1095450 | (5756744) | 82384380 | 5420025 |  |  |
|  Kohl's Corp. | 217953909 | 20560071 | (29806974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5561080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146848295) | 56297631 | 6882351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11896728 |  |
|  Kontoor Brands, Inc. | 203452260 | 38723933 | (60113806) | 8719452 | 6011968 | 196793807 | 3068670 | 6670380 |  |
|  Koppers Holdings, Inc. | 77999677 | 7317851 | (12766291) | (741885) | (36721264) | 35088088 | 1253146 | 394270 |  |
|  Korn Ferry | 233337852 | 34335011 | (57848775) | 9641066 | (3110584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216354570 | 3189659 | 5322074 |  |
|  Kratos Defense & Security Solutions, Inc. |  | 292298934 | (1045952) | 23145 | (10665753) | 280610374 | 9451343 |  |  |
|  Krystal Biotech, Inc. |  | 319545607 | (44493978) | (1316900) | 8448293 | 282183022 | 1565075 |  |  |
|  Kulicke & Soffa Industries, Inc. | 191938838 | 25892381 | (46811689) | 2730565 | (64891327) | 108858768 | 3300751 | 2907722 |  |
|  Lakeland Financial Corp. | 111815586 | 4425934 | (10973839) | (1056342) | (10366219) | 93845120 | 1578821 | 3210227 |  |
|  La-Z-Boy, Inc. | 109254951 | 17400947 | (30780806) | 3357175 | 1023615 | 100255882 | 2564745 | 2336340 |  |
|  LCI Industries | 211026488 | 27498897 | (41767701) | (2307187) | (56802191) | 137648306 | 1574383 | 7332240 |  |
|  Leggett & Platt, Inc. |  | 119781822 | (18133728) | (1263424) | (34657197) | 65727473 | 8309415 | 1308380 |  |
|  LeMaitre Vascular, Inc. | 88815428 | 17910150 | (23551802) | 6138652 | 16826609 | 106139037 | 1265066 | 897361 |  |
|  Leslie's, Inc.<sup>(a)</sup> | 81012497 | 5988640 | (23216988) | (139163345) | 75379196 |  |  |  |  |
|  LGI Homes, Inc. | 161558915 | 20767482 | (29948135) | 1066493 | (68407956) | 85036799 | 1279326 |  |  |
|  Liberty Energy, Inc., Class A | 212251930 | 42806396 | (44097307) | (1959283) | (50329620) | 158672116 | 10023507 | 3115102 |  |
|  Ligand Pharmaceuticals, Inc. | 80927840 | 26787792 | (19711635) | 2389968 | 32442779 | 122836744 | 1168316 |  |  |
|  Lincoln National Corp.<sup>(d)</sup> | N/A | 16682846 |  |  | 83166926 | 306924709 | 8547054 | 14865885 |  |
|  Lindsay Corp | 87669760 | 14770168 | (23505112) | (211227) | 6283048 | 85006637 | 671883 | 1028732 |  |
|  LiveRamp Holdings, Inc. | 154634003 | 19359334 | (30899278) | (1666221) | (35141474) | 106286364 | 4066043 |  |  |
|  LTC Properties, Inc. | 90938923 | 19210007 | (20503187) | (1058430) | 10617172 | 99204485 | 2798434 | 4980975 |  |
|  LXP Industrial Trust | 178269512 | 28217272 | (40712116) | (3012747) | (3794219) | 158967702 | 18377769 | 9672561 |  |
|  M/I Homes, Inc. | 256983654 | 37856850 | (63946243) | 14465010 | (53283277) | 192075994 | 1682221 |  |  |
|  Macerich Co. (The) | 251312714 | 73590511 | (56784369) | 6451668 | (10701380) | 263869144 | 15368034 | 5336957 |  |
|  Madison Square Garden Sports Corp., Class A | 208081912 | 34867582 | (52581860) | (795861) | 12140817 | 201712590 | 1035911 |  |  |
|  Magnolia Oil & Gas Corp., Class A | 324595238 | 49319556 | (65205688) | 336743 | (10647625) | 298398224 | 11813073 | 6586028 |  |
|  MARA Holdings, Inc.<sup>(k)</sup> |  | 456470489 | (38890223) | (2021174) | (174216746) | 241342346 | 20986291 |  |  |
|  Marcus Corp.<br>(The)<sup>(a)</sup> | 23783455 | 751739 | (19122637) | (17131903) | 11719346 |  |  | 116685 |  |
|  MarineMax, Inc. | 45467684 | 6250981 | (9809640) | 653132 | (15389318) | 27172839 | 1263853 |  |  |
|  Masterbrand, Inc. | 160872762 | 21233875 | (32134716) | 3893972 | (51230004) | 102635889 | 7858797 |  |  |
|  Materion Corp. | 183669118 | 22667019 | (32856892) | 4225801 | (73007921) | 104697125 | 1283053 | 734674 |  |
|  Mativ Holdings, Inc.<sup>(a)</sup> | 68853206 | 7845979 | (32330804) | (108110416) | 63742035 |  |  | 1427443 |  |
|  Matson, Inc. | 265182398 | 42088241 | (80870975) | 19660694 | 17150195 | 263210553 | 2053605 | 2972014 |  |
|  Matthews International Corp., Class A | 64606680 | 8786795 | (12304238) | (6335237) | (11902035) | 42851965 | 1926797 | 1978091 |  |
|  MaxLinear, Inc. | 94301983 | 12755549 | (16897212) | (12016511) | (26432366) | 51711443 | 4761643 |  |  |
|  MDC Holdings,<br>Inc.<sup>(a)</sup> | 253760822 | 200267 | (254323597) | 110590394 | (110227886) |  |  |  |  |
|  MDU Resources Group, Inc. |  | 369442169 | (183075261) | 435889 | 26389927 | 213192724 | 12607494 | 3407516 |  |
|  Medical Properties Trust, Inc. | 190134937 | 28238610 | (60059154) | 5069097 | 60486688 | 223870178 | 37126066 | 8360615 |  |
|  Medifast, Inc.<sup>(a)</sup> | 27979271 | 823218 | (15497089) | (71591006) | 58285606 |  |  |  |  |
|  Mercury Systems, Inc. | 104629420 | 18462860 | (33136811) | (238170) | 45443837 | 135161136 | 3136717 |  |  |
|  Merit Medical Systems, Inc. | 295424924 | 51812594 | (80012439) | 19502718 | 94234129 | 380961926 | 3603840 |  |  |
|  Meritage Homes Corp. | 431891105 | 59466915 | (94478035) | 19945898 | (99674386) | 317151497 | 4474485 | 7376076 |  |
|  Mesa Laboratories, Inc. | 38095952 | 6914958 | (7390298) | (2437053) | 5399466 | 40583025 | 342011 | 221902 |  |
|  Metallus, Inc. | 57724176 | 7034608 | (10811678) | (895560) | (22163627) | 30887919 | 2311970 |  |  |
|  Methode Electronics,<br>Inc.<sup>(a)</sup> | 29439340 | 599877 | (25307321) | (64366932) | 59635036 |  |  | 335507 |  |

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

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in Unrealized<br>Appreciation<br>(Depreciation)* | *Value at*<br> *03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  MGE Energy, Inc. | $192258801 | $30714467 | $(47615339) | $1987237 | $30785488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208130654 | 2238927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4227641 | $— |
|  Middlesex Water Co. | 63147893 | 7459280 | (12696081) | (4718261) | 17838558 | 71031389 | 1108134 | 1554340 |  |
|  MillerKnoll, Inc. | 121771339 | 18491961 | (33580389) | 1252625 | (27279844) | 80655692 | 4213986 | 3497910 |  |
|  Minerals Technologies, Inc. | 165905226 | 24582816 | (41155671) | 3053398 | (27040859) | 125344910 | 1971762 | 884486 |  |
|  ModivCare,<br>Inc.<sup>(a)</sup> | 19550593 |  | (17945634) | (44551662) | 42946703 |  |  |  |  |
|  Monro, Inc. | 63704744 | 9368392 | (12123223) | (8415768) | (25202645) | 27331500 | 1888839 | 2215751 |  |
|  Moog, Inc., Class A | 310010605 | 50943677 | (83377718) | 16602984 | 9717910 | 303897458 | 1753086 | 2133754 |  |
|  Movado Group, Inc.<sup>(a)</sup> | 29513715 | 2576108 | (22256969) | (11159138) | 1326284 |  |  | 1095859 |  |
|  Mr. Cooper Group, Inc. | 339614041 | 4962228 | (43661239) | 26539218 | 143317903 | 470772151 | 3936222 |  |  |
|  Mueller Industries, Inc.<sup>(a)</sup> | 413464268 | 48526638 | (668804307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461267197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254453796) |  |  | 3039778 |  |
|  Mueller Water Products, Inc., Class A |  | 260893814 | (917577) | 2837 | (13821632) | 246157442 | 9683613 |  |  |
|  Myers Industries, Inc.<sup>(a)</sup> | 57828590 | 4070987 | (32639712) | (19384499) | (9875366) |  |  | 669175 |  |
|  MYR Group, Inc. | 199465733 | 22847152 | (38713481) | 6602708 | (77467441) | 112734671 | 996858 |  |  |
|  Myriad Genetics, Inc. | 127489656 | 18240755 | (27260499) | (4124069) | (64422379) | 49923464 | 5628350 |  |  |
|  Nabors Industries Ltd.<sup>(a)</sup> | 51914858 | 6812640 | (32983878) | (53110610) | 27366990 |  |  |  |  |
|  National Bank Holdings Corp., Class A | 90295690 |  | (5799361) | (202831) | 5838973 | 90132471 | 2355173 | 2777173 |  |
|  National HealthCare Corp.<sup>(c)</sup> | 86093317 | 15561166 | (32039932) | 2687573 | (263836) | N/A | N/A | 1966515 |  |
|  National Vision Holdings, Inc. | 117699450 | 9858971 | (15184941) | (11327180) | (38822934) | 62223366 | 4868808 |  |  |
|  NBT Bancorp, Inc. | 114503002 |  | (8277242) | 91950 | 18931028 | 125248738 | 2919551 | 4059972 |  |
|  NCR Atleos Corp. | 89256550 | 25552553 | (25771048) | 2096274 | 27101913 | 118236242 | 4482041 |  |  |
|  NCR Voyix Corp. | 114431766 | 21466462 | (20190079) | (3126227) | (24589167) | 87992755 | 9024898 |  |  |
|  Neogen Corp. |  | 108499884 | (430697) | 633 | (2240427) | 105829393 | 12206389 |  |  |
|  NeoGenomics, Inc. | 135337127 | 18461824 | (26457863) | (25520103) | (26507368) | 75313617 | 7936103 |  |  |
|  NetScout Systems, Inc. | 105320932 | 15841796 | (23948599) | (7417962) | 3415118 | 93211285 | 4436520 |  |  |
|  New York Mortgage Trust, Inc. | 44236066 | 5341545 | (12699967) | (10852167) | 10992659 | 37018136 | 5703873 | 321668 |  |
|  Newell Brands, Inc. | 206655495 | 41757190 | (39417999) | (4139499) | (44900792) | 159954395 | 25799096 | 7326829 |  |
|  NexPoint Residential Trust, Inc. | 48921300 | 4716787 | (11771252) | (332577) | 12481550 | 54015808 | 1366451 | 1935458 |  |
|  NMI Holdings, Inc., Class A | 177566683 | 29472969 | (51770134) | 9068377 | 10964819 | 175302714 | 4862766 |  |  |
|  Northern Oil & Gas, Inc. | 245218591 | 46995421 | (45620272) | (661935) | (60301074) | 185630731 | 6140613 | 10481293 |  |
|  Northfield Bancorp,<br>Inc.<sup>(a)</sup> | 25858223 | 321637 | (23105698) | (16146629) | 13072467 |  |  | 342180 |  |
|  Northwest Bancshares, Inc. | 98166325 | 603927 | (7085350) | (2838070) | 6009082 | 94855914 | 7891507 | 6545146 |  |
|  Northwest Natural Holding Co. | 92464716 | 18596445 | (18603423) | (3136146) | 16680697 | 106002289 | 2481327 | 4899339 |  |
|  Nu Skin Enterprises, Inc., Class A<sup>(a)</sup> | 46295787 | 2711195 | (26619118) | (109707773) | 87319909 |  |  | 400197 |  |
|  NV5 Global, Inc.<sup>(c)</sup> | 84619580 | 12037496 | (16272431) | (4576995) | 24279593 | N/A | N/A |  |  |
|  Oceaneering International, Inc. | 159186222 | 24291704 | (35696830) | 4557812 | (16053343) | 136285565 | 6248765 |  |  |
|  ODP Corp. (The) | 119796714 | 11809481 | (21816986) | (2279574) | (80164642) | 27344993 | 1908234 |  |  |
|  OFG Bancorp | 114835642 | 2293987 | (13541886) | 4981456 | 5113214 | 113682413 | 2840640 | 3088709 |  |
|  O-I Glass, Inc. | 173363990 | 18460637 | (29096507) | (4415571) | (49047391) | 109265158 | 9526169 |  |  |
|  Olympic Steel, Inc.<sup>(a)</sup> | 47046671 | 1368136 | (26777923) | 8428612 | (30065496) |  |  | 195049 |  |
|  Omnicell, Inc. | 89774859 | 17366209 | (25079969) | (4861276) | 22916353 | 100116176 | 2863735 |  |  |
|  OPENLANE, Inc. | 126216648 | 19865581 | (32191462) | 2517292 | 10964605 | 127372664 | 6606466 |  |  |
|  OraSure Technologies, Inc.<sup>(a)</sup> | 30618556 | 578057 | (22317615) | (29568399) | 20689401 |  |  |  |  |
|  Organon & Co. | 324517911 | 43848720 | (67403588) | 1725878 | (65562231) | 237126690 | 15925231 | 18843215 |  |
|  OSI Systems, Inc. | 151681838 | 24245505 | (40527770) | 8755424 | 43587549 | 187742546 | 966052 |  |  |
|  Otter Tail Corp. | 243381542 | 36006288 | (53343905) | (67063) | (18104840) | 207872022 | 2586438 | 5281755 |  |

---

S C H E D U L E O F I N V E S T M E N T S 27

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at*<br> *03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  Outfront Media, Inc. | $164701790 | $28820379 | $&nbsp;&nbsp;&nbsp;&nbsp;(47234169) | $(102657) | $(8695881) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137489462 | 8518554 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14994660 | $— |
|  Owens & Minor, Inc. | 143173635 | 12095879 | (20937963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12316829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80752715) | 41262007 | 4569436 |  |  |
|  Oxford Industries, Inc. | 112066622 | 14137611 | (20778254) | (252370) | (51637997) | 53535612 | 912487 | 2566722 |  |
|  Pacific Premier Bancorp, Inc. | 152583384 |  | (8832341) | (6391716) | (10104021) | 127255306 | 5968823 | 8169627 |  |
|  Pacira BioSciences, Inc. | 91656770 | 10000216 | (16116629) | (16758144) | 2157281 | 70939494 | 2854708 |  |  |
|  Palomar Holdings, Inc. | 140410136 | 27241172 | (31568128) | 5647171 | 83138834 | 224869185 | 1640423 |  |  |
|  Papa John's International, Inc. | 147738047 | 16846106 | (26762865) | (9257239) | (45656434) | 82907615 | 2018199 | 3963137 |  |
|  Park National Corp. | 131604688 | 22550609 | (32243058) | 5079421 | 9153882 | 136145542 | 899244 | 4496683 |  |
|  Pathward Financial, Inc. | 86978756 |  | (16398747) | 8541483 | 28540744 | 107662236 | 1475836 | 320593 |  |
|  Patrick Industries, Inc. | 168332872 | 32755713 | (34196834) | 8323802 | 712203 | 175927756 | 2080508 | 3274772 |  |
|  Patterson Cos., Inc. | 154005164 | 20186994 | (37952272) | (3025209) | 19105659 | 152320336 | 4875811 | 4092461 |  |
|  Patterson-UTI Energy, Inc. | 259086203 | 53253456 | (53812393) | 806025 | (80614347) | 178718944 | 21741964 | 7044797 |  |
|  PDF Solutions, Inc.<sup>(c)</sup> | 69614307 | 10009075 | (12983353) | 1490409 | (25055139) | N/A | N/A |  |  |
|  Peabody Energy Corp. | 180432391 | 50195900 | (42839594) | (7693083) | (78303475) | 101792139 | 7512335 | 2275016 |  |
|  Pebblebrook Hotel Trust | 125421081 | 12531207 | (22423055) | (1123155) | (39442376) | 74963702 | 7400168 | 120584 |  |
|  Pediatrix Medical Group, Inc. | 56116907 | 9523489 | (13721624) | (4752150) | 28554090 | 75720712 | 5225722 |  |  |
|  Penguin Solutions,<br>Inc.<sup>(l)</sup> | 92146531 | 10629777 | (14662442) | (13165) | (30870668) | 57230033 | 3294763 |  |  |
|  Penn Entertainment, Inc. |  | 216302222 | (31109297) | (710126) | (32727562) | 151755237 | 9304429 |  |  |
|  PennyMac Mortgage Investment Trust | 85896365 | 11486184 | (18239169) | (2667152) | 2198535 | 78674763 | 5370291 | 9052988 |  |
|  Perdoceo Education Corp. | 77794259 |  | (13410187) | 3938835 | 27944035 | 96266942 | 3823151 | 2053590 |  |
|  Perficient, Inc.<sup>(a)</sup> | 132847665 | 12227741 | (190977657) | 64611894 | (18709643) |  |  |  |  |
|  Phibro Animal Health Corp., Class A | 17762924 | 4274752 | (6214534) | (1236577) | 12810839 | 27397404 | 1282650 | 642600 |  |
|  Phillips Edison & Co., Inc. | 295590681 | 41444667 | (61264112) | 806113 | 5873897 | 282451246 | 7740511 | 7471174 |  |
|  Phinia, Inc. | 121178821 | 21273045 | (49750829) | 6785335 | 7588533 | 107074905 | 2523566 | 2980737 |  |
|  Photronics, Inc. | 119751092 | 16285309 | (23230110) | 3867921 | (35381560) | 81292652 | 3915831 |  |  |
|  Piper Sandler Cos | 203757726 | 39923618 | (46373535) | 14527210 | 34727847 | 246562866 | 995570 | 5626928 |  |
|  PJT Partners, Inc., Class A<sup>(d)</sup> | N/A | 69480914 | (35877779) | 4310833 | 52129596 | 202081340 | 1465632 | 1506122 |  |
|  Plexus Corp. | 176823465 | 34114949 | (56571485) | 9975145 | 49895514 | 214237588 | 1672033 |  |  |
|  Powell Industries,<br>Inc.<sup>(c)</sup> | 88840309 | 17931940 | (24626772) | 7792528 | (64431255) | N/A | N/A | 648366 |  |
|  PRA Group, Inc. | 69490212 | 8705045 | (13291741) | (5596024) | (9043850) | 50263642 | 2437616 |  |  |
|  Premier, Inc., Class A | 179314936 | 21855197 | (69205280) | (7013114) | (16106518) | 108845221 | 5645499 | 5880425 |  |
|  Prestige Consumer Healthcare, Inc. | 243915011 | 33842522 | (56323366) | 9580540 | 32333153 | 263347860 | 3063253 |  |  |
|  PriceSmart, Inc. | 142081464 | 20617464 | (34202145) | 2149653 | 4130838 | 134777274 | 1534175 | 3666073 |  |
|  Privia Health Group, Inc. | 135905076 | 20223868 | (30303311) | (7298193) | 25284835 | 143812275 | 6405892 |  |  |
|  ProAssurance Corp. | 43453464 | 904102 | (4766185) | (9454337) | 43790457 | 73927501 | 3166060 |  |  |
|  PROG Holdings, Inc. | 104567589 | 17153536 | (34964788) | 4951937 | (23387664) | 68320610 | 2568444 | 1379039 |  |
|  Progress Software Corp. | 158417275 | 26229334 | (40989911) | 5012763 | (10457984) | 138211477 | 2683197 | 1024475 |  |
|  Progyny, Inc. |  | 90382706 | (14580762) | 384895 | 26141107 | 102327946 | 4580481 |  |  |
|  ProPetro Holding<br>Corp.<sup>(c)</sup> | 46467256 | 7073636 | (13334613) | (8896969) | 20888158 | N/A | N/A |  |  |
|  Protagonist Therapeutics, Inc. |  | 151538580 | (26976016) | 3488045 | 50167646 | 178218255 | 3685241 |  |  |
|  Proto Labs, Inc. | 62269171 | 9133986 | (16456855) | (21834173) | 19986050 | 53098179 | 1515359 |  |  |
|  Provident Financial Services, Inc. | 72965846 | 29742785 |  |  | 14976884 | 117685515 | 6854136 | 6100385 |  |
|  Pursuit Attractions & Hospitality, Inc.<sup>(c)(m)</sup> | 55967874 | 8419746 | (11197476) | (1086438) | 782556 | N/A | N/A |  |  |
|  Qorvo, Inc. |  | 440501199 | (31514255) | 311410 | 8904660 | 418203014 | 5775487 |  |  |
|  Quaker Chemical Corp.<sup>(c)</sup> | 192463746 | 22222538 | (35535936) | (6217456) | (28656684) | N/A | N/A | 1688385 |  |

---

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at*<br> *03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  Quanex Building Products Corp. | $86192111 | $37427547 | $(15268102) | $371808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54463932) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54259432 | 2918743 | $896859 | $— |
|  QuidelOrtho Corp. |  | 180750052 | (21139201) | (331354) | (16758702) | 142520795 | 4075516 |  |  |
|  QuinStreet, Inc. | 62392409 | 11610382 | (11746343) | 2291790 | (2263963) | 62284275 | 3491271 |  |  |
|  Ready Capital Corp. | 97658707 | 16019623 | (23471629) | (5389417) | (31781540) | 53035744 | 10419596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3321598 |  |
|  Redwood Trust, Inc. | 56581824 | 9527008 | (16992149) | (7132091) | 7748090 | 49732682 | 8193193 | 2934483 |  |
|  REGENXBIO, Inc.<sup>(a)</sup> | 57601903 | 7110494 | (26826143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97158499) | 59272245 |  |  |  |  |
|  Renasant Corp. | 116570065 | 18027747 | (10651377) | (324009) | 10039957 | 133662383 | 3939357 | 3501444 |  |
|  Resideo Technologies, Inc. | 221196393 | 32276613 | (45148453) | 1706492 | (48768681) | 161262364 | 9110868 |  |  |
|  Resources Connection, Inc.<sup>(a)</sup> | 28381896 | 825622 | (23420046) | (11211720) | 5424248 |  |  | 301443 |  |
|  Retail Opportunity Investments Corp.<sup>(a)</sup> | 109657421 | 20200762 | (168486053) | 3843383 | 34784487 |  |  | 3779448 |  |
|  REX American Resources Corp. | 60573866 | 7420853 | (9819625) | 1526041 | (23074480) | 36626655 | 974891 |  |  |
|  Robert Half, Inc. |  | 492849081 | (85519692) | (3301768) | (65214353) | 338813268 | 6211059 | 10958010 |  |
|  Rogers Corp. | 134316013 | 18464604 | (25698014) | (7855349) | (48327102) | 70900152 | 1049906 |  |  |
|  Rush Enterprises, Inc., Class A | 222647642 | 31308785 | (45797822) | (338221) | (1961473) | 205858911 | 3854314 | 2876812 |  |
|  RXO, Inc. | 172853853 | 71153793 | (42118823) | 1701524 | (36267032) | 167323315 | 8760383 |  |  |
|  Ryman Hospitality Properties, Inc. |  | 351202881 | (1213947) | 3225 | (11285780) | 338706379 | 3704138 | 4257330 |  |
|  S&T Bancorp, Inc. | 81315390 | 1566761 | (7687234) | (820846) | 13355179 | 87729250 | 2367861 | 3305619 |  |
|  Sabre Corp. | 62219185 | 13737942 | (19327297) | (7930980) | 18337106 | 67035956 | 23856212 |  |  |
|  Safety Insurance Group, Inc. | 80597815 | 12003472 | (16684079) | 633491 | (4187765) | 72362934 | 917380 | 3522613 |  |
|  Sally Beauty Holdings, Inc. | 87991813 | 12119743 | (20586229) | (1200881) | (21404645) | 56919801 | 6303411 |  |  |
|  Sanmina Corp. | 234219748 | 37930226 | (66260254) | 14661211 | 35358105 | 255909036 | 3359268 |  |  |
|  ScanSource, Inc. | 75101104 | 11521955 | (27939959) | 3081706 | (16373768) | 45391038 | 1334638 |  |  |
|  Scholastic Corp. | 66855493 | 8440331 | (14888223) | (2873976) | (27943209) | 29590416 | 1567289 | 1333967 |  |
|  Schrodinger, Inc. | 99752391 | 11519710 | (16829162) | (10730680) | (16081637) | 67630622 | 3426070 |  |  |
|  Seacoast Banking Corp.of Florida | 143325915 | 462303 | (10094981) | (3672661) | 5026056 | 135046632 | 5248606 | 3923964 |  |
|  Sealed Air Corp.<sup>(d)</sup> | N/A | 90101044 |  |  | (57286458) | 247726581 | 8571854 | 6245541 |  |
|  Select Medical Holdings Corp. | 214075673 | 30798434 | (112237364) | 7876030 | (32626297) | 107886476 | 6460268 | 3037078 |  |
|  Semtech Corp. | 119360948 | 93218447 | (35442287) | 5549252 | 534301 | 183220661 | 5326182 |  |  |
|  Sensient Technologies Corp. | 197426746 | 30079251 | (46950246) | 2293863 | 12110691 | 194960305 | 2619378 | 4551712 |  |
|  Service Properties Trust<sup>(a)</sup> | 76310453 | 6461195 | (42406654) | (90807193) | 50442199 |  |  |  |  |
|  ServisFirst Bancshares, Inc. | 219561019 | 23185275 | (36641776) | 1065144 | 49333487 | 256503149 | 3105365 | 2990163 |  |
|  Shake Shack, Inc., Class A | 263417588 | 46459308 | (50315023) | 7976674 | (49308010) | 218230537 | 2475111 |  |  |
|  Shenandoah Telecommunications Co. | 58975232 | 7161459 | (14982866) | (18986598) | 3477522 | 35644749 | 2835700 | 293354 |  |
|  Signet Jewelers Ltd. | 299493299 | 36570492 | (58864216) | 11107429 | (132172284) | 156134720 | 2689196 | 3361717 |  |
|  Simmons First National Corp., Class A | 161479352 | 618843 | (10718367) | (5290233) | 13564804 | 159654399 | 7776639 | 6801615 |  |
|  Simply Good Foods Co. (The) | 208748051 | 36010991 | (51305410) | 327279 | 2294980 | 196075891 | 5685007 |  |  |
|  Simulations Plus, Inc. | 44532695 | 6379638 | (8502076) | (2805125) | (14507269) | 25097863 | 1023567 | 127791 |  |
|  SiTime Corp. | 110029766 | 33607733 | (31638577) | 3439326 | 65247213 | 180685461 | 1181955 |  |  |

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S C H E D U L E O F I N V E S T M E N T S 29

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at*<br> *03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  Six Flags Entertainment Corp. | $128971343 | $218495998 | $(65601495) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9137011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85302385) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205700472 | 5766764 | $— | $— |
|  SJW Group | 111631584 | 16153304 | (21353375) | (4177760) | 70909 | 102324662 | 1870994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144179 |  |
|  SkyWest, Inc. | 191019809 | 36581273 | (57774601) | 14523480 | 33536665 | 217886626 | 2493838 |  |  |
|  SL Green Realty Corp. | 241273192 | 56841625 | (51919275) | 10216399 | (6523512) | 249888429 | 4330822 | 13167688 |  |
|  SM Energy Co. | 389494401 | 46599090 | (75449640) | 15868471 | (164612268) | 211900054 | 7075127 | 5683419 |  |
|  SolarEdge Technologies, Inc. | 272323997 | 15257032 | (21938276) | (36589021) | (171083672) | 57970060 | 3582822 |  |  |
|  Sonos, Inc. | 159420737 | 18709874 | (31514351) | (25971079) | (42085673) | 78559508 | 7362653 |  |  |
|  Southside Bancshares, Inc. | 56835221 | 1946211 | (7059703) | (1043701) | 572513 | 51250541 | 1769701 | 2669650 |  |
|  SpartanNash Co. | 47408739 | 7305222 | (11852520) | (2074489) | 2277846 | 43064798 | 2125607 | 1922335 |  |
|  Sprinklr, Inc., Class A<sup>(d)</sup> | N/A | 44360477 | (19717262) | (6644059) | (29999618) | 58336766 | 6986439 |  |  |
|  SPS Commerce, Inc. | 458220474 | 66060244 | (86265164) | 21824580 | (148393304) | 311446830 | 2346469 |  |  |
|  SPX Technologies, Inc. | 379566448 | 63868898 | (93458554) | 26131936 | (6928405) | 369180323 | 2866752 |  |  |
|  STAAR Surgical Co. | 126185847 | 17523314 | (23375905) | (4687080) | (61952953) | 53693223 | 3045560 |  |  |
|  Standard Motor Products, Inc. | 42476548 | 9450252 | (7841504) | (1666178) | (10023456) | 32395662 | 1299465 | 1527390 |  |
|  Standex International Corp. | 146514355 | 21387273 | (32062326) | 5577367 | (22686726) | 118729943 | 735671 | 968158 |  |
|  Stellar Bancorp, Inc. | 77165464 | 11578463 | (17094696) | (881590) | 10551736 | 81319377 | 2939963 | 1681729 |  |
|  Stepan Co. | 129222617 | 16722387 | (25161286) | (7460676) | (41367434) | 71955608 | 1307333 | 2120336 |  |
|  StepStone Group, Inc., Class A |  | 214849713 | (25681398) | 2440210 | 22451168 | 214059693 | 4098405 | 2781252 |  |
|  Steven Madden Ltd. | 200254146 | 33937875 | (42613792) | 3479994 | (76147173) | 118911050 | 4463628 | 3913123 |  |
|  Stewart Information Services Corp. | 118015587 | 3348433 | (10048550) | 1664616 | 9504604 | 122484690 | 1716674 | 3506289 |  |
|  StoneX Group, Inc. | 129396999 | 23122319 | (29144998) | 9770363 | 70193847 | 203338530 | 2662196 |  |  |
|  Strategic Education, Inc. | 152976436 | 31768976 | (27888488) | 2095240 | (32677080) | 126275084 | 1503991 | 3629831 |  |
|  Stride, Inc. | 169468753 | 41984799 | (48667675) | 12636595 | 159142831 | 334565303 | 2644785 |  |  |
|  Sturm Ruger & Co., Inc. | 55414613 | 7801315 | (14328271) | (5271547) | (2827904) | 40788206 | 1038132 | 786742 |  |
|  Summit Hotel Properties, Inc. | 47449138 | 4913963 | (8552961) | (5312913) | (2233732) | 36263495 | 6703049 | 2257100 |  |
|  SunCoke Energy, Inc. | 63760352 | 9706340 | (12966100) | (11870) | (12509379) | 47979343 | 5215146 | 2536734 |  |
|  Sunrun, Inc. | 193939904 | 28058148 | (37317732) | (2297607) | (101101278) | 81281435 | 13870552 |  |  |
|  Sunstone Hotel Investors, Inc. | 154572981 | 20482455 | (36028629) | (56297) | (22079866) | 116890644 | 12421960 | 4632457 |  |
|  Supernus Pharmaceuticals, Inc. | 126221463 | 18277155 | (27160920) | 229325 | (5751973) | 111815050 | 3414200 |  |  |
|  Sylvamo Corp. | 147284474 | 24883383 | (44726186) | 9433961 | 4556889 | 141432521 | 2108730 | 3718073 |  |
|  Tandem Diabetes Care, Inc. | 155953076 | 22997685 | (35429480) | (179390) | (65540852) | 77801039 | 4060597 |  |  |
|  Tanger, Inc. | 214753381 | 28196484 | (41175167) | 8110347 | 21398990 | 231284035 | 6844748 | 7859252 |  |
|  TechTarget, Inc.<sup>(c)</sup> | 57952091 | 7348524 | (28355707) | 2432079 | 10917044 | N/A | N/A |  |  |
|  TEGNA, Inc. |  | 174631646 | (25240124) | 1754540 | 30378395 | 181524457 | 9962923 | 2629228 |  |
|  Teleflex, Inc. |  | 407963259 | (1388325) | (3909) | (9688654) | 396882371 | 2872005 |  |  |
|  Telephone & Data Systems, Inc. | 107208339 | 25635580 | (42468262) | 6622889 | 136611441 | 233609987 | 6030201 | 1029049 |  |
|  Tennant Co. | 153845649 | 18140086 | (26538221) | 1943080 | (54330877) | 93059717 | 1166893 | 1424943 |  |
|  Teradata Corp. |  | 136052006 | (530654) | 13400 | (2512657) | 133022095 | 5917353 |  |  |
|  Terreno Realty Corp. |  | 386941229 | (24227979) | 1367868 | 25990518 | 390071636 | 6170067 | 3022692 |  |
|  TG Therapeutics, Inc. |  | 230398344 | (30465795) | 4073332 | 121434513 | 325440394 | 8253624 |  |  |
|  Thryv Holdings, Inc. | 46606862 | 13314975 | (6795493) | (2993037) | (17557682) | 32575625 | 2542984 |  |  |
|  Tompkins Financial Corp. | 42574609 | 7827210 | (11484934) | (2108739) | 12095572 | 48903718 | 776496 | 2023190 |  |
|  Topgolf Callaway Brands Corp.<sup>(c)</sup> | 155163763 | 17230064 | (25031419) | (5284269) | (20881663) | N/A | N/A |  |  |
|  TransMedics Group, Inc. |  | 345248880 | (14580231) | (7438244) | (183608661) | 139621744 | 2075234 |  |  |
|  TreeHouse Foods, Inc. | 132385675 | 17910508 | (39468105) | (2529054) | (32628229) | 75670795 | 2793311 |  |  |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *03/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at*<br> *03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  Tri Pointe Homes, Inc. | $253389122 | $39057356 | $(66712868) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9215863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50225177) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184724296 | 5787102 | $— | $— |
|  Trinity Industries, Inc. | 153995767 | 28856659 | (41582603) | 3612256 | (1770916) | 143111163 | 5100184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6087970 |  |
|  TripAdvisor, Inc. | 202911686 | 18882350 | (26415999) | (2171409) | (96757035) | 96449593 | 6806605 |  |  |
|  Triumph Financial, Inc. | 115489523 | 17505399 | (23571214) | 3004680 | (33920266) | 78508122 | 1358272 |  |  |
|  Triumph Group, Inc. | 61312049 |  |  |  | 41988970 | 103301019 | 4076599 |  |  |
|  Trupanion, Inc.<sup>(c)</sup> | 66633587 | 13438070 | (26950072) | (19285764) | 104606250 | N/A | N/A |  |  |
|  TrustCo Bank Corp. | 35514998 | 527000 | (3042811) | (1264896) | 4145332 | 35879623 | 1177153 | 1776725 |  |
|  Trustmark Corp. | 113806258 |  | (8615576) | (280706) | 25317469 | 130227445 | 3775803 | 3657775 |  |
|  TTM Technologies, Inc. | 108632143 | 21300253 | (33458557) | 4770365 | 28072515 | 129316719 | 6305057 |  |  |
|  Two Harbors Investment Corp. | 92300806 | 13197258 | (24900544) | (14793598) | 19837860 | 85641782 | 6410313 | 8117982 |  |
|  U.S. Physical Therapy, Inc. | 114832471 | 15216759 | (21756977) | (1956356) | (38804190) | 67531707 | 933274 | 1745134 |  |
|  U.S. Silica Holdings, Inc.<sup>(a)</sup> | 64870433 | 4238254 | (85084375) | 9932300 | 6043388 |  |  |  |  |
|  UFP Technologies, Inc. | 120318315 | 20465441 | (25318285) | 2204313 | (26748800) | 90920984 | 450751 |  |  |
|  Ultra Clean Holdings, Inc. | 139488908 | 18350545 | (26372495) | 1136285 | (72957467) | 59645776 | 2785884 |  |  |
|  UniFirst Corp. | 176994333 | 29411710 | (45548625) | 1256510 | (650280) | 161463648 | 927952 | 1344694 |  |
|  United Community Banks, Inc. | 207604711 |  | (13476700) | (4781334) | 18526062 | 207872739 | 7389717 | 7271338 |  |
|  United Fire Group, Inc. | 31301864 | 4261809 | (7437810) | (2737854) | 13384533 | 38772542 | 1316108 | 888129 |  |
|  United Natural Foods, Inc. | 46247422 | 10687626 | (17070740) | (8548623) | 70156815 | 101472500 | 3704728 |  |  |
|  Uniti Group, Inc. | 95117599 | 14163281 | (19445709) | (11627511) | (2140669) | 76066991 | 15092657 | 2021277 |  |
|  Unitil Corp. | 56924500 | 9273706 | (13591674) | (87811) | 5426615 | 57945336 | 1004426 | 1834626 |  |
|  Universal Corp. | 86291355 | 13648693 | (20835076) | (967448) | 7433282 | 85570806 | 1526687 | 5164329 |  |
|  Universal Health Realty Income Trust | 31627868 | 5349331 | (9093811) | (2945296) | 7329786 | 32267878 | 787790 | 1637809 |  |
|  Upbound Group, Inc. | 106422507 | 22020339 | (17671191) | 4207298 | (39315381) | 75663572 | 3157912 | 4594127 |  |
|  Urban Edge Properties | 137221047 | 28290659 | (30911373) | 1942180 | 10851051 | 147393564 | 7757556 | 5522160 |  |
|  Varex Imaging Corp.<sup>(a)</sup> | 49787344 | 2899187 | (32657682) | (42029799) | 22000950 |  |  |  |  |
|  Vector Group<br>Ltd.<sup>(a)</sup> | 98123455 | 8243285 | (142140129) | 52265417 | (16492028) |  |  | 3575080 |  |
|  Veeco Instruments, Inc. | 133835777 | 19633012 | (26576611) | 4807066 | (59675457) | 72023787 | 3586842 |  |  |
|  Vericel Corp. | 167672945 | 23950172 | (31101892) | 413960 | (24757265) | 136177920 | 3051948 |  |  |
|  Veris Residential, Inc. | 82807301 | 15166534 | (23504047) | 964268 | 9066877 | 84500933 | 4994145 | 534685 |  |
|  Veritex Holdings, Inc. | 73789592 |  | (5360194) | (3606066) | 19427271 | 84250603 | 3374073 | 2804048 |  |
|  Verra Mobility Corp., Class A | 280454925 | 39971205 | (65660187) | 6733601 | (32106099) | 229393445 | 10190735 |  |  |
|  Vestis Corp. | 171066689 | 18410468 | (45262773) | (9705064) | (64354168) | 70155152 | 7086379 | 1131423 |  |
|  Viavi Solutions, Inc. | 136641825 | 19716946 | (31807458) | (8478698) | 37709944 | 153782559 | 13742856 |  |  |
|  Victoria's Secret & Co. | 101365792 | 19378887 | (27931484) | 760575 | (3252265) | 90321505 | 4861222 |  |  |
|  Virtu Financial, Inc., Class A |  | 154458756 | (47426573) | 8195973 | 75221079 | 190449235 | 4996045 | 3939950 |  |
|  Virtus Investment Partners, Inc. | 113691887 | 13930070 | (23698298) | 2311982 | (35936030) | 70299611 | 407865 | 3614356 |  |
|  Vishay Intertechnology, Inc. |  | 127253877 | (7789472) | (91909) | (8911730) | 110460766 | 6947218 | 714791 |  |
|  Vista Outdoor, Inc.<sup>(a)</sup> | 128738107 | 16994721 | (191291348) | 80999849 | (35441329) |  |  |  |  |
|  Wabash National Corp.<sup>(a)</sup> | 91802028 | 9781783 | (47185941) | (11468883) | (42928987) |  |  | 923782 |  |
|  WaFd, Inc. | 133084058 | 40312758 | (21763467) | (1006021) | (6552804) | 144074524 | 5041096 | 5120456 |  |
|  Walker & Dunlop, Inc. | 228297471 | 32834564 | (59591745) | 6520091 | (38329447) | 169730934 | 1988413 | 5639636 |  |
|  WD-40 Co. | 232005109 | 35052480 | (52719921) | 7167628 | (17126504) | 204378792 | 837618 | 3160729 |  |
|  Werner Enterprises, Inc. |  | 167903058 | (30111992) | (956973) | (24784623) | 112049470 | 3824214 | 1682983 |  |
|  Westamerica BanCorp | 86355416 | 3559977 | (8847672) | (1775906) | 4693026 | 83984841 | 1658796 | 3048093 |  |
|  Whitestone REIT | 40052823 | 5885462 | (10861464) | 982612 | 4831942 | 40891375 | 2806546 | 1498787 |  |
|  WillScot Holdings Corp., Class A |  | 341151177 | (1176723) | 3527 | (22359923) | 317618058 | 11425110 |  |  |

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S C H E D U L E O F I N V E S T M E N T S 31

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares<br>Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  Winnebago Industries, Inc. | $146130168 | $18067290 | $(28146118) | $(292336) | $(75258443) | $60500561 | 1755675 | $2507552 | $— |
|  WK Kellogg Co.<sup>(c)</sup> | 83731628 | 11915495 | (18601377) | 2374074 | (24141029) | N/A | N/A | 2804137 |  |
|  Wolfspeed, Inc. |  | 80949834 | (4920542) | (786264) | (45810935) | 29432093 | 9618331 |  |  |
|  Wolverine World Wide, Inc. | 60404233 | 13914352 | (19995553) | (6802808) | 21337364 | 68857588 | 4950222 | 1543248 |  |
|  World Kinect Corp. | 108100039 | 16667635 | (30849236) | (2434734) | 10354901 | 101838605 | 3590924 | 2574003 |  |
|  WSFS Financial Corp. | 181742487 |  | (19688694) | (1353926) | 27603742 | 188303609 | 3630299 | 2305495 |  |
|  Xencor, Inc. | 90997852 | 25939302 | (18278887) | (12111520) | (40510616) | 46036131 | 4326704 |  |  |
|  Xenia Hotels & Resorts, Inc. | 107196752 | 17579003 | (29516686) | (7697117) | (13532952) | 74029000 | 6294983 | 3237989 |  |
|  Xerox Holdings Corp. | 136703750 | 12499195 | (17071297) | (5621998) | (91952034) | 34557616 | 7154786 | 6458962 |  |
|  XPEL, Inc. | 77628307 | 10429743 | (11261144) | (3324078) | (32290970) | 41181858 | 1401697 |  |  |
|  Xperi, Inc.<sup>(a)</sup> | 35514951 | 601315 | (23925493) | (45649564) | 33458791 |  |  |  |  |
|  Yelp, Inc. | 182689014 | 23009429 | (43203443) | 639293 | (12432672) | 150701621 | 4069717 |  |  |
|  Ziff Davis, Inc. |  | 156678009 | (21555760) | (384516) | (35424541) | 99313192 | 2642714 |  |  |
|  Zurn Elkay Water Solutions Corp. |  | 346582978 | (37845753) | (866627) | (16550640) | 291319958 | 8833231 | 1650074 |  |
|  |  |  |  | $1963607945 | $(5648595409) | $73363635387 |  | $1230674370 | $— |

---

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

<sup>(b)</sup> Formerly the Brightsphere Investment Group, Inc.

<sup>(c)</sup> As of period end, the entity was not considered an affiliate.

<sup>(d)</sup> As of the beginning of the period, the entity was not considered an affiliate.

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

<sup>(f)</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>(g)</sup> Formerly the Community Bank System, Inc.

<sup>(h)</sup> Formerly Arch Resources, Inc. and CONSOL Energy, Inc.

<sup>(i)</sup> Formerly the Hannon Armstrong Sustainable Infrastructure Capital, Inc.

<sup>(j)</sup> Formerly the John Bean Technologies Corp.

<sup>(k)</sup> Formerly the Marathon Digital Holdings, Inc.

<sup>(l)</sup> Formerly the SMART Global Holdings, Inc.

<sup>(m)</sup> Formerly the Viad Corp.

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 E-Mini Index | 2105 | 06/20/25 | $213352 | $1489165 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

---

#### OTC Total Return Swaps

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Payment*<br> *Frequency* | *Counterparty<sup>(a)</sup>* | *Termination*<br> *Date* | *Net*<br> *Notional* | *Accrued<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Net Value of<br>Reference*<br> *Entity* | *Gross Notional<br>Amount<br>Net Asset<br>Percentage* |
| Equity Securities Long/Short | Monthly | Goldman Sachs Bank USA<sup>(b)</sup> | 08/18/26–08/19/26 | $338139906 | $(5347985)<sup>(c)</sup> | $333313590 | 0.4% |
|  | Monthly | HSBC Bank PLC<sup>(d)</sup> | 02/09/28 | 590949707 | (3519210)<sup>(e)</sup> | 588415002 | 0.8 |
|  | Monthly | JPMorgan Chase Bank NA<sup>(f)</sup> | 02/09/26 | 127948196 | 3067369 <sup>(g)</sup> | 131393395 | 0.2 |
|  |  |  |  |  | $(5799826) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053121987 |  |

---

<sup>(a)</sup> The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives 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 positions. 

<sup>(c)</sup> Amount includes $(521669) of net dividends, payable for referenced securities purchased and financing fees. 

<sup>(e)</sup> Amount includes $(984505) of net dividends, payable for referenced securities purchased and financing fees. 

<sup>(g)</sup> Amount includes $(377830) of net dividends, payable for referenced securities purchased and financing fees. 

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

---

| | | | |
|:---|:---|:---|:---|
|  | (b) | (d) | (f) |
| Range: | 0-175 basis points | 40 basis points | 40 basis points |
| Benchmarks: | USD - 1D Overnight Fed Funds Effective Rate<br> (FEDL01) | USD - 1D Overnight Bank Funding Rate<br> (OBFR01) | USD - 1D Overnight Bank Funding Rate<br> (OBFR01) |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination dates August 18, 2026 to August 19, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Aerospace & Defense** |  |  |  |
|  Triumph Group, Inc. | 461688 | $11699174 | 3.5% |
| **Banks** |  |  |  |
|  Berkshire Hills Bancorp, Inc. | 163438 | 4264097 | 1.3 |
|  Central Pacific Financial Corp. | 41778 | 1129677 | 0.3 |
|  Eagle Bancorp, Inc. | 701 | 14721 | 0.0 |
|  Renasant Corp. | 5239 | 177759 | 0.1 |
|  Southside Bancshares, Inc. | 6476 | 187545 | 0.1 |
|  United Community Banks, Inc. | 2245 | 63152 | 0.0 |
|  WaFd, Inc. | 8754 | 250189 | 0.1 |
|  Westamerica BanCorp | 2915 | 147587 | 0.0 |
|  |  | 6234727 |  |
| **Capital Markets** |  |  |  |
|  Moelis & Co., Class A | 1116539 | 65161216 | 19.6 |
| **Commercial Services & Supplies** |  |  |  |
|  Enviri Corp. | 25694 | 170865 | 0.0 |
|  Pitney Bowes, Inc. | 1762108 | 15947078 | 4.8 |
|  |  | 16117943 |  |
| **Communications Equipment** |  |  |  |
|  Extreme Networks, Inc. | 2201766 | 29129364 | 8.7 |
| **Consumer Finance** |  |  |  |
|  Bread Financial Holdings, Inc. | 45474 | 2277338 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Containers & Packaging** |  |  |  |
|  Sealed Air Corp. | 145631 | $4208736 | 1.3% |
| **Diversified REITs** |  |  |  |
|  Global Net Lease, Inc. | 101459 | 815730 | 0.2 |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |  |
|  Lumen Technologies, Inc. | 1061544 | 4161253 | 1.2 |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |  |
|  Tidewater, Inc. | 41501 | 1754247 | 0.5 |
| **Financial Services** |  |  |  |
|  Jackson Financial, Inc., Class A | 1252098 | 104900771 | 31.5 |
|  Radian Group, Inc. | 5646 | 186713 | 0.0 |
|  |  | 105087484 |  |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |  |
|  RadNet, Inc. | 296652 | 14749537 | 4.4 |
| **Insurance** |  |  |  |
|  Lincoln National Corp. | 207774 | 7461164 | 2.2 |
|  SiriusPoint Ltd. | 1476526 | 25529135 | 7.7 |
|  |  | 32990299 |  |
| **Metals & Mining** |  |  |  |
|  Warrior Met Coal, Inc. | 45821 | 2186578 | 0.7 |
| **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** |  |
|  Arbor Realty Trust, Inc. | 1628028 | 19129329 | 5.7 |
| **Office REITs** |  |  |  |
|  Douglas Emmett, Inc. | 373105 | 5969680 | 1.8 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |  |
|  Par Pacific Holdings, Inc. | 620339 | 8846034 | 2.7 |

---

S C H E D U L E O F I N V E S T M E N T S 33

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Retail REITs** |  |  |  |
|  SITE Centers Corp. | 202282 | $2597301 | 0.8% |
| **Water Utilities** |  |  |  |
|  Middlesex Water Co. | 3083 | 197620 | 0.1 |
|  **Net Value of Reference Entity — Goldman Sachs Bank USA** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333313590 |  |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 9, 2028.

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Aerospace & Defense** |  |  |  |
|  Triumph Group, Inc. | 252517 | $6398781 | 1.1% |
| **Banks** |  |  |  |
|  Atlantic Union Bankshares Corp. | 2489264 | 77515681 | 13.2 |
|  Preferred Bank | 182020 | 15227793 | 2.6 |
|  Provident Financial Services, Inc. | 1221866 | 20979439 | 3.5 |
|  Renasant Corp. | 1748671 | 59332407 | 10.1 |
|  Westamerica BanCorp | 2915 | 147587 | 0.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173202907 |  |
| **Consumer Finance** |  |  |  |
|  Bread Financial Holdings, Inc. | 1216164 | 60905493 | 10.4 |
| **Containers & Packaging** |  |  |  |
|  Sealed Air Corp. | 299435 | 8653671 | 1.5 |
| **Diversified REITs** |  |  |  |
|  Global Net Lease, Inc. | 3080388 | 24766320 | 4.2 |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |  |
|  Lumen Technologies, Inc. | 14684197 | 57562052 | 9.8 |
| **Energy Equipment & Services** |  |  |  |
|  Tidewater, Inc. | 446355 | 18867426 | 3.2 |
| **Financial Services** |  |  |  |
|  Jackson Financial, Inc., Class A | 1698996 | 142341885 | 24.2 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Insurance** |  |  |  |
|  Lincoln National Corp. | 1787750 | $64198102 | 10.9% |
| **Metals & Mining** |  |  |  |
|  Warrior Met Coal, Inc. | 756 | 36076 | 0.0 |
| **Office REITs** |  |  |  |
|  Douglas Emmett, Inc. | 1891172 | 30258752 | 5.1 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |
|  Par Pacific Holdings, Inc. | 85802 | 1223537 | 0.2 |
|  **Net Value of Reference Entity — HSBC Bank PLC** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588415002 |  |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 9, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Banks** |  |  |  |
|  Central Pacific Financial Corp. | 35828 | $968789 | 0.7% |
| **Communications Equipment** |  |  |  |
|  Extreme Networks, Inc. | 88670 | 1173104 | 0.9 |
| **Financial Services** |  |  |  |
|  Radian Group, Inc. | 2365207 | 78217396 | 59.5 |
| **Health Care Providers & Services** |  |  |  |
|  RadNet, Inc. | 221265 | 11001296 | 8.4 |
| **Metals & Mining** |  |  |  |
|  Warrior Met Coal, Inc. | 753842 | 35973340 | 27.4 |
| **Oil, Gas & Consumable Fuels** |  |  |  |
|  Par Pacific Holdings, Inc. | 52862 | 753812 | 0.6 |
| **Retail REITs** |  |  |  |
|  SITE Centers Corp. | 257450 | 3305658 | 2.5 |
|  **Net Value of Reference Entity — JPMorgan Chase Bank NA** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131393395 |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *Description* | *Swap<br>Premiums<br>Paid* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* |
|  OTC Swaps | $– $– $| 3067369 | $(8867195) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core 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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $1489165 | $— | $— | $— | $1489165 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap premiums paid |  |  | 3067369 |  |  |  | 3067369 |
|  | $— | $— | $4556534 | $— | $— | $— | $4556534 |
|  **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap premiums received | $— | $— | $8867195 | $— | $— | $— | $8867195 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(12023656) | $— | $— | $— | $(12023656) |
|  Swaps |  |  | 123000721 |  |  |  | 123000721 |
|  | $— | $— | $110977065 | $— | $— | $— | $110977065 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
|  Futures contracts | $— | $— | $(2043299) | $— | $— | $— | $(2043299) |
|  Swaps |  |  | (81929651) |  |  |  | (81929651) |
|  | $— | $— | $(83972950) | $— | $— | $— | $(83972950) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $244363521.0 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | 1265551213.0 |

---

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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $— | $1453500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup> | 3067369 | 8867195 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | $3067369 | $10320695 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  | (1453500) |
|  Total derivative assets and liabilities subject to an MNA | $3067369 | $8867195 |

---

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

S C H E D U L E O F I N V E S T M E N T S 35

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P Small-Cap ETF** |

---

The following table presents 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* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Non-*<br> *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Net<br>Amount of<br>Derivative<br>Assets<sup>(c)</sup>* |
|  JPMorgan Chase Bank N.A. | $3067369 | $— | $— | $(3067369) | $— |
| *Counterparty* | *Derivative<br>Liabilities<br>Subject to*<br> *an MNA by<br>Counterparty* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Non-*<br> *Cash<br>Collateral<br>Pledged<sup>(b)</sup>* | *Cash<br>Collateral<br>Pledged<sup>(b)</sup>* | *Net<br>Amount of<br>Derivative<br>Liabilities<sup>(d)</sup>* |
|  Goldman Sachs Bank USA | $5347985 | $— | $— | $(5347985) | $— |
|  HSBC Bank PLC | 3519210 |  |  | (3519210) |  |
|  | $8867195 | $— | $— | $(8867195) | $— |

---

<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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $77142821076 | $— | $10 | $77142821086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 5123949136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 5123949136 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82266770212 | $— | $10 | $82266770222 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $1489165 | $3067369 | $— | $4556534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  | (8867195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (8867195) |
|  | $1489165 | $(5799826) | $— | $(4310661) |

---

<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.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 1.6%** |  |  |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 55987 | $29446363 |
|  BWX Technologies, Inc. | 71235 | 7027333 |
|  Curtiss-Wright Corp. | 29221 | 9270947 |
|  General Electric Co. | 340931 | 68237339 |
|  Hexcel Corp. | 31170 | 1706869 |
|  Howmet Aerospace, Inc. | 313800 | 40709274 |
|  RTX Corp. | 588283 | 77923966 |
|  TransDigm Group, Inc. | 43451 | 60105334 |
|  Woodward, Inc. | 46453 | 8477208 |
|  |  | 302904633 |
| **Automobile Components — 0.0%** |  |  |
|  Gentex Corp. | 72271 | 1683914 |
| **Automobiles — 2.9%** |  |  |
|  Tesla, Inc.<sup>(a)</sup> | 2168074 | 561878058 |
| **Banks — 1.8%** |  |  |
|  Commerce Bancshares, Inc. | 54650 | 3400870 |
|  Cullen/Frost Bankers, Inc. | 34923 | 4372360 |
|  East West Bancorp, Inc. | 108737 | 9760233 |
|  First Financial Bankshares, Inc. | 55096 | 1979048 |
|  Glacier Bancorp, Inc. | 39209 | 1733822 |
|  Home BancShares, Inc. | 58172 | 1644522 |
|  International Bancshares Corp. | 29376 | 1852451 |
|  JPMorgan Chase & Co. | 1234804 | 302897421 |
|  Pinnacle Financial Partners, Inc. | 38507 | 4083282 |
|  Synovus Financial Corp. | 55952 | 2615197 |
|  UMB Financial Corp. | 30688 | 3102557 |
|  Western Alliance Bancorp | 85061 | 6535237 |
|  Wintrust Financial Corp. | 27729 | 3118403 |
|  Zions Bancorp N.A. | 46347 | 2310861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349406264 |
| **Beverages — 0.1%** |  |  |
|  Celsius Holdings, Inc.<sup>(a)</sup> | 78339 | 2790435 |
|  Coca-Cola Consolidated, Inc. | 4516 | 6096600 |
|  Monster Beverage Corp.<sup>(a)</sup> | 238724 | 13970129 |
|  |  | 22857164 |
| **Biotechnology — 1.7%** |  |  |
|  AbbVie, Inc. | 574448 | 120358345 |
|  Amgen, Inc. | 179310 | 55864030 |
|  Cytokinetics, Inc.<sup>(a)</sup> | 45921 | 1845565 |
|  Exelixis, Inc.<sup>(a)</sup> | 216842 | 8005807 |
|  Halozyme Therapeutics, Inc.<sup>(a)(b)</sup> | 99340 | 6338885 |
|  Incyte Corp.<sup>(a)</sup> | 74596 | 4516788 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup> | 78853 | 8721142 |
|  Roivant Sciences Ltd.<sup>(a)</sup> | 332102 | 3350909 |
|  Sarepta Therapeutics, Inc.<sup>(a)</sup> | 74263 | 4739465 |
|  United Therapeutics Corp.<sup>(a)</sup> | 34687 | 10692961 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 198951 | 96455424 |
|  |  | 320889321 |
| **Broadline Retail — 4.3%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 4238379 | 806393989 |
|  eBay, Inc. | 250119 | 16940560 |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)(b)</sup> | 28282 | 3290893 |
|  |  | 826625442 |
| **Building Products — 0.7%** |  |  |
|  AAON, Inc. | 52218 | 4079792 |
|  Advanced Drainage Systems, Inc. | 26504 | 2879660 |
|  Allegion PLC | 35634 | 4648812 |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 46813 | 5848816 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Building Products (continued)** |  |  |
|  Carlisle Cos., Inc. | 34443 | $11727841 |
|  Carrier Global Corp. | 300318 | 19040161 |
|  Lennox International, Inc. | 24843 | 13932700 |
|  Masco Corp. | 69422 | 4827606 |
|  Owens Corning | 67304 | 9612357 |
|  Simpson Manufacturing Co., Inc. | 21635 | 3398426 |
|  Trane Technologies PLC | 173774 | 58547936 |
|  Trex Co., Inc.<sup>(a)</sup> | 40495 | 2352760 |
|  |  | 140896867 |
| **Capital Markets — 2.0%** |  |  |
|  Affiliated Managers Group, Inc. | 9929 | 1668370 |
|  Ameriprise Financial, Inc. | 74530 | 36080718 |
|  Bank of New York Mellon Corp. (The) | 300256 | 25182471 |
|  Carlyle Group, Inc. (The) | 63574 | 2771191 |
|  Evercore, Inc., Class A | 27612 | 5514669 |
|  FactSet Research Systems, Inc. | 13225 | 6012614 |
|  Federated Hermes, Inc., Class B | 41228 | 1680866 |
|  Hamilton Lane, Inc., Class A | 32326 | 4805906 |
|  Houlihan Lokey, Inc., Class A | 41635 | 6724052 |
|  Interactive Brokers Group, Inc., Class A | 84359 | 13969007 |
|  Intercontinental Exchange, Inc. | 231940 | 40009650 |
|  Janus Henderson Group PLC | 39419 | 1424997 |
|  Jefferies Financial Group, Inc. | 66857 | 3581529 |
|  KKR & Co., Inc., Class A | 229769 | 26563594 |
|  Moody's Corp. | 62363 | 29041825 |
|  Morgan Stanley | 431407 | 50332255 |
|  Morningstar, Inc. | 21150 | 6342251 |
|  MSCI, Inc., Class A | 60164 | 34022742 |
|  Nasdaq, Inc. | 131800 | 9998348 |
|  Raymond James Financial, Inc. | 88518 | 12296035 |
|  S&P Global, Inc. | 114707 | 58282627 |
|  SEI Investments Co. | 46734 | 3627960 |
|  Stifel Financial Corp. | 56442 | 5320223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385253900 |
| **Chemicals — 0.4%** |  |  |
|  Axalta Coating Systems Ltd.<sup>(a)</sup> | 93369 | 3097050 |
|  Cabot Corp. | 24887 | 2069105 |
|  Ecolab, Inc. | 95420 | 24190878 |
|  NewMarket Corp. | 2809 | 1591158 |
|  RPM International, Inc. | 56829 | 6573979 |
|  Scotts Miracle-Gro Co. (The) | 13698 | 751883 |
|  Sherwin-Williams Co. (The) | 102579 | 35819561 |
|  |  | 74093614 |
| **Commercial Services & Supplies — 1.1%** |  |  |
|  Brink's Co. (The) | 17894 | 1541747 |
|  Cintas Corp. | 265317 | 54530603 |
|  Clean Harbors, Inc.<sup>(a)</sup> | 39979 | 7879861 |
|  Copart, Inc.<sup>(a)(b)</sup> | 681166 | 38547184 |
|  MSA Safety, Inc. | 15593 | 2287337 |
|  RB Global, Inc. | 143837 | 14426851 |
|  Republic Services, Inc. | 157262 | 38082566 |
|  Rollins, Inc. | 124270 | 6714308 |
|  Tetra Tech, Inc. | 208420 | 6096285 |
|  Veralto Corp. | 91714 | 8937529 |
|  Waste Management, Inc. | 149936 | 34711684 |
|  |  | 213755955 |
| **Communications Equipment — 0.7%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 800335 | 62009956 |
|  Ciena Corp.<sup>(a)</sup> | 67758 | 4094616 |
|  F5, Inc.<sup>(a)</sup> | 20785 | 5534422 |

---

S C H E D U L E O F I N V E S T M E N T S 37

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
|  Lumentum Holdings, Inc.<sup>(a)</sup> | 33901 | $2113388 |
|  Motorola Solutions, Inc. | 129477 | 56686325 |
|  |  | 130438707 |
| **Construction & Engineering — 0.3%** |  |  |
|  AECOM | 55758 | 5170439 |
|  Comfort Systems U.S.A., Inc. | 27538 | 8876324 |
|  EMCOR Group, Inc. | 35867 | 13257519 |
|  MasTec, Inc.<sup>(a)</sup> | 47843 | 5583757 |
|  Quanta Services, Inc. | 114733 | 29162834 |
|  Valmont Industries, Inc. | 11300 | 3224681 |
|  |  | 65275554 |
| **Construction Materials — 0.2%** |  |  |
|  Eagle Materials, Inc.<sup>(b)</sup> | 26117 | 5796146 |
|  Knife River Corp.<sup>(a)</sup> | 43925 | 3962474 |
|  Martin Marietta Materials, Inc. | 24787 | 11851408 |
|  Vulcan Materials Co. | 63923 | 14913236 |
|  |  | 36523264 |
| **Consumer Finance — 0.9%** |  |  |
|  American Express Co. | 429996 | 115690424 |
|  Discover Financial Services | 194407 | 33185275 |
|  FirstCash Holdings, Inc. | 19307 | 2323018 |
|  SLM Corp. | 165917 | 4872982 |
|  Synchrony Financial | 301185 | 15944734 |
|  |  | 172016433 |
| **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** |  |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)(b)</sup> | 48311 | 5512285 |
|  Casey's General Stores, Inc. | 20122 | 8733753 |
|  Costco Wholesale Corp. | 343913 | 325266037 |
|  Maplebear, Inc.<sup>(a)</sup> | 57888 | 2309152 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 77604 | 11845475 |
|  Walmart, Inc. | 2251830 | 197688156 |
|  |  | 551354858 |
| **Containers & Packaging — 0.1%** |  |  |
|  AptarGroup, Inc. | 28003 | 4155085 |
|  Graphic Packaging Holding Co. | 93582 | 2429389 |
|  Packaging Corp. of America | 34521 | 6835848 |
|  |  | 13420322 |
| **Diversified Consumer Services — 0.1%** |  |  |
|  Duolingo, Inc., Class A<sup>(a)</sup> | 29471 | 9151924 |
|  Grand Canyon Education, Inc.<sup>(a)</sup> | 22102 | 3824088 |
|  H&R Block, Inc. | 106998 | 5875260 |
|  Service Corp. International | 69697 | 5589700 |
|  |  | 24440972 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |  |
|  Iridium Communications, Inc. | 43372 | 1184923 |
| **Electric Utilities — 0.8%** |  |  |
|  Constellation Energy Corp. | 242292 | 48853336 |
|  IDACORP, Inc. | 17152 | 1993405 |
|  NextEra Energy, Inc. | 1067461 | 75672310 |
|  NRG Energy, Inc. | 157530 | 15037814 |
|  PPL Corp. | 302552 | 10925153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152482018 |
| **Electrical Equipment — 1.2%** |  |  |
|  Acuity, Inc. | 23770 | 6259830 |
|  AMETEK, Inc. | 84880 | 14611243 |
|  Eaton Corp. PLC | 306186 | 83230540 |
|  Emerson Electric Co. | 297083 | 32572180 |
|  GE Vernova, Inc. | 214290 | 65418451 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
|  Generac Holdings, Inc.<sup>(a)</sup> | 28783 | $| 3645367 |
|  Hubbell, Inc. | 41539 |  | 13745671 |
|  nVent Electric PLC | 129850 |  | 6806737 |
|  |  |  | 226290019 |
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
|  Amphenol Corp., Class A | 935601 |  | 61366070 |
|  Belden, Inc. | 31124 |  | 3120181 |
|  Cognex Corp. | 52803 |  | 1575113 |
|  Coherent Corp.<sup>(a)</sup> | 120082 |  | 7798125 |
|  Crane NXT Co. | 15324 |  | 787654 |
|  Fabrinet<sup>(a)</sup> | 28178 |  | 5565437 |
|  Novanta, Inc.<sup>(a)</sup> | 17829 |  | 2279794 |
|  Trimble, Inc.<sup>(a)</sup> | 83469 |  | 5479740 |
|  Vontier Corp. | 51817 |  | 1702188 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 17978 |  | 5079864 |
|  |  |  | 94754166 |
| **Energy Equipment & Services — 0.0%** |  |  |  |
|  ChampionX Corp. | 62981 |  | 1876834 |
|  Valaris Ltd.<sup>(a)(b)</sup> | 47807 |  | 1876903 |
|  Weatherford International PLC | 27721 |  | 1484459 |
|  |  |  | 5238196 |
| **Entertainment — 1.8%** |  |  |  |
|  Electronic Arts, Inc. | 74451 |  | 10759659 |
|  Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 122207 |  | 15957790 |
|  Netflix, Inc.<sup>(a)</sup> | 331408 |  | 309047902 |
|  TKO Group Holdings, Inc., Class A | 51556 |  | 7878272 |
|  Warner Music Group Corp., Class A | 54059 |  | 1694750 |
|  |  |  | 345338373 |
| **Financial Services — 7.2%** |  |  |  |
|  Apollo Global Management, Inc. | 346313 |  | 47424102 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 695853 |  | 370597391 |
|  Corpay, Inc.<sup>(a)(b)</sup> | 54500 |  | 19005240 |
|  Equitable Holdings, Inc. | 49865 |  | 2597468 |
|  Euronet Worldwide, Inc.<sup>(a)</sup> | 18918 |  | 2021388 |
|  Fiserv, Inc.<sup>(a)</sup> | 440776 |  | 97336564 |
|  Jack Henry & Associates, Inc. | 22525 |  | 4113065 |
|  Mastercard, Inc., Class A | 630966 |  | 345845084 |
|  MGIC Investment Corp. | 98301 |  | 2435899 |
|  PayPal Holdings, Inc.<sup>(a)(b)</sup> | 513507 |  | 33506332 |
|  Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | 54473 |  | 4450989 |
|  Visa, Inc., Class A | 1335200 |  | 467934192 |
|  Voya Financial, Inc. | 38766 |  | 2626784 |
|  WEX, Inc.<sup>(a)(b)</sup> | 18936 |  | 2973330 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402867828 |
| **Food Products — 0.0%** |  |  |  |
|  Ingredion, Inc. | 22391 |  | 3027487 |
|  Lancaster Colony Corp. | 6930 |  | 1212750 |
|  Pilgrim's Pride Corp.<sup>(a)</sup> | 32218 |  | 1756203 |
|  Post Holdings, Inc.<sup>(a)</sup> | 19846 |  | 2309281 |
|  |  |  | 8305721 |
| **Ground Transportation — 0.8%** |  |  |  |
|  CSX Corp. | 690955 |  | 20334806 |
|  Old Dominion Freight Line, Inc. | 66441 |  | 10992663 |
|  Ryder System, Inc. | 18129 |  | 2607131 |
|  Saia, Inc.<sup>(a)(b)</sup> | 20648 |  | 7215031 |
|  Uber Technologies, Inc.<sup>(a)</sup> | 1618485 |  | 117922817 |
|  XPO, Inc.<sup>(a)</sup> | 44660 |  | 4804523 |
|  |  |  | 163876971 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |
|  Boston Scientific Corp.<sup>(a)</sup> | 1141864 | $115191240 |
|  Dexcom, Inc.<sup>(a)</sup> | 130753 | 8929122 |
|  Globus Medical, Inc., Class A<sup>(a)</sup> | 88249 | 6459827 |
|  Haemonetics Corp.<sup>(a)</sup> | 22759 | 1446334 |
|  Insulet Corp.<sup>(a)</sup> | 54437 | 14295701 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 276258 | 136822300 |
|  Lantheus Holdings, Inc.<sup>(a)(b)</sup> | 54075 | 5277720 |
|  LivaNova PLC<sup>(a)</sup> | 17281 | 678798 |
|  Masimo Corp.<sup>(a)</sup> | 34537 | 5753864 |
|  Penumbra, Inc.<sup>(a)</sup> | 19466 | 5205403 |
|  ResMed, Inc. | 113836 | 25482189 |
|  Stryker Corp. | 141253 | 52581429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378123927 |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |  |
|  Chemed Corp. | 5176 | 3184896 |
|  DaVita, Inc.<sup>(a)</sup> | 35241 | 5390816 |
|  Encompass Health Corp. | 55609 | 5632080 |
|  Ensign Group, Inc. (The) | 44036 | 5698258 |
|  HCA Healthcare, Inc. | 81736 | 28243875 |
|  HealthEquity, Inc.<sup>(a)(b)</sup> | 67789 | 5990514 |
|  Hims & Hers Health, Inc., Class A<sup>(a)</sup> | 148125 | 4377094 |
|  Tenet Healthcare Corp.<sup>(a)</sup> | 45260 | 6087470 |
|  |  | 64605003 |
| **Health Care REITs — 0.2%** |  |  |
|  Omega Healthcare Investors, Inc. | 85254 | 3246472 |
|  Welltower, Inc. | 254888 | 39051391 |
|  |  | 42297863 |
| **Health Care Technology — 0.0%** |  |  |
|  Doximity, Inc., Class A<sup>(a)</sup> | 103434 | 6002275 |
| **Hotel & Resort REITs — 0.0%** |  |  |
|  Host Hotels & Resorts, Inc. | 346643 | 4925797 |
|  Park Hotels & Resorts, Inc. | 85849 | 916867 |
|  |  | 5842664 |
| **Hotels, Restaurants & Leisure — 2.7%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 336042 | 40143577 |
|  Booking Holdings, Inc. | 25640 | 118121173 |
|  Boyd Gaming Corp. | 32566 | 2143820 |
|  Carnival Corp.<sup>(a)</sup> | 807893 | 15778150 |
|  Cava Group, Inc.<sup>(a)</sup> | 49151 | 4247138 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 1050062 | 52723613 |
|  Choice Hotels International, Inc.<sup>(b)</sup> | 16376 | 2174405 |
|  Churchill Downs, Inc. | 57182 | 6351205 |
|  Darden Restaurants, Inc. | 39029 | 8108665 |
|  Domino's Pizza, Inc. | 11187 | 5139867 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 262844 | 48039998 |
|  Expedia Group, Inc. | 95649 | 16078597 |
|  Hilton Grand Vacations, Inc.<sup>(a)</sup> | 46838 | 1752210 |
|  Hilton Worldwide Holdings, Inc.<sup>(b)</sup> | 186408 | 42417140 |
|  Hyatt Hotels Corp., Class A | 32933 | 4034293 |
|  Las Vegas Sands Corp. | 270173 | 10436783 |
|  Light & Wonder, Inc., Class A<sup>(a)</sup> | 69342 | 6005711 |
|  Marriott International, Inc., Class A | 177287 | 42229763 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 340667 | 6459046 |
|  Planet Fitness, Inc., Class A<sup>(a)</sup> | 65414 | 6319647 |
|  Royal Caribbean Cruises Ltd. | 191685 | 39379766 |
|  Texas Roadhouse, Inc. | 51817 | 8634267 |
|  Travel + Leisure Co. | 53952 | 2497438 |
|  Vail Resorts, Inc. | 15555 | 2489111 |
|  Wendy's Co. (The) | 64102 | 937812 |
|  Wingstop, Inc. | 22655 | 5110515 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Wyndham Hotels & Resorts, Inc. | 60471 | $| 5473230 |
|  Wynn Resorts Ltd. | 69401 |  | 5794984 |
|  Yum! Brands, Inc. | 88562 |  | 13936116 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522958040 |
| **Household Durables — 0.4%** |  |  |  |
|  Garmin Ltd. | 119375 |  | 25919894 |
|  KB Home | 29798 |  | 1731860 |
|  NVR, Inc.<sup>(a)</sup> | 1465 |  | 10613031 |
|  PulteGroup, Inc. | 156855 |  | 16124694 |
|  Somnigroup International, Inc. | 87414 |  | 5234350 |
|  Toll Brothers, Inc. | 77388 |  | 8171399 |
|  TopBuild Corp.<sup>(a)(b)</sup> | 22836 |  | 6963838 |
|  |  |  | 74759066 |
| **Household Products — 0.1%** |  |  |  |
|  Colgate-Palmolive Co. | 276646 |  | 25921730 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **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.<sup>(b)</sup> | 20115 |  | 1423539 |
|  Vistra Corp. | 263235 |  | 30914318 |
|  |  |  | 32337857 |
| **Industrial REITs — 0.0%** |  |  |  |
|  EastGroup Properties, Inc. | 18375 |  | 3236756 |
|  First Industrial Realty Trust, Inc. | 52879 |  | 2853351 |
|  |  |  | 6090107 |
| **Insurance — 1.9%** |  |  |  |
|  American Financial Group, Inc. | 25241 |  | 3315153 |
|  Aon PLC, Class A | 85728 |  | 34213187 |
|  Arch Capital Group Ltd. | 290661 |  | 27955775 |
|  Arthur J. Gallagher & Co. | 88680 |  | 30615883 |
|  Brown & Brown, Inc.<sup>(b)</sup> | 183850 |  | 22870940 |
|  Cincinnati Financial Corp. | 64208 |  | 9484806 |
|  Erie Indemnity Co., Class A, NVS | 19239 |  | 8062103 |
|  Hartford Insurance Group, Inc. (The) | 122552 |  | 15163359 |
|  Kinsale Capital Group, Inc.<sup>(b)</sup> | 17190 |  | 8366545 |
|  Marsh & McLennan Cos., Inc. | 167868 |  | 40964828 |
|  Primerica, Inc. | 25851 |  | 7355385 |
|  Progressive Corp. (The) | 453863 |  | 128447768 |
|  RenaissanceRe Holdings Ltd. | 38155 |  | 9157200 |
|  RLI Corp. | 62322 |  | 5006326 |
|  Ryan Specialty Holdings, Inc., Class A | 82793 |  | 6115919 |
|  W R Berkley Corp. | 128552 |  | 9147760 |
|  Willis Towers Watson PLC | 37648 |  | 12723142 |
|  |  |  | 378966079 |
| **Interactive Media & Services — 11.6%** |  |  |  |
|  Alphabet, Inc., Class A | 4519195 |  | 698848315 |
|  Alphabet, Inc., Class C, NVS | 3662633 |  | 572213154 |
|  Meta Platforms, Inc., Class A | 1696653 |  | 977882923 |
|  |  |  | 2248944392 |
| **IT Services — 1.2%** |  |  |  |
|  Gartner, Inc.<sup>(a)</sup> | 59513 |  | 24979987 |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 109413 |  | 19709658 |
|  International Business Machines Corp. | 716379 |  | 178134802 |
|  Kyndryl Holdings, Inc.<sup>(a)</sup> | 101698 |  | 3193317 |
|  |  |  | 226017764 |
| **Leisure Products — 0.0%** |  |  |  |
|  YETI Holdings, Inc.<sup>(a)(b)</sup> | 27429 |  | 907900 |
| **Life Sciences Tools & Services — 0.2%** |  |  |  |
|  Bruker Corp. | 40189 |  | 1677489 |
|  Illumina, Inc.<sup>(a)</sup> | 64047 |  | 5081489 |

---

S C H E D U L E O F I N V E S T M E N T S 39

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Life Sciences Tools & Services (continued)** |  |  |
|  Medpace Holdings, Inc.<sup>(a)(b)</sup> | 19713 | $6006354 |
|  Mettler-Toledo International, Inc.<sup>(a)(b)</sup> | 6642 | 7843604 |
|  Repligen Corp.<sup>(a)</sup> | 17229 | 2192218 |
|  Sotera Health Co.<sup>(a)(b)</sup> | 56784 | 662102 |
|  Waters Corp.<sup>(a)</sup> | 21209 | 7817001 |
|  |  | 31280257 |
| **Machinery — 2.2%** |  |  |
|  Caterpillar, Inc. | 370283 | 122119333 |
|  Chart Industries, Inc.<sup>(a)</sup> | 32770 | 4730677 |
|  Crane Co. | 20415 | 3127170 |
|  Cummins, Inc. | 106569 | 33402987 |
|  Deere & Co. | 86343 | 40525087 |
|  Donaldson Co., Inc. | 53283 | 3573158 |
|  Dover Corp. | 47284 | 8306853 |
|  Esab Corp. | 44717 | 5209531 |
|  Flowserve Corp. | 72015 | 3517213 |
|  Graco, Inc. | 62540 | 5222715 |
|  Illinois Tool Works, Inc. | 84841 | 21041416 |
|  Ingersoll Rand, Inc. | 312962 | 25046349 |
|  ITT, Inc. | 45964 | 5936710 |
|  Lincoln Electric Holdings, Inc. | 25172 | 4761536 |
|  Mueller Industries, Inc. | 88544 | 6741740 |
|  PACCAR, Inc. | 223458 | 21758105 |
|  Parker-Hannifin Corp. | 99765 | 60642155 |
|  Pentair PLC | 82438 | 7211676 |
|  RBC Bearings, Inc.<sup>(a)</sup> | 24032 | 7732777 |
|  Toro Co. (The) | 33669 | 2449420 |
|  Watts Water Technologies, Inc., Class A | 11004 | 2243936 |
|  Westinghouse Air Brake Technologies Corp. | 132365 | 24004393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419304937 |
| **Marine Transportation — 0.0%** |  |  |
|  Kirby Corp.<sup>(a)</sup> | 44036 | 4448076 |
| **Media — 0.0%** |  |  |
|  EchoStar Corp., Class A<sup>(a)</sup> | 45869 | 1173329 |
|  New York Times Co. (The), Class A | 69034 | 3424086 |
|  |  | 4597415 |
| **Metals & Mining — 0.1%** |  |  |
|  ATI, Inc.<sup>(a)</sup> | 110514 | 5750043 |
|  Carpenter Technology Corp.<sup>(b)</sup> | 38699 | 7011485 |
|  Royal Gold, Inc. | 23698 | 3874860 |
|  |  | 16636388 |
| **Multi-Utilities — 0.1%** |  |  |
|  Public Service Enterprise Group, Inc. | 182579 | 15026252 |
| **Office REITs — 0.0%** |  |  |
|  COPT Defense Properties | 44942 | 1225568 |
|  Vornado Realty Trust | 94093 | 3480500 |
|  |  | 4706068 |
| **Oil, Gas & Consumable Fuels — 0.9%** |  |  |
|  Antero Midstream Corp. | 129779 | 2336022 |
|  CNX Resources Corp.<sup>(a)(b)</sup> | 118305 | 3724241 |
|  DT Midstream, Inc. | 78505 | 7574162 |
|  Hess Corp. | 214242 | 34220875 |
|  Matador Resources Co. | 60023 | 3066575 |
|  ONEOK, Inc. | 268151 | 26605942 |
|  Permian Resources Corp., Class A | 502596 | 6960955 |
|  Range Resources Corp. | 89317 | 3566428 |
|  Targa Resources Corp. | 168945 | 33868404 |
|  Texas Pacific Land Corp. | 14584 | 19323654 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |  |
|  Viper Energy, Inc., Class A | 101735 | $| 4593335 |
|  Williams Cos., Inc. (The) | 492472 |  | 29430127 |
|  |  |  | 175270720 |
| **Paper & Forest Products — 0.0%** |  |  |  |
|  Louisiana-Pacific Corp. | 48307 |  | 4443278 |
| **Passenger Airlines — 0.3%** |  |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup> | 95355 |  | 4693373 |
|  American Airlines Group, Inc.<sup>(a)</sup> | 511248 |  | 5393666 |
|  Delta Air Lines, Inc. | 497648 |  | 21697453 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 256218 |  | 17691853 |
|  |  |  | 49476345 |
| **Personal Care Products — 0.0%** |  |  |  |
|  BellRing Brands, Inc.<sup>(a)</sup> | 45699 |  | 3402747 |
|  elf Beauty, Inc.<sup>(a)(b)</sup> | 43753 |  | 2747251 |
|  |  |  | 6149998 |
| **Pharmaceuticals — 2.6%** |  |  |  |
|  Eli Lilly & Co. | 610463 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504187496 |
| **Professional Services — 0.7%** |  |  |  |
|  Automatic Data Processing, Inc. | 179682 |  | 54898242 |
|  Broadridge Financial Solutions, Inc. | 39891 |  | 9671972 |
|  CACI International, Inc., Class A<sup>(a)(b)</sup> | 10484 |  | 3846789 |
|  Dayforce, Inc.<sup>(a)(b)</sup> | 122622 |  | 7152541 |
|  ExlService Holdings, Inc.<sup>(a)</sup> | 122510 |  | 5783697 |
|  Exponent, Inc. | 21977 |  | 1781456 |
|  Genpact Ltd. | 66852 |  | 3368004 |
|  KBR, Inc. | 44292 |  | 2206185 |
|  Leidos Holdings, Inc. | 54120 |  | 7302953 |
|  Parsons Corp.<sup>(a)</sup> | 36258 |  | 2146836 |
|  Paychex, Inc. | 116451 |  | 17966060 |
|  Paycom Software, Inc. | 36482 |  | 7970587 |
|  Paylocity Holding Corp.<sup>(a)</sup> | 33742 |  | 6321226 |
|  Verisk Analytics, Inc. | 48449 |  | 14419391 |
|  |  |  | 144835939 |
| **Real Estate Management & Development — 0.2%** | **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> | 229005 |  | 29949274 |
|  Jones Lang LaSalle, Inc.<sup>(a)</sup> | 19540 |  | 4844161 |
|  |  |  | 34793435 |
| **Residential REITs — 0.2%** |  |  |  |
|  American Homes 4 Rent, Class A | 97280 |  | 3678157 |
|  AvalonBay Communities, Inc. | 48160 |  | 10336099 |
|  Camden Property Trust | 41982 |  | 5134399 |
|  Equity LifeStyle Properties, Inc. | 75481 |  | 5034583 |
|  Essex Property Trust, Inc. | 23819 |  | 7302191 |
|  Independence Realty Trust, Inc. | 101736 |  | 2159855 |
|  Mid-America Apartment Communities, Inc. | 36970 |  | 6195432 |
|  UDR, Inc. | 104284 |  | 4710508 |
|  |  |  | 44551224 |
| **Retail REITs — 0.2%** |  |  |  |
|  Agree Realty Corp. | 33998 |  | 2624306 |
|  Brixmor Property Group, Inc. | 133272 |  | 3538371 |
|  Kite Realty Group Trust | 72343 |  | 1618313 |
|  Simon Property Group, Inc. | 237487 |  | 39441841 |
|  |  |  | 47222831 |
| **Semiconductors & Semiconductor Equipment — 14.6%** | **Semiconductors & Semiconductor Equipment — 14.6%** | **Semiconductors & Semiconductor Equipment — 14.6%** | **Semiconductors & Semiconductor Equipment — 14.6%** |
|  Allegro MicroSystems, Inc.<sup>(a)</sup> | 35081 |  | 881586 |
|  Applied Materials, Inc. | 264450 |  | 38376984 |
|  Broadcom, Inc. | 3631594 |  | 608037783 |
|  Cirrus Logic, Inc.<sup>(a)(b)</sup> | 26060 |  | 2597009 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Entegris, Inc. | 61044 | $5340129 |
|  First Solar, Inc.<sup>(a)</sup> | 44029 | 5566587 |
|  KLA Corp. | 102958 | 69990848 |
|  Lattice Semiconductor Corp.<sup>(a)(b)</sup> | 52301 | 2743188 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 44800 | 4497024 |
|  MKS Instruments, Inc. | 21535 | 1726030 |
|  Monolithic Power Systems, Inc. | 37051 | 21488839 |
|  NVIDIA Corp. | 18973951 | 2056396809 |
|  NXP Semiconductors NV | 79504 | 15110530 |
|  Onto Innovation, Inc.<sup>(a)</sup> | 21488 | 2607354 |
|  Power Integrations, Inc. | 14635 | 739068 |
|  Rambus, Inc.<sup>(a)</sup> | 82710 | 4282310 |
|  Silicon Laboratories, Inc.<sup>(a)</sup> | 11603 | 1306150 |
|  Universal Display Corp. | 15714 | 2191789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843880017 |
| **Software — 12.4%** |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 141648 | 54326257 |
|  ANSYS, Inc.<sup>(a)(b)</sup> | 30012 | 9500599 |
|  Appfolio, Inc., Class A<sup>(a)</sup> | 17855 | 3926315 |
|  Autodesk, Inc.<sup>(a)</sup> | 166912 | 43697562 |
|  Blackbaud, Inc.<sup>(a)</sup> | 15509 | 962333 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 116494 | 29627919 |
|  Commvault Systems, Inc.<sup>(a)</sup> | 33597 | 5300263 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)(b)</sup> | 190830 | 67282841 |
|  Docusign, Inc.<sup>(a)</sup> | 157443 | 12815860 |
|  Dropbox, Inc., Class A<sup>(a)</sup> | 107229 | 2864087 |
|  Dynatrace, Inc.<sup>(a)</sup> | 232366 | 10956057 |
|  Fair Isaac Corp.<sup>(a)</sup> | 18922 | 34895196 |
|  Fortinet, Inc.<sup>(a)</sup> | 492471 | 47405259 |
|  Gen Digital, Inc. | 245167 | 6506732 |
|  Guidewire Software, Inc.<sup>(a)</sup> | 64904 | 12160413 |
|  Intuit, Inc. | 216870 | 133156011 |
|  Manhattan Associates, Inc.<sup>(a)</sup> | 47220 | 8170949 |
|  Microsoft Corp. | 2994976 | 1124284041 |
|  Oracle Corp. | 1256847 | 175719779 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 1588119 | 134037244 |
|  Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 512972 | 87533542 |
|  PTC, Inc.<sup>(a)</sup> | 44521 | 6898529 |
|  Qualys, Inc.<sup>(a)</sup> | 16211 | 2041451 |
|  Salesforce, Inc. | 741445 | 198974180 |
|  ServiceNow, Inc.<sup>(a)</sup> | 159600 | 127063944 |
|  Synopsys, Inc.<sup>(a)</sup> | 62078 | 26622150 |
|  Tyler Technologies, Inc.<sup>(a)(b)</sup> | 33324 | 19374240 |
|  Workday, Inc., Class A<sup>(a)</sup> | 77710 | 18147616 |
|  |  | 2404251369 |
| **Specialized REITs — 0.6%** |  |  |
|  CubeSmart | 96495 | 4121301 |
|  Equinix, Inc. | 35328 | 28804685 |
|  Extra Space Storage, Inc. | 73703 | 10944159 |
|  Gaming & Leisure Properties, Inc. | 91414 | 4652973 |
|  Iron Mountain, Inc. | 228171 | 19631833 |
|  Lamar Advertising Co., Class A | 43403 | 4938393 |
|  National Storage Affiliates Trust | 53576 | 2110894 |
|  Public Storage | 122163 | 36562164 |
|  |  | 111766402 |
| **Specialty Retail — 1.9%** |  |  |
|  Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 39824 | 3041359 |
|  AutoZone, Inc.<sup>(a)(b)</sup> | 13000 | 49566140 |
|  Bath & Body Works, Inc. | 85578 | 2594725 |
|  Burlington Stores, Inc.<sup>(a)</sup> | 48968 | 11670543 |
|  Chewy, Inc., Class A<sup>(a)</sup> | 128172 | 4166872 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Specialty Retail (continued)** |  |  |  |
|  Dick's Sporting Goods, Inc. | 27102 | $| 5462679 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 46839 |  | 3769134 |
|  GameStop Corp., Class A<sup>(a)(b)</sup> | 138940 |  | 3101141 |
|  Home Depot, Inc. (The) | 338635 |  | 124106341 |
|  Murphy U.S.A., Inc. | 14507 |  | 6815534 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 44538 |  | 63804248 |
|  RH<sup>(a)(b)</sup> | 5844 |  | 1369892 |
|  TJX Cos., Inc. (The) | 513864 |  | 62588635 |
|  Tractor Supply Co. | 224259 |  | 12356671 |
|  Valvoline, Inc.<sup>(a)</sup> | 97955 |  | 3409814 |
|  Williams-Sonoma, Inc. | 95372 |  | 15078313 |
|  |  |  | 372902041 |
| **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** |
|  Apple Inc. | 5353734 |  | 1189224933 |
|  Dell Technologies, Inc., Class C | 112444 |  | 10249271 |
|  NetApp, Inc. | 74540 |  | 6547594 |
|  Pure Storage, Inc., Class A<sup>(a)</sup> | 242240 |  | 10723965 |
|  Super Micro Computer, Inc.<sup>(a)(b)</sup> | 391317 |  | 13398694 |
|  |  |  | 1230144457 |
| **Textiles, Apparel & Luxury Goods — 0.2%** |  |  |  |
|  Crocs, Inc.<sup>(a)</sup> | 43429 |  | 4612160 |
|  Deckers Outdoor Corp.<sup>(a)</sup> | 117955 |  | 13188549 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 40351 |  | 11421754 |
|  Ralph Lauren Corp., Class A | 31353 |  | 6920861 |
|  Tapestry, Inc. | 160384 |  | 11292637 |
|  |  |  | 47435961 |
| **Tobacco — 0.7%** |  |  |  |
|  Altria Group, Inc. | 603000 |  | 36192060 |
|  Philip Morris International, Inc. | 650511 |  | 103255611 |
|  |  |  | 139447671 |
| **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
|  Applied Industrial Technologies, Inc.<sup>(b)</sup> | 30225 |  | 6810901 |
|  Core & Main, Inc., Class A<sup>(a)</sup> | 91837 |  | 4436645 |
|  Fastenal Co. | 251574 |  | 19509564 |
|  GATX Corp. | 17558 |  | 2726231 |
|  United Rentals, Inc. | 50601 |  | 31711647 |
|  Watsco, Inc. | 16760 |  | 8519108 |
|  WW Grainger, Inc. | 34313 |  | 33895411 |
|  |  |  | 107609507 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
|  T-Mobile U.S., Inc. | 196905 |  | 52516533 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $14,605,172,737)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19424712741 |

---

S C H E D U L E O F I N V E S T M E N T S 41

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.1%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(c)(d)(e)</sup> | 187146068 | $187239641 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(c)(d)</sup> | 26360483 | 26360483 |
|  **Total Short-Term Securities — 1.1%<br>(Cost: $213,566,414)** |  | 213600124 |
|  **Total Investments — 100.9%<br>(Cost: $14,818,739,151)** |  | 19638312865 |
|  **Liabilities in Excess of Other Assets — (0.9)%** | **Liabilities in Excess of Other Assets — (0.9)%** | (181021344) |
|  **Net Assets — 100.0%** |  | $19457291521 |

---

<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.

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $97971347 | $89282876 <sup>(a)</sup> | $— | $4912 | $(19494) | $187239641 | 187146068 | $299877 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 18101428 | 8259055 <sup>(a)</sup> |  |  |  | 26360483 | 26360483 | 1120312 |  |
|  |  |  |  | $4912 | $(19494) | $213600124 |  | $1420189 | $— |

---

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | 54 | 06/20/25 | $20995 | $(64565) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 20 | 06/20/25 | 5653 | 73972 |
|  |  |  |  | $9407 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. 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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $73972 | $— | $— | $— | $73972 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $64565 | $— | $— | $— | $64565 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $584437 | $— | $— | $— | $584437 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
|  Futures contracts | $— | $— | $(208638) | $— | $— | $— | $(208638) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $25588786 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $19424712741 | $— | $— | $19424712741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 213600124 |  |  | 213600124 |
|  | $19638312865 | $— | $— | $19638312865 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $73972 | $— | $— | $73972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (64565) |  |  | (64565) |
|  | $9407 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $9407 |

---

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

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 43

------

---

| | |
|:---|:---|
| Schedule of Investments <br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.5%** |  |  |
|  Boeing Co. (The)<sup>(a)</sup> | 599485 | $102242167 |
|  General Dynamics Corp. | 202803 | 55280042 |
|  General Electric Co. | 506111 | 101298117 |
|  Hexcel Corp. | 32510 | 1780248 |
|  Huntington Ingalls Industries, Inc. | 31170 | 6359927 |
|  L3Harris Technologies, Inc. | 151013 | 31608531 |
|  Lockheed Martin Corp. | 167433 | 74793995 |
|  Northrop Grumman Corp. | 109056 | 55837762 |
|  RTX Corp. | 457807 | 60641115 |
|  Textron, Inc. | 147984 | 10691844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500533748 |
| **Air Freight & Logistics — 0.7%** |  |  |
|  CH Robinson Worldwide, Inc. | 94369 | 9663386 |
|  Expeditors International of Washington, Inc. | 111343 | 13388996 |
|  FedEx Corp. | 177093 | 43171731 |
|  GXO Logistics, Inc.<sup>(a)</sup> | 94830 | 3705956 |
|  United Parcel Service, Inc., Class B | 584532 | 64292675 |
|  |  | 134222744 |
| **Automobile Components — 0.1%** |  |  |
|  Aptiv PLC<sup>(a)(b)</sup> | 183382 | 10911229 |
|  Autoliv, Inc. | 57393 | 5076411 |
|  Gentex Corp. | 106649 | 2484922 |
|  Goodyear Tire & Rubber Co. (The)<sup>(a)(b)</sup> | 228311 | 2109593 |
|  Lear Corp. | 43644 | 3850274 |
|  Visteon Corp.<sup>(a)</sup> | 21822 | 1693823 |
|  |  | 26126252 |
| **Automobiles — 0.4%** |  |  |
|  Ford Motor Co. | 3109422 | 31187503 |
|  General Motors Co. | 795241 | 37400184 |
|  Harley-Davidson, Inc. | 91769 | 2317167 |
|  Thor Industries, Inc. | 42611 | 3230340 |
|  |  | 74135194 |
| **Banks — 5.5%** |  |  |
|  Associated Banc-Corp. | 132228 | 2979097 |
|  Bank of America Corp. | 5292080 | 220838498 |
|  Bank OZK | 82902 | 3602092 |
|  Cadence Bank | 42877 | 1301746 |
|  Citigroup, Inc. | 1500237 | 106501825 |
|  Citizens Financial Group, Inc. | 353142 | 14468228 |
|  Columbia Banking System, Inc. | 169030 | 4215608 |
|  Comerica, Inc. | 105239 | 6215415 |
|  Commerce Bancshares, Inc. | 43866 | 2729781 |
|  Cullen/Frost Bankers, Inc. | 16039 | 2008083 |
|  Fifth Third Bancorp | 536825 | 21043540 |
|  First Financial Bankshares, Inc. | 47280 | 1698297 |
|  First Horizon Corp. | 425118 | 8255791 |
|  Flagstar Financial, Inc.<sup>(b)</sup> | 242327 | 2815840 |
|  FNB Corp. | 298673 | 4017152 |
|  Glacier Bancorp, Inc. | 51227 | 2265258 |
|  Hancock Whitney Corp. | 69977 | 3670294 |
|  Home BancShares, Inc. | 90627 | 2562025 |
|  Huntington Bancshares, Inc. | 1167163 | 17519117 |
|  International Bancshares Corp. | 14276 | 900244 |
|  JPMorgan Chase & Co. | 960936 | 235717601 |
|  KeyCorp | 793736 | 12691839 |
|  M&T Bank Corp. | 132512 | 23686520 |
|  Old National Bancorp | 260035 | 5510142 |
|  Pinnacle Financial Partners, Inc. | 22649 | 2401700 |
|  PNC Financial Services Group, Inc. (The) | 317104 | 55737370 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  Prosperity Bancshares, Inc. | 77961 | $5564076 |
|  Regions Financial Corp. | 728193 | 15823634 |
|  SouthState Corp. | 78532 | 7289340 |
|  Synovus Financial Corp. | 58951 | 2755370 |
|  Texas Capital Bancshares, Inc.<sup>(a)</sup> | 37598 | 2808570 |
|  Truist Financial Corp. | 1051739 | 43279060 |
|  U.S. Bancorp | 1246806 | 52640149 |
|  UMB Financial Corp. | 22818 | 2306900 |
|  United Bankshares, Inc. | 114101 | 3955882 |
|  Valley National Bancorp | 384515 | 3418338 |
|  Webster Financial Corp. | 138507 | 7140036 |
|  Wells Fargo & Co. | 2628596 | 188706907 |
|  Wintrust Financial Corp. | 26833 | 3017639 |
|  Zions Bancorp N.A. | 72480 | 3613853 |
|  |  | 1107672857 |
| **Beverages — 2.4%** |  |  |
|  Boston Beer Co., Inc. (The), Class A, NVS<sup>(a)</sup> | 6888 | 1645130 |
|  Brown-Forman Corp., Class B, NVS | 146087 | 4958193 |
|  Celsius Holdings, Inc.<sup>(a)</sup> | 45054 | 1604823 |
|  Coca-Cola Co. (The) | 3094467 | 221625726 |
|  Constellation Brands, Inc., Class A | 124430 | 22835394 |
|  Keurig Dr. Pepper, Inc. | 954238 | 32654024 |
|  Molson Coors Beverage Co., Class B | 139378 | 8483939 |
|  Monster Beverage Corp.<sup>(a)</sup> | 312853 | 18308158 |
|  PepsiCo, Inc. | 1096146 | 164356131 |
|  |  | 476471518 |
| **Biotechnology — 2.2%** |  |  |
|  AbbVie, Inc. | 818341 | 171458806 |
|  Amgen, Inc. | 244731 | 76245943 |
|  Biogen, Inc.<sup>(a)</sup> | 117659 | 16100458 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)(b)</sup> | 151334 | 10697800 |
|  Cytokinetics, Inc.<sup>(a)</sup> | 47086 | 1892386 |
|  Gilead Sciences, Inc. | 996054 | 111607851 |
|  Incyte Corp.<sup>(a)</sup> | 51085 | 3093197 |
|  Moderna, Inc.<sup>(a)</sup> | 269888 | 7651325 |
|  Regeneron Pharmaceuticals, Inc. | 84084 | 53328595 |
|  |  | 452076361 |
| **Broadline Retail — 3.1%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 3166107 | 602383518 |
|  eBay, Inc. | 126295 | 8553960 |
|  Macy's, Inc. | 221415 | 2780972 |
|  Nordstrom, Inc. | 77321 | 1890499 |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 19951 | 2321498 |
|  |  | 617930447 |
| **Building Products — 0.5%** |  |  |
| A. O. Smith Corp. | 94347 | 6166520 |
|  Advanced Drainage Systems, Inc. | 29089 | 3160520 |
|  Allegion PLC | 32714 | 4267869 |
|  Builders FirstSource, Inc.<sup>(a)(b)</sup> | 43793 | 5471497 |
|  Carrier Global Corp. | 335624 | 21278562 |
|  Fortune Brands Innovations, Inc. | 98417 | 5991627 |
|  Johnson Controls International PLC | 527602 | 42266196 |
|  Masco Corp. | 101760 | 7076390 |
|  Simpson Manufacturing Co., Inc. | 11233 | 1764480 |
|  Trex Co., Inc.<sup>(a)(b)</sup> | 43401 | 2521598 |
|  UFP Industries, Inc. | 48826 | 5226335 |
|  |  | 105191594 |
| **Capital Markets — 4.5%** |  |  |
|  Affiliated Managers Group, Inc. | 14310 | 2404509 |
|  Bank of New York Mellon Corp. (The) | 263852 | 22129267 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
|  BlackRock, Inc.<sup>(c)</sup> | 116360 | $| 110132413 |
|  Blackstone, Inc., Class A, NVS | 584983 |  | 81768924 |
|  Carlyle Group, Inc. (The) | 105883 |  | 4615440 |
|  Cboe Global Markets, Inc. | 83063 |  | 18796326 |
|  Charles Schwab Corp. (The) | 1361983 |  | 106616029 |
|  CME Group, Inc., Class A | 288013 |  | 76406969 |
|  FactSet Research Systems, Inc. | 16743 |  | 7612038 |
|  Federated Hermes, Inc., Class B | 25076 |  | 1022349 |
|  Franklin Resources, Inc. | 247207 |  | 4758735 |
|  Goldman Sachs Group, Inc. (The) | 249392 |  | 136240356 |
|  Intercontinental Exchange, Inc. | 220614 |  | 38055915 |
|  Invesco Ltd. | 357976 |  | 5430496 |
|  Janus Henderson Group PLC | 61123 |  | 2209596 |
|  Jefferies Financial Group, Inc. | 60869 |  | 3260752 |
|  KKR & Co., Inc., Class A | 302033 |  | 34918035 |
|  MarketAxess Holdings, Inc. | 30131 |  | 6518842 |
|  Moody's Corp. | 59721 |  | 27811472 |
|  Morgan Stanley | 543037 |  | 63356127 |
|  Nasdaq, Inc. | 194758 |  | 14774342 |
|  Northern Trust Corp. | 158078 |  | 15594395 |
|  Raymond James Financial, Inc. | 55548 |  | 7716173 |
|  S&P Global, Inc. | 133429 |  | 67795275 |
|  SEI Investments Co. | 31356 |  | 2434166 |
|  State Street Corp. | 230557 |  | 20641768 |
|  Stifel Financial Corp. | 23970 |  | 2259412 |
|  T Rowe Price Group, Inc. | 177108 |  | 16270912 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901551033 |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
|  Air Products & Chemicals, Inc. | 177813 |  | 52440610 |
|  Albemarle Corp. | 93738 |  | 6751011 |
|  Ashland, Inc. | 39247 |  | 2326955 |
|  Avient Corp. | 73487 |  | 2730777 |
|  Axalta Coating Systems Ltd.<sup>(a)</sup> | 78335 |  | 2598372 |
|  Cabot Corp. | 19014 |  | 1580824 |
|  CF Industries Holdings, Inc. | 138187 |  | 10799314 |
|  Corteva, Inc. | 547278 |  | 34440204 |
|  Dow, Inc. | 563453 |  | 19675779 |
|  DuPont de Nemours, Inc. | 332942 |  | 24864108 |
|  Eastman Chemical Co. | 92600 |  | 8158986 |
|  Ecolab, Inc. | 102549 |  | 25998222 |
|  International Flavors & Fragrances, Inc. | 203882 |  | 15823282 |
|  Linde PLC | 380562 |  | 177204890 |
|  LyondellBasell Industries NV, Class A | 207275 |  | 14592160 |
|  Mosaic Co. (The) | 254361 |  | 6870291 |
|  NewMarket Corp. | 3339 |  | 1891376 |
|  Olin Corp. | 91738 |  | 2223729 |
|  PPG Industries, Inc. | 185496 |  | 20283988 |
|  RPM International, Inc. | 44327 |  | 5127747 |
|  Scotts Miracle-Gro Co. (The) | 21424 |  | 1175963 |
|  Sherwin-Williams Co. (The) | 79377 |  | 27717655 |
|  Westlake Corp. | 27554 |  | 2756227 |
|  |  |  | 468032470 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
|  Brink's Co. (The) | 16699 |  | 1438786 |
|  MSA Safety, Inc. | 16262 |  | 2385473 |
|  Rollins, Inc. | 95250 |  | 5146358 |
|  Veralto Corp. | 102850 |  | 10022732 |
|  Waste Management, Inc. | 136814 |  | 31673809 |
|  |  |  | 50667158 |
| **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** |
|  Ciena Corp.<sup>(a)</sup> | 46102 |  | 2785944 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
|  Cisco Systems, Inc. | 3183153 | $| 196432372 |
|  F5, Inc.<sup>(a)</sup> | 25113 |  | 6686838 |
|  Juniper Networks, Inc. | 263523 |  | 9536897 |
|  Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 20303 |  | 1265689 |
|  |  |  | 216707740 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
|  AECOM | 50471 |  | 4680176 |
|  Fluor Corp.<sup>(a)</sup> | 136722 |  | 4897382 |
|  Valmont Industries, Inc. | 4372 |  | 1247638 |
|  |  |  | 10825196 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
|  Martin Marietta Materials, Inc. | 23430 |  | 11202586 |
|  Vulcan Materials Co. | 39953 |  | 9321035 |
|  |  |  | 20523621 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
|  Ally Financial, Inc. | 217741 |  | 7941014 |
|  Capital One Financial Corp. | 304827 |  | 54655481 |
|  FirstCash Holdings, Inc. | 12298 |  | 1479696 |
|  |  |  | 64076191 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |
|  Albertsons Cos., Inc., Class A | 321651 |  | 7073106 |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)(b)</sup> | 56269 |  | 6420293 |
|  Casey's General Stores, Inc. | 9461 |  | 4106452 |
|  Dollar General Corp. | 175247 |  | 15409469 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 161137 |  | 12096555 |
|  Kroger Co. (The) | 533092 |  | 36084997 |
|  Maplebear, Inc.<sup>(a)</sup> | 69688 |  | 2779854 |
|  Performance Food Group Co.<sup>(a)</sup> | 124343 |  | 9777090 |
|  Sysco Corp. | 391502 |  | 29378310 |
|  Target Corp. | 366481 |  | 38245957 |
|  U.S. Foods Holding Corp.<sup>(a)</sup> | 185564 |  | 12147019 |
|  Walgreens Boots Alliance, Inc. | 572112 |  | 6390491 |
|  Walmart, Inc. | 1144140 |  | 100444051 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280353644 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
|  Amcor PLC | 1153086 |  | 11184934 |
|  AptarGroup, Inc. | 25007 |  | 3710539 |
|  Avery Dennison Corp. | 64219 |  | 11429055 |
|  Ball Corp. | 238031 |  | 12394274 |
|  Berry Global Group, Inc. | 93822 |  | 6549714 |
|  Crown Holdings, Inc. | 93458 |  | 8342061 |
|  Graphic Packaging Holding Co. | 146962 |  | 3815134 |
|  Greif, Inc., Class A, NVS | 21010 |  | 1155340 |
|  International Paper Co. | 422635 |  | 22547577 |
|  Packaging Corp. of America | 35513 |  | 7032284 |
|  Silgan Holdings, Inc. | 64550 |  | 3299796 |
|  Smurfit WestRock PLC | 393625 |  | 17736743 |
|  Sonoco Products Co. | 78762 |  | 3720717 |
|  |  |  | 112918168 |
| **Distributors — 0.2%** | **Distributors — 0.2%** | **Distributors — 0.2%** | **Distributors — 0.2%** |
|  Genuine Parts Co. | 110851 |  | 13206788 |
|  LKQ Corp. | 207755 |  | 8837898 |
|  Pool Corp. | 30176 |  | 9606529 |
|  |  |  | 31651215 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
|  Graham Holdings Co., Class B | 2794 |  | 2684643 |
|  Service Corp. International | 44857 |  | 3597531 |
|  |  |  | 6282174 |

---

S C H E D U L E O F I N V E S T M E N T S 45

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
|  WP Carey, Inc. | 174766 | $11029482 |
| **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** |
|  AT&T Inc. | 5737042 | 162243548 |
|  Frontier Communications Parent, Inc.<sup>(a)</sup> | 176298 | 6322046 |
|  Iridium Communications, Inc. | 46952 | 1282729 |
|  Verizon Communications, Inc. | 3364533 | 152615217 |
|  |  | 322463540 |
| **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** |
|  ALLETE, Inc. | 45301 | 2976276 |
|  Alliant Energy Corp. | 204553 | 13162986 |
|  American Electric Power Co., Inc | 426158 | 46566285 |
|  Duke Energy Corp. | 620208 | 75646770 |
|  Edison International | 308156 | 18156551 |
|  Entergy Corp. | 341458 | 29191244 |
|  Evergy, Inc. | 182684 | 12596062 |
|  Eversource Energy | 292322 | 18156119 |
|  Exelon Corp. | 804678 | 37079562 |
|  FirstEnergy Corp. | 407862 | 16485782 |
|  IDACORP, Inc. | 25126 | 2920144 |
|  NextEra Energy, Inc. | 541163 | 38363045 |
|  OGE Energy Corp. | 160082 | 7357369 |
|  PG&E Corp. | 1753652 | 30127741 |
|  Pinnacle West Capital Corp. | 90429 | 8613362 |
|  Portland General Electric Co. | 88883 | 3964182 |
|  PPL Corp. | 286739 | 10354145 |
|  Southern Co. (The) | 875707 | 80521259 |
|  TXNM Energy, Inc. | 71793 | 3839490 |
|  Xcel Energy, Inc. | 460118 | 32571753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488650127 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
|  AMETEK, Inc. | 97859 | 16845448 |
|  Emerson Electric Co. | 145556 | 15958760 |
|  EnerSys | 31314 | 2867736 |
|  Generac Holdings, Inc.<sup>(a)</sup> | 18034 | 2284006 |
|  NEXTracker, Inc., Class A<sup>(a)(b)</sup> | 114124 | 4809185 |
|  Regal Rexnord Corp. | 52941 | 6027333 |
|  Rockwell Automation, Inc. | 90422 | 23363236 |
|  Sensata Technologies Holding PLC | 119931 | 2910726 |
|  |  | 75066430 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
|  Arrow Electronics, Inc.<sup>(a)</sup> | 42102 | 4371451 |
|  Avnet, Inc. | 69953 | 3364040 |
|  CDW Corp. | 106015 | 16989964 |
|  Cognex Corp. | 83137 | 2479977 |
|  Corning, Inc. | 614097 | 28113360 |
|  Crane NXT Co. | 23917 | 1229334 |
|  Flex Ltd.<sup>(a)(b)</sup> | 306010 | 10122811 |
|  IPG Photonics Corp.<sup>(a)(b)</sup> | 21019 | 1327140 |
|  Jabil, Inc.<sup>(b)</sup> | 87544 | 11912112 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 138495 | 20742396 |
|  Littelfuse, Inc. | 19905 | 3916110 |
|  Novanta, Inc.<sup>(a)(b)</sup> | 11672 | 1492498 |
|  TD SYNNEX Corp. | 60726 | 6313075 |
|  TE Connectivity PLC | 237628 | 33581589 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 37141 | 18485447 |
|  Trimble, Inc.<sup>(a)</sup> | 109382 | 7180928 |
|  Vontier Corp.<sup>(b)</sup> | 67638 | 2221908 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 22673 | 6406483 |
|  |  | 180250623 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
|  Baker Hughes Co., Class A | 788453 | $34652509 |
|  ChampionX Corp. | 88817 | 2646747 |
|  Halliburton Co. | 693805 | 17601833 |
|  NOV, Inc. | 313587 | 4772794 |
|  Schlumberger NV | 1119608 | 46799614 |
|  Weatherford International PLC | 29356 | 1572014 |
|  |  | 108045511 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
|  Electronic Arts, Inc. | 114298 | 16518347 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 131187 | 27188506 |
|  Walt Disney Co. (The) | 1444845 | 142606201 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 1779659 | 19095741 |
|  Warner Music Group Corp., Class A | 63517 | 1991258 |
|  |  | 207400053 |
| **Financial Services — 2.4%** | **Financial Services — 2.4%** | **Financial Services — 2.4%** |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 747130 | 397906495 |
|  Essent Group Ltd. | 85256 | 4920976 |
|  Euronet Worldwide, Inc.<sup>(a)</sup> | 13887 | 1483826 |
|  Fidelity National Information Services, Inc. | 423350 | 31615778 |
|  Global Payments, Inc. | 197902 | 19378564 |
|  Jack Henry & Associates, Inc. | 35241 | 6435007 |
|  MGIC Investment Corp. | 107004 | 2651559 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 263696 | 17206164 |
|  Voya Financial, Inc. | 36626 | 2481778 |
|  Western Union Co. (The) | 215347 | 2278371 |
|  WEX, Inc.<sup>(a)(b)</sup> | 8371 | 1314415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487672933 |
| **Food Products — 1.3%** | **Food Products — 1.3%** | **Food Products — 1.3%** |
|  Archer-Daniels-Midland Co. | 381245 | 18303572 |
|  Bunge Global SA | 106679 | 8152409 |
|  Conagra Brands, Inc. | 380930 | 10159403 |
|  Darling Ingredients, Inc.<sup>(a)</sup> | 127468 | 3982100 |
|  Flowers Foods, Inc. | 159730 | 3036467 |
|  General Mills, Inc. | 443129 | 26494683 |
|  Hershey Co. (The) | 117356 | 20071397 |
|  Hormel Foods Corp. | 232262 | 7186186 |
|  Ingredion, Inc. | 29732 | 4020064 |
|  J M Smucker Co. (The) | 84905 | 10053601 |
|  Kellanova | 213951 | 17648818 |
|  Kraft Heinz Co. (The) | 703358 | 21403184 |
|  Lamb Weston Holdings, Inc. | 113384 | 6043367 |
|  Lancaster Colony Corp. | 8079 | 1413825 |
|  McCormick & Co., Inc., NVS | 201347 | 16572872 |
|  Mondelez International, Inc., Class A | 1033828 | 70145230 |
|  Post Holdings, Inc.<sup>(a)</sup> | 16755 | 1949612 |
|  The Campbell's Co. | 157531 | 6288638 |
|  Tyson Foods, Inc., Class A | 227451 | 14513648 |
|  |  | 267439076 |
| **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |
|  Atmos Energy Corp. | 126861 | 19610173 |
|  National Fuel Gas Co. | 73201 | 5796787 |
|  New Jersey Resources Corp. | 79548 | 3902625 |
|  ONE Gas, Inc. | 45188 | 3415761 |
|  Southwest Gas Holdings, Inc. | 48131 | 3455806 |
|  Spire, Inc. | 46247 | 3618828 |
|  UGI Corp. | 171038 | 5656227 |
|  |  | 45456207 |
| **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** |
|  Avis Budget Group, Inc.<sup>(a)</sup> | 13240 | 1004916 |
|  CSX Corp. | 831868 | 24481875 |

---

46 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
|  JB Hunt Transport Services, Inc. | 63975 | $| 9465101 |
|  Knight-Swift Transportation Holdings, Inc. | 130015 |  | 5654353 |
|  Landstar System, Inc. | 28740 |  | 4316748 |
|  Norfolk Southern Corp. | 180388 |  | 42724898 |
|  Old Dominion Freight Line, Inc. | 80507 |  | 13319883 |
|  Ryder System, Inc. | 16037 |  | 2306281 |
|  Union Pacific Corp. | 482742 |  | 114042970 |
|  XPO, Inc.<sup>(a)</sup> | 47319 |  | 5090578 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222407603 |
| **Health Care Equipment & Supplies — 2.9%** | **Health Care Equipment & Supplies — 2.9%** | **Health Care Equipment & Supplies — 2.9%** | **Health Care Equipment & Supplies — 2.9%** |
|  Abbott Laboratories | 1386230 |  | 183883410 |
|  Align Technology, Inc.<sup>(a)</sup> | 55813 |  | 8866453 |
|  Baxter International, Inc. | 407018 |  | 13932226 |
|  Becton Dickinson & Co. | 230173 |  | 52723427 |
|  Cooper Cos., Inc. (The)<sup>(a)</sup> | 160224 |  | 13514894 |
|  DENTSPLY SIRONA, Inc. | 158659 |  | 2370365 |
|  Dexcom, Inc.<sup>(a)</sup> | 176759 |  | 12070872 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 469626 |  | 34038493 |
|  Envista Holdings Corp.<sup>(a)</sup> | 137397 |  | 2371472 |
|  GE HealthCare Technologies, Inc. | 364030 |  | 29380861 |
|  Haemonetics Corp.<sup>(a)</sup> | 16876 |  | 1072470 |
|  Hologic, Inc.<sup>(a)</sup> | 179340 |  | 11077832 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 65592 |  | 27545360 |
|  LivaNova PLC<sup>(a)</sup> | 25688 |  | 1009025 |
|  Medtronic PLC | 1024845 |  | 92092572 |
|  Penumbra, Inc.<sup>(a)(b)</sup> | 10506 |  | 2809410 |
|  Solventum Corp.<sup>(a)</sup> | 110285 |  | 8386071 |
|  STERIS PLC | 78929 |  | 17889258 |
|  Stryker Corp. | 128999 |  | 48019878 |
|  Zimmer Biomet Holdings, Inc. | 158778 |  | 17970494 |
|  |  |  | 581024843 |
| **Health Care Providers & Services — 4.4%** | **Health Care Providers & Services — 4.4%** | **Health Care Providers & Services — 4.4%** | **Health Care Providers & Services — 4.4%** |
|  Acadia Healthcare Co., Inc.<sup>(a)(b)</sup> | 73373 |  | 2224669 |
|  Amedisys, Inc.<sup>(a)</sup> | 25637 |  | 2374755 |
|  Cardinal Health, Inc. | 192708 |  | 26549381 |
|  Cencora, Inc. | 137933 |  | 38357788 |
|  Centene Corp.<sup>(a)</sup> | 396342 |  | 24061923 |
|  Chemed Corp. | 6447 |  | 3966968 |
|  Cigna Group (The) | 218821 |  | 71992109 |
|  CVS Health Corp. | 1007669 |  | 68269575 |
|  Elevance Health, Inc. | 185358 |  | 80623316 |
|  Encompass Health Corp. | 23247 |  | 2354456 |
|  HCA Healthcare, Inc. | 58590 |  | 20245775 |
|  Henry Schein, Inc.<sup>(a)(b)</sup> | 99527 |  | 6816604 |
|  Humana, Inc. | 96746 |  | 25598992 |
|  Labcorp Holdings, Inc. | 66606 |  | 15501881 |
|  McKesson Corp. | 100166 |  | 67410716 |
|  Molina Healthcare, Inc.<sup>(a)(b)</sup> | 44357 |  | 14610752 |
|  Option Care Health, Inc.<sup>(a)</sup> | 134516 |  | 4701334 |
|  Quest Diagnostics, Inc. | 88901 |  | 15042049 |
|  Tenet Healthcare Corp.<sup>(a)</sup> | 29584 |  | 3979048 |
|  UnitedHealth Group, Inc. | 735522 |  | 385229648 |
|  Universal Health Services, Inc., Class B | 46859 |  | 8804806 |
|  |  |  | 888716545 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
|  Alexandria Real Estate Equities, Inc. | 124125 |  | 11482804 |
|  Healthcare Realty Trust, Inc. | 283152 |  | 4785269 |
|  Healthpeak Properties, Inc. | 560257 |  | 11328396 |
|  Omega Healthcare Investors, Inc. | 135153 |  | 5146626 |
|  Sabra Health Care REIT, Inc. | 188482 |  | 3292781 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Health Care REITs (continued)** | **Health Care REITs (continued)** | **Health Care REITs (continued)** | **Health Care REITs (continued)** |
|  Ventas, Inc. | 349378 | $| 24023231 |
|  Welltower, Inc. | 223985 |  | 34316742 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94375849 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
|  Host Hotels & Resorts, Inc. | 206386 |  | 2932745 |
|  Park Hotels & Resorts, Inc. | 90907 |  | 970887 |
|  |  |  | 3903632 |
| **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** |
|  Aramark | 209879 |  | 7245023 |
|  Boyd Gaming Corp. | 20399 |  | 1342866 |
|  Caesars Entertainment, Inc.<sup>(a)(b)</sup> | 168223 |  | 4205575 |
|  Cava Group, Inc.<sup>(a)(b)</sup> | 14303 |  | 1235922 |
|  Darden Restaurants, Inc. | 53452 |  | 11105188 |
|  Domino's Pizza, Inc. | 16072 |  | 7384280 |
|  Marriott Vacations Worldwide Corp. | 25656 |  | 1648142 |
|  McDonald's Corp. | 572748 |  | 178909293 |
|  MGM Resorts International<sup>(a)(b)</sup> | 179276 |  | 5313741 |
|  Starbucks Corp. | 907847 |  | 89050712 |
|  Vail Resorts, Inc. | 13961 |  | 2234039 |
|  Wendy's Co. (The) | 74899 |  | 1095772 |
|  Yum! Brands, Inc. | 131666 |  | 20718962 |
|  |  |  | 331489515 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
|  DR Horton, Inc. | 226672 |  | 28816811 |
|  KB Home | 28218 |  | 1640030 |
|  Lennar Corp., Class A | 186633 |  | 21421736 |
|  Mohawk Industries, Inc.<sup>(a)</sup> | 41840 |  | 4777291 |
|  NVR, Inc.<sup>(a)</sup> | 889 |  | 6440263 |
|  Somnigroup International, Inc. | 62659 |  | 3752021 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 81916 |  | 4918237 |
|  Whirlpool Corp. | 43971 |  | 3963106 |
|  |  |  | 75729495 |
| **Household Products — 2.1%** | **Household Products — 2.1%** | **Household Products — 2.1%** | **Household Products — 2.1%** |
|  Church & Dwight Co., Inc. | 196588 |  | 21642373 |
|  Clorox Co. (The) | 98693 |  | 14532544 |
|  Colgate-Palmolive Co. | 364876 |  | 34188881 |
|  Kimberly-Clark Corp. | 265978 |  | 37827391 |
|  Procter & Gamble Co. (The) | 1875264 |  | 319582491 |
|  |  |  | 427773680 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
|  AES Corp. (The) | 566920 |  | 7041147 |
|  Ormat Technologies, Inc. | 25182 |  | 1782130 |
|  |  |  | 8823277 |
| **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** |
|  3M Co. | 433620 |  | 63681433 |
|  Honeywell International, Inc. | 519701 |  | 110046687 |
|  |  |  | 173728120 |
| **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** |
|  EastGroup Properties, Inc. | 22001 |  | 3875476 |
|  First Industrial Realty Trust, Inc. | 48918 |  | 2639615 |
|  Prologis, Inc. | 740776 |  | 82811349 |
|  Rexford Industrial Realty, Inc. | 181867 |  | 7120093 |
|  STAG Industrial, Inc. | 151456 |  | 5470591 |
|  |  |  | 101917124 |
| **Insurance — 3.1%** | **Insurance — 3.1%** | **Insurance — 3.1%** | **Insurance — 3.1%** |
|  Aflac, Inc. | 395592 |  | 43985874 |
|  Allstate Corp. (The) | 211794 |  | 43856184 |
|  American Financial Group, Inc. | 32303 |  | 4242676 |
|  American International Group, Inc. | 474209 |  | 41227730 |

---

S C H E D U L E O F I N V E S T M E N T S 47

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
|  Aon PLC, Class A | 84890 | $| 33878750 |
|  Arthur J. Gallagher & Co. | 111813 |  | 38602320 |
|  Assurant, Inc. | 40868 |  | 8572063 |
|  Brighthouse Financial, Inc.<sup>(a)</sup> | 47780 |  | 2770762 |
|  Chubb Ltd. | 298505 |  | 90145525 |
|  Cincinnati Financial Corp. | 59031 |  | 8720059 |
|  CNO Financial Group, Inc. | 81257 |  | 3384354 |
|  Everest Group Ltd. | 34317 |  | 12468396 |
|  Fidelity National Financial, Inc., Class A | 207724 |  | 13518678 |
|  First American Financial Corp. | 82186 |  | 5393867 |
|  Globe Life, Inc. | 67087 |  | 8836700 |
|  Hanover Insurance Group, Inc. (The) | 28803 |  | 5010282 |
|  Hartford Insurance Group, Inc. (The) | 104392 |  | 12916422 |
|  Kemper Corp. | 48046 |  | 3211875 |
|  Loews Corp. | 141203 |  | 12977968 |
|  Marsh & McLennan Cos., Inc. | 219866 |  | 53653900 |
|  MetLife, Inc. | 463120 |  | 37183905 |
|  Old Republic International Corp. | 185684 |  | 7282526 |
|  Principal Financial Group, Inc. | 167559 |  | 14136953 |
|  Prudential Financial, Inc. | 283644 |  | 31677362 |
|  Reinsurance Group of America, Inc. | 52471 |  | 10331540 |
|  Selective Insurance Group, Inc. | 49554 |  | 4536173 |
|  Travelers Cos., Inc. (The) | 180760 |  | 47803790 |
|  Unum Group | 122800 |  | 10003288 |
|  W R Berkley Corp. | 108642 |  | 7730965 |
|  Willis Towers Watson PLC | 41766 |  | 14114820 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632175707 |
| **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |
|  Match Group, Inc. | 200994 |  | 6271013 |
|  ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 213634 |  | 2136340 |
|  |  |  | 8407353 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
|  Accenture PLC, Class A | 499903 |  | 155989732 |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 119432 |  | 9614276 |
|  ASGN, Inc.<sup>(a)</sup> | 35538 |  | 2239605 |
|  Cognizant Technology Solutions Corp., Class A | 395930 |  | 30288645 |
|  EPAM Systems, Inc.<sup>(a)</sup> | 45091 |  | 7613164 |
|  Kyndryl Holdings, Inc.<sup>(a)(b)</sup> | 81463 |  | 2557938 |
|  VeriSign, Inc.<sup>(a)</sup> | 65601 |  | 16654126 |
|  |  |  | 224957486 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
|  Brunswick Corp. | 51847 |  | 2791961 |
|  Hasbro, Inc. | 104487 |  | 6424906 |
|  Mattel, Inc.<sup>(a)(b)</sup> | 266104 |  | 5170401 |
|  Polaris, Inc. | 42641 |  | 1745722 |
|  YETI Holdings, Inc.<sup>(a)(b)</sup> | 41777 |  | 1382819 |
|  |  |  | 17515809 |
| **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |
|  Agilent Technologies, Inc. | 228971 |  | 26785027 |
|  Avantor, Inc.<sup>(a)</sup> | 540288 |  | 8758068 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 15454 |  | 3763976 |
|  Bio-Techne Corp. | 126986 |  | 7445189 |
|  Bruker Corp.<sup>(b)</sup> | 46551 |  | 1943039 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 40800 |  | 6141216 |
|  Danaher Corp. | 511872 |  | 104933760 |
|  Illumina, Inc.<sup>(a)</sup> | 60808 |  | 4824507 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 133711 |  | 23573249 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 9902 |  | 11693371 |
|  Repligen Corp.<sup>(a)</sup> | 23820 |  | 3030857 |
|  Revvity, Inc. | 97097 |  | 10272863 |
|  Sotera Health Co.<sup>(a)(b)</sup> | 62794 |  | 732178 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |
|  Thermo Fisher Scientific, Inc. | 305708 | $| 152120301 |
|  Waters Corp.<sup>(a)</sup> | 25593 |  | 9432812 |
|  West Pharmaceutical Services, Inc. | 58065 |  | 12999592 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388450005 |
| **Machinery — 1.4%** | **Machinery — 1.4%** | **Machinery — 1.4%** | **Machinery — 1.4%** |
|  AGCO Corp. | 49664 |  | 4597397 |
|  CNH Industrial NV | 697952 |  | 8570851 |
|  Crane Co. | 17722 |  | 2714656 |
|  Deere & Co. | 113466 |  | 53255267 |
|  Donaldson Co., Inc. | 39804 |  | 2669256 |
|  Dover Corp. | 60828 |  | 10686263 |
|  Flowserve Corp. | 31647 |  | 1545640 |
|  Fortive Corp. | 274935 |  | 20119743 |
|  Graco, Inc. | 70063 |  | 5850961 |
|  IDEX Corp. | 60775 |  | 10998452 |
|  Illinois Tool Works, Inc. | 126030 |  | 31256700 |
|  ITT, Inc. | 19037 |  | 2458819 |
|  Lincoln Electric Holdings, Inc. | 18889 |  | 3573043 |
|  Middleby Corp. (The)<sup>(a)(b)</sup> | 42528 |  | 6463405 |
|  Nordson Corp. | 43629 |  | 8800842 |
|  Oshkosh Corp. | 52533 |  | 4942305 |
|  Otis Worldwide Corp. | 317676 |  | 32784163 |
|  PACCAR, Inc. | 187450 |  | 18252007 |
|  Pentair PLC | 46492 |  | 4067120 |
|  Snap-on, Inc. | 41810 |  | 14090388 |
|  Stanley Black & Decker, Inc. | 122938 |  | 9451473 |
|  Terex Corp. | 52505 |  | 1983639 |
|  Timken Co. (The) | 50516 |  | 3630585 |
|  Toro Co. (The) | 47689 |  | 3469375 |
|  Watts Water Technologies, Inc., Class A | 10312 |  | 2102823 |
|  Xylem, Inc. | 194035 |  | 23179421 |
|  |  |  | 291514594 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
|  Charter Communications, Inc., Class A<sup>(a)</sup> | 76978 |  | 28368702 |
|  Comcast Corp., Class A | 3014368 |  | 111230179 |
|  EchoStar Corp., Class A<sup>(a)</sup> | 49247 |  | 1259738 |
|  Fox Corp., Class A, NVS | 176870 |  | 10010842 |
|  Fox Corp., Class B | 104865 |  | 5527434 |
|  Interpublic Group of Cos., Inc. (The) | 298405 |  | 8104680 |
|  New York Times Co. (The), Class A | 58575 |  | 2905320 |
|  News Corp., Class A, NVS | 302145 |  | 8224387 |
|  News Corp., Class B | 89333 |  | 2713043 |
|  Nexstar Media Group, Inc., Class A | 23223 |  | 4162026 |
|  Omnicom Group, Inc. | 155721 |  | 12910828 |
|  Paramount Global, Class B, NVS | 474165 |  | 5671014 |
|  |  |  | 201088193 |
| **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** |
|  Alcoa Corp. | 206014 |  | 6283427 |
|  Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | 389484 |  | 3201558 |
|  Commercial Metals Co. | 92450 |  | 4253625 |
|  Freeport-McMoRan, Inc. | 1148555 |  | 43484292 |
|  Newmont Corp. | 910729 |  | 43969996 |
|  Nucor Corp. | 188071 |  | 22632464 |
|  Reliance, Inc. | 43346 |  | 12516158 |
|  Royal Gold, Inc. | 29233 |  | 4779888 |
|  Steel Dynamics, Inc. | 112529 |  | 14075127 |
|  United States Steel Corp. | 179807 |  | 7598644 |
|  |  |  | 162795179 |

---

48 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **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. | 462246 | $9388216 |
|  Starwood Property Trust, Inc. | 255526 | 5051749 |
|  |  | 14439965 |
| **Multi-Utilities — 1.2%** | **Multi-Utilities — 1.2%** | **Multi-Utilities — 1.2%** |
|  Ameren Corp. | 215711 | 21657384 |
|  Black Hills Corp. | 57081 | 3461963 |
|  CenterPoint Energy, Inc. | 519314 | 18814746 |
|  CMS Energy Corp. | 237844 | 17864463 |
|  Consolidated Edison, Inc. | 275788 | 30499395 |
|  Dominion Energy, Inc. | 672567 | 37710832 |
|  DTE Energy Co. | 164887 | 22798925 |
|  NiSource, Inc. | 375593 | 15057523 |
|  Northwestern Energy Group, Inc. | 49615 | 2871220 |
|  Public Service Enterprise Group, Inc. | 210363 | 17312875 |
|  Sempra | 507224 | 36195505 |
|  WEC Energy Group, Inc. | 253960 | 27676561 |
|  |  | 251921392 |
| **Office REITs — 0.1%** | **Office REITs — 0.1%** | **Office REITs — 0.1%** |
|  BXP, Inc. | 115846 | 7783693 |
|  COPT Defense Properties | 42578 | 1161102 |
|  Cousins Properties, Inc. | 133154 | 3928043 |
|  Kilroy Realty Corp. | 84794 | 2777852 |
|  Vornado Realty Trust | 35773 | 1323243 |
|  |  | 16973933 |
| **Oil, Gas & Consumable Fuels — 5.9%** | **Oil, Gas & Consumable Fuels — 5.9%** | **Oil, Gas & Consumable Fuels — 5.9%** |
|  Antero Midstream Corp. | 135351 | 2436318 |
|  Antero Resources Corp.<sup>(a)</sup> | 233897 | 9458795 |
|  APA Corp. | 292782 | 6154278 |
|  Chevron Corp. | 1335754 | 223458287 |
|  Chord Energy Corp. | 48418 | 5457677 |
|  Civitas Resources, Inc. | 69622 | 2429112 |
|  ConocoPhillips | 1019716 | 107090574 |
|  Coterra Energy, Inc. | 591084 | 17082328 |
|  Devon Energy Corp. | 527627 | 19733250 |
|  Diamondback Energy, Inc. | 149709 | 23935475 |
|  EOG Resources, Inc. | 449531 | 57647855 |
|  EQT Corp. | 476196 | 25443152 |
|  Expand Energy Corp. | 167790 | 18678383 |
|  Exxon Mobil Corp. | 3479059 | 413764487 |
|  HF Sinclair Corp. | 128314 | 4218964 |
|  Kinder Morgan, Inc. | 1546303 | 44116025 |
|  Marathon Petroleum Corp. | 252560 | 36795466 |
|  Matador Resources Co. | 33009 | 1686430 |
|  Murphy Oil Corp. | 108020 | 3067768 |
|  Occidental Petroleum Corp. | 540759 | 26691864 |
|  ONEOK, Inc. | 217973 | 21627281 |
|  Ovintiv, Inc. | 209980 | 8987144 |
|  PBF Energy, Inc., Class A | 78471 | 1498011 |
|  PetroCorp Escrow<sup>(a)(d)</sup> | 190 |  |
|  Phillips 66 | 329160 | 40644677 |
|  Range Resources Corp. | 107023 | 4273428 |
|  Valero Energy Corp. | 252420 | 33337109 |
|  Williams Cos., Inc. (The) | 466214 | 27860949 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187575087 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
|  Southwest Airlines Co. | 477473 | 16033543 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
|  BellRing Brands, Inc.<sup>(a)</sup> | 55978 | 4168122 |
|  Coty, Inc., Class A<sup>(a)</sup> | 306081 | 1674263 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Personal Care Products (continued)** | **Personal Care Products (continued)** | **Personal Care Products (continued)** | **Personal Care Products (continued)** |
|  Estee Lauder Cos., Inc. (The), Class A | 185927 | $| 12271182 |
|  Kenvue, Inc. | 1526652 |  | 36609115 |
|  |  |  | 54722682 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
|  Bristol-Myers Squibb Co. | 1621891 |  | 98919132 |
|  Jazz Pharmaceuticals PLC<sup>(a)(b)</sup> | 47844 |  | 5939833 |
|  Johnson & Johnson | 1924245 |  | 319116791 |
|  Merck & Co., Inc. | 2021764 |  | 181473537 |
|  Perrigo Co. PLC | 108791 |  | 3050500 |
|  Pfizer, Inc. | 4529245 |  | 114771068 |
|  Viatris, Inc. | 951316 |  | 8285962 |
|  Zoetis, Inc., Class A | 358802 |  | 59076749 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790633572 |
| **Professional Services — 0.8%** | **Professional Services — 0.8%** | **Professional Services — 0.8%** | **Professional Services — 0.8%** |
|  Automatic Data Processing, Inc. | 139753 |  | 42698734 |
|  Broadridge Financial Solutions, Inc. | 52196 |  | 12655442 |
|  CACI International, Inc., Class A<sup>(a)(b)</sup> | 7230 |  | 2652832 |
|  Concentrix Corp. | 37665 |  | 2095681 |
|  Equifax, Inc. | 98599 |  | 24014772 |
|  Exponent, Inc. | 16731 |  | 1356215 |
|  FTI Consulting, Inc.<sup>(a)</sup> | 27675 |  | 4540914 |
|  Genpact Ltd. | 61358 |  | 3091216 |
|  Insperity, Inc. | 27865 |  | 2486394 |
|  Jacobs Solutions, Inc. | 99161 |  | 11987573 |
|  KBR, Inc. | 61705 |  | 3073526 |
|  Leidos Holdings, Inc. | 51120 |  | 6898133 |
|  ManpowerGroup, Inc. | 37749 |  | 2184912 |
|  Maximus, Inc. | 47341 |  | 3228183 |
|  Paychex, Inc. | 135814 |  | 20953384 |
|  Science Applications International Corp. | 39117 |  | 4391666 |
|  Verisk Analytics, Inc. | 62975 |  | 18742619 |
|  |  |  | 167052196 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
|  CoStar Group, Inc.<sup>(a)(b)</sup> | 336327 |  | 26647188 |
|  Jones Lang LaSalle, Inc.<sup>(a)</sup> | 17775 |  | 4406600 |
|  |  |  | 31053788 |
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
|  American Homes 4 Rent, Class A | 159541 |  | 6032245 |
|  AvalonBay Communities, Inc. | 63661 |  | 13662924 |
|  Camden Property Trust | 41828 |  | 5115564 |
|  Equity LifeStyle Properties, Inc. | 76922 |  | 5130697 |
|  Equity Residential | 272295 |  | 19490876 |
|  Essex Property Trust, Inc. | 26642 |  | 8167638 |
|  Independence Realty Trust, Inc. | 72772 |  | 1544950 |
|  Invitation Homes, Inc. | 454742 |  | 15847759 |
|  Mid-America Apartment Communities, Inc. | 55121 |  | 9237177 |
|  UDR, Inc. | 131681 |  | 5948031 |
|  |  |  | 90177861 |
| **Retail REITs — 0.4%** | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** |
|  Agree Realty Corp. | 51666 |  | 3988099 |
|  Brixmor Property Group, Inc. | 109324 |  | 2902552 |
|  Federal Realty Investment Trust | 60917 |  | 5958901 |
|  Kimco Realty Corp. | 547247 |  | 11623526 |
|  Kite Realty Group Trust | 100752 |  | 2253822 |
|  NNN REIT, Inc. | 151582 |  | 6464972 |
|  Realty Income Corp. | 697890 |  | 40484599 |
|  Regency Centers Corp. | 130147 |  | 9599643 |
|  |  |  | 83276114 |
| **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 1295142 |  | 133062889 |

---

S C H E D U L E O F I N V E S T M E N T S 49

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Allegro MicroSystems, Inc.<sup>(a)</sup> | 66480 | $| 1670642 |
|  Amkor Technology, Inc. | 91479 |  | 1652111 |
|  Analog Devices, Inc. | 396508 |  | 79963768 |
|  Applied Materials, Inc. | 376732 |  | 54671348 |
|  Cirrus Logic, Inc.<sup>(a)</sup> | 16744 |  | 1668623 |
|  Enphase Energy, Inc.<sup>(a)</sup> | 107701 |  | 6682847 |
|  Entegris, Inc. | 57822 |  | 5058269 |
|  First Solar, Inc.<sup>(a)</sup> | 40118 |  | 5072119 |
|  Intel Corp. | 3460678 |  | 78591997 |
|  Lam Research Corp. | 1024562 |  | 74485657 |
|  Lattice Semiconductor Corp.<sup>(a)(b)</sup> | 55964 |  | 2935312 |
|  Microchip Technology, Inc. | 430569 |  | 20843845 |
|  Micron Technology, Inc. | 890481 |  | 77373894 |
|  MKS Instruments, Inc. | 31848 |  | 2552617 |
|  NXP Semiconductors NV | 121312 |  | 23056559 |
|  ON Semiconductor Corp.<sup>(a)</sup> | 338950 |  | 13791875 |
|  Onto Innovation, Inc.<sup>(a)</sup> | 17261 |  | 2094450 |
|  Power Integrations, Inc. | 29136 |  | 1471368 |
|  QUALCOMM, Inc. | 884666 |  | 135893544 |
|  Silicon Laboratories, Inc.<sup>(a)</sup> | 14301 |  | 1609864 |
|  Skyworks Solutions, Inc. | 127691 |  | 8252669 |
|  Synaptics, Inc.<sup>(a)</sup> | 31594 |  | 2013170 |
|  Teradyne, Inc. | 130058 |  | 10742791 |
|  Texas Instruments, Inc. | 727567 |  | 130743790 |
|  Universal Display Corp. | 18887 |  | 2634359 |
|  |  |  | 878590377 |
| **Software — 6.5%** | **Software — 6.5%** | **Software — 6.5%** | **Software — 6.5%** |
|  Adobe, Inc.<sup>(a)</sup> | 201789 |  | 77392135 |
|  ANSYS, Inc.<sup>(a)</sup> | 39149 |  | 12393008 |
|  BILL Holdings, Inc.<sup>(a)</sup> | 75682 |  | 3473047 |
|  Blackbaud, Inc.<sup>(a)</sup> | 14903 |  | 924731 |
|  Cadence Design Systems, Inc.<sup>(a)(b)</sup> | 98165 |  | 24966305 |
|  Dolby Laboratories, Inc., Class A | 49741 |  | 3994700 |
|  Dropbox, Inc., Class A<sup>(a)</sup> | 68407 |  | 1827151 |
|  Gen Digital, Inc. | 182691 |  | 4848619 |
|  Microsoft Corp. | 2851911 |  | 1070578870 |
|  PTC, Inc.<sup>(a)</sup> | 51302 |  | 7949245 |
|  Qualys, Inc.<sup>(a)</sup> | 12267 |  | 1544783 |
|  Roper Technologies, Inc. | 85704 |  | 50529364 |
|  Synopsys, Inc.<sup>(a)</sup> | 59304 |  | 25432520 |
|  Workday, Inc., Class A<sup>(a)</sup> | 90715 |  | 21184674 |
|  |  |  | 1307039152 |
| **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** |
|  American Tower Corp. | 373471 |  | 81267290 |
|  Crown Castle, Inc. | 347992 |  | 36271206 |
|  CubeSmart | 82958 |  | 3543136 |
|  Digital Realty Trust, Inc. | 252910 |  | 36239474 |
|  EPR Properties | 61812 |  | 3251929 |
|  Equinix, Inc. | 41226 |  | 33613619 |
|  Extra Space Storage, Inc. | 93062 |  | 13818776 |
|  Gaming & Leisure Properties, Inc. | 124632 |  | 6343769 |
|  Lamar Advertising Co., Class A | 25932 |  | 2950543 |
|  PotlatchDeltic Corp. | 57882 |  | 2611636 |
|  Rayonier, Inc. | 114265 |  | 3185708 |
|  SBA Communications Corp., Class A | 85398 |  | 18788414 |
|  VICI Properties, Inc. | 843641 |  | 27519570 |
|  Weyerhaeuser Co. | 579979 |  | 16981785 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286386855 |
| **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
|  AutoNation, Inc.<sup>(a)</sup> | 20957 |  | 3393358 |
|  Bath & Body Works, Inc. | 84816 |  | 2571621 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
|  Best Buy Co., Inc. | 155769 | $| 11466156 |
|  CarMax, Inc.<sup>(a)(b)</sup> | 123450 |  | 9619224 |
|  Dick's Sporting Goods, Inc. | 18422 |  | 3713138 |
|  Five Below, Inc.<sup>(a)</sup> | 43741 |  | 3277294 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)(b)</sup> | 37503 |  | 3017866 |
|  GameStop Corp., Class A<sup>(a)(b)</sup> | 181337 |  | 4047442 |
|  Gap, Inc. (The) | 176850 |  | 3644879 |
|  Home Depot, Inc. (The) | 444596 |  | 162939988 |
|  Lithia Motors, Inc., Class A | 21268 |  | 6243009 |
|  Lowe's Cos., Inc. | 451719 |  | 105354422 |
|  Penske Automotive Group, Inc. | 14977 |  | 2156389 |
|  RH<sup>(a)(b)</sup> | 5906 |  | 1384426 |
|  Ross Stores, Inc. | 264600 |  | 33813234 |
|  TJX Cos., Inc. (The) | 368219 |  | 44849074 |
|  Tractor Supply Co. | 195932 |  | 10795853 |
|  Ulta Beauty, Inc.<sup>(a)(b)</sup> | 37571 |  | 13771274 |
|  |  |  | 426058647 |
| **Technology Hardware, Storage & Peripherals — 7.5%** | **Technology Hardware, Storage & Peripherals — 7.5%** | **Technology Hardware, Storage & Peripherals — 7.5%** | **Technology Hardware, Storage & Peripherals — 7.5%** |
|  Apple Inc. | 6483312 |  | 1440138095 |
|  Dell Technologies, Inc., Class C | 132143 |  | 12044834 |
|  Hewlett Packard Enterprise Co. | 1049722 |  | 16197211 |
|  HP, Inc. | 749518 |  | 20754153 |
|  NetApp, Inc. | 86858 |  | 7629607 |
|  Seagate Technology Holdings PLC | 168058 |  | 14276527 |
|  Western Digital Corp.<sup>(a)</sup> | 275674 |  | 11145500 |
|  |  |  | 1522185927 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **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> | 93520 |  | 1845150 |
|  Columbia Sportswear Co. | 25204 |  | 1907691 |
|  Lululemon Athletica, Inc.<sup>(a)(b)</sup> | 48557 |  | 13744544 |
|  NIKE, Inc., Class B | 944081 |  | 59930262 |
|  PVH Corp. | 44654 |  | 2886435 |
|  Skechers U.S.A., Inc., Class A<sup>(a)</sup> | 104388 |  | 5927151 |
|  Under Armour, Inc., Class A<sup>(a)(b)</sup> | 145093 |  | 906831 |
|  Under Armour, Inc., Class C, NVS<sup>(a)(b)</sup> | 111217 |  | 661741 |
|  VF Corp. | 264653 |  | 4107414 |
|  |  |  | 91917219 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
|  Altria Group, Inc. | 732224 |  | 43948084 |
|  Philip Morris International, Inc. | 571635 |  | 90735624 |
|  |  |  | 134683708 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
|  Core & Main, Inc., Class A<sup>(a)(b)</sup> | 58472 |  | 2824782 |
|  Fastenal Co. | 197034 |  | 15279987 |
|  GATX Corp. | 10817 |  | 1679556 |
|  MSC Industrial Direct Co., Inc., Class A | 34532 |  | 2682100 |
|  Watsco, Inc. | 10750 |  | 5464225 |
|  WESCO International, Inc. | 35564 |  | 5523089 |
|  |  |  | 33453739 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
|  American Water Works Co., Inc. | 155762 |  | 22978010 |
|  Essential Utilities, Inc. | 203151 |  | 8030559 |
|  |  |  | 31008569 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
|  T-Mobile U.S., Inc. | 180131 |  | 48042739 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $18,921,148,628)** |  |  | 20151444381 |

---

50 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.8%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(c)(e)(f)</sup> | 112833608 | $112890025 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(c)(e)</sup> | 41277756 | 41277756 |
|  **Total Short-Term Securities — 0.8%<br>(Cost: $154,136,281)** |  | 154167781 |
|  **Total Investments — 100.5%<br>(Cost: $19,075,284,909)** |  | 20305612162 |
|  **Liabilities in Excess of Other<br>Assets — (0.5)%** | **Liabilities in Excess of Other<br>Assets — (0.5)%** | (92185078) |
|  **Net Assets — 100.0%** |  | $20213427084 |

---

<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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $85100789 | $27796296 <sup>(a)</sup> | $— | $642 | $(7702) | $112890025 | 112833608 | $237482 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 26469410 | 14808346 <sup>(a)</sup> |  |  |  | 41277756 | 41277756 | 1749966 |  |
|  BlackRock, Inc. | 92634074 | 52236974 | (49286147) | 7055070 | 7492442 | 110132413 | 116360 | 2417498 |  |
|  |  |  |  | $7055712 | $7484740 | $264300194 |  | $4404946 | $— |

---

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Consumer Staples Select Sector Index | 52 | 06/20/25 | $4318 | $118191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 1000 Value E-Mini Index | 598 | 06/20/25 | 55740 | 904012 |
|  |  |  |  | $1022203 |

---

S C H E D U L E O F I N V E S T M E N T S 51

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Core S&P U.S. 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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $1022203 | $— | $— | $— | $1022203 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(148184) | $— | $— | $— | $(148184) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(211100) | $— | $— | $— | $(211100) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $53598218.0 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $20151444381 | $— | $— | $20151444381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 154167781 |  |  | 154167781 |
|  | $20305612162 | $— | $— | $20305612162 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $1022203 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1022203 |

---

<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.* 

52 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Assets and Liabilities

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Core S&P<br> Mid-Cap ETF | iShares<br> Core S&P<br> Small-Cap ETF | iShares<br> Core S&P<br> U.S. Growth<br> ETF | iShares<br> Core S&P<br> U.S. Value ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $89053450310 | $8903134835 | $19424712741 | $20041311968 |
|  Investments, at value — affiliated<sup>(c)</sup> | 4330410263 | 73363635387 | 213600124 | 264300194 |
|  Cash | 25756565 |  | 1065 |  |
|  Cash pledged: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 2020000 | 80790000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 20186000 | 26134000 | 1735620 | 3316190 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 3036988 | 107546 | 2260 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 843644 | 1330740 | 36177 | 18986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 2051729 | 744984 | 60609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 94950175 | 93323222 | 4987062 | 17584126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1453464 | 4665896 | 81040 | 146094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 569160 |  | 11350 | 521830 |
|  Unrealized appreciation on OTC swaps | 4374907 | 3067369 |  |  |
|  Total assets | 93539103205 | 82476933979 | 19645228048 | 20327201648 |
|  **LIABILITIES** |  |  |  |  |
|  Bank overdraft |  | 15783 |  | 271058 |
|  Cash received: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 2980000 | 3880000 |  |  |
|  Collateral on securities loaned | 3932345644 | 3907644824 | 187181889 | 112797832 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 130916110 |  | 81848 | 23869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 2316966 | 126174534 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 1448280 | 286533 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 3852533 | 4083377 | 672790 | 681805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 1453500 |  |  |
|  Unrealized depreciation on OTC swaps | 40865 | 8867195 |  |  |
|  Total liabilities | 4073900398 | 4052405746 | 187936527 | 113774564 |
|  **Commitments and contingent liabilities** |  |  |  |  |
|  NET ASSETS | $89465202807 | $78424528233 | $19457291521 | $20213427084 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
|  Paid-in capital | $82126173706 | $78310014959 | $16478532828 | $20716085962 |
|  Accumulated earnings (loss) | 7339029101 | 114513274 | 2978758693 | (502658878) |
|  NET ASSETS | $89465202807 | $78424528233 | $19457291521 | $20213427084 |
|  **NET ASSET VALUE** |  |  |  |  |
|  Shares outstanding | 1533850000 | 749850000 | 152900000 | 219050000 |
|  Net asset value | $58.33 | $104.59 | $127.26 | $92.28 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $78075278754 | $9286373194 | $14605172737 | $18833598638 |
|  <sup>(b) </sup>Securities loaned, at value | $3845498183 | $3778695619 | $182713937 | $109660033 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $4328255471 | $67505757651 | $213566414 | $241686271 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 53

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Statements of Operations

Year Ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Core S&P<br> Mid-Cap ETF | iShares<br> Core S&P<br> Small-Cap ETF | iShares<br> Core S&P<br> U.S. Growth<br> ETF | iShares<br> Core S&P<br> U.S. Value ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $1312407720 | $71747925 | $134660391 | $397652374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 18316194 | 1211665084 | 1120312 | 4167464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 465730 | 954674 | 3928 | 9036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 9479280 | 19009286 | 299877 | 237482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (769561) | (1506195) | (88945) | (43171) |
|  Total investment income | 1339899363 | 1301870774 | 135995563 | 402023185 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 45039395 | 50345706 | 7825650 | 7545873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 4425 | 62406 | 266 | 1672 |
|  Total expenses | 45043820 | 50408112 | 7825916 | 7547545 |
|  Net investment income | 1294855543 | 1251462662 | 128169647 | 394475640 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 612907163 | (66658429) | (179872602) | (480263305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 20463 | 180882509 | 4912 | 126741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1230551 | (12023656) | 584437 | (148184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | 2677429793 | 126388281 | 3000741776 | 1952677447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup> |  | 1782725436 |  | 6928971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 70839809 | 123000721 |  |  |
|  | 3362427779 | 2134314862 | 2821458523 | 1479321670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (7358374778) | (710268482) | (1284107144) | (1091516489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (229943) | (5648595409) | (19494) | 7484740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1252223) | (2043299) | (208638) | (211100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (34511508) | (81929651) |  |  |
|  | (7394368452) | (6442836841) | (1284335276) | (1084242849) |
|  Net realized and unrealized gain (loss) | (4031940673) | (4308521979) | 1537123247 | 395078821 |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(2737085130) | $(3057059317) | $1665292894 | $789554461 |

---

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

*See notes to financial statements.* 

54 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1294855543 | $1150069713 | $1251462662 | $1196313259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 3362427779 | 2896978059 | 2134314862 | 360194665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (7394368452) | 11692625873 | (6442836841) | 9163432520 |
|  Net increase (decrease) in net assets resulting from operations | (2737085130) | 15739673645 | (3057059317) | 10719940444 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (1228803824) | (1078873318) | (1760277664) | (1000635614) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 8369383012 | 3892631820 | 2882602598 | 3883131718 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 4403494058 | 18553432147 | (1934734383) | 13602436548 |
|  Beginning of year | 85061708749 | 66508276602 | 80359262616 | 66756826068 |
|  End of year | $89465202807 | $85061708749 | $78424528233 | $80359262616 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 55

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $128169647 | $154264179 | $394475640 | $296163700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 2821458523 | 298655874 | 1479321670 | 1406996728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1284335276) | 3733653027 | (1084242849) | 1671136107 |
|  Net increase in net assets resulting from operations | 1665292894 | 4186573080 | 789554461 | 3374296535 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (124512004) | (151138533) | (393543488) | (286055103) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 994309005 | 563304631 | 2815407464 | 629781643 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 2535089895 | 4598739178 | 3211418437 | 3718023075 |
|  Beginning of year | 16922201626 | 12323462448 | 17002008647 | 13283985572 |
|  End of year | $19457291521 | $16922201626 | $20213427084 | $17002008647 |

---

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

*See notes to financial statements.* 

56 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24<br><sup>(a)</sup> | Year Ended<br>03/31/23<br><sup>(a)</sup> | Year Ended<br>03/31/22<br><sup>(a)</sup> | Year Ended<br>03/31/21<br><sup>(a)</sup> |
|  **Net asset value, beginning of year** | $60.80 | $50.03 | $53.68 | $52.03 | $28.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.88 | 0.83 | 0.80 | 0.68 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | (2.52) | 10.72 | (3.62) | 1.68 | 23.27 |
|  Net increase (decrease) from investment operations | (1.64) | 11.55 | (2.82) | 2.36 | 23.82 |
|  Distributions from net investment income<sup>(d)</sup> | (0.83) | (0.78) | (0.83) | (0.71) | (0.56) |
|  **Net asset value, end of year** | $58.33 | $60.80 | $50.03 | $53.68 | $52.03 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |
|  Based on net asset value | (2.76)% | 23.30% | (5.13)% | 4.51% | 83.36% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
|  Net investment income | 1.44% | 1.59% | 1.62% | 1.26% | 1.36% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $89465203 | $85061709 | $66508277 | $66023819 | $61137875 |
|  Portfolio turnover rate<sup>(g)(h)</sup> | 18% | 19% | 18% | 16% | 20% |

---

<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 total return swaps. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 57

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21 |
|  **Net asset value, beginning of year** | $110.59 | $96.76 | $107.93 | $108.34 | $56.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.69 | 1.70 | 1.57 | 1.13 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (5.33) | 13.55 | (11.24) | 0.12 | 52.13 |
|  Net increase (decrease) from investment operations | (3.64) | 15.25 | (9.67) | 1.25 | 53.16 |
|  Distributions from net investment income<sup>(c)</sup> | (2.36) | (1.42) | (1.50) | (1.66) | (1.04) |
|  **Net asset value, end of year** | $104.59 | $110.59 | $96.76 | $107.93 | $108.34 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (3.46)% | 15.91% | (8.90)% | 1.12% | 95.23 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
|  Net investment income | 1.49% | 1.71% | 1.60% | 1.02% | 1.28% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $78424528 | $80359263 | $66756826 | $72070280 | $68273012 |
|  Portfolio turnover rate<sup>(g)(h)</sup> | 25% | 25% | 19% | 16% | 20% |

---

<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 a payment received 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> Portfolio turnover rate excludes in-kind transactions, if any.

<sup>(h)</sup> Excludes underlying investments in total return swaps. 

*See notes to financial statements.* 

58 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21 |
|  **Net asset value, beginning of year** | $117.27 | $88.82 | $105.47 | $90.74 | $57.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.86 | 1.09 | 0.96 | 0.72 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | 9.96 | 28.42 | (16.67) | 14.73 | 33.62 |
|  Net increase (decrease) from investment operations | 10.82 | 29.51 | (15.71) | 15.45 | 34.38 |
|  Distributions from net investment income<sup>(c)</sup> | (0.83) | (1.06) | (0.94) | (0.72) | (0.80) |
|  **Net asset value, end of year** | $127.26 | $117.27 | $88.82 | $105.47 | $90.74 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 9.19% | 33.45% | (14.86)% | 17.03% | 60.34% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |
|  Net investment income | 0.66% | 1.09% | 1.10% | 0.69% | 0.96% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $19457292 | $16922202 | $12323462 | $12857333 | $10461747 |
|  Portfolio turnover rate<sup>(f)</sup> | 21% | 31% | 36% | 15% | 14% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 59

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21 |
|  **Net asset value, beginning of year** | $90.46 | $73.78 | $75.80 | $68.82 | $46.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.94 | 1.63 | 1.55 | 1.50 | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | 1.80 | 16.62 | (2.02) | 6.93 | 22.60 |
|  Net increase (decrease) from investment operations | 3.74 | 18.25 | (0.47) | 8.43 | 24.03 |
|  Distributions from net investment income<sup>(c)</sup> | (1.92) | (1.57) | (1.55) | (1.45) | (1.44) |
|  **Net asset value, end of year** | $92.28 | $90.46 | $73.78 | $75.80 | $68.82 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 4.14% | 25.02% | (0.46)% | 12.33% | 52.59% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |
|  Net investment income | 2.09% | 2.05% | 2.18% | 2.04% | 2.48% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $20213427 | $17002009 | $13283986 | $12123855 | $9084867 |
|  Portfolio turnover rate<sup>(f)</sup> | 31% | 33% | 31% | 20% | 25% |

---

<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.* 

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Notes to Financial Statements

*1. ORGANIZATION* 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* |
|  Core 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 |

---

<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. 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.

**ForeignTaxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "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, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 61

------

Notes to Financial Statements (continued)

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

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

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

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

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

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

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

• 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:

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

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

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

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

*4. SECURITIES AND OTHER INVESTMENTS* 

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and

62 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities*<br> *Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net*<br> *Amount* |
|  Core S&P Mid-Cap |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $146907443 | $(146907443) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 30554492 | (30554492) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 479475 | (479475) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 278065047 | (278065047) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 347835377 | (347835377) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 27793534 | (27793534) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 461471334 | (461471334) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 448662327 | (448662327) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 188576560 | (188576560) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 369787102 | (369787102) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 10074178 | (10074178) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 724681560 | (724681560) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada | 5982535 | (5982535) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 104837851 | (104837851) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA | 30492985 | (30492985) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Market LLC | 1137717 | (1137717) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital, Inc. | 42385160 | (42385160) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 58982246 | (58247787) |  | &nbsp;&nbsp;&nbsp;&nbsp;734459 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 113641595 | (113641595) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 831277 | (831277) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 138371326 | (138371326) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 10716936 | (10716936) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Americas LLC | 19354337 | (19354337) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 219576242 | (219576242) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 64299547 | (64299547) |  |  |
|  | $3845498183 | $(3844763724) | $— | $734459 |
|  Core S&P Small-Cap |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $252261332 | $(252261332) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 9628761 | (9628761) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 4223344 | (4223344) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 366237349 | (366237349) |  |  |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 63

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Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities*<br> *Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net*<br> *Amount* |
|  Core S&P Small-Cap (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $283679678 | $(283679678) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 30955081 | (28167725) |  | 2787356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 209483964 | (209483964) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 913506235 | (913506235) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 15093426 | (15093426) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 496241449 | (496241449) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 6861168 | (6861168) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Securities USA LLC | 152352 | (152352) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 562627969 | (562627969) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada | 7326463 | (7326463) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 52871473 | (52871473) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA | 23692125 | (23692125) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 24440 | (24440) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Market LLC | 8073040 | (8073040) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 3501906 | (3501906) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital, Inc. | 165374600 | (165374600) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 19984038 | (19984038) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 63033886 | (63033886) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 16642737 | (16642737) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 88354678 | (88354678) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 945674 | (945674) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Americas LLC | 19946369 | (19946369) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 90385048 | (90385048) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 67587034 | (67587034) |  |  |
|  | $3778695619 | $(3775908263) | $— | $2787356 |
|  Core S&P U.S. Growth |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $254647 | $(254647) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 7376320 | (7371621) |  | 4699 |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 10399360 | (10399360) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 60888107 | (60888107) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 17740216 | (17740216) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 7355781 | (7355781) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 3569489 | (3569489) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 354273 | (354273) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 14388351 | (14388351) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 2338924 | (2338924) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 639796 | (639796) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 1349967 | (1349967) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 473214 | (473214) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Americas LLC | 316904 | (316400) |  | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 50202084 | (50202084) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 5066504 | (4956700) |  | 109804 |
|  | $182713937 | $(182598930) | $— | $115007 |
|  Core S&P U.S. Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $3524131 | $(3524131) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 3636919 | (3636919) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 23086453 | (23086453) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 15711454 | (15711454) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 6542032 | (6542032) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 12597558 | (12597558) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 869695 | (869695) |  |  |

---

64 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities<br>Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net<br>Amount* |
|  Core S&P U.S. Value (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | $2608997 | $(2608997) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 17996093 | (17996093) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 1825025 | (1825025) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA | 741664 | (741664) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 1828928 | (1828928) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 2329420 | (2329420) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 2605132 | (2605132) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Americas LLC | 890758 | (890758) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 8861566 | (8861566) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 4004208 | (3991650) |  | 12558 |
|  | $109660033 | $(109647475) | $— | $12558 |

---

<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. 

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.

Total return swaps are entered into by the iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF 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).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

N O T E S T O F I N A N C I A L S T A T E M E N T S 65

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Notes to Financial Statements (continued)

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and 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, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

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 it 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% |
|  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.

66 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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

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

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Core S&P Mid-Cap | $3651718 |
|  Core S&P Small-Cap | 6211879 |
|  Core S&P U.S. Growth | 122157 |
|  Core S&P U.S. Value | 94962 |

---

**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, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized*<br> *Gain (Loss)* |
|  Core S&P Mid-Cap | $3586378544 | $4833630268 | $(438929000) |
|  Core S&P Small-Cap | 3535018171 | 4085094846 | 1160916759 |
|  Core S&P U.S. Growth | 2237824757 | 3084525556 | (142921632) |
|  Core S&P U.S. Value | 4940335440 | 2793330831 | (153792655) |

---

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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 67

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Notes to Financial Statements (continued)

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

For the year ended March 31, 2025, 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 | $17176208372 | $16561997824 |
|  Core S&P Small-Cap | 21493234606 | 20982964500 |
|  Core S&P U.S. Growth | 4034948982 | 4075430740 |
|  Core S&P U.S. Value | 5890467663 | 5915291966 |

---

For the year ended March 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind*<br> *Purchases* | *In-kind*<br> *Sales* |
|  Core S&P Mid-Cap | $15498362791 | $7394988192 |
|  Core S&P Small-Cap | 8635333505 | 6142877441 |
|  Core S&P U.S. Growth | 6696110147 | 5669231527 |
|  Core S&P U.S. Value | 8208019895 | 5374103949 |

---

**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, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  Core S&P Mid-Cap | $2675004864 | $(2675004864) |
|  Core S&P Small-Cap | 1902480803 | (1902480803) |
|  Core S&P U.S. Growth | 2997149820 | (2997149820) |
|  Core S&P U.S. Value | 1956080416 | (1956080416) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>03/31/25* | *Year Ended<br>03/31/24* |
|  Core S&P Mid-Cap |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1228803824 | $1078873318 |
|  Core S&P Small-Cap |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1760277664 | $1000635614 |
|  Core S&P U.S. Growth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $124512004 | $151138533 |
|  Core S&P U.S. Value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $393543488 | $286055103 |

---

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Notes to Financial Statements (continued)

As of March 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Qualified Late-Year<br>Ordinary Losses<sup>(c)</sup>* | *Total* |
|  Core S&P Mid-Cap | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244415864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3519221967) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10613835204 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7339029101 |
|  Core S&P Small-Cap |  | (4902101296) | 5177270783 | (160656213) | 114513274 |
|  Core S&P U.S. Growth | 8055133 | (1842554345) | 4813257905 |  | 2978758693 |
|  Core S&P U.S. Value | 13421085 | (1724253023) | 1208173060 |  | (502658878) |

---

<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.

For the year ended March 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF* | *Utilized* |
|  Core S&P Mid-Cap | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766226800 |
|  Core S&P Small-Cap | 62515388 |

---

As of March 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Core S&P Mid-Cap | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82770025371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17540512326 | $(6926677124) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10613835202 |
|  Core S&P Small-Cap | 77089499439 | 15938004077 | (10760733294) | 5177270783 |
|  Core S&P U.S. Growth | 14825054960 | 5026436365 | (213178460) | 4813257905 |
|  Core S&P U.S. Value | 19097422160 | 2319128283 | (1110938281) | 1208190002 |

---

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

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

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

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

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

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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 69

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Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>03/31/25 | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Core S&P Mid-Cap |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 256200000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15854479058 | 284400000 <sup>(a)</sup> | $15431419032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (121450000) | (7485096046) | (214550000)<sup>(a)</sup> | (11538787212) |
|  | 134750000 | $8369383012 | 69850000 | $3892631820 |
|  Core S&P Small-Cap |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 75700000 | $8732983572 | 103100000 | $10394445497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (52500000) | (5850380974) | (66350000) | (6511313779) |
|  | 23200000 | $2882602598 | 36750000 | $3883131718 |

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Notes to Financial Statements (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>03/31/25 | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Core S&P U.S. Growth |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 49450000 | $6702273543 | 16100000 | $1637491864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (40850000) | (5707964538) | (10550000) | (1074187233) |
|  | 8600000 | $994309005 | 5550000 | $563304631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core S&P U.S. Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 89500000 | $8256381910 | 71500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878816219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (58400000) | (5440974446) | (63600000) | (5249034576) |
|  | 31100000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815407464 | 7900000 | $629781643 |

---

<sup>(a)</sup> Share transactions reflect five-for-one stock split effective after the close of trading on February 21, 2024.

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.

The Board authorized a five-for-one stock split for the iShares Core S&P Mid-Cap ETF, effective after the close of trading on February 21, 2024, for the shareholders of record on February 16, 2024. The impact of the stock split was an increase in the number of shares outstanding by a factor of five, while decreasing the NAV per share by a factor of five, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the stock split.

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 71

------

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, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

<br> <u> 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</u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

 /s/PricewaterhouseCoopers LLP<br> Philadelphia, Pennsylvania<br> May 22, 2025<br>

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

72 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend<br>Income* |
|  Core S&P Mid-Cap | $1013063499 |
|  Core S&P Small-Cap | 966311270 |
|  Core S&P U.S. Growth | 126348206 |
|  Core S&P U.S. Value | 374731108 |

---

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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business<br>Income* |
|  Core S&P Mid-Cap | $271011135 |
|  Core S&P Small-Cap | 219545039 |
|  Core S&P U.S. Growth | 5677981 |
|  Core S&P U.S. Value | 23909601 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received<br>Deduction* |
|  Core S&P Mid-Cap | 74.58% |
|  Core S&P Small-Cap | 64.87 |
|  Core S&P U.S. Growth | 95.19 |
|  Core S&P U.S. Value | 91.02 |

---

I M P O R T A N T T A X I N F O R M A T I O N 73

------

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, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

#### Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares 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").

74 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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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:

• Go to **icsdelivery.com**.

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

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

#### Proxy Results
Not applicable.

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

#### Availability of Portfolio Holdings Information
A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

A D D I T I O N A L I N F O R M A T I O N 75

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Glossary of Terms Used in these Financial Statements

---

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

---

76 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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

---

| | |
|:---|:---|
| ![LOGO](g86604g76o73.jpg)  | ![LOGO](g86604g87s07.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g86604g70e91.jpg)  | **MARCH 31, 2025** |

---

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

#### 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](#fin486604_1) | 3 |
|  [Statements of Assets and Liabilities](#fin486604_2) | 17 |
|  [Statements of Operations](#fin486604_3) | 18 |
|  [Statements of Changes in Net Assets](#fin486604_4) | 19 |
|  [Financial Highlights](#fin486604_5) | 21 |
|  [Notes to Financial Statements](#fin486604_6) | 24 |
|  [Report of Independent Registered Public Accounting Firm](#fin486604_7) | 31 |
|  [Important Tax Information](#fin486604_8) | 32 |
|  [Additional Information](#fin486604_9) | 33 |
|  [Glossary of Terms Used in these Financial Statements](#fin486604_10) | 34 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.1%** |  |  |
|  Boeing Co. (The)<sup>(a)(b)</sup> | 29124 | $4967098 |
|  General Dynamics Corp. | 10626 | 2896435 |
|  General Electric Co. | 41892 | 8384684 |
|  Lockheed Martin Corp. | 8196 | 3661235 |
|  Northrop Grumman Corp. | 5312 | 2719797 |
|  RTX Corp. | 51752 | 6855070 |
|  TransDigm Group, Inc. | 2124 | 2938108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32422427 |
| **Air Freight & Logistics — 0.3%** |  |  |
|  FedEx Corp. | 8621 | 2101627 |
|  United Parcel Service, Inc., Class B | 28345 | 3117667 |
|  |  | 5219294 |
| **Automobiles — 2.0%** |  |  |
|  Ford Motor Co. | 152497 | 1529545 |
|  General Motors Co. | 38485 | 1809950 |
|  Tesla, Inc.<sup>(a)</sup> | 108172 | 28033855 |
|  |  | 31373350 |
| **Banks — 3.8%** |  |  |
|  Bank of America Corp. | 259168 | 10815081 |
|  Citigroup, Inc. | 73626 | 5226710 |
|  JPMorgan Chase & Co. | 109349 | 26823310 |
|  PNC Financial Services Group, Inc. (The) | 15421 | 2710549 |
|  Truist Financial Corp. | 51829 | 2132763 |
|  U.S. Bancorp | 60900 | 2571198 |
|  Wells Fargo & Co. | 128086 | 9195294 |
|  |  | 59474905 |
| **Beverages — 1.5%** |  |  |
|  Coca-Cola Co. (The) | 151094 | 10821352 |
|  Constellation Brands, Inc., Class A | 6099 | 1119289 |
|  Keurig Dr. Pepper, Inc. | 46547 | 1592838 |
|  Monster Beverage Corp.<sup>(a)</sup> | 27492 | 1608832 |
|  PepsiCo, Inc. | 53510 | 8023289 |
|  |  | 23165600 |
| **Biotechnology — 2.2%** |  |  |
|  AbbVie, Inc. | 68954 | 14447242 |
|  Amgen, Inc. | 20867 | 6501114 |
|  Gilead Sciences, Inc. | 48634 | 5449440 |
|  Moderna, Inc.<sup>(a)(b)</sup> | 12550 | 355792 |
|  Regeneron Pharmaceuticals, Inc. | 4069 | 2580682 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 10063 | 4878744 |
|  |  | 34213014 |
| **Broadline Retail — 4.4%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 365326 | 69506925 |
| **Building Products — 0.5%** |  |  |
|  Carrier Global Corp. | 32626 | 2068488 |
|  Johnson Controls International PLC | 25664 | 2055943 |
|  Trane Technologies PLC | 8806 | 2966918 |
|  |  | 7091349 |
| **Capital Markets — 2.9%** |  |  |
|  BlackRock, Inc.<sup>(c)</sup> | 5749 | 5441314 |
|  Blackstone, Inc., Class A, NVS | 28050 | 3920829 |
|  Charles Schwab Corp. (The) | 64511 | 5049921 |
|  CME Group, Inc., Class A | 13981 | 3709020 |
|  Goldman Sachs Group, Inc. (The) | 11739 | 6412898 |
|  Intercontinental Exchange, Inc. | 22164 | 3823290 |
|  KKR & Co., Inc., Class A | 26167 | 3025167 |
|  Moody's Corp. | 6142 | 2860268 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Capital Markets (continued)** |  |  |  |
|  Morgan Stanley | 44632 | $| 5207215 |
|  S&P Global, Inc. | 12171 |  | 6184085 |
|  |  |  | 45634007 |
| **Chemicals — 1.1%** |  |  |  |
|  Air Products & Chemicals, Inc. | 8624 |  | 2543390 |
|  Ecolab, Inc. | 9710 |  | 2461679 |
|  Linde PLC | 18700 |  | 8707468 |
|  Sherwin-Williams Co. (The) | 9116 |  | 3183216 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16895753 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
|  Cintas Corp. | 13503 |  | 2775272 |
|  Copart, Inc.<sup>(a)</sup> | 33872 |  | 1916816 |
|  Republic Services, Inc. | 7972 |  | 1930499 |
|  Waste Management, Inc. | 15586 |  | 3608315 |
|  |  |  | 10230902 |
| **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** |
|  Arista Networks, Inc.<sup>(a)</sup> | 40139 |  | 3109970 |
|  Cisco Systems, Inc. | 155346 |  | 9586401 |
|  Motorola Solutions, Inc. | 6396 |  | 2800233 |
|  |  |  | 15496604 |
| **Construction Materials — 0.2%** |  |  |  |
|  CRH PLC | 26862 |  | 2363050 |
| **Consumer Finance — 0.5%** |  |  |  |
|  American Express Co. | 21565 |  | 5802063 |
|  Capital One Financial Corp. | 14699 |  | 2635531 |
|  |  |  | 8437594 |
| **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** |
|  Costco Wholesale Corp. | 17256 |  | 16320380 |
|  Target Corp. | 18069 |  | 1885681 |
|  Walmart, Inc. | 168926 |  | 14830013 |
|  |  |  | 33036074 |
| **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** |
|  AT&T Inc. | 279396 |  | 7901319 |
|  Verizon Communications, Inc. | 164168 |  | 7446660 |
|  |  |  | 15347979 |
| **Electric Utilities — 1.1%** |  |  |  |
|  American Electric Power Co., Inc. | 20733 |  | 2265495 |
|  Constellation Energy Corp. | 12234 |  | 2466741 |
|  Duke Energy Corp. | 30037 |  | 3663613 |
|  NextEra Energy, Inc. | 80013 |  | 5672122 |
|  Southern Co. (The) | 42704 |  | 3926633 |
|  |  |  | 17994604 |
| **Electrical Equipment — 0.6%** |  |  |  |
|  Eaton Corp. PLC | 15340 |  | 4169872 |
|  Emerson Electric Co. | 22186 |  | 2432473 |
|  GE Vernova, Inc. | 10584 |  | 3231084 |
|  |  |  | 9833429 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
|  Amphenol Corp., Class A | 45902 |  | 3010712 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
|  Schlumberger NV | 55046 |  | 2300923 |
| **Entertainment — 1.6%** |  |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 16653 |  | 15529422 |
|  Spotify Technology SA<sup>(a)</sup> | 5711 |  | 3141221 |
|  Walt Disney Co. (The) | 70667 |  | 6974833 |
|  |  |  | 25645476 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Financial Services — 5.7%** |  |  |  |
|  Apollo Global Management, Inc. | 20266 | $| 2775226 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 71240 |  | 37940999 |
|  Fiserv, Inc.<sup>(a)</sup> | 22026 |  | 4864002 |
|  Mastercard, Inc., Class A | 31738 |  | 17396232 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 39124 |  | 2552841 |
|  Visa, Inc., Class A | 67171 |  | 23540749 |
|  |  |  | 89070049 |
| **Food Products — 0.3%** |  |  |  |
|  Kraft Heinz Co. (The) | 34514 |  | 1050261 |
|  Mondelez International, Inc., Class A | 52153 |  | 3538581 |
|  |  |  | 4588842 |
| **Ground Transportation — 1.0%** |  |  |  |
|  CSX Corp. | 75199 |  | 2213107 |
|  Norfolk Southern Corp. | 8768 |  | 2076701 |
|  Uber Technologies, Inc.<sup>(a)</sup> | 79095 |  | 5762862 |
|  Union Pacific Corp. | 23760 |  | 5613062 |
|  |  |  | 15665732 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
|  Abbott Laboratories | 67319 |  | 8929865 |
|  Becton Dickinson & Co. | 11230 |  | 2572344 |
|  Boston Scientific Corp.<sup>(a)</sup> | 57226 |  | 5772959 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 22763 |  | 1649862 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 13749 |  | 6809467 |
|  Medtronic PLC | 49982 |  | 4491383 |
|  Stryker Corp. | 14099 |  | 5248353 |
|  |  |  | 35474233 |
| **Health Care Providers & Services — 2.3%** | **Health Care Providers & Services — 2.3%** | **Health Care Providers & Services — 2.3%** | **Health Care Providers & Services — 2.3%** |
|  Cigna Group (The) | 10470 |  | 3444630 |
|  CVS Health Corp. | 49039 |  | 3322392 |
|  Elevance Health, Inc. | 9062 |  | 3941608 |
|  HCA Healthcare, Inc. | 7222 |  | 2495562 |
|  McKesson Corp. | 4941 |  | 3325244 |
|  UnitedHealth Group, Inc. | 35794 |  | 18747107 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35276543 |
| **Health Care REITs — 0.2%** |  |  |  |
|  Welltower, Inc. | 24045 |  | 3683934 |
| **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 16656 |  | 1989726 |
|  Booking Holdings, Inc. | 1291 |  | 5947521 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 53041 |  | 2663189 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 13790 |  | 2520398 |
|  Marriott International, Inc., Class A | 8812 |  | 2099018 |
|  McDonald's Corp. | 28044 |  | 8760104 |
|  Starbucks Corp. | 44130 |  | 4328712 |
|  |  |  | 28308668 |
| **Household Products — 1.3%** |  |  |  |
|  Colgate-Palmolive Co. | 31710 |  | 2971227 |
|  Kimberly-Clark Corp. | 12896 |  | 1834069 |
|  Procter & Gamble Co. (The) | 91839 |  | 15651203 |
|  |  |  | 20456499 |
| **Industrial Conglomerates — 0.5%** |  |  |  |
|  3M Co. | 21218 |  | 3116076 |
|  Honeywell International, Inc. | 25360 |  | 5369980 |
|  |  |  | 8486056 |
| **Industrial REITs — 0.3%** |  |  |  |
|  Prologis, Inc. | 35977 |  | 4021869 |
| **Insurance — 1.6%** |  |  |  |
|  American International Group, Inc. | 24257 |  | 2108904 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Insurance (continued)** |  |  |  |
|  Aon PLC, Class A | 7630 | $| 3045057 |
|  Chubb Ltd. | 15758 |  | 4758758 |
|  Marsh & McLennan Cos., Inc. | 19203 |  | 4686108 |
|  MetLife, Inc. | 22522 |  | 1808291 |
|  Progressive Corp. (The) | 22720 |  | 6429987 |
|  Travelers Cos., Inc. (The) | 8798 |  | 2326719 |
|  |  |  | 25163824 |
| **Interactive Media & Services — 7.3%** | **Interactive Media & Services — 7.3%** | **Interactive Media & Services — 7.3%** | **Interactive Media & Services — 7.3%** |
|  Alphabet, Inc., Class A | 228776 |  | 35377921 |
|  Alphabet, Inc., Class C, NVS | 188872 |  | 29507472 |
|  Meta Platforms, Inc., Class A | 85281 |  | 49152557 |
|  |  |  | 114037950 |
| **IT Services — 1.2%** |  |  |  |
|  Accenture PLC, Class A | 24421 |  | 7620329 |
|  International Business Machines Corp. | 35706 |  | 8878654 |
|  Snowflake, Inc., Class A<sup>(a)</sup> | 12148 |  | 1775552 |
|  |  |  | 18274535 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
|  Danaher Corp. | 25121 |  | 5149805 |
|  Thermo Fisher Scientific, Inc. | 14863 |  | 7395829 |
|  |  |  | 12545634 |
| **Machinery — 1.2%** |  |  |  |
|  Caterpillar, Inc. | 18784 |  | 6194963 |
|  Deere & Co. | 9701 |  | 4553165 |
|  Illinois Tool Works, Inc. | 11420 |  | 2832274 |
|  PACCAR, Inc. | 19978 |  | 1945258 |
|  Parker-Hannifin Corp. | 4972 |  | 3022230 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18547890 |
| **Media — 0.3%** |  |  |  |
|  Comcast Corp., Class A | 145937 |  | 5385075 |
| **Metals & Mining — 0.3%** |  |  |  |
|  Freeport-McMoRan, Inc. | 55634 |  | 2106303 |
|  Newmont Corp. | 44439 |  | 2145515 |
|  Southern Copper Corp. | 3411 |  | 318792 |
|  |  |  | 4570610 |
| **Multi-Utilities — 0.2%** |  |  |  |
|  Dominion Energy, Inc. | 32551 |  | 1825135 |
|  Sempra | 24573 |  | 1753529 |
|  |  |  | 3578664 |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
|  Chevron Corp. | 63690 |  | 10654700 |
|  ConocoPhillips | 50342 |  | 5286917 |
|  EOG Resources, Inc. | 21799 |  | 2795504 |
|  Exxon Mobil Corp. | 171124 |  | 20351777 |
|  Marathon Petroleum Corp. | 12500 |  | 1821125 |
|  Occidental Petroleum Corp. | 26556 |  | 1310804 |
|  Phillips 66 | 16102 |  | 1988275 |
|  Valero Energy Corp. | 12313 |  | 1626178 |
|  |  |  | 45835280 |
| **Personal Care Products — 0.0%** |  |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 8950 |  | 590700 |
| **Pharmaceuticals — 4.0%** |  |  |  |
|  Bristol-Myers Squibb Co. | 78883 |  | 4811074 |
|  Eli Lilly & Co. | 31161 |  | 25736181 |
|  Johnson & Johnson | 93890 |  | 15570718 |
|  Merck & Co., Inc. | 98692 |  | 8858594 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Pharmaceuticals (continued)** |  |  |  |
|  Pfizer, Inc. | 220662 | $| 5591575 |
|  Zoetis, Inc., Class A | 17572 |  | 2893230 |
|  |  |  | 63461372 |
| **Professional Services — 0.3%** |  |  |  |
|  Automatic Data Processing, Inc. | 15987 |  | 4884508 |
| **Semiconductors & Semiconductor Equipment — 11.1%** | **Semiconductors & Semiconductor Equipment — 11.1%** | **Semiconductors & Semiconductor Equipment — 11.1%** | **Semiconductors & Semiconductor Equipment — 11.1%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 62654 |  | 6437072 |
|  Analog Devices, Inc. | 19307 |  | 3893643 |
|  Applied Materials, Inc. | 31669 |  | 4595805 |
|  Broadcom, Inc. | 179019 |  | 29973151 |
|  Intel Corp. | 168710 |  | 3831404 |
|  KLA Corp. | 5175 |  | 3517965 |
|  Lam Research Corp. | 49953 |  | 3631583 |
|  Marvell Technology, Inc. | 33257 |  | 2047633 |
|  Micron Technology, Inc. | 42856 |  | 3723758 |
|  NVIDIA Corp. | 910844 |  | 98717273 |
|  QUALCOMM, Inc. | 43465 |  | 6676659 |
|  Texas Instruments, Inc. | 35412 |  | 6363536 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173409482 |
| **Software — 10.8%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 16938 |  | 6496231 |
|  Atlassian Corp., Class A<sup>(a)</sup> | 6289 |  | 1334589 |
|  Autodesk, Inc.<sup>(a)</sup> | 8369 |  | 2191004 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 10643 |  | 2706834 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 8979 |  | 3165816 |
|  Fortinet, Inc.<sup>(a)</sup> | 24530 |  | 2361258 |
|  Intuit, Inc. | 10629 |  | 6526100 |
|  Microsoft Corp. | 289462 |  | 108661140 |
|  Oracle Corp. | 62216 |  | 8698419 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 25157 |  | 4292790 |
|  Roper Technologies, Inc. | 4163 |  | 2454422 |
|  Salesforce, Inc. | 35968 |  | 9652373 |
|  ServiceNow, Inc.<sup>(a)</sup> | 7989 |  | 6360362 |
|  Synopsys, Inc.<sup>(a)</sup> | 6000 |  | 2573100 |
|  Workday, Inc., Class A<sup>(a)</sup> | 8216 |  | 1918682 |
|  |  |  | 169393120 |
| **Specialized REITs — 0.6%** |  |  |  |
|  American Tower Corp. | 18184 |  | 3956839 |
|  Equinix, Inc. | 3741 |  | 3050224 |
|  Public Storage | 6149 |  | 1840334 |
|  |  |  | 8847397 |
| **Specialty Retail — 1.9%** |  |  |  |
|  AutoZone, Inc.<sup>(a)</sup> | 656 |  | 2501184 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Specialty Retail (continued)** |  |  |
|  Home Depot, Inc. (The) | 38604 | $14147980 |
|  Lowe's Cos., Inc. | 21988 | 5128261 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 2248 | 3220440 |
|  TJX Cos., Inc. (The) | 44133 | 5375399 |
|  |  | 30373264 |
| **Technology Hardware, Storage & Peripherals — 8.2%** | **Technology Hardware, Storage & Peripherals — 8.2%** | **Technology Hardware, Storage & Peripherals — 8.2%** |
|  Apple Inc. | 573556 | 127403994 |
|  Dell Technologies, Inc., Class C | 10621 | 968104 |
|  |  | 128372098 |
| **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 4521 | 1279714 |
|  NIKE, Inc., Class B | 46127 | 2928142 |
|  |  | 4207856 |
| **Tobacco — 0.9%** |  |  |
|  Altria Group, Inc. | 65899 | 3955258 |
|  Philip Morris International, Inc. | 60472 | 9598721 |
|  |  | 13553979 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |  |
|  T-Mobile U.S., Inc. | 18328 | 4888261 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $1,324,013,956)** |  | 1563647895 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.5%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 4.50%<sup>(c)(d)(e)</sup> | 5420837 | 5423547 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 4.31%<sup>(c)(d)</sup> | 2330601 | 2330601 |
|  **Total Short-Term Securities — 0.5%<br>(Cost: $7,754,148)** |  | 7754148 |
|  **Total Investments — 100.3%<br>(Cost: $1,331,768,104)** |  | 1571402043 |
|  **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | (4751673) |
|  **Net Assets — 100.0%** |  | $1566650370 |

---

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

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

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 ETF** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares<br>Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain*<br> *Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $5421774 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1773 | $— | $5423547 | 5420837 | $3969 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 1552462 | 778139 <sup>(a)</sup> |  |  |  | 2330601 | 2330601 | 116906 |  |
|  BlackRock, Inc. | 4425280 | 1526258 | (1112925) | 258767 | 343934 | 5441314 | 5749 | 115994 |  |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13195462 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236869 | $— |

---

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount*<br> *(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 10 | 06/20/25 | $2827 | $33109 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $33109 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33109 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123248) | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123248) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(13647) | $— | $— | $— | $(13647) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508003 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 ETF** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563647895 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563647895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 7754148 |  |  | 7754148 |
|  | $1571402043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $1571402043 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $33109 | $— | $— | $33109 |

---

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

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
|  Boeing Co. (The)<sup>(a)</sup> | 72077 | $12292732 |
|  General Electric Co. | 135952 | 27210793 |
|  Lockheed Martin Corp. | 39648 | 17711158 |
|  TransDigm Group, Inc. | 6459 | 8934670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66149353 |
| **Automobiles — 3.4%** |  |  |
|  Tesla, Inc.<sup>(a)</sup> | 1539844 | 399065971 |
| **Beverages — 1.8%** |  |  |
|  Coca-Cola Co. (The) | 1308742 | 93732102 |
|  Monster Beverage Corp.<sup>(a)</sup> | 331994 | 19428289 |
|  PepsiCo, Inc. | 639012 | 95813459 |
|  |  | 208973850 |
| **Biotechnology — 1.8%** |  |  |
|  AbbVie, Inc. | 450311 | 94349161 |
|  Amgen, Inc. | 245815 | 76583663 |
|  Regeneron Pharmaceuticals, Inc. | 5156 | 3270090 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 76189 | 36937951 |
|  |  | 211140865 |
| **Broadline Retail — 6.8%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 4206263 | 800283598 |
| **Building Products — 0.1%** |  |  |
|  Trane Technologies PLC | 45349 | 15278985 |
| **Capital Markets — 1.3%** |  |  |
|  Blackstone, Inc., Class A, NVS | 424686 | 59362609 |
|  Charles Schwab Corp. (The) | 97334 | 7619305 |
|  Goldman Sachs Group, Inc. (The) | 47675 | 26044376 |
|  KKR & Co., Inc., Class A | 113936 | 13172141 |
|  Moody's Corp. | 92824 | 43227209 |
|  Morgan Stanley | 39751 | 4637749 |
|  |  | 154063389 |
| **Chemicals — 0.6%** |  |  |
|  Ecolab, Inc. | 127286 | 32269547 |
|  Sherwin-Williams Co. (The) | 125862 | 43949752 |
|  |  | 76219299 |
| **Commercial Services & Supplies — 1.0%** |  |  |
|  Cintas Corp. | 193361 | 39741486 |
|  Copart, Inc.<sup>(a)</sup> | 477436 | 27018103 |
|  Waste Management, Inc. | 236082 | 54655344 |
|  |  | 121414933 |
| **Communications Equipment — 0.6%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 606682 | 47005721 |
|  Motorola Solutions, Inc. | 46074 | 20171658 |
|  |  | 67177379 |
| **Consumer Finance — 0.3%** |  |  |
|  American Express Co. | 122513 | 32962123 |
| **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** |  |
|  Costco Wholesale Corp. | 260839 | 246696309 |
| **Electric Utilities — 0.1%** |  |  |
|  Constellation Energy Corp. | 29410 | 5929938 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
|  Amphenol Corp., Class A | 404508 | 26531680 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Entertainment — 2.4%** |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 251742 | $234756967 |
|  Spotify Technology SA<sup>(a)</sup> | 86521 | 47589146 |
|  |  | 282346113 |
| **Financial Services — 5.7%** |  |  |
|  Apollo Global Management, Inc. | 230061 | 31504553 |
|  Fiserv, Inc.<sup>(a)</sup> | 105793 | 23362268 |
|  Mastercard, Inc., Class A | 479778 | 262975918 |
|  Visa, Inc., Class A | 1014992 | 355714096 |
|  |  | 673556835 |
| **Ground Transportation — 1.1%** |  |  |
|  Uber Technologies, Inc.<sup>(a)(b)</sup> | 1195818 | 87127300 |
|  Union Pacific Corp. | 172188 | 40677693 |
|  |  | 127804993 |
| **Health Care Equipment & Supplies — 1.1%** |  |  |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 65633 | 4757080 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 207848 | 102940879 |
|  Stryker Corp. | 63139 | 23503493 |
|  |  | 131201452 |
| **Health Care Providers & Services — 0.5%** |  |  |
|  Cigna Group (The) | 14383 | 4732007 |
|  Elevance Health, Inc. | 21855 | 9506051 |
|  HCA Healthcare, Inc. | 26640 | 9205452 |
|  McKesson Corp. | 32140 | 21629898 |
|  UnitedHealth Group, Inc. | 36741 | 19243099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64316507 |
| **Hotels, Restaurants & Leisure — 2.1%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 251445 | 30037620 |
|  Booking Holdings, Inc. | 18290 | 84260384 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 804889 | 40413477 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 181869 | 33240197 |
|  McDonald's Corp. | 27093 | 8463040 |
|  Starbucks Corp. | 516540 | 50667408 |
|  |  | 247082126 |
| **Household Products — 0.8%** |  |  |
|  Colgate-Palmolive Co. | 262557 | 24601591 |
|  Kimberly-Clark Corp. | 79995 | 11376889 |
|  Procter & Gamble Co. (The) | 309864 | 52807023 |
|  |  | 88785503 |
| **Industrial Conglomerates — 0.2%** |  |  |
|  3M Co. | 59418 | 8726127 |
|  Honeywell International, Inc. | 59340 | 12565245 |
|  |  | 21291372 |
| **Insurance — 0.8%** |  |  |
|  Marsh & McLennan Cos., Inc. | 39681 | 9683354 |
|  Progressive Corp. (The) | 289500 | 81931395 |
|  |  | 91614749 |
| **Interactive Media & Services — 10.6%** |  |  |
|  Alphabet, Inc., Class A | 2647188 | 409361152 |
|  Alphabet, Inc., Class C, NVS | 2185444 | 341431916 |
|  Meta Platforms, Inc., Class A | 867621 | 500062040 |
|  |  | 1250855108 |
| **IT Services — 0.2%** |  |  |
|  Snowflake, Inc., Class A<sup>(a)</sup> | 183398 | 26805452 |
| **Machinery — 0.3%** |  |  |
|  Caterpillar, Inc. | 40270 | 13281046 |
|  Illinois Tool Works, Inc. | 64474 | 15990197 |
|  |  | 29271243 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Metals & Mining — 0.0%** |  |  |  |
|  Southern Copper Corp. | 51575 | $| 4820200 |
| **Personal Care Products — 0.0%** |  |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 48874 |  | 3225684 |
| **Pharmaceuticals — 4.7%** |  |  |  |
|  Eli Lilly & Co. | 455884 |  | 376519154 |
|  Merck & Co., Inc. | 1491893 |  | 133912316 |
|  Zoetis, Inc., Class A | 219584 |  | 36154506 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546585976 |
| **Professional Services — 0.6%** |  |  |  |
|  Automatic Data Processing, Inc. | 224510 |  | 68594540 |
| **Semiconductors & Semiconductor Equipment — 15.3%** | **Semiconductors & Semiconductor Equipment — 15.3%** | **Semiconductors & Semiconductor Equipment — 15.3%** | **Semiconductors & Semiconductor Equipment — 15.3%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 625326 |  | 64245993 |
|  Applied Materials, Inc. | 440140 |  | 63873117 |
|  Broadcom, Inc. | 2211137 |  | 370210668 |
|  KLA Corp. | 78269 |  | 53207266 |
|  Lam Research Corp. | 756742 |  | 55015144 |
|  Marvell Technology, Inc. | 40265 |  | 2479116 |
|  NVIDIA Corp.<sup>(b)</sup> | 10033864 |  | 1087470180 |
|  QUALCOMM, Inc. | 616282 |  | 94667078 |
|  Texas Instruments, Inc. | 64704 |  | 11627309 |
|  |  |  | 1802795871 |
| **Software — 17.4%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 256090 |  | 98218198 |
|  Atlassian Corp., Class A<sup>(a)</sup> | 94893 |  | 20137243 |
|  Autodesk, Inc.<sup>(a)</sup> | 126986 |  | 33244935 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 160102 |  | 40718742 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 135504 |  | 47776000 |
|  Fortinet, Inc.<sup>(a)</sup> | 302466 |  | 29115377 |
|  Intuit, Inc. | 160650 |  | 98637493 |
|  Microsoft Corp. | 3172797 |  | 1191036266 |
|  Oracle Corp. | 940418 |  | 131479841 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 380736 |  | 64968791 |
|  Salesforce, Inc. | 461063 |  | 123730867 |
|  ServiceNow, Inc.<sup>(a)</sup> | 120802 |  | 96175304 |
|  Synopsys, Inc.<sup>(a)</sup> | 90850 |  | 38961022 |
|  Workday, Inc., Class A<sup>(a)</sup> | 124305 |  | 29028947 |
|  |  |  | 2043229026 |
| **Specialized REITs — 0.6%** |  |  |  |
|  American Tower Corp. | 274808 |  | 59798221 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Specialized REITs (continued)** |  |  |
|  Equinix, Inc. | 3057 | $2492525 |
|  Public Storage | 14117 | 4225077 |
|  |  | 66515823 |
| **Specialty Retail — 2.5%** |  |  |
|  AutoZone, Inc.<sup>(a)</sup> | 9083 | 34631481 |
|  Home Depot, Inc. (The) | 465707 | 170676958 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 31407 | 44993040 |
|  TJX Cos., Inc. (The) | 393430 | 47919774 |
|  |  | 298221253 |
| **Technology Hardware, Storage & Peripherals — 11.8%** | **Technology Hardware, Storage & Peripherals — 11.8%** | **Technology Hardware, Storage & Peripherals — 11.8%** |
|  Apple Inc. | 6220763 | 1381818085 |
|  Dell Technologies, Inc., Class C | 25524 | 2326513 |
|  |  | 1384144598 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
|  Lululemon Athletica, Inc.<sup>(a)(b)</sup> | 68231 | 19313467 |
|  NIKE, Inc., Class B | 429181 | 27244410 |
|  |  | 46557877 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $10,185,802,790)** |  | 11731509973 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.8%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 4.50%<sup>(c)(d)(e)</sup> | 75744919 | 75782792 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 4.31%<sup>(c)(d)</sup> | 16726822 | 16726822 |
|  **Total Short-Term Securities — 0.8%<br>(Cost: $92,509,614)** |  | 92509614 |
|  **Total Investments — 100.6%<br>(Cost: $10,278,312,404)** |  | 11824019587 |
|  **Liabilities in Excess of Other Assets — (0.6)%** | **Liabilities in Excess of Other Assets — (0.6)%** | (73777128) |
|  **Net Assets — 100.0%** |  | $11750242459 |

---

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

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

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 Growth ETF** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases at<br>Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares<br>Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25082556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50705921 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(3100) | $(2585) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75782792 | 75744919 | $60363 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 11458189 | 5268633 <sup>(a)</sup> |  |  |  | 16726822 | 16726822 | 845885 |  |
|  |  |  |  | $(3100) | $(2585) | $92509614 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906248 | $— |

---

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount*<br> *(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 1000 Growth E-Mini Index | 99 | 06/20/25 | $18158 | $(313014) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313014 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313014 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4794390) | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4794390) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(601979) | $— | $— | $— | $(601979) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208059613 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 Growth ETF** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $11731509973 | $— | $— | $11731509973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 92509614 |  |  | 92509614 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11824019587 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11824019587 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(313014) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(313014) |

---

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

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 4.4%** |  |  |
|  Boeing Co. (The)<sup>(a)</sup> | 117589 | $20054804 |
|  General Dynamics Corp. | 51328 | 13990986 |
|  General Electric Co. | 158852 | 31794228 |
|  Lockheed Martin Corp. | 26963 | 12044642 |
|  Northrop Grumman Corp. | 25669 | 13142785 |
|  RTX Corp. | 249997 | 33114602 |
|  TransDigm Group, Inc. | 8166 | 11295946 |
|  |  | 135437993 |
| **Air Freight & Logistics — 0.8%** |  |  |
|  FedEx Corp. | 41647 | 10152706 |
|  United Parcel Service, Inc., Class B | 137048 | 15073909 |
|  |  | 25226615 |
| **Automobiles — 0.5%** |  |  |
|  Ford Motor Co. | 738282 | 7404969 |
|  General Motors Co. | 185968 | 8746075 |
|  |  | 16151044 |
| **Banks — 9.3%** |  |  |
|  Bank of America Corp. | 1251949 | 52243832 |
|  Citigroup, Inc. | 355813 | 25259165 |
|  JPMorgan Chase & Co. | 528220 | 129572366 |
|  PNC Financial Services Group, Inc. (The) | 74642 | 13119824 |
|  Truist Financial Corp. | 250887 | 10324000 |
|  U.S. Bancorp | 293093 | 12374386 |
|  Wells Fargo & Co. | 618763 | 44420996 |
|  |  | 287314569 |
| **Beverages — 1.5%** |  |  |
|  Coca-Cola Co. (The) | 311659 | 22321018 |
|  Constellation Brands, Inc., Class A | 29577 | 5427971 |
|  Keurig Dr. Pepper, Inc. | 223749 | 7656691 |
|  Monster Beverage Corp.<sup>(a)</sup> | 26901 | 1574246 |
|  PepsiCo, Inc. | 54281 | 8138893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45118819 |
| **Biotechnology — 3.2%** |  |  |
|  AbbVie, Inc. | 189203 | 39641813 |
|  Amgen, Inc. | 22285 | 6942892 |
|  Gilead Sciences, Inc. | 234640 | 26291412 |
|  Moderna, Inc.<sup>(a)</sup> | 60369 | 1711461 |
|  Regeneron Pharmaceuticals, Inc. | 17996 | 11413603 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 24304 | 11783065 |
|  |  | 97784246 |
| **Building Products — 0.9%** |  |  |
|  Carrier Global Corp. | 157685 | 9997229 |
|  Johnson Controls International PLC | 123971 | 9931317 |
|  Trane Technologies PLC | 28046 | 9449258 |
|  |  | 29377804 |
| **Capital Markets — 5.5%** |  |  |
|  BlackRock, Inc.<sup>(b)</sup> | 27755 | 26269552 |
|  Charles Schwab Corp. (The) | 280337 | 21944780 |
|  CME Group, Inc., Class A | 67579 | 17928033 |
|  Goldman Sachs Group, Inc. (The) | 41459 | 22648637 |
|  Intercontinental Exchange, Inc. | 106817 | 18425933 |
|  KKR & Co., Inc., Class A | 90142 | 10421317 |
|  Morgan Stanley | 202887 | 23670826 |
|  S&P Global, Inc. | 58836 | 29894572 |
|  |  | 171203650 |
| **Chemicals — 1.8%** |  |  |
|  Air Products & Chemicals, Inc. | 41721 | 12304357 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Chemicals (continued)** |  |  |  |
|  Ecolab, Inc. | 6134 | $| 1555092 |
|  Linde PLC | 90333 |  | 42062658 |
|  Sherwin-Williams Co. (The) | 3949 |  | 1378951 |
|  |  |  | 57301058 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
|  Cintas Corp. | 3376 |  | 693869 |
|  Copart, Inc.<sup>(a)</sup> | 11143 |  | 630583 |
|  Republic Services, Inc. | 38574 |  | 9341080 |
|  |  |  | 10665532 |
| **Communications Equipment — 1.7%** |  |  |  |
|  Cisco Systems, Inc. | 750435 |  | 46309344 |
|  Motorola Solutions, Inc. | 16251 |  | 7114850 |
|  |  |  | 53424194 |
| **Construction Materials — 0.4%** |  |  |  |
|  CRH PLC | 129133 |  | 11359830 |
| **Consumer Finance — 1.0%** |  |  |  |
|  American Express Co. | 65105 |  | 17516500 |
|  Capital One Financial Corp. | 71166 |  | 12760064 |
|  |  |  | 30276564 |
| **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** |
|  Target Corp. | 87100 |  | 9089756 |
|  Walmart, Inc. | 816024 |  | 71638747 |
|  |  |  | 80728503 |
| **Diversified Telecommunication Services — 2.4%** | **Diversified Telecommunication Services — 2.4%** | **Diversified Telecommunication Services — 2.4%** | **Diversified Telecommunication Services — 2.4%** |
|  AT&T Inc. | 1349682 |  | 38169007 |
|  Verizon Communications, Inc. | 792295 |  | 35938501 |
|  |  |  | 74107508 |
| **Electric Utilities — 2.7%** |  |  |  |
|  American Electric Power Co., Inc. | 100148 |  | 10943172 |
|  Constellation Energy Corp. | 49701 |  | 10021213 |
|  Duke Energy Corp. | 145053 |  | 17692114 |
|  NextEra Energy, Inc. | 386585 |  | 27405011 |
|  Southern Co. (The) | 205870 |  | 18929746 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84991256 |
| **Electrical Equipment — 1.5%** |  |  |  |
|  Eaton Corp. PLC | 74193 |  | 20167883 |
|  Emerson Electric Co. | 107415 |  | 11776981 |
|  GE Vernova, Inc. | 51216 |  | 15635220 |
|  |  |  | 47580084 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
|  Amphenol Corp., Class A | 92380 |  | 6059204 |
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
|  Schlumberger NV | 265351 |  | 11091672 |
| **Entertainment — 1.1%** |  |  |  |
|  Walt Disney Co. (The) | 341411 |  | 33697266 |
| **Financial Services — 6.9%** |  |  |  |
|  Apollo Global Management, Inc. | 24659 |  | 3376803 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 344146 |  | 183285277 |
|  Fiserv, Inc.<sup>(a)</sup> | 72607 |  | 16033804 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 188502 |  | 12299755 |
|  |  |  | 214995639 |
| **Food Products — 0.7%** |  |  |  |
|  Kraft Heinz Co. (The) | 167448 |  | 5095443 |
|  Mondelez International, Inc., Class A | 251753 |  | 17081441 |
|  |  |  | 22176884 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Ground Transportation — 1.1%** |  |  |  |
|  CSX Corp. | 362312 | $| 10662842 |
|  Norfolk Southern Corp. | 42476 |  | 10060441 |
|  Union Pacific Corp. | 59755 |  | 14116521 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34839804 |
| **Health Care Equipment & Supplies — 4.2%** | **Health Care Equipment & Supplies — 4.2%** | **Health Care Equipment & Supplies — 4.2%** | **Health Care Equipment & Supplies — 4.2%** |
|  Abbott Laboratories | 325200 |  | 43137780 |
|  Becton Dickinson & Co. | 54345 |  | 12448266 |
|  Boston Scientific Corp.<sup>(a)</sup> | 276142 |  | 27857205 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 88962 |  | 6447966 |
|  Medtronic PLC | 241340 |  | 21686812 |
|  Stryker Corp. | 47829 |  | 17804345 |
|  |  |  | 129382374 |
| **Health Care Providers & Services — 4.8%** | **Health Care Providers & Services — 4.8%** | **Health Care Providers & Services — 4.8%** | **Health Care Providers & Services — 4.8%** |
|  Cigna Group (The) | 45975 |  | 15125775 |
|  CVS Health Corp. | 237137 |  | 16066032 |
|  Elevance Health, Inc. | 36720 |  | 15971731 |
|  HCA Healthcare, Inc. | 26276 |  | 9079672 |
|  McKesson Corp. | 13579 |  | 9138531 |
|  UnitedHealth Group, Inc. | 161151 |  | 84402836 |
|  |  |  | 149784577 |
| **Health Care REITs — 0.6%** |  |  |  |
|  Welltower, Inc. | 115851 |  | 17749532 |
| **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** |
|  Booking Holdings, Inc. | 380 |  | 1750626 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 8388 |  | 1533075 |
|  Marriott International, Inc., Class A | 42563 |  | 10138506 |
|  McDonald's Corp. | 126799 |  | 39608203 |
|  Starbucks Corp. | 47807 |  | 4689389 |
|  |  |  | 57719799 |
| **Household Products — 2.3%** |  |  |  |
|  Colgate-Palmolive Co. | 68827 |  | 6449090 |
|  Kimberly-Clark Corp. | 36688 |  | 5217767 |
|  Procter & Gamble Co. (The) | 344709 |  | 58745308 |
|  |  |  | 70412165 |
| **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** |
|  3M Co. | 83218 |  | 12221396 |
|  Honeywell International, Inc. | 103523 |  | 21920995 |
|  |  |  | 34142391 |
| **Industrial REITs — 0.6%** |  |  |  |
|  Prologis, Inc. | 173719 |  | 19420047 |
| **Insurance — 3.0%** |  |  |  |
|  American International Group, Inc. | 117201 |  | 10189455 |
|  Aon PLC, Class A | 36903 |  | 14727618 |
|  Chubb Ltd. | 76063 |  | 22970265 |
|  Marsh & McLennan Cos., Inc. | 79991 |  | 19520204 |
|  MetLife, Inc. | 108793 |  | 8734990 |
|  Progressive Corp. (The) | 17210 |  | 4870602 |
|  Travelers Cos., Inc. (The) | 42493 |  | 11237699 |
|  |  |  | 92250833 |
| **IT Services — 2.6%** |  |  |  |
|  Accenture PLC, Class A | 117972 |  | 36811983 |
|  International Business Machines Corp. | 172478 |  | 42888379 |
|  |  |  | 79700362 |
| **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** |
|  Danaher Corp. | 121356 |  | 24877980 |
|  Thermo Fisher Scientific, Inc. | 71797 |  | 35726187 |
|  |  |  | 60604167 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Machinery — 2.6%** |  |  |  |
|  Caterpillar, Inc. | 77864 | $| 25679547 |
|  Deere & Co. | 46855 |  | 21991394 |
|  Illinois Tool Works, Inc. | 34394 |  | 8530056 |
|  PACCAR, Inc. | 96670 |  | 9412758 |
|  Parker-Hannifin Corp. | 24047 |  | 14616969 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80230724 |
| **Media — 0.8%** |  |  |  |
|  Comcast Corp., Class A | 705005 |  | 26014685 |
| **Metals & Mining — 0.7%** |  |  |  |
|  Freeport-McMoRan, Inc. | 269022 |  | 10185173 |
|  Newmont Corp. | 214210 |  | 10342059 |
|  |  |  | 20527232 |
| **Multi-Utilities — 0.6%** |  |  |  |
|  Dominion Energy, Inc. | 157509 |  | 8831530 |
|  Sempra | 119070 |  | 8496835 |
|  |  |  | 17328365 |
| **Oil, Gas & Consumable Fuels — 7.1%** | **Oil, Gas & Consumable Fuels — 7.1%** | **Oil, Gas & Consumable Fuels — 7.1%** | **Oil, Gas & Consumable Fuels — 7.1%** |
|  Chevron Corp. | 307724 |  | 51479148 |
|  ConocoPhillips | 243293 |  | 25550631 |
|  EOG Resources, Inc. | 105302 |  | 13503929 |
|  Exxon Mobil Corp. | 826689 |  | 98318123 |
|  Marathon Petroleum Corp. | 60386 |  | 8797636 |
|  Occidental Petroleum Corp. | 128090 |  | 6322522 |
|  Phillips 66 | 77584 |  | 9580072 |
|  Valero Energy Corp. | 59328 |  | 7835449 |
|  |  |  | 221387510 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
|  Estee Lauder Cos., Inc. (The), Class A | 27630 |  | 1823580 |
| **Pharmaceuticals — 4.1%** |  |  |  |
|  Bristol-Myers Squibb Co. | 381336 |  | 23257683 |
|  Johnson & Johnson | 453547 |  | 75216234 |
|  Pfizer, Inc. | 1065949 |  | 27011148 |
|  Zoetis, Inc., Class A | 14998 |  | 2469421 |
|  |  |  | 127954486 |
| **Professional Services — 0.0%** |  |  |  |
|  Automatic Data Processing, Inc. | 5564 |  | 1699969 |
| **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 102906 |  | 10572562 |
|  Analog Devices, Inc. | 93156 |  | 18786770 |
|  Applied Materials, Inc. | 12390 |  | 1798037 |
|  Intel Corp. | 814932 |  | 18507106 |
|  Marvell Technology, Inc. | 148186 |  | 9123812 |
|  Micron Technology, Inc. | 207246 |  | 18007605 |
|  QUALCOMM, Inc. | 12919 |  | 1984488 |
|  Texas Instruments, Inc. | 150423 |  | 27031013 |
|  |  |  | 105811393 |
| **Software — 0.7%** |  |  |  |
|  Fortinet, Inc.<sup>(a)(c)</sup> | 21754 |  | 2094040 |
|  Roper Technologies, Inc. | 20072 |  | 11834050 |
|  Salesforce, Inc. | 26409 |  | 7087119 |
|  |  |  | 21015209 |
| **Specialized REITs — 0.7%** |  |  |  |
|  Equinix, Inc. | 17141 |  | 13975914 |
|  Public Storage | 25221 |  | 7548393 |
|  |  |  | 21524307 |
| **Specialty Retail — 1.7%** |  |  |  |
|  AutoZone, Inc.<sup>(a)</sup> | 276 |  | 1052327 |
|  Home Depot, Inc. (The) | 37671 |  | 13806045 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
|  Lowe's Cos., Inc. | 106228 | $24775556 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 846 | 1211963 |
|  TJX Cos., Inc. (The) | 87134 | 10612921 |
|  |  | 51458812 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
|  Dell Technologies, Inc., Class C | 43531 | 3967851 |
| **Textiles, Apparel & Luxury Goods — 0.2%** |  |  |
|  NIKE, Inc., Class B | 84925 | 5391039 |
| **Tobacco — 2.1%** |  |  |
|  Altria Group, Inc. | 318823 | 19135756 |
|  Philip Morris International, Inc. | 292272 | 46392335 |
|  |  | 65528091 |
| **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** |
|  T-Mobile U.S., Inc. | 88553 | 23617971 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $2,877,764,146)** | **Total Long-Term Investments — 99.7%<br>(Cost: $2,877,764,146)** | 3087357209 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.2%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 4.50%<sup>(b)(d)(e)</sup> | 148052 | 148126 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 4.31%<sup>(b)(d)</sup> | 5002035 | 5002035 |
|  **Total Short-Term Securities — 0.2%<br>(Cost: $5,150,161)** | **Total Short-Term Securities — 0.2%<br>(Cost: $5,150,161)** | 5150161 |
|  **Total Investments — 99.9%<br>(Cost: $2,882,914,307)** | **Total Investments — 99.9%<br>(Cost: $2,882,914,307)** | 3092507370 |
|  **Other Assets Less Liabilities — 0.1%** |  | 2213855 |
|  **Net Assets — 100.0%** |  | $3094721225 |

---

<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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 Value ETF** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at<br>03/31/25* | *Shares<br>Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares | $— | $151885 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(3759) | $— | $148126 | 148052 | $4533 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares | 2978323 | 2023712 <sup>(a)</sup> |  |  |  | 5002035 | 5002035 | 187201 |  |
|  BlackRock, Inc | 19215951 | 17069777 | (13533198) | 3592222 | (75200) | 26269552 | 27755 | 511206 |  |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588463 | $(75200) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31419713 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702940 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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* | *Number of<br>Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 1000 Value E-Mini Index | 71 | 06/20/25 | $6618 | $97470 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $97470 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97470 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $70874 | $— | $— | $— | $70874 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(46702) | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46702) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Top 200 Value ETF** |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5792700 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087357209 | $— | $— | $3087357209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 5150161 |  |  | 5150161 |
|  | $3092507370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092507370 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $97470 | $— | $— | $97470 |

---

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

*See notes to financial statements.* 

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

------

Statements of Assets and Liabilities

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br> Russell Top<br> 200 ETF | iShares<br> Russell Top 200<br> Growth ETF | iShares<br> Russell Top 200<br> Value ETF |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558206581 | $11731509973 | $3061087657 |
|  Investments, at value — affiliated<sup>(c)</sup> | 13195462 | 92509614 | 31419713 |
|  Cash | 1 | 4008 | 4 |
|  Cash pledged: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 142000 | 1255000 | 395971 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 662 | 8903 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold |  |  | 9354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 709167 | 2764651 | 2377377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 9172 | 62477 | 16927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 13434 | 28710 | 64610 |
|  Total assets | 1572276479 | 11828143336 | 3095372909 |
|  **LIABILITIES** |  |  |  |
|  Collateral on securities loaned | 5423547 | 75784922 | 148126 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed |  | 18685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 202562 | 2097270 | 503558 |
|  Total liabilities | 5626109 | 77900877 | 651684 |
|  **Commitments and contingent liabilities** |  |  |  |
|  NET ASSETS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566650370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11750242459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094721225 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid-in capital | $1369710478 | $10583002163 | $3025165480 |
|  Accumulated earnings | 196939892 | 1167240296 | 69555745 |
|  NET ASSETS | $1566650370 | $11750242459 | $3094721225 |
|  **NET ASSET VALUE** |  |  |  |
|  Shares outstanding | 11400000 | 55750000 | 37650000 |
|  Net asset value | $137.43 | $210.77 | $82.20 |
|  Shares authorized | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $1319500551 | $10185802790 | $2854618284 |
|  <sup>(b) </sup>Securities loaned, at value | $5198529 | $73289227 | $144390 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $12267553 | $92509614 | $28296023 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 17

------

Statements of Operations

Year Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br> Russell Top<br>200 ETF | iShares<br> Russell Top 200<br>Growth ETF | iShares<br> Russell Top 200<br>Value ETF |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $18969069 | $77078311 | $54179380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 232900 | 845885 | 698407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 200 | 1510 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 3969 | 60363 | 4533 |
|  Total investment income | 19206138 | 77986069 | 54883198 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 2292941 | 24032562 | 5006654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 78 | 805 | 177 |
|  Total expenses | 2293019 | 24033367 | 5006831 |
|  Net investment income | 16913119 | 53952702 | 49876367 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (9221219) | (48700897) | (51135985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (12191) | (3100) | (49360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (123248) | (4794390) | 70874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | 114286719 | 1355346344 | 321974423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup> | 272731 |  | 3637823 |
|  | 105202792 | 1301847957 | 274497775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 1085186 | (664866816) | (61398947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 343934 | (2585) | (75200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (13647) | (601979) | (46702) |
|  | 1415473 | (665471380) | (61520849) |
|  Net realized and unrealized gain | 106618265 | 636376577 | 212976926 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $123531384 | $690329279 | $262853293 |
|  <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |  |  |  |

---

*See notes to financial statements.* 

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

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $16913119 | $13243831 | $53952702 | $50928661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 105202792 | 40766873 | 1301847957 | 1117696451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1415473 | 238711187 | (665471380) | 1578837131 |
|  Net increase in net assets resulting from operations | 123531384 | 292721891 | 690329279 | 2747462243 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (16927143) | (13527019) | (53727357) | (54476201) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 150691155 | 226752885 | 892207702 | 1593895605 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 257295396 | 505947757 | 1528809624 | 4286881647 |
|  Beginning of year | 1309354974 | 803407217 | 10221432835 | 5934551188 |
|  End of year | $1566650370 | $1309354974 | $11750242459 | $10221432835 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 19

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | iShares Russell Top 200 Value ETF | iShares Russell Top 200 Value ETF |
|  | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $49876367 | $40358205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 274497775 | 60591305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (61520849) | 237069606 |
|  Net increase in net assets resulting from operations | 262853293 | 338019116 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (49326184) | (40150011) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 739577805 | 286589409 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 953104914 | 584458514 |
|  Beginning of year | 2141616311 | 1557157797 |
|  End of year | $3094721225 | $2141616311 |

---

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

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21 |
|  **Net asset value, beginning of year** | $127.12 | $97.38 | $107.99 | $94.64 | $61.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.53 | 1.47 | 1.42 | 1.26 | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | 10.30 | 29.74 | (10.59) | 13.37 | 33.09 |
|  Net increase (decrease) from investment operations | 11.83 | 31.21 | (9.17) | 14.63 | 34.32 |
|  Distributions from net investment income<sup>(c)</sup> | (1.52) | (1.47) | (1.44) | (1.28) | (1.22) |
|  **Net asset value, end of year** | $137.43 | $127.12 | $97.38 | $107.99 | $94.64 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 9.29% | 32.29% | (8.41)% | 15.48% | 56.06% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
|  Net investment income | 1.11% | 1.34% | 1.51% | 1.20% | 1.48% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $1566650 | $1309355 | $803407 | $1042089 | $865920 |
|  Portfolio turnover rate<sup>(f)</sup> | 5% | 4% | 5% | 4% | 5% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 21

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21 |
|  **Net asset value, beginning of year** | $195.25 | $138.98 | $158.56 | $134.47 | $84.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.98 | 1.10 | 1.14 | 0.89 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | 15.52 | 56.34 | (19.62) | 24.09 | 50.31 |
|  Net increase (decrease) from investment operations | 16.50 | 57.44 | (18.48) | 24.98 | 51.24 |
|  Distributions from net investment income<sup>(c)</sup> | (0.98) | (1.17) | (1.10) | (0.89) | (0.91) |
|  **Net asset value, end of year** | $210.77 | $195.25 | $138.98 | $158.56 | $134.47 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 8.43% | 41.48% | (11.60)% | 18.58% | 61.04% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Net investment income | 0.45% | 0.66% | 0.87% | 0.57% | 0.77% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $11750242 | $10221433 | $5934551 | $4820372 | $3529895 |
|  Portfolio turnover rate<sup>(f)</sup> | 28% | 11% | 12% | 10% | 11% |

---

<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.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21 |
|  **Net asset value, beginning of year** | $76.35 | $65.15 | $69.61 | $63.58 | $44.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.58 | 1.55 | 1.40 | 1.30 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | 5.77 | 11.18 | (4.52) | 6.01 | 19.49 |
|  Net increase (decrease) from investment operations | 7.35 | 12.73 | (3.12) | 7.31 | 20.75 |
|  Distributions from net investment income<sup>(c)</sup> | (1.50) | (1.53) | (1.34) | (1.28) | (1.21) |
|  **Net asset value, end of year** | $82.20 | $76.35 | $65.15 | $69.61 | $63.58 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 9.71% | 19.82% | (4.37)% | 11.56% | 47.63% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Net investment income | 1.99% | 2.28% | 2.17% | 1.91% | 2.31% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $3094721 | $2141616 | $1557158 | $1287723 | $1153937 |
|  Portfolio turnover rate<sup>(f)</sup> | 18% | 14% | 18% | 15% | 17% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 23

------

Notes to Financial Statements

*1. ORGANIZATION* 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* |
|  Russell Top 200<sup>(a)</sup> | Diversified |
|  Russell Top 200 Growth<sup>(a)</sup> | Diversified |
|  Russell Top 200 Value | Diversified |

---

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

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its

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

------

Notes to Financial Statements (continued)

financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

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

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

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

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

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

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

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

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

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

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

*4. SECURITIES AND OTHER INVESTMENTS* 

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 25

------

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* | *Securities*<br> *Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>* | *Non-Cash*<br> *Collateral Received,*<br> *at Fair Value<sup>(a)</sup>* | *Net*<br> *Amount* |
| Russell Top 200 |  |  |  |  |
| Citigroup Global Markets, Inc. | $346040 | $(346040) | $— | $— |
| SG Americas Securities LLC | 4852489 | (4852489) |  |  |
|  | $5198529 | $(5198529) | $— | $— |
| Russell Top 200 Growth |  |  |  |  |
| BNP Paribas SA | $45844740 | $(45844740) | $— | $— |
| Citigroup Global Markets, Inc. | 27444487 | (27444487) |  |  |
|  | $73289227 | $(73289227) | $— | $— |
| Russell Top 200 Value |  |  |  |  |
| Jefferies LLC | $144390 | $(144390) | $— | $— |

---

<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. 

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

*5. DERIVATIVE FINANCIAL INSTRUMENTS* 

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

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

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

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

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Russell Top 200 | 0.15% |
|  Russell Top 200 Growth | 0.20 |
|  Russell Top 200 Value | 0.20 |

---

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

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Notes to Financial Statements (continued)

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

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Russell Top 200 | $1630 |
|  Russell Top 200 Growth | 24683 |
|  Russell Top 200 Value | 1887 |

---

**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, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized*<br> *Gain (Loss)* |
|  Russell Top 200 | $55093920 | $41689709 | $(5910790) |
|  Russell Top 200 Growth | 1178323829 | 1114966711 | (66400971) |
|  Russell Top 200 Value | 378450860 | 127426254 | (15290692) |

---

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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 27

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Notes to Financial Statements (continued)

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, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Russell Top 200 | $79611531 | $79833283 |
|  Russell Top 200 Growth | 3324364793 | 3331139844 |
|  Russell Top 200 Value | 439662202 | 442971872 |

---

For the year ended March 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind*<br> *Purchases* | *In-kind*<br> *Sales* |
|  Russell Top 200 | $449913567 | $299663949 |
|  Russell Top 200 Growth | 4180833125 | 3291281694 |
|  Russell Top 200 Value | 1965603616 | 1223713405 |

---

*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, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  Russell Top 200 | $114415419 | $(114415419) |
|  Russell Top 200 Growth | 1354904805 | (1354904805) |
|  Russell Top 200 Value | 324478883 | (324478883) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>03/31/25* | *Year Ended<br>03/31/24* |
|  Russell Top 200 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $16927143 | $13527019 |
|  Russell Top 200 Growth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $53727357 | $54476201 |
|  Russell Top 200 Value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $49326184 | $40150011 |

---

As of March 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring*<br> *Capital Loss*<br> *Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Total* |
|  Russell Top 200 | $429147 | $(41055528) | $237566273 | $196939892 |
|  Russell Top 200 Growth | 1481950 | (335650507) | 1501408853 | 1167240296 |
|  Russell Top 200 Value | 1752402 | (137574885) | 205378228 | 69555745 |

---

<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.

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

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Notes to Financial Statements (continued)

As of March 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized*<br> *Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation*<br> *(Depreciation)* |
|  Russell Top 200 | $1333835770 | $286623458 | $(49057185) | $237566273 |
|  Russell Top 200 Growth | 10322610734 | 1782849665 | (281440812) | 1501408853 |
|  Russell Top 200 Value | 2887129142 | 307944819 | (102566591) | 205378228 |

---

*9. PRINCIPAL RISKS* 

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

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

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

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

**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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 29

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Notes to Financial Statements (continued)

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>03/31/25 | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Russell Top 200 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3300000 | $450814008 | 3650000 | $398960552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2200000) | (300122853) | (1600000) | (172207667) |
|  | 1100000 | $150691155 | 2050000 | $226752885 |
|  Russell Top 200 Growth |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 19050000 | $4187470365 | 24600000 | $4159076206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (15650000) | (3295262663) | (14950000) | (2565180601) |
|  | 3400000 | $892207702 | 9650000 | $1593895605 |
|  Russell Top 200 Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 24750000 | $1971403174 | 9700000 | $658415263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (15150000) | (1231825369) | (5550000) | (371825854) |
|  | 9600000 | $739577805 | 4150000 | $286589409 |

---

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.

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

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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, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

<br> <u> iShares Russell Top 200 ETF iShares Russell Top 200 Growth ETF iShares Russell Top 200 Value ETF</u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 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, 2025

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

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 31

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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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend<br>Income* |
|  Russell Top 200 | $18642200 |
|  Russell Top 200 Growth | 75138647 |
|  Russell Top 200 Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53354036 |

---

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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business<br>Income* |
|  Russell Top 200 | $362737 |
|  Russell Top 200 Growth | 1233653 |
|  Russell Top 200 Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056078 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received <br>Deduction* |
|  Russell Top 200 | 100.00% |
|  Russell Top 200 Growth | 100.00 |
|  Russell Top 200 Value | 100.00 |

---

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

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Additional Information

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

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

To enroll in electronic delivery:

• Go to **icsdelivery.com**.

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

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

#### Proxy Results
Not applicable.

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

#### Availability of Portfolio Holdings Information
A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

A D D I T I O N A L I N F O R M A T I O N 33

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Glossary of Terms Used in these Financial Statements

---

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

---

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

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

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### 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").

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| ![LOGO](g86604g76o73.jpg)  | ![LOGO](g86604g87s07.jpg) |

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| ![LOGO](g86604g73u92.jpg)  | **MARCH 31, 2025** |

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

#### iShares Trust
· iShares Russell 3000 ETF \| IWV \| NYSE Arca

· iShares Russell Mid-Cap Value ETF \| IWS \| NYSE Arca

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**Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
|  [Schedules of Investments](#fin586604_1) | 3 |
|  [Statements of Assets and Liabilities](#fin586604_2) | 38 |
|  [Statements of Operations](#fin586604_3) | 39 |
|  [Statements of Changes in Net Assets](#fin586604_4) | 40 |
|  [Financial Highlights](#fin586604_5) | 41 |
|  [Notes to Financial Statements](#fin586604_6) | 43 |
|  [Report of Independent Registered Public Accounting Firm](#fin586604_7) | 52 |
|  [Important Tax Information](#fin586604_8) | 53 |
|  [Additional Information](#fin586604_9) | 54 |
|  [Glossary of Terms Used in these Financial Statements](#fin586604_10) | 56 |

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2.0 ------

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| | |
|:---|:---|
| Schedule of Investments<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.0%** |  |  |
|  AAR Corp.<sup>(a)(b)</sup> | 9372 | $524738 |
|  AeroVironment, Inc.<sup>(a)</sup> | 7769 | 925987 |
|  AerSale Corp.<sup>(a)</sup> | 7419 | 55568 |
|  Archer Aviation, Inc., Class A<sup>(a)</sup> | 85647 | 608950 |
|  Astronics Corp.<sup>(a)(b)</sup> | 7699 | 186085 |
|  Axon Enterprise, Inc.<sup>(a)(b)</sup> | 19323 | 10162932 |
|  Boeing Co. (The)<sup>(a)</sup> | 200027 | 34114605 |
|  BWX Technologies, Inc. | 25169 | 2482922 |
|  Byrna Technologies, Inc.<sup>(a)(b)</sup> | 5755 | 96914 |
|  Cadre Holdings, Inc. | 6699 | 198357 |
|  Curtiss-Wright Corp. | 10030 | 3182218 |
|  Ducommun, Inc.<sup>(a)</sup> | 2609 | 151400 |
|  General Dynamics Corp. | 72936 | 19880895 |
|  General Electric Co. | 288285 | 57700243 |
|  HEICO Corp.<sup>(b)</sup> | 11880 | 3174217 |
|  HEICO Corp., Class A | 21529 | 4541973 |
|  Hexcel Corp. | 23172 | 1268899 |
|  Howmet Aerospace, Inc.<sup>(b)</sup> | 108173 | 14033283 |
|  Huntington Ingalls Industries, Inc. | 10799 | 2203428 |
|  Intuitive Machines, Inc., Class A<sup>(a)</sup> | 11140 | 82993 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 40757 | 1210075 |
|  L3Harris Technologies, Inc. | 50755 | 10623529 |
|  Leonardo DRS, Inc. | 19522 | 641883 |
|  Loar Holdings, Inc.<sup>(a)(b)</sup> | 8058 | 569298 |
|  Lockheed Martin Corp. | 56488 | 25233755 |
|  Mercury Systems, Inc.<sup>(a)</sup> | 13110 | 564910 |
|  Moog, Inc., Class A | 7676 | 1330635 |
|  Northrop Grumman Corp. | 36506 | 18691437 |
|  Park Aerospace Corp. | 6365 | 85609 |
|  Rocket Lab U.S.A., Inc., Class A<sup>(a)</sup> | 92244 | 1649323 |
|  RTX Corp. | 356293 | 47194571 |
|  Spirit AeroSystems Holdings, Inc., Class A<sup>(a)</sup> | 32442 | 1117951 |
|  Standardaero, Inc.<sup>(a)(b)</sup> | 28116 | 749010 |
|  Textron, Inc. | 50770 | 3668133 |
|  TransDigm Group, Inc. | 14537 | 20108887 |
|  Triumph Group, Inc.<sup>(a)</sup> | 15918 | 403362 |
|  V2X, Inc.<sup>(a)</sup> | 3337 | 163680 |
|  Virgin Galactic Holdings, Inc., Shares C<sup>(a)(b)</sup> | 3321 | 10063 |
|  Woodward, Inc. | 15433 | 2816368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292409086 |
| **Air Freight & Logistics — 0.3%** |  |  |
|  Air Transport Services Group, Inc.<sup>(a)</sup> | 15829 | 355203 |
|  CH Robinson Worldwide, Inc. | 30724 | 3146138 |
|  Expeditors International of Washington, Inc. | 37182 | 4471135 |
|  FedEx Corp. | 59233 | 14439821 |
|  Forward Air Corp.<sup>(a)</sup> | 7325 | 147159 |
|  GXO Logistics, Inc.<sup>(a)(b)</sup> | 31007 | 1211753 |
|  Hub Group, Inc., Class A | 17336 | 644379 |
|  United Parcel Service, Inc., Class B | 195439 | 21496336 |
|  |  | 45911924 |
| **Automobile Components — 0.1%** |  |  |
|  Adient PLC<sup>(a)</sup> | 24831 | 319327 |
|  American Axle & Manufacturing Holdings,<br>Inc.<sup>(a)(b)</sup> | 30117 | 122576 |
|  Aptiv PLC<sup>(a)</sup> | 62835 | 3738682 |
|  BorgWarner, Inc. | 57291 | 1641387 |
|  Cooper-Standard Holdings, Inc.<sup>(a)</sup> | 713 | 10923 |
|  Dana, Inc. | 34073 | 454193 |
|  Dorman Products, Inc.<sup>(a)</sup> | 7407 | 892840 |
|  Fox Factory Holding Corp.<sup>(a)(b)</sup> | 11219 | 261851 |

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| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Automobile Components (continued)** |  |  |
|  Gentex Corp. | 62685 | $1460561 |
|  Gentherm, Inc.<sup>(a)</sup> | 8456 | 226113 |
|  Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> | 75182 | 694682 |
|  LCI Industries | 6949 | 607551 |
|  Lear Corp. | 14389 | 1269398 |
|  Luminar Technologies, Inc., Class A<sup>(a)(b)</sup> | 4404 | 23738 |
|  Modine Manufacturing Co.<sup>(a)(b)</sup> | 14247 | 1093457 |
|  Patrick Industries, Inc. | 8820 | 745819 |
|  Phinia, Inc. | 12467 | 528975 |
|  QuantumScape Corp., Class A<sup>(a)(b)</sup> | 97867 | 407127 |
|  Solid Power, Inc., Class A<sup>(a)(b)</sup> | 37794 | 39684 |
|  Standard Motor Products, Inc. | 5083 | 126719 |
|  Stoneridge, Inc.<sup>(a)</sup> | 6828 | 31341 |
|  Visteon Corp.<sup>(a)</sup> | 6978 | 541632 |
|  XPEL, Inc.<sup>(a)</sup> | 6634 | 194907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15433483 |
| **Automobiles — 1.5%** |  |  |
|  Ford Motor Co. | 1052085 | 10552413 |
|  General Motors Co. | 264518 | 12440282 |
|  Harley-Davidson, Inc. | 31800 | 802950 |
|  Lucid Group, Inc.<sup>(a)(b)</sup> | 264362 | 639756 |
|  Rivian Automotive, Inc., Class A<sup>(a)(b)</sup> | 219634 | 2734443 |
|  Tesla, Inc.<sup>(a)</sup> | 743167 | 192599160 |
|  Thor Industries, Inc. | 13313 | 1009258 |
|  Winnebago Industries, Inc. | 7817 | 269374 |
|  |  | 221047636 |
| **Banks — 3.9%** |  |  |
|  1st Source Corp. | 4039 | 241573 |
|  ACNB Corp. | 3174 | 130642 |
|  Amalgamated Financial Corp. | 5063 | 145561 |
|  Amerant Bancorp, Inc., Class A | 7746 | 159877 |
|  Ameris Bancorp | 16302 | 938506 |
|  Arrow Financial Corp. | 4983 | 131003 |
|  Associated Banc-Corp. | 42915 | 966875 |
|  Atlantic Union Bankshares Corp. | 23799 | 741101 |
|  Axos Financial, Inc.<sup>(a)</sup> | 15606 | 1006899 |
|  Banc of California, Inc. | 33041 | 468852 |
|  BancFirst Corp. | 5962 | 655045 |
|  Bancorp, Inc. (The)<sup>(a)</sup> | 11572 | 611465 |
|  Bank First Corp. | 2941 | 296276 |
|  Bank of America Corp. | 1780503 | 74300390 |
|  Bank of Hawaii Corp. | 10335 | 712805 |
|  Bank of Marin Bancorp | 4498 | 99271 |
|  Bank of NT Butterfield & Son Ltd. (The) | 14034 | 546203 |
|  Bank OZK | 29479 | 1280863 |
|  BankUnited, Inc. | 20108 | 692520 |
|  Banner Corp. | 9732 | 620610 |
|  Bar Harbor Bankshares | 4806 | 141777 |
|  BayCom Corp. | 6212 | 156356 |
|  BCB Bancorp, Inc. | 5751 | 56705 |
|  Berkshire Hills Bancorp, Inc. | 11623 | 303244 |
|  Blue Foundry Bancorp<sup>(a)(b)</sup> | 8852 | 81438 |
|  BOK Financial Corp. | 6049 | 630003 |
|  Bridgewater Bancshares, Inc.<sup>(a)</sup> | 8163 | 113384 |
|  Brookline Bancorp, Inc. | 17954 | 195699 |
|  Burke & Herbert Financial Services Corp. | 3919 | 219895 |
|  Business First Bancshares, Inc. | 6535 | 159127 |
|  Byline Bancorp, Inc. | 7350 | 192276 |
|  Cadence Bank | 38190 | 1159448 |
|  California BanCorp<sup>(a)(b)</sup> | 8947 | 128211 |
|  Camden National Corp. | 3718 | 150467 |
|  Capital City Bank Group, Inc. | 4560 | 163978 |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  Capitol Federal Financial, Inc. | 39739 | $222538 |
|  Carter Bankshares, Inc.<sup>(a)</sup> | 8302 | 134326 |
|  Cathay General Bancorp | 17603 | 757457 |
|  Central Pacific Financial Corp. | 8258 | 223296 |
|  Citigroup, Inc. | 506828 | 35979720 |
|  Citizens & Northern Corp. | 5805 | 116797 |
|  Citizens Financial Group, Inc. | 117134 | 4798980 |
|  Citizens Financial Services, Inc. | 1356 | 78716 |
|  City Holding Co. | 3834 | 450380 |
|  Civista Bancshares, Inc. | 6024 | 117709 |
|  CNB Financial Corp. | 5061 | 112607 |
|  Coastal Financial Corp.<sup>(a)</sup> | 2794 | 252606 |
|  Colony Bankcorp, Inc. | 2323 | 37516 |
|  Columbia Banking System, Inc. | 54454 | 1358083 |
|  Columbia Financial, Inc.<sup>(a)</sup> | 8604 | 129060 |
|  Comerica, Inc. | 35904 | 2120490 |
|  Commerce Bancshares, Inc. | 33410 | 2079104 |
|  Community Financial System, Inc. | 14133 | 803602 |
|  Community Trust Bancorp, Inc. | 3844 | 193584 |
|  Community West Bancshares | 7138 | 131910 |
|  ConnectOne Bancorp, Inc. | 10426 | 253456 |
|  Cullen/Frost Bankers, Inc. | 16174 | 2024985 |
|  Customers Bancorp, Inc.<sup>(a)</sup> | 7352 | 369070 |
|  CVB Financial Corp. | 34578 | 638310 |
|  Dime Community Bancshares, Inc. | 9351 | 260706 |
|  Eagle Bancorp, Inc. | 7887 | 165627 |
|  East West Bancorp, Inc. | 37259 | 3344368 |
|  Eastern Bankshares, Inc. | 48496 | 795334 |
|  Enterprise Bancorp, Inc. | 4074 | 158601 |
|  Enterprise Financial Services Corp. | 9350 | 502469 |
|  Equity Bancshares, Inc., Class A | 3966 | 156260 |
|  Esquire Financial Holdings, Inc. | 2265 | 170736 |
|  Farmers & Merchants Bancorp, Inc. | 4346 | 103913 |
|  Farmers National Banc Corp. | 10810 | 141071 |
|  FB Financial Corp. | 10401 | 482190 |
|  Fidelity D&D Bancorp, Inc. | 2321 | 96577 |
|  Fifth Third Bancorp | 180255 | 7065996 |
|  Financial Institutions, Inc. | 4621 | 115340 |
|  First Bancorp, Inc. (The) | 3785 | 93565 |
|  First BanCorp/Puerto Rico | 43678 | 837307 |
|  First Bancorp/Southern Pines NC | 8919 | 358009 |
|  First Bancshares, Inc. (The) | 9175 | 310207 |
|  First Bank | 9380 | 138918 |
|  First Busey Corp. | 22543 | 486929 |
|  First Business Financial Services, Inc. | 3308 | 155972 |
|  First Citizens BancShares, Inc., Class A<sup>(b)</sup> | 3074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5699565 |
|  First Commonwealth Financial Corp. | 23135 | 359518 |
|  First Community Bankshares, Inc. | 4404 | 165987 |
|  First Financial Bancorp | 24585 | 614133 |
|  First Financial Bankshares, Inc. | 34440 | 1237085 |
|  First Financial Corp. | 2795 | 136899 |
|  First Foundation, Inc. | 11597 | 60188 |
|  First Hawaiian, Inc. | 35359 | 864174 |
|  First Horizon Corp. | 141367 | 2745347 |
|  First Internet Bancorp | 4021 | 107682 |
|  First Interstate BancSystem, Inc., Class A | 23662 | 677916 |
|  First Merchants Corp. | 14309 | 578656 |
|  First Mid Bancshares, Inc. | 6937 | 242101 |
|  First of Long Island Corp. (The) | 6602 | 81535 |
|  Five Star Bancorp | 3919 | 108948 |
|  Flagstar Financial, Inc. | 62827 | 730050 |
|  Flushing Financial Corp. | 8566 | 108788 |
|  FNB Corp. | 93880 | 1262686 |

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| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  FS Bancorp, Inc. | 3225 | $122582 |
|  Fulton Financial Corp. | 43550 | 787820 |
|  German American Bancorp, Inc. | 6489 | 243338 |
|  Glacier Bancorp, Inc. | 31610 | 1397794 |
|  Great Southern Bancorp, Inc. | 2579 | 142799 |
|  Guaranty Bancshares, Inc. | 3124 | 125054 |
|  Hancock Whitney Corp. | 23598 | 1237715 |
|  Hanmi Financial Corp. | 8508 | 192791 |
|  HarborOne Bancorp, Inc. | 17051 | 176819 |
|  HBT Financial, Inc. | 5122 | 114784 |
|  Heritage Commerce Corp. | 16514 | 157213 |
|  Heritage Financial Corp. | 9212 | 224128 |
|  Hilltop Holdings, Inc. | 13800 | 420210 |
|  Hingham Institution For Savings (The)<sup>(b)</sup> | 465 | 110577 |
|  Home Bancorp, Inc. | 2898 | 129830 |
|  Home BancShares, Inc. | 52422 | 1481970 |
|  HomeStreet, Inc.<sup>(a)</sup> | 4887 | 57373 |
|  HomeTrust Bancshares, Inc. | 5430 | 186140 |
|  Hope Bancorp, Inc. | 29353 | 307326 |
|  Horizon Bancorp, Inc. | 10546 | 159034 |
|  Huntington Bancshares, Inc. | 383478 | 5756005 |
|  Independent Bank Corp. | 11527 | 722167 |
|  Independent Bank Corp. | 5188 | 159739 |
|  International Bancshares Corp. | 14642 | 923325 |
|  John Marshall Bancorp, Inc. | 5899 | 97451 |
|  JPMorgan Chase & Co. | 751231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184276964 |
|  Kearny Financial Corp. | 15648 | 97957 |
|  KeyCorp | 244598 | 3911122 |
|  Lakeland Financial Corp. | 5935 | 352776 |
|  Live Oak Bancshares, Inc.<sup>(b)</sup> | 8464 | 225650 |
|  M&T Bank Corp. | 44778 | 8004068 |
|  Mercantile Bank Corp. | 4760 | 206774 |
|  Metrocity Bankshares, Inc. | 7573 | 208788 |
|  Metropolitan Bank Holding Corp.<sup>(a)</sup> | 2460 | 137735 |
|  Mid Penn Bancorp, Inc. | 5597 | 145018 |
|  Middlefield Banc Corp. | 4204 | 117502 |
|  Midland States Bancorp, Inc. | 6217 | 106435 |
|  MidWestOne Financial Group, Inc. | 6066 | 179614 |
|  MVB Financial Corp. | 5590 | 96819 |
|  National Bank Holdings Corp., Class A | 8169 | 312628 |
|  NB Bancorp, Inc.<sup>(a)</sup> | 10319 | 186464 |
|  NBT Bancorp, Inc. | 11816 | 506906 |
|  Nicolet Bankshares, Inc. | 3263 | 355537 |
|  Northeast Bank | 1266 | 115890 |
|  Northeast Community Bancorp, Inc. | 7083 | 166026 |
|  Northfield Bancorp, Inc. | 12253 | 133680 |
|  Northrim BanCorp, Inc. | 2487 | 182098 |
|  Northwest Bancshares, Inc. | 26773 | 321811 |
|  NU Holdings Ltd., Class A<sup>(a)</sup> | 867250 | 8880640 |
|  OceanFirst Financial Corp. | 15162 | 257906 |
|  OFG Bancorp | 11298 | 452146 |
|  Old National Bancorp | 83665 | 1772861 |
|  Old Second Bancorp, Inc. | 11924 | 198415 |
|  Orange County Bancorp, Inc. | 5034 | 117745 |
|  Origin Bancorp, Inc. | 7013 | 243141 |
|  Orrstown Financial Services, Inc. | 6498 | 195005 |
|  Pacific Premier Bancorp, Inc. | 22786 | 485798 |
|  Park National Corp. | 3560 | 538984 |
|  Pathward Financial, Inc. | 6553 | 478041 |
|  Peapack-Gladstone Financial Corp. | 4848 | 137683 |
|  Peoples Bancorp, Inc. | 9639 | 285893 |
|  Peoples Financial Services Corp. | 3236 | 143905 |
|  Pinnacle Financial Partners, Inc. | 20253 | 2147628 |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  PNC Financial Services Group, Inc. (The) | 106523 | $18723548 |
|  Popular, Inc. | 19175 | 1771195 |
|  Preferred Bank | 2334 | 195262 |
|  Primis Financial Corp. | 9719 | 94955 |
|  Prosperity Bancshares, Inc. | 24704 | 1763125 |
|  Provident Financial Services, Inc. | 36608 | 628559 |
|  QCR Holdings, Inc. | 5053 | 360380 |
|  RBB Bancorp | 4885 | 80603 |
|  Red River Bancshares, Inc. | 2062 | 106502 |
|  Regions Financial Corp. | 240537 | 5226869 |
|  Renasant Corp. | 16209 | 549971 |
|  Republic Bancorp, Inc., Class A | 3136 | 200140 |
|  S&T Bancorp, Inc. | 8869 | 328596 |
|  Sandy Spring Bancorp, Inc. | 10977 | 306807 |
|  Seacoast Banking Corp. of Florida | 16955 | 436252 |
|  ServisFirst Bancshares, Inc. | 13673 | 1129390 |
|  Shore Bancshares, Inc. | 6800 | 92072 |
|  Sierra Bancorp | 2158 | 60165 |
|  Simmons First National Corp., Class A | 34010 | 698225 |
|  SmartFinancial, Inc. | 6423 | 199627 |
|  South Plains Financial, Inc. | 3545 | 117410 |
|  Southern First Bancshares, Inc.<sup>(a)</sup> | 2912 | 95863 |
|  Southern Missouri Bancorp, Inc. | 2556 | 132963 |
|  Southside Bancshares, Inc. | 9376 | 271529 |
|  SouthState Corp. | 26564 | 2465671 |
|  Stellar Bancorp, Inc. | 13580 | 375623 |
|  Stock Yards Bancorp, Inc. | 7589 | 524096 |
|  Synovus Financial Corp. | 37520 | 1753685 |
|  Texas Capital Bancshares, Inc.<sup>(a)</sup> | 13033 | 973565 |
|  Third Coast Bancshares, Inc.<sup>(a)</sup> | 1133 | 37808 |
|  Timberland Bancorp, Inc. | 3800 | 114570 |
|  Tompkins Financial Corp. | 3418 | 215266 |
|  Towne Bank | 16979 | 580512 |
|  TriCo Bancshares | 7279 | 290942 |
|  Triumph Financial, Inc.<sup>(a)(b)</sup> | 5808 | 335702 |
|  Truist Financial Corp. | 355948 | 14647260 |
|  TrustCo Bank Corp. | 5288 | 161178 |
|  Trustmark Corp. | 16710 | 576328 |
|  U.S. Bancorp | 417425 | 17623684 |
|  UMB Financial Corp. | 18062 | 1826068 |
|  United Bankshares, Inc. | 35794 | 1240978 |
|  United Community Banks, Inc. | 25283 | 711211 |
|  Unity Bancorp, Inc. | 3480 | 141636 |
|  Univest Financial Corp. | 7185 | 203767 |
|  Valley National Bancorp | 124179 | 1103951 |
|  Veritex Holdings, Inc. | 12013 | 299965 |
|  WaFd, Inc. | 19364 | 553423 |
|  Washington Trust Bancorp, Inc. | 3588 | 110726 |
|  Webster Financial Corp. | 46642 | 2404395 |
|  Wells Fargo & Co. | 880009 | 63175846 |
|  WesBanco, Inc. | 24051 | 744619 |
|  West BanCorp, Inc. | 5730 | 114256 |
|  Westamerica BanCorp | 7723 | 391016 |
|  Western Alliance Bancorp | 28243 | 2169910 |
|  Wintrust Financial Corp. | 17109 | 1924078 |
|  WSFS Financial Corp. | 15922 | 825874 |
|  Zions Bancorp N.A | 39549 | 1971913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559981567 |
| **Beverages — 1.2%** |  |  |
|  Boston Beer Co., Inc. (The), Class A, NVS<sup>(a)</sup> | 2414 | 576560 |
|  Brown-Forman Corp., Class A | 14139 | 473232 |
|  Brown-Forman Corp., Class B, NVS | 45723 | 1551839 |

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| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Beverages (continued)** |  |  |
|  Celsius Holdings, Inc.<sup>(a)</sup> | 47000 | $1674140 |
|  Coca-Cola Co. (The) | 1037970 | 74339411 |
|  Coca-Cola Consolidated, Inc. | 1570 | 2119500 |
|  Constellation Brands, Inc., Class A | 42354 | 7772806 |
|  Keurig Dr. Pepper, Inc. | 320205 | 10957415 |
|  MGP Ingredients, Inc.<sup>(b)</sup> | 3867 | 113613 |
|  Molson Coors Beverage Co., Class B | 46367 | 2822359 |
|  Monster Beverage Corp.<sup>(a)</sup> | 188874 | 11052907 |
|  National Beverage Corp. | 6724 | 279315 |
|  PepsiCo, Inc. | 367612 | 55119743 |
|  Primo Brands Corp., Class A<sup>(b)</sup> | 53074 | 1883596 |
|  Vita Coco Co., Inc. (The)<sup>(a)(b)</sup> | 11843 | 362988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171099424 |
| **Biotechnology — 2.3%** |  |  |
|  2seventy bio, Inc.<sup>(a)</sup> | 19295 | 95317 |
|  4D Molecular Therapeutics, Inc.<sup>(a)(b)</sup> | 12449 | 40210 |
|  89bio, Inc.<sup>(a)</sup> | 16237 | 118043 |
|  AbbVie, Inc. | 473737 | 99257376 |
|  ABSCI CORP<sup>(a)</sup> | 34800 | 87348 |
|  ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 34528 | 573510 |
|  ACELYRIN, Inc.<sup>(a)(b)</sup> | 10839 | 26772 |
|  ADC Therapeutics SA<sup>(a)(b)</sup> | 46833 | 66035 |
|  ADMA Biologics, Inc.<sup>(a)</sup> | 64580 | 1281267 |
|  Aerovate Therapeutics, Inc.<sup>(a)(b)</sup> | 4622 | 11601 |
|  Agenus, Inc.<sup>(a)(b)</sup> | 3084 | 4641 |
|  Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 16248 | 476066 |
|  Akebia Therapeutics, Inc.<sup>(a)</sup> | 44924 | 86254 |
|  Akero Therapeutics, Inc.<sup>(a)</sup> | 20240 | 819315 |
|  Aldeyra Therapeutics, Inc.<sup>(a)(b)</sup> | 14654 | 84261 |
|  Alector, Inc.<sup>(a)</sup> | 16148 | 19862 |
|  Alkermes PLC<sup>(a)</sup> | 42446 | 1401567 |
|  Allogene Therapeutics, Inc.<sup>(a)(b)</sup> | 24848 | 36278 |
|  Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 34627 | 9349983 |
|  Altimmune, Inc.<sup>(a)(b)</sup> | 22887 | 114435 |
|  ALX Oncology Holdings, Inc.<sup>(a)</sup> | 9154 | 5703 |
|  Amgen, Inc. | 143393 | 44674089 |
|  Amicus Therapeutics, Inc.<sup>(a)</sup> | 80276 | 655052 |
|  AnaptysBio, Inc.<sup>(a)(b)</sup> | 7258 | 134926 |
|  Anavex Life Sciences Corp.<sup>(a)(b)</sup> | 19261 | 165259 |
|  Anika Therapeutics, Inc.<sup>(a)</sup> | 5998 | 90150 |
|  Annexon, Inc.<sup>(a)</sup> | 23215 | 44805 |
|  Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 26425 | 577915 |
|  Apogee Therapeutics, Inc.<sup>(a)(b)</sup> | 10999 | 410923 |
|  Applied Therapeutics, Inc.<sup>(a)</sup> | 31456 | 15379 |
|  Arbutus Biopharma Corp.<sup>(a)</sup> | 48405 | 168933 |
|  Arcellx, Inc.<sup>(a)</sup> | 10855 | 712088 |
|  Arcturus Therapeutics Holdings, Inc.<sup>(a)</sup> | 8768 | 92853 |
|  Arcus Biosciences, Inc.<sup>(a)</sup> | 12064 | 94702 |
|  Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 24679 | 385980 |
|  Ardelyx, Inc.<sup>(a)</sup> | 55948 | 274705 |
|  ArriVent Biopharma, Inc.<sup>(a)(b)</sup> | 7497 | 138620 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 30746 | 391704 |
|  ARS Pharmaceuticals, Inc.<sup>(a)</sup> | 17368 | 218489 |
|  Astria Therapeutics, Inc.<sup>(a)</sup> | 11299 | 60337 |
|  Aura Biosciences, Inc.<sup>(a)(b)</sup> | 8690 | 50923 |
|  Aurinia Pharmaceuticals, Inc.<sup>(a)</sup> | 37661 | 302794 |
|  Avidity Biosciences, Inc.<sup>(a)</sup> | 28642 | 845512 |
|  Avita Medical, Inc.<sup>(a)(b)</sup> | 7131 | 58046 |
|  Beam Therapeutics, Inc.<sup>(a)</sup> | 24360 | 475751 |
|  Bicara Therapeutics, Inc.<sup>(a)(b)</sup> | 9274 | 120840 |
|  BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 64287 | 482153 |
|  Biogen, Inc.<sup>(a)</sup> | 39227 | 5367823 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Biohaven Ltd.<sup>(a)</sup> | 23526 | $565565 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 49810 | 3521069 |
|  Biomea Fusion, Inc.<sup>(a)(b)</sup> | 5220 | 11119 |
|  Bluebird Bio, Inc.<sup>(a)(b)</sup> | 860 | 4197 |
|  Blueprint Medicines Corp.<sup>(a)(b)</sup> | 16881 | 1494137 |
|  Bridgebio Pharma, Inc.<sup>(a)</sup> | 38255 | 1322475 |
|  C4 Therapeutics, Inc.<sup>(a)(b)</sup> | 21047 | 33675 |
|  Cabaletta Bio, Inc.<sup>(a)(b)</sup> | 9402 | 13022 |
|  Capricor Therapeutics, Inc.<sup>(a)(b)</sup> | 7319 | 69457 |
|  CareDx, Inc.<sup>(a)(b)</sup> | 12869 | 228425 |
|  Cargo Therapeutics, Inc.<sup>(a)(b)</sup> | 11714 | 47676 |
|  Caribou Biosciences, Inc.<sup>(a)(b)</sup> | 17901 | 16345 |
|  Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 32435 | 786549 |
|  Celcuity, Inc.<sup>(a)</sup> | 7891 | 79778 |
|  Celldex Therapeutics, Inc.<sup>(a)</sup> | 16522 | 299874 |
|  Century Therapeutics, Inc.<sup>(a)</sup> | 10207 | 4859 |
|  CG oncology, Inc.<sup>(a)</sup> | 12617 | 308990 |
|  Cogent Biosciences, Inc.<sup>(a)</sup> | 24710 | 148013 |
|  Coherus Biosciences, Inc.<sup>(a)(b)</sup> | 16562 | 13366 |
|  Compass Therapeutics, Inc.<sup>(a)(b)</sup> | 33280 | 63232 |
|  Corbus Pharmaceuticals Holdings, Inc.<sup>(a)(b)</sup> | 3220 | 17098 |
|  Crinetics Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 23257 | 780040 |
|  Cullinan Therapeutics, Inc.<sup>(a)</sup> | 16553 | 125306 |
|  Cytokinetics, Inc.<sup>(a)</sup> | 29584 | 1188981 |
|  Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 18210 | 144405 |
|  Denali Therapeutics, Inc.<sup>(a)</sup> | 32277 | 438806 |
|  Design Therapeutics, Inc.<sup>(a)</sup> | 8894 | 34331 |
|  Dianthus Therapeutics, Inc.<sup>(a)(b)</sup> | 6331 | 114844 |
|  Disc Medicine, Inc.<sup>(a)(b)</sup> | 5345 | 265326 |
|  Dynavax Technologies Corp.<sup>(a)</sup> | 37300 | 483781 |
|  Dyne Therapeutics, Inc.<sup>(a)(b)</sup> | 21368 | 223509 |
|  Editas Medicine, Inc.<sup>(a)(b)</sup> | 18684 | 21673 |
|  Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 4829 | 26656 |
|  Entrada Therapeutics, Inc.<sup>(a)</sup> | 7466 | 67493 |
|  Erasca, Inc.<sup>(a)(b)</sup> | 67519 | 92501 |
|  Exact Sciences Corp.<sup>(a)</sup> | 48276 | 2089868 |
|  Exelixis, Inc.<sup>(a)</sup> | 76400 | 2820688 |
|  Fate Therapeutics, Inc.<sup>(a)</sup> | 20265 | 16011 |
|  Generation Bio Co.<sup>(a)</sup> | 20981 | 8497 |
|  Geron Corp.<sup>(a)</sup> | 165068 | 262458 |
|  Gilead Sciences, Inc. | 334380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37467279 |
|  GRAIL, Inc.<sup>(a)(b)</sup> | 7048 | 180006 |
|  Halozyme Therapeutics, Inc.<sup>(a)</sup> | 33051 | 2108984 |
|  Heron Therapeutics, Inc.<sup>(a)(b)</sup> | 28316 | 62295 |
|  HilleVax, Inc.<sup>(a)(b)</sup> | 5819 | 8438 |
|  Humacyte, Inc.<sup>(a)(b)</sup> | 24438 | 41667 |
|  Ideaya Biosciences, Inc.<sup>(a)</sup> | 21712 | 355643 |
|  IGM Biosciences, Inc.<sup>(a)(b)</sup> | 5372 | 6178 |
|  ImmunityBio, Inc.<sup>(a)(b)</sup> | 47697 | 143568 |
|  Immunome, Inc.<sup>(a)</sup> | 13616 | 91636 |
|  Immunovant, Inc.<sup>(a)(b)</sup> | 16132 | 275696 |
|  Incyte Corp.<sup>(a)</sup> | 42628 | 2581125 |
|  Inhibrx Biosciences, Inc.<sup>(a)</sup> | 1911 | 26735 |
|  Inovio Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 14035 | 22877 |
|  Inozyme Pharma, Inc.<sup>(a)(b)</sup> | 23704 | 21571 |
|  Insmed, Inc.<sup>(a)(b)</sup> | 45810 | 3494845 |
|  Intellia Therapeutics, Inc.<sup>(a)</sup> | 23247 | 165286 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 41848 | 1262554 |
|  Iovance Biotherapeutics, Inc.<sup>(a)(b)</sup> | 63437 | 211245 |
|  Ironwood Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 40323 | 59275 |
|  iTeos Therapeutics, Inc.<sup>(a)</sup> | 6599 | 39396 |
|  Janux Therapeutics, Inc.<sup>(a)(b)</sup> | 6657 | 179739 |
|  KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | 6484 | 74825 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Keros Therapeutics, Inc.<sup>(a)</sup> | 6951 | $70831 |
|  Kiniksa Pharmaceuticals International PLC<sup>(a)</sup> | 11512 | 255682 |
|  Kodiak Sciences, Inc.<sup>(a)(b)</sup> | 14104 | 39562 |
|  Korro Bio, Inc.<sup>(a)(b)</sup> | 3228 | 56200 |
|  Krystal Biotech, Inc.<sup>(a)</sup> | 6630 | 1195389 |
|  Kura Oncology, Inc.<sup>(a)</sup> | 16665 | 109989 |
|  Kymera Therapeutics, Inc.<sup>(a)(b)</sup> | 12933 | 353976 |
|  Larimar Therapeutics, Inc.<sup>(a)(b)</sup> | 16892 | 36318 |
|  LENZ Therapeutics, Inc.<sup>(a)(b)</sup> | 5716 | 146958 |
|  Lexicon Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 34943 | 16102 |
|  Lyell Immunopharma, Inc.<sup>(a)</sup> | 40876 | 21991 |
|  MacroGenics, Inc.<sup>(a)</sup> | 16318 | 20724 |
|  Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 4649 | 1539888 |
|  MannKind Corp.<sup>(a)</sup> | 81780 | 411353 |
|  MeiraGTx Holdings PLC<sup>(a)</sup> | 17131 | 116148 |
|  Mersana Therapeutics, Inc.<sup>(a)</sup> | 22252 | 7659 |
|  Metsera, Inc.<sup>(a)(b)</sup> | 4108 | 111820 |
|  MiMedx Group, Inc.<sup>(a)(b)</sup> | 33384 | 253718 |
|  Mineralys Therapeutics, Inc.<sup>(a)(b)</sup> | 6213 | 98662 |
|  Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 10397 | 468385 |
|  Moderna, Inc.<sup>(a)</sup> | 86273 | 2445840 |
|  Monte Rosa Therapeutics, Inc.<sup>(a)(b)</sup> | 14164 | 65721 |
|  Myriad Genetics, Inc.<sup>(a)</sup> | 22726 | 201580 |
|  Natera, Inc.<sup>(a)</sup> | 30619 | 4329833 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup> | 26258 | 2904135 |
|  Neurogene, Inc.<sup>(a)(b)</sup> | 4381 | 51302 |
|  Nkarta, Inc.<sup>(a)</sup> | 8713 | 16032 |
|  Novavax, Inc.<sup>(a)(b)</sup> | 40910 | 262233 |
|  Nurix Therapeutics, Inc.<sup>(a)</sup> | 17443 | 207223 |
|  Nuvalent, Inc., Class A<sup>(a)(b)</sup> | 9462 | 671045 |
|  Ocugen, Inc.<sup>(a)(b)</sup> | 109618 | 77423 |
|  Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 11772 | 44263 |
|  Organogenesis Holdings, Inc., Class A<sup>(a)(b)</sup> | 30996 | 133903 |
|  ORIC Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 17195 | 95948 |
|  Outlook Therapeutics, Inc.<sup>(a)(b)</sup> | 3212 | 3919 |
|  PepGen, Inc.<sup>(a)(b)</sup> | 7399 | 10396 |
|  Perspective Therapeutics, Inc.<sup>(a)(b)</sup> | 14759 | 31437 |
|  Praxis Precision Medicines, Inc.<sup>(a)</sup> | 4568 | 172990 |
|  Precigen, Inc.<sup>(a)(b)</sup> | 60441 | 90057 |
|  Prime Medicine, Inc.<sup>(a)(b)</sup> | 10386 | 20668 |
|  ProKidney Corp., Class A<sup>(a)(b)</sup> | 16208 | 14201 |
|  Protagonist Therapeutics, Inc.<sup>(a)</sup> | 15813 | 764717 |
|  Prothena Corp. PLC<sup>(a)(b)</sup> | 10752 | 133056 |
|  PTC Therapeutics, Inc.<sup>(a)(b)</sup> | 19810 | 1009518 |
|  Q32 Bio, Inc.<sup>(a)(b)</sup> | 3132 | 5168 |
|  RAPT Therapeutics, Inc.<sup>(a)(b)</sup> | 5452 | 6651 |
|  Recursion Pharmaceuticals, Inc., Class A<sup>(a)(b)</sup> | 66040 | 349352 |
|  Regeneron Pharmaceuticals, Inc. | 28026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17774930 |
|  REGENXBIO, Inc.<sup>(a)</sup> | 9264 | 66238 |
|  Relay Therapeutics, Inc.<sup>(a)</sup> | 19965 | 52308 |
|  Replimune Group, Inc.<sup>(a)(b)</sup> | 22528 | 219648 |
|  Revolution Medicines, Inc.<sup>(a)(b)</sup> | 43957 | 1554320 |
|  Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 13495 | 714830 |
|  Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 6371 | 114614 |
|  Rocket Pharmaceuticals, Inc.<sup>(a)</sup> | 18656 | 124436 |
|  Roivant Sciences Ltd.<sup>(a)(b)</sup> | 114030 | 1150563 |
|  Sage Therapeutics, Inc.<sup>(a)</sup> | 13529 | 107556 |
|  Sana Biotechnology, Inc.<sup>(a)(b)</sup> | 48791 | 81969 |
|  Sarepta Therapeutics, Inc.<sup>(a)</sup> | 24868 | 1587076 |
|  Savara, Inc.<sup>(a)</sup> | 41916 | 116107 |
|  Scholar Rock Holding Corp.<sup>(a)</sup> | 21829 | 701802 |
|  Soleno Therapeutics, Inc.<sup>(a)(b)</sup> | 5832 | 416696 |
|  SpringWorks Therapeutics, Inc.<sup>(a)</sup> | 18851 | 831895 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Spyre Therapeutics, Inc.<sup>(a)(b)</sup> | 9172 | $147990 |
|  Stoke Therapeutics, Inc.<sup>(a)(b)</sup> | 7759 | 51597 |
|  Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 23287 | 449206 |
|  Sutro Biopharma, Inc.<sup>(a)(b)</sup> | 22462 | 14614 |
|  Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 19617 | 240995 |
|  Tango Therapeutics, Inc.<sup>(a)</sup> | 12925 | 17707 |
|  Taysha Gene Therapies, Inc.<sup>(a)(b)</sup> | 68779 | 95603 |
|  Tenaya Therapeutics, Inc.<sup>(a)(b)</sup> | 15776 | 8994 |
|  TG Therapeutics, Inc.<sup>(a)</sup> | 35683 | 1406981 |
|  Tourmaline Bio, Inc.<sup>(a)</sup> | 9987 | 151902 |
|  Travere Therapeutics, Inc.<sup>(a)</sup> | 16850 | 301952 |
|  TScan Therapeutics, Inc.<sup>(a)</sup> | 20578 | 28398 |
|  Twist Bioscience Corp.<sup>(a)</sup> | 15079 | 592002 |
|  Tyra Biosciences, Inc.<sup>(a)(b)</sup> | 6494 | 60394 |
|  Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 25054 | 907205 |
|  United Therapeutics Corp.<sup>(a)</sup> | 11491 | 3542331 |
|  Upstream Bio, Inc.<sup>(a)(b)</sup> | 9409 | 57583 |
|  UroGen Pharma Ltd.<sup>(a)(b)</sup> | 9441 | 104417 |
|  Vanda Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 14855 | 68184 |
|  Vaxcyte, Inc.<sup>(a)(b)</sup> | 33464 | 1263601 |
|  Vera Therapeutics, Inc., Class A<sup>(a)</sup> | 10661 | 256077 |
|  Veracyte, Inc.<sup>(a)</sup> | 19897 | 589946 |
|  Vericel Corp.<sup>(a)</sup> | 14291 | 637664 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 69360 | 33627115 |
|  Verve Therapeutics, Inc.<sup>(a)</sup> | 12439 | 56846 |
|  Viking Therapeutics, Inc.<sup>(a)</sup> | 27351 | 660527 |
|  Vir Biotechnology, Inc.<sup>(a)</sup> | 20086 | 130157 |
|  Viridian Therapeutics, Inc.<sup>(a)</sup> | 19039 | 256646 |
|  Voyager Therapeutics, Inc.<sup>(a)</sup> | 8953 | 30261 |
|  X4 Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 55192 | 13047 |
|  Xencor, Inc.<sup>(a)</sup> | 14930 | 158855 |
|  Y-mAbs Therapeutics, Inc.<sup>(a)</sup> | 9117 | 40388 |
|  Zentalis Pharmaceuticals, Inc.<sup>(a)</sup> | 14031 | 22309 |
|  Zymeworks, Inc.<sup>(a)(b)</sup> | 14016 | 166931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329324932 |
| **Broadline Retail — 3.5%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 2509841 | 477522349 |
|  Coupang, Inc., Class A<sup>(a)</sup> | 309182 | 6780361 |
|  Dillard's, Inc., Class A | 1049 | 375678 |
|  eBay, Inc. | 128155 | 8679938 |
|  Etsy, Inc.<sup>(a)(b)</sup> | 30606 | 1443991 |
|  Kohl's Corp. | 29301 | 239682 |
|  Macy's, Inc. | 73730 | 926049 |
|  Nordstrom, Inc. | 29032 | 709833 |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 16982 | 1976026 |
|  Savers Value Village, Inc.<sup>(a)(b)</sup> | 6847 | 47244 |
|  |  | 498701151 |
| **Building Products — 0.7%** |  |  |
| A. O. Smith Corp. | 31799 | 2078383 |
|  AAON, Inc. | 17545 | 1370791 |
|  Advanced Drainage Systems, Inc. | 19135 | 2079018 |
|  Allegion PLC | 23073 | 3010104 |
|  American Woodmark Corp.<sup>(a)</sup> | 4761 | 280090 |
|  Apogee Enterprises, Inc. | 6965 | 322688 |
|  Armstrong World Industries, Inc. | 12116 | 1706902 |
|  AZEK Co., Inc. (The), Class A<sup>(a)</sup> | 39581 | 1935115 |
|  AZZ, Inc. | 6731 | 562779 |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 30666 | 3831410 |
|  Carlisle Cos., Inc. | 11906 | 4053993 |
|  Carrier Global Corp. | 223960 | 14199064 |
|  CSW Industrials, Inc. | 4397 | 1281813 |
|  Fortune Brands Innovations, Inc. | 32648 | 1987610 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Building Products (continued)** |  |  |
|  Gibraltar Industries, Inc.<sup>(a)</sup> | 8129 | $476847 |
|  Griffon Corp. | 11099 | 793579 |
|  Hayward Holdings, Inc.<sup>(a)</sup> | 37794 | 526092 |
|  Insteel Industries, Inc. | 4963 | 130527 |
|  Janus International Group, Inc.<sup>(a)(b)</sup> | 37587 | 270626 |
|  JELD-WEN Holding, Inc.<sup>(a)</sup> | 21756 | 129883 |
|  Johnson Controls International PLC | 176311 | 14124274 |
|  Lennox International, Inc. | 8444 | 4735649 |
|  Masco Corp. | 56696 | 3942640 |
|  Masterbrand, Inc.<sup>(a)</sup> | 34150 | 445999 |
|  Owens Corning | 22950 | 3277719 |
|  Quanex Building Products Corp. | 11730 | 218061 |
|  Resideo Technologies, Inc.<sup>(a)</sup> | 37825 | 669503 |
|  Simpson Manufacturing Co., Inc. | 11604 | 1822756 |
|  Tecnoglass, Inc. | 5944 | 425293 |
|  Trane Technologies PLC | 60495 | 20381975 |
|  Trex Co., Inc.<sup>(a)</sup> | 28491 | 1655327 |
|  UFP Industries, Inc. | 16319 | 1746786 |
|  Zurn Elkay Water Solutions Corp. | 38898 | 1282856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95756152 |
| **Capital Markets — 3.3%** |  |  |
|  Acadian Asset Management, Inc. | 8528 | 220534 |
|  Affiliated Managers Group, Inc. | 8358 | 1404395 |
|  Ameriprise Financial, Inc. | 25714 | 12448405 |
|  Ares Management Corp., Class A | 49905 | 7316572 |
|  Artisan Partners Asset Management, Inc., Class A | 14871 | 581456 |
|  B Riley Financial, Inc.<sup>(b)</sup> | 5770 | 22330 |
|  Bank of New York Mellon Corp. (The) | 192104 | 16111763 |
|  BGC Group, Inc., Class A | 87698 | 804191 |
|  BlackRock, Inc.<sup>(c)</sup> | 39465 | 37352833 |
|  Blackstone, Inc., Class A, NVS | 193232 | 27009969 |
|  Blue Owl Capital, Inc., Class A | 140534 | 2816301 |
|  Carlyle Group, Inc. (The) | 57212 | 2493871 |
|  Cboe Global Markets, Inc. | 28435 | 6434556 |
|  Charles Schwab Corp. (The) | 442240 | 34618547 |
|  CME Group, Inc., Class A | 96385 | 25569977 |
|  Cohen & Steers, Inc. | 7948 | 637827 |
|  Coinbase Global, Inc., Class A<sup>(a)</sup> | 54236 | 9341066 |
|  Diamond Hill Investment Group, Inc., Class A | 685 | 97845 |
|  DigitalBridge Group, Inc., Class A | 41896 | 369523 |
|  Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 6445 | 281711 |
|  Evercore, Inc., Class A | 9503 | 1897939 |
|  FactSet Research Systems, Inc. | 10296 | 4680973 |
|  Forge Global Holdings, Inc.<sup>(a)(b)</sup> | 46554 | 26163 |
|  Franklin Resources, Inc. | 80346 | 1546661 |
|  GCM Grosvenor, Inc., Class A | 13015 | 172188 |
|  Goldman Sachs Group, Inc. (The) | 80663 | 44065390 |
|  Hamilton Lane, Inc., Class A | 10514 | 1563116 |
|  Houlihan Lokey, Inc., Class A | 13825 | 2232738 |
|  Interactive Brokers Group, Inc., Class A | 27954 | 4628903 |
|  Intercontinental Exchange, Inc. | 151984 | 26217240 |
|  Invesco Ltd. | 100056 | 1517850 |
|  Janus Henderson Group PLC | 34643 | 1252345 |
|  Jefferies Financial Group, Inc. | 47430 | 2540825 |
|  KKR & Co., Inc., Class A | 179644 | 20768643 |
|  Lazard, Inc. | 28999 | 1255657 |
|  LPL Financial Holdings, Inc. | 19695 | 6443022 |
|  MarketAxess Holdings, Inc. | 9987 | 2160688 |
|  Moelis & Co., Class A | 16331 | 953077 |
|  Moody's Corp. | 42109 | 19609740 |
|  Morgan Stanley | 306643 | 35776039 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Capital Markets (continued)** |  |  |
|  Morningstar, Inc. | 7222 | $2165661 |
|  MSCI, Inc., Class A | 20357 | 11511884 |
|  Nasdaq, Inc. | 109947 | 8340579 |
|  Northern Trust Corp. | 52171 | 5146669 |
|  Open Lending Corp.<sup>(a)(b)</sup> | 26870 | 74161 |
|  P10, Inc., Class A | 9797 | 115115 |
|  Patria Investments Ltd., Class A | 14291 | 161345 |
|  Perella Weinberg Partners, Class A | 15993 | 294271 |
|  Piper Sandler Cos | 4443 | 1100353 |
|  PJT Partners, Inc., Class A | 6282 | 866162 |
|  Raymond James Financial, Inc. | 54162 | 7523643 |
|  Robinhood Markets, Inc., Class A<sup>(a)</sup> | 180890 | 7528642 |
|  S&P Global, Inc. | 83841 | 42599612 |
|  SEI Investments Co. | 26869 | 2085841 |
|  State Street Corp. | 78389 | 7018167 |
|  StepStone Group, Inc., Class A | 17552 | 916741 |
|  Stifel Financial Corp. | 25928 | 2443973 |
|  StoneX Group, Inc.<sup>(a)</sup> | 11904 | 909228 |
|  T Rowe Price Group, Inc. | 57936 | 5322580 |
|  TPG, Inc., Class A | 22875 | 1084961 |
|  Tradeweb Markets, Inc., Class A | 31516 | 4678865 |
|  Victory Capital Holdings, Inc., Class A | 10896 | 630552 |
|  Virtu Financial, Inc., Class A | 21727 | 828233 |
|  Virtus Investment Partners, Inc. | 1749 | 301458 |
|  WisdomTree, Inc. | 40398 | 360350 |
|  XP, Inc., Class A | 108894 | 1497293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480749208 |
| **Chemicals — 1.4%** |  |  |
|  AdvanSix, Inc. | 7868 | 178210 |
|  Air Products & Chemicals, Inc. | 59139 | 17441274 |
|  Albemarle Corp. | 30917 | 2226642 |
|  American Vanguard Corp. | 8812 | 38773 |
|  Ashland, Inc. | 13690 | 811680 |
|  Aspen Aerogels, Inc.<sup>(a)</sup> | 15745 | 100610 |
|  Avient Corp. | 23010 | 855052 |
|  Axalta Coating Systems Ltd.<sup>(a)</sup> | 60661 | 2012125 |
|  Balchem Corp. | 8150 | 1352900 |
|  Cabot Corp. | 14104 | 1172607 |
|  Celanese Corp., Class A | 29726 | 1687545 |
|  CF Industries Holdings, Inc. | 46312 | 3619283 |
|  Chemours Co. (The) | 38234 | 517306 |
|  Core Molding Technologies, Inc.<sup>(a)</sup> | 4115 | 62548 |
|  Corteva, Inc. | 183864 | 11570561 |
|  Dow, Inc. | 188567 | 6584760 |
|  DuPont de Nemours, Inc. | 111641 | 8337350 |
|  Eastman Chemical Co. | 31781 | 2800224 |
|  Ecolab, Inc. | 66850 | 16947812 |
|  Ecovyst, Inc.<sup>(a)</sup> | 25630 | 158906 |
|  Element Solutions, Inc. | 58882 | 1331322 |
|  FMC Corp. | 32998 | 1392186 |
|  Hawkins, Inc. | 5600 | 593152 |
|  HB Fuller Co. | 15066 | 845504 |
|  Huntsman Corp. | 45052 | 711371 |
|  Ingevity Corp.<sup>(a)</sup> | 9720 | 384815 |
|  Innospec, Inc. | 6507 | 616538 |
|  International Flavors & Fragrances, Inc. | 68340 | 5303867 |
|  Intrepid Potash, Inc.<sup>(a)</sup> | 2891 | 84966 |
|  Koppers Holdings, Inc. | 5206 | 145768 |
|  Linde PLC | 128471 | 59821236 |
|  LSB Industries, Inc.<sup>(a)(b)</sup> | 19470 | 128307 |
|  LyondellBasell Industries NV, Class A | 69407 | 4886253 |
|  Mativ Holdings, Inc. | 13787 | 85893 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Chemicals (continued)** |  |  |
|  Minerals Technologies, Inc. | 8077 | $513455 |
|  Mosaic Co. (The) | 87697 | 2368696 |
|  NewMarket Corp. | 1768 | 1001484 |
|  Olin Corp. | 33408 | 809810 |
|  Orion SA | 15976 | 206570 |
|  Perimeter Solutions, Inc.<sup>(a)</sup> | 38474 | 387433 |
|  PPG Industries, Inc. | 61214 | 6693751 |
|  PureCycle Technologies, Inc.<sup>(a)(b)</sup> | 27717 | 191802 |
|  Quaker Chemical Corp. | 3546 | 438321 |
|  Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 16214 | 93230 |
|  RPM International, Inc. | 34601 | 4002644 |
|  Scotts Miracle-Gro Co. (The) | 10720 | 588421 |
|  Sensient Technologies Corp. | 11408 | 849097 |
|  Sherwin-Williams Co. (The) | 62609 | 21862437 |
|  Stepan Co. | 6100 | 335744 |
|  Tronox Holdings PLC | 33998 | 239346 |
|  Westlake Corp. | 9039 | 904171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196293758 |
| **Commercial Services & Supplies — 0.7%** |  |  |
|  ABM Industries, Inc. | 17523 | 829889 |
|  ACCO Brands Corp. | 27765 | 116335 |
|  ACV Auctions, Inc., Class A<sup>(a)</sup> | 41339 | 582467 |
|  Aris Water Solutions, Inc., Class A | 6490 | 207940 |
|  BrightView Holdings, Inc.<sup>(a)</sup> | 13921 | 178746 |
|  Brink's Co. (The) | 11650 | 1003764 |
|  Casella Waste Systems, Inc., Class A<sup>(a)(b)</sup> | 17273 | 1926112 |
|  CECO Environmental Corp.<sup>(a)</sup> | 8441 | 192455 |
|  Cimpress PLC<sup>(a)</sup> | 4449 | 201228 |
|  Cintas Corp. | 92333 | 18977201 |
|  Clean Harbors, Inc.<sup>(a)</sup> | 13479 | 2656711 |
|  Copart, Inc.<sup>(a)</sup> | 233705 | 13225366 |
|  CoreCivic, Inc.<sup>(a)</sup> | 30546 | 619778 |
|  Deluxe Corp. | 10886 | 172108 |
|  Driven Brands Holdings, Inc.<sup>(a)(b)</sup> | 16963 | 290746 |
|  Ennis, Inc. | 6509 | 130766 |
|  Enviri Corp.<sup>(a)</sup> | 22923 | 152438 |
|  GEO Group, Inc. (The)<sup>(a)</sup> | 33120 | 967435 |
|  Healthcare Services Group, Inc.<sup>(a)</sup> | 20217 | 203787 |
|  HNI Corp. | 12905 | 572337 |
|  Interface, Inc., Class A | 14421 | 286113 |
|  Liquidity Services, Inc.<sup>(a)</sup> | 6747 | 209224 |
|  Matthews International Corp., Class A | 7915 | 176030 |
|  MillerKnoll, Inc. | 21024 | 402399 |
|  Montrose Environmental Group, Inc.<sup>(a)</sup> | 8974 | 127969 |
|  MSA Safety, Inc. | 9627 | 1412185 |
|  OPENLANE, Inc.<sup>(a)</sup> | 28487 | 549229 |
|  Pitney Bowes, Inc. | 49 | 443 |
|  Pursuit Attractions & Hospitality, Inc.<sup>(a)</sup> | 5038 | 178295 |
|  RB Global, Inc. | 48431 | 4857629 |
|  Republic Services, Inc. | 54814 | 13273758 |
|  Rollins, Inc. | 74588 | 4029990 |
|  Steelcase, Inc., Class A | 25226 | 276477 |
|  Tetra Tech, Inc. | 71122 | 2080319 |
|  UniFirst Corp. | 4111 | 715314 |
|  Veralto Corp. | 65921 | 6424001 |
|  Vestis Corp. | 40422 | 400178 |
|  VSE Corp.<sup>(b)</sup> | 4609 | 553034 |
|  Waste Management, Inc. | 107105 | 24795879 |
|  |  | 103956075 |
| **Communications Equipment — 0.8%** |  |  |
|  ADTRAN Holdings, Inc.<sup>(a)</sup> | 18498 | 161303 |
|  Applied Optoelectronics, Inc.<sup>(a)</sup> | 11806 | 181222 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Communications Equipment (continued)** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 275820 | $21370534 |
|  Aviat Networks, Inc.<sup>(a)</sup> | 3536 | 67785 |
|  Calix, Inc.<sup>(a)</sup> | 14518 | 514518 |
|  Ciena Corp.<sup>(a)</sup> | 38252 | 2311568 |
|  Cisco Systems, Inc. | 1066616 | 65820873 |
|  Clearfield, Inc.<sup>(a)(b)</sup> | 3403 | 101137 |
|  CommScope Holding Co., Inc.<sup>(a)</sup> | 51905 | 275616 |
|  Digi International, Inc.<sup>(a)</sup> | 8652 | 240785 |
|  Extreme Networks, Inc.<sup>(a)</sup> | 35111 | 464519 |
|  F5, Inc.<sup>(a)</sup> | 15722 | 4186297 |
|  Harmonic, Inc.<sup>(a)</sup> | 32093 | 307772 |
|  Juniper Networks, Inc. | 87729 | 3174912 |
|  Lumentum Holdings, Inc.<sup>(a)</sup> | 17324 | 1079978 |
|  Motorola Solutions, Inc. | 44164 | 19335441 |
|  NETGEAR, Inc.<sup>(a)</sup> | 8748 | 213976 |
|  NetScout Systems, Inc.<sup>(a)</sup> | 16550 | 347715 |
|  Ribbon Communications, Inc.<sup>(a)</sup> | 23429 | 91842 |
|  Ubiquiti, Inc. | 1058 | 328128 |
|  Viasat, Inc.<sup>(a)</sup> | 31130 | 324375 |
|  Viavi Solutions, Inc.<sup>(a)</sup> | 63848 | 714459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121614755 |
| **Construction & Engineering — 0.3%** |  |  |
|  AECOM | 35633 | 3304248 |
|  Ameresco, Inc., Class A<sup>(a)</sup> | 7987 | 96483 |
|  API Group Corp.<sup>(a)</sup> | 60698 | 2170560 |
|  Arcosa, Inc. | 12787 | 986133 |
|  Argan, Inc. | 3841 | 503824 |
|  Bowman Consulting Group Ltd.<sup>(a)</sup> | 3331 | 72716 |
|  Centuri Holdings, Inc.<sup>(a)</sup> | 7443 | 121991 |
|  Comfort Systems U.S.A., Inc. | 9516 | 3067292 |
|  Construction Partners, Inc., Class A<sup>(a)</sup> | 11712 | 841741 |
|  Dycom Industries, Inc.<sup>(a)</sup> | 7161 | 1090907 |
|  EMCOR Group, Inc. | 12190 | 4505790 |
|  Everus Construction Group, Inc.<sup>(a)</sup> | 13033 | 483394 |
|  Fluor Corp.<sup>(a)</sup> | 45229 | 1620103 |
|  Granite Construction, Inc. | 11050 | 833170 |
|  Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 14708 | 127960 |
|  IES Holdings, Inc.<sup>(a)(b)</sup> | 2050 | 338475 |
|  Limbach Holdings, Inc.<sup>(a)</sup> | 3636 | 270773 |
|  MasTec, Inc.<sup>(a)</sup> | 16757 | 1955709 |
|  MYR Group, Inc.<sup>(a)</sup> | 4074 | 460729 |
|  Northwest Pipe Co.<sup>(a)</sup> | 4000 | 165200 |
|  Primoris Services Corp. | 13629 | 782441 |
|  Quanta Services, Inc. | 38943 | 9898532 |
|  Sterling Infrastructure, Inc.<sup>(a)</sup> | 8246 | 933530 |
|  Tutor Perini Corp.<sup>(a)</sup> | 13250 | 307135 |
|  Valmont Industries, Inc. | 5507 | 1571533 |
|  WillScot Holdings Corp., Class A | 49238 | 1368816 |
|  |  | 37879185 |
| **Construction Materials — 0.2%** |  |  |
|  CRH PLC | 183409 | 16134490 |
|  Eagle Materials, Inc. | 9005 | 1998480 |
|  Knife River Corp.<sup>(a)</sup> | 15276 | 1378048 |
|  Martin Marietta Materials, Inc. | 16338 | 7811688 |
|  United States Lime & Minerals, Inc. | 3423 | 302525 |
|  Vulcan Materials Co. | 35352 | 8247621 |
|  |  | 35872852 |
| **Consumer Finance — 0.6%** |  |  |
|  Ally Financial, Inc. | 72613 | 2648196 |
|  American Express Co. | 148151 | 39860027 |
|  Bread Financial Holdings, Inc. | 12814 | 641725 |
|  Capital One Financial Corp. | 101440 | 18188192 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Consumer Finance (continued)** |  |  |
|  Credit Acceptance Corp.<sup>(a)</sup> | 1823 | $941306 |
|  Dave, Inc., Class A<sup>(a)</sup> | 2085 | 172346 |
|  Discover Financial Services | 67116 | 11456701 |
|  Encore Capital Group, Inc.<sup>(a)(b)</sup> | 6509 | 223129 |
|  Enova International, Inc.<sup>(a)</sup> | 7238 | 698901 |
|  FirstCash Holdings, Inc. | 9745 | 1172518 |
|  Green Dot Corp., Class A<sup>(a)</sup> | 14236 | 120152 |
|  LendingClub Corp.<sup>(a)</sup> | 25709 | 265317 |
|  LendingTree, Inc.<sup>(a)</sup> | 3868 | 194444 |
|  Moneylion, Inc., Class A<sup>(a)(b)</sup> | 2258 | 195340 |
|  Navient Corp. | 25321 | 319804 |
|  Nelnet, Inc., Class A | 3236 | 358970 |
|  NerdWallet, Inc., Class A<sup>(a)</sup> | 5901 | 53404 |
|  OneMain Holdings, Inc. | 29490 | 1441471 |
|  PRA Group, Inc.<sup>(a)</sup> | 9553 | 196983 |
|  PROG Holdings, Inc. | 10647 | 283210 |
|  Regional Management Corp. | 3381 | 101802 |
|  SLM Corp. | 57983 | 1702961 |
|  SoFi Technologies, Inc.<sup>(a)(b)</sup> | 283019 | 3291511 |
|  Synchrony Financial | 104800 | 5548112 |
|  Upstart Holdings, Inc.<sup>(a)(b)</sup> | 20168 | 928333 |
|  World Acceptance Corp.<sup>(a)</sup> | 984 | 124525 |
|  |  | 91129380 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |  |
|  Albertsons Cos., Inc., Class A | 110388 | 2427432 |
|  Andersons, Inc. (The) | 9825 | 421787 |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)(b)</sup> | 35021 | 3995896 |
|  Casey's General Stores, Inc. | 9979 | 4331285 |
|  Chefs' Warehouse, Inc. (The)<sup>(a)</sup> | 10490 | 571285 |
|  Costco Wholesale Corp. | 118544 | 112116544 |
|  Dollar General Corp. | 59030 | 5190508 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 54877 | 4119616 |
|  Grocery Outlet Holding Corp.<sup>(a)</sup> | 26178 | 365969 |
|  Ingles Markets, Inc., Class A | 4227 | 275305 |
|  Kroger Co. (The) | 177878 | 12040562 |
|  Maplebear, Inc.<sup>(a)</sup> | 45921 | 1831789 |
|  Natural Grocers by Vitamin Cottage, Inc. | 3540 | 142308 |
|  Performance Food Group Co.<sup>(a)</sup> | 39962 | 3142212 |
|  PriceSmart, Inc. | 7354 | 646049 |
|  SpartanNash Co. | 9005 | 182441 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 26361 | 4023743 |
|  Sysco Corp. | 131582 | 9873913 |
|  Target Corp. | 123777 | 12917368 |
|  U.S. Foods Holding Corp.<sup>(a)</sup> | 58133 | 3805386 |
|  United Natural Foods, Inc.<sup>(a)(b)</sup> | 14097 | 386117 |
|  Walgreens Boots Alliance, Inc. | 191258 | 2136352 |
|  Walmart, Inc. | 1160537 | 101883543 |
|  Weis Markets, Inc. | 4736 | 364909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287192319 |
| **Containers & Packaging — 0.3%** |  |  |
|  Amcor PLC | 388202 | 3765559 |
|  AptarGroup, Inc. | 17353 | 2574838 |
|  Ardagh Metal Packaging SA | 41863 | 126426 |
|  Avery Dennison Corp. | 21626 | 3848779 |
|  Ball Corp. | 79010 | 4114051 |
|  Berry Global Group, Inc. | 30613 | 2137094 |
|  Crown Holdings, Inc. | 31211 | 2785894 |
|  Graphic Packaging Holding Co. | 77748 | 2018338 |
|  Greif, Inc., Class A, NVS | 6317 | 347372 |
|  Greif, Inc., Class B | 1995 | 118264 |
|  International Paper Co. | 140255 | 7482604 |
|  Myers Industries, Inc. | 9702 | 115745 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Containers & Packaging (continued)** |  |  |
|  O-I Glass, Inc.<sup>(a)</sup> | 43601 | $500103 |
|  Packaging Corp. of America | 23960 | 4744559 |
|  Pactiv Evergreen, Inc. | 10575 | 190456 |
|  Ranpak Holdings Corp., Class A<sup>(a)(b)</sup> | 17925 | 97154 |
|  Sealed Air Corp. | 38026 | 1098951 |
|  Silgan Holdings, Inc. | 22030 | 1126174 |
|  Smurfit WestRock PLC | 138583 | 6244550 |
|  Sonoco Products Co. | 26047 | 1230460 |
|  TriMas Corp. | 9851 | 230809 |
|  |  | 44898180 |
| **Distributors — 0.1%** |  |  |
|  A-Mark Precious Metals, Inc. | 5144 | 130503 |
|  Genuine Parts Co. | 37021 | 4410682 |
|  GigaCloud Technology, Inc., Class A<sup>(a)(b)</sup> | 6216 | 88267 |
|  LKQ Corp. | 70612 | 3003835 |
|  Pool Corp. | 9829 | 3129062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10762349 |
| **Diversified Consumer Services — 0.1%** |  |  |
|  ADT, Inc. | 99451 | 809531 |
|  Adtalem Global Education, Inc.<sup>(a)</sup> | 10559 | 1062658 |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 14969 | 1901662 |
|  Carriage Services, Inc. | 3906 | 151357 |
|  Chegg, Inc.<sup>(a)</sup> | 32062 | 20494 |
|  Coursera, Inc.<sup>(a)</sup> | 34806 | 231808 |
|  Duolingo, Inc., Class A<sup>(a)</sup> | 9788 | 3039565 |
|  European Wax Center, Inc., Class A<sup>(a)</sup> | 6825 | 26959 |
|  Frontdoor, Inc.<sup>(a)</sup> | 20165 | 774739 |
|  Graham Holdings Co., Class B | 845 | 811927 |
|  Grand Canyon Education, Inc.<sup>(a)</sup> | 8051 | 1392984 |
|  H&R Block, Inc. | 36581 | 2008663 |
|  KinderCare Learning Cos., Inc.<sup>(a)</sup> | 8606 | 99744 |
|  Laureate Education, Inc., Class A<sup>(a)</sup> | 35306 | 722008 |
|  Lincoln Educational Services Corp.<sup>(a)</sup> | 11436 | 181489 |
|  Mister Car Wash, Inc.<sup>(a)</sup> | 20203 | 159402 |
|  OneSpaWorld Holdings Ltd. | 26618 | 446916 |
|  Perdoceo Education Corp. | 20257 | 510071 |
|  Service Corp. International | 38259 | 3068372 |
|  Strategic Education, Inc. | 5898 | 495196 |
|  Stride, Inc.<sup>(a)(b)</sup> | 11151 | 1410601 |
|  Udemy, Inc.<sup>(a)</sup> | 22331 | 173289 |
|  Universal Technical Institute, Inc.<sup>(a)(b)</sup> | 13797 | 354307 |
|  |  | 19853742 |
| **Diversified REITs — 0.1%** |  |  |
|  Alexander & Baldwin, Inc. | 20210 | 348218 |
|  American Assets Trust, Inc. | 12451 | 250763 |
|  Armada Hoffler Properties, Inc. | 14810 | 111223 |
|  Broadstone Net Lease, Inc. | 46573 | 793604 |
|  CTO Realty Growth, Inc. | 6697 | 129319 |
|  Empire State Realty Trust, Inc., Class A | 38680 | 302478 |
|  Essential Properties Realty Trust, Inc. | 46169 | 1506956 |
|  Gladstone Commercial Corp. | 9782 | 146535 |
|  Global Net Lease, Inc. | 54982 | 442055 |
|  NexPoint Diversified Real Estate Trust | 11174 | 42797 |
|  One Liberty Properties, Inc. | 4612 | 121157 |
|  WP Carey, Inc. | 58265 | 3677104 |
|  |  | 7872209 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |  |
|  Anterix, Inc.<sup>(a)</sup> | 3192 | 116827 |
|  AST SpaceMobile, Inc., Class A<sup>(a)(b)</sup> | 31253 | 710693 |
|  AT&T Inc. | 1919502 | 54283517 |
|  ATN International, Inc. | 3067 | 62291 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
|  Bandwidth, Inc., Class A<sup>(a)</sup> | 8510 | $111481 |
|  Cogent Communications Holdings, Inc. | 11544 | 707763 |
|  Frontier Communications Parent, Inc.<sup>(a)</sup> | 67181 | 2409111 |
|  GCI Liberty, Inc. Escrow, Class A<sup>(a)(d)</sup> | 28033 |  |
|  Globalstar, Inc.<sup>(a)</sup> | 11467 | 239202 |
|  IDT Corp., Class B | 5251 | 269429 |
|  Iridium Communications, Inc. | 28389 | 775587 |
|  Liberty Global Ltd., Class A<sup>(a)</sup> | 44265 | 509490 |
|  Liberty Global Ltd., Class C, NVS<sup>(a)</sup> | 45912 | 549567 |
|  Liberty Latin America Ltd., Class A<sup>(a)</sup> | 11891 | 75270 |
|  Liberty Latin America Ltd., Class C, NVS<sup>(a)</sup> | 42806 | 265825 |
|  Lumen Technologies, Inc.<sup>(a)</sup> | 268357 | 1051959 |
|  Verizon Communications, Inc. | 1126793 | 51111330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113249342 |
| **Electric Utilities — 1.5%** |  |  |
|  ALLETE, Inc. | 15006 | 985894 |
|  Alliant Energy Corp. | 67561 | 4347550 |
|  American Electric Power Co., Inc. | 141342 | 15444440 |
|  Constellation Energy Corp. | 83948 | 16926435 |
|  Duke Energy Corp. | 206415 | 25176438 |
|  Edison International | 102230 | 6023392 |
|  Entergy Corp. | 114542 | 9792196 |
|  Evergy, Inc. | 59580 | 4108041 |
|  Eversource Energy | 96955 | 6021875 |
|  Exelon Corp. | 266410 | 12276173 |
|  FirstEnergy Corp. | 153692 | 6212231 |
|  Genie Energy Ltd., Class B | 3940 | 59297 |
|  Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 43919 | 480913 |
|  IDACORP, Inc. | 14311 | 1663224 |
|  MGE Energy, Inc. | 9494 | 882562 |
|  NextEra Energy, Inc. | 550897 | 39053088 |
|  NRG Energy, Inc. | 53909 | 5146153 |
|  OGE Energy Corp. | 55098 | 2532304 |
|  Otter Tail Corp. | 10567 | 849270 |
|  PG&E Corp. | 583598 | 10026214 |
|  Pinnacle West Capital Corp. | 30648 | 2919222 |
|  Portland General Electric Co. | 26799 | 1195235 |
|  PPL Corp. | 199320 | 7197445 |
|  Southern Co. (The) | 293185 | 26958361 |
|  TXNM Energy, Inc. | 22380 | 1196882 |
|  Xcel Energy, Inc. | 153897 | 10894369 |
|  |  | 218369204 |
| **Electrical Equipment — 0.8%** |  |  |
|  Acuity, Inc. | 8549 | 2251379 |
|  Allient, Inc. | 3506 | 77062 |
|  American Superconductor Corp.<sup>(a)(b)</sup> | 9042 | 164022 |
|  AMETEK, Inc. | 62012 | 10674746 |
|  Array Technologies, Inc.<sup>(a)</sup> | 41184 | 200566 |
|  Atkore, Inc. | 9962 | 597620 |
|  Blink Charging Co.<sup>(a)(b)</sup> | 9923 | 9106 |
|  Bloom Energy Corp., Class A<sup>(a)(b)</sup> | 51753 | 1017464 |
|  ChargePoint Holdings, Inc., Class A<sup>(a)(b)</sup> | 87676 | 53044 |
|  Eaton Corp. PLC | 105725 | 28739227 |
|  Emerson Electric Co. | 152861 | 16759680 |
|  Energy Vault Holdings, Inc.<sup>(a)(b)</sup> | 35835 | 24920 |
|  EnerSys | 11491 | 1052346 |
|  Enovix Corp.<sup>(a)(b)</sup> | 38219 | 280527 |
|  Fluence Energy, Inc., Class A<sup>(a)(b)</sup> | 15565 | 75490 |
|  FuelCell Energy, Inc.<sup>(a)(b)</sup> | 3350 | 15376 |
|  GE Vernova, Inc. | 72731 | 22203320 |
|  Generac Holdings, Inc.<sup>(a)</sup> | 15529 | 1966748 |
|  GrafTech International Ltd.<sup>(a)</sup> | 57076 | 49907 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Electrical Equipment (continued)** |  |  |  |
|  Hubbell, Inc. | 14423 | $| 4772715 |
|  LSI Industries, Inc. | 8988 |  | 152796 |
|  NANO Nuclear Energy, Inc.<sup>(a)(b)</sup> | 6503 |  | 172069 |
|  NEXTracker, Inc., Class A<sup>(a)</sup> | 38371 |  | 1616954 |
|  NuScale Power Corp., Class A<sup>(a)(b)</sup> | 22447 |  | 317850 |
|  nVent Electric PLC | 44178 |  | 2315811 |
|  Plug Power, Inc.<sup>(a)(b)</sup> | 205157 |  | 276962 |
|  Powell Industries, Inc.<sup>(b)</sup> | 2839 |  | 483567 |
|  Preformed Line Products Co. | 880 |  | 123279 |
|  Regal Rexnord Corp. | 17352 |  | 1975525 |
|  Rockwell Automation, Inc. | 30215 |  | 7806952 |
|  Sensata Technologies Holding PLC | 40381 |  | 980047 |
|  SES AI Corp., Class A<sup>(a)(b)</sup> | 45078 |  | 23472 |
|  Shoals Technologies Group, Inc., Class A<sup>(a)(b)</sup> | 42986 |  | 142714 |
|  Stem, Inc.<sup>(a)(b)</sup> | 42360 |  | 14839 |
|  Sunrun, Inc.<sup>(a)(b)</sup> | 53647 |  | 314371 |
|  Thermon Group Holdings, Inc.<sup>(a)</sup> | 8750 |  | 243687 |
|  TPI Composites, Inc.<sup>(a)(b)</sup> | 10593 |  | 8538 |
|  Vertiv Holdings Co., Class A | 95573 |  | 6900371 |
|  Vicor Corp.<sup>(a)(b)</sup> | 5541 |  | 259208 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115114277 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
|  908 Devices, Inc.<sup>(a)(b)</sup> | 7909 |  | 35432 |
|  Advanced Energy Industries, Inc. | 9575 |  | 912593 |
|  Amphenol Corp., Class A | 315273 |  | 20678756 |
|  Arlo Technologies, Inc.<sup>(a)</sup> | 21674 |  | 213922 |
|  Arrow Electronics, Inc.<sup>(a)</sup> | 14337 |  | 1488611 |
|  Avnet, Inc. | 24355 |  | 1171232 |
|  Badger Meter, Inc. | 8070 |  | 1535318 |
|  Bel Fuse, Inc., Class B, NVS | 2749 |  | 205790 |
|  Belden, Inc. | 11203 |  | 1123101 |
|  Benchmark Electronics, Inc. | 10642 |  | 404715 |
|  CDW Corp. | 35674 |  | 5717115 |
|  Climb Global Solutions, Inc. | 774 |  | 85728 |
|  Cognex Corp. | 45333 |  | 1352283 |
|  Coherent Corp.<sup>(a)</sup> | 34765 |  | 2257639 |
|  Corning, Inc. | 205762 |  | 9419784 |
|  Crane NXT Co. | 12623 |  | 648822 |
|  CTS Corp. | 8282 |  | 344117 |
|  Daktronics, Inc.<sup>(a)(b)</sup> | 13681 |  | 166635 |
|  ePlus, Inc.<sup>(a)</sup> | 7596 |  | 463584 |
|  Evolv Technologies Holdings, Inc., Class A<sup>(a)(b)</sup> | 34268 |  | 106916 |
|  Fabrinet<sup>(a)</sup> | 9439 |  | 1864297 |
|  FARO Technologies, Inc.<sup>(a)</sup> | 4206 |  | 114824 |
|  Ingram Micro Holding Corp.<sup>(b)</sup> | 7398 |  | 131241 |
|  Insight Enterprises, Inc.<sup>(a)</sup> | 7355 |  | 1103177 |
|  IPG Photonics Corp.<sup>(a)</sup> | 8515 |  | 537637 |
|  Itron, Inc.<sup>(a)(b)</sup> | 11794 |  | 1235540 |
|  Jabil, Inc.<sup>(b)</sup> | 28509 |  | 3879220 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 46490 |  | 6962807 |
|  Kimball Electronics, Inc.<sup>(a)</sup> | 6036 |  | 99292 |
|  Knowles Corp.<sup>(a)</sup> | 26082 |  | 396446 |
|  Lightwave Logic, Inc.<sup>(a)(b)</sup> | 31651 |  | 32442 |
|  Littelfuse, Inc. | 6291 |  | 1237691 |
|  Methode Electronics, Inc. | 9292 |  | 59283 |
|  MicroVision, Inc.<sup>(a)(b)</sup> | 41730 |  | 51745 |
|  Mirion Technologies, Inc., Class A<sup>(a)</sup> | 56286 |  | 816147 |
|  Napco Security Technologies, Inc. | 10208 |  | 234988 |
|  nLight, Inc.<sup>(a)</sup> | 10901 |  | 84701 |
|  Novanta, Inc.<sup>(a)</sup> | 9804 |  | 1253638 |
|  OSI Systems, Inc.<sup>(a)</sup> | 4561 |  | 886385 |
|  Ouster, Inc., Class A<sup>(a)</sup> | 14390 |  | 129222 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
|  PAR Technology Corp.<sup>(a)(b)</sup> | 10016 | $614382 |
|  PC Connection, Inc. | 2990 | 186636 |
|  Plexus Corp.<sup>(a)</sup> | 7460 | 955850 |
|  Powerfleet, Inc. NJ<sup>(a)(b)</sup> | 31732 | 174209 |
|  Rogers Corp.<sup>(a)</sup> | 5015 | 338663 |
|  Sanmina Corp.<sup>(a)</sup> | 14018 | 1067891 |
|  ScanSource, Inc.<sup>(a)</sup> | 6810 | 231608 |
|  SmartRent, Inc., Class A<sup>(a)</sup> | 38464 | 46541 |
|  TD SYNNEX Corp. | 20117 | 2091363 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 12382 | 6162645 |
|  Trimble, Inc.<sup>(a)</sup> | 64646 | 4244010 |
|  TTM Technologies, Inc.<sup>(a)</sup> | 24099 | 494271 |
|  Vishay Intertechnology, Inc. | 32337 | 514158 |
|  Vishay Precision Group, Inc.<sup>(a)(b)</sup> | 3256 | 78437 |
|  Vontier Corp. | 42747 | 1404239 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 13518 | 3819646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91867365 |
| **Energy Equipment & Services — 0.4%** |  |  |
|  Archrock, Inc. | 42209 | 1107564 |
|  Atlas Energy Solutions, Inc. | 17993 | 320995 |
|  Baker Hughes Co., Class A | 268012 | 11779127 |
|  Borr Drilling Ltd.<sup>(b)</sup> | 62818 | 137571 |
|  Bristow Group, Inc.<sup>(a)</sup> | 6181 | 195196 |
|  Cactus, Inc., Class A | 17400 | 797442 |
|  ChampionX Corp. | 51466 | 1533687 |
|  Core Laboratories, Inc.<sup>(b)</sup> | 12325 | 184752 |
|  DMC Global, Inc.<sup>(a)(b)</sup> | 6412 | 53989 |
|  Expro Group Holdings NV<sup>(a)(b)</sup> | 25502 | 253490 |
|  Halliburton Co. | 235341 | 5970601 |
|  Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 35731 | 296925 |
|  Helmerich & Payne, Inc. | 27024 | 705867 |
|  Innovex International, Inc.<sup>(a)</sup> | 9947 | 178648 |
|  Kodiak Gas Services, Inc. | 9875 | 368337 |
|  Liberty Energy, Inc., Class A | 41314 | 654001 |
|  Nabors Industries Ltd.<sup>(a)</sup> | 2252 | 93931 |
|  Noble Corp. PLC | 37207 | 881806 |
|  NOV, Inc. | 105128 | 1600048 |
|  NPK International, Inc.<sup>(a)</sup> | 26307 | 152844 |
|  Oceaneering International, Inc.<sup>(a)</sup> | 24769 | 540212 |
|  Oil States International, Inc.<sup>(a)</sup> | 23112 | 119027 |
|  Patterson-UTI Energy, Inc. | 105764 | 869380 |
|  ProFrac Holding Corp., Class A<sup>(a)(b)</sup> | 8201 | 62246 |
|  ProPetro Holding Corp.<sup>(a)</sup> | 20021 | 147154 |
|  RPC, Inc. | 20793 | 114361 |
|  Schlumberger NV | 378010 | 15800818 |
|  Seadrill Ltd.<sup>(a)</sup> | 19707 | 492675 |
|  Select Water Solutions, Inc., Class A | 22585 | 237142 |
|  Solaris Energy Infrastructure, Inc., Class A | 6657 | 144856 |
|  TechnipFMC PLC | 116329 | 3686466 |
|  TETRA Technologies, Inc.<sup>(a)</sup> | 42466 | 142686 |
|  Tidewater, Inc.<sup>(a)</sup> | 13062 | 552131 |
|  Transocean Ltd.<sup>(a)(b)</sup> | 193193 | 612422 |
|  Valaris Ltd.<sup>(a)</sup> | 15703 | 616500 |
|  Weatherford International PLC | 19429 | 1040423 |
|  |  | 52445320 |
| **Entertainment — 1.6%** |  |  |
|  AMC Entertainment Holdings, Inc., Class A<sup>(a)</sup> | 90053 | 258452 |
|  Atlanta Braves Holdings, Inc., Class A<sup>(a)(b)</sup> | 3138 | 137664 |
|  Atlanta Braves Holdings, Inc., Class C, NVS<sup>(a)(b)</sup> | 13443 | 537855 |
|  Cinemark Holdings, Inc. | 29257 | 728207 |
|  Electronic Arts, Inc. | 70135 | 10135910 |
|  Eventbrite, Inc., Class A<sup>(a)</sup> | 18644 | 39339 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Entertainment (continued)** |  |  |
|  IMAX Corp.<sup>(a)(b)</sup> | 14869 | $391798 |
|  Liberty Media Corp. - Liberty Formula One, Class A<sup>(a)</sup> | 6572 | 535421 |
|  Liberty Media Corp. - Liberty Formula One, Class C, NVS<sup>(a)</sup> | 56674 | 5101227 |
|  Liberty Media Corp. - Liberty Live, Class A<sup>(a)</sup> | 5009 | 336805 |
|  Liberty Media Corp. - Liberty Live, Class C, NVS<sup>(a)</sup> | 12279 | 836691 |
|  Lions Gate Entertainment Corp., Class A<sup>(a)(b)</sup> | 14243 | 126051 |
|  Lions Gate Entertainment Corp., Class B, NVS<sup>(a)</sup>  | 33710 | 266983 |
|  Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 41985 | 5482401 |
|  Madison Square Garden Entertainment Corp.<sup>(a)</sup> | 11370 | 372254 |
|  Madison Square Garden Sports Corp., Class A<sup>(a)</sup>  | 5276 | 1027343 |
|  Marcus Corp. (The) | 7274 | 121403 |
|  Netflix, Inc.<sup>(a)</sup> | 114410 | 106690757 |
|  Playstudios, Inc., Class A<sup>(a)</sup> | 27643 | 35107 |
|  Playtika Holding Corp. | 25479 | 131726 |
|  ROBLOX Corp., Class A<sup>(a)</sup> | 140594 | 8195224 |
|  Roku, Inc., Class A<sup>(a)</sup> | 33355 | 2349526 |
|  Sphere Entertainment Co., Class A<sup>(a)(b)</sup> | 6880 | 225114 |
|  Spotify Technology SA<sup>(a)(b)</sup> | 39113 | 21513323 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 46223 | 9579717 |
|  TKO Group Holdings, Inc., Class A | 21061 | 3218331 |
|  Vivid Seats, Inc., Class A<sup>(a)(b)</sup> | 22475 | 66526 |
|  Walt Disney Co. (The) | 486274 | 47995244 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 647962 | 6952632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233389031 |
| **Financial Services — 4.8%** |  |  |
|  Acacia Research Corp.<sup>(a)(b)</sup> | 30895 | 98864 |
|  Affirm Holdings, Inc., Class A<sup>(a)</sup> | 69392 | 3135824 |
|  Alerus Financial Corp. | 5584 | 103081 |
|  Apollo Global Management, Inc. | 139472 | 19099296 |
|  AvidXchange Holdings, Inc.<sup>(a)</sup> | 50088 | 424746 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 10902 | 399013 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 489439 | 260665423 |
|  Block, Inc., Class A<sup>(a)(b)</sup> | 149737 | 8135211 |
|  Burford Capital Ltd. | 53084 | 701240 |
|  Cannae Holdings, Inc. | 16769 | 307376 |
|  Cantaloupe, Inc.<sup>(a)</sup> | 24585 | 193484 |
|  Cass Information Systems, Inc. | 3403 | 147180 |
|  Compass Diversified Holdings | 20256 | 378180 |
|  Corpay, Inc.<sup>(a)</sup> | 18308 | 6384366 |
|  Enact Holdings, Inc. | 8486 | 294888 |
|  Equitable Holdings, Inc. | 83503 | 4349671 |
|  Essent Group Ltd. | 29237 | 1687560 |
|  Euronet Worldwide, Inc.<sup>(a)</sup> | 11032 | 1178769 |
|  EVERTEC, Inc. | 19133 | 703520 |
|  Federal Agricultural Mortgage Corp., Class C, NVS | 2521 | 472713 |
|  Fidelity National Information Services, Inc. | 144043 | 10757131 |
|  Fiserv, Inc.<sup>(a)</sup> | 151721 | 33504548 |
|  Flywire Corp.<sup>(a)</sup> | 30373 | 288543 |
|  Global Payments, Inc. | 67945 | 6653174 |
|  HA Sustainable Infrastructure Capital, Inc. | 31612 | 924335 |
|  I3 Verticals, Inc., Class A<sup>(a)</sup> | 6133 | 151301 |
|  International Money Express, Inc.<sup>(a)</sup> | 9555 | 120584 |
|  Jack Henry & Associates, Inc. | 19931 | 3639401 |
|  Jackson Financial, Inc., Class A | 18498 | 1549762 |
|  Marqeta, Inc., Class A<sup>(a)</sup> | 141207 | 581773 |
|  Mastercard, Inc., Class A | 218046 | 119515374 |
|  Merchants Bancorp | 5197 | 192289 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Financial Services (continued)** |  |  |
|  MGIC Investment Corp. | 68951 | $1708606 |
|  Mr. Cooper Group, Inc.<sup>(a)</sup> | 16837 | 2013705 |
|  NCR Atleos Corp.<sup>(a)</sup> | 21426 | 565218 |
|  NewtekOne, Inc. | 6641 | 79426 |
|  NMI Holdings, Inc., Class A<sup>(a)</sup> | 22151 | 798544 |
|  Onity Group, Inc.<sup>(a)</sup> | 3458 | 111763 |
|  Pagseguro Digital Ltd., Class A<sup>(a)</sup> | 52592 | 401277 |
|  Payoneer Global, Inc.<sup>(a)</sup> | 73498 | 537270 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 268607 | 17526607 |
|  Paysafe Ltd.<sup>(a)(b)</sup> | 7761 | 121770 |
|  Paysign, Inc.<sup>(a)</sup> | 30381 | 64408 |
|  PennyMac Financial Services, Inc., Class A | 6758 | 676543 |
|  Priority Technology Holdings, Inc.<sup>(a)(b)</sup> | 15794 | 107636 |
|  Radian Group, Inc. | 39481 | 1305637 |
|  Remitly Global, Inc.<sup>(a)</sup> | 37699 | 784139 |
|  Repay Holdings Corp., Class A<sup>(a)(b)</sup> | 20864 | 116212 |
|  Rocket Cos., Inc., Class A<sup>(b)</sup> | 40158 | 484707 |
|  Sezzle, Inc.<sup>(a)</sup> | 3510 | 122464 |
|  Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | 16902 | 1381062 |
|  StoneCo Ltd., Class A<sup>(a)</sup> | 76358 | 800232 |
|  TFS Financial Corp. | 15191 | 188216 |
|  Toast, Inc., Class A<sup>(a)</sup> | 122563 | 4065415 |
|  UWM Holdings Corp., Class A | 33131 | 180895 |
|  Velocity Financial, Inc.<sup>(a)(b)</sup> | 7799 | 145919 |
|  Visa, Inc., Class A | 461286 | 161662292 |
|  Voya Financial, Inc. | 26018 | 1762980 |
|  Walker & Dunlop, Inc. | 9460 | 807506 |
|  Waterstone Financial, Inc. | 8270 | 111231 |
|  Western Union Co. (The) | 72596 | 768066 |
|  WEX, Inc.<sup>(a)(b)</sup> | 10935 | 1717014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687855380 |
| **Food Products — 0.7%** |  |  |
|  Archer-Daniels-Midland Co. | 127840 | 6137598 |
|  B&G Foods, Inc. | 16897 | 116082 |
|  Beyond Meat, Inc.<sup>(a)(b)</sup> | 15075 | 45979 |
|  BRC, Inc., Class A<sup>(a)(b)</sup> | 14117 | 29504 |
|  Bunge Global SA | 35481 | 2711458 |
|  Calavo Growers, Inc. | 4134 | 99175 |
|  Cal-Maine Foods, Inc. | 11675 | 1061257 |
|  Conagra Brands, Inc. | 126272 | 3367674 |
|  Darling Ingredients, Inc.<sup>(a)</sup> | 42385 | 1324107 |
|  Dole PLC | 18799 | 271646 |
|  Flowers Foods, Inc. | 49404 | 939170 |
|  Fresh Del Monte Produce, Inc. | 8950 | 275928 |
|  Freshpet, Inc.<sup>(a)</sup> | 12155 | 1010931 |
|  General Mills, Inc. | 147240 | 8803480 |
|  Hain Celestial Group, Inc. (The)<sup>(a)</sup> | 23412 | 97160 |
|  Hershey Co. (The) | 38631 | 6607060 |
|  Hormel Foods Corp. | 78235 | 2420591 |
|  Ingredion, Inc. | 17898 | 2419989 |
|  J & J Snack Foods Corp. | 4113 | 541764 |
|  J M Smucker Co. (The) | 27333 | 3236500 |
|  John B Sanfilippo & Son, Inc. | 1972 | 139736 |
|  Kellanova | 69437 | 5727858 |
|  Kraft Heinz Co. (The) | 237280 | 7220430 |
|  Lamb Weston Holdings, Inc. | 38755 | 2065641 |
|  Lancaster Colony Corp. | 5053 | 884275 |
|  Limoneira Co. | 7425 | 131571 |
|  McCormick & Co., Inc., NVS | 67841 | 5583993 |
|  Mission Produce, Inc.<sup>(a)</sup> | 10445 | 109464 |
|  Mondelez International, Inc., Class A | 357883 | 24282362 |
|  Pilgrim's Pride Corp.<sup>(a)</sup> | 10425 | 568267 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Food Products (continued)** |  |  |
|  Post Holdings, Inc.<sup>(a)</sup> | 13357 | $1554220 |
|  Seaboard Corp. | 75 | 202284 |
|  Seneca Foods Corp., Class A<sup>(a)</sup> | 2100 | 186984 |
|  Simply Good Foods Co. (The)<sup>(a)</sup> | 22826 | 787269 |
|  SunOpta, Inc.<sup>(a)</sup> | 27987 | 136017 |
|  The Campbell's Co. | 50741 | 2025581 |
|  TreeHouse Foods, Inc.<sup>(a)</sup> | 13263 | 359295 |
|  Tyson Foods, Inc., Class A | 75149 | 4795258 |
|  Utz Brands, Inc., Class A | 15596 | 219592 |
|  Vital Farms, Inc.<sup>(a)</sup> | 8716 | 265576 |
|  Westrock Coffee Co.<sup>(a)(b)</sup> | 10057 | 72612 |
|  WK Kellogg Co. | 17359 | 345965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99181303 |
| **Gas Utilities — 0.1%** |  |  |
|  Atmos Energy Corp. | 41433 | 6404713 |
|  Brookfield Infrastructure Corp., Class A<sup>(b)</sup> | 31602 | 1143676 |
|  Chesapeake Utilities Corp. | 5856 | 752086 |
|  MDU Resources Group, Inc. | 52123 | 881400 |
|  National Fuel Gas Co. | 24526 | 1942214 |
|  New Jersey Resources Corp. | 26378 | 1294105 |
|  Northwest Natural Holding Co. | 8678 | 370724 |
|  ONE Gas, Inc. | 14435 | 1091142 |
|  Southwest Gas Holdings, Inc. | 17152 | 1231514 |
|  Spire, Inc. | 15689 | 1227664 |
|  UGI Corp. | 56348 | 1863428 |
|  |  | 18202666 |
| **Ground Transportation — 0.9%** |  |  |
|  ArcBest Corp. | 6167 | 435267 |
|  Avis Budget Group, Inc.<sup>(a)</sup> | 5415 | 410999 |
|  Covenant Logistics Group, Inc., Class A | 7458 | 165568 |
|  CSX Corp. | 516136 | 15189883 |
|  FTAI Infrastructure, Inc. | 32513 | 147284 |
|  Heartland Express, Inc. | 11896 | 109681 |
|  Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | 35628 | 140374 |
|  JB Hunt Transport Services, Inc. | 21974 | 3251053 |
|  Knight-Swift Transportation Holdings, Inc. | 42035 | 1828102 |
|  Landstar System, Inc. | 9222 | 1385144 |
|  Lyft, Inc., Class A<sup>(a)</sup> | 93060 | 1104622 |
|  Marten Transport Ltd. | 14100 | 193452 |
|  Norfolk Southern Corp. | 60346 | 14292950 |
|  Old Dominion Freight Line, Inc. | 51784 | 8567663 |
|  RXO, Inc.<sup>(a)</sup> | 42361 | 809095 |
|  Ryder System, Inc. | 10937 | 1572850 |
|  Saia, Inc.<sup>(a)</sup> | 7085 | 2475712 |
|  Schneider National, Inc., Class B | 14794 | 338043 |
|  Uber Technologies, Inc.<sup>(a)</sup> | 544319 | 39659082 |
|  U-Haul Holding Co.<sup>(a)</sup> | 2311 | 151047 |
|  U-Haul Holding Co., NVS | 26719 | 1581230 |
|  Union Pacific Corp. | 162873 | 38477118 |
|  Universal Logistics Holdings, Inc. | 3518 | 92312 |
|  Werner Enterprises, Inc. | 16360 | 479348 |
|  XPO, Inc.<sup>(a)</sup> | 30183 | 3247087 |
|  |  | 136104966 |
| **Health Care Equipment & Supplies — 2.4%** |  |  |
|  Abbott Laboratories | 462292 | 61323034 |
|  Accuray, Inc.<sup>(a)(b)</sup> | 29459 | 52732 |
|  Align Technology, Inc.<sup>(a)</sup> | 20004 | 3177835 |
|  Alphatec Holdings, Inc.<sup>(a)</sup> | 21325 | 216236 |
|  AngioDynamics, Inc.<sup>(a)</sup> | 10215 | 95919 |
|  Artivion, Inc.<sup>(a)</sup> | 10546 | 259221 |
|  AtriCure, Inc.<sup>(a)(b)</sup> | 12039 | 388378 |
|  Avanos Medical, Inc.<sup>(a)</sup> | 12063 | 172863 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** |  |  |
|  Axogen, Inc.<sup>(a)</sup> | 10960 | $202760 |
|  Baxter International, Inc. | 136083 | 4658121 |
|  Becton Dickinson & Co. | 77612 | 17777805 |
|  Beta Bionics, Inc.<sup>(a)(b)</sup> | 3526 | 43158 |
|  Bioventus, Inc., Class A<sup>(a)</sup> | 14630 | 133865 |
|  Boston Scientific Corp.<sup>(a)</sup> | 393525 | 39698802 |
|  Cerus Corp.<sup>(a)</sup> | 38797 | 53928 |
|  CONMED Corp. | 7833 | 473035 |
|  Cooper Cos., Inc. (The)<sup>(a)</sup> | 52040 | 4389574 |
|  CVRx, Inc.<sup>(a)(b)</sup> | 5143 | 62899 |
|  DENTSPLY SIRONA, Inc. | 52706 | 787428 |
|  Dexcom, Inc.<sup>(a)</sup> | 104453 | 7133095 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 156396 | 11335582 |
|  Embecta Corp. | 16091 | 205160 |
|  Enovis Corp.<sup>(a)</sup> | 13980 | 534176 |
|  Envista Holdings Corp.<sup>(a)</sup> | 43140 | 744596 |
|  GE HealthCare Technologies, Inc. | 121624 | 9816273 |
|  Glaukos Corp.<sup>(a)</sup> | 13259 | 1304951 |
|  Globus Medical, Inc., Class A<sup>(a)</sup> | 29880 | 2187216 |
|  Haemonetics Corp.<sup>(a)</sup> | 13691 | 870063 |
|  Hologic, Inc.<sup>(a)</sup> | 60254 | 3721890 |
|  ICU Medical, Inc.<sup>(a)</sup> | 5963 | 828022 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 21750 | 9133912 |
|  Inmode Ltd.<sup>(a)(b)</sup> | 20348 | 360974 |
|  Inogen, Inc.<sup>(a)</sup> | 4670 | 33297 |
|  Inspire Medical Systems, Inc.<sup>(a)</sup> | 7705 | 1227252 |
|  Insulet Corp.<sup>(a)</sup> | 18961 | 4979348 |
|  Integer Holdings Corp.<sup>(a)</sup> | 9094 | 1073183 |
|  Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 19296 | 424319 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 94611 | 46857990 |
|  iRadimed Corp. | 2754 | 144530 |
|  iRhythm Technologies, Inc.<sup>(a)</sup> | 7963 | 833567 |
|  Lantheus Holdings, Inc.<sup>(a)</sup> | 18824 | 1837222 |
|  LeMaitre Vascular, Inc. | 4765 | 399784 |
|  LivaNova PLC<sup>(a)</sup> | 13790 | 541671 |
|  Masimo Corp.<sup>(a)</sup> | 11499 | 1915733 |
|  Medtronic PLC | 342725 | 30797268 |
|  Merit Medical Systems, Inc.<sup>(a)</sup> | 15527 | 1641359 |
|  Neogen Corp.<sup>(a)(b)</sup> | 57097 | 495031 |
|  Nevro Corp.<sup>(a)</sup> | 9086 | 53062 |
|  Novocure Ltd.<sup>(a)</sup> | 26886 | 479109 |
|  Omnicell, Inc.<sup>(a)</sup> | 11575 | 404662 |
|  OraSure Technologies, Inc.<sup>(a)</sup> | 20658 | 69617 |
|  Orthofix Medical, Inc.<sup>(a)</sup> | 9082 | 148127 |
|  OrthoPediatrics Corp.<sup>(a)</sup> | 2860 | 70442 |
|  Paragon 28, Inc.<sup>(a)(b)</sup> | 14742 | 192531 |
|  Penumbra, Inc.<sup>(a)</sup> | 9645 | 2579169 |
|  PROCEPT BioRobotics Corp.<sup>(a)(b)</sup> | 11052 | 643890 |
|  Pulmonx Corp.<sup>(a)</sup> | 8024 | 54002 |
|  Pulse Biosciences, Inc.<sup>(a)(b)</sup> | 9313 | 149846 |
|  QuidelOrtho Corp.<sup>(a)(b)</sup> | 16631 | 581586 |
|  ResMed, Inc. | 38589 | 8638148 |
|  RxSight, Inc.<sup>(a)</sup> | 8156 | 205939 |
|  SI-BONE, Inc.<sup>(a)(b)</sup> | 13804 | 193670 |
|  Solventum Corp.<sup>(a)</sup> | 36759 | 2795154 |
|  STAAR Surgical Co.<sup>(a)</sup> | 12638 | 222808 |
|  STERIS PLC | 26226 | 5944123 |
|  Stryker Corp. | 96666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35983918 |
|  Surmodics, Inc.<sup>(a)</sup> | 3843 | 117327 |
|  Tactile Systems Technology, Inc.<sup>(a)</sup> | 7232 | 95607 |
|  Tandem Diabetes Care, Inc.<sup>(a)</sup> | 16373 | 313707 |
|  Teleflex, Inc. | 12805 | 1769523 |
|  TransMedics Group, Inc.<sup>(a)(b)</sup> | 8753 | 588902 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** |  |  |
|  Treace Medical Concepts, Inc.<sup>(a)</sup> | 10726 | $89991 |
|  UFP Technologies, Inc.<sup>(a)</sup> | 1979 | 399184 |
|  Utah Medical Products, Inc. | 1146 | 64222 |
|  Varex Imaging Corp.<sup>(a)(b)</sup> | 9809 | 113784 |
|  Zimmer Biomet Holdings, Inc. | 53040 | 6003067 |
|  Zimvie, Inc.<sup>(a)</sup> | 9006 | 97265 |
|  Zynex, Inc.<sup>(a)(b)</sup> | 7354 | 16179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344423618 |
| **Health Care Providers & Services — 2.3%** |  |  |
|  Acadia Healthcare Co., Inc.<sup>(a)</sup> | 24574 | 745084 |
|  Accolade, Inc.<sup>(a)</sup> | 14924 | 104170 |
|  AdaptHealth Corp.<sup>(a)</sup> | 20135 | 218263 |
|  Addus HomeCare Corp.<sup>(a)(b)</sup> | 4427 | 437786 |
|  agilon health, Inc.<sup>(a)</sup> | 75739 | 327950 |
|  Alignment Healthcare, Inc.<sup>(a)</sup> | 30244 | 563143 |
|  Amedisys, Inc.<sup>(a)</sup> | 8769 | 812272 |
|  AMN Healthcare Services, Inc.<sup>(a)</sup> | 9589 | 234547 |
|  Astrana Health, Inc.<sup>(a)</sup> | 12388 | 384152 |
|  BrightSpring Health Services, Inc.<sup>(a)(b)</sup> | 15309 | 276940 |
|  Brookdale Senior Living, Inc.<sup>(a)(b)</sup> | 49447 | 309538 |
|  Cardinal Health, Inc. | 64760 | 8921985 |
|  Castle Biosciences, Inc.<sup>(a)</sup> | 5370 | 107507 |
|  Cencora, Inc. | 46304 | 12876679 |
|  Centene Corp.<sup>(a)</sup> | 135109 | 8202467 |
|  Chemed Corp. | 3932 | 2419438 |
|  Cigna Group (The) | 71934 | 23666286 |
|  Community Health Systems, Inc.<sup>(a)</sup> | 41007 | 110719 |
|  Concentra Group Holdings Parent, Inc. | 27514 | 597054 |
|  CorVel Corp.<sup>(a)</sup> | 7641 | 855563 |
|  Cross Country Healthcare, Inc.<sup>(a)</sup> | 11998 | 178650 |
|  CVS Health Corp. | 337581 | 22871113 |
|  DaVita, Inc.<sup>(a)(b)</sup> | 12445 | 1903712 |
|  DocGo, Inc.<sup>(a)(b)</sup> | 24584 | 64902 |
|  Elevance Health, Inc. | 62102 | 27011886 |
|  Encompass Health Corp. | 27199 | 2754715 |
|  Enhabit, Inc.<sup>(a)</sup> | 14381 | 126409 |
|  Ensign Group, Inc. (The) | 14935 | 1932589 |
|  Fulgent Genetics, Inc.<sup>(a)(b)</sup> | 5249 | 88708 |
|  GeneDx Holdings Corp., Class A<sup>(a)</sup> | 4357 | 385878 |
|  Guardant Health, Inc.<sup>(a)</sup> | 32658 | 1391231 |
|  HCA Healthcare, Inc. | 49562 | 17126149 |
|  HealthEquity, Inc.<sup>(a)</sup> | 22992 | 2031803 |
|  Henry Schein, Inc.<sup>(a)</sup> | 33463 | 2291881 |
|  Hims & Hers Health, Inc., Class A<sup>(a)</sup> | 50275 | 1485626 |
|  Humana, Inc. | 32191 | 8517739 |
|  Labcorp Holdings, Inc. | 22708 | 5285060 |
|  LifeStance Health Group, Inc.<sup>(a)</sup> | 44953 | 299387 |
|  McKesson Corp. | 33939 | 22840608 |
|  ModivCare, Inc.<sup>(a)(b)</sup> | 3092 | 4066 |
|  Molina Healthcare, Inc.<sup>(a)</sup> | 15081 | 4967531 |
|  Nano-X Imaging Ltd.<sup>(a)(b)</sup> | 14538 | 72617 |
|  National HealthCare Corp. | 3503 | 325078 |
|  National Research Corp., Class A | 3763 | 48166 |
|  NeoGenomics, Inc.<sup>(a)</sup> | 34368 | 326152 |
|  OPKO Health, Inc.<sup>(a)(b)</sup> | 100675 | 167120 |
|  Option Care Health, Inc.<sup>(a)</sup> | 44136 | 1542553 |
|  Owens & Minor, Inc.<sup>(a)</sup> | 19491 | 176004 |
|  Patterson Cos., Inc. | 21559 | 673503 |
|  Pediatrix Medical Group, Inc.<sup>(a)</sup> | 20683 | 299697 |
|  Pennant Group, Inc. (The)<sup>(a)</sup> | 8592 | 216089 |
|  Performant Healthcare, Inc.<sup>(a)</sup> | 40111 | 118729 |
|  Premier, Inc., Class A | 25572 | 493028 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Providers & Services (continued)** |  |  |
|  Privia Health Group, Inc.<sup>(a)</sup> | 29162 | $654687 |
|  Progyny, Inc.<sup>(a)</sup> | 21029 | 469788 |
|  Quest Diagnostics, Inc. | 29398 | 4974142 |
|  RadNet, Inc.<sup>(a)</sup> | 17407 | 865476 |
|  Select Medical Holdings Corp. | 26423 | 441264 |
|  Surgery Partners, Inc.<sup>(a)</sup> | 19887 | 472316 |
|  Talkspace, Inc.<sup>(a)</sup> | 53036 | 135772 |
|  Tenet Healthcare Corp.<sup>(a)</sup> | 25493 | 3428808 |
|  U.S. Physical Therapy, Inc. | 3530 | 255431 |
|  UnitedHealth Group, Inc. | 245908 | 128794315 |
|  Universal Health Services, Inc., Class B | 15263 | 2867918 |
|  Viemed Healthcare, Inc.<sup>(a)</sup> | 11654 | 84841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333634680 |
| **Health Care REITs — 0.4%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 45370 | 4197179 |
|  American Healthcare REIT, Inc. | 40403 | 1224211 |
|  CareTrust REIT, Inc. | 49336 | 1410023 |
|  Community Healthcare Trust, Inc. | 5774 | 104856 |
|  Diversified Healthcare Trust. | 82426 | 197822 |
|  Global Medical REIT, Inc. | 11638 | 101832 |
|  Healthcare Realty Trust, Inc. | 99333 | 1678728 |
|  Healthpeak Properties, Inc. | 188138 | 3804150 |
|  LTC Properties, Inc. | 9864 | 349679 |
|  Medical Properties Trust, Inc.<sup>(b)</sup> | 157542 | 949978 |
|  National Health Investors, Inc. | 11372 | 839936 |
|  Omega Healthcare Investors, Inc. | 72203 | 2749490 |
|  PACS Group, Inc.<sup>(a)</sup> | 10480 | 117795 |
|  Sabra Health Care REIT, Inc. | 63112 | 1102567 |
|  Universal Health Realty Income Trust | 3241 | 132751 |
|  Ventas, Inc. | 112054 | 7704833 |
|  Welltower, Inc. | 165027 | 25283787 |
|  |  | 51949617 |
| **Health Care Technology — 0.1%** |  |  |
|  Certara, Inc.<sup>(a)</sup> | 28542 | 282566 |
|  Definitive Healthcare Corp., Class A<sup>(a)</sup> | 10423 | 30122 |
|  Doximity, Inc., Class A<sup>(a)</sup> | 33103 | 1920967 |
|  Evolent Health, Inc., Class A<sup>(a)(b)</sup> | 28939 | 274052 |
|  Health Catalyst, Inc.<sup>(a)</sup> | 12079 | 54718 |
|  HealthStream, Inc. | 6891 | 221752 |
|  OptimizeRx Corp.<sup>(a)(b)</sup> | 5220 | 45205 |
|  Phreesia, Inc.<sup>(a)</sup> | 12778 | 326606 |
|  Schrodinger, Inc.<sup>(a)(b)</sup> | 15656 | 309049 |
|  Simulations Plus, Inc. | 4161 | 102028 |
|  Teladoc Health, Inc.<sup>(a)(b)</sup> | 44487 | 354117 |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 39682 | 9191542 |
|  Waystar Holding Corp.<sup>(a)</sup> | 20900 | 780824 |
|  |  | 13893548 |
| **Hotel & Resort REITs — 0.1%** |  |  |
|  Apple Hospitality REIT, Inc. | 63725 | 822690 |
|  Braemar Hotels & Resorts, Inc. | 22712 | 56553 |
|  Chatham Lodging Trust | 12878 | 91820 |
|  DiamondRock Hospitality Co. | 56752 | 438125 |
|  Host Hotels & Resorts, Inc. | 187054 | 2658037 |
|  Park Hotels & Resorts, Inc. | 59365 | 634018 |
|  Pebblebrook Hotel Trust | 34047 | 344896 |
|  RLJ Lodging Trust | 46782 | 369110 |
|  Ryman Hospitality Properties, Inc. | 15472 | 1414760 |
|  Service Properties Trust | 43268 | 112929 |
|  Summit Hotel Properties, Inc. | 28938 | 156555 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Hotel & Resort REITs (continued)** |  |  |
|  Sunstone Hotel Investors, Inc. | 54705 | $514774 |
|  Xenia Hotels & Resorts, Inc. | 30910 | 363502 |
|  |  | 7977769 |
| **Hotels, Restaurants & Leisure — 2.1%** |  |  |
|  Accel Entertainment, Inc., Class A<sup>(a)</sup> | 12999 | 128950 |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 114439 | 13670883 |
|  Aramark | 69776 | 2408667 |
|  BJ's Restaurants, Inc.<sup>(a)</sup> | 6014 | 206040 |
|  Bloomin' Brands, Inc. | 23127 | 165821 |
|  Booking Holdings, Inc. | 8859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40812616 |
|  Boyd Gaming Corp. | 16961 | 1116543 |
|  Brinker International, Inc.<sup>(a)</sup> | 12039 | 1794413 |
|  Caesars Entertainment, Inc.<sup>(a)(b)</sup> | 57409 | 1435225 |
|  Carnival Corp.<sup>(a)</sup> | 274731 | 5365496 |
|  Cava Group, Inc.<sup>(a)(b)</sup> | 20140 | 1740297 |
|  Cheesecake Factory, Inc. (The) | 11620 | 565429 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 364688 | 18310984 |
|  Choice Hotels International, Inc.<sup>(b)</sup> | 7533 | 1000232 |
|  Churchill Downs, Inc. | 19276 | 2140985 |
|  Cracker Barrel Old Country Store, Inc. | 5792 | 224845 |
|  Darden Restaurants, Inc. | 31219 | 6486059 |
|  Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 9510 | 167091 |
|  Denny's Corp.<sup>(a)</sup> | 17519 | 64295 |
|  Despegar.com Corp.<sup>(a)</sup> | 16287 | 306033 |
|  Dine Brands Global, Inc. | 4549 | 105855 |
|  Domino's Pizza, Inc. | 9410 | 4323424 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 94647 | 17298632 |
|  DraftKings, Inc., Class A<sup>(a)</sup> | 122295 | 4061417 |
|  Dutch Bros, Inc., Class A<sup>(a)</sup> | 29290 | 1808365 |
|  El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 11370 | 117111 |
|  Everi Holdings, Inc.<sup>(a)</sup> | 24099 | 329433 |
|  Expedia Group, Inc. | 32863 | 5524270 |
|  First Watch Restaurant Group, Inc.<sup>(a)</sup> | 6376 | 106160 |
|  Global Business Travel Group I, Class A<sup>(a)</sup> | 33238 | 241308 |
|  Golden Entertainment, Inc. | 5225 | 137888 |
|  Hilton Grand Vacations, Inc.<sup>(a)</sup> | 20344 | 761069 |
|  Hilton Worldwide Holdings, Inc. | 64121 | 14590734 |
|  Hyatt Hotels Corp., Class A | 11680 | 1430800 |
|  Inspired Entertainment, Inc.<sup>(a)</sup> | 6615 | 56492 |
|  International Game Technology PLC | 28787 | 468077 |
|  Jack in the Box, Inc. | 5435 | 147778 |
|  Krispy Kreme, Inc. | 22287 | 109652 |
|  Kura Sushi U.S.A., Inc., Class A<sup>(a)(b)</sup> | 1514 | 77517 |
|  Las Vegas Sands Corp. | 91237 | 3524485 |
|  Life Time Group Holdings, Inc.<sup>(a)</sup> | 22381 | 675906 |
|  Light & Wonder, Inc., Class A<sup>(a)</sup> | 23620 | 2045728 |
|  Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 12480 | 115690 |
|  Marriott International, Inc., Class A | 60531 | 14418484 |
|  Marriott Vacations Worldwide Corp. | 9757 | 626790 |
|  McDonald's Corp. | 192523 | 60138409 |
|  MGM Resorts International<sup>(a)</sup> | 61091 | 1810737 |
|  Monarch Casino & Resort, Inc. | 3637 | 282777 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 115298 | 2186050 |
|  Papa John's International, Inc. | 8729 | 358587 |
|  Penn Entertainment, Inc.<sup>(a)</sup> | 43232 | 705114 |
|  Planet Fitness, Inc., Class A<sup>(a)</sup> | 22557 | 2179232 |
|  PlayAGS, Inc.<sup>(a)</sup> | 15957 | 193239 |
|  Portillo's, Inc., Class A<sup>(a)(b)</sup> | 10484 | 124655 |
|  Potbelly Corp.<sup>(a)</sup> | 10157 | 96593 |
|  RCI Hospitality Holdings, Inc.<sup>(b)</sup> | 2940 | 126244 |
|  Red Rock Resorts, Inc., Class A | 12858 | 557651 |
|  Royal Caribbean Cruises Ltd. | 63113 | 12965935 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** |  |  |
|  Rush Street Interactive, Inc., Class A<sup>(a)(b)</sup> | 23030 | $246882 |
|  Sabre Corp.<sup>(a)</sup> | 85556 | 240412 |
|  Shake Shack, Inc., Class A<sup>(a)</sup> | 9463 | 834353 |
|  Six Flags Entertainment Corp. | 24689 | 880657 |
|  Starbucks Corp. | 302653 | 29687233 |
|  Super Group SGHC Ltd. | 35840 | 230810 |
|  Sweetgreen, Inc., Class A<sup>(a)(b)</sup> | 25067 | 627176 |
|  Target Hospitality Corp.<sup>(a)(b)</sup> | 9598 | 63155 |
|  Texas Roadhouse, Inc. | 18218 | 3035665 |
|  Travel + Leisure Co. | 18920 | 875807 |
|  United Parks & Resorts, Inc.<sup>(a)</sup> | 10080 | 458237 |
|  Vail Resorts, Inc. | 10146 | 1623563 |
|  Wendy's Co. (The) | 47938 | 701333 |
|  Wingstop, Inc. | 7790 | 1757268 |
|  Wyndham Hotels & Resorts, Inc. | 19952 | 1805856 |
|  Wynn Resorts Ltd. | 28002 | 2338167 |
|  Xponential Fitness, Inc., Class A<sup>(a)</sup> | 4849 | 40392 |
|  Yum! Brands, Inc. | 75300 | 11849208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310235366 |
| **Household Durables — 0.4%** |  |  |
|  Beazer Homes U.S.A., Inc.<sup>(a)</sup> | 9831 | 200454 |
|  Cavco Industries, Inc.<sup>(a)</sup> | 2101 | 1091743 |
|  Century Communities, Inc. | 7161 | 480503 |
|  Champion Homes, Inc.<sup>(a)</sup> | 15081 | 1429075 |
|  Cricut, Inc., Class A | 12566 | 64715 |
|  DR Horton, Inc. | 75846 | 9642302 |
|  Dream Finders Homes, Inc., Class A<sup>(a)(b)</sup> | 7834 | 176735 |
|  Ethan Allen Interiors, Inc. | 6025 | 166892 |
|  Garmin Ltd. | 41388 | 8986576 |
|  GoPro, Inc., Class A<sup>(a)(b)</sup> | 31683 | 21003 |
|  Green Brick Partners, Inc.<sup>(a)</sup> | 8268 | 482107 |
|  Helen of Troy Ltd.<sup>(a)</sup> | 6394 | 342015 |
|  Hooker Furnishings Corp. | 5246 | 52670 |
|  Hovnanian Enterprises, Inc., Class A<sup>(a)</sup> | 1530 | 160206 |
|  Installed Building Products, Inc. | 6016 | 1031503 |
|  iRobot Corp.<sup>(a)(b)</sup> | 7264 | 19613 |
|  KB Home | 18134 | 1053948 |
|  Landsea Homes Corp.<sup>(a)</sup> | 9738 | 62518 |
|  La-Z-Boy, Inc. | 12768 | 499101 |
|  Leggett & Platt, Inc. | 36278 | 286959 |
|  Lennar Corp., Class A | 61383 | 7045541 |
|  Lennar Corp., Class B | 3010 | 328301 |
|  LGI Homes, Inc.<sup>(a)</sup> | 5951 | 395563 |
|  Lovesac Co. (The)<sup>(a)(b)</sup> | 3834 | 69702 |
|  M/I Homes, Inc.<sup>(a)</sup> | 7287 | 832030 |
|  Meritage Homes Corp. | 19582 | 1387972 |
|  Mohawk Industries, Inc.<sup>(a)</sup> | 13860 | 1582535 |
|  Newell Brands, Inc. | 115213 | 714321 |
|  NVR, Inc.<sup>(a)</sup> | 748 | 5418804 |
|  PulteGroup, Inc. | 53916 | 5542565 |
|  SharkNinja, Inc.<sup>(a)</sup> | 17671 | 1473938 |
|  Somnigroup International, Inc. | 43984 | 2633762 |
|  Sonos, Inc.<sup>(a)</sup> | 32259 | 344203 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 26846 | 1611834 |
|  Toll Brothers, Inc. | 27298 | 2882396 |
|  TopBuild Corp.<sup>(a)</sup> | 8057 | 2456982 |
|  Tri Pointe Homes, Inc.<sup>(a)</sup> | 25765 | 822419 |
|  Whirlpool Corp. | 14266 | 1285795 |
|  |  | 63079301 |
| **Household Products — 1.1%** |  |  |
|  Central Garden & Pet Co.<sup>(a)(b)</sup> | 2586 | 94803 |
|  Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | 15129 | 495172 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Household Products (continued)** |  |  |  |
|  Church & Dwight Co., Inc. | 65699 | $| 7232803 |
|  Clorox Co. (The) | 33005 |  | 4859986 |
|  Colgate-Palmolive Co. | 217034 |  | 20336086 |
|  Energizer Holdings, Inc. | 19298 |  | 577396 |
|  Kimberly-Clark Corp. | 88584 |  | 12598416 |
|  Oil-Dri Corp. of America | 3892 |  | 178721 |
|  Procter & Gamble Co. (The) | 630939 |  | 107524624 |
|  Reynolds Consumer Products, Inc. | 14309 |  | 341413 |
|  Spectrum Brands Holdings, Inc. | 8098 |  | 579412 |
|  WD-40 Co. | 3583 |  | 874252 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155693084 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  AES Corp. (The) | 189286 |  | 2350932 |
|  Altus Power, Inc., Class A<sup>(a)(b)</sup> | 14014 |  | 69369 |
|  Brookfield Renewable Corp.<sup>(b)</sup> | 34506 |  | 963408 |
|  Clearway Energy, Inc., Class A | 8306 |  | 236389 |
|  Clearway Energy, Inc., Class C | 22916 |  | 693667 |
|  Montauk Renewables, Inc.<sup>(a)(b)</sup> | 18899 |  | 39499 |
|  Ormat Technologies, Inc. | 16130 |  | 1141520 |
|  Sunnova Energy International, Inc.<sup>(a)(b)</sup> | 27449 |  | 10211 |
|  Vistra Corp. | 90805 |  | 10664139 |
|  |  |  | 16169134 |
| **Industrial Conglomerates — 0.4%** |  |  |  |
|  3M Co. | 145639 |  | 21388544 |
|  Brookfield Business Corp., Class A<sup>(b)</sup> | 5441 |  | 144839 |
|  Honeywell International, Inc. | 174019 |  | 36848523 |
|  |  |  | 58381906 |
| **Industrial REITs — 0.3%** |  |  |  |
|  Americold Realty Trust, Inc. | 76032 |  | 1631647 |
|  EastGroup Properties, Inc. | 13056 |  | 2299814 |
|  First Industrial Realty Trust, Inc. | 34412 |  | 1856871 |
|  Industrial Logistics Properties Trust | 28691 |  | 98697 |
|  Innovative Industrial Properties, Inc. | 7779 |  | 420766 |
|  Lineage, Inc.<sup>(b)</sup> | 16517 |  | 968392 |
|  LXP Industrial Trust | 74439 |  | 643897 |
|  Plymouth Industrial REIT, Inc. | 11783 |  | 192063 |
|  Prologis, Inc. | 246853 |  | 27595697 |
|  Rexford Industrial Realty, Inc. | 57035 |  | 2232920 |
|  STAG Industrial, Inc. | 49932 |  | 1803544 |
|  Terreno Realty Corp. | 25303 |  | 1599656 |
|  |  |  | 41343964 |
| **Insurance — 2.5%** |  |  |  |
|  Aflac, Inc. | 147593 |  | 16410866 |
|  Allstate Corp. (The) | 69955 |  | 14485582 |
|  Ambac Financial Group, Inc.<sup>(a)</sup> | 13012 |  | 113855 |
|  American Coastal Insurance Corp. | 11875 |  | 137394 |
|  American Financial Group, Inc. | 19453 |  | 2554957 |
|  American International Group, Inc. | 166690 |  | 14492029 |
|  AMERISAFE, Inc. | 4901 |  | 257548 |
|  Aon PLC, Class A | 52417 |  | 20919101 |
|  Arch Capital Group Ltd. | 96503 |  | 9281659 |
|  Arthur J. Gallagher & Co. | 65817 |  | 22722661 |
|  Assurant, Inc. | 13774 |  | 2889096 |
|  Assured Guaranty Ltd. | 12971 |  | 1142745 |
|  Axis Capital Holdings Ltd. | 21166 |  | 2121680 |
|  Baldwin Insurance Group, Inc. (The), Class A<sup>(a)(b)</sup>  | 16279 |  | 727508 |
|  Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 4412 |  | 179348 |
|  Brighthouse Financial, Inc.<sup>(a)</sup> | 17405 |  | 1009316 |
|  Brown & Brown, Inc.<sup>(b)</sup> | 63788 |  | 7935227 |
|  Chubb Ltd. | 108069 |  | 32635757 |
|  Cincinnati Financial Corp. | 40841 |  | 6033032 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance (continued)** |  |  |
|  CNA Financial Corp. | 5091 | $258572 |
|  CNO Financial Group, Inc. | 27579 | 1148665 |
|  Donegal Group, Inc., Class A | 6970 | 136821 |
|  Employers Holdings, Inc. | 6511 | 329717 |
|  Enstar Group Ltd.<sup>(a)</sup> | 3145 | 1045335 |
|  Everest Group Ltd. | 11198 | 4068569 |
|  F&G Annuities & Life, Inc. | 4698 | 169363 |
|  Fidelis Insurance Holdings Ltd. | 16108 | 260950 |
|  Fidelity National Financial, Inc., Class A | 69458 | 4520327 |
|  First American Financial Corp. | 27529 | 1806728 |
|  Genworth Financial, Inc., Class A<sup>(a)</sup> | 107420 | 761608 |
|  Globe Life, Inc. | 22122 | 2913910 |
|  Goosehead Insurance, Inc., Class A | 6333 | 747674 |
|  Greenlight Capital Re Ltd., Class A<sup>(a)</sup> | 10949 | 148359 |
|  Hamilton Insurance Group Ltd., Class B<sup>(a)</sup> | 10529 | 218266 |
|  Hanover Insurance Group, Inc. (The) | 9418 | 1638261 |
|  Hartford Insurance Group, Inc. (The) | 77822 | 9628916 |
|  HCI Group, Inc. | 2438 | 363823 |
|  Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 8942 | 128944 |
|  Hippo Holdings, Inc.<sup>(a)</sup> | 6402 | 163635 |
|  Horace Mann Educators Corp. | 10907 | 466056 |
|  Investors Title Co. | 635 | 153086 |
|  James River Group Holdings Ltd. | 8175 | 34335 |
|  Kemper Corp. | 16363 | 1093867 |
|  Kinsale Capital Group, Inc.<sup>(b)</sup> | 5783 | 2814644 |
|  Lemonade, Inc.<sup>(a)(b)</sup> | 14029 | 440931 |
|  Lincoln National Corp. | 45044 | 1617530 |
|  Loews Corp. | 47388 | 4355431 |
|  Markel Group, Inc.<sup>(a)</sup> | 3400 | 6356674 |
|  Marsh & McLennan Cos., Inc. | 131671 | 32131674 |
|  MBIA, Inc.<sup>(a)</sup> | 15009 | 74745 |
|  Mercury General Corp. | 7029 | 392921 |
|  MetLife, Inc. | 154730 | 12423272 |
|  Old Republic International Corp. | 62754 | 2461212 |
|  Oscar Health, Inc., Class A<sup>(a)(b)</sup> | 52656 | 690320 |
|  Palomar Holdings, Inc.<sup>(a)</sup> | 7250 | 993830 |
|  Primerica, Inc. | 8880 | 2526626 |
|  Principal Financial Group, Inc. | 61244 | 5167156 |
|  ProAssurance Corp.<sup>(a)</sup> | 12959 | 302593 |
|  Progressive Corp. (The) | 156376 | 44255972 |
|  Prudential Financial, Inc. | 95953 | 10716031 |
|  Reinsurance Group of America, Inc. | 17576 | 3460714 |
|  RenaissanceRe Holdings Ltd.<sup>(b)</sup> | 13662 | 3278880 |
|  RLI Corp. | 23054 | 1851928 |
|  Root, Inc., Class A<sup>(a)(b)</sup> | 2043 | 272618 |
|  Ryan Specialty Holdings, Inc., Class A | 26781 | 1978312 |
|  Safety Insurance Group, Inc. | 3769 | 297299 |
|  Selective Insurance Group, Inc. | 16700 | 1528718 |
|  Selectquote, Inc.<sup>(a)</sup> | 44663 | 149174 |
|  SiriusPoint Ltd.<sup>(a)</sup> | 17678 | 305653 |
|  Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 8518 | 450773 |
|  Stewart Information Services Corp. | 6944 | 495454 |
|  Tiptree, Inc. | 6810 | 164053 |
|  Travelers Cos., Inc. (The) | 60437 | 15983169 |
|  Trupanion, Inc.<sup>(a)</sup> | 9621 | 358575 |
|  United Fire Group, Inc. | 5981 | 176200 |
|  Universal Insurance Holdings, Inc. | 9209 | 218253 |
|  Unum Group | 44094 | 3591897 |
|  W R Berkley Corp. | 78340 | 5574674 |
|  White Mountains Insurance Group Ltd.<sup>(b)</sup> | 649 | 1249851 |
|  Willis Towers Watson PLC | 26952 | 9108428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366471333 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Interactive Media & Services — 5.5%** |  |  |
|  Alphabet, Inc., Class A | 1571735 | $243053101 |
|  Alphabet, Inc., Class C, NVS | 1297580 | 202720923 |
|  Bumble, Inc., Class A<sup>(a)</sup> | 23214 | 100749 |
|  Cargurus, Inc., Class A<sup>(a)</sup> | 25746 | 749981 |
|  Cars.com, Inc.<sup>(a)</sup> | 18757 | 211391 |
|  EverQuote, Inc., Class A<sup>(a)</sup> | 7760 | 203234 |
|  fuboTV, Inc.<sup>(a)</sup> | 88483 | 258370 |
|  Getty Images Holdings, Inc., Class A<sup>(a)(b)</sup> | 38626 | 66823 |
|  Grindr, Inc.<sup>(a)</sup> | 6506 | 116457 |
|  IAC, Inc.<sup>(a)</sup> | 20390 | 936717 |
|  Match Group, Inc. | 68901 | 2149711 |
|  MediaAlpha, Inc., Class A<sup>(a)</sup> | 7550 | 69762 |
|  Meta Platforms, Inc., Class A | 585891 | 337684137 |
|  Nextdoor Holdings, Inc., Class A<sup>(a)</sup> | 39148 | 59897 |
|  Outbrain, Inc.<sup>(a)</sup> | 3851 | 14364 |
|  Pinterest, Inc., Class A<sup>(a)</sup> | 156595 | 4854445 |
|  QuinStreet, Inc.<sup>(a)</sup> | 12384 | 220931 |
|  Shutterstock, Inc. | 6029 | 112320 |
|  TripAdvisor, Inc.<sup>(a)</sup> | 27636 | 391602 |
|  TrueCar, Inc.<sup>(a)</sup> | 36186 | 57174 |
|  Trump Media & Technology Group Corp., Class A<sup>(a)(b)</sup> | 19938 | 389589 |
|  Vimeo, Inc.<sup>(a)</sup> | 38820 | 204193 |
|  Yelp, Inc.<sup>(a)</sup> | 18757 | 694572 |
|  Ziff Davis, Inc.<sup>(a)</sup> | 13057 | 490682 |
|  ZipRecruiter, Inc., Class A<sup>(a)</sup> | 21455 | 126370 |
|  ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 82669 | 826690 |
|  |  | 796764185 |
| **IT Services — 1.3%** |  |  |
|  Accenture PLC, Class A | 167669 | 52319435 |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 39656 | 3192308 |
|  Amdocs Ltd. | 30677 | 2806946 |
|  Applied Digital Corp.<sup>(a)(b)</sup> | 41771 | 234753 |
|  ASGN, Inc.<sup>(a)</sup> | 11998 | 756114 |
|  BigBear.ai Holdings, Inc.<sup>(a)(b)</sup> | 47514 | 135890 |
|  BigCommerce Holdings, Inc., Series 1<sup>(a)</sup> | 19891 | 114572 |
|  Cloudflare, Inc., Class A<sup>(a)</sup> | 80761 | 9100957 |
|  Cognizant Technology Solutions Corp., Class A | 132514 | 10137321 |
|  Couchbase, Inc.<sup>(a)</sup> | 9415 | 148286 |
|  DigitalOcean Holdings, Inc.<sup>(a)</sup> | 17651 | 589367 |
|  DXC Technology Co.<sup>(a)</sup> | 47937 | 817326 |
|  EPAM Systems, Inc.<sup>(a)</sup> | 14949 | 2523989 |
|  Fastly, Inc., Class A<sup>(a)(b)</sup> | 32949 | 208567 |
|  Gartner, Inc.<sup>(a)</sup> | 20280 | 8512327 |
|  Globant SA<sup>(a)</sup> | 10883 | 1281147 |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 37778 | 6805329 |
|  Grid Dynamics Holdings, Inc., Class A<sup>(a)</sup> | 11342 | 177502 |
|  Hackett Group, Inc. (The) | 7888 | 230487 |
|  International Business Machines Corp. | 245729 | 61102973 |
|  Kyndryl Holdings, Inc.<sup>(a)</sup> | 58995 | 1852443 |
|  MongoDB, Inc., Class A<sup>(a)</sup> | 18922 | 3318919 |
|  Okta, Inc., Class A<sup>(a)</sup> | 43551 | 4582436 |
|  Snowflake, Inc., Class A<sup>(a)</sup> | 83469 | 12199829 |
|  Tucows, Inc., Class A<sup>(a)(b)</sup> | 2730 | 46082 |
|  Twilio, Inc., Class A<sup>(a)</sup> | 40950 | 4009415 |
|  Unisys Corp.<sup>(a)</sup> | 18060 | 82896 |
|  VeriSign, Inc.<sup>(a)</sup> | 22349 | 5673741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192961357 |
| **Leisure Products — 0.1%** |  |  |
|  Acushnet Holdings Corp. | 7120 | 488859 |
|  AMMO, Inc.<sup>(a)(b)</sup> | 36692 | 50635 |
|  Brunswick Corp. | 18879 | 1016634 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Leisure Products (continued)** |  |  |
|  Funko, Inc., Class A<sup>(a)</sup> | 7104 | $48733 |
|  Hasbro, Inc. | 37116 | 2282263 |
|  JAKKS Pacific, Inc. | 3461 | 85383 |
|  Johnson Outdoors, Inc., Class A | 1488 | 36962 |
|  Malibu Boats, Inc., Class A<sup>(a)(b)</sup> | 5096 | 156345 |
|  MasterCraft Boat Holdings, Inc.<sup>(a)</sup> | 5232 | 90095 |
|  Mattel, Inc.<sup>(a)</sup> | 88538 | 1720293 |
|  Peloton Interactive, Inc., Class A<sup>(a)(b)</sup> | 99328 | 627753 |
|  Polaris, Inc. | 14576 | 596741 |
|  Smith & Wesson Brands, Inc. | 15011 | 139903 |
|  Sturm Ruger & Co., Inc. | 4134 | 162425 |
|  Topgolf Callaway Brands Corp.<sup>(a)</sup> | 38083 | 250967 |
|  YETI Holdings, Inc.<sup>(a)(b)</sup> | 22636 | 749252 |
|  |  | 8503243 |
| **Life Sciences Tools & Services — 1.0%** |  |  |
|  10X Genomics, Inc., Class A<sup>(a)</sup> | 30173 | 263410 |
|  Adaptive Biotechnologies Corp.<sup>(a)</sup> | 29424 | 218620 |
|  Agilent Technologies, Inc. | 76876 | 8992954 |
|  Avantor, Inc.<sup>(a)</sup> | 178846 | 2899094 |
|  Azenta, Inc.<sup>(a)(b)</sup> | 10453 | 362092 |
|  BioLife Solutions, Inc.<sup>(a)</sup> | 9531 | 217688 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 5148 | 1253847 |
|  Bio-Techne Corp. | 41890 | 2456011 |
|  Bruker Corp. | 29266 | 1221563 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 13775 | 2073413 |
|  Codexis, Inc.<sup>(a)</sup> | 16638 | 44756 |
|  CryoPort, Inc.<sup>(a)(b)</sup> | 10095 | 61378 |
|  Cytek Biosciences, Inc.<sup>(a)</sup> | 27860 | 111719 |
|  Danaher Corp. | 172505 | 35363525 |
|  Fortrea Holdings, Inc.<sup>(a)</sup> | 23447 | 177025 |
|  Illumina, Inc.<sup>(a)</sup> | 42308 | 3356717 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 48137 | 8486553 |
|  Maravai LifeSciences Holdings, Inc., Class A<sup>(a)(b)</sup>  | 29831 | 65926 |
|  MaxCyte, Inc.<sup>(a)</sup> | 25072 | 68446 |
|  Medpace Holdings, Inc.<sup>(a)</sup> | 6789 | 2068540 |
|  Mesa Laboratories, Inc. | 1381 | 163869 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 5636 | 6655609 |
|  Niagen Bioscience, Inc.<sup>(a)</sup> | 20702 | 142844 |
|  OmniAb, Inc.<sup>(a)(b)</sup> | 19103 | 45847 |
|  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> | 67713 | 79901 |
|  QIAGEN NV<sup>(b)</sup> | 57485 | 2308023 |
|  Quanterix Corp.<sup>(a)</sup> | 12262 | 79826 |
|  Quantum-Si, Inc., Class A<sup>(a)(b)</sup> | 34970 | 41964 |
|  Repligen Corp.<sup>(a)(b)</sup> | 14633 | 1861903 |
|  Revvity, Inc. | 31860 | 3370788 |
|  Sotera Health Co.<sup>(a)(b)</sup> | 40290 | 469781 |
|  Standard BioTools, Inc.<sup>(a)</sup> | 81577 | 88103 |
|  Thermo Fisher Scientific, Inc. | 102051 | 50780578 |
|  Waters Corp.<sup>(a)</sup> | 15880 | 5852892 |
|  West Pharmaceutical Services, Inc. | 19383 | 4339466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146044671 |
| **Machinery — 1.8%** |  |  |
|  3D Systems Corp.<sup>(a)</sup> | 31035 | 65794 |
|  AGCO Corp. | 16342 | 1512779 |
|  Alamo Group, Inc. | 2391 | 426100 |
|  Albany International Corp., Class A | 7972 | 550387 |
|  Allison Transmission Holdings, Inc. | 23178 | 2217439 |
|  Astec Industries, Inc. | 5973 | 205770 |
|  Atmus Filtration Technologies, Inc. | 22382 | 822091 |
|  Blue Bird Corp.<sup>(a)(b)</sup> | 9864 | 319298 |

---

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

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Machinery (continued)** |  |  |
|  Caterpillar, Inc. | 129069 | $42566956 |
|  Chart Industries, Inc.<sup>(a)(b)</sup> | 11249 | 1623906 |
|  CNH Industrial NV | 233012 | 2861387 |
|  Columbus McKinnon Corp. | 6609 | 111890 |
|  Commercial Vehicle Group, Inc.<sup>(a)</sup> | 11112 | 12779 |
|  Crane Co. | 13563 | 2077580 |
|  Cummins, Inc. | 36496 | 11439306 |
|  Deere & Co. | 66639 | 31277015 |
|  Donaldson Co., Inc. | 32628 | 2188034 |
|  Douglas Dynamics, Inc. | 5466 | 126975 |
|  Dover Corp. | 36459 | 6405117 |
|  Energy Recovery, Inc.<sup>(a)</sup> | 14863 | 236173 |
|  Enerpac Tool Group Corp., Class A | 15843 | 710717 |
|  Enpro, Inc. | 6032 | 975917 |
|  Esab Corp. | 15103 | 1759500 |
|  ESCO Technologies, Inc. | 6617 | 1052897 |
|  Federal Signal Corp. | 16817 | 1236890 |
|  Flowserve Corp. | 35514 | 1734504 |
|  Fortive Corp. | 93624 | 6851404 |
|  Franklin Electric Co., Inc. | 11771 | 1105062 |
|  Gates Industrial Corp. PLC<sup>(a)</sup> | 63326 | 1165832 |
|  Gorman-Rupp Co. (The) | 4743 | 166479 |
|  Graco, Inc. | 44238 | 3694315 |
|  Graham Corp.<sup>(a)</sup> | 4487 | 129315 |
|  Greenbrier Cos., Inc. (The) | 8365 | 428455 |
|  Helios Technologies, Inc. | 8137 | 261116 |
|  Hillenbrand, Inc. | 18944 | 457308 |
|  Hillman Solutions Corp.<sup>(a)</sup> | 46379 | 407671 |
|  Hyliion Holdings Corp., Class A<sup>(a)(b)</sup> | 54629 | 76481 |
|  Hyster-Yale, Inc., Class A | 2684 | 111493 |
|  IDEX Corp. | 20101 | 3637678 |
|  Illinois Tool Works, Inc. | 78387 | 19440760 |
|  Ingersoll Rand, Inc. | 107073 | 8569052 |
|  ITT, Inc. | 22007 | 2842424 |
|  JBT Marel Corp. | 12502 | 1527744 |
|  Kadant, Inc.<sup>(b)</sup> | 3319 | 1118204 |
|  Kennametal, Inc. | 22132 | 471412 |
|  Lincoln Electric Holdings, Inc. | 14912 | 2820754 |
|  Lindsay Corp. | 3102 | 392465 |
|  Luxfer Holdings PLC | 7264 | 86151 |
|  Manitowoc Co., Inc. (The)<sup>(a)</sup> | 9194 | 78976 |
|  Middleby Corp. (The)<sup>(a)</sup> | 14387 | 2186536 |
|  Miller Industries, Inc. | 3045 | 129017 |
|  Mueller Industries, Inc. | 29073 | 2213618 |
|  Mueller Water Products, Inc., Class A | 40177 | 1021299 |
|  Nordson Corp. | 15441 | 3114759 |
|  Omega Flex, Inc. | 1087 | 37806 |
|  Oshkosh Corp. | 17872 | 1681398 |
|  Otis Worldwide Corp. | 106408 | 10981306 |
|  PACCAR, Inc. | 137666 | 13404538 |
|  Parker-Hannifin Corp. | 34270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20831020 |
|  Pentair PLC | 44122 | 3859793 |
|  Proto Labs, Inc.<sup>(a)</sup> | 7126 | 249695 |
|  RBC Bearings, Inc.<sup>(a)</sup> | 7758 | 2496292 |
|  REV Group, Inc. | 14999 | 473968 |
|  Shyft Group, Inc. (The) | 8897 | 71977 |
|  Snap-on, Inc. | 13841 | 4664555 |
|  SPX Technologies, Inc.<sup>(a)</sup> | 12282 | 1581676 |
|  Standex International Corp. | 3097 | 499825 |
|  Stanley Black & Decker, Inc. | 40729 | 3131246 |
|  Tennant Co. | 4621 | 368525 |
|  Terex Corp. | 17947 | 678038 |
|  Timken Co. (The) | 16665 | 1197714 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Machinery (continued)** |  |  |
|  Titan International, Inc.<sup>(a)</sup> | 11163 | $93658 |
|  Toro Co. (The) | 27925 | 2031544 |
|  Trinity Industries, Inc. | 20138 | 565072 |
|  Wabash National Corp. | 12546 | 138633 |
|  Watts Water Technologies, Inc., Class A | 7010 | 1429479 |
|  Westinghouse Air Brake Technologies Corp. | 45641 | 8276995 |
|  Worthington Enterprises, Inc. | 7794 | 390401 |
|  Xylem, Inc. | 64101 | 7657506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265815641 |
| **Marine Transportation — 0.0%** |  |  |
|  Costamare, Inc. | 17993 | 177051 |
|  Genco Shipping & Trading Ltd. | 9042 | 120801 |
|  Golden Ocean Group Ltd. | 30139 | 240509 |
|  Kirby Corp.<sup>(a)</sup> | 15646 | 1580403 |
|  Matson, Inc. | 8250 | 1057403 |
|  Pangaea Logistics Solutions Ltd. | 16907 | 80477 |
|  Safe Bulkers, Inc. | 13717 | 50616 |
|  |  | 3307260 |
| **Media — 0.6%** |  |  |
|  Advantage Solutions, Inc., Class A<sup>(a)</sup> | 38405 | 57992 |
|  AMC Networks, Inc., Class A<sup>(a)</sup> | 7649 | 52625 |
|  Boston Omaha Corp., Class A<sup>(a)</sup> | 4941 | 72040 |
|  Cable One, Inc. | 1447 | 384569 |
|  Cardlytics, Inc.<sup>(a)(b)</sup> | 12252 | 22299 |
|  Charter Communications, Inc., Class A<sup>(a)</sup> | 24629 | 9076525 |
|  Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | 98574 | 109417 |
|  Comcast Corp., Class A | 1002666 | 36998375 |
|  EchoStar Corp., Class A<sup>(a)</sup> | 31478 | 805207 |
|  Entravision Communications Corp., Class A | 23410 | 49161 |
|  EW Scripps Co. (The), Class A, NVS<sup>(a)</sup> | 13680 | 40493 |
|  Fox Corp., Class A, NVS | 58793 | 3327684 |
|  Fox Corp., Class B | 34010 | 1792667 |
|  Gannett Co., Inc.<sup>(a)</sup> | 26170 | 75631 |
|  Gray Media, Inc. | 21485 | 92815 |
|  Ibotta, Inc., Class A<sup>(a)(b)</sup> | 4371 | 184456 |
|  iHeartMedia, Inc., Class A<sup>(a)</sup> | 28301 | 46697 |
|  Integral Ad Science Holding Corp.<sup>(a)</sup> | 23507 | 189466 |
|  Interpublic Group of Cos., Inc. (The) | 99558 | 2703995 |
|  John Wiley & Sons, Inc., Class A | 12061 | 537438 |
|  Liberty Broadband Corp., Class A<sup>(a)</sup> | 4112 | 349520 |
|  Liberty Broadband Corp., Class C, NVS<sup>(a)</sup> | 28880 | 2456244 |
|  Magnite, Inc.<sup>(a)(b)</sup> | 33950 | 387370 |
|  National CineMedia, Inc. | 24361 | 142268 |
|  New York Times Co. (The), Class A | 43660 | 2165536 |
|  News Corp., Class A, NVS | 103624 | 2820645 |
|  News Corp., Class B | 31466 | 955622 |
|  Nexstar Media Group, Inc., Class A | 8178 | 1465661 |
|  Omnicom Group, Inc. | 51483 | 4268456 |
|  Paramount Global, Class A<sup>(b)</sup> | 4179 | 95072 |
|  Paramount Global, Class B, NVS | 152636 | 1825527 |
|  PubMatic, Inc., Class A<sup>(a)</sup> | 11348 | 103721 |
|  Scholastic Corp., NVS | 6933 | 130895 |
|  Sinclair, Inc., Class A | 11891 | 189424 |
|  Sirius XM Holdings, Inc. | 57600 | 1298592 |
|  Stagwell, Inc., Class A<sup>(a)</sup> | 33893 | 205053 |
|  TechTarget, Inc.<sup>(a)(b)</sup> | 7369 | 109135 |
|  TEGNA, Inc. | 45153 | 822688 |
|  Thryv Holdings, Inc.<sup>(a)</sup> | 6649 | 85174 |
|  Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 119535 | 6540955 |
|  WideOpenWest, Inc.<sup>(a)</sup> | 14825 | 73384 |
|  |  | 83110494 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Metals & Mining — 0.5%** |  |  |  |
|  Alcoa Corp. | 66805 | $| 2037552 |
|  Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 3023 |  | 378631 |
|  ATI, Inc.<sup>(a)</sup> | 32969 |  | 1715377 |
|  Caledonia Mining Corp. PLC | 10036 |  | 125350 |
|  Carpenter Technology Corp. | 12432 |  | 2252430 |
|  Century Aluminum Co.<sup>(a)</sup> | 15277 |  | 283541 |
|  Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | 130481 |  | 1072554 |
|  Coeur Mining, Inc.<sup>(a)</sup> | 166212 |  | 983975 |
|  Commercial Metals Co. | 31683 |  | 1457735 |
|  Compass Minerals International, Inc. | 8998 |  | 83591 |
|  Constellium SE, Class A<sup>(a)</sup> | 30462 |  | 307362 |
|  Freeport-McMoRan, Inc. | 380384 |  | 14401338 |
|  Hecla Mining Co. | 167246 |  | 929888 |
|  i-80 Gold Corp.<sup>(a)(b)</sup> | 51191 |  | 29783 |
|  Ivanhoe Electric, Inc.<sup>(a)(b)</sup> | 27416 |  | 159287 |
|  Kaiser Aluminum Corp. | 4345 |  | 263394 |
|  MAC Copper Ltd., Class A<sup>(a)</sup> | 14265 |  | 136088 |
|  Materion Corp. | 5010 |  | 408816 |
|  Metallus, Inc.<sup>(a)</sup> | 10041 |  | 134148 |
|  MP Materials Corp., Class A<sup>(a)(b)</sup> | 36837 |  | 899191 |
|  Newmont Corp. | 304934 |  | 14722213 |
|  Novagold Resources, Inc.<sup>(a)</sup> | 65450 |  | 191114 |
|  Nucor Corp. | 62901 |  | 7569506 |
|  Olympic Steel, Inc. | 2537 |  | 79966 |
|  Perpetua Resources Corp.<sup>(a)</sup> | 16940 |  | 181089 |
|  Piedmont Lithium, Inc.<sup>(a)(b)</sup> | 4873 |  | 30700 |
|  Radius Recycling, Inc., Class A | 6168 |  | 178132 |
|  Ramaco Resources, Inc., Class A | 11325 |  | 93205 |
|  Ramaco Resources, Inc., Class B | 335 |  | 2382 |
|  Reliance, Inc. | 14402 |  | 4158577 |
|  Royal Gold, Inc. | 17898 |  | 2926502 |
|  Ryerson Holding Corp. | 9009 |  | 206847 |
|  Southern Copper Corp. | 22789 |  | 2129860 |
|  SSR Mining, Inc.<sup>(a)</sup> | 53082 |  | 532412 |
|  Steel Dynamics, Inc. | 38273 |  | 4787187 |
|  SunCoke Energy, Inc. | 26298 |  | 241942 |
|  Tredegar Corp.<sup>(a)</sup> | 11404 |  | 87811 |
|  United States Steel Corp. | 59229 |  | 2503017 |
|  Warrior Met Coal, Inc. | 14548 |  | 694230 |
|  Worthington Steel, Inc. | 7794 |  | 197422 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69574145 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
|  Advanced Flower Capital, Inc. | 6468 |  | 36027 |
|  AGNC Investment Corp. | 219299 |  | 2100884 |
|  Annaly Capital Management, Inc. | 150033 |  | 3047170 |
|  Apollo Commercial Real Estate Finance, Inc. | 41119 |  | 393509 |
|  Arbor Realty Trust, Inc.<sup>(b)</sup> | 41214 |  | 484264 |
|  Ares Commercial Real Estate Corp. | 11095 |  | 51370 |
|  ARMOUR Residential REIT, Inc. | 16018 |  | 273908 |
|  Blackstone Mortgage Trust, Inc., Class A | 47600 |  | 952000 |
|  BrightSpire Capital, Inc., Class A | 40640 |  | 225958 |
|  Chicago Atlantic Real Estate Finance, Inc. | 7463 |  | 109706 |
|  Chimera Investment Corp. | 20033 |  | 257023 |
|  Claros Mortgage Trust, Inc. | 23477 |  | 87569 |
|  Dynex Capital, Inc. | 17549 |  | 228488 |
|  Ellington Financial, Inc. | 19084 |  | 253054 |
|  Franklin BSP Realty Trust, Inc. | 21973 |  | 279936 |
|  Granite Point Mortgage Trust, Inc. | 16006 |  | 41615 |
|  Invesco Mortgage Capital, Inc. | 8694 |  | 68596 |
|  KKR Real Estate Finance Trust, Inc. | 15956 |  | 172325 |
|  Ladder Capital Corp., Class A | 28007 |  | 319560 |
|  MFA Financial, Inc. | 29816 |  | 305912 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
|  New York Mortgage Trust, Inc. | 24426 | $158525 |
|  Orchid Island Capital, Inc. | 29882 | 224713 |
|  PennyMac Mortgage Investment Trust | 23749 | 347923 |
|  Ready Capital Corp. | 38654 | 196749 |
|  Redwood Trust, Inc. | 31639 | 192049 |
|  Rithm Capital Corp. | 135652 | 1553215 |
|  Starwood Property Trust, Inc. | 83597 | 1652713 |
|  Sunrise Realty Trust, Inc. | 2160 | 23911 |
|  TPG RE Finance Trust, Inc. | 14899 | 121427 |
|  Two Harbors Investment Corp. | 24036 | 321121 |
|  |  | 14481220 |
| **Multi-Utilities — 0.6%** |  |  |
|  Ameren Corp. | 71644 | 7193058 |
|  Avista Corp. | 18236 | 763541 |
|  Black Hills Corp. | 17571 | 1065681 |
|  CenterPoint Energy, Inc. | 170900 | 6191707 |
|  CMS Energy Corp. | 79681 | 5984840 |
|  Consolidated Edison, Inc. | 93298 | 10317826 |
|  Dominion Energy, Inc. | 224506 | 12588051 |
|  DTE Energy Co. | 55810 | 7716849 |
|  NiSource, Inc. | 125024 | 5012212 |
|  Northwestern Energy Group, Inc. | 15521 | 898200 |
|  Public Service Enterprise Group, Inc. | 133097 | 10953883 |
|  Sempra | 169913 | 12124992 |
|  Unitil Corp. | 3421 | 197357 |
|  WEC Energy Group, Inc. | 85267 | 9292398 |
|  |  | 90300595 |
| **Office REITs — 0.1%** |  |  |
|  Brandywine Realty Trust | 49544 | 220966 |
|  BXP, Inc. | 41671 | 2799874 |
|  City Office REIT, Inc. | 12917 | 67039 |
|  COPT Defense Properties | 29764 | 811664 |
|  Cousins Properties, Inc. | 43085 | 1271008 |
|  Douglas Emmett, Inc. | 44551 | 712816 |
|  Easterly Government Properties, Inc. | 26055 | 276183 |
|  Highwoods Properties, Inc. | 27088 | 802888 |
|  Hudson Pacific Properties, Inc. | 39594 | 116802 |
|  JBG SMITH Properties | 23261 | 374735 |
|  Kilroy Realty Corp. | 31042 | 1016936 |
|  NET Lease Office Properties<sup>(a)(b)</sup> | 3742 | 117424 |
|  Orion Properties, Inc. | 14412 | 30842 |
|  Paramount Group, Inc. | 46965 | 201950 |
|  Peakstone Realty Trust, Class E | 7308 | 92081 |
|  Piedmont Office Realty Trust, Inc., Class A | 33924 | 250020 |
|  Postal Realty Trust, Inc., Class A | 3862 | 55149 |
|  SL Green Realty Corp. | 18690 | 1078413 |
|  Vornado Realty Trust | 47334 | 1750885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12047675 |
| **Oil, Gas & Consumable Fuels — 3.4%** |  |  |
|  Amplify Energy Corp.<sup>(a)(b)</sup> | 12505 | 46769 |
|  Antero Midstream Corp. | 88997 | 1601946 |
|  Antero Resources Corp.<sup>(a)</sup> | 77060 | 3116306 |
|  APA Corp. | 99146 | 2084049 |
|  Ardmore Shipping Corp. | 13308 | 130285 |
|  Berry Corp. | 22991 | 73801 |
|  California Resources Corp. | 19430 | 854337 |
|  Centrus Energy Corp., Class A<sup>(a)(b)</sup> | 3320 | 206537 |
|  Cheniere Energy, Inc. | 59802 | 13838183 |
|  Chevron Corp. | 437670 | 73217814 |
|  Chord Energy Corp. | 16921 | 1907335 |
|  Civitas Resources, Inc. | 26677 | 930761 |
|  Clean Energy Fuels Corp.<sup>(a)(b)</sup> | 41825 | 64829 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |
|  CNX Resources Corp.<sup>(a)</sup> | 39333 | $1238203 |
|  Comstock Resources, Inc.<sup>(a)</sup> | 22414 | 455901 |
|  ConocoPhillips | 345153 | 36247968 |
|  Core Natural Resources, Inc. | 14715 | 1134527 |
|  Coterra Energy, Inc. | 195461 | 5648823 |
|  Crescent Energy Co., Class A | 44207 | 496887 |
|  CVR Energy, Inc. | 7539 | 146257 |
|  Delek U.S. Holdings, Inc. | 19173 | 288937 |
|  Devon Energy Corp. | 167987 | 6282714 |
|  DHT Holdings, Inc. | 31301 | 328661 |
|  Diamondback Energy, Inc. | 50563 | 8084012 |
|  Diversified Energy Co. PLC | 12445 | 168256 |
|  Dorian LPG Ltd. | 9451 | 211135 |
|  DT Midstream, Inc. | 26502 | 2556913 |
|  Encore Energy Corp.<sup>(a)(b)</sup> | 43516 | 59617 |
|  Energy Fuels, Inc.<sup>(a)(b)</sup> | 39656 | 147917 |
|  EOG Resources, Inc. | 149761 | 19205351 |
|  EQT Corp. | 156324 | 8352391 |
|  Evolution Petroleum Corp. | 14058 | 72820 |
|  Excelerate Energy, Inc., Class A | 4869 | 139643 |
|  Expand Energy Corp. | 61082 | 6799648 |
|  Exxon Mobil Corp. | 1175738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139830520 |
|  FLEX LNG Ltd.<sup>(b)</sup> | 7245 | 166563 |
|  Golar LNG Ltd. | 25248 | 959172 |
|  Granite Ridge Resources, Inc. | 21625 | 131480 |
|  Green Plains, Inc.<sup>(a)(b)</sup> | 9663 | 46866 |
|  Gulfport Energy Corp.<sup>(a)</sup> | 3736 | 687947 |
|  Hallador Energy Co.<sup>(a)(b)</sup> | 10112 | 124175 |
|  Hess Corp. | 74382 | 11881037 |
|  HF Sinclair Corp. | 42885 | 1410059 |
|  Infinity Natural Resources, Inc., Class A<sup>(a)</sup> | 3385 | 63469 |
|  International Seaways, Inc. | 10694 | 355041 |
|  Kinder Morgan, Inc. | 517554 | 14765816 |
|  Kinetik Holdings, Inc., Class A | 9680 | 502779 |
|  Kosmos Energy Ltd.<sup>(a)</sup> | 124198 | 283171 |
|  Magnolia Oil & Gas Corp., Class A | 48322 | 1220614 |
|  Marathon Petroleum Corp. | 85886 | 12512731 |
|  Matador Resources Co. | 32826 | 1677080 |
|  Murphy Oil Corp. | 38001 | 1079228 |
|  New Fortress Energy, Inc., Class A<sup>(b)</sup> | 18550 | 154151 |
|  NextDecade Corp.<sup>(a)(b)</sup> | 31522 | 245241 |
|  Nordic American Tankers Ltd. | 51520 | 126739 |
|  Northern Oil & Gas, Inc. | 24399 | 737582 |
|  Occidental Petroleum Corp. | 182261 | 8996403 |
|  ONEOK, Inc. | 165744 | 16445120 |
|  Ovintiv, Inc. | 71585 | 3063838 |
|  Par Pacific Holdings, Inc.<sup>(a)</sup> | 16152 | 230328 |
|  PBF Energy, Inc., Class A | 28973 | 553095 |
|  Peabody Energy Corp. | 30529 | 413668 |
|  Permian Resources Corp., Class A | 178086 | 2466491 |
|  PetroCorp Escrow<sup>(a)(d)</sup> | 1248 |  |
|  Phillips 66 | 110564 | 13652443 |
|  Range Resources Corp. | 62336 | 2489077 |
|  REX American Resources Corp.<sup>(a)</sup> | 4594 | 172597 |
|  Riley Exploration Permian, Inc. | 3306 | 96436 |
|  Ring Energy, Inc.<sup>(a)(b)</sup> | 50008 | 57509 |
|  Sable Offshore Corp., Class A<sup>(a)(b)</sup> | 13363 | 339019 |
|  SandRidge Energy, Inc. | 9991 | 114097 |
|  Scorpio Tankers, Inc. | 12792 | 480723 |
|  SFL Corp. Ltd. | 35137 | 288123 |
|  Sitio Royalties Corp., Class A | 19139 | 380292 |
|  SM Energy Co. | 31878 | 954746 |
|  Talos Energy, Inc.<sup>(a)</sup> | 35867 | 348627 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |
|  Targa Resources Corp. | 57549 | $11536848 |
|  Teekay Corp. Ltd. | 21974 | 144369 |
|  Teekay Tankers Ltd., Class A | 6378 | 244086 |
|  Texas Pacific Land Corp.<sup>(b)</sup> | 5047 | 6687225 |
|  Uranium Energy Corp.<sup>(a)(b)</sup> | 105053 | 502153 |
|  Ur-Energy, Inc.<sup>(a)(b)</sup> | 123043 | 82943 |
|  VAALCO Energy, Inc. | 27899 | 104900 |
|  Valero Energy Corp. | 84530 | 11163877 |
|  Viper Energy, Inc., Class A | 34183 | 1543362 |
|  Vital Energy, Inc.<sup>(a)</sup> | 7287 | 154630 |
|  Vitesse Energy, Inc. | 6365 | 156515 |
|  W&T Offshore, Inc. | 33149 | 51381 |
|  Williams Cos., Inc. (The) | 325478 | 19450565 |
|  World Kinect Corp. | 17789 | 504496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488970976 |
| **Paper & Forest Products — 0.0%** |  |  |
|  Clearwater Paper Corp.<sup>(a)</sup> | 4518 | 114622 |
|  Louisiana-Pacific Corp. | 16815 | 1546644 |
|  Sylvamo Corp. | 9379 | 629049 |
|  |  | 2290315 |
| **Passenger Airlines — 0.2%** |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup> | 32602 | 1604670 |
|  Allegiant Travel Co. | 3667 | 189401 |
|  American Airlines Group, Inc.<sup>(a)</sup> | 174399 | 1839909 |
|  Blade Air Mobility, Inc., Class A<sup>(a)</sup> | 23415 | 63923 |
|  Delta Air Lines, Inc. | 173452 | 7562507 |
|  Frontier Group Holdings, Inc.<sup>(a)</sup> | 9811 | 42580 |
|  JetBlue Airways Corp.<sup>(a)(b)</sup> | 80431 | 387677 |
|  Joby Aviation, Inc., Class A<sup>(a)(b)</sup> | 106463 | 640907 |
|  SkyWest, Inc.<sup>(a)</sup> | 11345 | 991213 |
|  Southwest Airlines Co. | 160987 | 5405944 |
|  Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 12095 | 149010 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 87171 | 6019158 |
|  |  | 24896899 |
| **Personal Care Products — 0.2%** |  |  |
|  Beauty Health Co. (The), Class A<sup>(a)(b)</sup> | 24133 | 32338 |
|  BellRing Brands, Inc.<sup>(a)</sup> | 35495 | 2642958 |
|  Coty, Inc., Class A<sup>(a)</sup> | 98786 | 540359 |
|  Edgewell Personal Care Co. | 15125 | 472051 |
|  elf Beauty, Inc.<sup>(a)(b)</sup> | 14314 | 898776 |
|  Estee Lauder Cos., Inc. (The), Class A | 61250 | 4042500 |
|  Herbalife Ltd.<sup>(a)</sup> | 28336 | 244540 |
|  Honest Co., Inc. (The)<sup>(a)</sup> | 16208 | 76178 |
|  Interparfums, Inc. | 5032 | 572994 |
|  Kenvue, Inc. | 511243 | 12259607 |
|  Medifast, Inc.<sup>(a)</sup> | 3192 | 43028 |
|  Nu Skin Enterprises, Inc., Class A | 11863 | 86125 |
|  Olaplex Holdings, Inc.<sup>(a)(b)</sup> | 34547 | 43875 |
|  USANA Health Sciences, Inc.<sup>(a)</sup> | 3616 | 97524 |
|  Waldencast PLC, Class A<sup>(a)</sup> | 11537 | 34611 |
|  |  | 22087464 |
| **Pharmaceuticals — 3.2%** |  |  |
|  Amneal Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 47763 | 400254 |
|  Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 10464 | 303351 |
|  ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 5340 | 357513 |
|  Aquestive Therapeutics, Inc.<sup>(a)(b)</sup> | 33352 | 96721 |
|  Arvinas, Inc.<sup>(a)(b)</sup> | 14517 | 101909 |
|  Atea Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 18217 | 54469 |
|  Avadel Pharmaceuticals PLC<sup>(a)(b)</sup> | 24481 | 191686 |
|  Axsome Therapeutics, Inc.<sup>(a)</sup> | 9964 | 1162101 |
|  Bristol-Myers Squibb Co. | 541904 | 33050725 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Cassava Sciences, Inc.<sup>(a)(b)</sup> | 9968 | $14952 |
|  Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 9066 | 270620 |
|  Corcept Therapeutics, Inc.<sup>(a)</sup> | 23001 | 2627174 |
|  CorMedix, Inc.<sup>(a)(b)</sup> | 22406 | 138021 |
|  Edgewise Therapeutics, Inc.<sup>(a)</sup> | 20530 | 451660 |
|  Elanco Animal Health, Inc.<sup>(a)</sup> | 129858 | 1363509 |
|  Eli Lilly & Co. | 214068 | 176800902 |
|  Enliven Therapeutics, Inc.<sup>(a)(b)</sup> | 11828 | 232775 |
|  Esperion Therapeutics, Inc.<sup>(a)(b)</sup> | 64364 | 92684 |
|  Evolus, Inc.<sup>(a)</sup> | 11556 | 139019 |
|  EyePoint Pharmaceuticals, Inc.<sup>(a)</sup> | 11238 | 60910 |
|  Fulcrum Therapeutics, Inc.<sup>(a)(b)</sup> | 22743 | 65500 |
|  Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 11525 | 382515 |
|  Harrow, Inc.<sup>(a)(b)</sup> | 6834 | 181784 |
|  Innoviva, Inc.<sup>(a)</sup> | 18520 | 335768 |
|  Intra-Cellular Therapies, Inc.<sup>(a)</sup> | 27949 | 3687032 |
|  Jazz Pharmaceuticals PLC<sup>(a)</sup> | 16446 | 2041771 |
|  Johnson & Johnson | 645029 | 106971609 |
|  Ligand Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 3903 | 410361 |
|  Liquidia Corp.<sup>(a)(b)</sup> | 20918 | 308541 |
|  Merck & Co., Inc. | 677822 | 60841303 |
|  Mind Medicine MindMed, Inc.<sup>(a)(b)</sup> | 19305 | 112934 |
|  Neumora Therapeutics, Inc.<sup>(a)</sup> | 24268 | 24268 |
|  Nuvation Bio, Inc., Class A<sup>(a)</sup> | 46469 | 81785 |
|  Ocular Therapeutix, Inc.<sup>(a)(b)</sup> | 44621 | 327072 |
|  Omeros Corp.<sup>(a)(b)</sup> | 19403 | 159493 |
|  Organon & Co. | 68242 | 1016123 |
|  Pacira BioSciences, Inc.<sup>(a)</sup> | 11812 | 293528 |
|  Perrigo Co. PLC | 36941 | 1035826 |
|  Pfizer, Inc. | 1513859 | 38361187 |
|  Phathom Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 9128 | 57233 |
|  Phibro Animal Health Corp., Class A | 3815 | 81488 |
|  Pliant Therapeutics, Inc.<sup>(a)</sup> | 14838 | 20031 |
|  Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 13629 | 1171685 |
|  Royalty Pharma PLC, Class A | 104457 | 3251746 |
|  Scilex Holding Co. (Acquired 01/13/23, Cost $96,475)<sup>(a)(e)</sup> | 19201 | 4753 |
|  scPharmaceuticals, Inc.<sup>(a)(b)</sup> | 10890 | 28641 |
|  Septerna, Inc.<sup>(a)(b)</sup> | 6771 | 39204 |
|  SIGA Technologies, Inc.<sup>(a)</sup> | 12118 | 66407 |
|  Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 13102 | 429090 |
|  Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 9705 | 498546 |
|  Terns Pharmaceuticals, Inc.<sup>(a)</sup> | 11252 | 31056 |
|  Theravance Biopharma, Inc.<sup>(a)(b)</sup> | 15390 | 137433 |
|  Third Harmonic Bio, Inc.<sup>(a)</sup> | 10631 | 36890 |
|  Ventyx Biosciences, Inc.<sup>(a)(b)</sup> | 12296 | 14140 |
|  Viatris, Inc. | 319760 | 2785110 |
|  WaVe Life Sciences Ltd.<sup>(a)</sup> | 19392 | 156687 |
|  Xeris Biopharma Holdings, Inc.<sup>(a)(b)</sup> | 25040 | 137470 |
|  Zevra Therapeutics, Inc.<sup>(a)(b)</sup> | 18545 | 138902 |
|  Zoetis, Inc., Class A | 120731 | 19878359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463514226 |
| **Professional Services — 0.9%** |  |  |
|  Alight, Inc., Class A | 116088 | 688402 |
|  Amentum Holdings, Inc.<sup>(a)</sup> | 39736 | 723195 |
|  Asure Software, Inc.<sup>(a)</sup> | 3420 | 32661 |
|  Automatic Data Processing, Inc. | 109805 | 33548722 |
|  Barrett Business Services, Inc. | 6964 | 286569 |
|  Booz Allen Hamilton Holding Corp., Class A | 33071 | 3458565 |
|  Broadridge Financial Solutions, Inc. | 31397 | 7612517 |
|  CACI International, Inc., Class A<sup>(a)(b)</sup> | 6061 | 2223902 |
|  CBIZ, Inc.<sup>(a)(b)</sup> | 13562 | 1028813 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Professional Services (continued)** |  |  |  |
|  Clarivate PLC<sup>(a)(b)</sup> | 123068 | $| 483657 |
|  Concentrix Corp. | 13231 |  | 736173 |
|  Conduent, Inc.<sup>(a)</sup> | 41134 |  | 111062 |
|  CRA International, Inc. | 1733 |  | 300156 |
|  CSG Systems International, Inc. | 7856 |  | 475052 |
|  Dayforce, Inc.<sup>(a)(b)</sup> | 39090 |  | 2280120 |
|  Dun & Bradstreet Holdings, Inc. | 83053 |  | 742494 |
|  Equifax, Inc. | 32895 |  | 8011906 |
|  ExlService Holdings, Inc.<sup>(a)</sup> | 40465 |  | 1910353 |
|  Exponent, Inc. | 13394 |  | 1085718 |
|  First Advantage Corp.<sup>(a)</sup> | 18919 |  | 266569 |
|  Forrester Research, Inc.<sup>(a)</sup> | 3631 |  | 33550 |
|  Franklin Covey Co.<sup>(a)</sup> | 4373 |  | 120782 |
|  FTI Consulting, Inc.<sup>(a)</sup> | 9391 |  | 1540875 |
|  Genpact Ltd. | 47138 |  | 2374812 |
|  Heidrick & Struggles International, Inc. | 4455 |  | 190808 |
|  Huron Consulting Group, Inc.<sup>(a)</sup> | 4691 |  | 672924 |
|  ICF International, Inc. | 4855 |  | 412529 |
|  Innodata, Inc.<sup>(a)(b)</sup> | 8523 |  | 305976 |
|  Insperity, Inc. | 9406 |  | 839297 |
|  Jacobs Solutions, Inc. | 32223 |  | 3895438 |
|  KBR, Inc. | 36412 |  | 1813682 |
|  Kelly Services, Inc., Class A, NVS | 10083 |  | 132793 |
|  Kforce, Inc. | 5053 |  | 247041 |
|  Korn Ferry | 14146 |  | 959523 |
|  Legalzoom.com, Inc.<sup>(a)</sup> | 35999 |  | 309951 |
|  Leidos Holdings, Inc. | 35945 |  | 4850418 |
|  ManpowerGroup, Inc. | 11905 |  | 689061 |
|  Maximus, Inc. | 16424 |  | 1119953 |
|  NV5 Global, Inc.<sup>(a)</sup> | 14728 |  | 283809 |
|  Parsons Corp.<sup>(a)</sup> | 12432 |  | 736099 |
|  Paychex, Inc. | 85849 |  | 13244784 |
|  Paycom Software, Inc. | 13932 |  | 3043863 |
|  Paycor HCM, Inc.<sup>(a)</sup> | 23846 |  | 535104 |
|  Paylocity Holding Corp.<sup>(a)</sup> | 12032 |  | 2254075 |
|  Planet Labs PBC, Class A<sup>(a)(b)</sup> | 44806 |  | 151444 |
|  Resolute Holdings Management, Inc.<sup>(a)</sup> | 896 |  | 28081 |
|  Resources Connection, Inc. | 10703 |  | 69998 |
|  Robert Half, Inc. | 28323 |  | 1545020 |
|  Science Applications International Corp. | 13519 |  | 1517778 |
|  SS&C Technologies Holdings, Inc. | 56966 |  | 4758370 |
|  TransUnion | 51910 |  | 4308011 |
|  TriNet Group, Inc. | 8499 |  | 673461 |
|  TrueBlue, Inc.<sup>(a)</sup> | 9987 |  | 53031 |
|  TTEC Holdings, Inc. | 4661 |  | 15335 |
|  Upwork, Inc.<sup>(a)(b)</sup> | 30416 |  | 396929 |
|  Verisk Analytics, Inc. | 37790 |  | 11247060 |
|  Verra Mobility Corp., Class A<sup>(a)</sup> | 44101 |  | 992713 |
|  Willdan Group, Inc.<sup>(a)</sup> | 2038 |  | 82987 |
|  WNS Holdings Ltd.<sup>(a)(b)</sup> | 12272 |  | 754605 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133208576 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
|  Anywhere Real Estate, Inc.<sup>(a)</sup> | 31507 |  | 104918 |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 82011 |  | 10725399 |
|  Compass, Inc., Class A<sup>(a)(b)</sup> | 107837 |  | 941417 |
|  CoStar Group, Inc.<sup>(a)</sup> | 110557 |  | 8759431 |
|  Cushman & Wakefield PLC<sup>(a)</sup> | 40265 |  | 411508 |
|  eXp World Holdings, Inc.<sup>(b)</sup> | 16219 |  | 158622 |
|  Forestar Group, Inc.<sup>(a)</sup> | 6594 |  | 139397 |
|  FRP Holdings, Inc.<sup>(a)</sup> | 5036 |  | 143879 |
|  Howard Hughes Holdings, Inc.<sup>(a)</sup> | 7761 |  | 574935 |
|  Jones Lang LaSalle, Inc.<sup>(a)</sup> | 12713 |  | 3151680 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |  |  |
|  Kennedy-Wilson Holdings, Inc. | 31683 | $| 275008 |
|  Marcus & Millichap, Inc. | 5887 |  | 202807 |
|  Newmark Group, Inc., Class A | 41635 |  | 506698 |
|  Opendoor Technologies, Inc., Class A<sup>(a)(b)</sup> | 146839 |  | 149776 |
|  Real Brokerage, Inc. (The)<sup>(a)(b)</sup> | 25226 |  | 102418 |
|  Redfin Corp.<sup>(a)</sup> | 27031 |  | 248955 |
|  REX Holdings, Inc., Class A<sup>(a)</sup> | 5438 |  | 45516 |
|  RMR Group, Inc. (The), Class A | 4134 |  | 68831 |
|  Seaport Entertainment Group, Inc.<sup>(a)(b)</sup> | 2428 |  | 52129 |
|  St. Joe Co. (The) | 8413 |  | 394990 |
|  Star Holdings<sup>(a)(b)</sup> | 2411 |  | 20518 |
|  Tejon Ranch Co.<sup>(a)(b)</sup> | 8438 |  | 133742 |
|  Zillow Group, Inc., Class A<sup>(a)(b)</sup> | 12549 |  | 839026 |
|  Zillow Group, Inc., Class C, NVS<sup>(a)(b)</sup> | 42192 |  | 2892684 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31044284 |
| **Residential REITs — 0.4%** |  |  |  |
|  American Homes 4 Rent, Class A | 88253 |  | 3336846 |
|  Apartment Investment & Management Co., Class A | 40502 |  | 356418 |
|  AvalonBay Communities, Inc. | 38031 |  | 8162213 |
|  Camden Property Trust | 27661 |  | 3382940 |
|  Centerspace | 4662 |  | 301864 |
|  Elme Communities | 23758 |  | 413389 |
|  Equity LifeStyle Properties, Inc. | 51501 |  | 3435117 |
|  Equity Residential | 101662 |  | 7276966 |
|  Essex Property Trust, Inc. | 17212 |  | 5276683 |
|  Independence Realty Trust, Inc. | 57888 |  | 1228962 |
|  Invitation Homes, Inc. | 163271 |  | 5689994 |
|  Mid-America Apartment Communities, Inc. | 31051 |  | 5203527 |
|  NexPoint Residential Trust, Inc. | 6201 |  | 245126 |
|  Sun Communities, Inc. | 33125 |  | 4261200 |
|  UDR, Inc. | 88189 |  | 3983497 |
|  UMH Properties, Inc. | 15546 |  | 290710 |
|  Veris Residential, Inc. | 24153 |  | 408669 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53254121 |
| **Retail REITs — 0.4%** |  |  |  |
|  Acadia Realty Trust | 31359 |  | 656971 |
|  Agree Realty Corp. | 27214 |  | 2100649 |
|  Alexander's, Inc. | 555 |  | 116084 |
|  Brixmor Property Group, Inc. | 80178 |  | 2128726 |
|  CBL & Associates Properties, Inc. | 8970 |  | 238423 |
|  Curbline Properties Corp. | 23970 |  | 579834 |
|  Federal Realty Investment Trust | 22400 |  | 2191168 |
|  Getty Realty Corp. | 11844 |  | 369296 |
|  InvenTrust Properties Corp. | 18521 |  | 543962 |
|  Kimco Realty Corp. | 180112 |  | 3825579 |
|  Kite Realty Group Trust | 55343 |  | 1238023 |
|  Macerich Co. (The) | 62836 |  | 1078894 |
|  NETSTREIT Corp. | 15948 |  | 252776 |
|  NNN REIT, Inc. | 48726 |  | 2078164 |
|  Phillips Edison & Co., Inc. | 33586 |  | 1225553 |
|  Realty Income Corp. | 233685 |  | 13556067 |
|  Regency Centers Corp. | 48207 |  | 3555748 |
|  Saul Centers, Inc. | 3194 |  | 115207 |
|  Simon Property Group, Inc. | 86998 |  | 14448628 |
|  SITE Centers Corp. | 11985 |  | 153887 |
|  Tanger, Inc. | 28840 |  | 974503 |
|  Urban Edge Properties | 30219 |  | 574161 |
|  Whitestone REIT | 15745 |  | 229405 |
|  |  |  | 52231708 |
| **Semiconductors & Semiconductor Equipment — 8.7%** | **Semiconductors & Semiconductor Equipment — 8.7%** | **Semiconductors & Semiconductor Equipment — 8.7%** | **Semiconductors & Semiconductor Equipment — 8.7%** |
|  ACM Research, Inc., Class A<sup>(a)</sup> | 15976 |  | 372880 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 430124 | $44190940 |
|  Aehr Test Systems<sup>(a)(b)</sup> | 6791 | 49506 |
|  Allegro MicroSystems, Inc.<sup>(a)</sup> | 32924 | 827380 |
|  Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 6375 | 158483 |
|  Ambarella, Inc.<sup>(a)</sup> | 9253 | 465704 |
|  Amkor Technology, Inc. | 28996 | 523668 |
|  Analog Devices, Inc. | 132311 | 26683159 |
|  Applied Materials, Inc. | 217585 | 31575935 |
|  Astera Labs, Inc.<sup>(a)(b)</sup> | 28940 | 1726850 |
|  Axcelis Technologies, Inc.<sup>(a)</sup> | 8826 | 438387 |
|  Broadcom, Inc. | 1229824 | 205909432 |
|  CEVA, Inc.<sup>(a)</sup> | 5657 | 144876 |
|  Cirrus Logic, Inc.<sup>(a)</sup> | 14325 | 1427558 |
|  Cohu, Inc.<sup>(a)</sup> | 11090 | 163134 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 37215 | 1494554 |
|  Diodes, Inc.<sup>(a)</sup> | 12129 | 523609 |
|  Enphase Energy, Inc.<sup>(a)</sup> | 35917 | 2228650 |
|  Entegris, Inc. | 39848 | 3485903 |
|  First Solar, Inc.<sup>(a)</sup> | 28416 | 3592635 |
|  FormFactor, Inc.<sup>(a)</sup> | 20395 | 576975 |
|  GLOBALFOUNDRIES, Inc.<sup>(a)(b)</sup> | 26241 | 968555 |
|  Ichor Holdings Ltd.<sup>(a)</sup> | 7317 | 165437 |
|  Impinj, Inc.<sup>(a)(b)</sup> | 6080 | 551456 |
|  indie Semiconductor, Inc., Class A<sup>(a)(b)</sup> | 32760 | 66667 |
|  Intel Corp. | 1158960 | 26319982 |
|  KLA Corp. | 35544 | 24162811 |
|  Kulicke & Soffa Industries, Inc. | 15063 | 496778 |
|  Lam Research Corp. | 344264 | 25027993 |
|  Lattice Semiconductor Corp.<sup>(a)</sup> | 36541 | 1916575 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 16658 | 1672130 |
|  Marvell Technology, Inc. | 229457 | 14127668 |
|  MaxLinear, Inc.<sup>(a)</sup> | 18736 | 203473 |
|  Microchip Technology, Inc. | 142569 | 6901765 |
|  Micron Technology, Inc. | 294645 | 25601704 |
|  MKS Instruments, Inc. | 17584 | 1409358 |
|  Monolithic Power Systems, Inc. | 12534 | 7269469 |
|  Navitas Semiconductor Corp.<sup>(a)(b)</sup> | 26808 | 54956 |
|  NVE Corp. | 1250 | 79675 |
|  NVIDIA Corp. | 6257599 | 678198580 |
|  ON Semiconductor Corp.<sup>(a)(b)</sup> | 115079 | 4682565 |
|  Onto Innovation, Inc.<sup>(a)</sup> | 13389 | 1624621 |
|  PDF Solutions, Inc.<sup>(a)</sup> | 7542 | 144128 |
|  Penguin Solutions, Inc.<sup>(a)</sup> | 14097 | 244865 |
|  Photronics, Inc.<sup>(a)</sup> | 16227 | 336873 |
|  Power Integrations, Inc. | 15623 | 788962 |
|  Qorvo, Inc.<sup>(a)</sup> | 26092 | 1889322 |
|  QUALCOMM, Inc. | 298223 | 45810035 |
|  Rambus, Inc.<sup>(a)</sup> | 29230 | 1513383 |
|  Rigetti Computing, Inc.<sup>(a)(b)</sup> | 50183 | 397449 |
|  Semtech Corp.<sup>(a)(b)</sup> | 19641 | 675650 |
|  Silicon Laboratories, Inc.<sup>(a)</sup> | 8361 | 941198 |
|  SiTime Corp.<sup>(a)</sup> | 5223 | 798440 |
|  SkyWater Technology, Inc.<sup>(a)(b)</sup> | 9602 | 68078 |
|  Skyworks Solutions, Inc. | 43318 | 2799642 |
|  Synaptics, Inc.<sup>(a)</sup> | 10249 | 653066 |
|  Teradyne, Inc. | 41989 | 3468291 |
|  Texas Instruments, Inc. | 243319 | 43724424 |
|  Ultra Clean Holdings, Inc.<sup>(a)</sup> | 11489 | 245979 |
|  Universal Display Corp. | 12610 | 1758843 |
|  Veeco Instruments, Inc.<sup>(a)(b)</sup> | 15180 | 304814 |
|  Wolfspeed, Inc.<sup>(a)(b)</sup> | 32600 | 99756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254725634 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Software — 9.6%** |  |  |
|  8x8, Inc.<sup>(a)(b)</sup> | 28083 | $56166 |
|  A10 Networks, Inc. | 14908 | 243597 |
|  ACI Worldwide, Inc.<sup>(a)</sup> | 27545 | 1506987 |
|  Adeia, Inc. | 28005 | 370226 |
|  Adobe, Inc.<sup>(a)</sup> | 116386 | 44637523 |
|  Agilysys, Inc.<sup>(a)</sup> | 6274 | 455116 |
|  Alarm.com Holdings, Inc.<sup>(a)</sup> | 12200 | 678930 |
|  Alkami Technology, Inc.<sup>(a)</sup> | 12590 | 330488 |
|  Amplitude, Inc., Class A<sup>(a)</sup> | 17200 | 175268 |
|  ANSYS, Inc.<sup>(a)</sup> | 23196 | 7342926 |
|  Appfolio, Inc., Class A<sup>(a)</sup> | 6033 | 1326657 |
|  Appian Corp., Class A<sup>(a)</sup> | 10301 | 296772 |
|  AppLovin Corp., Class A<sup>(a)</sup> | 69958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18536771 |
|  Arteris, Inc.<sup>(a)</sup> | 13661 | 94398 |
|  Asana, Inc., Class A<sup>(a)(b)</sup> | 19674 | 286650 |
|  Atlassian Corp., Class A<sup>(a)</sup> | 42947 | 9113783 |
|  Aurora Innovation, Inc., Class A<sup>(a)(b)</sup> | 244948 | 1647275 |
|  Autodesk, Inc.<sup>(a)</sup> | 57495 | 15052191 |
|  AvePoint, Inc., Class A<sup>(a)(b)</sup> | 39212 | 566221 |
|  Bentley Systems, Inc., Class B | 37404 | 1471473 |
|  BILL Holdings, Inc.<sup>(a)</sup> | 26921 | 1235405 |
|  Bit Digital, Inc.<sup>(a)(b)</sup> | 25413 | 51334 |
|  Blackbaud, Inc.<sup>(a)</sup> | 11285 | 700234 |
|  BlackLine, Inc.<sup>(a)(b)</sup> | 14872 | 720102 |
|  Blend Labs, Inc., Class A<sup>(a)</sup> | 61165 | 204903 |
|  Box, Inc., Class A<sup>(a)(b)</sup> | 37402 | 1154226 |
|  Braze, Inc., Class A<sup>(a)</sup> | 17988 | 649007 |
|  C3.ai, Inc., Class A<sup>(a)(b)</sup> | 29397 | 618807 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 73142 | 18602205 |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)(b)</sup> | 129077 | 1165565 |
|  Cerence, Inc.<sup>(a)(b)</sup> | 9922 | 78384 |
|  Cipher Mining, Inc.<sup>(a)(b)</sup> | 45738 | 105197 |
|  Cleanspark, Inc.<sup>(a)(b)</sup> | 61095 | 410558 |
|  Clear Secure, Inc., Class A | 21906 | 567584 |
|  Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 48179 | 1291197 |
|  Commvault Systems, Inc.<sup>(a)</sup> | 11411 | 1800199 |
|  Confluent, Inc., Class A<sup>(a)</sup> | 64517 | 1512278 |
|  Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 5672 | 130910 |
|  Core Scientific, Inc.<sup>(a)(b)</sup> | 47244 | 342047 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 61619 | 21725627 |
|  CS Disco, Inc.<sup>(a)</sup> | 9701 | 39677 |
|  Daily Journal Corp.<sup>(a)(b)</sup> | 396 | 157489 |
|  Datadog, Inc., Class A<sup>(a)</sup> | 81217 | 8057539 |
|  Digimarc Corp.<sup>(a)(b)</sup> | 5296 | 67895 |
|  Digital Turbine, Inc.<sup>(a)</sup> | 22599 | 61356 |
|  Docusign, Inc.<sup>(a)</sup> | 53683 | 4369796 |
|  Dolby Laboratories, Inc., Class A | 15491 | 1244082 |
|  Domo, Inc., Class B<sup>(a)</sup> | 6891 | 53474 |
|  DoubleVerify Holdings, Inc.<sup>(a)</sup> | 36928 | 493727 |
|  Dropbox, Inc., Class A<sup>(a)</sup> | 58614 | 1565580 |
|  D-Wave Quantum, Inc.<sup>(a)(b)</sup> | 48440 | 368144 |
|  Dynatrace, Inc.<sup>(a)</sup> | 79044 | 3726925 |
|  E2open Parent Holdings, Inc., Class A<sup>(a)(b)</sup> | 53827 | 107654 |
|  Elastic NV<sup>(a)</sup> | 23295 | 2075584 |
|  Enfusion, Inc., Class A<sup>(a)(b)</sup> | 8060 | 89869 |
|  EverCommerce, Inc.<sup>(a)</sup> | 11339 | 114297 |
|  Fair Isaac Corp.<sup>(a)</sup> | 6360 | 11728858 |
|  Five9, Inc.<sup>(a)</sup> | 19382 | 526221 |
|  Fortinet, Inc.<sup>(a)</sup> | 168634 | 16232709 |
|  Freshworks, Inc., Class A<sup>(a)</sup> | 54010 | 762081 |
|  Gen Digital, Inc. | 146285 | 3882404 |
|  Gitlab, Inc., Class A<sup>(a)(b)</sup> | 31620 | 1486140 |
|  Guidewire Software, Inc.<sup>(a)(b)</sup> | 21805 | 4085385 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Software (continued)** |  |  |
|  HubSpot, Inc.<sup>(a)</sup> | 13050 | $7455334 |
|  Hut 8 Corp.<sup>(a)(b)</sup> | 21249 | 246913 |
|  Informatica, Inc., Class A<sup>(a)</sup> | 21586 | 376676 |
|  Intapp, Inc.<sup>(a)</sup> | 14159 | 826602 |
|  InterDigital, Inc. | 6514 | 1346770 |
|  Intuit, Inc. | 72962 | 44797938 |
|  Jamf Holding Corp.<sup>(a)</sup> | 26044 | 316435 |
|  Life360, Inc.<sup>(a)(b)</sup> | 3263 | 125267 |
|  LiveRamp Holdings, Inc.<sup>(a)</sup> | 16661 | 435519 |
|  Logility Supply Chain Solutions, Inc., Class A | 8803 | 125531 |
|  Manhattan Associates, Inc.<sup>(a)</sup> | 16496 | 2854468 |
|  MARA Holdings, Inc.<sup>(a)(b)</sup> | 90469 | 1040394 |
|  MeridianLink, Inc.<sup>(a)</sup> | 6042 | 111958 |
|  Microsoft Corp. | 1988623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746509188 |
|  MicroStrategy, Inc., Class A<sup>(a)(b)</sup> | 61765 | 17804997 |
|  Mitek Systems, Inc.<sup>(a)</sup> | 10951 | 90346 |
|  N-able, Inc.<sup>(a)</sup> | 17945 | 127230 |
|  nCino, Inc.<sup>(a)(b)</sup> | 20362 | 559344 |
|  NCR Voyix Corp.<sup>(a)</sup> | 44203 | 430979 |
|  NextNav, Inc.<sup>(a)(b)</sup> | 22897 | 278656 |
|  Nutanix, Inc., Class A<sup>(a)</sup> | 67469 | 4710011 |
|  Olo, Inc., Class A<sup>(a)</sup> | 26718 | 161377 |
|  ON24, Inc.<sup>(a)</sup> | 15128 | 78666 |
|  OneSpan, Inc. | 10981 | 167460 |
|  Ooma, Inc.<sup>(a)</sup> | 7099 | 92926 |
|  Oracle Corp. | 427394 | 59753955 |
|  Pagaya Technologies Ltd., Class A<sup>(a)(b)</sup> | 11449 | 119986 |
|  PagerDuty, Inc.<sup>(a)</sup> | 26661 | 487096 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 550443 | 46457389 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 173287 | 29569694 |
|  Pegasystems, Inc. | 12614 | 876925 |
|  Porch Group, Inc.<sup>(a)</sup> | 28085 | 204740 |
|  Procore Technologies, Inc.<sup>(a)(b)</sup> | 28099 | 1855096 |
|  Progress Software Corp. | 11732 | 604315 |
|  PROS Holdings, Inc.<sup>(a)</sup> | 11777 | 224116 |
|  PTC, Inc.<sup>(a)</sup> | 31597 | 4895955 |
|  Q2 Holdings, Inc.<sup>(a)</sup> | 16219 | 1297682 |
|  Qualys, Inc.<sup>(a)</sup> | 9986 | 1257537 |
|  Rapid7, Inc.<sup>(a)</sup> | 15165 | 402024 |
|  Red Violet, Inc. | 5778 | 217195 |
|  Rimini Street, Inc.<sup>(a)</sup> | 25220 | 87766 |
|  RingCentral, Inc., Class A<sup>(a)(b)</sup> | 24397 | 604070 |
|  Riot Platforms, Inc.<sup>(a)(b)</sup> | 72136 | 513608 |
|  Roper Technologies, Inc. | 28479 | 16790649 |
|  Salesforce, Inc. | 247459 | 66408097 |
|  Sapiens International Corp. NV | 6870 | 186108 |
|  SEMrush Holdings, Inc., Class A<sup>(a)</sup> | 12188 | 113714 |
|  SentinelOne, Inc., Class A<sup>(a)</sup> | 73667 | 1339266 |
|  ServiceNow, Inc.<sup>(a)</sup> | 55005 | 43791681 |
|  SolarWinds Corp. | 12279 | 226302 |
|  SoundHound AI, Inc., Class A<sup>(a)(b)</sup> | 82440 | 669413 |
|  SoundThinking, Inc.<sup>(a)</sup> | 2877 | 48765 |
|  Sprinklr, Inc., Class A<sup>(a)</sup> | 30731 | 256604 |
|  Sprout Social, Inc., Class A<sup>(a)</sup> | 13667 | 300537 |
|  SPS Commerce, Inc.<sup>(a)</sup> | 9813 | 1302479 |
|  Synopsys, Inc.<sup>(a)</sup> | 41226 | 17679770 |
|  Tenable Holdings, Inc.<sup>(a)</sup> | 31322 | 1095644 |
|  Teradata Corp.<sup>(a)(b)</sup> | 26277 | 590707 |
|  Terawulf, Inc.<sup>(a)(b)</sup> | 67096 | 183172 |
|  Tyler Technologies, Inc.<sup>(a)</sup> | 11333 | 6588893 |
|  UiPath, Inc., Class A<sup>(a)</sup> | 119014 | 1225844 |
|  Unity Software, Inc.<sup>(a)</sup> | 83274 | 1631338 |
|  Varonis Systems, Inc.<sup>(a)</sup> | 30194 | 1221347 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Software (continued)** |  |  |
|  Verint Systems, Inc.<sup>(a)</sup> | 17754 | $316909 |
|  Vertex, Inc., Class A<sup>(a)(b)</sup> | 14373 | 503199 |
|  Viant Technology, Inc., Class A<sup>(a)</sup> | 7770 | 96426 |
|  Weave Communications, Inc.<sup>(a)</sup> | 13398 | 148584 |
|  Workday, Inc., Class A<sup>(a)</sup> | 56496 | 13193511 |
|  Workiva, Inc., Class A<sup>(a)</sup> | 13056 | 991081 |
|  Xperi, Inc.<sup>(a)(b)</sup> | 12389 | 95643 |
|  Yext, Inc.<sup>(a)</sup> | 25506 | 157117 |
|  Zeta Global Holdings Corp., Class A<sup>(a)(b)</sup> | 47327 | 641754 |
|  Zoom Communications, Inc., Class A<sup>(a)</sup> | 70773 | 5220924 |
|  Zscaler, Inc.<sup>(a)</sup> | 25324 | 5024788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387092473 |
| **Specialized REITs — 1.0%** |  |  |
|  American Tower Corp. | 124997 | 27199347 |
|  Crown Castle, Inc. | 116018 | 12092556 |
|  CubeSmart | 58674 | 2505967 |
|  Digital Realty Trust, Inc. | 88709 | 12711113 |
|  EPR Properties | 20655 | 1086660 |
|  Equinix, Inc. | 25820 | 21052337 |
|  Extra Space Storage, Inc. | 56240 | 8351078 |
|  Farmland Partners, Inc. | 10242 | 114198 |
|  Four Corners Property Trust, Inc. | 27775 | 797142 |
|  Gaming & Leisure Properties, Inc. | 68195 | 3471125 |
|  Gladstone Land Corp. | 9254 | 97352 |
|  Iron Mountain, Inc. | 78580 | 6761023 |
|  Lamar Advertising Co., Class A | 23286 | 2649481 |
|  Millrose Properties, Inc., Class A<sup>(a)</sup> | 33960 | 900280 |
|  National Storage Affiliates Trust | 18423 | 725866 |
|  Outfront Media, Inc. | 38776 | 625845 |
|  PotlatchDeltic Corp. | 21639 | 976352 |
|  Public Storage | 42453 | 12705758 |
|  Rayonier, Inc. | 39417 | 1098946 |
|  Safehold, Inc. | 14478 | 271028 |
|  SBA Communications Corp., Class A | 28449 | 6259064 |
|  Uniti Group, Inc. | 61591 | 310419 |
|  VICI Properties, Inc. | 277041 | 9037077 |
|  Weyerhaeuser Co. | 195910 | 5736245 |
|  |  | 137536259 |
| **Specialty Retail — 2.0%** |  |  |
|  1-800-Flowers.com, Inc., Class A<sup>(a)(b)</sup> | 10716 | 63224 |
|  Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 13696 | 1045963 |
|  Academy Sports & Outdoors, Inc. | 20130 | 918129 |
|  Advance Auto Parts, Inc. | 15575 | 610696 |
|  American Eagle Outfitters, Inc. | 48535 | 563977 |
|  America's Car-Mart, Inc.<sup>(a)</sup> | 1954 | 88692 |
|  Arhaus, Inc., Class A<sup>(a)</sup> | 13571 | 118068 |
|  Arko Corp., Class A | 20825 | 82259 |
|  Asbury Automotive Group, Inc.<sup>(a)</sup> | 5414 | 1195628 |
|  AutoNation, Inc.<sup>(a)</sup> | 6873 | 1112876 |
|  AutoZone, Inc.<sup>(a)</sup> | 4518 | 17226140 |
|  Bath & Body Works, Inc. | 61205 | 1855736 |
|  Best Buy Co., Inc. | 57542 | 4235667 |
|  Beyond, Inc.<sup>(a)(b)</sup> | 11545 | 66961 |
|  Boot Barn Holdings, Inc.<sup>(a)</sup> | 8173 | 878025 |
|  Buckle, Inc. (The) | 6794 | 260346 |
|  Build-A-Bear Workshop, Inc. | 4262 | 158419 |
|  Burlington Stores, Inc.<sup>(a)</sup> | 17021 | 4056615 |
|  Caleres, Inc. | 10678 | 183982 |
|  Camping World Holdings, Inc., Class A | 14899 | 240768 |
|  CarMax, Inc.<sup>(a)(b)</sup> | 40999 | 3194642 |
|  Carvana Co., Class A<sup>(a)</sup> | 29005 | 6064365 |
|  Designer Brands, Inc., Class A | 17717 | 64667 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Specialty Retail (continued)** |  |  |
|  Destination XL Group, Inc.<sup>(a)</sup> | 15298 | $22335 |
|  Dick's Sporting Goods, Inc. | 15115 | 3046579 |
|  EVgo, Inc., Class A<sup>(a)</sup> | 20695 | 55049 |
|  Five Below, Inc.<sup>(a)</sup> | 14617 | 1095179 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 27828 | 2239319 |
|  Foot Locker, Inc.<sup>(a)</sup> | 20800 | 293280 |
|  GameStop Corp., Class A<sup>(a)(b)</sup> | 100422 | 2241419 |
|  Gap, Inc. (The) | 53211 | 1096679 |
|  Genesco, Inc.<sup>(a)</sup> | 3192 | 67766 |
|  Group 1 Automotive, Inc. | 3368 | 1286408 |
|  GrowGeneration Corp.<sup>(a)</sup> | 28053 | 30297 |
|  Haverty Furniture Cos., Inc. | 4587 | 90456 |
|  Home Depot, Inc. (The) | 265224 | 97201944 |
|  Leslie's, Inc.<sup>(a)(b)</sup> | 41806 | 30748 |
|  Lithia Motors, Inc., Class A | 7049 | 2069163 |
|  Lowe's Cos., Inc. | 151078 | 35235922 |
|  MarineMax, Inc.<sup>(a)</sup> | 5418 | 116487 |
|  Monro, Inc. | 8413 | 121736 |
|  Murphy U.S.A., Inc. | 4920 | 2311465 |
|  National Vision Holdings, Inc.<sup>(a)</sup> | 20655 | 263971 |
|  ODP Corp. (The)<sup>(a)</sup> | 9007 | 129070 |
|  OneWater Marine, Inc., Class A<sup>(a)(b)</sup> | 3374 | 54591 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 15395 | 22054569 |
|  Penske Automotive Group, Inc. | 5322 | 766262 |
|  Petco Health & Wellness Co., Inc.<sup>(a)</sup> | 23404 | 71382 |
|  RealReal, Inc. (The)<sup>(a)</sup> | 26712 | 143978 |
|  Revolve Group, Inc., Class A<sup>(a)</sup> | 9724 | 208969 |
|  RH<sup>(a)</sup> | 4166 | 976552 |
|  Ross Stores, Inc. | 86561 | 11061630 |
|  Sally Beauty Holdings, Inc.<sup>(a)(b)</sup> | 27735 | 250447 |
|  Shoe Carnival, Inc. | 5531 | 121627 |
|  Signet Jewelers Ltd. | 11740 | 681624 |
|  Sleep Number Corp.<sup>(a)</sup> | 5782 | 36658 |
|  Sonic Automotive, Inc., Class A | 3335 | 189962 |
|  Stitch Fix, Inc., Class A<sup>(a)</sup> | 26273 | 85387 |
|  ThredUp, Inc., Class A<sup>(a)</sup> | 29478 | 71042 |
|  TJX Cos., Inc. (The) | 302708 | 36869834 |
|  Tractor Supply Co. | 141881 | 7817643 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 12259 | 4493414 |
|  Upbound Group, Inc. | 16364 | 392081 |
|  Urban Outfitters, Inc.<sup>(a)</sup> | 18817 | 986011 |
|  Valvoline, Inc.<sup>(a)</sup> | 34076 | 1186186 |
|  Victoria's Secret & Co.<sup>(a)</sup> | 21201 | 393915 |
|  Warby Parker, Inc., Class A<sup>(a)</sup> | 25859 | 471410 |
|  Wayfair, Inc., Class A<sup>(a)(b)</sup> | 24640 | 789219 |
|  Williams-Sonoma, Inc. | 32580 | 5150898 |
|  Winmark Corp. | 774 | 246031 |
|  Zumiez, Inc.<sup>(a)</sup> | 5402 | 80436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288982875 |
| **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** |  |
|  Apple Inc. | 3939884 | 875166433 |
|  CompoSecure, Inc., Class A | 10762 | 116983 |
|  Corsair Gaming, Inc.<sup>(a)(b)</sup> | 10214 | 90496 |
|  Dell Technologies, Inc., Class C | 72883 | 6643285 |
|  Diebold Nixdorf, Inc.<sup>(a)(b)</sup> | 6701 | 292968 |
|  Eastman Kodak Co.<sup>(a)(b)</sup> | 20031 | 126596 |
|  Hewlett Packard Enterprise Co. | 344863 | 5321236 |
|  HP, Inc. | 250536 | 6937342 |
|  Immersion Corp. | 5015 | 38014 |
|  IonQ, Inc.<sup>(a)(b)</sup> | 52592 | 1160705 |
|  NetApp, Inc. | 53706 | 4717535 |
|  Pure Storage, Inc., Class A<sup>(a)</sup> | 82282 | 3642624 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
|  Sandisk Corp.<sup>(a)</sup> | 30828 | $1467721 |
|  Super Micro Computer, Inc.<sup>(a)(b)</sup> | 132220 | 4527213 |
|  Turtle Beach Corp.<sup>(a)</sup> | 8457 | 120681 |
|  Western Digital Corp.<sup>(a)</sup> | 92486 | 3739209 |
|  Xerox Holdings Corp. | 33565 | 162119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914271160 |
| **Textiles, Apparel & Luxury Goods — 0.4%** |  |  |
|  Amer Sports, Inc.<sup>(a)</sup> | 15599 | 416961 |
|  Birkenstock Holding PLC<sup>(a)(b)</sup> | 11721 | 537408 |
|  Capri Holdings Ltd.<sup>(a)</sup> | 30426 | 600305 |
|  Carter's, Inc. | 9822 | 401720 |
|  Columbia Sportswear Co. | 8162 | 617782 |
|  Crocs, Inc.<sup>(a)</sup> | 14849 | 1576964 |
|  Deckers Outdoor Corp.<sup>(a)</sup> | 40860 | 4568557 |
|  Figs, Inc., Class A<sup>(a)(b)</sup> | 37929 | 174094 |
|  G-III Apparel Group Ltd.<sup>(a)</sup> | 11240 | 307414 |
|  Hanesbrands, Inc.<sup>(a)</sup> | 95108 | 548773 |
|  Kontoor Brands, Inc. | 14137 | 906606 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 31024 | 8781654 |
|  Movado Group, Inc. | 4350 | 72732 |
|  NIKE, Inc., Class B | 316606 | 20098149 |
|  Oxford Industries, Inc. | 4596 | 269647 |
|  PVH Corp. | 14624 | 945295 |
|  Ralph Lauren Corp., Class A | 10949 | 2416882 |
|  Skechers U.S.A., Inc., Class A<sup>(a)</sup> | 34881 | 1980543 |
|  Steven Madden Ltd. | 19278 | 513566 |
|  Tapestry, Inc. | 62693 | 4414214 |
|  Under Armour, Inc., Class A<sup>(a)</sup> | 50233 | 313956 |
|  Under Armour, Inc., Class C, NVS<sup>(a)</sup> | 51121 | 304170 |
|  VF Corp. | 92433 | 1434560 |
|  Wolverine World Wide, Inc. | 22577 | 314046 |
|  |  | 52515998 |
| **Tobacco — 0.7%** |  |  |
|  Altria Group, Inc. | 454181 | 27259944 |
|  Philip Morris International, Inc. | 415524 | 65956124 |
|  Turning Point Brands, Inc. | 6097 | 362406 |
|  Universal Corp. | 6650 | 372732 |
|  |  | 93951206 |
| **Trading Companies & Distributors — 0.5%** |  |  |
|  Air Lease Corp., Class A | 28357 | 1369927 |
|  Alta Equipment Group, Inc., Class A | 8942 | 41938 |
|  Applied Industrial Technologies, Inc. | 10570 | 2381844 |
|  Beacon Roofing Supply, Inc.<sup>(a)</sup> | 15992 | 1978210 |
|  BlueLinx Holdings, Inc.<sup>(a)</sup> | 2283 | 171179 |
|  Boise Cascade Co. | 10948 | 1073889 |
|  Core & Main, Inc., Class A<sup>(a)</sup> | 51425 | 2484342 |
|  Custom Truck One Source, Inc.<sup>(a)(b)</sup> | 17209 | 72622 |
|  Distribution Solutions Group, Inc.<sup>(a)(b)</sup> | 3987 | 111636 |
|  DNOW, Inc.<sup>(a)</sup> | 27657 | 472381 |
|  DXP Enterprises, Inc.<sup>(a)</sup> | 2835 | 233207 |
|  Fastenal Co. | 152206 | 11803575 |
|  Ferguson Enterprises, Inc. | 53126 | 8512379 |
|  FTAI Aviation Ltd. | 27317 | 3033006 |
|  GATX Corp. | 9023 | 1401001 |
|  Global Industrial Co. | 3959 | 88682 |
|  GMS, Inc.<sup>(a)</sup> | 11159 | 816504 |
|  H&E Equipment Services, Inc. | 8138 | 771401 |
|  Herc Holdings, Inc. | 7429 | 997492 |
|  Hudson Technologies, Inc.<sup>(a)</sup> | 11333 | 69925 |
|  McGrath RentCorp. | 6147 | 684776 |
|  MRC Global, Inc.<sup>(a)</sup> | 23326 | 267782 |
|  MSC Industrial Direct Co., Inc., Class A | 12340 | 958448 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
|  Rush Enterprises, Inc., Class A | 15473 | $| 826413 |
|  Rush Enterprises, Inc., Class B | 3356 |  | 189681 |
|  SiteOne Landscape Supply, Inc.<sup>(a)(b)</sup> | 12232 |  | 1485454 |
|  Titan Machinery, Inc.<sup>(a)(b)</sup> | 5717 |  | 97418 |
|  Transcat, Inc.<sup>(a)(b)</sup> | 2612 |  | 194463 |
|  United Rentals, Inc. | 17536 |  | 10989811 |
|  Watsco, Inc. | 9232 |  | 4692626 |
|  WESCO International, Inc. | 11639 |  | 1807537 |
|  Willis Lease Finance Corp. | 1180 |  | 186405 |
|  WW Grainger, Inc. | 11614 |  | 11472658 |
|  Xometry, Inc., Class A<sup>(a)</sup> | 9470 |  | 235992 |
|  |  |  | 71974604 |
| **Water Utilities — 0.1%** |  |  |  |
|  American States Water Co. | 10197 |  | 802300 |
|  American Water Works Co., Inc. | 52120 |  | 7688743 |
|  California Water Service Group | 15495 |  | 750888 |
|  Consolidated Water Co. Ltd. | 4713 |  | 115421 |
|  Essential Utilities, Inc. | 68017 |  | 2688712 |
|  Middlesex Water Co. | 5223 |  | 334794 |
|  SJW Group. | 7670 |  | 419472 |
|  York Water Co. (The) | 3295 |  | 114271 |
|  |  |  | 12914601 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
|  Gogo, Inc.<sup>(a)(b)</sup> | 17421 |  | 150169 |
|  Shenandoah Telecommunications Co. | 13303 |  | 167219 |
|  Spok Holdings, Inc. | 7659 |  | 125914 |
|  Telephone & Data Systems, Inc. | 27573 |  | 1068178 |
|  T-Mobile U.S., Inc. | 125939 |  | 33589190 |
|  |  |  | 35100670 |
|  **Total Common Stocks — 99.8%<br>(Cost: $9,653,914,686)** | **Total Common Stocks — 99.8%<br>(Cost: $9,653,914,686)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400246076 |
| **Rights** |  |  |  |
| **Biotechnology — 0.0%** |  |  |  |
|  Aduro Biotech CVR<sup>(a)(d)</sup> | 4039 |  | 1898 |
|  Chinook Therapeutics, Inc., CVR<sup>(a)(d)</sup> | 16679 |  | 14177 |
|  GTX, Inc., Contingent Rights<sup>(a)(b)(d)</sup> | 684 |  | 701 |
|  Inhibrx, Inc., CVR<sup>(a)(d)</sup> | 7685 |  | 8684 |
|  |  |  | 25460 |
|  **Total Rights — 0.0%<br>(Cost: $1,402)** | **Total Rights — 0.0%<br>(Cost: $1,402)** |  | 25460 |
| **Warrants<sup>(a)</sup>** |  |  |  |
| **Oil, Gas & Consumable Fuels — 0.0%** |  |  |  |
|  Chord Energy Corp., 0.58 Share for 1 Warrant, Expires 09/01/25, Strike Price USD 83.45) | 204 |  | 445 |
|  **Total Warrants — 0.0%<br>(Cost: $22,807)** | **Total Warrants — 0.0%<br>(Cost: $22,807)** |  | 445 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $9,653,938,895)** | **Total Long-Term Investments — 99.8%<br>(Cost: $9,653,938,895)** |  | 14400271981 |

---

S C H E D U L E O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell 3000 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 1.6%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(c)(f)(g)</sup> | 206317865 | $206421024 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(c)(f)</sup> | 23775370 | 23775370 |
|  **Total Short-Term Securities — 1.6%<br>(Cost: $230,040,813)** | **Total Short-Term Securities — 1.6%<br>(Cost: $230,040,813)** | 230196394 |
|  **Total Investments — 101.4%<br>(Cost: $9,883,979,708)** | **Total Investments — 101.4%<br>(Cost: $9,883,979,708)** | 14630468375 |
|  **Liabilities in Excess of Other Assets — (1.4)%** | **Liabilities in Excess of Other Assets — (1.4)%** | (198300413) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14432167962 |

---

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

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

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

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. <sup></sup>

<sup>(e)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $4,753, representing less than 0.05% of its net assets as of period end, and an original cost of $96,475. 

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $223915337 | $— | $(17495142)<sup>(a)</sup> | $31346 | $(30517) | $206421024 | 206317865 | $1200626 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 18894297 | 4881073 <sup>(a)</sup> |  |  |  | 23775370 | 23775370 | 1164813 |  |
|  BlackRock, Inc. | 33310484 | 2967402 | (3427882) | 1534701 | 2968128 | 37352833 | 39465 | 818858 |  |
|  |  |  |  | $1566047 | $2937611 | $267549227 |  | $3184297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount*<br> *(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 E-Mini Index | 31 | 06/20/25 | $3142 | $18088 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 96 | 06/20/25 | 27136 | 316298 |
|  |  |  |  | $334386 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $334386 | $— | $— | $— | $334386 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(898889) | $— | $— | $— | $(898889) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(258766) | $— | $— | $— | $(258766) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $29412308 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $14400241323 | $4753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $14400246076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 25460 | 25460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  | 445 |  | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 230196394 |  |  | 230196394 |
|  | $14630437717 | $5198 | $25460 | $14630468375 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $334386 | $— | $— | $334386 |

---

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

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 27

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| | |
|:---|:---|
| Schedule of Investments <br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 1.8%** |  |  |
|  BWX Technologies, Inc. | 113925 | $11238701 |
|  Curtiss-Wright Corp. | 60087 | 19063802 |
|  Hexcel Corp. | 128797 | 7052924 |
|  Howmet Aerospace, Inc.<sup>(a)</sup> | 593605 | 77008377 |
|  Huntington Ingalls Industries, Inc. | 60766 | 12398695 |
|  L3Harris Technologies, Inc. | 296452 | 62050368 |
|  Loar Holdings, Inc.<sup>(a)(b)</sup> | 6274 | 443258 |
|  Spirit AeroSystems Holdings, Inc., Class A<sup>(a)(b)</sup> | 158327 | 5455948 |
|  Standardaero, Inc.<sup>(a)(b)</sup> | 111583 | 2972571 |
|  Textron, Inc.<sup>(a)</sup> | 291831 | 21084790 |
|  Woodward, Inc. | 92481 | 16876858 |
|  |  | 235646292 |
| **Air Freight & Logistics — 0.4%** |  |  |
|  CH Robinson Worldwide, Inc. | 182455 | 18683392 |
|  Expeditors International of Washington, Inc. | 181907 | 21874317 |
|  GXO Logistics, Inc.<sup>(a)(b)</sup> | 182988 | 7151171 |
|  |  | 47708880 |
| **Automobile Components — 0.4%** |  |  |
|  Aptiv PLC<sup>(a)(b)</sup> | 367338 | 21856611 |
|  BorgWarner, Inc. | 339330 | 9721804 |
|  Gentex Corp. | 352709 | 8218120 |
|  Lear Corp. | 84174 | 7425830 |
|  QuantumScape Corp., Class A<sup>(a)(b)</sup> | 572423 | 2381280 |
|  |  | 49603645 |
| **Automobiles — 0.2%** |  |  |
|  Harley-Davidson, Inc. | 179217 | 4525229 |
|  Lucid Group, Inc.<sup>(a)(b)</sup> | 1537396 | 3720498 |
|  Rivian Automotive, Inc., Class A<sup>(a)(b)</sup> | 1318894 | 16420230 |
|  Thor Industries, Inc. | 79424 | 6021134 |
|  |  | 30687091 |
| **Banks — 3.3%** |  |  |
|  Bank OZK | 167164 | 7263276 |
|  BOK Financial Corp. | 36055 | 3755128 |
|  Citizens Financial Group, Inc. | 692683 | 28379223 |
|  Columbia Banking System, Inc. | 329106 | 8207904 |
|  Comerica, Inc. | 210011 | 12403250 |
|  Commerce Bancshares, Inc. | 194352 | 12094525 |
|  Cullen/Frost Bankers, Inc. | 92555 | 11587886 |
|  East West Bancorp, Inc. | 216137 | 19400457 |
|  Fifth Third Bancorp | 1061524 | 41611741 |
|  First Citizens BancShares, Inc., Class A<sup>(a)</sup> | 18050 | 33466866 |
|  First Hawaiian, Inc. | 202603 | 4951617 |
|  First Horizon Corp. | 818195 | 15889347 |
|  FNB Corp. | 554767 | 7461616 |
|  Huntington Bancshares, Inc. | 2266022 | 34012990 |
|  KeyCorp | 1443662 | 23084155 |
|  M&T Bank Corp. | 260282 | 46525408 |
|  Pinnacle Financial Partners, Inc. | 119026 | 12621517 |
|  Popular, Inc. | 98287 | 9078770 |
|  Prosperity Bancshares, Inc. | 141265 | 10082083 |
|  Regions Financial Corp. | 1427065 | 31010123 |
|  Synovus Financial Corp. | 223474 | 10445175 |
|  Webster Financial Corp. | 267997 | 13815245 |
|  Western Alliance Bancorp | 167963 | 12904597 |
|  Wintrust Financial Corp. | 101994 | 11470245 |
|  Zions Bancorp N.A. | 226158 | 11276238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432799382 |
| **Beverages — 0.3%** |  |  |
|  Boston Beer Co., Inc. (The), Class A, NVS<sup>(b)</sup> | 10356 | 2473427 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Beverages (continued)** |  |  |
|  Brown-Forman Corp., Class A | 75698 | $2533612 |
|  Brown-Forman Corp., Class B, NVS | 270708 | 9187829 |
|  Coca-Cola Consolidated, Inc. | 9485 | 12804750 |
|  Molson Coors Beverage Co., Class B | 268325 | 16332943 |
|  |  | 43332561 |
| **Biotechnology — 0.8%** |  |  |
|  Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 22572 | 6094891 |
|  Biogen, Inc.<sup>(b)</sup> | 226697 | 31021217 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)(b)</sup> | 294547 | 20821527 |
|  Exact Sciences Corp.<sup>(a)(b)</sup> | 171202 | 7411335 |
|  Exelixis, Inc.<sup>(b)</sup> | 72060 | 2660455 |
|  GRAIL, Inc.<sup>(a)(b)</sup> | 41488 | 1059604 |
|  Incyte Corp.<sup>(b)</sup> | 233425 | 14133884 |
|  Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | 18973 | 572415 |
|  Roivant Sciences Ltd.<sup>(a)(b)</sup> | 651753 | 6576188 |
|  United Therapeutics Corp.<sup>(b)</sup> | 68217 | 21029255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111380771 |
| **Broadline Retail — 0.6%** |  |  |
|  Dillard's, Inc., Class A<sup>(a)</sup> | 4848 | 1736214 |
|  eBay, Inc. | 748223 | 50677144 |
|  Etsy, Inc.<sup>(a)(b)</sup> | 60160 | 2838349 |
|  Kohl's Corp. | 173291 | 1417520 |
|  Macy's, Inc. | 427955 | 5375115 |
|  Nordstrom, Inc. | 157402 | 3848479 |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> | 94332 | 10976472 |
|  |  | 76869293 |
| **Building Products — 1.2%** |  |  |
| A. O. Smith Corp. | 184592 | 12064933 |
|  Advanced Drainage Systems, Inc. | 67941 | 7381790 |
|  Allegion PLC | 136427 | 17798266 |
|  Armstrong World Industries, Inc. | 45122 | 6356787 |
|  AZEK Co., Inc. (The), Class A<sup>(b)</sup> | 66153 | 3234220 |
|  Builders FirstSource, Inc.<sup>(b)</sup> | 160856 | 20097349 |
|  Carlisle Cos., Inc. | 60782 | 20696271 |
|  Fortune Brands Innovations, Inc. | 192180 | 11699918 |
|  Hayward Holdings, Inc.<sup>(b)</sup> | 221781 | 3087192 |
|  Masco Corp. | 335832 | 23353757 |
|  Owens Corning | 133871 | 19119456 |
|  Simpson Manufacturing Co., Inc. | 59681 | 9374692 |
|  |  | 154264631 |
| **Capital Markets — 4.6%** |  |  |
|  Affiliated Managers Group, Inc. | 46475 | 7809194 |
|  Ameriprise Financial, Inc. | 13578 | 6573246 |
|  Bank of New York Mellon Corp. (The) | 1122971 | 94183578 |
|  Carlyle Group, Inc. (The) | 343047 | 14953419 |
|  Cboe Global Markets, Inc. | 164712 | 37272678 |
|  Coinbase Global, Inc., Class A<sup>(b)</sup> | 51006 | 8784763 |
|  Evercore, Inc., Class A | 55347 | 11053903 |
|  FactSet Research Systems, Inc. | 38388 | 17452720 |
|  Franklin Resources, Inc. | 482757 | 9293072 |
|  Houlihan Lokey, Inc., Class A | 75713 | 12227650 |
|  Interactive Brokers Group, Inc., Class A | 165016 | 27324999 |
|  Invesco Ltd. | 568871 | 8629773 |
|  Janus Henderson Group PLC | 203783 | 7366755 |
|  Jefferies Financial Group, Inc. | 197356 | 10572361 |
|  Lazard, Inc. | 13788 | 597020 |
|  MarketAxess Holdings, Inc. | 57866 | 12519309 |
|  MSCI, Inc., Class A | 49939 | 28240505 |
|  Nasdaq, Inc. | 642601 | 48747712 |
|  Northern Trust Corp. | 305281 | 30115971 |
|  Raymond James Financial, Inc. | 316889 | 44019051 |

---

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

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Capital Markets (continued)** |  |  |
|  Robinhood Markets, Inc., Class A<sup>(b)</sup> | 1048143 | $43623712 |
|  SEI Investments Co. | 155262 | 12052989 |
|  State Street Corp. | 457663 | 40974568 |
|  Stifel Financial Corp. | 157815 | 14875642 |
|  T Rowe Price Group, Inc. | 342586 | 31473376 |
|  TPG, Inc., Class A | 100446 | 4764154 |
|  Tradeweb Markets, Inc., Class A | 110460 | 16398892 |
|  Virtu Financial, Inc., Class A | 126714 | 4830338 |
|  XP, Inc., Class A | 578783 | 7958266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614689616 |
| **Chemicals — 3.0%** |  |  |
|  Albemarle Corp. | 182246 | 13125357 |
|  Ashland, Inc. | 74725 | 4430445 |
|  Axalta Coating Systems Ltd.<sup>(b)</sup> | 339298 | 11254515 |
|  Celanese Corp., Class A<sup>(a)</sup> | 126848 | 7201161 |
|  CF Industries Holdings, Inc. | 272032 | 21259301 |
|  Chemours Co. (The) | 216619 | 2930855 |
|  Corteva, Inc. | 1073279 | 67541447 |
|  Dow, Inc. | 1103500 | 38534220 |
|  DuPont de Nemours, Inc. | 654170 | 48853415 |
|  Eastman Chemical Co. | 183163 | 16138492 |
|  Element Solutions, Inc. | 352906 | 7979205 |
|  FMC Corp. | 195069 | 8229961 |
|  Huntsman Corp. | 255857 | 4039982 |
|  International Flavors & Fragrances, Inc. | 398895 | 30958241 |
|  LyondellBasell Industries NV, Class A | 409929 | 28859002 |
|  Mosaic Co. (The) | 494063 | 13344642 |
|  NewMarket Corp. | 10584 | 5995307 |
|  Olin Corp. | 183051 | 4437156 |
|  PPG Industries, Inc. | 361437 | 39523136 |
|  RPM International, Inc. | 154478 | 17870015 |
|  Scotts Miracle-Gro Co. (The) | 66981 | 3676587 |
|  Westlake Corp. | 52338 | 5235370 |
|  |  | 401417812 |
| **Commercial Services & Supplies — 0.6%** |  |  |
|  Clean Harbors, Inc.<sup>(b)</sup> | 79431 | 15655850 |
|  MSA Safety, Inc. | 57443 | 8426314 |
|  RB Global, Inc. | 284845 | 28569953 |
|  Tetra Tech, Inc. | 324450 | 9490162 |
|  Veralto Corp. | 210955 | 20557565 |
|  Vestis Corp. | 175264 | 1735114 |
|  |  | 84434958 |
| **Communications Equipment — 0.5%** |  |  |
|  Ciena Corp.<sup>(b)</sup> | 220897 | 13348806 |
|  F5, Inc.<sup>(b)</sup> | 90221 | 24023145 |
|  Juniper Networks, Inc. | 511725 | 18519328 |
|  Lumentum Holdings, Inc.<sup>(b)</sup> | 106304 | 6626991 |
|  Ubiquiti, Inc. | 3406 | 1056337 |
|  |  | 63574607 |
| **Construction & Engineering — 0.9%** |  |  |
|  AECOM | 206995 | 19194646 |
|  API Group Corp.<sup>(a)(b)</sup> | 360028 | 12874601 |
|  EMCOR Group, Inc. | 43028 | 15904440 |
|  Everus Construction Group, Inc.<sup>(b)</sup> | 79159 | 2936007 |
|  MasTec, Inc.<sup>(b)</sup> | 97489 | 11377941 |
|  Quanta Services, Inc.<sup>(a)</sup> | 157254 | 39970822 |
|  Valmont Industries, Inc. | 31240 | 8914959 |
|  WillScot Holdings Corp., Class A | 196915 | 5474237 |
|  |  | 116647653 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Construction Materials — 0.6%** |  |  |  |
|  Eagle Materials, Inc. | 12618 | $| 2800313 |
|  Martin Marietta Materials, Inc. | 90284 |  | 43167489 |
|  Vulcan Materials Co. | 153186 |  | 35738294 |
|  |  |  | 81706096 |
| **Consumer Finance — 1.1%** |  |  |  |
|  Ally Financial, Inc. | 372638 |  | 13590108 |
|  Credit Acceptance Corp.<sup>(b)</sup> | 2171 |  | 1120996 |
|  Discover Financial Services | 390932 |  | 66732092 |
|  OneMain Holdings, Inc. | 181252 |  | 8859598 |
|  SLM Corp. | 328500 |  | 9648045 |
|  SoFi Technologies, Inc.<sup>(a)(b)</sup> | 1406851 |  | 16361677 |
|  Synchrony Financial | 611524 |  | 32374081 |
|  |  |  | 148686597 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |
|  Albertsons Cos., Inc., Class A | 656434 |  | 14434984 |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)(b)</sup> | 205627 |  | 23462041 |
|  Casey's General Stores, Inc. | 47487 |  | 20611257 |
|  Dollar General Corp. | 343294 |  | 30185841 |
|  Dollar Tree, Inc.<sup>(b)</sup> | 315663 |  | 23696821 |
|  Grocery Outlet Holding Corp.<sup>(b)</sup> | 142966 |  | 1998665 |
|  Kroger Co. (The) | 1035078 |  | 70064430 |
|  Maplebear, Inc.<sup>(b)</sup> | 259479 |  | 10350617 |
|  Performance Food Group Co.<sup>(b)</sup> | 204744 |  | 16099021 |
|  Sysco Corp. | 290420 |  | 21793117 |
|  U.S. Foods Holding Corp.<sup>(b)</sup> | 338205 |  | 22138899 |
|  Walgreens Boots Alliance, Inc. | 1117352 |  | 12480822 |
|  |  |  | 267316515 |
| **Containers & Packaging — 1.8%** |  |  |  |
|  Amcor PLC | 2255513 |  | 21878476 |
|  AptarGroup, Inc. | 103394 |  | 15341602 |
|  Avery Dennison Corp. | 78610 |  | 13990222 |
|  Ball Corp. | 462390 |  | 24076647 |
|  Berry Global Group, Inc. | 181557 |  | 12674494 |
|  Crown Holdings, Inc. | 182380 |  | 16279239 |
|  Graphic Packaging Holding Co. | 473137 |  | 12282636 |
|  International Paper Co. | 816523 |  | 43561502 |
|  Packaging Corp. of America | 138567 |  | 27439037 |
|  Sealed Air Corp. | 119462 |  | 3452452 |
|  Silgan Holdings, Inc. | 131365 |  | 6715379 |
|  Smurfit WestRock PLC | 808013 |  | 36409066 |
|  Sonoco Products Co. | 152733 |  | 7215107 |
|  |  |  | 241315859 |
| **Distributors — 0.3%** |  |  |  |
|  Genuine Parts Co. | 216866 |  | 25837415 |
|  LKQ Corp. | 407710 |  | 17343984 |
|  |  |  | 43181399 |
| **Diversified Consumer Services — 0.3%** |  |  |  |
|  ADT, Inc. | 579517 |  | 4717268 |
|  Bright Horizons Family Solutions, Inc.<sup>(b)</sup> | 75929 |  | 9646020 |
|  Grand Canyon Education, Inc.<sup>(b)</sup> | 30236 |  | 5231433 |
|  H&R Block, Inc. | 171276 |  | 9404765 |
|  Service Corp. International | 219374 |  | 17593795 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46593281 |
| **Diversified REITs — 0.2%** |  |  |  |
|  WP Carey, Inc. | 337980 |  | 21329918 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
|  Frontier Communications Parent, Inc.<sup>(b)</sup> | 384164 |  | 13776121 |
|  GCI Liberty, Inc. Escrow, Class A<sup>(b)(c)</sup> | 193912 |  | 2 |
|  Iridium Communications, Inc. | 159102 |  | 4346667 |

---

S C H E D U L E O F I N V E S T M E N T S 29

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
|  Liberty Global Ltd., Class A<sup>(b)</sup> | 262477 | $| 3021110 |
|  Liberty Global Ltd., Class C, NVS<sup>(a)(b)</sup> | 238364 |  | 2853217 |
|  |  |  | 23997117 |
| **Electric Utilities — 3.8%** |  |  |  |
|  Alliant Energy Corp. | 398984 |  | 25674620 |
|  Edison International | 593487 |  | 34968254 |
|  Entergy Corp. | 665145 |  | 56863246 |
|  Evergy, Inc. | 349701 |  | 24111884 |
|  Eversource Energy | 571562 |  | 35499716 |
|  Exelon Corp. | 1561041 |  | 71932769 |
|  FirstEnergy Corp. | 899545 |  | 36359609 |
|  IDACORP, Inc. | 82737 |  | 9615694 |
|  NRG Energy, Inc. | 186454 |  | 17798899 |
|  OGE Energy Corp. | 313978 |  | 14430429 |
|  PG&E Corp. | 3409089 |  | 58568149 |
|  Pinnacle West Capital Corp. | 178528 |  | 17004792 |
|  PPL Corp. | 1153258 |  | 41644146 |
|  Xcel Energy, Inc. | 896759 |  | 63481570 |
|  |  |  | 507953777 |
| **Electrical Equipment — 1.4%** |  |  |  |
|  Acuity, Inc. | 47818 |  | 12592870 |
|  AMETEK, Inc. | 360313 |  | 62024280 |
|  Generac Holdings, Inc.<sup>(b)</sup> | 45840 |  | 5805636 |
|  Hubbell, Inc. | 83633 |  | 27674996 |
|  nVent Electric PLC | 257650 |  | 13506013 |
|  Regal Rexnord Corp. | 103037 |  | 11730762 |
|  Rockwell Automation, Inc. | 160107 |  | 41368447 |
|  Sensata Technologies Holding PLC | 232669 |  | 5646877 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180349881 |
| **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** |
|  Arrow Electronics, Inc.<sup>(b)</sup> | 81648 |  | 8477512 |
|  Avnet, Inc. | 135257 |  | 6504509 |
|  CDW Corp. | 104967 |  | 16822011 |
|  Cognex Corp. | 254291 |  | 7585500 |
|  Coherent Corp.<sup>(b)</sup> | 193720 |  | 12580177 |
|  Corning, Inc. | 1195752 |  | 54741527 |
|  Crane NXT Co. | 75237 |  | 3867182 |
|  Ingram Micro Holding Corp.<sup>(a)</sup> | 20681 |  | 366881 |
|  IPG Photonics Corp.<sup>(a)(b)</sup> | 42304 |  | 2671075 |
|  Jabil, Inc.<sup>(a)</sup> | 153208 |  | 20847013 |
|  Keysight Technologies, Inc.<sup>(b)</sup> | 271839 |  | 40713327 |
|  Littelfuse, Inc. | 37888 |  | 7454085 |
|  TD SYNNEX Corp. | 118216 |  | 12289735 |
|  Teledyne Technologies, Inc.<sup>(a)(b)</sup> | 72537 |  | 36102390 |
|  Trimble, Inc.<sup>(a)(b)</sup> | 380934 |  | 25008317 |
|  Vontier Corp. | 233685 |  | 7676552 |
|  Zebra Technologies Corp., Class A<sup>(b)</sup> | 62709 |  | 17719055 |
|  |  |  | 281426848 |
| **Energy Equipment & Services — 1.0%** |  |  |  |
|  Baker Hughes Co., Class A | 1560198 |  | 68570702 |
|  Halliburton Co. | 1377353 |  | 34943446 |
|  NOV, Inc. | 603555 |  | 9186107 |
|  TechnipFMC PLC | 663914 |  | 21039435 |
|  |  |  | 133739690 |
| **Entertainment — 1.6%** |  |  |  |
|  Electronic Arts, Inc. | 412300 |  | 59585596 |
|  Liberty Media Corp. - Liberty Formula One, Class A<sup>(b)</sup> | 23314 |  | 1899392 |
|  Liberty Media Corp. - Liberty Formula One, Class C, NVS<sup>(b)</sup> | 210453 |  | 18942875 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Entertainment (continued)** |  |  |
|  Liberty Media Corp. - Liberty Live, Class A<sup>(b)</sup> | 30814 | $2071933 |
|  Liberty Media Corp. - Liberty Live, Class C, NVS<sup>(b)</sup> | 71763 | 4889931 |
|  Madison Square Garden Sports Corp., Class A<sup>(b)</sup>  | 26673 | 5193767 |
|  Playtika Holding Corp. | 108752 | 562248 |
|  Roku, Inc., Class A<sup>(b)</sup> | 168678 | 11881678 |
|  Take-Two Interactive Software, Inc.<sup>(a)(b)</sup> | 268984 | 55746934 |
|  TKO Group Holdings, Inc., Class A | 106751 | 16312620 |
|  Warner Bros Discovery, Inc., Class A<sup>(b)</sup> | 3778243 | 40540547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217627521 |
| **Financial Services — 1.6%** |  |  |
|  Affirm Holdings, Inc., Class A<sup>(b)</sup> | 405879 | 18341672 |
|  Block, Inc., Class A<sup>(a)(b)</sup> | 500608 | 27198033 |
|  Euronet Worldwide, Inc.<sup>(b)</sup> | 65062 | 6951875 |
|  Fidelity National Information Services, Inc. | 842578 | 62923725 |
|  Global Payments, Inc. | 397082 | 38882270 |
|  Jack Henry & Associates, Inc. | 113175 | 20665755 |
|  MGIC Investment Corp. | 394530 | 9776453 |
|  Rocket Cos., Inc., Class A<sup>(a)</sup> | 218492 | 2637198 |
|  TFS Financial Corp. | 78403 | 971413 |
|  UWM Holdings Corp., Class A | 58037 | 316882 |
|  Voya Financial, Inc. | 150770 | 10216175 |
|  Western Union Co. (The) | 377551 | 3994490 |
|  WEX, Inc.<sup>(a)(b)</sup> | 56016 | 8795632 |
|  |  | 211671573 |
| **Food Products — 2.6%** |  |  |
|  Archer-Daniels-Midland Co. | 744911 | 35763177 |
|  Bunge Global SA | 207658 | 15869224 |
|  Conagra Brands, Inc. | 745116 | 19872244 |
|  Darling Ingredients, Inc.<sup>(a)(b)</sup> | 245872 | 7681041 |
|  Flowers Foods, Inc. | 292050 | 5551871 |
|  Freshpet, Inc.<sup>(b)</sup> | 49833 | 4144611 |
|  General Mills, Inc. | 862879 | 51591535 |
|  Hershey Co. (The) | 195728 | 33475360 |
|  Hormel Foods Corp. | 454825 | 14072286 |
|  Ingredion, Inc. | 102833 | 13904050 |
|  J M Smucker Co. (The) | 161139 | 19080469 |
|  Kellanova | 408962 | 33735275 |
|  Lamb Weston Holdings, Inc. | 149804 | 7984553 |
|  McCormick & Co., Inc., NVS | 392858 | 32336142 |
|  Pilgrim's Pride Corp.<sup>(b)</sup> | 60028 | 3272126 |
|  Post Holdings, Inc.<sup>(a)(b)</sup> | 81546 | 9488693 |
|  Seaboard Corp. | 370 | 997934 |
|  Smithfield Foods, Inc.<sup>(b)</sup> | 36205 | 738220 |
|  The Campbell's Co. | 298640 | 11921709 |
|  Tyson Foods, Inc., Class A | 438950 | 28009399 |
|  |  | 349489919 |
| **Gas Utilities — 0.5%** |  |  |
|  Atmos Energy Corp. | 241682 | 37359203 |
|  MDU Resources Group, Inc. | 316524 | 5352421 |
|  National Fuel Gas Co. | 138722 | 10985395 |
|  UGI Corp. | 335309 | 11088669 |
|  |  | 64785688 |
| **Ground Transportation — 0.5%** |  |  |
|  Avis Budget Group, Inc.<sup>(b)</sup> | 16404 | 1245064 |
|  JB Hunt Transport Services, Inc. | 126175 | 18667591 |
|  Knight-Swift Transportation Holdings, Inc. | 243310 | 10581552 |
|  Landstar System, Inc. | 54753 | 8223901 |
|  Lyft, Inc., Class A<sup>(a)(b)</sup> | 176083 | 2090105 |
|  Ryder System, Inc. | 64773 | 9315005 |
|  Saia, Inc.<sup>(a)(b)</sup> | 17122 | 5982940 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Ground Transportation (continued)** |  |  |  |
|  Schneider National, Inc., Class B | 73734 | $| 1684822 |
|  U-Haul Holding Co.<sup>(a)(b)</sup> | 7013 |  | 458370 |
|  U-Haul Holding Co., NVS | 88743 |  | 5251811 |
|  |  |  | 63501161 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
|  Align Technology, Inc.<sup>(b)</sup> | 48496 |  | 7704075 |
|  Baxter International, Inc. | 791744 |  | 27101397 |
|  Cooper Cos., Inc. (The)<sup>(b)</sup> | 304787 |  | 25708783 |
|  DENTSPLY SIRONA, Inc. | 305762 |  | 4568084 |
|  Enovis Corp.<sup>(a)(b)</sup> | 87629 |  | 3348304 |
|  Envista Holdings Corp.<sup>(b)</sup> | 267927 |  | 4624420 |
|  GE HealthCare Technologies, Inc. | 642688 |  | 51871349 |
|  Globus Medical, Inc., Class A<sup>(b)</sup> | 173411 |  | 12693685 |
|  Hologic, Inc.<sup>(a)(b)</sup> | 346198 |  | 21384650 |
|  Masimo Corp.<sup>(b)</sup> | 32537 |  | 5420664 |
|  QuidelOrtho Corp.<sup>(a)(b)</sup> | 101096 |  | 3535327 |
|  ResMed, Inc. | 165010 |  | 36937489 |
|  Solventum Corp.<sup>(b)</sup> | 216233 |  | 16442357 |
|  STERIS PLC | 153752 |  | 34847891 |
|  Teleflex, Inc. | 72292 |  | 9990032 |
|  Zimmer Biomet Holdings, Inc. | 308783 |  | 34948060 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301126567 |
| **Health Care Providers & Services — 2.1%** |  |  |  |
|  Acadia Healthcare Co., Inc.<sup>(b)</sup> | 141561 |  | 4292129 |
|  Amedisys, Inc.<sup>(b)</sup> | 49981 |  | 4629740 |
|  Cardinal Health, Inc. | 154717 |  | 21315361 |
|  Centene Corp.<sup>(b)</sup> | 788797 |  | 47887866 |
|  Chemed Corp. | 20586 |  | 12666977 |
|  Encompass Health Corp. | 155274 |  | 15726151 |
|  Henry Schein, Inc.<sup>(b)</sup> | 192486 |  | 13183366 |
|  Humana, Inc. | 188081 |  | 49766233 |
|  Labcorp Holdings, Inc. | 131235 |  | 30543634 |
|  Molina Healthcare, Inc.<sup>(a)(b)</sup> | 33020 |  | 10876458 |
|  Premier, Inc., Class A | 150335 |  | 2898459 |
|  Quest Diagnostics, Inc. | 172874 |  | 29250281 |
|  Tenet Healthcare Corp.<sup>(b)</sup> | 148428 |  | 19963566 |
|  Universal Health Services, Inc., Class B | 88669 |  | 16660905 |
|  |  |  | 279661126 |
| **Health Care REITs — 0.9%** |  |  |  |
|  Alexandria Real Estate Equities, Inc. | 266313 |  | 24636616 |
|  Healthcare Realty Trust, Inc. | 550287 |  | 9299850 |
|  Healthpeak Properties, Inc. | 1090353 |  | 22046938 |
|  Medical Properties Trust, Inc.<sup>(a)</sup> | 923590 |  | 5569248 |
|  Omega Healthcare Investors, Inc. | 423855 |  | 16140398 |
|  Ventas, Inc. | 652535 |  | 44868306 |
|  |  |  | 122561356 |
| **Health Care Technology — 0.1%** |  |  |  |
|  Certara, Inc.<sup>(b)</sup> | 187238 |  | 1853656 |
|  Doximity, Inc., Class A<sup>(b)</sup> | 181030 |  | 10505171 |
|  |  |  | 12358827 |
| **Hotel & Resort REITs — 0.1%** |  |  |  |
|  Host Hotels & Resorts, Inc. | 1091045 |  | 15503749 |
|  Park Hotels & Resorts, Inc. | 322639 |  | 3445785 |
|  |  |  | 18949534 |
| **Hotels, Restaurants & Leisure — 2.2%** |  |  |  |
|  Aramark | 408437 |  | 14099245 |
|  Boyd Gaming Corp. | 98787 |  | 6503148 |
|  Caesars Entertainment, Inc.<sup>(a)(b)</sup> | 329023 |  | 8225575 |
|  Carnival Corp.<sup>(b)</sup> | 1604493 |  | 31335748 |
|  Choice Hotels International, Inc.<sup>(a)</sup> | 6331 |  | 840630 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** |  |  |  |
|  Darden Restaurants, Inc. | 86508 | $| 17972902 |
|  Domino's Pizza, Inc. | 35315 |  | 16225477 |
|  Dutch Bros, Inc., Class A<sup>(b)</sup> | 103181 |  | 6370395 |
|  Hilton Worldwide Holdings, Inc. | 182317 |  | 41486233 |
|  Hyatt Hotels Corp., Class A | 54628 |  | 6691930 |
|  Marriott Vacations Worldwide Corp. | 54078 |  | 3473971 |
|  MGM Resorts International<sup>(a)(b)</sup> | 356709 |  | 10572855 |
|  Penn Entertainment, Inc.<sup>(a)(b)</sup> | 230028 |  | 3751757 |
|  Planet Fitness, Inc., Class A<sup>(a)(b)</sup> | 60187 |  | 5814666 |
|  Royal Caribbean Cruises Ltd. | 241526 |  | 49619102 |
|  Travel + Leisure Co. | 104113 |  | 4819391 |
|  Vail Resorts, Inc. | 9368 |  | 1499067 |
|  Wendy's Co. (The) | 136222 |  | 1992928 |
|  Wyndham Hotels & Resorts, Inc. | 107722 |  | 9749918 |
|  Wynn Resorts Ltd. | 144948 |  | 12103158 |
|  Yum! Brands, Inc. | 270887 |  | 42626778 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295774874 |
| **Household Durables — 2.1%** |  |  |  |
|  DR Horton, Inc. | 442109 |  | 56205317 |
|  Garmin Ltd. | 241583 |  | 52454917 |
|  Leggett & Platt, Inc. | 205582 |  | 1626154 |
|  Lennar Corp., Class A | 359007 |  | 41206823 |
|  Lennar Corp., Class B | 17526 |  | 1911561 |
|  Mohawk Industries, Inc.<sup>(b)</sup> | 81594 |  | 9316403 |
|  Newell Brands, Inc. | 643363 |  | 3988851 |
|  NVR, Inc.<sup>(b)</sup> | 4371 |  | 31665229 |
|  PulteGroup, Inc. | 317774 |  | 32667167 |
|  SharkNinja, Inc.<sup>(b)</sup> | 82911 |  | 6915606 |
|  Toll Brothers, Inc. | 156281 |  | 16501711 |
|  TopBuild Corp.<sup>(b)</sup> | 42294 |  | 12897555 |
|  Whirlpool Corp. | 83419 |  | 7518554 |
|  |  |  | 274875848 |
| **Household Products — 0.4%** |  |  |  |
|  Church & Dwight Co., Inc. | 380751 |  | 41916877 |
|  Reynolds Consumer Products, Inc. | 87067 |  | 2077419 |
|  Spectrum Brands Holdings, Inc. | 42345 |  | 3029785 |
|  |  |  | 47024081 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
|  AES Corp. (The) | 1114957 |  | 13847766 |
|  Brookfield Renewable Corp.<sup>(a)</sup> | 211322 |  | 5900110 |
|  Clearway Energy, Inc., Class A | 53893 |  | 1533795 |
|  Clearway Energy, Inc., Class C | 126172 |  | 3819227 |
|  |  |  | 25100898 |
| **Industrial REITs — 0.5%** |  |  |  |
|  Americold Realty Trust, Inc. | 445768 |  | 9566181 |
|  EastGroup Properties, Inc. | 76069 |  | 13399554 |
|  First Industrial Realty Trust, Inc. | 204809 |  | 11051494 |
|  Lineage, Inc.<sup>(a)</sup> | 96185 |  | 5639326 |
|  Rexford Industrial Realty, Inc. | 343645 |  | 13453702 |
|  STAG Industrial, Inc. | 282790 |  | 10214375 |
|  |  |  | 63324632 |
| **Insurance — 7.3%** |  |  |  |
|  Aflac, Inc. | 862924 |  | 95948520 |
|  Allstate Corp. (The) | 346639 |  | 71778538 |
|  American Financial Group, Inc. | 114446 |  | 15031338 |
|  Arch Capital Group Ltd. | 565929 |  | 54431051 |
|  Arthur J. Gallagher & Co. | 357493 |  | 123420883 |
|  Assurant, Inc. | 81234 |  | 17038832 |
|  Assured Guaranty Ltd. | 78312 |  | 6899287 |
|  Axis Capital Holdings Ltd. | 119549 |  | 11983592 |

---

S C H E D U L E O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance (continued)** |  |  |
|  Brighthouse Financial, Inc.<sup>(b)</sup> | 94871 | $5501569 |
|  Brown & Brown, Inc.<sup>(a)</sup> | 211201 | 26273404 |
|  Cincinnati Financial Corp. | 240868 | 35581021 |
|  CNA Financial Corp. | 40713 | 2067813 |
|  Everest Group Ltd. | 56190 | 20415513 |
|  Fidelity National Financial, Inc., Class A | 404755 | 26341455 |
|  First American Financial Corp. | 156776 | 10289209 |
|  Globe Life, Inc. | 130634 | 17207111 |
|  Hanover Insurance Group, Inc. (The) | 57510 | 10003865 |
|  Hartford Insurance Group, Inc. (The) | 452239 | 55955532 |
|  Kemper Corp. | 99189 | 6630785 |
|  Lincoln National Corp. | 253726 | 9111301 |
|  Loews Corp. | 282841 | 25995916 |
|  Markel Group, Inc.<sup>(a)(b)</sup> | 15261 | 28532118 |
|  Old Republic International Corp. | 368497 | 14452452 |
|  Primerica, Inc. | 52529 | 14946076 |
|  Principal Financial Group, Inc. | 355174 | 29966030 |
|  Prudential Financial, Inc. | 560783 | 62628245 |
|  Reinsurance Group of America, Inc. | 103756 | 20429556 |
|  RenaissanceRe Holdings Ltd. | 81312 | 19514880 |
|  RLI Corp. | 123511 | 9921639 |
|  Unum Group | 279014 | 22728480 |
|  W R Berkley Corp. | 463172 | 32959320 |
|  White Mountains Insurance Group Ltd.<sup>(a)</sup> | 3957 | 7620430 |
|  Willis Towers Watson PLC | 157461 | 53213945 |
|  |  | 964819706 |
| **Interactive Media & Services — 0.2%** |  |  |
|  IAC, Inc.<sup>(a)(b)</sup> | 115909 | 5324860 |
|  Match Group, Inc. | 392132 | 12234518 |
|  TripAdvisor, Inc.<sup>(a)(b)</sup> | 159607 | 2261631 |
|  Trump Media & Technology Group Corp., Class A<sup>(a)(b)</sup> | 43400 | 848036 |
|  ZoomInfo Technologies, Inc., Class A<sup>(b)</sup> | 441203 | 4412030 |
|  |  | 25081075 |
| **IT Services — 1.4%** |  |  |
|  Akamai Technologies, Inc.<sup>(b)</sup> | 232110 | 18684855 |
|  Amdocs Ltd. | 174821 | 15996121 |
|  Cognizant Technology Solutions Corp., Class A | 776511 | 59403091 |
|  DXC Technology Co.<sup>(b)</sup> | 280974 | 4790607 |
|  EPAM Systems, Inc.<sup>(b)</sup> | 80509 | 13593140 |
|  Globant SA<sup>(a)(b)</sup> | 16262 | 1914363 |
|  Kyndryl Holdings, Inc.<sup>(a)(b)</sup> | 355578 | 11165149 |
|  Okta, Inc., Class A<sup>(b)</sup> | 140841 | 14819290 |
|  Twilio, Inc., Class A<sup>(b)</sup> | 191492 | 18748982 |
|  VeriSign, Inc.<sup>(b)</sup> | 121462 | 30835558 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189951156 |
| **Leisure Products — 0.2%** |  |  |
|  Brunswick Corp. | 102174 | 5502070 |
|  Hasbro, Inc. | 27599 | 1697063 |
|  Mattel, Inc.<sup>(b)</sup> | 525558 | 10211592 |
|  Polaris, Inc. | 81578 | 3339803 |
|  YETI Holdings, Inc.<sup>(a)(b)</sup> | 90790 | 3005149 |
|  |  | 23755677 |
| **Life Sciences Tools & Services — 2.1%** |  |  |
|  10X Genomics, Inc., Class A<sup>(b)</sup> | 57355 | 500709 |
|  Agilent Technologies, Inc. | 448042 | 52411953 |
|  Avantor, Inc.<sup>(a)(b)</sup> | 1061061 | 17199799 |
|  Azenta, Inc.<sup>(b)</sup> | 62273 | 2157137 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(a)(b)</sup> | 29437 | 7169676 |
|  Bio-Techne Corp. | 246708 | 14464490 |
|  Bruker Corp.<sup>(a)</sup> | 63222 | 2638886 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Life Sciences Tools & Services (continued)** |  |  |
|  Charles River Laboratories International, Inc.<sup>(b)</sup> | 79561 | $11975522 |
|  Fortrea Holdings, Inc.<sup>(b)</sup> | 124399 | 939212 |
|  Illumina, Inc.<sup>(b)</sup> | 248938 | 19750741 |
|  IQVIA Holdings, Inc.<sup>(b)</sup> | 249411 | 43971159 |
|  Mettler-Toledo International, Inc.<sup>(a)(b)</sup> | 32447 | 38316987 |
|  QIAGEN NV<sup>(a)</sup> | 339610 | 13635342 |
|  Repligen Corp.<sup>(b)</sup> | 74051 | 9422249 |
|  Revvity, Inc.<sup>(a)</sup> | 188924 | 19988159 |
|  Sotera Health Co.<sup>(a)(b)</sup> | 234883 | 2738736 |
|  Waters Corp.<sup>(b)</sup> | 35716 | 13163846 |
|  West Pharmaceutical Services, Inc. | 44215 | 9898854 |
|  |  | 280343457 |
| **Machinery — 4.9%** |  |  |
|  AGCO Corp. | 96392 | 8923007 |
|  Allison Transmission Holdings, Inc. | 135760 | 12988159 |
|  CNH Industrial NV | 1366797 | 16784267 |
|  Crane Co. | 76617 | 11736192 |
|  Cummins, Inc. | 213150 | 66809736 |
|  Donaldson Co., Inc. | 186513 | 12507562 |
|  Dover Corp. | 214158 | 37623277 |
|  Esab Corp. | 87813 | 10230214 |
|  Flowserve Corp. | 207045 | 10112078 |
|  Fortive Corp.<sup>(a)</sup> | 542231 | 39680465 |
|  Gates Industrial Corp. PLC<sup>(b)</sup> | 369505 | 6802587 |
|  Graco, Inc. | 261001 | 21796194 |
|  IDEX Corp. | 118530 | 21450374 |
|  Ingersoll Rand, Inc. | 629544 | 50382406 |
|  ITT, Inc. | 128509 | 16598222 |
|  Lincoln Electric Holdings, Inc. | 61849 | 11699357 |
|  Middleby Corp. (The)<sup>(a)(b)</sup> | 82949 | 12606589 |
|  Nordson Corp. | 88976 | 17948239 |
|  Oshkosh Corp. | 101821 | 9579320 |
|  Otis Worldwide Corp. | 622941 | 64287511 |
|  Pentair PLC | 257597 | 22534586 |
|  RBC Bearings, Inc.<sup>(b)</sup> | 44329 | 14263742 |
|  Snap-on, Inc. | 80901 | 27264446 |
|  Stanley Black & Decker, Inc. | 241259 | 18547992 |
|  Timken Co. (The) | 100665 | 7234794 |
|  Toro Co. (The) | 158013 | 11495446 |
|  Westinghouse Air Brake Technologies Corp. | 266351 | 48302754 |
|  Xylem, Inc. | 376985 | 45034628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655224144 |
| **Marine Transportation — 0.1%** |  |  |
|  Kirby Corp.<sup>(b)</sup> | 88145 | 8903527 |
| **Media — 1.5%** |  |  |
|  Charter Communications, Inc., Class A<sup>(b)</sup> | 144259 | 53163769 |
|  Fox Corp., Class A, NVS | 344586 | 19503568 |
|  Fox Corp., Class B | 209631 | 11049650 |
|  Interpublic Group of Cos., Inc. (The) | 584374 | 15871598 |
|  Liberty Broadband Corp., Class A<sup>(b)</sup> | 19283 | 1639055 |
|  Liberty Broadband Corp., Class C, NVS<sup>(b)</sup> | 130734 | 11118927 |
|  New York Times Co. (The), Class A | 248178 | 12309629 |
|  News Corp., Class A, NVS | 597328 | 16259268 |
|  News Corp., Class B | 176837 | 5370540 |
|  Nexstar Media Group, Inc., Class A | 28211 | 5055975 |
|  Omnicom Group, Inc. | 302252 | 25059713 |
|  Paramount Global, Class A<sup>(a)</sup> | 11046 | 251296 |
|  Paramount Global, Class B, NVS | 922278 | 11030445 |
|  Sirius XM Holdings, Inc. | 335323 | 7559857 |
|  |  | 195243290 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Metals & Mining — 1.2%** |  |  |  |
|  Alcoa Corp. | 384226 | $| 11718893 |
|  ATI, Inc.<sup>(a)(b)</sup> | 193747 |  | 10080656 |
|  Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | 505394 |  | 4154339 |
|  MP Materials Corp., Class A<sup>(a)(b)</sup> | 204561 |  | 4993334 |
|  Nucor Corp. | 365369 |  | 43968506 |
|  Reliance, Inc. | 83911 |  | 24229301 |
|  Royal Gold, Inc. | 102785 |  | 16806375 |
|  Steel Dynamics, Inc. | 223565 |  | 27963510 |
|  United States Steel Corp. | 349560 |  | 14772406 |
|  |  |  | 158687320 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **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. | 1357746 |  | 13007207 |
|  Annaly Capital Management, Inc. | 874675 |  | 17764649 |
|  Rithm Capital Corp. | 826417 |  | 9462474 |
|  Starwood Property Trust, Inc. | 500684 |  | 9898523 |
|  |  |  | 50132853 |
| **Multi-Utilities — 2.7%** |  |  |  |
|  Ameren Corp. | 415653 |  | 41731561 |
|  CenterPoint Energy, Inc. | 1006126 |  | 36451945 |
|  CMS Energy Corp. | 465280 |  | 34947181 |
|  Consolidated Edison, Inc. | 540302 |  | 59751998 |
|  DTE Energy Co. | 322916 |  | 44649595 |
|  NiSource, Inc. | 728126 |  | 29190571 |
|  Public Service Enterprise Group, Inc. | 777839 |  | 64016150 |
|  WEC Energy Group, Inc. | 493417 |  | 53772585 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364511586 |
| **Office REITs — 0.3%** |  |  |  |
|  BXP, Inc. | 245876 |  | 16520409 |
|  Cousins Properties, Inc. | 261947 |  | 7727437 |
|  Highwoods Properties, Inc. | 160671 |  | 4762288 |
|  Kilroy Realty Corp. | 183299 |  | 6004875 |
|  Vornado Realty Trust | 274663 |  | 10159784 |
|  |  |  | 45174793 |
| **Oil, Gas & Consumable Fuels — 5.2%** |  |  |  |
|  Antero Midstream Corp. | 331976 |  | 5975568 |
|  Antero Resources Corp.<sup>(b)</sup> | 454635 |  | 18385439 |
|  APA Corp. | 563114 |  | 11836656 |
|  Cheniere Energy, Inc. | 170890 |  | 39543946 |
|  Chord Energy Corp. | 94479 |  | 10649673 |
|  Civitas Resources, Inc. | 108675 |  | 3791671 |
|  Coterra Energy, Inc. | 1139244 |  | 32924152 |
|  Devon Energy Corp. | 971244 |  | 36324526 |
|  Diamondback Energy, Inc. | 294255 |  | 47045489 |
|  DT Midstream, Inc. | 157726 |  | 15217404 |
|  EQT Corp. | 862684 |  | 46093206 |
|  Expand Energy Corp. | 359631 |  | 40034123 |
|  Hess Corp. | 153673 |  | 24546188 |
|  HF Sinclair Corp. | 240888 |  | 7920397 |
|  Kinder Morgan, Inc. | 3024528 |  | 86289784 |
|  Matador Resources Co. | 170253 |  | 8698226 |
|  New Fortress Energy, Inc., Class A<sup>(a)</sup> | 61418 |  | 510384 |
|  ONEOK, Inc. | 967834 |  | 96028490 |
|  Ovintiv, Inc. | 406250 |  | 17387500 |
|  Permian Resources Corp., Class A | 801794 |  | 11104847 |
|  Range Resources Corp. | 370647 |  | 14799935 |
|  Viper Energy, Inc., Class A | 141528 |  | 6389989 |
|  Williams Cos., Inc. (The) | 1898766 |  | 113470256 |
|  |  |  | 694967849 |
| **Paper & Forest Products — 0.0%** |  |  |  |
|  Louisiana-Pacific Corp. | 29352 |  | 2699797 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Passenger Airlines — 1.0%** |  |  |  |
|  Alaska Air Group, Inc.<sup>(b)</sup> | 191111 | $| 9406483 |
|  American Airlines Group, Inc.<sup>(a)(b)</sup> | 952624 |  | 10050183 |
|  Delta Air Lines, Inc. | 1007176 |  | 43912874 |
|  Southwest Airlines Co. | 929517 |  | 31213181 |
|  United Airlines Holdings, Inc.<sup>(b)</sup> | 510445 |  | 35246227 |
|  |  |  | 129828948 |
| **Personal Care Products — 0.7%** |  |  |  |
|  BellRing Brands, Inc.<sup>(b)</sup> | 202118 |  | 15049706 |
|  Coty, Inc., Class A<sup>(b)</sup> | 595267 |  | 3256111 |
|  Kenvue, Inc. | 2987630 |  | 71643367 |
|  |  |  | 89949184 |
| **Pharmaceuticals — 0.5%** |  |  |  |
|  Elanco Animal Health, Inc.<sup>(b)</sup> | 775337 |  | 8141038 |
|  Jazz Pharmaceuticals PLC<sup>(a)(b)</sup> | 92525 |  | 11486979 |
|  Organon & Co. | 401911 |  | 5984455 |
|  Perrigo Co. PLC | 209055 |  | 5861902 |
|  Royalty Pharma PLC, Class A | 604637 |  | 18822350 |
|  Viatris, Inc. | 1858137 |  | 16184373 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66481097 |
| **Professional Services — 2.3%** |  |  |  |
|  Amentum Holdings, Inc.<sup>(b)</sup> | 230895 |  | 4202289 |
|  Broadridge Financial Solutions, Inc. | 16085 |  | 3899969 |
|  CACI International, Inc., Class A<sup>(b)</sup> | 34452 |  | 12641128 |
|  Clarivate PLC<sup>(a)(b)</sup> | 600716 |  | 2360814 |
|  Concentrix Corp. | 73912 |  | 4112464 |
|  Dayforce, Inc.<sup>(a)(b)</sup> | 211174 |  | 12317779 |
|  Dun & Bradstreet Holdings, Inc. | 478111 |  | 4274312 |
|  Equifax, Inc. | 153306 |  | 37339209 |
|  FTI Consulting, Inc.<sup>(b)</sup> | 54929 |  | 9012750 |
|  Genpact Ltd. | 267789 |  | 13491210 |
|  Jacobs Solutions, Inc. | 192008 |  | 23211847 |
|  KBR, Inc. | 191034 |  | 9515404 |
|  Leidos Holdings, Inc. | 207267 |  | 27968609 |
|  ManpowerGroup, Inc. | 71537 |  | 4140562 |
|  Parsons Corp.<sup>(b)</sup> | 71234 |  | 4217765 |
|  Paychex, Inc. | 321742 |  | 49638356 |
|  Paycom Software, Inc. | 29099 |  | 6357550 |
|  Paycor HCM, Inc.<sup>(a)(b)</sup> | 115059 |  | 2581924 |
|  Robert Half, Inc. | 156894 |  | 8558568 |
|  Science Applications International Corp. | 75698 |  | 8498614 |
|  SS&C Technologies Holdings, Inc. | 337500 |  | 28191375 |
|  TransUnion | 285849 |  | 23722608 |
|  |  |  | 300255106 |
| **Real Estate Management & Development — 1.1%** | **Real Estate Management & Development — 1.1%** | **Real Estate Management & Development — 1.1%** | **Real Estate Management & Development — 1.1%** |
|  CBRE Group, Inc., Class A<sup>(b)</sup> | 477162 |  | 62403247 |
|  CoStar Group, Inc.<sup>(b)</sup> | 647784 |  | 51323926 |
|  Howard Hughes Holdings, Inc.<sup>(b)</sup> | 48439 |  | 3588361 |
|  Jones Lang LaSalle, Inc.<sup>(b)</sup> | 50531 |  | 12527140 |
|  Seaport Entertainment Group, Inc.<sup>(a)(b)</sup> | 12445 |  | 267194 |
|  Zillow Group, Inc., Class A<sup>(a)(b)</sup> | 73078 |  | 4885995 |
|  Zillow Group, Inc., Class C, NVS<sup>(b)</sup> | 241717 |  | 16572118 |
|  |  |  | 151567981 |
| **Residential REITs — 2.2%** |  |  |  |
|  American Homes 4 Rent, Class A | 524290 |  | 19823405 |
|  AvalonBay Communities, Inc. | 221294 |  | 47494118 |
|  Camden Property Trust | 161978 |  | 19809909 |
|  Equity LifeStyle Properties, Inc. | 294275 |  | 19628143 |
|  Equity Residential | 589255 |  | 42178873 |
|  Essex Property Trust, Inc. | 99664 |  | 30553993 |
|  Invitation Homes, Inc. | 952145 |  | 33182253 |

---

S C H E D U L E O F I N V E S T M E N T S 33

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Residential REITs (continued)** |  |  |  |
|  Mid-America Apartment Communities, Inc. | 181104 | $| 30349408 |
|  Sun Communities, Inc. | 196708 |  | 25304517 |
|  UDR, Inc. | 512618 |  | 23154955 |
|  |  |  | 291479574 |
| **Retail REITs — 1.8%** |  |  |  |
|  Agree Realty Corp. | 159013 |  | 12274213 |
|  Brixmor Property Group, Inc. | 473210 |  | 12563726 |
|  Federal Realty Investment Trust | 131513 |  | 12864602 |
|  Kimco Realty Corp. | 1029202 |  | 21860251 |
|  NNN REIT, Inc. | 290468 |  | 12388460 |
|  Realty Income Corp. | 1360326 |  | 78912511 |
|  Regency Centers Corp. | 281265 |  | 20746106 |
|  Simon Property Group, Inc. | 377030 |  | 62617142 |
|  |  |  | 234227011 |
| **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** |
|  Allegro MicroSystems, Inc.<sup>(a)(b)</sup> | 180384 |  | 4533050 |
|  Amkor Technology, Inc. | 172575 |  | 3116704 |
|  Astera Labs, Inc.<sup>(a)(b)</sup> | 163397 |  | 9749899 |
|  Cirrus Logic, Inc.<sup>(b)</sup> | 82924 |  | 8263791 |
|  First Solar, Inc.<sup>(b)</sup> | 166320 |  | 21027838 |
|  GLOBALFOUNDRIES, Inc.<sup>(a)(b)</sup> | 153988 |  | 5683697 |
|  Lattice Semiconductor Corp.<sup>(b)</sup> | 28078 |  | 1472691 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(b)</sup> | 96409 |  | 9677535 |
|  Microchip Technology, Inc. | 827263 |  | 40047802 |
|  MKS Instruments, Inc. | 97791 |  | 7837949 |
|  ON Semiconductor Corp.<sup>(a)(b)</sup> | 661120 |  | 26900973 |
|  Onto Innovation, Inc.<sup>(b)</sup> | 57104 |  | 6928999 |
|  Qorvo, Inc.<sup>(b)</sup> | 144807 |  | 10485475 |
|  Skyworks Solutions, Inc. | 251382 |  | 16246819 |
|  Teradyne, Inc. | 21537 |  | 1778956 |
|  Universal Display Corp. | 36134 |  | 5039970 |
|  Wolfspeed, Inc.<sup>(a)(b)</sup> | 233797 |  | 715419 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179507567 |
| **Software — 2.2%** |  |  |  |
|  ANSYS, Inc.<sup>(b)</sup> | 136111 |  | 43087298 |
|  BILL Holdings, Inc.<sup>(b)</sup> | 117957 |  | 5413047 |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)(b)</sup> | 752282 |  | 6793106 |
|  Dolby Laboratories, Inc., Class A | 94286 |  | 7572109 |
|  DoubleVerify Holdings, Inc.<sup>(b)</sup> | 97922 |  | 1309217 |
|  Dropbox, Inc., Class A<sup>(b)</sup> | 242779 |  | 6484627 |
|  Fair Isaac Corp.<sup>(b)</sup> | 5690 |  | 10493270 |
|  Gen Digital, Inc. | 848192 |  | 22511016 |
|  Guidewire Software, Inc.<sup>(b)</sup> | 69330 |  | 12989669 |
|  Informatica, Inc., Class A<sup>(a)(b)</sup> | 125719 |  | 2193797 |
|  MicroStrategy, Inc., Class A<sup>(a)(b)</sup> | 337685 |  | 97344455 |
|  nCino, Inc.<sup>(a)(b)</sup> | 49152 |  | 1350205 |
|  Nutanix, Inc., Class A<sup>(b)</sup> | 279297 |  | 19497724 |
|  PTC, Inc.<sup>(b)</sup> | 72279 |  | 11199631 |
|  SentinelOne, Inc., Class A<sup>(a)(b)</sup> | 366005 |  | 6653971 |
|  Tyler Technologies, Inc.<sup>(b)</sup> | 9973 |  | 5798203 |
|  UiPath, Inc., Class A<sup>(a)(b)</sup> | 97750 |  | 1006825 |
|  Unity Software, Inc.<sup>(a)(b)</sup> | 264604 |  | 5183592 |
|  Zoom Communications, Inc., Class A<sup>(b)</sup> | 411334 |  | 30344109 |
|  |  |  | 297225871 |
| **Specialized REITs — 3.0%** |  |  |  |
|  Crown Castle, Inc. | 678261 |  | 70695144 |
|  CubeSmart | 349915 |  | 14944870 |
|  Digital Realty Trust, Inc. | 516978 |  | 74077777 |
|  EPR Properties | 117716 |  | 6193039 |
|  Extra Space Storage, Inc. | 326279 |  | 48449169 |
|  Gaming & Leisure Properties, Inc. | 409195 |  | 20828025 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Specialized REITs (continued)** |  |  |  |
|  Iron Mountain, Inc. | 195377 | $| 16810237 |
|  Lamar Advertising Co., Class A | 102610 |  | 11674966 |
|  Millrose Properties, Inc., Class A<sup>(b)</sup> | 189095 |  | 5012908 |
|  National Storage Affiliates Trust | 110744 |  | 4363313 |
|  Rayonier, Inc. | 240536 |  | 6706144 |
|  SBA Communications Corp., Class A | 167069 |  | 36756851 |
|  VICI Properties, Inc. | 1642261 |  | 53570554 |
|  Weyerhaeuser Co. | 1135096 |  | 33235611 |
|  |  |  | 403318608 |
| **Specialty Retail — 1.7%** |  |  |  |
|  Advance Auto Parts, Inc. | 92379 |  | 3622181 |
|  AutoNation, Inc.<sup>(b)</sup> | 40474 |  | 6553550 |
|  Bath & Body Works, Inc. | 341471 |  | 10353401 |
|  Best Buy Co., Inc. | 332664 |  | 24487397 |
|  CarMax, Inc.<sup>(a)(b)</sup> | 225986 |  | 17608829 |
|  Carvana Co., Class A<sup>(a)(b)</sup> | 109713 |  | 22938794 |
|  Dick's Sporting Goods, Inc. | 79386 |  | 16001042 |
|  Five Below, Inc.<sup>(b)</sup> | 17738 |  | 1329020 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)(b)</sup> | 104375 |  | 8399056 |
|  GameStop Corp., Class A<sup>(a)(b)</sup> | 611416 |  | 13646805 |
|  Gap, Inc. (The) | 318466 |  | 6563584 |
|  Lithia Motors, Inc., Class A | 40776 |  | 11969387 |
|  Penske Automotive Group, Inc. | 29067 |  | 4185067 |
|  RH<sup>(a)(b)</sup> | 18712 |  | 4386280 |
|  Ross Stores, Inc. | 390694 |  | 49926786 |
|  Ulta Beauty, Inc.<sup>(b)</sup> | 9725 |  | 3564602 |
|  Wayfair, Inc., Class A<sup>(a)(b)</sup> | 149335 |  | 4783200 |
|  Williams-Sonoma, Inc. | 77551 |  | 12260813 |
|  |  |  | 222579794 |
| **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** |
|  Hewlett Packard Enterprise Co. | 2052119 |  | 31664196 |
|  HP, Inc. | 1114545 |  | 30861751 |
|  NetApp, Inc. | 175368 |  | 15404325 |
|  Pure Storage, Inc., Class A<sup>(b)</sup> | 61325 |  | 2714858 |
|  Sandisk Corp.<sup>(b)</sup> | 180085 |  | 8573847 |
|  Western Digital Corp.<sup>(b)</sup> | 540301 |  | 21844369 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111063346 |
| **Textiles, Apparel & Luxury Goods — 0.7%** |  |  |  |
|  Amer Sports, Inc.<sup>(a)(b)</sup> | 98413 |  | 2630580 |
|  Birkenstock Holding PLC<sup>(a)(b)</sup> | 61144 |  | 2803453 |
|  Capri Holdings Ltd.<sup>(a)(b)</sup> | 177695 |  | 3505922 |
|  Carter's, Inc. | 54798 |  | 2241238 |
|  Columbia Sportswear Co. | 49216 |  | 3725159 |
|  Crocs, Inc.<sup>(b)</sup> | 72960 |  | 7748352 |
|  PVH Corp. | 86564 |  | 5595497 |
|  Ralph Lauren Corp., Class A | 62136 |  | 13715901 |
|  Skechers U.S.A., Inc., Class A<sup>(b)</sup> | 187349 |  | 10637676 |
|  Tapestry, Inc. | 364052 |  | 25632901 |
|  Under Armour, Inc., Class A<sup>(b)</sup> | 293195 |  | 1832469 |
|  Under Armour, Inc., Class C, NVS<sup>(b)</sup> | 297796 |  | 1771886 |
|  VF Corp. | 543910 |  | 8441483 |
|  |  |  | 90282517 |
| **Trading Companies & Distributors — 1.3%** |  |  |  |
|  Air Lease Corp., Class A | 163947 |  | 7920280 |
|  Core & Main, Inc., Class A<sup>(a)(b)</sup> | 102722 |  | 4962500 |
|  Fastenal Co. | 139789 |  | 10840637 |
|  Ferguson Enterprises, Inc. | 290932 |  | 46616034 |
|  MSC Industrial Direct Co., Inc., Class A | 71505 |  | 5553793 |
|  SiteOne Landscape Supply, Inc.<sup>(a)(b)</sup> | 43792 |  | 5318100 |
|  United Rentals, Inc. | 77540 |  | 48594318 |
|  Watsco, Inc. | 53965 |  | 27430409 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |  |
|  WESCO International, Inc. | 65515 | $10174480 |
|  WW Grainger, Inc. | 8855 | 8747235 |
|  |  | 176157786 |
| **Water Utilities — 0.5%** |  |  |
|  American Water Works Co., Inc. | 303687 | 44799906 |
|  Essential Utilities, Inc. | 395121 | 15619133 |
|  |  | 60419039 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $11,832,933,254)** | **Total Long-Term Investments — 99.8%<br>(Cost: $11,832,933,254)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13252327434 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 3.3%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 4.50%<sup>(d)(e)(f)</sup> | 423168776 | 423380361 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 4.31%<sup>(d)(e)</sup> | 14015923 | 14015923 |
|  **Total Short-Term Securities — 3.3%<br>(Cost: $437,187,198)** |  | 437396284 |
|  **Total Investments — 103.1%<br>(Cost: $12,270,120,452)** |  | 13689723718 |
|  **Liabilities in Excess of Other Assets — (3.1)%** | **Liabilities in Excess of Other Assets — (3.1)%** | (407500235) |
|  **Net Assets — 100.0%** |  | $13282223483 |

---

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

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

<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.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares*<br> *Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Funds: Institutional,<br>SL Agency Shares | $324395686 | $98981978 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $46056 | $(43359) | $423380361 | 423168776 | $2065490 <sup>(b)</sup> | $— |
|  BlackRock Cash |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Funds: Treasury,<br>SL Agency Shares | 20880703 |  | (6864780)<sup>(a)</sup> |  |  | 14015923 | 14015923 | 984439 |  |
|  |  |  |  | $46056 | $(43359) | $437396284 |  | $3049929 | $&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.

S C H E D U L E O F I N V E S T M E N T S 35

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Russell Mid-Cap Value ETF** |

---

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 17 | 06/20/25 | $4805 | $43492 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Mid 400 E-Mini Index | 80 | 06/20/25 | 23509 | 351136 |
|  |  |  |  | $394628 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $394628 | $— | $— | $— | $394628 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(1357540) | $— | $— | $— | $(1357540) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(695156) | $— | $— | $— | $(695156) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $35414312 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13252327432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13252327434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 437396284 |  |  | 437396284 |
|  | $13689723716 | $— | $2 | $13689723718 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $394628 | $— | $— | $394628 |

---

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

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 37

------

Statements of Assets and Liabilities

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | iShares<br> Russell 3000 ETF | iShares<br> Russell Mid-Cap<br> Value ETF |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $14362919148 | $13252327434 |
|  Investments, at value — affiliated<sup>(c)</sup> | 267549227 | 437396284 |
|  Cash | 14778 | 2245 |
|  Cash pledged: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1683459 | 1535590 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2242 | 165511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 78122 | 91893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 8472866 | 16004492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 88138 | 91305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 130075 | 52170 |
|  Total assets | 14640938055 | 13707666924 |
|  **LIABILITIES** |  |  |
|  Collateral on securities loaned | 206251866 | 422867867 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2503139 | 2574387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 15088 | 1187 |
|  Total liabilities | 208770093 | 425443441 |
|  **Commitments and contingent liabilities** |  |  |
|  NET ASSETS | $14432167962 | $13282223483 |
|  **NET ASSETS CONSIST OF:** |  |  |
|  Paid-in capital | $10068216880 | $13235523283 |
|  Accumulated earnings | 4363951082 | 46700200 |
|  NET ASSETS | $14432167962 | $13282223483 |
|  **NET ASSET VALUE** |  |  |
|  Shares outstanding | 45450000 | 105400000 |
|  Net asset value | $317.54 | $126.02 |
|  Shares authorized | Unlimited | Unlimited |
|  Par value |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $9629716297 | $11832933254 |
|  <sup>(b) </sup>Securities loaned, at value | $197636657 | $411733603 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $254263411 | $437187198 |

---

*See notes to financial statements.* 

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

------

Statements of Operations

Year Ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | iShares<br> Russell 3000 ETF | iShares<br> Russell Mid-Cap<br>Value ETF |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $191795966 | $243553672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1983671 | 984439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 20985 | 21963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 1200626 | 2065490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (47525) | (121722) |
|  Total investment income | 194953723 | 246503842 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 29532196 | 30641067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 974 | 2309 |
|  Total expenses | 29533170 | 30643376 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment by affiliate |  | (7673) |
|  Total expenses after payment by affiliate | 29533170 | 30635703 |
|  Net investment income | 165420553 | 215868139 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (32094389) | (384595392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (27350) | 46056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (898889) | (1357540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1866 | 11348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | 651912127 | 1466492930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup> | 1593397 |  |
|  | 620486762 | 1080597402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 195193865 | (1064446146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 2937611 | (43359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (258766) | (695156) |
|  | 197872710 | (1065184661) |
|  Net realized and unrealized gain | 818359472 | 15412741 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $983780025 | $231280880 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F O P E R A T I O N S 39

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Russell 3000 ETF | iShares Russell 3000 ETF | iShares Russell Mid-Cap Value ETF | iShares Russell Mid-Cap Value ETF |
|  | Year Ended<br> 03/31/25 | Year Ended<br> 03/31/24 | Year Ended<br> 03/31/25 | Year Ended<br> 03/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $165420553 | $157100133 | $215868139 | $233069958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 620486762 | 654202645 | 1080597402 | 481689892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 197872710 | 2281956309 | (1065184661) | 1640792069 |
|  Net increase in net assets resulting from operations | 983780025 | 3093259087 | 231280880 | 2355551919 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (169322017) | (156637292) | (207879928) | (221935419) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net decrease in net assets derived from capital share transactions | (37513336) | (9302037) | (870180334) | (680739278) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 776944672 | 2927319758 | (846779382) | 1452877222 |
|  Beginning of year | 13655223290 | 10727903532 | 14129002865 | 12676125643 |
|  End of year | $14432167962 | $13655223290 | $13282223483 | $14129002865 |

---

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

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Russell 3000 ETF | iShares Russell 3000 ETF | iShares Russell 3000 ETF | iShares Russell 3000 ETF | iShares Russell 3000 ETF |
|  | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21 |
|  **Net asset value, beginning of year** | $300.11 | $235.52 | $262.10 | $237.19 | $148.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 3.60 | 3.47 | 3.37 | 2.87 | 2.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | 17.52 | 64.59 | (26.44) | 25.00 | 89.03 |
|  Net increase (decrease) from investment operations | 21.12 | 68.06 | (23.07) | 27.87 | 91.76 |
|  Distributions from net investment income<sup>(c)</sup> | (3.69) | (3.47) | (3.51) | (2.96) | (2.88) |
|  **Net asset value, end of year** | $317.54 | $300.11 | $235.52 | $262.10 | $237.19 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 7.02% | 29.12% | (8.72)% | 11.75% | 62.21% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Net investment income | 1.12% | 1.34% | 1.47% | 1.10% | 1.37% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $14432168 | $13655223 | $10727904 | $12017483 | $10958347 |
|  Portfolio turnover rate<sup>(f)</sup> | 3% | 3% | 4% | 5% | 4% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 41

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21 |
|  **Net asset value, beginning of year** | $125.42 | $106.21 | $119.55 | $109.15 | $64.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 2.07 | 2.03 | 2.04 | 1.62 | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.53 | 19.12 | (13.31) | 10.55 | 45.22 |
|  Net increase (decrease) from investment operations | 2.60 | 21.15 | (11.27) | 12.17 | 46.65 |
|  Distributions from net investment income<sup>(c)</sup> | (2.00) | (1.94) | (2.07) | (1.77) | (1.60) |
|  **Net asset value, end of year** | $126.02 | $125.42 | $106.21 | $119.55 | $109.15 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 2.06 %<sup>(e)</sup> | 20.17% | (9.37)% | 11.19% | 73.40% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.23 %<sup>(g)</sup> | 0.23% | 0.23% | 0.23% | 0.23% |
|  Net investment income | 1.62% | 1.84% | 1.88% | 1.39% | 1.65% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $13282223 | $14129003 | $12676126 | $14907745 | $13120026 |
|  Portfolio turnover rate<sup>(h)</sup> | 19% | 19% | 19% | 21% | 25% |

---

<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.* 

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

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Notes to Financial Statements

*1. ORGANIZATION* 

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

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

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* | *Diversification<br>Classification* |
|  Russell 3000 |  | Diversified |
|  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. 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 Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**ForeignTaxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "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, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 43

------

Notes to Financial Statements (continued)

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

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

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

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

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

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

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

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

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

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

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

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

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

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

*4. SECURITIES AND OTHER INVESTMENTS* 

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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Notes to Financial Statements (continued)

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty* | *Securities<br>Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>* | *Non-Cash*<br> *Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net<br>Amount* |
|  Russell 3000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $14036379 | $(14036379) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 331229 | (331229) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 316499 | (316499) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 20937220 | (20937220) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 15064256 | (15064256) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 67450 | (67450) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 34784741 | (34784741) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 23728406 | (23728406) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 731077 | (731077) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 37531332 | (37531332) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 5069967 | (5069967) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 10720245 | (10720245) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 2889631 | (2889631) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA | 671244 | (671244) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 22410 | (22410) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 293 | (293) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital, Inc. | 775362 | (775362) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 364097 | (364097) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 5029225 | (5029225) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 1437921 | (1437921) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 9086841 | (9086841) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 22494 | (22494) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Americas LLC | 701938 | (701938) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 12277267 | (12277267) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 1039133 | (1039133) |  |  |
|  | $197636657 | $(197636657) | $— | $— |
|  Russell Mid-Cap Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $17717506 | $(17717506) | $— | $— |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 45

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty* | *Securities<br>Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net*<br> *Amount* |
|  Russell Mid-Cap Value (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $13803138 | $(13770447) | $— | $32691 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 56448244 | (56448244) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 29464869 | (29464869) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 49740639 | (49740639) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 57883511 | (57883511) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 16661524 | (16661524) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 58667153 | (58667153) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 1850943 | (1850943) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 67205390 | (67205390) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 11359077 | (11359077) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA | 6021000 | (6021000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 151331 | (151331) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 206799 | (206799) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital, Inc. | 155147 | (155147) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 6794308 | (6794308) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 539664 | (539664) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 3773712 | (3773712) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 207124 | (207124) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Americas LLC | 2963875 | (2963875) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 4788481 | (4788481) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 5330168 | (5328700) |  | 1468 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411733603 | $(411699444) | $— | $34159 |

---

<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. 

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

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Notes to Financial Statements (continued)

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 following 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* |
|  Russell 3000 | 0.20% |

---

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 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 | 0.2500% |
|  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 specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Russell 3000 | $&nbsp;&nbsp;&nbsp;&nbsp;366802 |
|  Russell Mid-Cap Value | 619909 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 47

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Notes to Financial Statements (continued)

**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, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  Russell 3000 | $106312376 | $88807810 | $(4795798) |
|  Russell Mid-Cap Value | 1487189756 | 774584472 | (170045666) |

---

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

For the year ended March 31, 2025, the iShares Russell Mid-Cap Value ETF received a reimbursement of $7,673 from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.

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

*7. PURCHASES AND SALES* 

For the year ended March 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Russell 3000 | $411821726 | $410375371 |
|  Russell Mid-Cap Value | 2588017848 | 2567996611 |

---

For the year ended March 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind*<br> *Purchases* | *In-kind*<br> *Sales* |
|  Russell 3000 | $1059752942 | $1103988216 |
|  Russell Mid-Cap Value | 3147349235 | 4016603081 |

---

*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, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  Russell 3000 | $652932404 | $(652932404) |
|  Russell Mid-Cap Value | 1461149743 | (1461149743) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>03/31/25* | *Year Ended<br>03/31/24* |
|  Russell 3000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $169322017 | $156637292 |
|  Russell Mid-Cap Value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $207879928 | $221935419 |

---

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Notes to Financial Statements (continued)

As of March 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Total* |
|  Russell 3000 | $2744925 | $(323445112) | $4684651269 | $4363951082 |
|  Russell Mid-Cap Value | 23351096 | (1344766416) | 1368115520 | 46700200 |

---

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

<sup>(b)</sup> The difference between book-basis and tax-basis net accumulated losses was attributable primarily to the the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, 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, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Russell 3000 | $9945798100 | $5552041040 | $(867370765) | $4684670275 |
|  Russell Mid-Cap Value | 12321575132 | 2598408554 | (1230259968) | 1368148586 |

---

*9. PRINCIPAL RISKS* 

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

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

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

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

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 Fund's 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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 49

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Notes to Financial Statements (continued)

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>03/31/25 | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Russell 3000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3300000 | $1066361962 | 4750000 | $1270572088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3350000) | (1103875298) | (4800000) | (1279874125) |
|  | (50000) | $(37513336) | (50000) | $(9302037) |
|  Russell Mid-Cap Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 25650000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176533677 | 17150000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915705208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (32900000) | (4046714011) | (23850000) | (2596444486) |
|  | (7250000) | $(870180334) | (6700000) | $(680739278) |

---

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.

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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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 51

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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, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

<br> <u> iShares Russell 3000 ETF iShares Russell Mid-Cap Value ETF</u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 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, 2025

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

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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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend<br>Income* |
|  Russell 3000 | $179303269 |
|  Russell Mid-Cap Value | 198163880 |

---

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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business<br>Income* |
|  Russell 3000 | $10429203 |
|  Russell Mid-Cap Value | 37936070 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received<br>Deduction* |
|  Russell 3000 | 100.00% |
|  Russell Mid-Cap Value | 86.27 |

---

I M P O R T A N T T A X I N F O R M A T I O N 53

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

#### Disclosures Under the EU Sustainable Finance Disclosure Regulation
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").

54 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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:

• Go to **icsdelivery.com**.

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

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

#### Proxy Results
Not applicable.

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

#### Availability of Portfolio Holdings Information
A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

A D D I T I O N A L I N F O R M A T I O N 55

------

Glossary of Terms Used in these Financial Statements

---

| | |
|:---|:---|
| Portfolio Abbreviation | Portfolio Abbreviation |
| CVR | Contingent Value Rights |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

56 2 0 2 5 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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

---

| | |
|:---|:---|
| ![LOGO](g86604g76o73.jpg)  | ![LOGO](g86604g87s07.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g86604g73u92.jpg)  | **MARCH 31, 2025** |

---

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

#### 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](#fin686604_1) | 3 |
|  [Statements of Assets and Liabilities](#fin686604_2) | 9 |
|  [Statements of Operations](#fin686604_3) | 10 |
|  [Statements of Changes in Net Assets](#fin686604_4) | 11 |
|  [Financial Highlights](#fin686604_5) | 12 |
|  [Notes to Financial Statements](#fin686604_6) | 14 |
|  [Report of Independent Registered Public Accounting Firm](#fin686604_7) | 21 |
|  [Important Tax Information](#fin686604_8) | 22 |
|  [Additional Information](#fin686604_9) | 23 |
|  [Glossary of Terms Used in these Financial Statements](#fin686604_10) | 24 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments <br> March 31, 2025 | **iShares**<sup>®</sup> **Mortgage Real Estate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Mortgage REITs — 97.9%** | **Mortgage REITs — 97.9%** | **Mortgage REITs — 97.9%** |
|  Advanced Flower Capital, Inc. | 294763 | $1641830 |
|  AG Mortgage Investment Trust, Inc. | 442947 | 3233513 |
|  AGNC Investment Corp. | 9484076 | 90857448 |
|  Angel Oak Mortgage REIT, Inc. | 194350 | 1852155 |
|  Annaly Capital Management, Inc. | 6142345 | 124751027 |
|  Apollo Commercial Real Estate Finance, Inc. | 2019968 | 19331094 |
|  Arbor Realty Trust, Inc.<sup>(a)</sup>  | 1842664 | 21651302 |
|  Ares Commercial Real Estate Corp. | 814077 | 3769177 |
|  ARMOUR Residential REIT, Inc. | 817676 | 13982260 |
|  Blackstone Mortgage Trust, Inc., Class A | 1500989 | 30019780 |
|  BrightSpire Capital, Inc., Class A | 1892333 | 10521371 |
|  Chicago Atlantic Real Estate Finance, Inc. | 264019 | 3881079 |
|  Chimera Investment Corp. | 1179062 | 15127365 |
|  Claros Mortgage Trust, Inc. | 1296786 | 4837012 |
|  Dynex Capital, Inc. | 1229923 | 16013597 |
|  Ellington Financial, Inc. | 1286918 | 17064533 |
|  Franklin BSP Realty Trust, Inc. | 1195325 | 15228441 |
|  Granite Point Mortgage Trust, Inc. | 789984 | 2053958 |
|  Invesco Mortgage Capital, Inc. | 905634 | 7145452 |
|  KKR Real Estate Finance Trust, Inc. | 863622 | 9327118 |
|  Ladder Capital Corp., Class A | 1656191 | 18897139 |
|  MFA Financial, Inc. | 1497831 | 15367746 |
|  New York Mortgage Trust, Inc. | 1336003 | 8670659 |
|  Nexpoint Real Estate Finance, Inc. | 132072 | 2019381 |
|  Orchid Island Capital, Inc. | 1157371 | 8703430 |
|  PennyMac Mortgage Investment Trust | 1268369 | 18581606 |
|  Ready Capital Corp. | 2364124 | 12033391 |
|  Redwood Trust, Inc. | 1925989 | 11690753 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Mortgage REITs (continued)** | **Mortgage REITs (continued)** | **Mortgage REITs (continued)** |
|  Rithm Capital Corp. | 2594023 | $29701563 |
|  Seven Hills Realty Trust | 201199 | 2512976 |
|  Starwood Property Trust, Inc. | 3494702 | 69090259 |
|  TPG RE Finance Trust, Inc. | 882774 | 7194608 |
|  Two Harbors Investment Corp. | 1512778 | 20210714 |
|  |  | 636963737 |
|  **Total Long-Term Investments — 97.9%<br>(Cost: $840,811,285)** | **Total Long-Term Investments — 97.9%<br>(Cost: $840,811,285)** | 636963737 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.3%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 4.50%<sup>(b)(c)(d)</sup>  | 8501031 | 8505282 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 4.31%<sup>(b)(c)</sup>  | 216674 | 216674 |
|  **Total Short-Term Securities — 1.3%<br>(Cost: $8,720,179)** | **Total Short-Term Securities — 1.3%<br>(Cost: $8,720,179)** | 8721956 |
|  **Total Investments — 99.2%<br>(Cost: $849,531,464)** | **Total Investments — 99.2%<br>(Cost: $849,531,464)** | 645685693 |
|  **Other Assets Less Liabilities — 0.8%** | **Other Assets Less Liabilities — 0.8%** | 5319018 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651004711 |

---

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

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

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

<sup>(d)</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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares<br>Held at<br>03/31/25* | *Income* | *Capital* <br> *Gain<br>Distributions<br>from Underlying<br>Funds*  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $23622779 | $— | $(15120325)<sup>(a)</sup> | $3243 | $(415) | $8505282 | 8501031 | $762875 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 28433 | 188241 <sup>(a)</sup> |  |  |  | 216674 | 216674 | 64437 |  |
|  |  |  |  | $3243 | $(415) | $8721956 |  | $827312 | $— |

---

<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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Mortgage Real Estate ETF** |

---

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow Jones U.S. Real Estate Index | 379 | 06/20/25 | $13936 | $150327 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $150327 | $— | $— | $— | $150327 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(343986) | $— | $— | $— | $(343986) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $69488 | $— | $— | $— | $69488 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $13001913 |

---

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

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $636963737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $636963737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 8721956 |  |  | 8721956 |
|  | $645685693 | $— | $— | $645685693 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $150327 | $— | $— | $150327 |

---

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

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments <br> March 31, 2025 | **iShares**<sup>®</sup> **Residential and Multisector Real Estate ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Health Care REITs — 39.8%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 328868 | $30423579 |
|  American Healthcare REIT, Inc. | 289451 | 8770365 |
|  CareTrust REIT, Inc. | 358071 | 10233669 |
|  Community Healthcare Trust, Inc. | 51691 | 938708 |
|  Diversified Healthcare Trust | 415360 | 996864 |
|  Global Medical REIT, Inc. | 117685 | 1029744 |
|  Healthcare Realty Trust, Inc. | 677345 | 11447130 |
|  Healthpeak Properties, Inc. | 1340059 | 27095993 |
|  LTC Properties, Inc. | 85277 | 3023070 |
|  Medical Properties Trust, Inc.<sup>(a)</sup>  | 1138672 | 6866192 |
|  National Health Investors, Inc. | 83373 | 6157930 |
|  Omega Healthcare Investors, Inc. | 517324 | 19699698 |
|  Sabra Health Care REIT, Inc. | 450267 | 7866164 |
|  Sila Realty Trust, Inc.<sup>(a)</sup>  | 109167 | 2915851 |
|  Universal Health Realty Income Trust | 24449 | 1001431 |
|  Ventas, Inc. | 692292 | 47601998 |
|  Welltower, Inc. | 1019680 | 156225173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342293559 |
| **Residential REITs — 41.8%** |  |  |
|  American Homes 4 Rent, Class A | 647584 | 24485151 |
|  Apartment Investment & Management Co., Class A | 262497 | 2309974 |
|  AvalonBay Communities, Inc. | 234633 | 50356934 |
|  BRT Apartments Corp. | 21796 | 370532 |
|  Camden Property Trust | 198466 | 24272392 |
|  Centerspace | 31609 | 2046683 |
|  Elme Communities | 167364 | 2912134 |
|  Equity LifeStyle Properties, Inc. | 362080 | 24150736 |
|  Equity Residential | 535136 | 38305035 |
|  Essex Property Trust, Inc. | 122455 | 37541029 |
|  Independence Realty Trust, Inc. | 430222 | 9133613 |
|  Invitation Homes, Inc. | 1126462 | 39257201 |
|  Mid-America Apartment Communities, Inc. | 222744 | 37327439 |
|  NexPoint Residential Trust, Inc. | 42765 | 1690500 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Residential REITs (continued)** |  |  |
|  Sun Communities, Inc. | 241795 | $31104509 |
|  UDR, Inc. | 629671 | 28442239 |
|  UMH Properties, Inc. | 137947 | 2579609 |
|  Veris Residential, Inc. | 149803 | 2534667 |
|  |  | 358820377 |
| **Specialized REITs — 17.8%** |  |  |
|  CubeSmart | 429141 | 18328612 |
|  Extra Space Storage, Inc. | 345940 | 51368631 |
|  National Storage Affiliates Trust | 134150 | 5285510 |
|  Public Storage | 261604 | 78295461 |
|  |  | 153278214 |
|  **Total Long-Term Investments — 99.4%<br>(Cost: $918,487,689)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854392150 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.1%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 4.50%<sup>(b)(c)(d)</sup>  | 7768133 | 7772017 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 4.31%<sup>(b)(c)</sup>  | 1770542 | 1770542 |
|  **Total Short-Term Securities — 1.1%<br>(Cost: $9,542,451)** |  | 9542559 |
|  **Total Investments — 100.5%<br>(Cost: $928,030,140)** |  | 863934709 |
|  **Liabilities in Excess of Other Assets — (0.5)%** |  | (4567978) |
|  **Net Assets — 100.0%** |  | $859366731 |

---

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

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

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

<sup>(d)</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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares<br>Held at<br>03/31/25* | *Income* | *Capital<br>Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $7772145 <sup>(a)</sup> | $— | $(236) | $108 | $7772017 | 7768133 | $62214 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 594732 | 1175810 <sup>(a)</sup> |  |  |  | 1770542 | 1770542 | 61740 |  |
|  |  |  |  | $(236) | $108 | $9542559 |  | $123954 | $— |

---

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **Residential and Multisector Real Estate ETF**  |

---

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow Jones U.S. Real Estate Index | 139 | 06/20/25 | $5111 | $76409 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $76409 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76409 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(184700) | $— | $— | $— | $(184700) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $44210 | $— | $— | $— | $44210 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $6509995 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $854392150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $854392150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 9542559 |  |  | 9542559 |
|  | $863934709 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $863934709 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $76409 | $— | $— | $76409 |

---

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

*See notes to financial statements.* 

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

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Statements of Assets and Liabilities

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | iShares<br> Mortgage Real<br> Estate ETF | iShares<br> Residential and<br> Multisector Real<br> Estate ETF |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $636963737 | $854392150 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 8721956 | 9542559 |
|  Cash | 14400 |  |
|  Cash pledged: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 922000 | 154000 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 37869 | 10043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 12966346 | 3336694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 4698 | 4924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 140230 | 49650 |
|  Total assets | 659771236 | 867490020 |
|  **LIABILITIES** |  |  |
|  Bank overdraft |  | 102 |
|  Collateral on securities loaned | 8497224 | 7772145 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 269301 | 351042 |
|  Total liabilities | 8766525 | 8123289 |
|  **Commitments and contingent liabilities** |  |  |
|  NET ASSETS | $651004711 | $859366731 |
|  **NET ASSETS CONSIST OF:** |  |  |
|  Paid-in capital | $1271971919 | $995502068 |
|  Accumulated loss | (620967208) | (136135337) |
|  NET ASSETS | $651004711 | $859366731 |
|  **NET ASSET VALUE** |  |  |
|  Shares outstanding | 29000000 | 9950000 |
|  Net asset value | $22.45 | $86.37 |
|  Shares authorized | Unlimited | Unlimited |
|  Par value |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $840811285 | $918487689 |
|  <sup>(b) </sup>Securities loaned, at value | $8320199 | $7572860 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $8720179 | $9542451 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 9

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Statements of Operations

Year Ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | iShares<br> Mortgage Real<br> Estate ETF | iShares<br> Residential and<br> Multisector Real<br> Estate ETF |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $54424594 | $24260471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 64437 | 61740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 819 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 762875 | 62214 |
|  Total investment income | 55252725 | 24385987 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 2992088 | 4134342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 104 | 188 |
|  Total expenses | 2992192 | 4134530 |
|  Net investment income | 52260533 | 20251457 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (41112099) | (17689384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 3243 | (236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (343986) | (184700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | 7096747 | 25529358 |
|  | (34356095) | 7655038 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 11749668 | 84663173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (415) | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 69488 | 44210 |
|  | 11818741 | 84707491 |
|  Net realized and unrealized gain (loss) | (22537354) | 92362529 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $29723179 | $112613986 |

---

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

*See notes to financial statements.* 

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

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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> 03/31/25 | Year Ended<br> 03/31/24 | Year Ended<br> 03/31/25 | Year Ended<br> 03/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $52260533 | $61735077 | $20251457 | $17332339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (34356095) | (62478799) | 7655038 | (18677634) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 11818741 | 91577726 | 84707491 | 32232152 |
|  Net increase in net assets resulting from operations | 29723179 | 90834004 | 112613986 | 30886857 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (56819167) | (58520634) | (21608968) | (18530026) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 59070723 | (7446184) | 144885427 | (17222678) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 31974735 | 24867186 | 235890445 | (4865847) |
|  Beginning of year | 619029976 | 594162790 | 623476286 | 628342133 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651004711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619029976 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859366731 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623476286 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 11

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21 |
|  **Net asset value, beginning of year** | $23.23 | $21.84 | $32.67 | $35.20 | $18.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.91 | 2.31 | 2.26 | 0.82 | 1.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (0.64) | 1.28 | (10.57) | (1.27) | 17.37 |
|  Net increase (decrease) from investment operations | 1.27 | 3.59 | (8.31) | (0.45) | 18.75 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (2.05) | (2.20) | (2.29) | (2.08) | (1.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.23) |  | (0.88) |
|  Total distributions | (2.05) | (2.20) | (2.52) | (2.08) | (2.22) |
|  **Net asset value, end of year** | $22.45 | $23.23 | $21.84 | $32.67 | $35.20 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 5.82% | 16.91% | (26.00)% | (1.65)% | 103.62% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
|  Net investment income | 8.38% | 10.23% | 8.57% | 2.30% | 4.94% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $651005 | $619030 | $594163 | $975109 | $1513587 |
|  Portfolio turnover rate<sup>(f)</sup>  | 24% | 29% | 28% | 20% | 30% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

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

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21 |
|  **Net asset value, beginning of year** | $72.08 | $70.60 | $95.78 | $73.95 | $55.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.93 | 1.96 | 1.66 | 1.46 | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | 14.25 | 1.62 | (24.47) | 21.98 | 19.29 |
|  Net increase (decrease) from investment operations | 16.18 | 3.58 | (22.81) | 23.44 | 20.80 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.89) | (2.10) | (2.37) | (1.50) | (2.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.11) |  |
|  Total distributions | (1.89) | (2.10) | (2.37) | (1.61) | (2.11) |
|  **Net asset value, end of year** | $86.37 | $72.08 | $70.60 | $95.78 | $73.95 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 22.58% | 5.21% | (23.84)% | 31.85% | 38.23% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
|  Net investment income | 2.35% | 2.79% | 2.10% | 1.64% | 2.36% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $859367 | $623476 | $628342 | $1288274 | $495459 |
|  Portfolio turnover rate<sup>(f)</sup>  | 13% | 14% | 18% | 8% | 7% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 13

------

Notes to Financial Statements

**1.**  ***ORGANIZATION*** 

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

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

---

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

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

**3.**  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

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

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

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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:

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

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

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

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

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

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

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

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

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

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

*4. SECURITIES AND OTHER INVESTMENTS* 

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

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.

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

------

Notes to Financial Statements (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities<br>Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net<br>Amount* |
|  Mortgage Real Estate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | $1016869 | $(1016869) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 7303330 | (7303330) |  |  |
|  | $8320199 | $(8320199) | $— | $— |
|  Residential and Multisector Real Estate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $195077 | $(195077) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 913135 | (913135) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 6464648 | (6464648) |  |  |
|  | $7572860 | $(7572860) | $— | $— |

---

<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. 

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

*5. DERIVATIVE FINANCIAL INSTRUMENTS* 

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

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

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

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

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Mortgage Real Estate | 0.48% |
|  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.

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

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Notes to Financial Statements (continued)

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Mortgage Real Estate | $187003 |
|  Residential and Multisector Real Estate | 16180 |

---

**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, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  Mortgage Real Estate | $7229013 | $15956254 | $(5043795) |
|  Residential and Multisector Real Estate | 34152579 | 31243381 | (4819172) |

---

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.

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

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Notes to Financial Statements (continued)

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

For the year ended March 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Mortgage Real Estate | $167184902 | $150195071 |
|  Residential and Multisector Real Estate | 120342319 | 114128584 |

---

For the year ended March 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind*<br> *Sales*  |
|  Mortgage Real Estate | $253932990 | $211972675 |
|  Residential and Multisector Real Estate | 653645108 | 516411199 |

---

**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, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2025, 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 | $6452428 | $(6452428) |
|  Residential and Multisector Real Estate | 24118012 | (24118012) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>03/31/25* | *Year Ended<br>03/31/24* |
|  Mortgage Real Estate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $56819167 | $58520634 |
|  Residential and Multisector Real Estate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $21608968 | $18530026 |

---

As of March 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Non-expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Total* |
|  Mortgage Real Estate | $(399539908) | $(221427300) | $(620967208) |
|  Residential and Multisector Real Estate | (67746716) | (68388621) | (136135337) |

---

<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 and characterization of corporate actions.

As of March 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Mortgage Real Estate | $867112993 | $5018417 | $(226445717) | $(221427300) |
|  Residential and Multisector Real Estate | 932323330 | 45805356 | (114193977) | (68388621) |

---

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

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Notes to Financial Statements (continued)

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

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

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

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

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

**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 Fund's 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.

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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 19

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Notes to Financial Statements (continued)

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

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>03/31/25 | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Mortgage Real Estate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 11500000 | $266864836 | 10000000 | $229325478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9150000) | (207794113) | (10550000) | (236771662) |
|  | 2350000 | $59070723 | (550000) | $(7446184) |
|  Residential and Multisector Real Estate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7600000 | $655979636 | 1050000 | $72722036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6300000) | (511094209) | (1300000) | (89944714) |
|  | 1300000 | $144885427 | (250000) | $(17222678) |

---

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.

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

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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, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

<br> <u> iShares Mortgage Real Estate ETF iShares Residential and Multisector Real Estate ETF</u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 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, 2025

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

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

------

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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend<br>Income* |
|  Mortgage Real Estate | $4253614 |
|  Residential and Multisector Real Estate | 503613 |

---

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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business<br>Income* |
|  Mortgage Real Estate | $52444822 |
|  Residential and Multisector Real Estate | 19620755 |

---

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

------

Additional Information

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

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

To enroll in electronic delivery:

• Go to **icsdelivery.com**.

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

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

#### Proxy Results
Not applicable.

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

#### Availability of Portfolio Holdings Information
A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

A D D I T I O N A L I N F O R M A T I O N 23

------

Glossary of Terms Used in these Financial Statements

---

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

---

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

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

---

| | |
|:---|:---|
| ![LOGO](g86604g70e91.jpg)  | ![LOGO](g86604g87s07.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g86604g70e91.jpg)  | **MARCH 31, 2025** |

---

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

#### iShares Trust
· iShares MSCI USA Quality GARP ETF \| GARP \| Cboe BZX Exchange

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedule of Investments](#fin786604_1) | 3 |
|  [Statement of Assets and Liabilities](#fin786604_2) | 7 |
|  [Statement of Operations](#fin786604_3) | 8 |
|  [Statements of Changes in Net Assets](#fin786604_4) | 9 |
|  [Financial Highlights](#fin786604_5) | 10 |
|  [Notes to Financial Statements](#fin786604_6) | 11 |
|  [Report of Independent Registered Public Accounting Firm](#fin786604_7) | 18 |
|  [Important Tax Information](#fin786604_8) | 19 |
|  [Additional Information](#fin786604_9) | 20 |
|  [Glossary of Terms Used in these Financial Statements](#fin786604_10) | 21 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments <br> March 31, 2025 | **iShares**<sup>®</sup> **MSCI USA Quality GARP ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Common Stocks** |  |  |  |
| **Aerospace & Defense — 2.9%** |  |  |  |
|  Axon Enterprise, Inc.<sup>(a)</sup>  | 395 | $| 207750 |
|  Boeing Co. (The)<sup>(a)</sup>  | 4076 |  | 695162 |
|  General Electric Co. | 29475 |  | 5899421 |
|  Howmet Aerospace, Inc. | 14716 |  | 1909107 |
|  TransDigm Group, Inc. | 306 |  | 423287 |
|  |  |  | 9134727 |
| **Automobile Components — 0.3%** |  |  |  |
|  Aptiv PLC<sup>(a)</sup>  | 17908 |  | 1065526 |
| **Automobiles — 3.5%** |  |  |  |
|  Tesla, Inc.<sup>(a)</sup>  | 42492 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11012227 |
| **Biotechnology — 0.7%** |  |  |  |
|  Alnylam Pharmaceuticals, Inc.<sup>(a)</sup>  | 704 |  | 190094 |
|  Incyte Corp.<sup>(a)</sup>  | 1809 |  | 109535 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup>  | 1104 |  | 122102 |
|  United Therapeutics Corp.<sup>(a)</sup>  | 1387 |  | 427571 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | 2807 |  | 1360890 |
|  |  |  | 2210192 |
| **Broadline Retail — 2.3%** |  |  |  |
|  Amazon.com, Inc.<sup>(a)</sup>  | 25772 |  | 4903381 |
|  MercadoLibre, Inc.<sup>(a)</sup>  | 1243 |  | 2424931 |
|  |  |  | 7328312 |
| **Building Products — 0.4%** |  |  |  |
|  Lennox International, Inc. | 2447 |  | 1372351 |
| **Capital Markets — 1.6%** |  |  |  |
|  Ameriprise Financial, Inc. | 3173 |  | 1536081 |
|  Ares Management Corp., Class A | 1115 |  | 163470 |
|  Goldman Sachs Group, Inc. (The) | 3419 |  | 1867766 |
|  KKR & Co., Inc., Class A | 6775 |  | 783258 |
|  LPL Financial Holdings, Inc. | 2459 |  | 804437 |
|  |  |  | 5155012 |
| **Commercial Services & Supplies — 1.2%** |  |  |  |
|  Copart, Inc.<sup>(a)</sup>  | 66121 |  | 3741787 |
| **Communications Equipment — 1.0%** |  |  |  |
|  Arista Networks, Inc.<sup>(a)</sup>  | 39713 |  | 3076963 |
| **Construction & Engineering — 0.4%** |  |  |  |
|  EMCOR Group, Inc. | 3508 |  | 1296662 |
| **Consumer Finance — 0.0%** |  |  |  |
|  Ally Financial, Inc. | 2990 |  | 109045 |
| **Electrical Equipment — 0.7%** |  |  |  |
|  GE Vernova, Inc. | 4503 |  | 1374676 |
|  Vertiv Holdings Co., Class A | 11659 |  | 841780 |
|  |  |  | 2216456 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
|  Amphenol Corp., Class A | 29807 |  | 1955041 |
|  Jabil, Inc.<sup>(b)</sup>  | 2774 |  | 377458 |
|  |  |  | 2332499 |
| **Energy Equipment & Services — 0.5%** |  |  |  |
|  Schlumberger NV | 38550 |  | 1611390 |
| **Entertainment — 0.9%** |  |  |  |
|  Liberty Media Corp. - Liberty Formula One, Class C, NVS<sup>(a)</sup>  | 1278 |  | 115033 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup>  | 978 |  | 127707 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Entertainment (continued)** |  |  |  |
|  Netflix, Inc.<sup>(a)</sup>  | 2557 | $| 2384479 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)(b)</sup>  | 28008 |  | 300526 |
|  |  |  | 2927745 |
| **Financial Services — 9.2%** |  |  |  |
|  Apollo Global Management, Inc. | 4386 |  | 600619 |
|  Block, Inc., Class A<sup>(a)</sup>  | 6053 |  | 328859 |
|  Corpay, Inc.<sup>(a)</sup>  | 2175 |  | 758466 |
|  Mastercard, Inc., Class A | 31251 |  | 17129298 |
|  Toast, Inc., Class A<sup>(a)(b)</sup>  | 6559 |  | 217562 |
|  Visa, Inc., Class A | 28258 |  | 9903299 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28938103 |
| **Ground Transportation — 1.4%** |  |  |  |
|  Uber Technologies, Inc.<sup>(a)</sup>  | 61928 |  | 4512074 |
| **Health Care Equipment & Supplies — 0.5%** |  |  |  |
|  Dexcom, Inc.<sup>(a)</sup>  | 4255 |  | 290574 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup>  | 2678 |  | 1124626 |
|  Insulet Corp.<sup>(a)</sup>  | 382 |  | 100317 |
|  |  |  | 1515517 |
| **Health Care Providers & Services — 0.6%** |  |  |  |
|  Cencora, Inc. | 1895 |  | 526981 |
|  DaVita, Inc.<sup>(a)</sup>  | 495 |  | 75720 |
|  McKesson Corp. | 1383 |  | 930745 |
|  Molina Healthcare, Inc.<sup>(a)</sup>  | 623 |  | 205210 |
|  Universal Health Services, Inc., Class B | 656 |  | 123262 |
|  |  |  | 1861918 |
| **Hotels, Restaurants & Leisure — 5.1%** |  |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup>  | 23576 |  | 2816389 |
|  Booking Holdings, Inc. | 361 |  | 1663095 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup>  | 51949 |  | 2608359 |
|  DoorDash, Inc., Class A<sup>(a)</sup>  | 13374 |  | 2444366 |
|  DraftKings, Inc., Class A<sup>(a)</sup>  | 11949 |  | 396826 |
|  Expedia Group, Inc. | 9368 |  | 1574761 |
|  Hilton Worldwide Holdings, Inc. | 1336 |  | 304007 |
|  Hyatt Hotels Corp., Class A | 3225 |  | 395063 |
|  Royal Caribbean Cruises Ltd. | 19476 |  | 4001149 |
|  |  |  | 16204015 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  Vistra Corp. | 1854 |  | 217734 |
| **Insurance — 2.3%** |  |  |  |
|  American International Group, Inc. | 6975 |  | 606407 |
|  Arch Capital Group Ltd. | 12305 |  | 1183495 |
|  Progressive Corp. (The) | 19141 |  | 5417094 |
|  |  |  | 7206996 |
| **Interactive Media & Services — 9.0%** |  |  |  |
|  Alphabet, Inc., Class A | 76095 |  | 11767331 |
|  Alphabet, Inc., Class C, NVS | 21618 |  | 3377380 |
|  Meta Platforms, Inc., Class A | 22547 |  | 12995189 |
|  Pinterest, Inc., Class A<sup>(a)</sup>  | 3548 |  | 109988 |
|  Reddit, Inc., Class A<sup>(a)</sup>  | 395 |  | 41435 |
|  Snap, Inc., Class A, NVS<sup>(a)</sup>  | 6408 |  | 55814 |
|  |  |  | 28347137 |
| **IT Services — 0.6%** |  |  |  |
|  Gartner, Inc.<sup>(a)</sup>  | 955 |  | 400851 |
|  GoDaddy, Inc., Class A<sup>(a)</sup>  | 3472 |  | 625446 |
|  Okta, Inc., Class A<sup>(a)</sup>  | 4059 |  | 427088 |
|  Twilio, Inc., Class A<sup>(a)</sup>  | 3603 |  | 352770 |
|  |  |  | 1806155 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **MSCI USA Quality GARP ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Media — 0.0%** |  |  |  |
|  Trade Desk, Inc. (The), Class A<sup>(a)</sup>  | 2689 | $| 147142 |
| **Metals & Mining — 0.4%** |  |  |  |
|  Freeport-McMoRan, Inc. | 7828 |  | 296368 |
|  Steel Dynamics, Inc. | 7905 |  | 988757 |
|  |  |  | 1285125 |
| **Oil, Gas & Consumable Fuels — 2.8%** |  |  |  |
|  Cheniere Energy, Inc. | 1223 |  | 283002 |
|  Coterra Energy, Inc. | 40107 |  | 1159092 |
|  Diamondback Energy, Inc. | 2069 |  | 330792 |
|  EQT Corp. | 30873 |  | 1649544 |
|  Expand Energy Corp. | 15860 |  | 1765535 |
|  Hess Corp. | 4534 |  | 724216 |
|  Phillips 66 | 13497 |  | 1666610 |
|  Targa Resources Corp. | 1146 |  | 229739 |
|  Texas Pacific Land Corp. | 745 |  | 987117 |
|  |  |  | 8795647 |
| **Passenger Airlines — 0.1%** |  |  |  |
|  Delta Air Lines, Inc. | 5402 |  | 235527 |
|  Southwest Airlines Co. | 4950 |  | 166221 |
|  |  |  | 401748 |
| **Pharmaceuticals — 3.4%** |  |  |  |
|  Eli Lilly & Co. | 13183 |  | 10887972 |
| **Professional Services — 0.3%** |  |  |  |
|  Paycom Software, Inc. | 3958 |  | 864744 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
|  CoStar Group, Inc.<sup>(a)</sup>  | 15629 |  | 1238286 |
| **Semiconductors & Semiconductor Equipment — 18.4%** | **Semiconductors & Semiconductor Equipment — 18.4%** | **Semiconductors & Semiconductor Equipment — 18.4%** | **Semiconductors & Semiconductor Equipment — 18.4%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup>  | 40127 |  | 4122648 |
|  Applied Materials, Inc. | 60358 |  | 8759153 |
|  Broadcom, Inc. | 55052 |  | 9217356 |
|  Entegris, Inc. | 3742 |  | 327350 |
|  First Solar, Inc.<sup>(a)</sup>  | 2514 |  | 317845 |
|  KLA Corp. | 16534 |  | 11239813 |
|  Lam Research Corp. | 95444 |  | 6938779 |
|  Marvell Technology, Inc. | 21398 |  | 1317475 |
|  Monolithic Power Systems, Inc. | 604 |  | 350308 |
|  NVIDIA Corp. | 131955 |  | 14301283 |
|  NXP Semiconductors NV | 6283 |  | 1194147 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58086157 |
| **Software — 20.0%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup>  | 32288 |  | 12383417 |
|  AppLovin Corp., Class A<sup>(a)</sup>  | 2586 |  | 685212 |
|  Atlassian Corp., Class A<sup>(a)</sup>  | 1996 |  | 423571 |
|  Autodesk, Inc.<sup>(a)</sup>  | 2657 |  | 695603 |
|  Cadence Design Systems, Inc.<sup>(a)</sup>  | 3390 |  | 862179 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup>  | 3048 |  | 1074664 |
|  Datadog, Inc., Class A<sup>(a)</sup>  | 3485 |  | 345747 |
|  Docusign, Inc.<sup>(a)</sup>  | 14986 |  | 1219860 |
|  Dynatrace, Inc.<sup>(a)</sup>  | 7386 |  | 348250 |
|  Fair Isaac Corp.<sup>(a)</sup>  | 301 |  | 555092 |
|  Fortinet, Inc.<sup>(a)</sup>  | 56381 |  | 5427235 |
|  HubSpot, Inc.<sup>(a)</sup>  | 607 |  | 346773 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Software (continued)** |  |  |
|  Manhattan Associates, Inc.<sup>(a)</sup>  | 5288 | $915035 |
|  Microsoft Corp. | 44904 | 16856513 |
|  Nutanix, Inc., Class A<sup>(a)</sup>  | 3157 | 220390 |
|  Oracle Corp. | 41496 | 5801556 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup>  | 26014 | 2195582 |
|  Palo Alto Networks, Inc.<sup>(a)(b)</sup>  | 8110 | 1383890 |
|  Salesforce, Inc. | 23664 | 6350471 |
|  Samsara, Inc., Class A<sup>(a)(b)</sup>  | 3223 | 123538 |
|  ServiceNow, Inc.<sup>(a)</sup>  | 2550 | 2030157 |
|  Synopsys, Inc.<sup>(a)</sup>  | 3823 | 1639493 |
|  Workday, Inc., Class A<sup>(a)</sup>  | 5293 | 1236074 |
|  |  | 63120302 |
| **Specialized REITs — 0.6%** |  |  |
|  American Tower Corp. | 2553 | 555533 |
|  SBA Communications Corp., Class A | 1171 | 257632 |
|  Weyerhaeuser Co. | 39572 | 1158668 |
|  |  | 1971833 |
| **Specialty Retail — 0.7%** |  |  |
|  Burlington Stores, Inc.<sup>(a)</sup>  | 3458 | 824145 |
|  Williams-Sonoma, Inc. | 9388 | 1484243 |
|  |  | 2308388 |
| **Technology Hardware, Storage & Peripherals — 5.7%** | **Technology Hardware, Storage & Peripherals — 5.7%** | **Technology Hardware, Storage & Peripherals — 5.7%** |
|  Apple Inc. | 75244 | 16713950 |
|  Dell Technologies, Inc., Class C | 7979 | 727286 |
|  Super Micro Computer, Inc.<sup>(a)(b)</sup>  | 13030 | 446147 |
|  |  | 17887383 |
| **Textiles, Apparel & Luxury Goods — 1.2%** |  |  |
|  Deckers Outdoor Corp.<sup>(a)</sup>  | 11582 | 1294983 |
|  Lululemon Athletica, Inc.<sup>(a)</sup>  | 8449 | 2391574 |
|  |  | 3686557 |
|  **Total Long-Term Investments — 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $336,728,343)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315881827 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.8%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(c)(d)(e)</sup> | 2181900 | 2182991 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(c)(d)</sup> | 255937 | 255937 |
|  **Total Short-Term Securities — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $2,438,928)** |  | 2438928 |
|  **Total Investments — 100.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $339,167,271)** |  | 318320755 |
|  **Liabilities in Excess of Other Assets — (0.7)%** |  | (2136286) |
|  **Net Assets — 100.0%** |  | $316184469 |

---

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

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

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

<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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **MSCI USA Quality GARP ETF** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares<br>Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $93417 | $2089666 <sup>(a)</sup> | $— | $(83) | $(9) | $2182991 | 2181900 | $2488 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 106816 | 149121 <sup>(a)</sup> |  |  |  | 255937 | 255937 | 13906 |  |
|  |  |  |  | $(83) | $(9) | $2438928 |  | $16394 | $— |

---

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 Micro E-Mini Index | 5 | 06/20/25 | $194 | $(4796) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $4796 | $— | $— | $— | $4796 |

---

<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, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(58088) | $— | $— | $— | $(58088) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(4796) | $— | $— | $— | $(4796) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $193305 |

---

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

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **MSCI USA Quality GARP ETF** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $315881827 | $— | $— | $315881827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2438928 |  |  | 2438928 |
|  | $318320755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $318320755 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(4796) | $— | $— | $(4796) |

---

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

*See notes to financial statements.* 

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

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Statements of Assets and Liabilities

March 31, 2025

---

| | |
|:---|:---|
|  | iShares<br> MSCI USA<br>Quality GARP<br>ETF |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $315881827 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 2438928 |
|  Cash | 1011 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 13000 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 71339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1887 |
|  Total assets | 318408447 |
|  **LIABILITIES** |  |
|  Collateral on securities loaned | 2183392 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 40411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 175 |
|  Total liabilities | 2223978 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $316184469 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $344695931 |
|  Accumulated loss | (28511462) |
|  NET ASSETS | $316184469 |
|  **NET ASSET VALUE** |  |
|  Shares outstanding | 6200000 |
|  Net asset value | $51.00 |
|  Shares authorized | Unlimited |
|  Par value |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $336728343 |
|  <sup>(b)</sup> Securities loaned, at value | $2130140 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $2438928 |

---

*See notes to financial statements.* 

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

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Statement of Operations

Year Ended March 31, 2025

---

| | |
|:---|:---|
|  | iShares<br> MSCI USA<br>Quality GARP<br> ETF |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $1053413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 13906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (1965) |
|  Total investment income | 1068012 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 242567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 8 |
|  Total expenses | 242575 |
|  Net investment income | 825437 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (6722438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (58088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | 13915548 |
|  | 7134939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (25246244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4796) |
|  | (25251049) |
|  Net realized and unrealized loss | (18116110) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(17290673) |

---

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

*See notes to financial statements.* 

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

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Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | iShares MSCI USA Quality GARP <br>ETF | iShares MSCI USA Quality GARP <br>ETF |
|  | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $825437 | $102916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 7134939 | 2400383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (25251049) | 4482733 |
|  Net increase (decrease) in net assets resulting from operations | (17290673) | 6986032 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (794675) | (96580) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 286701630 | 39023747 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 268616282 | 45913199 |
|  Beginning of year | 47568187 | 1654988 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316184469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47568187 |

---

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

*See notes to financial statements.* 

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

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Year Ended<br>03/31/21 |
|  **Net asset value, beginning of year** | $47.57 | $33.10 | $36.39 | $32.35 | $20.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.28 | 0.30 | 0.32 | 0.24 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | 3.38 | 14.46 | (3.08) | 4.06 | 12.08 |
|  Net increase (decrease) from investment operations | 3.66 | 14.76 | (2.76) | 4.30 | 12.33 |
|  Distributions from net investment income<sup>(c)</sup>  | (0.23) | (0.29) | (0.53) | (0.26) | (0.25) |
|  **Net asset value, end of year** | $51.00 | $47.57 | $33.10 | $36.39 | $32.35 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 7.67% | 44.83% | (7.47)% | 13.28% | 61.00% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.15% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Net investment income | 0.51% | 0.73% | 1.01% | 0.66% | 0.88% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $316184 | $47568 | $1655 | $5459 | $4852 |
|  Portfolio turnover rate<sup>(f)</sup>  | 69% | 53% | 67% | 111% | 103% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

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

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Notes to Financial Statements

**1.**  ***ORGANIZATION*** 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification*<br> *Classification* |
|  MSCI USA Quality GARP ETF<sup>(a)</sup>  | Non-Diversified |

---

<sup>(a)</sup> Formerly iShares Factors US Growth Style ETF

On March 5, 2024, the Board approved a proposal to change the Fund's investment objective and underlying index and change the name of the Fund to iShares MSCI USA Quality GARP ETF. The Fund's ticker also changed from STLG to GARP. These changes became effective on May 31, 2024.

**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.

**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, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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.

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

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

------

Notes to Financial Statements (continued)

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

**3.**  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

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

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

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

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

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

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

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

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

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

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

**4.**  ***SECURITIES AND OTHER INVESTMENTS*** 

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower

12 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (continued)

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities<br>Loaned at Value* | *Cash<br>Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net*<br> *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | $484428 | $(484428) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 120318 | (120318) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 416598 | (416598) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 120313 | (120313) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 691262 | (691262) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 297221 | (297221) |  |  |
|  | $2130140 | $(2130140) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. 

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 Investment 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 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 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).

N O T E S T O F I N A N C I A L S T A T E M E N T S 13

------

Notes to Financial Statements (continued)

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% |

---

**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 SLAgency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, the Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income - affiliated - net in its Statement of Operations. For the year ended March 31, 2025, the Fund paid BTC $1,016 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, 2025, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  MSCI USA Quality GARP ETF | $35902172 | $65175252 | $(3952813) |

---

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.

14 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

**7.**  ***PURCHASES AND SALES*** 

For the year ended March 31, 2025, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113315443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112215093 |

---

For the year ended March 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind*<br> *Purchases* | *In-kind*<br> *Sales* |
|  MSCI USA Quality GARP ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357641541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72264905 |

---

**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, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  MSCI USA Quality GARP ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13904827 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13904827) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>03/31/25* | *Year Ended<br>03/31/24* |
|  MSCI USA Quality GARP ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $794675 | $96580 |

---

As of March 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Total* |
|  MSCI USA Quality GARP ETF | $37245 | $(7635766) | $(20912941) | $(28511462) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis net accumulated 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.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as "passive foreign investment companies." Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  MSCI USA Quality GARP ETF | $339233697 | $8040920 | $(28953862) | $(20912942) |

---

**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

N O T E S T O F I N A N C I A L S T A T E M E N T S 15

------

Notes to Financial Statements (continued)

be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve the Fund's investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, 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 and centrally cleared swaps 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.

16 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (continued)

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | Year Ended<br> 03/31/25 | Year Ended<br> 03/31/25 | Year Ended<br> 03/31/24 | Year Ended<br> 03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  MSCI USA Quality GARP ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6600000 | $358709832 | 1400000 | $57020865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1400000) | (72008202) | (450000) | (17997118) |
|  | 5200000 | $286701630 | 950000 | $39023747 |

---

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 custodian, and the Fund. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.

**11.**  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 17

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of iShares 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, 2025, the related statement of operations for the year ended March 31, 2025, the statement of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 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, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

18 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend<br>Income* |
|  MSCI USA Quality GARP ETF | $957815 |

---

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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business<br>Income* |
|  MSCI USA Quality GARP ETF | $4586 |

---

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received<br>Deduction* |
|  MSCI USA Quality GARP ETF | 100.00% |

---

I M P O R T A N T T A X I N F O R M A T I O N 19

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Additional Information

#### Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

#### Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

#### Availability of Portfolio Holdings Information
A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

20 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Glossary of Terms Used in these Financial Statements

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 21

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### 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 or MSCI Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

---

| | |
|:---|:---|
| ![LOGO](g86604g76o73.jpg)  | ![LOGO](g86604g87s07.jpg) |

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---

| | |
|:---|:---|
| ![LOGO](g86604g70e91.jpg)  | **MARCH 31, 2025** |

---

**2025 Annual Financial Statements**<br> **and Additional Information**<br>

#### 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](#fin886604_1) | 3 |
|  [Statements of Assets and Liabilities](#fin886604_2) | 28 |
|  [Statements of Operations](#fin886604_3) | 29 |
|  [Statements of Changes in Net Assets](#fin886604_4) | 30 |
|  [Financial Highlights](#fin886604_5) | 32 |
|  [Notes to Financial Statements](#fin886604_6) | 35 |
|  [Report of Independent Registered Public Accounting Firm](#fin886604_7) | 44 |
|  [Important Tax Information](#fin886604_8) | 45 |
|  [Additional Information](#fin886604_9) | 46 |
|  [Glossary of Terms Used in these Financial Statements](#fin886604_10) | 47 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 0.7%** |  |  |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 499 | $262449 |
|  General Electric Co. | 7430 | 1487114 |
|  Howmet Aerospace, Inc. | 2812 | 364801 |
|  |  | 2114364 |
| **Air Freight & Logistics — 0.4%** |  |  |
|  CH Robinson Worldwide, Inc. | 827 | 84685 |
|  Expeditors International of Washington, Inc. | 974 | 117123 |
|  FedEx Corp. | 1534 | 373959 |
|  United Parcel Service, Inc., Class B | 5053 | 555779 |
|  |  | 1131546 |
| **Automobile Components — 0.0%** |  |  |
|  Aptiv PLC<sup>(a)</sup> | 1583 | 94188 |
| **Automobiles — 1.9%** |  |  |
|  Ford Motor Co. | 26931 | 270118 |
|  General Motors Co. | 6888 | 323942 |
|  Tesla, Inc.<sup>(a)</sup> | 19373 | 5020707 |
|  |  | 5614767 |
| **Banks — 3.8%** |  |  |
|  Bank of America Corp. | 45838 | 1912820 |
|  Citigroup, Inc. | 12994 | 922444 |
|  Citizens Financial Group, Inc. | 3049 | 124917 |
|  Fifth Third Bancorp | 4648 | 182202 |
|  Huntington Bancshares, Inc. | 9977 | 149755 |
|  JPMorgan Chase & Co. | 19357 | 4748272 |
|  KeyCorp | 6873 | 109899 |
|  M&T Bank Corp. | 1147 | 205026 |
|  PNC Financial Services Group, Inc. (The) | 2743 | 482137 |
|  Regions Financial Corp. | 6322 | 137377 |
|  Truist Financial Corp. | 9110 | 374876 |
|  U.S. Bancorp | 10822 | 456905 |
|  Wells Fargo & Co. | 22768 | 1634515 |
|  |  | 11441145 |
| **Beverages — 1.4%** |  |  |
|  Brown-Forman Corp., Class B, NVS | 1286 | 43647 |
|  Coca-Cola Co. (The) | 26804 | 1919703 |
|  Constellation Brands, Inc., Class A | 1082 | 198569 |
|  Keurig Dr. Pepper, Inc. | 8265 | 282828 |
|  Molson Coors Beverage Co., Class B | 1178 | 71705 |
|  Monster Beverage Corp.<sup>(a)</sup> | 4856 | 284173 |
|  PepsiCo, Inc. | 9492 | 1423230 |
|  |  | 4223855 |
| **Biotechnology — 2.1%** |  |  |
|  AbbVie, Inc. | 12221 | 2560544 |
|  Amgen, Inc. | 3718 | 1158343 |
|  Biogen, Inc.<sup>(a)</sup> | 1009 | 138071 |
|  Gilead Sciences, Inc. | 8622 | 966095 |
|  Incyte Corp.<sup>(a)</sup> | 1116 | 67574 |
|  Moderna, Inc.<sup>(a)</sup> | 2368 | 67133 |
|  Regeneron Pharmaceuticals, Inc. | 729 | 462354 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1777 | 861525 |
|  |  | 6281639 |
| **Broadline Retail — 4.2%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 65295 | 12423027 |
|  eBay, Inc. | 3322 | 224999 |
|  |  | 12648026 |
| **Building Products — 0.6%** |  |  |
| A. O. Smith Corp. | 819 | 53530 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Building Products (continued)** |  |  |
|  Allegion PLC | 601 | $78407 |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 795 | 99327 |
|  Carrier Global Corp. | 5590 | 354406 |
|  Johnson Controls International PLC | 4570 | 366103 |
|  Lennox International, Inc. | 221 | 123943 |
|  Masco Corp. | 1461 | 101598 |
|  Trane Technologies PLC | 1551 | 522563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699877 |
| **Capital Markets — 3.5%** |  |  |
|  Ameriprise Financial, Inc. | 666 | 322417 |
|  Bank of New York Mellon Corp. (The) | 4969 | 416750 |
|  BlackRock, Inc.<sup>(b)</sup> | 1008 | 954052 |
|  Blackstone, Inc., Class A, NVS | 5067 | 708265 |
|  Cboe Global Markets, Inc. | 719 | 162703 |
|  Charles Schwab Corp. (The) | 11822 | 925426 |
|  CME Group, Inc., Class A | 2499 | 662960 |
|  FactSet Research Systems, Inc. | 265 | 120480 |
|  Franklin Resources, Inc. | 2113 | 40675 |
|  Goldman Sachs Group, Inc. (The) | 2161 | 1180533 |
|  Intercontinental Exchange, Inc. | 3979 | 686377 |
|  Invesco Ltd. | 3202 | 48574 |
|  KKR & Co., Inc., Class A | 4683 | 541402 |
|  MarketAxess Holdings, Inc. | 261 | 56467 |
|  Moody's Corp. | 1068 | 497357 |
|  Morgan Stanley | 8566 | 999395 |
|  MSCI, Inc., Class A | 537 | 303673 |
|  Nasdaq, Inc. | 2852 | 216353 |
|  Northern Trust Corp. | 1344 | 132586 |
|  Raymond James Financial, Inc. | 1268 | 176138 |
|  S&P Global, Inc. | 2180 | 1107658 |
|  State Street Corp. | 1998 | 178881 |
|  T Rowe Price Group, Inc. | 1546 | 142031 |
|  |  | 10581153 |
| **Chemicals — 1.4%** |  |  |
|  Air Products & Chemicals, Inc. | 1537 | 453292 |
|  Albemarle Corp. | 805 | 57976 |
|  CF Industries Holdings, Inc. | 1208 | 94405 |
|  Corteva, Inc. | 4764 | 299799 |
|  Dow, Inc. | 4890 | 170759 |
|  Ecolab, Inc. | 1745 | 442392 |
|  International Flavors & Fragrances, Inc. | 1788 | 138767 |
|  Linde PLC | 3296 | 1534749 |
|  LyondellBasell Industries NV, Class A | 1810 | 127424 |
|  Mosaic Co. (The) | 2147 | 57991 |
|  PPG Industries, Inc. | 1604 | 175397 |
|  Sherwin-Williams Co. (The) | 1606 | 560799 |
|  |  | 4113750 |
| **Commercial Services & Supplies — 0.7%** |  |  |
|  Cintas Corp. | 2372 | 487517 |
|  Copart, Inc.<sup>(a)</sup> | 6058 | 342822 |
|  Republic Services, Inc. | 1400 | 339024 |
|  Rollins, Inc. | 1926 | 104062 |
|  Veralto Corp. | 1718 | 167419 |
|  Waste Management, Inc. | 2530 | 585721 |
|  |  | 2026565 |
| **Communications Equipment — 1.0%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 7163 | 554989 |
|  Cisco Systems, Inc. | 27563 | 1700913 |
|  F5, Inc.<sup>(a)</sup> | 399 | 106242 |

---

S C H E D U L E O F I N V E S T M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Communications Equipment (continued)** |  |  |  |
|  Juniper Networks, Inc. | 2275 | $| 82332 |
|  Motorola Solutions, Inc. | 1158 |  | 506984 |
|  |  |  | 2951460 |
| **Construction & Engineering — 0.1%** |  |  |  |
|  Quanta Services, Inc. | 1020 |  | 259264 |
| **Construction Materials — 0.1%** |  |  |  |
|  Martin Marietta Materials, Inc. | 425 |  | 203205 |
|  Vulcan Materials Co. | 917 |  | 213936 |
|  |  |  | 417141 |
| **Consumer Finance — 0.6%** |  |  |  |
|  American Express Co. | 3843 |  | 1033959 |
|  Capital One Financial Corp. | 2645 |  | 474248 |
|  Discover Financial Services | 1738 |  | 296677 |
|  Synchrony Financial | 2698 |  | 142832 |
|  |  |  | 1947716 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |
|  Costco Wholesale Corp. | 3073 |  | 2906382 |
|  Dollar General Corp. | 1520 |  | 133654 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 1408 |  | 105698 |
|  Kroger Co. (The) | 4630 |  | 313405 |
|  Sysco Corp. | 3395 |  | 254761 |
|  Target Corp. | 3165 |  | 330299 |
|  Walgreens Boots Alliance, Inc. | 5078 |  | 56721 |
|  |  |  | 4100920 |
| **Containers & Packaging — 0.3%** |  |  |  |
|  Amcor PLC | 10167 |  | 98620 |
|  Avery Dennison Corp. | 548 |  | 97528 |
|  Ball Corp. | 2059 |  | 107212 |
|  International Paper Co. | 3638 |  | 194087 |
|  Packaging Corp. of America | 616 |  | 121980 |
|  Smurfit WestRock PLC | 3446 |  | 155277 |
|  |  |  | 774704 |
| **Distributors — 0.1%** |  |  |  |
|  Genuine Parts Co. | 971 |  | 115685 |
|  LKQ Corp. | 1769 |  | 75253 |
|  Pool Corp. | 265 |  | 84363 |
|  |  |  | 275301 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
|  AT&T Inc. | 49705 |  | 1405658 |
|  Verizon Communications, Inc. | 29162 |  | 1322788 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728446 |
| **Electric Utilities — 0.8%** |  |  |  |
|  Constellation Energy Corp. | 2172 |  | 437940 |
|  Edison International | 2689 |  | 158436 |
|  Entergy Corp. | 2968 |  | 253734 |
|  Eversource Energy | 2514 |  | 156145 |
|  Exelon Corp. | 6978 |  | 321546 |
|  NextEra Energy, Inc. | 14238 |  | 1009332 |
|  |  |  | 2337133 |
| **Electrical Equipment — 0.8%** |  |  |  |
|  AMETEK, Inc. | 1602 |  | 275768 |
|  Eaton Corp. PLC | 2731 |  | 742368 |
|  Emerson Electric Co. | 3904 |  | 428035 |
|  GE Vernova, Inc. | 1911 |  | 583390 |
|  Generac Holdings, Inc.<sup>(a)</sup> | 418 |  | 52940 |
|  Hubbell, Inc. | 372 |  | 123098 |
|  Rockwell Automation, Inc. | 786 |  | 203087 |
|  |  |  | 2408686 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
|  Amphenol Corp., Class A | 8357 | $548136 |
|  CDW Corp. | 920 | 147439 |
|  Corning, Inc. | 5365 | 245610 |
|  Jabil, Inc. | 755 | 102733 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 1201 | 179874 |
|  TE Connectivity PLC | 2054 | 290271 |
|  Trimble, Inc.<sup>(a)</sup> | 1679 | 110226 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 359 | 101439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725728 |
| **Energy Equipment & Services — 0.3%** |  |  |
|  Baker Hughes Co., Class A | 6843 | 300750 |
|  Halliburton Co. | 6009 | 152448 |
|  Schlumberger NV | 9698 | 405377 |
|  |  | 858575 |
| **Entertainment — 1.6%** |  |  |
|  Electronic Arts, Inc. | 1649 | 238313 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup> | 1096 | 143116 |
|  Netflix, Inc.<sup>(a)</sup> | 2961 | 2761221 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 1126 | 233364 |
|  Walt Disney Co. (The) | 12515 | 1235231 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 15559 | 166948 |
|  |  | 4778193 |
| **Financial Services — 5.5%** |  |  |
|  Apollo Global Management, Inc. | 3094 | 423692 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 12689 | 6757908 |
|  Corpay, Inc.<sup>(a)</sup> | 479 | 167037 |
|  Fidelity National Information Services, Inc. | 3667 | 273852 |
|  Fiserv, Inc.<sup>(a)</sup> | 3944 | 870953 |
|  Global Payments, Inc. | 1714 | 167835 |
|  Jack Henry & Associates, Inc. | 507 | 92578 |
|  Mastercard, Inc., Class A | 5638 | 3090300 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 6848 | 446832 |
|  Visa, Inc., Class A | 11930 | 4180988 |
|  |  | 16471975 |
| **Food Products — 0.7%** |  |  |
|  Archer-Daniels-Midland Co. | 3338 | 160257 |
|  Bunge Global SA | 924 | 70612 |
|  Conagra Brands, Inc. | 3249 | 86651 |
|  General Mills, Inc. | 3834 | 229235 |
|  Hershey Co. (The) | 1024 | 175135 |
|  Hormel Foods Corp. | 1985 | 61416 |
|  J M Smucker Co. (The) | 738 | 87386 |
|  Kellanova | 1860 | 153431 |
|  Kraft Heinz Co. (The) | 6039 | 183767 |
|  Lamb Weston Holdings, Inc. | 972 | 51807 |
|  McCormick & Co., Inc., NVS | 1732 | 142561 |
|  Mondelez International, Inc., Class A | 8955 | 607597 |
|  The Campbell's Co. | 1390 | 55489 |
|  Tyson Foods, Inc., Class A | 1959 | 125004 |
|  |  | 2190348 |
| **Gas Utilities — 0.1%** |  |  |
|  Atmos Energy Corp. | 1099 | 169883 |
| **Ground Transportation — 1.0%** |  |  |
|  CSX Corp. | 13329 | 392273 |
|  JB Hunt Transport Services, Inc. | 554 | 81964 |
|  Norfolk Southern Corp. | 1573 | 372565 |
|  Old Dominion Freight Line, Inc. | 1308 | 216409 |
|  Uber Technologies, Inc.<sup>(a)</sup> | 14462 | 1053701 |
|  Union Pacific Corp. | 4183 | 988192 |
|  |  | 3105104 |

---

4 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Equipment & Supplies — 2.7%** |  |  |
|  Abbott Laboratories | 12003 | $1592198 |
|  Align Technology, Inc.<sup>(a)</sup> | 477 | 75776 |
|  Baxter International, Inc. | 3508 | 120079 |
|  Becton Dickinson & Co. | 1988 | 455371 |
|  Boston Scientific Corp.<sup>(a)</sup> | 10198 | 1028774 |
|  Cooper Cos., Inc. (The)<sup>(a)</sup> | 1366 | 115222 |
|  Dexcom, Inc.<sup>(a)</sup> | 2707 | 184861 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 4089 | 296371 |
|  GE HealthCare Technologies, Inc. | 3180 | 256658 |
|  Hologic, Inc.<sup>(a)</sup> | 1553 | 95929 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 564 | 236852 |
|  Insulet Corp.<sup>(a)</sup> | 491 | 128941 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 2465 | 1220841 |
|  Medtronic PLC | 8879 | 797867 |
|  ResMed, Inc. | 1019 | 228103 |
|  STERIS PLC | 689 | 156162 |
|  Stryker Corp. | 2373 | 883349 |
|  Zimmer Biomet Holdings, Inc. | 1381 | 156302 |
|  |  | 8029656 |
| **Health Care Providers & Services — 2.6%** |  |  |
|  Cardinal Health, Inc. | 1683 | 231867 |
|  Cencora, Inc. | 1194 | 332040 |
|  Centene Corp.<sup>(a)</sup> | 3433 | 208417 |
|  Cigna Group (The) | 1895 | 623455 |
|  CVS Health Corp. | 8716 | 590509 |
|  DaVita, Inc.<sup>(a)</sup> | 299 | 45738 |
|  Elevance Health, Inc. | 1606 | 698546 |
|  HCA Healthcare, Inc. | 1238 | 427791 |
|  Henry Schein, Inc.<sup>(a)</sup> | 878 | 60134 |
|  Humana, Inc. | 830 | 219618 |
|  Labcorp Holdings, Inc. | 578 | 134524 |
|  McKesson Corp. | 868 | 584155 |
|  Molina Healthcare, Inc.<sup>(a)</sup> | 383 | 126156 |
|  Quest Diagnostics, Inc. | 763 | 129100 |
|  UnitedHealth Group, Inc. | 6375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338906 |
|  Universal Health Services, Inc., Class B | 400 | 75160 |
|  |  | 7826116 |
| **Health Care REITs — 0.3%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 1058 | 97876 |
|  Healthpeak Properties, Inc. | 4848 | 98026 |
|  Ventas, Inc. | 3026 | 208068 |
|  Welltower, Inc. | 4218 | 646240 |
|  |  | 1050210 |
| **Hotel & Resort REITs — 0.0%** |  |  |
|  Host Hotels & Resorts, Inc. | 4932 | 70084 |
| **Hotels, Restaurants & Leisure — 2.2%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 3000 | 358380 |
|  Booking Holdings, Inc. | 228 | 1050375 |
|  Caesars Entertainment, Inc.<sup>(a)</sup> | 1436 | 35900 |
|  Carnival Corp.<sup>(a)</sup> | 7201 | 140636 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 9382 | 471070 |
|  Darden Restaurants, Inc. | 808 | 167870 |
|  Domino's Pizza, Inc. | 237 | 108890 |
|  Expedia Group, Inc. | 848 | 142549 |
|  Hilton Worldwide Holdings, Inc. | 1665 | 378871 |
|  Las Vegas Sands Corp. | 2407 | 92982 |
|  Marriott International, Inc., Class A | 1584 | 377309 |
|  McDonald's Corp. | 4965 | 1550917 |
|  MGM Resorts International<sup>(a)</sup> | 1524 | 45171 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 3058 | 57980 |
|  Royal Caribbean Cruises Ltd. | 1714 | 352124 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** |  |  |
|  Starbucks Corp. | 7865 | $771478 |
|  Wynn Resorts Ltd. | 636 | 53106 |
|  Yum! Brands, Inc. | 1936 | 304649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6460257 |
| **Household Durables — 0.3%** |  |  |
|  DR Horton, Inc. | 1963 | 249556 |
|  Garmin Ltd. | 1063 | 230809 |
|  Lennar Corp., Class A | 1616 | 185484 |
|  Mohawk Industries, Inc.<sup>(a)</sup> | 370 | 42247 |
|  NVR, Inc.<sup>(a)</sup> | 21 | 152132 |
|  PulteGroup, Inc. | 1402 | 144126 |
|  |  | 1004354 |
| **Household Products — 1.3%** |  |  |
|  Church & Dwight Co., Inc. | 1701 | 187263 |
|  Clorox Co. (The) | 861 | 126782 |
|  Colgate-Palmolive Co. | 5618 | 526407 |
|  Kimberly-Clark Corp. | 2293 | 326110 |
|  Procter & Gamble Co. (The) | 16233 | 2766428 |
|  |  | 3932990 |
| **Industrial REITs — 0.2%** |  |  |
|  Prologis, Inc. | 6405 | 716015 |
| **Insurance — 2.6%** |  |  |
|  Aflac, Inc. | 3427 | 381048 |
|  Allstate Corp. (The) | 1837 | 380387 |
|  American International Group, Inc. | 4108 | 357149 |
|  Aon PLC, Class A | 1500 | 598635 |
|  Arch Capital Group Ltd. | 2611 | 251126 |
|  Arthur J. Gallagher & Co. | 1760 | 607622 |
|  Assurant, Inc. | 356 | 74671 |
|  Brown & Brown, Inc. | 1649 | 205136 |
|  Chubb Ltd. | 2580 | 779134 |
|  Cincinnati Financial Corp. | 1083 | 159981 |
|  Erie Indemnity Co., Class A, NVS | 172 | 72077 |
|  Globe Life, Inc. | 574 | 75607 |
|  Hartford Insurance Group, Inc. (The) | 1983 | 245357 |
|  Loews Corp. | 1223 | 112406 |
|  Marsh & McLennan Cos., Inc. | 3395 | 828482 |
|  MetLife, Inc. | 3997 | 320919 |
|  Principal Financial Group, Inc. | 1448 | 122168 |
|  Progressive Corp. (The) | 4056 | 1147888 |
|  Prudential Financial, Inc. | 2440 | 272499 |
|  Travelers Cos., Inc. (The) | 1571 | 415467 |
|  W R Berkley Corp. | 2104 | 149721 |
|  Willis Towers Watson PLC | 688 | 232510 |
|  |  | 7789990 |
| **Interactive Media & Services — 6.7%** |  |  |
|  Alphabet, Inc., Class A | 40380 | 6244363 |
|  Alphabet, Inc., Class C, NVS | 32726 | 5112783 |
|  Match Group, Inc. | 1698 | 52978 |
|  Meta Platforms, Inc., Class A | 15160 | 8737617 |
|  |  | 20147741 |
| **IT Services — 0.8%** |  |  |
|  Accenture PLC, Class A | 4323 | 1348949 |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 1038 | 83559 |
|  Cognizant Technology Solutions Corp., Class A | 3419 | 261554 |
|  EPAM Systems, Inc.<sup>(a)</sup> | 399 | 67367 |
|  Gartner, Inc.<sup>(a)</sup> | 531 | 222882 |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 967 | 174195 |
|  VeriSign, Inc.<sup>(a)</sup> | 569 | 144452 |
|  |  | 2302958 |

---

S C H E D U L E O F I N V E S T M E N T S 5

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Leisure Products — 0.0%** |  |  |
|  Hasbro, Inc. | 890 | $54726 |
| **Life Sciences Tools & Services — 1.1%** |  |  |
|  Agilent Technologies, Inc. | 1966 | 229983 |
|  Bio-Techne Corp. | 1108 | 64962 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 359 | 54037 |
|  Danaher Corp. | 4430 | 908150 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 1158 | 204155 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 144 | 170051 |
|  Revvity, Inc. | 833 | 88131 |
|  Thermo Fisher Scientific, Inc. | 2648 | 1317645 |
|  Waters Corp.<sup>(a)</sup> | 410 | 151114 |
|  West Pharmaceutical Services, Inc. | 503 | 112611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300839 |
| **Machinery — 1.8%** |  |  |
|  Caterpillar, Inc. | 3308 | 1090979 |
|  Cummins, Inc. | 954 | 299022 |
|  Deere & Co. | 1752 | 822301 |
|  Dover Corp. | 941 | 165315 |
|  Fortive Corp. | 2352 | 172119 |
|  IDEX Corp. | 521 | 94285 |
|  Illinois Tool Works, Inc. | 1849 | 458571 |
|  Ingersoll Rand, Inc. | 2809 | 224804 |
|  Nordson Corp. | 381 | 76855 |
|  Otis Worldwide Corp. | 2731 | 281839 |
|  PACCAR, Inc. | 3621 | 352577 |
|  Parker-Hannifin Corp. | 894 | 543418 |
|  Pentair PLC | 1130 | 98852 |
|  Snap-on, Inc. | 365 | 123009 |
|  Stanley Black & Decker, Inc. | 1066 | 81954 |
|  Westinghouse Air Brake Technologies Corp. | 1178 | 213630 |
|  Xylem, Inc. | 1690 | 201888 |
|  |  | 5301418 |
| **Media — 0.6%** |  |  |
|  Charter Communications, Inc., Class A<sup>(a)</sup> | 671 | 247284 |
|  Comcast Corp., Class A | 26110 | 963459 |
|  Fox Corp., Class A, NVS | 1505 | 85183 |
|  Fox Corp., Class B | 891 | 46965 |
|  Interpublic Group of Cos., Inc. (The) | 2607 | 70806 |
|  News Corp., Class A, NVS | 2648 | 72078 |
|  News Corp., Class B | 753 | 22869 |
|  Omnicom Group, Inc. | 1341 | 111182 |
|  Paramount Global, Class B, NVS | 4155 | 49694 |
|  |  | 1669520 |
| **Metals & Mining — 0.4%** |  |  |
|  Freeport-McMoRan, Inc. | 9952 | 376783 |
|  Newmont Corp. | 7872 | 380060 |
|  Nucor Corp. | 1630 | 196154 |
|  Steel Dynamics, Inc. | 971 | 121453 |
|  |  | 1074450 |
| **Multi-Utilities — 0.4%** |  |  |
|  CenterPoint Energy, Inc. | 4518 | 163687 |
|  Consolidated Edison, Inc. | 2397 | 265084 |
|  Dominion Energy, Inc. | 5800 | 325206 |
|  Public Service Enterprise Group, Inc. | 3463 | 285005 |
|  Sempra | 4371 | 311915 |
|  |  | 1350897 |
| **Office REITs — 0.0%** |  |  |
|  BXP, Inc. | 1001 | 67257 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Oil, Gas & Consumable Fuels — 0.9%** |  |  |  |
|  Kinder Morgan, Inc. | 13352 | $| 380932 |
|  Marathon Petroleum Corp. | 2187 |  | 318624 |
|  ONEOK, Inc. | 4305 |  | 427142 |
|  Phillips 66 | 2862 |  | 353400 |
|  Targa Resources Corp. | 1504 |  | 301507 |
|  Valero Energy Corp. | 2196 |  | 290026 |
|  Williams Cos., Inc. (The) | 8435 |  | 504076 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575707 |
| **Passenger Airlines — 0.2%** |  |  |  |
|  Delta Air Lines, Inc. | 4473 |  | 195023 |
|  Southwest Airlines Co. | 4108 |  | 137946 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 2296 |  | 158539 |
|  |  |  | 491508 |
| **Personal Care Products — 0.0%** |  |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 1626 |  | 107316 |
| **Pharmaceuticals — 2.8%** |  |  |  |
|  Bristol-Myers Squibb Co. | 14035 |  | 855995 |
|  Eli Lilly & Co. | 5454 |  | 4504513 |
|  Merck & Co., Inc. | 17506 |  | 1571338 |
|  Pfizer, Inc. | 39250 |  | 994595 |
|  Viatris, Inc. | 8301 |  | 72302 |
|  Zoetis, Inc., Class A | 3100 |  | 510415 |
|  |  |  | 8509158 |
| **Professional Services — 0.7%** |  |  |  |
|  Automatic Data Processing, Inc. | 2816 |  | 860372 |
|  Broadridge Financial Solutions, Inc. | 811 |  | 196635 |
|  Dayforce, Inc.<sup>(a)</sup> | 1104 |  | 64396 |
|  Equifax, Inc. | 860 |  | 209462 |
|  Paychex, Inc. | 2213 |  | 341422 |
|  Paycom Software, Inc. | 325 |  | 71006 |
|  Verisk Analytics, Inc. | 979 |  | 291370 |
|  |  |  | 2034663 |
| **Real Estate Management & Development — 0.2%** |  |  |  |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 2046 |  | 267576 |
|  CoStar Group, Inc.<sup>(a)</sup> | 2917 |  | 231114 |
|  |  |  | 498690 |
| **Residential REITs — 0.3%** |  |  |  |
|  AvalonBay Communities, Inc. | 989 |  | 212259 |
|  Camden Property Trust | 745 |  | 91114 |
|  Equity Residential | 2380 |  | 170360 |
|  Essex Property Trust, Inc. | 445 |  | 136424 |
|  Invitation Homes, Inc. | 3917 |  | 136507 |
|  Mid-America Apartment Communities, Inc. | 811 |  | 135907 |
|  UDR, Inc. | 2094 |  | 94586 |
|  |  |  | 977157 |
| **Retail REITs — 0.3%** |  |  |  |
|  Federal Realty Investment Trust | 535 |  | 52334 |
|  Kimco Realty Corp. | 4701 |  | 99849 |
|  Realty Income Corp. | 6083 |  | 352875 |
|  Regency Centers Corp. | 1121 |  | 82685 |
|  Simon Property Group, Inc. | 2133 |  | 354248 |
|  |  |  | 941991 |
| **Semiconductors & Semiconductor Equipment — 10.9%** | **Semiconductors & Semiconductor Equipment — 10.9%** | **Semiconductors & Semiconductor Equipment — 10.9%** | **Semiconductors & Semiconductor Equipment — 10.9%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 11236 |  | 1154387 |
|  Analog Devices, Inc. | 3439 |  | 693543 |
|  Applied Materials, Inc. | 5626 |  | 816445 |
|  Broadcom, Inc. | 32449 |  | 5432936 |
|  Enphase Energy, Inc.<sup>(a)</sup> | 901 |  | 55907 |
|  First Solar, Inc.<sup>(a)</sup> | 734 |  | 92800 |

---

6 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Intel Corp. | 29907 | $| 679188 |
|  KLA Corp. | 919 |  | 624736 |
|  Lam Research Corp. | 8884 |  | 645867 |
|  Microchip Technology, Inc. | 3747 |  | 181392 |
|  Micron Technology, Inc. | 7713 |  | 670182 |
|  Monolithic Power Systems, Inc. | 331 |  | 191973 |
|  NVIDIA Corp. | 169536 |  | 18374312 |
|  NXP Semiconductors NV | 1752 |  | 332985 |
|  ON Semiconductor Corp.<sup>(a)</sup> | 2933 |  | 119344 |
|  QUALCOMM, Inc. | 7656 |  | 1176038 |
|  Skyworks Solutions, Inc. | 1101 |  | 71158 |
|  Teradyne, Inc. | 1136 |  | 93834 |
|  Texas Instruments, Inc. | 6302 |  | 1132469 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32539496 |
| **Software — 10.8%** | **Software — 10.8%** | **Software — 10.8%** | **Software — 10.8%** |
|  Adobe, Inc.<sup>(a)</sup> | 3013 |  | 1155576 |
|  ANSYS, Inc.<sup>(a)</sup> | 606 |  | 191835 |
|  Autodesk, Inc.<sup>(a)</sup> | 1483 |  | 388249 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 1904 |  | 484244 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 1705 |  | 601149 |
|  Fair Isaac Corp.<sup>(a)</sup> | 168 |  | 309819 |
|  Fortinet, Inc.<sup>(a)</sup> | 4398 |  | 423351 |
|  Gen Digital, Inc. | 3778 |  | 100268 |
|  Intuit, Inc. | 1939 |  | 1190527 |
|  Microsoft Corp. | 51463 |  | 19318696 |
|  Oracle Corp. | 11230 |  | 1570066 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 14215 |  | 1199746 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 4583 |  | 782043 |
|  PTC, Inc.<sup>(a)</sup> | 827 |  | 128144 |
|  Roper Technologies, Inc. | 745 |  | 439237 |
|  Salesforce, Inc. | 6623 |  | 1777348 |
|  ServiceNow, Inc.<sup>(a)</sup> | 1427 |  | 1136092 |
|  Synopsys, Inc.<sup>(a)</sup> | 1070 |  | 458870 |
|  Tyler Technologies, Inc.<sup>(a)</sup> | 294 |  | 170929 |
|  Workday, Inc., Class A<sup>(a)</sup> | 1481 |  | 345858 |
|  |  |  | 32172047 |
| **Specialized REITs — 1.1%** | **Specialized REITs — 1.1%** | **Specialized REITs — 1.1%** | **Specialized REITs — 1.1%** |
|  American Tower Corp. | 3241 |  | 705241 |
|  Crown Castle, Inc. | 2999 |  | 312586 |
|  Digital Realty Trust, Inc. | 2190 |  | 313805 |
|  Equinix, Inc. | 674 |  | 549546 |
|  Extra Space Storage, Inc. | 1461 |  | 216944 |
|  Iron Mountain, Inc. | 2045 |  | 175952 |
|  Public Storage | 1093 |  | 327124 |
|  SBA Communications Corp., Class A | 746 |  | 164127 |
|  VICI Properties, Inc. | 7261 |  | 236854 |
|  Weyerhaeuser Co. | 5017 |  | 146898 |
|  |  |  | 3149077 |
| **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
|  AutoZone, Inc.<sup>(a)</sup> | 116 |  | 442283 |
|  Best Buy Co., Inc. | 1367 |  | 100625 |
|  CarMax, Inc.<sup>(a)</sup> | 1046 |  | 81504 |
|  Home Depot, Inc. (The) | 6872 |  | 2518519 |
|  Lowe's Cos., Inc. | 3909 |  | 911696 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 398 |  | 570167 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
|  Ross Stores, Inc. | 2284 | $291872 |
|  TJX Cos., Inc. (The) | 7782 | 947848 |
|  Tractor Supply Co. | 3688 | 203209 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 326 | 119492 |
|  |  | 6187215 |
| **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** |
|  Apple Inc. | 103992 | 23099743 |
|  Dell Technologies, Inc., Class C | 2160 | 196884 |
|  Hewlett Packard Enterprise Co. | 8966 | 138345 |
|  HP, Inc. | 6492 | 179764 |
|  NetApp, Inc. | 1419 | 124645 |
|  Seagate Technology Holdings PLC | 1456 | 123687 |
|  Super Micro Computer, Inc.<sup>(a)(c)</sup> | 3485 | 119326 |
|  Western Digital Corp.<sup>(a)</sup> | 2397 | 96911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24079305 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
|  Deckers Outdoor Corp.<sup>(a)</sup> | 1055 | 117960 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 775 | 219371 |
|  NIKE, Inc., Class B | 8178 | 519139 |
|  Ralph Lauren Corp., Class A | 273 | 60262 |
|  Tapestry, Inc. | 1433 | 100898 |
|  |  | 1017630 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
|  Fastenal Co. | 3956 | 306788 |
|  United Rentals, Inc. | 454 | 284522 |
|  |  | 591310 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
|  American Water Works Co., Inc. | 1342 | 197972 |
| **Wireless Telecommunication Services — 0.3%**<br> T-Mobile U.S., Inc. | 3319 | 885210 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $279,198,953)** | **Total Long-Term Investments — 99.8%<br>(Cost: $279,198,953)** | 298576382 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.2%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(b)(d)(e)</sup> | 119088 | 119148 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(b)(d)</sup> | 491759 | 491759 |
|  **Total Short-Term Securities — 0.2%<br>(Cost: $610,911)** | **Total Short-Term Securities — 0.2%<br>(Cost: $610,911)** | 610907 |
|  **Total Investments — 100.0%<br>(Cost: $279,809,864)** | **Total Investments — 100.0%<br>(Cost: $279,809,864)** | 299187289 |
|  **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 36169 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299223458 |

---

<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.

S C H E D U L E O F I N V E S T M E N T S 7

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares<br>Held at<br>03/31/25* | *Income* | *Capital<br>Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash<br>Funds: Institutional,<br>SL Agency Shares | $96777 | $24716 <sup>(a)</sup> | $— | $(2308) | $(37) | $119148 | 119088 | $1156 <sup>(b)</sup> | $— |
|  BlackRock Cash<br>Funds: Treasury,<br>SL Agency Shares | 306229 | 185530 <sup>(a)</sup> |  |  |  | 491759 | 491759 | 21163 |  |
|  BlackRock, Inc. | 732822 | 323844 | (191230) | 36168 | 52448 | 954052 | 1008 | 18650 |  |
|  |  |  |  | $33860 | $52411 | $1564959 |  | $40969 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 20 | 06/20/25 | $565 | $(3912) |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $3912 | $— | $— | $— | $3912 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $24171 | $— | $— | $— | $24171 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(11338) | $— | $— | $— | $(11338) |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $500779 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

8 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P 500 ETF** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $298576382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;298576382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 610907 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610907 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299187289 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299187289 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(3912) | $— | $— | $(3912) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 9

------

---

| | |
|:---|:---|
| Schedule of Investments<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Mid-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 1.1%** |  |  |
|  Curtiss-Wright Corp. | 3953 | $1254168 |
|  Hexcel Corp. | 8640 | 473126 |
|  Woodward, Inc. | 6230 | 1136913 |
|  |  | 2864207 |
| **Air Freight & Logistics — 0.2%** |  |  |
|  GXO Logistics, Inc.<sup>(a)(b)</sup> | 12741 | 497918 |
| **Automobile Components — 0.9%** |  |  |
|  Autoliv, Inc. | 7475 | 661164 |
|  Gentex Corp. | 24216 | 564233 |
|  Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> | 29795 | 275306 |
|  Lear Corp. | 5637 | 497296 |
|  Visteon Corp.<sup>(a)</sup> | 2888 | 224166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222165 |
| **Automobiles — 0.3%** |  |  |
|  Harley-Davidson, Inc. | 12247 | 309237 |
|  Thor Industries, Inc. | 5662 | 429236 |
|  |  | 738473 |
| **Banks — 7.6%** |  |  |
|  Associated Banc-Corp. | 17344 | 390760 |
|  Bank OZK | 11031 | 479297 |
|  Cadence Bank | 13810 | 419272 |
|  Columbia Banking System, Inc. | 22009 | 548905 |
|  Comerica, Inc. | 13793 | 814615 |
|  Commerce Bancshares, Inc. | 12813 | 797353 |
|  Cullen/Frost Bankers, Inc. | 6742 | 844098 |
|  East West Bancorp, Inc. | 14552 | 1306188 |
|  First Financial Bankshares, Inc. | 13709 | 492427 |
|  First Horizon Corp. | 55001 | 1068119 |
|  Flagstar Financial, Inc. | 32373 | 376174 |
|  FNB Corp. | 37787 | 508235 |
|  Glacier Bancorp, Inc. | 12083 | 534310 |
|  Hancock Whitney Corp. | 8998 | 471945 |
|  Home BancShares, Inc. | 19699 | 556891 |
|  International Bancshares Corp. | 5634 | 355280 |
|  Old National Bancorp | 33483 | 709505 |
|  Pinnacle Financial Partners, Inc. | 8033 | 851819 |
|  Prosperity Bancshares, Inc. | 10143 | 723906 |
|  SouthState Corp. | 10305 | 956510 |
|  Synovus Financial Corp. | 14818 | 692593 |
|  Texas Capital Bancshares, Inc.<sup>(a)</sup> | 4846 | 361996 |
|  UMB Financial Corp. | 7143 | 722157 |
|  United Bankshares, Inc. | 14981 | 519391 |
|  Valley National Bancorp | 50587 | 449719 |
|  Webster Financial Corp. | 17990 | 927385 |
|  Western Alliance Bancorp | 11448 | 879550 |
|  Wintrust Financial Corp. | 6980 | 784971 |
|  Zions Bancorp N.A. | 15521 | 773877 |
|  |  | 19317248 |
| **Beverages — 0.6%** |  |  |
|  Boston Beer Co., Inc. (The), Class A, NVS<sup>(a)</sup> | 913 | 218061 |
|  Celsius Holdings, Inc.<sup>(a)</sup> | 16538 | 589083 |
|  Coca-Cola Consolidated, Inc. | 619 | 835650 |
|  |  | 1642794 |
| **Biotechnology — 3.0%** |  |  |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 20004 | 1414083 |
|  Cytokinetics, Inc.<sup>(a)</sup> | 12399 | 498316 |
|  Exelixis, Inc.<sup>(a)</sup> | 29377 | 1084599 |
|  Halozyme Therapeutics, Inc.<sup>(a)</sup> | 13355 | 852183 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup> | 10466 | $1157540 |
|  Roivant Sciences Ltd.<sup>(a)</sup> | 44016 | 444121 |
|  Sarepta Therapeutics, Inc.<sup>(a)</sup> | 10026 | 639859 |
|  United Therapeutics Corp.<sup>(a)</sup> | 4687 | 1444861 |
|  |  | 7535562 |
| **Broadline Retail — 0.5%** |  |  |
|  Macy's, Inc. | 29028 | 364592 |
|  Nordstrom, Inc. | 10460 | 255747 |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 6432 | 748427 |
|  |  | 1368766 |
| **Building Products — 2.8%** |  |  |
|  AAON, Inc. | 7191 | 561833 |
|  Advanced Drainage Systems, Inc. | 7409 | 804988 |
|  Carlisle Cos., Inc. | 4666 | 1588773 |
|  Fortune Brands Innovations, Inc. | 13039 | 793814 |
|  Owens Corning | 9004 | 1285951 |
|  Simpson Manufacturing Co., Inc. | 4426 | 695236 |
|  Trex Co., Inc.<sup>(a)(b)</sup> | 11247 | 653451 |
|  UFP Industries, Inc. | 6374 | 682273 |
|  |  | 7066319 |
| **Capital Markets — 3.2%** |  |  |
|  Affiliated Managers Group, Inc. | 3075 | 516692 |
|  Evercore, Inc., Class A | 3759 | 750747 |
|  Federated Hermes, Inc., Class B | 8261 | 336801 |
|  Hamilton Lane, Inc., Class A | 4514 | 671096 |
|  Houlihan Lokey, Inc., Class A | 5671 | 915867 |
|  Interactive Brokers Group, Inc., Class A | 11428 | 1892363 |
|  Janus Henderson Group PLC | 13299 | 480759 |
|  Jefferies Financial Group, Inc. | 17090 | 915511 |
|  SEI Investments Co. | 10118 | 785460 |
|  Stifel Financial Corp. | 10725 | 1010939 |
|  |  | 8276235 |
| **Chemicals — 1.8%** |  |  |
|  Ashland, Inc. | 4933 | 292477 |
|  Avient Corp. | 9688 | 360006 |
|  Axalta Coating Systems Ltd.<sup>(a)</sup> | 22897 | 759493 |
|  Cabot Corp. | 5700 | 473898 |
|  NewMarket Corp. | 797 | 451461 |
|  RPM International, Inc. | 13495 | 1561102 |
|  Scotts Miracle-Gro Co. (The) | 4613 | 253208 |
|  Westlake Corp. | 3570 | 357107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508752 |
| **Commercial Services & Supplies — 1.9%** |  |  |
|  Brink's Co. (The) | 4654 | 400989 |
|  Clean Harbors, Inc.<sup>(a)</sup> | 5318 | 1048178 |
|  MSA Safety, Inc. | 4121 | 604509 |
|  RB Global, Inc. | 19357 | 1941507 |
|  Tetra Tech, Inc. | 28134 | 822919 |
|  |  | 4818102 |
| **Communications Equipment — 0.5%** |  |  |
|  Ciena Corp.<sup>(a)</sup> | 14917 | 901434 |
|  Lumentum Holdings, Inc.<sup>(a)</sup> | 7344 | 457825 |
|  |  | 1359259 |
| **Construction & Engineering — 2.2%** |  |  |
|  AECOM | 13928 | 1291543 |
|  Comfort Systems U.S.A., Inc. | 3724 | 1200357 |
|  EMCOR Group, Inc. | 4829 | 1784943 |

---

10 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Mid-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Construction & Engineering (continued)** |  |  |  |
|  MasTec, Inc.<sup>(a)</sup> | 6462 | $| 754180 |
|  Valmont Industries, Inc. | 2104 |  | 600419 |
|  |  |  | 5631442 |
| **Construction Materials — 0.5%** |  |  |  |
|  Eagle Materials, Inc. | 3494 |  | 775424 |
|  Knife River Corp.<sup>(a)</sup> | 6034 |  | 544327 |
|  |  |  | 1319751 |
| **Consumer Finance — 0.7%** |  |  |  |
|  Ally Financial, Inc. | 28849 |  | 1052123 |
|  SLM Corp. | 21999 |  | 646111 |
|  |  |  | 1698234 |
| **Consumer Staples Distribution & Retail — 2.5%** | **Consumer Staples Distribution & Retail — 2.5%** | **Consumer Staples Distribution & Retail — 2.5%** | **Consumer Staples Distribution & Retail — 2.5%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 13865 |  | 1581996 |
|  Casey's General Stores, Inc. | 3896 |  | 1691020 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 10496 |  | 1602109 |
|  U.S. Foods Holding Corp.<sup>(a)</sup> | 24182 |  | 1582954 |
|  |  |  | 6458079 |
| **Containers & Packaging — 1.9%** |  |  |  |
|  AptarGroup, Inc. | 6980 |  | 1035692 |
|  Berry Global Group, Inc. | 12270 |  | 856569 |
|  Crown Holdings, Inc. | 12287 |  | 1096738 |
|  Graphic Packaging Holding Co. | 31512 |  | 818051 |
|  Greif, Inc., Class A, NVS | 2703 |  | 148638 |
|  Silgan Holdings, Inc. | 8610 |  | 440143 |
|  Sonoco Products Co. | 10328 |  | 487895 |
|  |  |  | 4883726 |
| **Diversified Consumer Services — 1.6%** |  |  |  |
|  Duolingo, Inc., Class A<sup>(a)</sup> | 3978 |  | 1235328 |
|  Graham Holdings Co., Class B | 353 |  | 339184 |
|  Grand Canyon Education, Inc.<sup>(a)</sup> | 3060 |  | 529441 |
|  H&R Block, Inc. | 14050 |  | 771486 |
|  Service Corp. International | 15137 |  | 1213987 |
|  |  |  | 4089426 |
| **Diversified REITs — 0.6%** |  |  |  |
|  WP Carey, Inc. | 22972 |  | 1449763 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
|  Frontier Communications Parent, Inc.<sup>(a)</sup> | 23263 |  | 834211 |
|  Iridium Communications, Inc. | 11468 |  | 313306 |
|  |  |  | 1147517 |
| **Electrical Equipment — 1.3%** |  |  |  |
|  Acuity, Inc. | 3218 |  | 847460 |
|  EnerSys | 4122 |  | 377493 |
|  nVent Electric PLC | 17470 |  | 915777 |
|  Regal Rexnord Corp. | 6952 |  | 791485 |
|  Sensata Technologies Holding PLC | 15950 |  | 387107 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319322 |
| **Electronic Equipment, Instruments & Components — 3.1%** | **Electronic Equipment, Instruments & Components — 3.1%** | **Electronic Equipment, Instruments & Components — 3.1%** | **Electronic Equipment, Instruments & Components — 3.1%** |
|  Arrow Electronics, Inc.<sup>(a)</sup> | 5480 |  | 568988 |
|  Avnet, Inc. | 9098 |  | 437523 |
|  Belden, Inc. | 4282 |  | 429271 |
|  Cognex Corp. | 17844 |  | 532287 |
|  Coherent Corp.<sup>(a)</sup> | 16266 |  | 1056314 |
|  Crane NXT Co. | 5141 |  | 264247 |
|  Fabrinet<sup>(a)</sup> | 3763 |  | 743230 |
|  Flex Ltd.<sup>(a)</sup> | 40213 |  | 1330246 |
|  IPG Photonics Corp.<sup>(a)(b)</sup> | 2847 |  | 179760 |
|  Littelfuse, Inc. | 2642 |  | 519787 |
|  Novanta, Inc.<sup>(a)</sup> | 3776 |  | 482837 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
|  TD SYNNEX Corp. | 7908 | $822116 |
|  Vontier Corp. | 15624 | 513248 |
|  |  | 7879854 |
| **Energy Equipment & Services — 0.7%** |  |  |
|  ChampionX Corp. | 20034 | 597013 |
|  NOV, Inc. | 39985 | 608572 |
|  Valaris Ltd.<sup>(a)(b)</sup> | 6938 | 272386 |
|  Weatherford International PLC | 7706 | 412656 |
|  |  | 1890627 |
| **Entertainment — 0.2%** |  |  |
|  Warner Music Group Corp., Class A | 15254 | 478213 |
| **Financial Services — 2.1%** |  |  |
|  Equitable Holdings, Inc. | 26474 | 1379031 |
|  Essent Group Ltd. | 11025 | 636363 |
|  Euronet Worldwide, Inc.<sup>(a)</sup> | 4400 | 470140 |
|  MGIC Investment Corp. | 26080 | 646262 |
|  Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | 7209 | 589047 |
|  Voya Financial, Inc. | 10100 | 684376 |
|  Western Union Co. (The) | 30184 | 319347 |
|  WEX, Inc.<sup>(a)(b)</sup> | 3652 | 573437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5298003 |
| **Food Products — 1.2%** |  |  |
|  Darling Ingredients, Inc.<sup>(a)(b)</sup> | 16710 | 522020 |
|  Flowers Foods, Inc. | 20774 | 394914 |
|  Ingredion, Inc. | 6770 | 915372 |
|  Lancaster Colony Corp. | 2018 | 353150 |
|  Pilgrim's Pride Corp.<sup>(a)</sup> | 4342 | 236682 |
|  Post Holdings, Inc.<sup>(a)</sup> | 4807 | 559343 |
|  |  | 2981481 |
| **Gas Utilities — 1.0%** |  |  |
|  New Jersey Resources Corp. | 10567 | 518417 |
|  ONE Gas, Inc. | 6043 | 456790 |
|  Southwest Gas Holdings, Inc. | 6337 | 454997 |
|  Spire, Inc. | 6190 | 484368 |
|  UGI Corp. | 22547 | 745629 |
|  |  | 2660201 |
| **Ground Transportation — 1.7%** |  |  |
|  Avis Budget Group, Inc.<sup>(a)</sup> | 1852 | 140567 |
|  Knight-Swift Transportation Holdings, Inc. | 16993 | 739026 |
|  Landstar System, Inc. | 3710 | 557242 |
|  Ryder System, Inc. | 4419 | 635496 |
|  Saia, Inc.<sup>(a)(b)</sup> | 2791 | 975259 |
|  XPO, Inc.<sup>(a)(b)</sup> | 12307 | 1323987 |
|  |  | 4371577 |
| **Health Care Equipment & Supplies — 1.8%** |  |  |
|  DENTSPLY SIRONA, Inc. | 21079 | 314920 |
|  Envista Holdings Corp.<sup>(a)</sup> | 18244 | 314891 |
|  Globus Medical, Inc., Class A<sup>(a)</sup> | 11939 | 873935 |
|  Haemonetics Corp.<sup>(a)</sup> | 5330 | 338722 |
|  Lantheus Holdings, Inc.<sup>(a)</sup> | 7297 | 712187 |
|  LivaNova PLC<sup>(a)</sup> | 5677 | 222993 |
|  Masimo Corp.<sup>(a)</sup> | 4664 | 777022 |
|  Penumbra, Inc.<sup>(a)(b)</sup> | 4029 | 1077395 |
|  |  | 4632065 |
| **Health Care Providers & Services — 2.4%** |  |  |
|  Acadia Healthcare Co., Inc.<sup>(a)</sup> | 9846 | 298531 |
|  Amedisys, Inc.<sup>(a)</sup> | 3424 | 317165 |
|  Chemed Corp.<sup>(b)</sup> | 1573 | 967898 |
|  Encompass Health Corp. | 10575 | 1071036 |

---

S C H E D U L E O F I N V E S T M E N T S 11

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Mid-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  Ensign Group, Inc. (The) | 5986 | $| 774588 |
|  HealthEquity, Inc.<sup>(a)(b)</sup> | 9096 |  | 803814 |
|  Option Care Health, Inc.<sup>(a)</sup> | 18124 |  | 633434 |
|  Tenet Healthcare Corp.<sup>(a)</sup> | 9982 |  | 1342579 |
|  |  |  | 6209045 |
| **Health Care REITs — 0.9%** |  |  |  |
|  Healthcare Realty Trust, Inc. | 37734 |  | 637704 |
|  Omega Healthcare Investors, Inc. | 29583 |  | 1126521 |
|  Sabra Health Care REIT, Inc. | 24885 |  | 434741 |
|  |  |  | 2198966 |
| **Health Care Technology — 0.3%** |  |  |  |
|  Doximity, Inc., Class A<sup>(a)</sup> | 14010 |  | 813000 |
| **Hotel & Resort REITs — 0.1%** |  |  |  |
|  Park Hotels & Resorts, Inc. | 22098 |  | 236007 |
| **Hotels, Restaurants & Leisure — 3.6%** |  |  |  |
|  Aramark | 28051 |  | 968321 |
|  Boyd Gaming Corp. | 7034 |  | 463048 |
|  Choice Hotels International, Inc.<sup>(b)</sup> | 2368 |  | 314423 |
|  Churchill Downs, Inc. | 7715 |  | 856905 |
|  Hilton Grand Vacations, Inc.<sup>(a)(b)</sup> | 6576 |  | 246008 |
|  Hyatt Hotels Corp., Class A | 4502 |  | 551495 |
|  Light & Wonder, Inc., Class A<sup>(a)</sup> | 9269 |  | 802788 |
|  Marriott Vacations Worldwide Corp. | 3358 |  | 215718 |
|  Planet Fitness, Inc., Class A<sup>(a)</sup> | 8836 |  | 853646 |
|  Texas Roadhouse, Inc. | 7002 |  | 1166743 |
|  Travel + Leisure Co. | 7152 |  | 331066 |
|  Vail Resorts, Inc. | 3930 |  | 628879 |
|  Wendy's Co. (The) | 17902 |  | 261906 |
|  Wingstop, Inc. | 3066 |  | 691629 |
|  Wyndham Hotels & Resorts, Inc. | 8161 |  | 738652 |
|  |  |  | 9091227 |
| **Household Durables — 1.9%** |  |  |  |
|  KB Home | 7299 |  | 424218 |
|  Somnigroup International, Inc. | 20072 |  | 1201911 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 11018 |  | 661521 |
|  Toll Brothers, Inc. | 10485 |  | 1107111 |
|  TopBuild Corp.<sup>(a)(b)</sup> | 3077 |  | 938331 |
|  Whirlpool Corp. | 5879 |  | 529874 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4862966 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **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. | 6118 |  | 432971 |
| **Industrial REITs — 1.3%** | **Industrial REITs — 1.3%** | **Industrial REITs — 1.3%** | **Industrial REITs — 1.3%** |
|  EastGroup Properties, Inc. | 5451 |  | 960194 |
|  First Industrial Realty Trust, Inc. | 13897 |  | 749882 |
|  Rexford Industrial Realty, Inc. | 23884 |  | 935058 |
|  STAG Industrial, Inc. | 19582 |  | 707302 |
|  |  |  | 3352436 |
| **Insurance — 5.7%** |  |  |  |
|  American Financial Group, Inc. | 7581 |  | 995688 |
|  Brighthouse Financial, Inc.<sup>(a)</sup> | 6174 |  | 358030 |
|  CNO Financial Group, Inc. | 10904 |  | 454152 |
|  Fidelity National Financial, Inc., Class A | 27285 |  | 1775708 |
|  First American Financial Corp. | 10811 |  | 709526 |
|  Hanover Insurance Group, Inc. (The) | 3783 |  | 658053 |
|  Kemper Corp. | 6426 |  | 429578 |
|  Kinsale Capital Group, Inc.<sup>(b)</sup> | 2323 |  | 1130627 |
|  Old Republic International Corp. | 24485 |  | 960302 |
|  Primerica, Inc. | 3503 |  | 996709 |
|  Reinsurance Group of America, Inc. | 6915 |  | 1361563 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance (continued)** |  |  |
|  RenaissanceRe Holdings Ltd. | 5169 | $1240560 |
|  RLI Corp. | 8884 | 713652 |
|  Ryan Specialty Holdings, Inc., Class A | 11168 | 824980 |
|  Selective Insurance Group, Inc. | 6473 | 592538 |
|  Unum Group | 15532 | 1265237 |
|  |  | 14466903 |
| **Interactive Media & Services — 0.1%** |  |  |
|  ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 28997 | 289970 |
| **IT Services — 0.4%** |  |  |
|  ASGN, Inc.<sup>(a)</sup> | 4690 | 295564 |
|  Kyndryl Holdings, Inc.<sup>(a)</sup> | 24425 | 766945 |
|  |  | 1062509 |
| **Leisure Products — 0.6%** |  |  |
|  Brunswick Corp. | 7036 | 378888 |
|  Mattel, Inc.<sup>(a)</sup> | 35363 | 687103 |
|  Polaris, Inc. | 5672 | 232212 |
|  YETI Holdings, Inc.<sup>(a)(b)</sup> | 8869 | 293564 |
|  |  | 1591767 |
| **Life Sciences Tools & Services — 1.9%** |  |  |
|  Avantor, Inc.<sup>(a)</sup> | 71470 | 1158529 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 2025 | 493209 |
|  Bruker Corp. | 11630 | 485436 |
|  Illumina, Inc.<sup>(a)</sup> | 16626 | 1319107 |
|  Medpace Holdings, Inc.<sup>(a)</sup> | 2622 | 798897 |
|  Repligen Corp.<sup>(a)</sup> | 5470 | 696003 |
|  |  | 4951181 |
| **Machinery — 5.3%** |  |  |
|  AGCO Corp. | 6596 | 610592 |
|  Chart Industries, Inc.<sup>(a)</sup> | 4414 | 637205 |
|  CNH Industrial NV | 91410 | 1122515 |
|  Crane Co. | 5106 | 782137 |
|  Donaldson Co., Inc. | 12535 | 840597 |
|  Esab Corp. | 5964 | 694806 |
|  Flowserve Corp. | 13790 | 673504 |
|  Graco, Inc. | 17724 | 1480131 |
|  ITT, Inc. | 8544 | 1103543 |
|  Lincoln Electric Holdings, Inc. | 5923 | 1120395 |
|  Middleby Corp. (The)<sup>(a)</sup> | 5646 | 858079 |
|  Mueller Industries, Inc. | 11938 | 908959 |
|  Oshkosh Corp. | 6830 | 642566 |
|  Terex Corp. | 7082 | 267558 |
|  Timken Co. (The) | 6706 | 481960 |
|  Toro Co. (The) | 10562 | 768386 |
|  Watts Water Technologies, Inc., Class A | 2915 | 594427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13587360 |
| **Marine Transportation — 0.2%** |  |  |
|  Kirby Corp.<sup>(a)</sup> | 6112 | 617373 |
| **Media — 0.6%** |  |  |
|  New York Times Co. (The), Class A | 17127 | 849499 |
|  Nexstar Media Group, Inc., Class A | 3064 | 549130 |
|  |  | 1398629 |
| **Metals & Mining — 2.6%** |  |  |
|  Alcoa Corp. | 27118 | 827099 |
|  Carpenter Technology Corp. | 5243 | 949927 |
|  Cleveland-Cliffs, Inc.<sup>(a)</sup> | 50887 | 418291 |
|  Commercial Metals Co. | 12136 | 558377 |
|  Reliance, Inc. | 5680 | 1640100 |

---

12 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Mid-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Metals & Mining (continued)** |  |  |  |
|  Royal Gold, Inc. | 6902 | $| 1128546 |
|  United States Steel Corp. | 23635 |  | 998815 |
|  |  |  | 6521155 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **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. | 60703 |  | 1232878 |
|  Starwood Property Trust, Inc. | 33621 |  | 664687 |
|  |  |  | 1897565 |
| **Office REITs — 0.7%** |  |  |  |
|  COPT Defense Properties | 11760 |  | 320695 |
|  Cousins Properties, Inc. | 17814 |  | 525513 |
|  Kilroy Realty Corp. | 11117 |  | 364193 |
|  Vornado Realty Trust | 17429 |  | 644699 |
|  |  |  | 1855100 |
| **Oil, Gas & Consumable Fuels — 0.9%** |  |  |  |
|  Antero Midstream Corp. | 35172 |  | 633096 |
|  DT Midstream, Inc. | 10634 |  | 1025968 |
|  HF Sinclair Corp. | 17033 |  | 560045 |
|  PBF Energy, Inc., Class A | 10373 |  | 198021 |
|  |  |  | 2417130 |
| **Paper & Forest Products — 0.2%** |  |  |  |
|  Louisiana-Pacific Corp. | 6663 |  | 612863 |
| **Passenger Airlines — 0.3%** |  |  |  |
|  American Airlines Group, Inc.<sup>(a)</sup> | 69021 |  | 728172 |
| **Personal Care Products — 0.6%** |  |  |  |
|  BellRing Brands, Inc.<sup>(a)</sup> | 13465 |  | 1002604 |
|  Coty, Inc., Class A<sup>(a)</sup> | 39777 |  | 217580 |
|  elf Beauty, Inc.<sup>(a)</sup> | 5979 |  | 375421 |
|  |  |  | 1595605 |
| **Pharmaceuticals — 0.3%** |  |  |  |
|  Jazz Pharmaceuticals PLC<sup>(a)</sup> | 6411 |  | 795926 |
| **Professional Services — 1.9%** |  |  |  |
|  Concentrix Corp. | 4843 |  | 269464 |
|  ExlService Holdings, Inc.<sup>(a)</sup> | 16887 |  | 797235 |
|  Exponent, Inc. | 5411 |  | 438616 |
|  FTI Consulting, Inc.<sup>(a)</sup> | 3709 |  | 608573 |
|  Genpact Ltd. | 16919 |  | 852379 |
|  Insperity, Inc. | 3698 |  | 329973 |
|  ManpowerGroup, Inc. | 4977 |  | 288069 |
|  Maximus, Inc. | 5918 |  | 403548 |
|  Paylocity Holding Corp.<sup>(a)</sup> | 4576 |  | 857268 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845125 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
|  Jones Lang LaSalle, Inc.<sup>(a)(b)</sup> | 4980 |  | 1234592 |
| **Residential REITs — 1.2%** |  |  |  |
|  American Homes 4 Rent, Class A | 33298 |  | 1258997 |
|  Equity LifeStyle Properties, Inc. | 20054 |  | 1337602 |
|  Independence Realty Trust, Inc. | 24190 |  | 513554 |
|  |  |  | 3110153 |
| **Retail REITs — 1.2%** |  |  |  |
|  Agree Realty Corp. | 11233 |  | 867075 |
|  Brixmor Property Group, Inc. | 32163 |  | 853928 |
|  Kite Realty Group Trust | 23410 |  | 523682 |
|  NNN REIT, Inc. | 19687 |  | 839650 |
|  |  |  | 3084335 |
| **Semiconductors & Semiconductor Equipment — 2.3%** | **Semiconductors & Semiconductor Equipment — 2.3%** | **Semiconductors & Semiconductor Equipment — 2.3%** | **Semiconductors & Semiconductor Equipment — 2.3%** |
|  Allegro MicroSystems, Inc.<sup>(a)</sup> | 13855 |  | 348176 |
|  Amkor Technology, Inc. | 11862 |  | 214228 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Cirrus Logic, Inc.<sup>(a)</sup> | 5659 | $| 563948 |
|  Lattice Semiconductor Corp.<sup>(a)(b)</sup> | 14482 |  | 759581 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 6257 |  | 628078 |
|  MKS Instruments, Inc. | 7068 |  | 566500 |
|  Onto Innovation, Inc.<sup>(a)</sup> | 5185 |  | 629148 |
|  Power Integrations, Inc. | 6029 |  | 304464 |
|  Rambus, Inc.<sup>(a)</sup> | 11348 |  | 587543 |
|  Silicon Laboratories, Inc.<sup>(a)(b)</sup> | 3394 |  | 382062 |
|  Synaptics, Inc.<sup>(a)</sup> | 4097 |  | 261061 |
|  Universal Display Corp. | 4633 |  | 646211 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5891000 |
| **Software — 3.7%** |  |  |  |
|  Appfolio, Inc., Class A<sup>(a)</sup> | 2442 |  | 536996 |
|  BILL Holdings, Inc.<sup>(a)</sup> | 9860 |  | 452475 |
|  Blackbaud, Inc.<sup>(a)</sup> | 3976 |  | 246711 |
|  Commvault Systems, Inc.<sup>(a)</sup> | 4657 |  | 734688 |
|  Docusign, Inc.<sup>(a)</sup> | 21205 |  | 1726087 |
|  Dolby Laboratories, Inc., Class A | 6430 |  | 516393 |
|  Dropbox, Inc., Class A<sup>(a)</sup> | 22726 |  | 607012 |
|  Dynatrace, Inc.<sup>(a)</sup> | 31421 |  | 1481500 |
|  Guidewire Software, Inc.<sup>(a)(b)</sup> | 8767 |  | 1642585 |
|  Manhattan Associates, Inc.<sup>(a)(b)</sup> | 6416 |  | 1110225 |
|  Qualys, Inc.<sup>(a)</sup> | 3885 |  | 489238 |
|  |  |  | 9543910 |
| **Specialized REITs — 2.0%** |  |  |  |
|  CubeSmart | 23739 |  | 1013893 |
|  EPR Properties | 8076 |  | 424878 |
|  Gaming & Leisure Properties, Inc. | 28801 |  | 1465971 |
|  Lamar Advertising Co., Class A | 9230 |  | 1050189 |
|  National Storage Affiliates Trust | 7332 |  | 288881 |
|  PotlatchDeltic Corp. | 7496 |  | 338220 |
|  Rayonier, Inc. | 14748 |  | 411174 |
|  |  |  | 4993206 |
| **Specialty Retail — 3.0%** |  |  |  |
|  Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 5300 |  | 404761 |
|  AutoNation, Inc.<sup>(a)</sup> | 2712 |  | 439127 |
|  Burlington Stores, Inc.<sup>(a)</sup> | 6592 |  | 1571071 |
|  Chewy, Inc., Class A<sup>(a)</sup> | 17550 |  | 570551 |
|  Five Below, Inc.<sup>(a)</sup> | 5785 |  | 433441 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 11256 |  | 905770 |
|  GameStop Corp., Class A<sup>(a)</sup> | 42677 |  | 952551 |
|  Gap, Inc. (The) | 23386 |  | 481986 |
|  Lithia Motors, Inc., Class A | 2796 |  | 820738 |
|  Penske Automotive Group, Inc. | 1955 |  | 281481 |
|  RH<sup>(a)</sup> | 1610 |  | 377400 |
|  Valvoline, Inc.<sup>(a)</sup> | 13361 |  | 465096 |
|  |  |  | 7703973 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
|  Pure Storage, Inc., Class A<sup>(a)</sup> | 32531 |  | 1440147 |
| **Textiles, Apparel & Luxury Goods — 1.0%** |  |  |  |
|  Capri Holdings Ltd.<sup>(a)</sup> | 12328 |  | 243232 |
|  Columbia Sportswear Co. | 3397 |  | 257119 |
|  Crocs, Inc.<sup>(a)(b)</sup> | 5885 |  | 624987 |
|  PVH Corp. | 5816 |  | 375946 |
|  Skechers U.S.A., Inc., Class A<sup>(a)</sup> | 13813 |  | 784302 |
|  Under Armour, Inc., Class A<sup>(a)</sup> | 20648 |  | 129050 |
|  Under Armour, Inc., Class C, NVS<sup>(a)</sup> | 13962 |  | 83074 |
|  |  |  | 2497710 |
| **Trading Companies & Distributors — 2.1%** |  |  |  |
|  Applied Industrial Technologies, Inc. | 4029 |  | 907895 |

---

S C H E D U L E O F I N V E S T M E N T S 13

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Mid-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |  |
|  Core & Main, Inc., Class A<sup>(a)</sup> | 19963 | $964412 |
|  GATX Corp. | 3789 | 588318 |
|  MSC Industrial Direct Co., Inc., Class A | 4771 | 370564 |
|  Watsco, Inc. | 3656 | 1858345 |
|  WESCO International, Inc | 4660 | 723698 |
|  |  | 5413232 |
| **Water Utilities — 0.4%** |  |  |
|  Essential Utilities, Inc. | 26519 | 1048296 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $245,994,943)** |  | 254796586 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 4.9%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(c)(d)(e)</sup> | 12006212 | 12012215 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(c)(d)</sup> | 440236 | 440236 |
|  **Total Short-Term Securities — 4.9%<br>(Cost: $12,451,072)** |  | 12452451 |
|  **Total Investments — 104.6%<br>(Cost: $258,446,015)** |  | 267249037 |
|  **Liabilities in Excess of Other Assets — (4.6)%** | **Liabilities in Excess of Other Assets — (4.6)%** | (11709477) |
|  **Net Assets — 100.0%** |  | $255539560 |

---

<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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares<br>Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $8474748 | $3535888 <sup>(a)</sup> | $— | $2017 | $(438) | $12012215 | 12006212 | $23162 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 258761 | 181475 <sup>(a)</sup> |  |  |  | 440236 | 440236 | 24296 |  |
|  |  |  |  | $2017 | $(438) | $12452451 |  | $47458 | $— |

---

<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.

14 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Mid-Cap ETF** |

---

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Mid 400 E-Mini Index | 1 | 06/20/25 | $294 | $(1201) |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $1201 | $— | $— | $— | $1201 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(51122) | $— | $— | $— | $(51122) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(4349) | $— | $— | $— | $(4349) |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $526658 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E O F I N V E S T M E N T S 15

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $254796586 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254796586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 12452451 |  |  | 12452451 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267249037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $267249037 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(1201) | $— | $— | $(1201) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

16 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 0.8%** |  |  |
|  AAR Corp.<sup>(a)</sup> | 2968 | $166178 |
|  AeroVironment, Inc.<sup>(a)</sup> | 2359 | 281169 |
|  Mercury Systems, Inc.<sup>(a)</sup> | 4265 | 183779 |
|  Triumph Group, Inc.<sup>(a)</sup> | 6517 | 165141 |
|  |  | 796267 |
| **Air Freight & Logistics — 0.2%** |  |  |
|  Forward Air Corp.<sup>(a)</sup> | 1689 | 33932 |
|  Hub Group, Inc., Class A | 5103 | 189678 |
|  |  | 223610 |
| **Automobile Components — 1.3%** |  |  |
|  Adient PLC<sup>(a)</sup> | 7056 | 90740 |
|  American Axle & Manufacturing Holdings,<br>Inc.<sup>(a)(b)</sup> | 9884 | 40228 |
|  Dana, Inc. | 10862 | 144791 |
|  Dorman Products, Inc.<sup>(a)</sup> | 2291 | 276157 |
|  Fox Factory Holding Corp.<sup>(a)</sup> | 3504 | 81783 |
|  Gentherm, Inc.<sup>(a)</sup> | 2610 | 69791 |
|  LCI Industries | 2140 | 187100 |
|  Patrick Industries, Inc. | 2832 | 239474 |
|  Standard Motor Products, Inc. | 1747 | 43553 |
|  XPEL, Inc.<sup>(a)</sup> | 1912 | 56175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229792 |
| **Automobiles — 0.1%** |  |  |
|  Winnebago Industries, Inc. | 2387 | 82256 |
| **Banks — 9.1%** |  |  |
|  Ameris Bancorp | 4954 | 285202 |
|  Atlantic Union Bankshares Corp. | 6165 | 191978 |
|  Axos Financial, Inc.<sup>(a)</sup> | 4436 | 286211 |
|  Banc of California, Inc. | 11218 | 159183 |
|  BancFirst Corp. | 1680 | 184582 |
|  Bancorp, Inc. (The)<sup>(a)(b)</sup> | 3634 | 192021 |
|  Bank of Hawaii Corp. | 2950 | 203462 |
|  BankUnited, Inc. | 5522 | 190178 |
|  Banner Corp. | 2537 | 161785 |
|  Berkshire Hills Bancorp, Inc. | 3833 | 100003 |
|  Brookline Bancorp, Inc. | 6958 | 75842 |
|  Capitol Federal Financial, Inc. | 10200 | 57120 |
|  Cathay General Bancorp | 4848 | 208609 |
|  Central Pacific Financial Corp. | 1892 | 51160 |
|  City Holding Co. | 1126 | 132271 |
|  Community Financial System, Inc. | 3956 | 224938 |
|  Customers Bancorp, Inc.<sup>(a)</sup> | 2133 | 107077 |
|  CVB Financial Corp. | 11020 | 203429 |
|  Dime Community Bancshares, Inc. | 3272 | 91223 |
|  Eagle Bancorp, Inc. | 2182 | 45822 |
|  FB Financial Corp. | 2951 | 136808 |
|  First BanCorp/Puerto Rico | 11139 | 213535 |
|  First Bancorp/Southern Pines NC | 3039 | 121986 |
|  First Commonwealth Financial Corp. | 7284 | 113193 |
|  First Financial Bancorp | 7166 | 179007 |
|  First Hawaiian, Inc. | 10628 | 259748 |
|  Fulton Financial Corp. | 12992 | 235025 |
|  Hanmi Financial Corp. | 1808 | 40969 |
|  Heritage Financial Corp. | 2413 | 58708 |
|  Hilltop Holdings, Inc. | 3873 | 117933 |
|  Hope Bancorp, Inc. | 8905 | 93235 |
|  Independent Bank Corp. | 2948 | 184692 |
|  Lakeland Financial Corp. | 2035 | 120960 |
|  National Bank Holdings Corp., Class A | 2912 | 111442 |
|  NBT Bancorp, Inc. | 3612 | 154955 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  Northwest Bancshares, Inc. | 9383 | $112784 |
|  OFG Bancorp | 3302 | 132146 |
|  Pacific Premier Bancorp, Inc. | 6665 | 142098 |
|  Park National Corp. | 1222 | 185011 |
|  Pathward Financial, Inc. | 1738 | 126787 |
|  Preferred Bank | 561 | 46933 |
|  Provident Financial Services, Inc. | 7629 | 130990 |
|  Renasant Corp. | 4649 | 157741 |
|  S&T Bancorp, Inc. | 2913 | 107927 |
|  Seacoast Banking Corp. of Florida | 6010 | 154637 |
|  ServisFirst Bancshares, Inc. | 4212 | 347911 |
|  Simmons First National Corp., Class A | 9189 | 188650 |
|  Southside Bancshares, Inc. | 2138 | 61917 |
|  Stellar Bancorp, Inc. | 3989 | 110336 |
|  Tompkins Financial Corp. | 1057 | 66570 |
|  Triumph Financial, Inc.<sup>(a)</sup> | 1841 | 106410 |
|  TrustCo Bank Corp. | 1323 | 40325 |
|  Trustmark Corp. | 4243 | 146341 |
|  United Community Banks, Inc. | 8263 | 232438 |
|  Veritex Holdings, Inc. | 4019 | 100354 |
|  WaFd, Inc. | 6784 | 193887 |
|  Westamerica BanCorp | 1959 | 99184 |
|  WSFS Financial Corp. | 4151 | 215312 |
|  |  | 8500981 |
| **Beverages — 0.1%** |  |  |
|  MGP Ingredients, Inc. | 1181 | 34698 |
|  National Beverage Corp. | 1974 | 82000 |
|  |  | 116698 |
| **Biotechnology — 3.2%** |  |  |
|  ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 10351 | 171930 |
|  ADMA Biologics, Inc.<sup>(a)</sup> | 19895 | 394717 |
|  Alkermes PLC<sup>(a)</sup> | 13670 | 451383 |
|  Arcus Biosciences, Inc.<sup>(a)</sup> | 5610 | 44039 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 10600 | 135044 |
|  Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 9458 | 229356 |
|  Dynavax Technologies Corp.<sup>(a)</sup> | 10249 | 132930 |
|  Krystal Biotech, Inc.<sup>(a)</sup> | 2130 | 384039 |
|  Myriad Genetics, Inc.<sup>(a)</sup> | 7641 | 67776 |
|  Protagonist Therapeutics, Inc.<sup>(a)</sup> | 5011 | 242332 |
|  TG Therapeutics, Inc.<sup>(a)</sup> | 11226 | 442641 |
|  Vericel Corp.<sup>(a)(b)</sup> | 4160 | 185619 |
|  Vir Biotechnology, Inc.<sup>(a)</sup> | 7757 | 50265 |
|  Xencor, Inc.<sup>(a)(b)</sup> | 5894 | 62712 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994783 |
| **Broadline Retail — 0.6%** |  |  |
|  Etsy, Inc.<sup>(a)</sup> | 9464 | 446511 |
|  Kohl's Corp. | 9416 | 77023 |
|  |  | 523534 |
| **Building Products — 2.9%** |  |  |
|  American Woodmark Corp.<sup>(a)</sup> | 1265 | 74420 |
|  Apogee Enterprises, Inc. | 1850 | 85710 |
|  Armstrong World Industries, Inc. | 3665 | 516325 |
|  AZZ, Inc. | 2522 | 210864 |
|  CSW Industrials, Inc.<sup>(b)</sup> | 1411 | 411335 |
|  Gibraltar Industries, Inc.<sup>(a)</sup> | 2556 | 149935 |
|  Griffon Corp. | 3316 | 237094 |
|  Hayward Holdings, Inc.<sup>(a)</sup> | 11964 | 166539 |
|  Insteel Industries, Inc. | 1509 | 39687 |
|  Masterbrand, Inc.<sup>(a)</sup> | 10700 | 139742 |
|  Quanex Building Products Corp. | 3959 | 73598 |

---

S C H E D U L E O F I N V E S T M E N T S 17

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Building Products (continued)** |  |  |
|  Resideo Technologies, Inc.<sup>(a)</sup> | 12361 | $218790 |
|  Zurn Elkay Water Solutions Corp. | 12008 | 396024 |
|  |  | 2720063 |
| **Capital Markets — 2.8%** |  |  |
|  Acadian Asset Management, Inc. | 2371 | 61314 |
|  Artisan Partners Asset Management, Inc., Class A | 5070 | 198237 |
|  BGC Group, Inc., Class A | 24410 | 223840 |
|  Cohen & Steers, Inc. | 2254 | 180883 |
|  Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 2249 | 98304 |
|  Moelis & Co., Class A | 3649 | 212956 |
|  Piper Sandler Cos | 1353 | 335084 |
|  PJT Partners, Inc., Class A | 1993 | 274795 |
|  StepStone Group, Inc., Class A | 5547 | 289720 |
|  StoneX Group, Inc.<sup>(a)(b)</sup> | 3601 | 275044 |
|  Virtu Financial, Inc., Class A | 6803 | 259330 |
|  Virtus Investment Partners, Inc. | 560 | 96522 |
|  WisdomTree, Inc. | 9558 | 85257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591286 |
| **Chemicals — 2.1%** |  |  |
|  AdvanSix, Inc. | 2256 | 51098 |
|  Balchem Corp. | 2734 | 453844 |
|  Hawkins, Inc. | 1603 | 169790 |
|  HB Fuller Co. | 4593 | 257759 |
|  Ingevity Corp.<sup>(a)</sup> | 3069 | 121502 |
|  Innospec, Inc. | 2106 | 199544 |
|  Koppers Holdings, Inc. | 1689 | 47292 |
|  Minerals Technologies, Inc. | 2681 | 170431 |
|  Quaker Chemical Corp. | 1156 | 142893 |
|  Sensient Technologies Corp. | 3568 | 265566 |
|  Stepan Co. | 1774 | 97641 |
|  |  | 1977360 |
| **Commercial Services & Supplies — 2.2%** |  |  |
|  ABM Industries, Inc. | 5229 | 247646 |
|  Brady Corp., Class A, NVS | 3718 | 262640 |
|  Deluxe Corp. | 3743 | 59177 |
|  Enviri Corp.<sup>(a)</sup> | 6743 | 44841 |
|  GEO Group, Inc. (The)<sup>(a)</sup> | 11432 | 333929 |
|  Healthcare Services Group, Inc.<sup>(a)</sup> | 6192 | 62415 |
|  HNI Corp. | 4021 | 178331 |
|  Interface, Inc., Class A | 4892 | 97057 |
|  Liquidity Services, Inc.<sup>(a)(b)</sup> | 1915 | 59384 |
|  Matthews International Corp., Class A | 2588 | 57557 |
|  MillerKnoll, Inc. | 5730 | 109672 |
|  OPENLANE, Inc.<sup>(a)</sup> | 8987 | 173269 |
|  Pitney Bowes, Inc. | 9798 | 88672 |
|  Pursuit Attractions & Hospitality, Inc.<sup>(a)</sup> | 1788 | 63277 |
|  UniFirst Corp. | 1265 | 220110 |
|  |  | 2057977 |
| **Communications Equipment — 1.0%** |  |  |
|  Calix, Inc.<sup>(a)</sup> | 4964 | 175924 |
|  Digi International, Inc.<sup>(a)</sup> | 3102 | 86329 |
|  Extreme Networks, Inc.<sup>(a)</sup> | 11178 | 147885 |
|  Harmonic, Inc.<sup>(a)</sup> | 9882 | 94768 |
|  NetScout Systems, Inc.<sup>(a)</sup> | 6054 | 127195 |
|  Viasat, Inc.<sup>(a)</sup> | 7158 | 74586 |
|  Viavi Solutions, Inc.<sup>(a)</sup> | 18720 | 209477 |
|  |  | 916164 |
| **Construction & Engineering — 1.2%** |  |  |
|  Arcosa, Inc. | 4106 | 316655 |
|  Dycom Industries, Inc.<sup>(a)</sup> | 2453 | 373690 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Construction & Engineering (continued)** |  |  |  |
|  Granite Construction, Inc.<sup>(b)</sup> | 3651 | $| 275285 |
|  MYR Group, Inc.<sup>(a)</sup> | 1359 |  | 153689 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119319 |
| **Consumer Finance — 0.7%** |  |  |  |
|  Bread Financial Holdings, Inc. | 1688 |  | 84535 |
|  Encore Capital Group, Inc.<sup>(a)</sup> | 1989 |  | 68183 |
|  Enova International, Inc.<sup>(a)</sup> | 2170 |  | 209535 |
|  Navient Corp. | 6234 |  | 78735 |
|  PRA Group, Inc.<sup>(a)</sup> | 3327 |  | 68603 |
|  PROG Holdings, Inc. | 3516 |  | 93526 |
|  World Acceptance Corp.<sup>(a)</sup> | 271 |  | 34295 |
|  |  |  | 637412 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
|  Andersons, Inc. (The) | 2716 |  | 116598 |
|  Chefs' Warehouse, Inc. (The)<sup>(a)</sup> | 2956 |  | 160984 |
|  Grocery Outlet Holding Corp.<sup>(a)</sup> | 8209 |  | 114762 |
|  PriceSmart, Inc. | 2090 |  | 183606 |
|  SpartanNash Co. | 2854 |  | 57822 |
|  United Natural Foods, Inc.<sup>(a)</sup> | 5055 |  | 138456 |
|  |  |  | 772228 |
| **Containers & Packaging — 0.5%** |  |  |  |
|  O-I Glass, Inc.<sup>(a)</sup> | 12958 |  | 148628 |
|  Sealed Air Corp. | 10295 |  | 297526 |
|  |  |  | 446154 |
| **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** |
|  Adtalem Global Education, Inc.<sup>(a)</sup> | 3133 |  | 315305 |
|  Frontdoor, Inc.<sup>(a)</sup> | 6390 |  | 245504 |
|  Mister Car Wash, Inc.<sup>(a)(b)</sup> | 7908 |  | 62394 |
|  Perdoceo Education Corp. | 4208 |  | 105957 |
|  Strategic Education, Inc. | 2046 |  | 171782 |
|  Stride, Inc.<sup>(a)</sup> | 3597 |  | 455021 |
|  |  |  | 1355963 |
| **Diversified REITs — 0.9%** |  |  |  |
|  Alexander & Baldwin, Inc. | 6100 |  | 105103 |
|  American Assets Trust, Inc. | 3951 |  | 79573 |
|  Armada Hoffler Properties, Inc. | 6757 |  | 50745 |
|  Essential Properties Realty Trust, Inc. | 15777 |  | 514961 |
|  Global Net Lease, Inc. | 16617 |  | 133601 |
|  |  |  | 883983 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
|  Cogent Communications Holdings, Inc. | 3552 |  | 217773 |
|  Lumen Technologies, Inc.<sup>(a)</sup> | 85368 |  | 334643 |
|  |  |  | 552416 |
| **Electric Utilities — 0.3%** |  |  |  |
|  Otter Tail Corp. | 3523 |  | 283143 |
| **Electrical Equipment — 0.4%** |  |  |  |
|  Powell Industries, Inc.<sup>(b)</sup> | 792 |  | 134902 |
|  Sunrun, Inc.<sup>(a)</sup> | 18891 |  | 110701 |
|  Vicor Corp.<sup>(a)(b)</sup> | 1936 |  | 90566 |
|  |  |  | 336169 |
| **Electronic Equipment, Instruments & Components — 3.7%** | **Electronic Equipment, Instruments & Components — 3.7%** | **Electronic Equipment, Instruments & Components — 3.7%** | **Electronic Equipment, Instruments & Components — 3.7%** |
|  Advanced Energy Industries, Inc. | 3171 |  | 302228 |
|  Arlo Technologies, Inc.<sup>(a)</sup> | 8438 |  | 83283 |
|  Badger Meter, Inc. | 2474 |  | 470679 |
|  Benchmark Electronics, Inc. | 3018 |  | 114775 |
|  CTS Corp. | 2526 |  | 104955 |
|  ePlus, Inc.<sup>(a)(b)</sup> | 2214 |  | 135120 |
|  Insight Enterprises, Inc.<sup>(a)(b)</sup> | 2300 |  | 344977 |

---

18 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
|  Itron, Inc.<sup>(a)</sup> | 3794 | $397459 |
|  Knowles Corp.<sup>(a)</sup> | 7369 | 112009 |
|  OSI Systems, Inc.<sup>(a)</sup> | 1313 | 255168 |
|  PC Connection, Inc. | 1046 | 65291 |
|  Plexus Corp.<sup>(a)</sup> | 2273 | 291240 |
|  Rogers Corp.<sup>(a)</sup> | 1434 | 96838 |
|  Sanmina Corp.<sup>(a)</sup> | 4567 | 347914 |
|  ScanSource, Inc.<sup>(a)</sup> | 1815 | 61728 |
|  TTM Technologies, Inc.<sup>(a)</sup> | 8558 | 175525 |
|  Vishay Intertechnology, Inc. | 9445 | 150176 |
|  |  | 3509365 |
| **Energy Equipment & Services — 1.1%** |  |  |
|  Archrock, Inc. | 14739 | 386751 |
|  Bristow Group, Inc.<sup>(a)</sup> | 2077 | 65592 |
|  Cactus, Inc., Class A | 5617 | 257427 |
|  Core Laboratories, Inc.<sup>(b)</sup> | 3966 | 59450 |
|  Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 12019 | 99878 |
|  Tidewater, Inc.<sup>(a)</sup> | 4041 | 170813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039911 |
| **Entertainment — 0.5%** |  |  |
|  Cinemark Holdings, Inc. | 8987 | 223687 |
|  Madison Square Garden Sports Corp., Class A<sup>(a)</sup> | 1410 | 274555 |
|  |  | 498242 |
| **Financial Services — 2.3%** |  |  |
|  EVERTEC, Inc. | 5355 | 196903 |
|  HA Sustainable Infrastructure Capital, Inc. | 10000 | 292400 |
|  Jackson Financial, Inc., Class A | 428 | 35858 |
|  Mr. Cooper Group, Inc.<sup>(a)</sup> | 5346 | 639382 |
|  NMI Holdings, Inc., Class A<sup>(a)</sup> | 6595 | 237750 |
|  Payoneer Global, Inc.<sup>(a)</sup> | 18776 | 137252 |
|  Radian Group, Inc. | 12194 | 403255 |
|  Walker & Dunlop, Inc. | 2705 | 230899 |
|  |  | 2173699 |
| **Food Products — 1.2%** |  |  |
|  B&G Foods, Inc. | 6655 | 45720 |
|  Cal-Maine Foods, Inc. | 3427 | 311514 |
|  Fresh Del Monte Produce, Inc. | 2826 | 87126 |
|  J & J Snack Foods Corp. | 1311 | 172685 |
|  John B Sanfilippo & Son, Inc. | 763 | 54066 |
|  Simply Good Foods Co. (The)<sup>(a)</sup> | 7729 | 266573 |
|  Tootsie Roll Industries, Inc. | 1508 | 47472 |
|  TreeHouse Foods, Inc.<sup>(a)</sup> | 3798 | 102888 |
|  |  | 1088044 |
| **Gas Utilities — 0.7%** |  |  |
|  Chesapeake Utilities Corp. | 1920 | 246585 |
|  MDU Resources Group, Inc. | 17193 | 290734 |
|  Northwest Natural Holding Co. | 3374 | 144137 |
|  |  | 681456 |
| **Ground Transportation — 0.8%** |  |  |
|  ArcBest Corp. | 1955 | 137984 |
|  Heartland Express, Inc. | 3630 | 33469 |
|  Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | 10247 | 40373 |
|  Marten Transport Ltd. | 4878 | 66926 |
|  RXO, Inc.<sup>(a)</sup> | 11886 | 227023 |
|  Schneider National, Inc., Class B | 3944 | 90120 |
|  Werner Enterprises, Inc. | 5200 | 152360 |
|  |  | 748255 |
| **Health Care Equipment & Supplies — 3.9%** |  |  |
|  Artivion, Inc.<sup>(a)</sup> | 3175 | 78042 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
|  Avanos Medical, Inc.<sup>(a)</sup> | 3886 | $55686 |
|  CONMED Corp. | 2601 | 157074 |
|  Embecta Corp. | 4870 | 62093 |
|  Enovis Corp.<sup>(a)</sup> | 4780 | 182644 |
|  Glaukos Corp.<sup>(a)(b)</sup> | 4638 | 456472 |
|  ICU Medical, Inc.<sup>(a)</sup> | 2062 | 286329 |
|  Inspire Medical Systems, Inc.<sup>(a)(b)</sup> | 2494 | 397244 |
|  Integer Holdings Corp.<sup>(a)</sup> | 2823 | 333142 |
|  Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 5599 | 123122 |
|  LeMaitre Vascular, Inc. | 1723 | 144560 |
|  Merit Medical Systems, Inc.<sup>(a)</sup> | 4901 | 518085 |
|  Omnicell, Inc.<sup>(a)</sup> | 3904 | 136484 |
|  QuidelOrtho Corp.<sup>(a)</sup> | 5556 | 194293 |
|  STAAR Surgical Co.<sup>(a)</sup> | 4160 | 73341 |
|  Tandem Diabetes Care, Inc.<sup>(a)</sup> | 5523 | 105821 |
|  TransMedics Group, Inc.<sup>(a)(b)</sup> | 2822 | 189864 |
|  UFP Technologies, Inc.<sup>(a)</sup> | 613 | 123648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3617944 |
| **Health Care Providers & Services — 2.4%** |  |  |
|  AdaptHealth Corp.<sup>(a)</sup> | 8955 | 97072 |
|  Addus HomeCare Corp.<sup>(a)</sup> | 1510 | 149324 |
|  AMN Healthcare Services, Inc.<sup>(a)</sup> | 3205 | 78394 |
|  Astrana Health, Inc.<sup>(a)</sup> | 3485 | 108070 |
|  CorVel Corp.<sup>(a)</sup> | 2291 | 256523 |
|  National HealthCare Corp. | 1041 | 96605 |
|  NeoGenomics, Inc.<sup>(a)</sup> | 10830 | 102777 |
|  Owens & Minor, Inc.<sup>(a)</sup> | 6241 | 56356 |
|  Patterson Cos., Inc. | 6620 | 206809 |
|  Pediatrix Medical Group, Inc.<sup>(a)</sup> | 7094 | 102792 |
|  Premier, Inc., Class A | 7676 | 147993 |
|  Privia Health Group, Inc.<sup>(a)</sup> | 8715 | 195652 |
|  Progyny, Inc.<sup>(a)</sup> | 6248 | 139580 |
|  RadNet, Inc.<sup>(a)(b)</sup> | 5487 | 272814 |
|  Select Medical Holdings Corp. | 8797 | 146910 |
|  U.S. Physical Therapy, Inc. | 1267 | 91680 |
|  |  | 2249351 |
| **Health Care REITs — 1.0%** |  |  |
|  CareTrust REIT, Inc. | 15775 | 450849 |
|  LTC Properties, Inc. | 3808 | 134994 |
|  Medical Properties Trust, Inc. | 50553 | 304835 |
|  Universal Health Realty Income Trust | 1071 | 43868 |
|  |  | 934546 |
| **Health Care Technology — 0.3%** |  |  |
|  Certara, Inc.<sup>(a)</sup> | 9269 | 91763 |
|  HealthStream, Inc. | 2029 | 65293 |
|  Schrodinger, Inc.<sup>(a)</sup> | 4693 | 92640 |
|  Simulations Plus, Inc. | 1368 | 33543 |
|  |  | 283239 |
| **Hotel & Resort REITs — 0.8%** |  |  |
|  Apple Hospitality REIT, Inc. | 18760 | 242192 |
|  DiamondRock Hospitality Co. | 17380 | 134174 |
|  Pebblebrook Hotel Trust | 10046 | 101766 |
|  Summit Hotel Properties, Inc. | 9174 | 49631 |
|  Sunstone Hotel Investors, Inc. | 16862 | 158671 |
|  Xenia Hotels & Resorts, Inc. | 8611 | 101265 |
|  |  | 787699 |
| **Hotels, Restaurants & Leisure — 2.3%** |  |  |
|  BJ's Restaurants, Inc.<sup>(a)(b)</sup> | 1928 | 66053 |
|  Bloomin' Brands, Inc. | 6369 | 45666 |
|  Brinker International, Inc.<sup>(a)</sup> | 3736 | 556851 |

---

S C H E D U L E O F I N V E S T M E N T S 19

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** |  |  |  |
|  Cheesecake Factory, Inc. (The) | 3965 | $| 192937 |
|  Cracker Barrel Old Country Store, Inc. | 1869 |  | 72555 |
|  Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 2589 |  | 45489 |
|  Golden Entertainment, Inc. | 1740 |  | 45919 |
|  Jack in the Box, Inc. | 1592 |  | 43286 |
|  Monarch Casino & Resort, Inc. | 1067 |  | 82959 |
|  Papa John's International, Inc. | 2741 |  | 112600 |
|  Penn Entertainment, Inc.<sup>(a)(b)</sup> | 12594 |  | 205408 |
|  Sabre Corp.<sup>(a)</sup> | 32404 |  | 91055 |
|  Shake Shack, Inc., Class A<sup>(a)</sup> | 3371 |  | 297221 |
|  Six Flags Entertainment Corp. | 7853 |  | 280117 |
|  |  |  | 2138116 |
| **Household Durables — 3.4%** |  |  |  |
|  Cavco Industries, Inc.<sup>(a)</sup> | 674 |  | 350231 |
|  Century Communities, Inc. | 2290 |  | 153659 |
|  Champion Homes, Inc.<sup>(a)</sup> | 4430 |  | 419787 |
|  Dream Finders Homes, Inc., Class A<sup>(a)</sup> | 2303 |  | 51956 |
|  Ethan Allen Interiors, Inc. | 1919 |  | 53156 |
|  Green Brick Partners, Inc.<sup>(a)</sup> | 2588 |  | 150906 |
|  Helen of Troy Ltd.<sup>(a)</sup> | 1917 |  | 102540 |
|  Installed Building Products, Inc. | 1955 |  | 335204 |
|  La-Z-Boy, Inc. | 3480 |  | 136033 |
|  Leggett & Platt, Inc. | 11269 |  | 89138 |
|  LGI Homes, Inc.<sup>(a)</sup> | 1747 |  | 116123 |
|  M/I Homes, Inc.<sup>(a)</sup> | 2283 |  | 260673 |
|  Meritage Homes Corp. | 6087 |  | 431447 |
|  Newell Brands, Inc. | 35096 |  | 217595 |
|  Sonos, Inc.<sup>(a)</sup> | 10010 |  | 106807 |
|  Tri Pointe Homes, Inc.<sup>(a)</sup> | 7877 |  | 251434 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226689 |
| **Household Products — 0.7%** |  |  |  |
|  Central Garden & Pet Co.<sup>(a)</sup> | 775 |  | 28412 |
|  Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | 4247 |  | 139004 |
|  Energizer Holdings, Inc. | 5533 |  | 165547 |
|  WD-40 Co. | 1140 |  | 278160 |
|  |  |  | 611123 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **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 | 2910 |  | 82818 |
|  Clearway Energy, Inc., Class C | 6970 |  | 210982 |
|  |  |  | 293800 |
| **Industrial REITs — 0.9%** |  |  |  |
|  Innovative Industrial Properties, Inc. | 2385 |  | 129005 |
|  LXP Industrial Trust | 24860 |  | 215039 |
|  Terreno Realty Corp. | 8388 |  | 530289 |
|  |  |  | 874333 |
| **Insurance — 2.8%** |  |  |  |
|  AMERISAFE, Inc. | 1607 |  | 84448 |
|  Assured Guaranty Ltd. | 4027 |  | 354779 |
|  Employers Holdings, Inc. | 1863 |  | 94342 |
|  Genworth Financial, Inc., Class A<sup>(a)</sup> | 29115 |  | 206425 |
|  Goosehead Insurance, Inc., Class A | 2049 |  | 241905 |
|  HCI Group, Inc. | 716 |  | 106849 |
|  Horace Mann Educators Corp. | 2976 |  | 127164 |
|  Lincoln National Corp. | 9926 |  | 356443 |
|  Mercury General Corp. | 2230 |  | 124657 |
|  Palomar Holdings, Inc.<sup>(a)</sup> | 2230 |  | 305688 |
|  ProAssurance Corp.<sup>(a)</sup> | 3574 |  | 83453 |
|  Safety Insurance Group, Inc. | 1250 |  | 98600 |
|  SiriusPoint Ltd.<sup>(a)</sup> | 5670 |  | 98034 |
|  Stewart Information Services Corp. | 2343 |  | 167173 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance (continued)** |  |  |
|  Trupanion, Inc.<sup>(a)</sup> | 2814 | $104878 |
|  United Fire Group, Inc. | 1789 | 52704 |
|  |  | 2607542 |
| **Interactive Media & Services — 1.2%** |  |  |
|  Cargurus, Inc., Class A<sup>(a)</sup> | 7414 | 215970 |
|  Cars.com, Inc.<sup>(a)</sup> | 5015 | 56519 |
|  IAC, Inc.<sup>(a)</sup> | 5961 | 273848 |
|  QuinStreet, Inc.<sup>(a)</sup> | 4747 | 84686 |
|  Shutterstock, Inc. | 2049 | 38173 |
|  TripAdvisor, Inc.<sup>(a)</sup> | 9279 | 131483 |
|  Yelp, Inc.<sup>(a)</sup> | 5551 | 205554 |
|  Ziff Davis, Inc.<sup>(a)</sup> | 3594 | 135063 |
|  |  | 1141296 |
| **IT Services — 0.6%** |  |  |
|  DigitalOcean Holdings, Inc.<sup>(a)(b)</sup> | 5349 | 178603 |
|  DXC Technology Co.<sup>(a)</sup> | 15262 | 260217 |
|  Grid Dynamics Holdings, Inc., Class A<sup>(a)</sup> | 5185 | 81145 |
|  |  | 519965 |
| **Leisure Products — 0.3%** |  |  |
|  Acushnet Holdings Corp. | 2300 | 157918 |
|  Topgolf Callaway Brands Corp.<sup>(a)</sup> | 11912 | 78500 |
|  |  | 236418 |
| **Life Sciences Tools & Services — 0.3%** |  |  |
|  Azenta, Inc.<sup>(a)</sup> | 3841 | 133052 |
|  BioLife Solutions, Inc.<sup>(a)(b)</sup> | 3046 | 69571 |
|  Cytek Biosciences, Inc.<sup>(a)</sup> | 8905 | 35709 |
|  Mesa Laboratories, Inc. | 459 | 54465 |
|  OmniAb, Inc., 12.50 Earnout Shares<sup>(a)(c)</sup> | 262 |  |
|  OmniAb, Inc., 15.00 Earnout Shares<sup>(a)(c)</sup> | 262 |  |
|  |  | 292797 |
| **Machinery — 5.0%** |  |  |
|  Alamo Group, Inc. | 873 | 155577 |
|  Astec Industries, Inc. | 1923 | 66247 |
|  Enerpac Tool Group Corp., Class A | 4576 | 205279 |
|  Enpro, Inc. | 1768 | 286045 |
|  ESCO Technologies, Inc. | 2169 | 345131 |
|  Federal Signal Corp. | 5142 | 378194 |
|  Franklin Electric Co., Inc. | 3308 | 310555 |
|  Gates Industrial Corp. PLC<sup>(a)</sup> | 19109 | 351797 |
|  Greenbrier Cos., Inc. (The) | 2642 | 135323 |
|  Hillenbrand, Inc. | 5903 | 142499 |
|  JBT Marel Corp. | 3881 | 474258 |
|  Kadant, Inc. | 987 | 332530 |
|  Kennametal, Inc. | 6507 | 138599 |
|  Lindsay Corp. | 910 | 115133 |
|  Proto Labs, Inc.<sup>(a)</sup> | 2065 | 72358 |
|  SPX Technologies, Inc.<sup>(a)</sup> | 3898 | 501985 |
|  Standex International Corp. | 1000 | 161390 |
|  Tennant Co. | 1593 | 127042 |
|  Titan International, Inc.<sup>(a)</sup> | 4034 | 33845 |
|  Trinity Industries, Inc. | 6923 | 194259 |
|  Worthington Enterprises, Inc. | 2616 | 131036 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659082 |
| **Marine Transportation — 0.4%** |  |  |
|  Matson, Inc. | 2795 | 358235 |
| **Media — 0.6%** |  |  |
|  Cable One, Inc. | 389 | 103385 |
|  John Wiley & Sons, Inc., Class A | 3457 | 154044 |
|  Scholastic Corp., NVS | 2115 | 39931 |

---

20 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Media (continued)** |  |  |  |
|  TEGNA, Inc. | 13569 | $| 247227 |
|  Thryv Holdings, Inc.<sup>(a)</sup> | 3411 |  | 43695 |
|  |  |  | 588282 |
| **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** |
|  Century Aluminum Co.<sup>(a)</sup> | 4371 |  | 81126 |
|  Kaiser Aluminum Corp. | 1328 |  | 80503 |
|  Materion Corp. | 1751 |  | 142882 |
|  Metallus, Inc.<sup>(a)</sup> | 3177 |  | 42445 |
|  MP Materials Corp., Class A<sup>(a)(b)</sup> | 10177 |  | 248420 |
|  SunCoke Energy, Inc. | 7103 |  | 65348 |
|  |  |  | 660724 |
| **Mortgage Real Estate Investment Trusts (REITs) — 1.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.4%** |
|  Apollo Commercial Real Estate Finance, Inc. | 10769 |  | 103059 |
|  Arbor Realty Trust, Inc.<sup>(b)</sup> | 12194 |  | 143280 |
|  ARMOUR Residential REIT, Inc. | 6424 |  | 109850 |
|  Blackstone Mortgage Trust, Inc., Class A | 14425 |  | 288500 |
|  Ellington Financial, Inc. | 7613 |  | 100948 |
|  Franklin BSP Realty Trust, Inc. | 6983 |  | 88964 |
|  KKR Real Estate Finance Trust, Inc. | 4852 |  | 52402 |
|  New York Mortgage Trust, Inc. | 7614 |  | 49415 |
|  PennyMac Mortgage Investment Trust | 7295 |  | 106872 |
|  Ready Capital Corp. | 14164 |  | 72095 |
|  Redwood Trust, Inc. | 11161 |  | 67747 |
|  Two Harbors Investment Corp. | 8765 |  | 117100 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300232 |
| **Multi-Utilities — 0.1%** |  |  |  |
|  Unitil Corp. | 1365 |  | 78747 |
| **Office REITs — 1.1%** |  |  |  |
|  Brandywine Realty Trust | 14566 |  | 64964 |
|  Douglas Emmett, Inc. | 11952 |  | 191232 |
|  Easterly Government Properties, Inc. | 8356 |  | 88574 |
|  Highwoods Properties, Inc. | 9047 |  | 268153 |
|  JBG SMITH Properties | 7098 |  | 114349 |
|  SL Green Realty Corp. | 5888 |  | 339737 |
|  |  |  | 1067009 |
| **Oil, Gas & Consumable Fuels — 0.5%** |  |  |  |
|  CVR Energy, Inc. | 2887 |  | 56008 |
|  Dorian LPG Ltd. | 3074 |  | 68673 |
|  International Seaways, Inc. | 3391 |  | 112581 |
|  Par Pacific Holdings, Inc.<sup>(a)</sup> | 4716 |  | 67250 |
|  REX American Resources Corp.<sup>(a)</sup> | 1300 |  | 48841 |
|  World Kinect Corp. | 4903 |  | 139049 |
|  |  |  | 492402 |
| **Paper & Forest Products — 0.2%** |  |  |  |
|  Sylvamo Corp. | 2867 |  | 192290 |
| **Passenger Airlines — 0.6%** |  |  |  |
|  Allegiant Travel Co. | 1231 |  | 63581 |
|  JetBlue Airways Corp.<sup>(a)</sup> | 25520 |  | 123006 |
|  SkyWest, Inc.<sup>(a)</sup> | 3396 |  | 296709 |
|  Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 3315 |  | 40841 |
|  |  |  | 524137 |
| **Personal Care Products — 0.3%** |  |  |  |
|  Edgewell Personal Care Co. | 4052 |  | 126463 |
|  Interparfums, Inc. | 1509 |  | 171830 |
|  USANA Health Sciences, Inc.<sup>(a)</sup> | 929 |  | 25055 |
|  |  |  | 323348 |
| **Pharmaceuticals — 2.6%** |  |  |  |
|  Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 3144 |  | 91144 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Pharmaceuticals (continued)** |  |  |  |
|  ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 1400 | $| 93730 |
|  Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 2719 |  | 81162 |
|  Corcept Therapeutics, Inc.<sup>(a)</sup> | 7844 |  | 895942 |
|  Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 3210 |  | 106540 |
|  Innoviva, Inc.<sup>(a)</sup> | 4641 |  | 84141 |
|  Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 1590 |  | 167173 |
|  Organon & Co. | 21684 |  | 322875 |
|  Pacira BioSciences, Inc.<sup>(a)</sup> | 3882 |  | 96468 |
|  Phibro Animal Health Corp., Class A | 1710 |  | 36526 |
|  Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 4164 |  | 357979 |
|  Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 4650 |  | 152287 |
|  |  |  | 2485967 |
| **Professional Services — 1.5%** |  |  |  |
|  CSG Systems International, Inc. | 2319 |  | 140230 |
|  Heidrick & Struggles International, Inc. | 1722 |  | 73753 |
|  Korn Ferry | 4336 |  | 294111 |
|  NV5 Global, Inc.<sup>(a)</sup> | 4391 |  | 84614 |
|  Robert Half, Inc. | 8443 |  | 460566 |
|  Verra Mobility Corp., Class A<sup>(a)</sup> | 13878 |  | 312394 |
|  |  |  | 1365668 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
|  Cushman & Wakefield PLC<sup>(a)</sup> | 11824 |  | 120841 |
|  eXp World Holdings, Inc. | 7112 |  | 69555 |
|  Kennedy-Wilson Holdings, Inc. | 9936 |  | 86245 |
|  Marcus & Millichap, Inc. | 2031 |  | 69968 |
|  St. Joe Co. (The) | 3204 |  | 150428 |
|  |  |  | 497037 |
| **Residential REITs — 0.4%** |  |  |  |
|  Centerspace | 1398 |  | 90521 |
|  Elme Communities | 7387 |  | 128534 |
|  NexPoint Residential Trust, Inc. | 1866 |  | 73763 |
|  Veris Residential, Inc. | 6784 |  | 114785 |
|  |  |  | 407603 |
| **Retail REITs — 2.1%** |  |  |  |
|  Acadia Realty Trust | 10084 |  | 211260 |
|  Curbline Properties Corp. | 7942 |  | 192117 |
|  Getty Realty Corp. | 4275 |  | 133294 |
|  Macerich Co. (The) | 20892 |  | 358716 |
|  Phillips Edison & Co., Inc. | 10523 |  | 383984 |
|  Saul Centers, Inc. | 1016 |  | 36647 |
|  SITE Centers Corp. | 3992 |  | 51257 |
|  Tanger, Inc. | 9290 |  | 313909 |
|  Urban Edge Properties | 10547 |  | 200393 |
|  Whitestone REIT | 3747 |  | 54594 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936171 |
| **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** |
|  Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 2046 |  | 50864 |
|  Axcelis Technologies, Inc.<sup>(a)</sup> | 2736 |  | 135897 |
|  CEVA, Inc.<sup>(a)</sup> | 1992 |  | 51015 |
|  Cohu, Inc.<sup>(a)</sup> | 3928 |  | 57781 |
|  Diodes, Inc.<sup>(a)</sup> | 3910 |  | 168795 |
|  FormFactor, Inc.<sup>(a)(b)</sup> | 6521 |  | 184479 |
|  Ichor Holdings Ltd.<sup>(a)</sup> | 2835 |  | 64099 |
|  Impinj, Inc.<sup>(a)</sup> | 1943 |  | 176230 |
|  Kulicke & Soffa Industries, Inc. | 4488 |  | 148014 |
|  MaxLinear, Inc.<sup>(a)</sup> | 6436 |  | 69895 |
|  PDF Solutions, Inc.<sup>(a)</sup> | 2627 |  | 50202 |
|  Penguin Solutions, Inc.<sup>(a)</sup> | 4481 |  | 77835 |
|  Photronics, Inc.<sup>(a)</sup> | 5314 |  | 110319 |
|  Qorvo, Inc.<sup>(a)</sup> | 7851 |  | 568491 |

---

S C H E D U L E O F I N V E S T M E N T S 21

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Semtech Corp.<sup>(a)(b)</sup> | 7221 | $| 248402 |
|  SiTime Corp.<sup>(a)</sup> | 1607 |  | 245662 |
|  SolarEdge Technologies, Inc.<sup>(a)(b)</sup> | 4871 |  | 78813 |
|  Ultra Clean Holdings, Inc.<sup>(a)</sup> | 3779 |  | 80908 |
|  Veeco Instruments, Inc.<sup>(a)(b)</sup> | 4870 |  | 97790 |
|  Wolfspeed, Inc.<sup>(a)(b)</sup> | 13078 |  | 40019 |
|  |  |  | 2705510 |
| **Software — 4.1%** |  |  |  |
|  A10 Networks, Inc. | 6189 |  | 101128 |
|  ACI Worldwide, Inc.<sup>(a)</sup> | 8822 |  | 482652 |
|  Adeia, Inc. | 9165 |  | 121161 |
|  Agilysys, Inc.<sup>(a)</sup> | 1892 |  | 137246 |
|  Alarm.com Holdings, Inc.<sup>(a)</sup> | 4148 |  | 230836 |
|  BlackLine, Inc.<sup>(a)</sup> | 4368 |  | 211498 |
|  Box, Inc., Class A<sup>(a)</sup> | 12080 |  | 372789 |
|  Clear Secure, Inc., Class A | 7937 |  | 205648 |
|  DoubleVerify Holdings, Inc.<sup>(a)</sup> | 11851 |  | 158448 |
|  InterDigital, Inc. | 2159 |  | 446373 |
|  LiveRamp Holdings, Inc.<sup>(a)</sup> | 5528 |  | 144502 |
|  MARA Holdings, Inc.<sup>(a)(b)</sup> | 28530 |  | 328095 |
|  N-able, Inc.<sup>(a)</sup> | 5973 |  | 42349 |
|  NCR Voyix Corp.<sup>(a)(b)</sup> | 12309 |  | 120013 |
|  Progress Software Corp. | 3646 |  | 187805 |
|  SolarWinds Corp. | 4598 |  | 84741 |
|  Sprinklr, Inc., Class A<sup>(a)</sup> | 9451 |  | 78916 |
|  SPS Commerce, Inc.<sup>(a)</sup> | 3190 |  | 423409 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877609 |
| **Specialized REITs — 0.6%** |  |  |  |
|  Four Corners Property Trust, Inc. | 8404 |  | 241195 |
|  Outfront Media, Inc. | 11581 |  | 186917 |
|  Safehold, Inc. | 3864 |  | 72334 |
|  Uniti Group, Inc. | 20488 |  | 103260 |
|  |  |  | 603706 |
| **Specialty Retail — 2.9%** |  |  |  |
|  Advance Auto Parts, Inc. | 5003 |  | 196168 |
|  American Eagle Outfitters, Inc. | 14673 |  | 170500 |
|  Asbury Automotive Group, Inc.<sup>(a)</sup> | 1649 |  | 364165 |
|  Boot Barn Holdings, Inc.<sup>(a)</sup> | 2572 |  | 276310 |
|  Buckle, Inc. (The) | 2514 |  | 96337 |
|  Caleres, Inc. | 2827 |  | 48709 |
|  Foot Locker, Inc.<sup>(a)</sup> | 6973 |  | 98319 |
|  Group 1 Automotive, Inc.<sup>(b)</sup> | 1091 |  | 416708 |
|  Guess?, Inc. | 2257 |  | 24985 |
|  MarineMax, Inc.<sup>(a)</sup> | 1680 |  | 36120 |
|  Monro, Inc. | 2548 |  | 36870 |
|  National Vision Holdings, Inc.<sup>(a)</sup> | 6633 |  | 84770 |
|  ODP Corp. (The)<sup>(a)</sup> | 2567 |  | 36785 |
|  Sally Beauty Holdings, Inc.<sup>(a)</sup> | 8581 |  | 77486 |
|  Shoe Carnival, Inc. | 1467 |  | 32259 |
|  Signet Jewelers Ltd. | 3656 |  | 212267 |
|  Sonic Automotive, Inc., Class A | 1228 |  | 69947 |
|  Upbound Group, Inc. | 4294 |  | 102884 |
|  Urban Outfitters, Inc.<sup>(a)</sup> | 4740 |  | 248376 |
|  Victoria's Secret & Co.<sup>(a)</sup> | 6596 |  | 122554 |
|  |  |  | 2752519 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
|  Corsair Gaming, Inc.<sup>(a)</sup> | 3785 |  | 33535 |
|  Xerox Holdings Corp. | 9749 |  | 47088 |
|  |  |  | 80623 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** |
|  Carter's, Inc. | 3030 | $123927 |
|  G-III Apparel Group Ltd.<sup>(a)(b)</sup> | 3244 | 88723 |
|  Hanesbrands, Inc.<sup>(a)</sup> | 29737 | 171582 |
|  Kontoor Brands, Inc. | 4181 | 268128 |
|  Oxford Industries, Inc. | 1245 | 73044 |
|  Steven Madden Ltd. | 6085 | 162104 |
|  Wolverine World Wide, Inc. | 6772 | 94199 |
|  |  | 981707 |
| **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** |
|  Air Lease Corp., Class A | 8715 | 421022 |
|  Boise Cascade Co. | 3233 | 317125 |
|  DNOW, Inc.<sup>(a)</sup> | 8873 | 151551 |
|  DXP Enterprises, Inc.<sup>(a)</sup> | 1067 | 87771 |
|  GMS, Inc.<sup>(a)</sup> | 3263 | 238754 |
|  Rush Enterprises, Inc., Class A | 5250 | 280402 |
|  |  | 1496625 |
| **Water Utilities — 0.8%** |  |  |
|  American States Water Co. | 3185 | 250596 |
|  California Water Service Group | 4967 | 240701 |
|  Middlesex Water Co. | 1340 | 85894 |
|  SJW Group | 2539 | 138858 |
|  |  | 716049 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
|  Gogo, Inc.<sup>(a)(b)</sup> | 4969 | 42833 |
|  Shenandoah Telecommunications Co. | 3888 | 48872 |
|  Telephone & Data Systems, Inc. | 8212 | 318133 |
|  |  | 409838 |
|  **Total Long-Term Investments — 97.1%<br>(Cost: $89,755,987)** | **Total Long-Term Investments — 97.1%<br>(Cost: $89,755,987)** | 91232508 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 8.6%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(d)(e)(f)</sup> | 5431105 | 5433821 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.31%<sup>(d)(e)</sup> | 2623639 | 2623639 |
|  **Total Short-Term Securities — 8.6%<br>(Cost: $8,056,758)** | **Total Short-Term Securities — 8.6%<br>(Cost: $8,056,758)** | 8057460 |
|  **Total Investments — 105.7%<br>(Cost: $97,812,745)** | **Total Investments — 105.7%<br>(Cost: $97,812,745)** | 99289968 |
|  **Liabilities in Excess of Other Assets — (5.7)%** | **Liabilities in Excess of Other Assets — (5.7)%** | (5344788) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93945180 |

---

<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.

22 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>03/31/25* | *Shares<br>Held at<br>03/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash<br>Funds: Institutional,<br>SL Agency Shares | $2022533 | $3411158 <sup>(a)</sup> | $— | $77 | $53 | $5433821 | 5431105 | $14359 <sup>(b)</sup> | $— |
|  BlackRock Cash<br>Funds: Treasury,<br>SL Agency Shares | 2555741 | 67898 <sup>(a)</sup> |  |  |  | 2623639 | 2623639 | 94102 |  |
|  |  |  |  | $77 | $53 | $8057460 |  | $108461 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini Russell 2000 Index | 19 | 06/20/25 | $193 | $(5895) |

---

#### OTC Total Return Swaps

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Payment*<br> *Frequency* | *Counterparty<sup>(a)</sup>* | *Termination<br>Date* | *Net<br>Notional* | *Accrued<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Net Value of<br>Reference<br>Entity* | *Gross Notional<br>Amount Net<br>Asset<br>Percentage* |
|  Equity Securities<br>Long/Short | Monthly | Goldman Sachs Bank USA<sup>(b)</sup> | 08/18/26–08/19/26 | $797689 | $(2410) <sup>(c)</sup> | $795971 | 0.8% |
|  | Monthly | HSBC Bank PLC<sup>(d)</sup> | 02/09/28 | 966240 | 10897 <sup>(e)</sup> | 978249 | 1 |
|  | Monthly | JPMorgan Chase Bank NA<sup>(f)</sup> | 02/09/26 | 693850 | 24945 <sup>(g)</sup> | 720284 | 0.7 |
|  |  |  |  |  | $33432 | $2494504 |  |

---

<sup>(a)</sup> The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives 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 positions. 

<sup>(c)</sup> Amount includes $(692) of net dividends, payable for referenced securities purchased and financing fees. 

<sup>(e)</sup> Amount includes $(1112) of net dividends, payable for referenced securities purchased and financing fees. 

<sup>(g)</sup> Amount includes $(1489) of net dividends, payable for referenced securities purchased and financing fees. 

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

---

| | | | |
|:---|:---|:---|:---|
|  | (b) | (d) | (f) |
| Range: | 0-175 basis points | 40 basis points | 40 basis points |
| Benchmarks: | USD - 1D Overnight Fed Funds Effective Rate | USD - 1D Overnight Bank Funding Rate | USD - 1D Overnight Bank Funding Rate |
|  | (FEDL01) | (OBFR01) | (OBFR01) |

---

S C H E D U L E O F I N V E S T M E N T S 23

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Small-Cap ETF** |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination dates August 18, 2026 to August 19, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Banks** |  |  |  |
|  Ameris Bancorp | 212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12205 | 1.5% |
|  Atlantic Union Bankshares Corp. | 340 | 10588 | 1.3 |
|  Bancorp, Inc. (The) | 86 | 4544 | 0.6 |
|  BankUnited, Inc. | 518 | 17840 | 2.2 |
|  Banner Corp. | 208 | 13264 | 1.7 |
|  Brookline Bancorp, Inc. | 486 | 5297 | 0.7 |
|  Cathay General Bancorp | 436 | 18761 | 2.3 |
|  Central Pacific Financial Corp. | 110 | 2974 | 0.4 |
|  City Holding Co. | 52 | 6109 | 0.8 |
|  Community Financial System, Inc. | 95 | 5402 | 0.7 |
|  Customers Bancorp, Inc. | 152 | 7631 | 1 |
|  Eagle Bancorp, Inc. | 140 | 2940 | 0.4 |
|  First BanCorp/Puerto Rico | 1454 | 27873 | 3.5 |
|  First Bancorp/Southern Pines NC | 356 | 14290 | 1.8 |
|  First Commonwealth Financial Corp. | 670 | 10412 | 1.3 |
|  First Financial Bancorp | 810 | 20234 | 2.5 |
|  Fulton Financial Corp. | 1313 | 23752 | 3 |
|  Hanmi Financial Corp. | 171 | 3875 | 0.5 |
|  Heritage Financial Corp. | 285 | 6934 | 0.9 |
|  Hope Bancorp, Inc. | 694 | 7266 | 0.9 |
|  Independent Bank Corp. | 278 | 17417 | 2.2 |
|  Lakeland Financial Corp. | 96 | 5706 | 0.7 |
|  NBT Bancorp, Inc. | 166 | 7121 | 0.9 |
|  Northwest Bancshares, Inc. | 665 | 7993 | 1 |
|  OFG Bancorp | 296 | 11846 | 1.5 |
|  Pacific Premier Bancorp, Inc. | 791 | 16864 | 2.1 |
|  Pathward Financial, Inc. | 80 | 5836 | 0.7 |
|  Preferred Bank | 144 | 12047 | 1.5 |
|  Provident Financial Services, Inc. | 1308 | 22458 | 2.8 |
|  Renasant Corp. | 363 | 12317 | 1.5 |
|  S&T Bancorp, Inc. | 86 | 3186 | 0.4 |
|  Seacoast Banking Corp. of Florida | 627 | 16133 | 2 |
|  Southside Bancshares, Inc. | 242 | 7008 | 0.9 |
|  TrustCo Bank Corp. | 101 | 3079 | 0.4 |
|  Trustmark Corp. | 506 | 17452 | 2.2 |
|  United Community Banks, Inc. | 1163 | 32715 | 4.1 |
|  Veritex Holdings, Inc. | 243 | 6068 | 0.8 |
|  WaFd, Inc. | 71 | 2029 | 0.2 |
|  Westamerica BanCorp | 156 | 7898 | 1 |
|  WSFS Financial Corp. | 751 | 38954 | 4.9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476318 |  |
| **Capital Markets** |  |  |  |
|  Moelis & Co., Class A | 426 | 24861 | 3.1 |
| **Commercial Services & Supplies** |  |  |  |
|  Pitney Bowes, Inc. | 1796 | 16254 | 2.1 |
| **Consumer Finance** |  |  |  |
|  Bread Financial Holdings, Inc. | 1159 | 58043 | 7.3 |
| **Containers & Packaging** |  |  |  |
|  Sealed Air Corp. | 691 | 19970 | 2.5 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Diversified Consumer Services** |  |  |  |
|  Perdoceo Education Corp. | 991 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24953 | 3.1% |
| **Financial Services** |  |  |  |
|  Jackson Financial, Inc., Class A | 457 | 38287 | 4.8 |
|  Payoneer Global, Inc. | 331 | 2420 | 0.3 |
|  |  | 40707 |  |
| **Insurance** |  |  |  |
|  Employers Holdings, Inc. | 118 | 5976 | 0.8 |
|  Genworth Financial, Inc., Class A | 2615 | 18540 | 2.3 |
|  Horace Mann Educators Corp. | 341 | 14571 | 1.8 |
|  Lincoln National Corp. | 1078 | 38711 | 4.9 |
|  ProAssurance Corp. | 304 | 7098 | 0.9 |
|  |  | 84896 |  |
| **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** |
|  Arbor Realty Trust, Inc. | 3714 | 43640 | 5.5 |
| **Office REITs** |  |  |  |
|  Douglas Emmett, Inc. | 31 | 496 | 0.1 |
| **Water Utilities** |  |  |  |
|  Middlesex Water Co. | 91 | 5833 | 0.7 |
|  **Net Value of Reference Entity —<br>Goldman Sachs Bank USA** |  | $795971 |  |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 9, 2028.

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Banks** |  |  |  |
|  Ameris Bancorp | 263 | $15141 | 1.6% |
|  Atlantic Union Bankshares Corp. | 4448 | 138511 | 14.2 |
|  Bancorp, Inc. (The) | 200 | 10568 | 1.1 |
|  Bank of Hawaii Corp. | 401 | 27657 | 2.8 |
|  BankUnited, Inc. | 262 | 9023 | 0.9 |
|  Banner Corp. | 73 | 4655 | 0.5 |
|  Cathay General Bancorp | 398 | 17126 | 1.8 |
|  Central Pacific Financial Corp. | 142 | 3840 | 0.4 |
|  City Holding Co. | 59 | 6931 | 0.7 |
|  Community Financial System, Inc. | 178 | 10121 | 1 |
|  Customers Bancorp, Inc. | 169 | 8484 | 0.9 |
|  Eagle Bancorp, Inc. | 200 | 4200 | 0.4 |
|  First BanCorp/Puerto Rico | 1077 | 20646 | 2.1 |
|  First Bancorp/Southern Pines NC | 83 | 3332 | 0.3 |
|  First Commonwealth Financial Corp. | 586 | 9106 | 0.9 |
|  First Financial Bancorp | 78 | 1948 | 0.2 |
|  Fulton Financial Corp. | 317 | 5735 | 0.6 |
|  Hanmi Financial Corp. | 529 | 11987 | 1.2 |
|  Heritage Financial Corp. | 155 | 3771 | 0.4 |
|  Hope Bancorp, Inc. | 581 | 6083 | 0.6 |
|  Independent Bank Corp. | 249 | 15600 | 1.6 |
|  Lakeland Financial Corp. | 16 | 951 | 0.1 |
|  NBT Bancorp, Inc. | 184 | 7894 | 0.8 |

---

24 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **ESG Select Screened S&P Small-Cap ETF** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **Banks (continued)** |  |  |  |
|  Northwest Bancshares, Inc. | 676 | $8125 | 0.8% |
|  OFG Bancorp | 261 | 10445 | 1.1 |
|  Pacific Premier Bancorp, Inc. | 642 | 13687 | 1.4 |
|  Pathward Financial, Inc. | 118 | 8608 | 0.9 |
|  Preferred Bank | 110 | 9203 | 0.9 |
|  Renasant Corp. | 2733 | 92731 | 9.5 |
|  S&T Bancorp, Inc. | 223 | 8262 | 0.9 |
|  Seacoast Banking Corp. of Florida | 509 | 13097 | 1.3 |
|  Simmons First National Corp., Class A | 1398 | 28701 | 2.9 |
|  TrustCo Bank Corp. | 164 | 4999 | 0.5 |
|  Trustmark Corp. | 388 | 13382 | 1.4 |
|  United Community Banks, Inc. | 317 | 8917 | 0.9 |
|  Westamerica BanCorp | 135 | 6835 | 0.7 |
|  WSFS Financial Corp. | 23 | 1193 | 0.1 |
|  |  | 571495 |  |
| **Building Products** |  |  |  |
|  Insteel Industries, Inc. | 118 | 3103 | 0.3 |
| **Capital Markets** |  |  |  |
|  Artisan Partners Asset Management, Inc., Class A | 835 | 32648 | 3.4 |
|  Moelis & Co., Class A | 1866 | 108900 | 11.1 |
|  |  | 141548 |  |
| **Commercial Services & Supplies** |  |  |  |
|  Pitney Bowes, Inc. | 1709 | 15467 | 1.6 |
| **Consumer Finance** |  |  |  |
|  Bread Financial Holdings, Inc. | 478 | 23938 | 2.4 |
| **Containers & Packaging** |  |  |  |
|  Sealed Air Corp. | 1092 | 31559 | 3.2 |
| **Financial Services** |  |  |  |
|  Jackson Financial, Inc., Class A | 503 | 42141 | 4.3 |
|  Payoneer Global, Inc. | 1580 | 11550 | 1.2 |
|  |  | 53691 |  |
| **Insurance** |  |  |  |
|  Employers Holdings, Inc. | 106 | 5368 | 0.6 |
|  Genworth Financial, Inc., Class A | 4250 | 30132 | 3.1 |
|  Horace Mann Educators Corp. | 114 | 4871 | 0.5 |
|  Lincoln National Corp. | 1781 | 63956 | 6.5 |
|  ProAssurance Corp. | 417 | 9737 | 1 |
|  |  | 114064 |  |
| **Office REITs** |  |  |  |
|  Douglas Emmett, Inc. | 1157 | 18512 | 1.9 |
| **Water Utilities** |  |  |  |
|  Middlesex Water Co. | 76 | 4872 | 0.5 |
|  **Net Value of Reference Entity —<br>HSBC Bank PLC** |  | $978249 |  |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 9, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Banks** |  |  |  |
|  Atlantic Union Bankshares Corp. | 2 | $62 | 0.0% |
|  Axos Financial, Inc. | 131 | 8452 | 1.2 |
|  Banc of California, Inc. | 361 | 5123 | 0.7 |
|  Bancorp, Inc. (The) | 103 | 5443 | 0.7 |
|  Banner Corp. | 76 | 4847 | 0.7 |
|  Cathay General Bancorp | 294 | 12651 | 1.8 |
|  Central Pacific Financial Corp. | 117 | 3164 | 0.4 |
|  Community Financial System, Inc. | 199 | 11315 | 1.6 |
|  Fulton Financial Corp. | 709 | 12826 | 1.8 |
|  Independent Bank Corp. | 107 | 6703 | 0.9 |
|  National Bank Holdings Corp., Class A | 288 | 11022 | 1.5 |
|  Pathward Financial, Inc. | 69 | 5032 | 0.7 |
|  Preferred Bank | 221 | 18489 | 2.6 |
|  Provident Financial Services, Inc. | 2020 | 34684 | 4.8 |
|  United Community Banks, Inc. | 302 | 8495 | 1.2 |
|  Veritex Holdings, Inc. | 329 | 8215 | 1.1 |
|  |  | 156523 |  |
| **Consumer Finance** |  |  |  |
|  Bread Financial Holdings, Inc. | 802 | 40164 | 5.6 |
| **Containers & Packaging** |  |  |  |
|  Sealed Air Corp. | 182 | 5260 | 0.7 |
| **Financial Services** |  |  |  |
|  Jackson Financial, Inc., Class A | 4823 | 404071 | 56.1 |
|  Payoneer Global, Inc. | 860 | 6287 | 0.9 |
|  |  | 410358 |  |
| **Insurance** |  |  |  |
|  Lincoln National Corp. | 1538 | 55229 | 7.7 |
|  SiriusPoint Ltd. | 2086 | 36067 | 5.0 |
|  |  | 91296 |  |
| **Office REITs** |  |  |  |
|  Douglas Emmett, Inc. | 973 | 15568 | 2.2 |
| **Water Utilities** |  |  |  |
|  California Water Service Group | 23 | 1115 | 0.1 |
|  **Net Value of Reference Entity —<br>JPMorgan Chase Bank NA** |  | $720284 |  |

---

#### Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

---

| | | | |
|:---|:---|:---|:---|
| *Description* | *Swap<br>Premiums<br>Paid* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* |
|  OTC Swaps | $– $– $| 35842 | $(2410) |

---

S C H E D U L E O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap premiums paid | $— | $— | $35842 | $— | $— | $— | $35842 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $5895 | $— | $— | $— | $5895 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap premiums received |  |  | 2410 |  |  |  | 2410 |
|  | $— | $— | $8305 | $— | $— | $— | $8305 |

---

<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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(17432) | $— | $— | $— | $(17432) |
|  Swaps |  |  | 16726 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;16726 |
|  | $— | $— | $(706) | $— | $— | $— | $(706) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(8606) | $— | $— | $— | $(8606) |
|  Swaps |  |  | (64566) |  |  |  | (64566) |
|  | $— | $— | $(73172) | $— | $— | $— | $(73172) |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $196529 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | 1832130  |

---

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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $— | $1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup> | 35842 | 2410 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | $35842 | $3760 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  | (1350) |
|  Total derivative assets and liabilities subject to an MNA | $35842 | $2410 |

---

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

26 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> March 31, 2025 | **iShares**<sup>®</sup> **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* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Non-<br>Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Net<br>Amount of<br>Derivative<br>Assets<sup>(c)</sup>* |
|  HSBC Bank PLC | $10897 | $– $|  | $– $| 10897 |
|  J.P. Morgan Securities LLC | 24945 | – |  | – | 24945 |
|  | $35842 | $– $|  | $– $| 35842 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Counterparty* | *Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Net<br>Amount of<br>Derivative<br>Liabilities<sup>(d)</sup>* |
|  Goldman Sachs Bank USA | $2410 | $– $– $– $| 2410 |

---

<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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $91232508 | $— | $— | $91232508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 8057460 |  |  | 8057460 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99289968 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99289968 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $— | $35842 | $— | $35842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (5895) | (2410) |  | (8305) |
|  | $(5895) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $27537 |

---

<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.* 

S C H E D U L E O F I N V E S T M E N T S 27

------

Statements of Assets and Liabilities

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br>ESG<br>Select<br>Screened<br>S&P 500<br>ETF | iShares<br>ESG<br>Select<br>Screened<br>S&P Mid-Cap<br>ETF | iShares<br>ESG<br>Select<br>Screened<br>S&P<br>Small-Cap<br>ETF |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $297622330 | $254796586 | $91232508 |
|  Investments, at value — affiliated<sup>(c)</sup> | 1564959 | 12452451 | 8057460 |
|  Cash |  | 21245 |  |
|  Cash pledged: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 35000 | 22000 | 25000 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 31289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 21 | 2207 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 138193 | 277121 | 106645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1757 | 3105 | 10222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 3025 | 540 |  |
|  Unrealized appreciation on OTC swaps |  |  | 35842 |
|  Total assets | 299365285 | 267575255 | 99500353 |
|  **LIABILITIES** |  |  |  |
|  Bank overdraft | 103 |  | 6 |
|  Collateral on securities loaned | 119157 | 12009450 | 5433244 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  | 108424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 1644 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 20923 | 26245 | 9739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  | 1350 |
|  Unrealized depreciation on OTC swaps |  |  | 2410 |
|  Total liabilities | 141827 | 12035695 | 5555173 |
|  **Commitments and contingent liabilities** |  |  |  |
|  NET ASSETS | $299223458 | $255539560 | $93945180 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid-in capital | $285741929 | $255475441 | $97539918 |
|  Accumulated earnings (loss) | 13481529 | 64119 | (3594738) |
|  NET ASSETS | $299223458 | $255539560 | $93945180 |
|  **NET ASSET VALUE** |  |  |  |
|  Shares outstanding | 7000000 | 6550000 | 2500000 |
|  Net asset value | $42.75 | $39.01 | $37.58 |
|  Shares authorized | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $278276006 | $245994943 | $89755987 |
|  <sup>(b) </sup>Securities loaned, at value | $118950 | $11711233 | $5222478 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $1533858 | $12451072 | $8056758 |

---

*See notes to financial statements.* 

28 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Operations

Year Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br>ESG<br>Select<br>Screened<br>S&P 500<br>ETF | iShares<br>ESG<br>Select<br>Screened<br>S&P Mid-Cap<br>ETF | iShares<br>ESG<br>Select<br>Screened<br>S&P<br>Small-Cap<br>ETF |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $3325316 | $3333941 | $1234116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 39813 | 24296 | 94102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 167 | 548 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 1156 | 23162 | 14359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (1004) | (1605) | (1561) |
|  Total investment income | 3365448 | 3380342 | 1342048 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 224110 | 274593 | 101817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 8 | 27 | 4 |
|  Total expenses | 224118 | 274620 | 101821 |
|  Net investment income | 3141330 | 3105722 | 1240227 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (2060318) | (2192382) | (1144496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (2370) | 2017 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 24171 | (51122) | (17432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | 16608046 | 1470036 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup> | 36230 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  | 16726 |
|  | 14605759 | (771451) | (1143489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (934818) | (12694587) | (3685824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 52411 | (438) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (11338) | (4349) | (8606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  | (64566) |
|  | (893745) | (12699374) | (3758943) |
|  Net realized and unrealized gain (loss) | 13712014 | (13470825) | (4902432) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $16853344 | $(10365103) | $(3662205) |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

S T A T E M E N T S O F O P E R A T I O N S 29

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3141330 | $2389088 | $3105722 | $1795748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14605759 | 3146303 | (771451) | 19446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (893745) | 46160509 | (12699374) | 26412516 |
|  Net increase (decrease) in net assets resulting from operations | 16853344 | 51695900 | (10365103) | 28227710 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (3138284) | (2298420) | (3036172) | (1726166) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 31894568 | 74422478 | 86129476 | 54263797 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 45609628 | 123819958 | 72728201 | 80765341 |
|  Beginning of year | 253613830 | 129793872 | 182811359 | 102046018 |
|  End of year | $299223458 | $253613830 | $255539560 | $182811359 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

30 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1240227 | $897657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1143489) | 80613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3758943) | 8660188 |
|  Net increase (decrease) in net assets resulting from operations | (3662205) | 9638458 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (1683657) | (362825) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 26859538 | 19055998 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 21513676 | 28331631 |
|  Beginning of year | 72431504 | 44099873 |
|  End of year | $93945180 | $72431504 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 31

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Period From<br> 09/22/20to 03/31/21<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $40.26 | $30.90 | $34.35 | $30.27 | $25.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.49 | 0.46 | 0.42 | 0.39 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | 2.48 | 9.35 | (3.45) | 4.07 | 4.91 |
|  Net increase (decrease) from investment operations | 2.97 | 9.81 | (3.03) | 4.46 | 5.12 |
|  Distributions from net investment income<sup>(d)</sup> | (0.48) | (0.45) | (0.42) | (0.38) | (0.14) |
|  **Net asset value, end of period** | $42.75 | $40.26 | $30.90 | $34.35 | $30.27 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |
|  Based on net asset value | 7.35% | 31.95% | (8.72)% | 14.74% | 20.27 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |
|  Total expenses | 0.08% | 0.08% | 0.08% | 0.08% | 0.08 %<sup>(h)</sup> |
|  Net investment income | 1.12% | 1.33% | 1.40% | 1.12% | 1.37 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000) | $299223 | $253614 | $129794 | $228414 | $30274 |
|  Portfolio turnover rate<sup>(i)</sup> | 5% | 3% | 4% | 3% | 6% |

---

<sup>(a)</sup> Commencement of operations.

<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> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

32 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Period From<br> 09/22/20to 03/31/21<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $41.08 | $34.02 | $36.51 | $35.89 | $25.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.56 | 0.53 | 0.52 | 0.46 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | (2.10) | 7.02 | (2.50) | 0.58 | 10.66 |
|  Net increase (decrease) from investment operations | (1.54) | 7.55 | (1.98) | 1.04 | 10.88 |
|  Distributions from net investment income<sup>(d)</sup> | (0.53) | (0.49) | (0.51) | (0.42) | (0.18) |
|  **Net asset value, end of period** | $39.01 | $41.08 | $34.02 | $36.51 | $35.89 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |
|  Based on net asset value | (3.81)% | 22.43% | (5.35)% | 2.88% | 43.29 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |
|  Total expenses | 0.12% | 0.12% | 0.12% | 0.12% | 0.12 %<sup>(h)</sup> |
|  Net investment income | 1.36% | 1.50% | 1.55% | 1.23% | 1.29 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000) | $255540 | $182811 | $102046 | $76666 | $19740 |
|  Portfolio turnover rate<sup>(i)</sup> | 21% | 26% | 20% | 26% | 11% |

---

<sup>(a)</sup> Commencement of operations.

<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> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 33

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/23 | Year Ended<br>03/31/22 | Period From<br> 09/22/20to 03/31/21<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $39.15 | $33.92 | $37.87 | $38.81 | $25.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.59 | 0.58 | 0.51 | 0.39 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | (1.36) | 4.90 | (3.97) | (0.55) | 13.69 |
|  Net increase (decrease) from investment operations | (0.77) | 5.48 | (3.46) | (0.16) | 13.89 |
|  Distributions from net investment income<sup>(d)</sup> | (0.80) | (0.25) | (0.49) | (0.78) | (0.26) |
|  **Net asset value, end of period** | $37.58 | $39.15 | $33.92 | $37.87 | $38.81 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |
|  Based on net asset value | (2.14)% | 16.29% | (9.08)% | (0.47)% | 55.32 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |
|  Total expenses | 0.12% | 0.12% | 0.12% | 0.12% | 0.12 %<sup>(h)</sup> |
|  Net investment income | 1.46% | 1.65% | 1.49% | 1.00% | 1.13 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000) | $93945 | $72432 | $44100 | $24616 | $9701 |
|  Portfolio turnover rate<sup>(i)(j)</sup> | 27% | 28% | 23% | 34% | 18% |

---

<sup>(a)</sup> Commencement of operations.

<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> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

<sup>(j)</sup> Excludes underlying investments in total return swaps. 

*See notes to financial statements.* 

34 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements

**1.**  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* |
|  ESG Select Screened S&P 500<sup>(a)</sup> | Non-Diversified |
|  ESG Select Screened S&P Mid-Cap<sup>(b)</sup> | Diversified |
|  ESG Select Screened S&P Small-Cap<sup>(c)</sup> | Diversified |

---

<sup>(a)</sup> Formerly known as the iShares ESG Screened S&P 500 ETF.

<sup>(b)</sup> Formerly known as the iShares ESG Screened S&P Mid-Cap ETF.

<sup>(c)</sup> Formerly known as the iShares ESG Screened S&P Small-Cap ETF.

**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, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

N O T E S T O F I N A N C I A L S T A T E M E N T S 35

------

Notes to Financial Statements (continued)

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

• 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:

• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

*4. SECURITIES AND OTHER INVESTMENTS* 

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not

36 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities<br>Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>* | *Non-Cash*<br> *Collateral Received,*<br> *at Fair Value<sup>(a)</sup>* | *Net<br>Amount* |
|  ESG Select Screened S&P 500 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | $118950 | $(118950) | $— | $— |
|  ESG Select Screened S&P Mid-Cap |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $10758 | $(10758) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 563231 | (563231) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 2019600 | (2019600) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 2500499 | (2500499) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 766401 | (766401) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 1027924 | (1027924) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 943461 | (943461) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 1307795 | (1307795) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 1082662 | (1082662) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Market LLC | 246891 | (246891) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 263042 | (263042) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 239424 | (239424) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 739545 | (739545) |  |  |
|  | $11711233 | $(11711233) | $— | $— |
|  ESG Select Screened S&P Small-Cap |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $208884 | $(208884) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 182942 | (182942) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1240802 | (1240802) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 1297466 | (1297466) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 1267640 | (1267640) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 845971 | (845971) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 39967 | (39967) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 123856 | (123856) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 14950 | (14950) |  |  |
|  | $5222478 | $(5222478) | $— | $— |

---

<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. 

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 37

------

Notes to Financial Statements (continued)

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 Statement 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 Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares ESG Select Screened S&P Small-Cap 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).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and 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, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

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 it 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.

38 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

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* |
|  ESG Select Screened S&P 500 | 0.08% |
|  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 specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

N O T E S T O F I N A N C I A L S T A T E M E N T S 39

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Notes to Financial Statements (continued)

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  ESG Select Screened S&P 500 | $479 |
|  ESG Select Screened S&P Mid-Cap | 8860 |
|  ESG Select Screened S&P Small-Cap | 4632 |

---

**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, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  ESG Select Screened S&P 500 | $3879552 | $3158277 | $(1180647) |
|  ESG Select Screened S&P Mid-Cap | 25275774 | 14577871 | (3636665) |
|  ESG Select Screened S&P Small-Cap | 11545196 | 6191510 | (37671) |

---

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, 2025, 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 | $13091273 | $13183797 |
|  ESG Select Screened S&P Mid-Cap | 49463848 | 47491148 |
|  ESG Select Screened S&P Small-Cap | 25235459 | 22237513 |

---

For the year ended March 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind*<br> *Sales* |
|  ESG Select Screened S&P 500 | $91787456 | $59949733 |
|  ESG Select Screened S&P Mid-Cap | 88569501 | 4442638 |
|  ESG Select Screened S&P Small-Cap | 22980996 | 365334 |

---

**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, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

40 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  ESG Select Screened S&P 500 | $16631239 | $(16631239) |
|  ESG Select Screened S&P Mid-Cap | 1467978 | (1467978) |
|  ESG Select Screened S&P Small-Cap | 1636 | (1636) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>03/31/25* | *Year Ended<br>03/31/24* |
|  ESG Select Screened S&P 500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $3138284 | $2298420 |
|  ESG Select Screened S&P Mid-Cap |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $3036172 | $1726166 |
|  ESG Select Screened S&P Small-Cap |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1683657 | $362825 |

---

As of March 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Qualified Late-Year<br>Ordinary Losses<sup>(c)</sup>* | *Total* |
|  ESG Select Screened S&P 500 | $110754 | $(5733973) | $19104748 | $— | $13481529 |
|  ESG Select Screened S&P Mid-Cap | 142219 | (8180698) | 8102598 |  | 64119 |
|  ESG Select Screened S&P Small-Cap |  | (4666735) | 1144031 | (72034) | (3594738) |

---

<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.

As of March 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  ESG Select Screened S&P 500 | $280082394 | $39246243 | $(20141348) | $19104895 |
|  ESG Select Screened S&P Mid-Cap | 259146438 | 29425645 | (21323046) | 8102599 |
|  ESG Select Screened S&P Small-Cap | 98145937 | 11730633 | (10586602) | 1144031 |

---

**9.**  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid

N O T E S T O F I N A N C I A L S T A T E M E N T S 41

------

Notes to Financial Statements (continued)

investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests. Each Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**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.

42 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>03/31/25 | Year Ended<br>03/31/25 | Year Ended<br>03/31/24 | Year Ended<br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  ESG Select Screened S&P 500 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2100000 | $91926990 | 3250000 | $112611144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1400000) | (60032422) | (1150000) | (38188666) |
|  | 700000 | $31894568 | 2100000 | $74422478 |
|  ESG Select Screened S&P Mid-Cap |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2200000 | $90472921 | 1550000 | $58217481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (4343445) | (100000) | (3953684) |
|  | 2100000 | $86129476 | 1450000 | $54263797 |
|  ESG Select Screened S&P Small-Cap |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 650000 | $26859538 | 800000 | $28341130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (250000) | (9285132) |
|  | 650000 | $26859538 | 550000 | $19055998 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Fund's custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

**11.**  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 43

------

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, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended March 31, 2025 and the period September 22, 2020 (commencement of operations) through March 31, 2021 (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, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the four years in the period ended March 31, 2025 and the period September 22, 2020 (commencement of operations) through March 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;iShares ESG Select Screened S&P 500 ETF |
| &nbsp;&nbsp;&nbsp;iShares ESG Select Screened S&P Mid-Cap ETF |
| &nbsp;&nbsp;&nbsp;iShares ESG Select Screened S&P Small-Cap ETF |

---

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 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, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

44 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend<br>Income* |
|  ESG Select Screened S&P 500 | $3138975 |
|  ESG Select Screened S&P Mid-Cap | 2424609 |
|  ESG Select Screened S&P Small-Cap | 935363 |

---

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, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business<br>Income* |
|  ESG Select Screened S&P 500 | $174286 |
|  ESG Select Screened S&P Mid-Cap | 756394 |
|  ESG Select Screened S&P Small-Cap | 236769 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received<br>Deduction* |
|  ESG Select Screened S&P 500 | 94.76% |
|  ESG Select Screened S&P Mid-Cap | 76.52 |
|  ESG Select Screened S&P Small-Cap | 71.92 |

---

I M P O R T A N T T A X I N F O R M A T I O N 45

------

Additional Information

#### Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

#### Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

#### Availability of Portfolio Holdings Information
A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

46 2 0 2 5 I S H A R E S A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Glossary of Terms Used in these Financial Statements

#### Portfolio Abbreviation

---

| | |
|:---|:---|
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 47

------

### 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.

<sup>©</sup>2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

---

| | |
|:---|:---|
| ![LOGO](g86604g76o73.jpg)  | ![LOGO](g86604g87s07.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.

&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](#item286604_1)

(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.](d86604dex99cert.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.](d86604dex99906cert.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

---

| | |
|:---|:---|
| By: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: May 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: May 22, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of |
|  | iShares Trust |

---

Date: May 22, 2025

## 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 (Formerly iShares ESG Screened S&P 500 ETF), iShares ESG Select Screened S&P Mid-Cap ETF (Formerly iShares ESG Screened S&P Mid-Cap ETF), iShares ESG Select Screened S&P Small-Cap ETF (Formerly iShares ESG 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 EFT, 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;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

Date: May 22, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares Trust

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Treasurer and Chief Financial Officer (principal financial officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following 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 (Formerly iShares ESG Screened S&P 500 ETF), iShares ESG Select Screened S&P Mid-Cap ETF (Formerly iShares ESG Screened S&P Mid-Cap ETF), iShares ESG Select Screened S&P Small-Cap ETF (Formerly iShares ESG 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 EFT, 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;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

Date: May 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust, (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 22, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust, (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**