2021 Annual Report

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MARCH 31, 2021

2021 Annual Report 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 • iShares Russell 1000 ETF | IWB | NYSE Arca • iShares Russell 1000 Growth ETF | IWF | NYSE Arca • iShares Russell 1000 Value ETF | IWD | NYSE Arca • iShares Russell 2000 ETF | IWM | NYSE Arca • iShares Russell 2000 Growth ETF | IWO | NYSE Arca • iShares Russell 2000 Value ETF | IWN | NYSE Arca

The Markets in Review

Dear Shareholder, The 12-month reporting period as of March 31, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the response to the virus’s spread was well underway, and countries around the world instituted economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices. As April 2020 began, stocks were near their lowest point since the beginning of the pandemic. However, a steady recovery began, as businesses started re-opening and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary Rob Kapito support and improving economic indicators. Many equity indices neared or surpassed all-time highs late President, BlackRock, Inc. in the reporting period following the implementation of mass vaccination campaigns and passage of an additional $1.9 trillion of fiscal stimulus. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and Total Returns as of March 31, 2021 emerging markets rebounded substantially. 6-Month 12-Month The 10-year U.S. Treasury yield (which is inversely related to bond prices) was near all-time lows as the U.S. large cap equities period began, reflecting a reduced investor appetite for risk. However, inflation concerns from a rapidly 19.07% 56.35% expanding economy raised yields late in the reporting period, leading to a negative overall return for most (S&P 500 Index) U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) U.S. small cap equities 48.05 94.85 assuaged credit concerns and led to positive returns for corporate bonds, particularly high-yield corpo- (Russell 2000 Index) rates, which gained substantially. International equities The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates (MSCI Europe, Australasia, 20.08 44.57 and by announcing that inflation could exceed its 2% target for a sustained period without triggering a rate Far East Index) increase. To stabilize credit markets, the Fed also continued purchasing significant quantities of bonds, as did other influential central banks around the world, including the European Central Bank and the Bank of Emerging market equities Japan. (MSCI Emerging Markets 22.43 58.39 Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, Index) we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and 3-month Treasury bills pent-up consumer demand leads to higher spending. In early 2021, President Biden signed one of the (ICE BofA 3-Month 0.06 0.12 largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic U.S. Treasury Bill Index) growth. In our view, inflation is likely to increase somewhat as the expansion continues, but moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion due U.S. Treasury securities to the change in Fed policy. (ICE BofA 10-Year (8.88) (8.23) U.S. Treasury Index) Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in technology, while emerging markets U.S. investment grade bonds should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on (Bloomberg Barclays (2.73) 0.71 credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and U.S. Aggregate Bond Index) Asian bonds also present attractive opportunities. We believe that international diversification and a focus Tax-exempt municipal bonds 1.46 5.29 on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus (S&P Municipal Bond Index) appears to be accelerating the shift toward sustainable investments. U.S. high yield bonds In this environment, our view is that investors need to think globally, extend their scope across a broad (Bloomberg Barclays 7.35 23.65 array of asset classes, and be nimble as market conditions change. We encourage you to talk with your U.S. Corporate High Yield 2% financial advisor and visit iShares.com for further insight about investing in today’s markets. Issuer Capped Index)

Sincerely, Past performance is no guarantee of future results. Index

performance is shown for illustrative purposes only. You cannot invest directly in an index.

Rob Kapito President, BlackRock, Inc.

2 T H I S P A G E I S N O T P A R T O F Y O U R F UND R EPORT Table of Contents

Page The Markets in Review ...... 2 Market Overview ...... 4 Fund Summary ...... 5 About Fund Performance ...... 23 Shareholder Expenses ...... 23 Schedules of Investments ...... 24 Financial Statements Statements of Assets and Liabilities ...... 117 Statements of Operations ...... 120 Statements of Changes in Net Assets ...... 123 Financial Highlights ...... 128 Notes to Financial Statements ...... 137 Report of Independent Registered Public Accounting Firm ...... 151 Important Tax Information (Unaudited) ...... 152 Statement Regarding Liquidity Risk Management Program ...... 153 Supplemental Information ...... 154 Trustee and Officer Information ...... 156 General Information ...... 158 Glossary of Terms Used in this Report ...... 159 Market Overview iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2021 (“reporting period”), when the Russell 3000 Index, a broad measure of U.S. equity market performance, returned 62.53%. The reporting period began near the height of uncertainty surrounding the coronavirus pandemic, which drove equity prices to a multi-year low. However, stocks began to recover as the federal government took measures to adapt to the economic and public health impact of the novel coronavirus. Optimism about the growth outlook for the economy led to further advances, and stocks moved past pre-pandemic prices to reach all-time highs near the end of the reporting period.

The pandemic’s initial economic consequences were swift and far-reaching. Restrictions imposed to slow the virus’ spread resulted in extensive job losses, and the unemployment rate rose quickly, reaching 14.8% in April 2020. Consumer spending, an important engine of economic growth, decreased sharply as people spent more time at home. These disruptions led to a substantial economic contraction. The U.S. economy declined by an annualized 31.4% in the second quarter of 2020, the largest decline on record.

However, unprecedented fiscal stimulus began to reverse the downward economic momentum. Individuals began to receive direct payments in April 2020 as part of the U.S. $2.2 trillion CARES Act, and payments to support businesses that kept employees on payroll helped to stabilize the economy. Unemployment began to decline, decreasing each month between April 2020 and November 2020, while still remaining elevated compared to pre-pandemic levels. Equity prices rose in response to the improving economic outlook.

The U.S. Federal Reserve (“Fed”) also responded to the pandemic, maintaining short-term interest rates near zero to encourage lending and stimulate economic activity. The Fed further acted to stabilize bond markets by continuing an unlimited, open-ended, bond buying program for U.S. Treasuries and mortgage-backed securities. The Fed later widened its program to include directly purchasing corporate bonds for the first time, including high-yield bonds. In August 2020, the Fed revised its long-standing inflation policy, allowing inflation to exceed the 2% target to stimulate the economy.

Fiscal and monetary stimulus, along with partial reopenings in many states, helped the economy rebound sharply in the second half of 2020. Economic growth picked up in the third quarter of 2020, with an annualized gain of 33.4%, as some previously shut-down parts of the economy resumed functioning. Growth moderated in the fourth quarter of 2020, rising by an annualized 4.3%.

In addition to the growing economy, stocks were boosted by the November 2020 news that several vaccines under development showed high effectiveness rates. Stocks also benefited from the results of the election in November 2020, which led to a change of administrations but made wide-reaching reforms less likely due to slim majorities in the U.S. Congress. Additional stimulus packages signed in December 2020 and March 2021 propelled further strong gains in equities, and many U.S. stock indexes touched all-time highs near the end of the reporting period.

Rising household wealth amid higher asset prices and the return to economic growth led analysts to expect that high savings and pent-up consumer demand will drive increased spending as the pandemic wanes. However, this also raised investors’ inflation expectations near the end of the reporting period. Additionally, the unequal nature of the recovery highlighted the difficulty many individuals still face, as total unemployment remained well below pre-pandemic levels, and 30% of Americans reported lower incomes as of February 2021.

4 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Fund Summary as of March 31, 2021 iShares Russell Top 200 ETF

Investment Objective

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

Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV...... 56.06% 17.25% 14.39% 56.06% 121.57% 283.62% Fund Market ...... 56.24 17.26 14.39 56.24 121.73 283.58 Index ...... 56.30 17.42 14.57 56.30 123.22 289.84

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$40,000 $38,984 $38,362 35,000

30,000

25,000

20,000

15,000

10,000

5,000 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21

Fund Index Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 23 for more information.

Expense Example Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (10/01/20) (03/31/21) the Period (a) (10/01/20) (03/31/21) the Period (a) Ratio $ 1,000.00 $ 1,172.80 $ 0.81 $ 1,000.00 $ 1,024.20 $ 0.76 0.15%

(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 23 for more information.

F UND S UMMARY 5 Fund Summary as of March 31, 2021 (continued) iShares Russell Top 200 ETF

Portfolio Management Commentary

Large-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The information technology sector was the leading contributor to the Index’s return as the coronavirus pandemic disrupted normal business practices and limited face-to-face contact, prompting many businesses to improve and expand their technology systems. Combined with a rebound in both consumer and business information technology spending, the accelerated adoption of technology products and services led to solid earnings growth for the sector. With 42% of the U.S. labor force working from home due to pandemic restrictions, demand for cloud computing and business-oriented infrastructure and security software grew rapidly, driving a solid advance in the software and services industry. The technology hardware and equipment industry also contributed to the Index’s return, as the transition to remote work and school drove purchases of personal computers and peripherals.

The consumer discretionary sector also contributed to the Index’s return, rebounding strongly as fiscal stimulus payments and unemployment insurance supplements supported increased consumer spending. Retailers, which were particularly pressured by pandemic-related restrictions, recovered to post strong gains amid a mass COVID-19 vaccination program and an improving economy. Internet and direct marketing retailers were boosted by an increase in online shopping amid pandemic-related restrictions.

The communication services sector was another source of strength for the Index’s return, led by the media and entertainment industry. Increased online advertising led to revenue gains in the interactive media and services industry. Consumers spending more time at home made greater use of home entertainment products, such as on-demand films and television, streaming services, and video games.

Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Information Technology ...... 29.6% Apple Inc...... 7.1% Health Care ...... 13.5 Microsoft Corp...... 6.4 Communication Services...... 12.6 Amazon.com Inc...... 4.8 Consumer Discretionary ...... 12.1 Facebook Inc., Class A...... 2.6 Financials ...... 11.2 Alphabet Inc., Class A ...... 2.3 Industrials ...... 7.0 Alphabet Inc., Class C ...... 2.2 Consumer Staples ...... 6.6 Tesla Inc...... 1.9 Energy ...... 2.5 Berkshire Hathaway Inc., Class B ...... 1.8 Utilities...... 1.7 JPMorgan Chase & Co...... 1.7 Materials ...... 1.7 Johnson & Johnson...... 1.6 Real Estate...... 1.5

(a) Excludes money market funds.

6 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Fund Summary as of March 31, 2021 iShares Russell Top 200 Growth ETF

Investment Objective

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

Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV...... 61.04% 21.60% 17.32% 61.04% 165.83% 393.95% Fund Market ...... 61.07 21.60 17.32 61.07 165.87 394.20 Index ...... 61.38 21.81 17.55 61.38 168.19 403.79

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$55,000 $50,379 50,000 $49,395 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21

F UND S UMMARY 7 Fund Summary as of March 31, 2021 (continued) iShares Russell Top 200 Growth ETF

Portfolio Management Commentary

Growth-oriented large-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The information technology sector was the leading contributor to the Index’s return as the coronavirus pandemic disrupted normal business practices and limited face-to-face contact, prompting many businesses to improve and expand their technology systems. Combined with a rebound in both consumer and business information technology spending, the accelerated adoption of technology products and services led to solid earnings growth for the sector. With 42% of the U.S. labor force working from home due to pandemic restrictions, demand for cloud computing and business-oriented infrastructure and security software grew rapidly, driving a solid advance in the software and services industry. The technology hardware and equipment industry also performed well, as the transition to remote work and school drove purchases of personal computers and peripherals. The semiconductors and semiconductor equipment industry contributed as strong demand led to a semiconductor shortage, boosting revenues for chip makers.

The consumer discretionary sector contributed meaningfully to the Index’s return, rebounding strongly as fiscal stimulus payments and unemployment insurance supplements supported increased consumer spending. Retailers, which were particularly pressured by pandemic-related restrictions, recovered to post strong gains amid COVID-19 vaccination programs and an improving economy. Internet and direct marketing retailers benefited from an increase in online shopping amid pandemic-related restrictions.

The communication services sector also contributed, led by the media and entertainment industry. Consumers spending more time at home made greater use of home entertainment products, such as on-demand films and television, streaming services, and video games. Increased online advertising led to revenue gains in the interactive media and services industry.

Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Information Technology ...... 45.7% Apple Inc...... 12.8% Consumer Discretionary ...... 17.7 Microsoft Corp...... 11.7 Communication Services...... 13.1 Amazon.com Inc...... 8.7 Health Care ...... 11.9 Facebook Inc., Class A...... 4.7 Consumer Staples ...... 4.7 Tesla Inc...... 3.4 Industrials ...... 3.1 Alphabet Inc., Class A ...... 3.2 Real Estate...... 1.7 Alphabet Inc., Class C ...... 3.1 Financials ...... 1.6 Visa Inc., Class A ...... 2.4 Materials ...... 0.5 NVIDIA Corp...... 2.1 Mastercard Inc., Class A ...... 2.1

(a) Excludes money market funds.

8 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Fund Summary as of March 31, 2021 iShares Russell Top 200 Value ETF

Investment Objective

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

Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV...... 47.63% 11.57% 10.72% 47.63% 72.84% 176.75% Fund Market ...... 47.78 11.60 10.73 47.78 73.13 177.02 Index ...... 47.94 11.79 10.95 47.94 74.57 182.69

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$30,000 $28,269 28,000 $27,675 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21

F UND S UMMARY 9 Fund Summary as of March 31, 2021 (continued) iShares Russell Top 200 Value ETF

Portfolio Management Commentary

Value-oriented large-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The financials sector, which is closely tied to the strength of the broader economy, contributed the most to the Index’s performance. Within the sector, banks were the leading contributors. In the wake of the coronavirus pandemic, bank stocks faced headwinds amid concerns that widespread business failures would lead to significant loan losses. However, bank stocks rallied when the Fed backed credit markets and effective COVID-19 vaccines were developed and distributed, raising investors’ hopes for an economic rebound. Investment banking and brokerage companies also contributed, as higher trading revenues amid a surge in equity trading volume boosted investment banks’ profit margins.

The ongoing economic recovery also helped the economically sensitive industrials sector, which was a solid contributor to the Index’s return. The capital goods industry was the primary source of strength amid a rebound in industrial production, although manufacturing output remained below pre-pandemic levels. Strong consumer demand for manufactured goods, including automobiles, helped support U.S. manufacturers.

The healthcare sector contributed to the Index’s performance, as optimism surrounding the economic recovery and the development of new products offset a decline in healthcare spending, particularly during the early part of the pandemic. Although pandemic-related restrictions led to reduced doctor visits and delayed elective procedures, analysts assessed that deferred demand would lead to increased revenues as the economy rebounded.

The communication services sector was another source of strength for the Index’s return, led by the media and entertainment industry. Consumers spending more time at home made greater use of home entertainment products, such as on-demand films and television, streaming services, and video games.

Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Financials ...... 23.2% Berkshire Hathaway Inc., Class B ...... 3.9% Health Care ...... 15.5 JPMorgan Chase & Co...... 3.8 Communication Services...... 11.9 Johnson & Johnson...... 3.1 Industrials ...... 11.8 Walt Disney Co. (The) ...... 2.7 Information Technology ...... 9.5 Bank of America Corp...... 2.4 Consumer Staples ...... 9.0 Intel Corp...... 2.1 Energy ...... 5.6 Comcast Corp., Class A...... 2.0 Consumer Discretionary ...... 5.2 Verizon Communications Inc...... 2.0 Utilities...... 3.8 Exxon Mobil Corp...... 1.9 Materials ...... 3.2 Cisco Systems Inc...... 1.8 Real Estate...... 1.3

(a) Excludes money market funds.

10 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Fund Summary as of March 31, 2021 iShares Russell 1000 ETF

Investment Objective

The iShares Russell 1000 ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Russell 1000 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV...... 60.37% 16.51% 13.83% 60.37% 114.66% 265.20% Fund Market ...... 60.45 16.52 13.83 60.45 114.76 265.33 Index ...... 60.59 16.66 13.97 60.59 116.07 269.87

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$40,000 $36,987 $36,520 35,000

30,000

25,000

20,000

15,000

10,000

5,000 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21

F UND S UMMARY 11 Fund Summary as of March 31, 2021 (continued) iShares Russell 1000 ETF

Portfolio Management Commentary

Large- and mid-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The information technology sector contributed the most to the Index’s return, as the coronavirus pandemic disrupted normal business practices prompting many businesses to improve and expand their technology systems. The rebound in consumer and business information technology spending and the accelerated adoption of technology products and services drove solid earnings growth for the sector. With 42% of the U.S. labor force working from home, demand for cloud computing and infrastructure and security software grew rapidly, driving a supporting advance in the software and services industry. The transition to remote work and school drove purchases of personal computers and peripherals and heightened demand for equipment related to data storage, bolstering technology hardware and equipment stocks.

The consumer discretionary sector also contributed to the Index’s return, as fiscal stimulus payments and unemployment insurance supplements helped consumer spending partially recover from earlier declines. Retailers, which were particularly pressured by pandemic-related restrictions posted strong gains amid vaccination programs and an improving economy. Internet and direct marketing retailers benefited from an increase in online shopping.

The financials and communication services sectors also contributed to the Index’s performance. Bank stocks rallied when the Fed backed credit markets and effective COVID-19 vaccines were developed and distributed, raising investors’ hopes for an economic rebound. Investment banking and brokerage companies also contributed, as higher trading revenues amid a surge in equity trading volume boosted profit margins. Media and entertainment companies advanced, as consumers spending more time at home made greater use of home entertainment products, such as on-demand films and television, streaming services, and video games.

Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Information Technology ...... 26.7% Apple Inc...... 5.2% Health Care ...... 13.1 Microsoft Corp...... 4.7 Consumer Discretionary ...... 12.1 Amazon.com Inc...... 3.5 Financials ...... 11.4 Facebook Inc., Class A...... 1.9 Communication Services...... 10.5 Alphabet Inc., Class A ...... 1.7 Industrials ...... 9.4 Alphabet Inc., Class C ...... 1.6 Consumer Staples ...... 5.8 Tesla Inc...... 1.4 Real Estate...... 3.0 Berkshire Hathaway Inc., Class B ...... 1.3 Materials ...... 2.8 JPMorgan Chase & Co...... 1.2 Energy ...... 2.6 Johnson & Johnson...... 1.2 Utilities...... 2.6

(a) Excludes money market funds.

12 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Fund Summary as of March 31, 2021 iShares Russell 1000 Growth ETF

Investment Objective

The iShares Russell 1000 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell 1000 Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV...... 62.44% 20.82% 16.41% 62.44% 157.47% 357.17% Fund Market ...... 62.48 20.82 16.41 62.48 157.43 357.08 Index ...... 62.74 21.05 16.63 62.74 159.89 365.81

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$50,000 $46,581 45,000 $45,717 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21

F UND S UMMARY 13 Fund Summary as of March 31, 2021 (continued) iShares Russell 1000 Growth ETF

Portfolio Management Commentary

Growth-oriented large- and mid-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The information technology sector was the leading contributor to the Index’s return as the coronavirus pandemic disrupted normal business practices and limited face-to-face contact, prompting many businesses to improve and expand their technology systems. Combined with a rebound in both consumer and business information technology spending, the accelerated adoption of technology products and services led to solid earnings growth for the sector. With 42% of the U.S. labor force working from home due to pandemic restrictions, demand for cloud computing and business-oriented infrastructure and security software grew rapidly, driving a solid advance in the software and services industry. The technology hardware and equipment industry also advanced, as the transition to remote work and school drove purchases of personal computers and peripherals. The semiconductors and semiconductor equipment industry contributed as strong demand led to a semiconductor shortage, boosting revenues for chip makers.

The consumer discretionary sector also contributed to the Index’s return, rebounding strongly as fiscal stimulus payments and unemployment insurance supplements supported increased consumer spending. Retailers, which were particularly pressured by pandemic-related restrictions, recovered to post strong gains amid a mass COVID-19 vaccination program and an improving economy. Internet and direct marketing retailers benefited from increased online shopping amid pandemic-related restrictions.

The communication services sector also aided the Index’s return, led by the media and entertainment industry. Consumers spending more time at home made greater use of home entertainment products, such as on-demand films and television, streaming services, and video games. Increased online advertising led to revenue gains in the interactive media and services industry.

Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Information Technology ...... 44.2% Apple Inc...... 10.5% Consumer Discretionary ...... 16.5 Microsoft Corp...... 9.5 Health Care ...... 13.7 Amazon.com Inc...... 7.1 Communication Services...... 11.9 Facebook Inc., Class A...... 3.8 Industrials ...... 4.7 Tesla Inc...... 2.8 Consumer Staples ...... 4.5 Alphabet Inc., Class A ...... 2.6 Financials ...... 1.9 Alphabet Inc., Class C ...... 2.5 Real Estate...... 1.7 Visa Inc., Class A ...... 1.9 Other (each representing less than 1%)...... 0.9 NVIDIA Corp...... 1.7 Mastercard Inc., Class A ...... 1.7

(a) Excludes money market funds.

14 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Fund Summary as of March 31, 2021 iShares Russell 1000 Value ETF

Investment Objective

The iShares Russell 1000 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell 1000 Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV...... 55.84% 11.56% 10.79% 55.84% 72.77% 178.70% Fund Market ...... 55.86 11.57 10.80 55.86 72.90 178.84 Index ...... 56.09 11.74 10.99 56.09 74.21 183.72

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$30,000 $28,372 28,000 $27,870 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21

F UND S UMMARY 15 Fund Summary as of March 31, 2021 (continued) iShares Russell 1000 Value ETF

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks advanced strongly for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The financials sector, which is closely tied to the strength of the broader economy, contributed the most to the Index’s performance. Within the sector, banks were the leading contributors. In the wake of the coronavirus pandemic, bank stocks faced headwinds amid concerns that widespread business failures would lead to significant loan losses. However, bank stocks rallied when the Fed backed credit markets and effective COVID-19 vaccines were developed and distributed, raising investors’ hopes for an economic rebound. Late in the reporting period, higher long-term bond yields also pointed to a strengthening economy, further supporting bank stocks. Investment banking and brokerage companies also contributed, as higher trading revenues amid a surge in equity trading volume boosted investment banks’ profit margins.

The ongoing economic recovery also helped the economically sensitive industrials sector, which was a solid contributor to the Index’s return. The capital goods industry was the primary source of strength amid a rebound in industrial production, although manufacturing output remained below pre-pandemic levels. Optimism about continued economic growth led to the highest levels of business confidence in more than 35 years. Strong consumer demand for manufactured goods, including automobiles, helped support U.S. manufacturers.

The consumer discretionary sector also contributed to the Index’s return, rebounding strongly after a decline early in the pandemic. Retailers posted strong gains amid a mass COVID-19 vaccination program and an improving economy. Consumers increased savings and reduced credit card debt amid the pandemic, which led to a surge in spending on nonessential items, benefiting the specialty retail industry.

Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Financials ...... 20.6% Berkshire Hathaway Inc., Class B ...... 2.5% Industrials ...... 13.9 JPMorgan Chase & Co...... 2.4 Health Care ...... 12.6 Johnson & Johnson...... 2.0 Information Technology ...... 9.5 Walt Disney Co. (The) ...... 1.8 Communication Services...... 9.2 Bank of America Corp...... 1.6 Consumer Discretionary ...... 7.8 Intel Corp...... 1.4 Consumer Staples ...... 7.1 Comcast Corp., Class A...... 1.3 Energy ...... 5.1 Verizon Communications Inc...... 1.3 Utilities...... 5.0 Exxon Mobil Corp...... 1.2 Materials ...... 4.8 Cisco Systems Inc...... 1.2 Real Estate...... 4.4

(a) Excludes money market funds.

16 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Fund Summary as of March 31, 2021 iShares Russell 2000 ETF

Investment Objective

The iShares Russell 2000 ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Russell 2000 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV...... 94.67% 16.31% 11.69% 94.67% 112.89% 202.12% Fund Market ...... 95.43 16.39 11.73 95.43 113.55 203.05 Index ...... 94.85 16.35 11.68 94.85 113.26 201.95

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$35,000

30,000 $30,212 $30,195 25,000

20,000

15,000

10,000

5,000 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21

F UND S UMMARY 17 Fund Summary as of March 31, 2021 (continued) iShares Russell 2000 ETF

Portfolio Management Commentary

Small-capitalization U.S. stocks advanced sharply for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The consumer discretionary sector was the leading contributor to the Index’s return, as fiscal stimulus payments and unemployment insurance supplements helped consumer spending partially recover from a sharp decline in the second quarter of 2020. Retailers, which were particularly pressured by pandemic-related restrictions, recovered to post strong gains amid vaccination programs and an improving economy. Consumers increased savings and reduced credit card debt amid the pandemic, which led to a surge in spending on nonessential items, benefiting the specialty retail industry.

The economically sensitive industrials sector was a solid contributor to the Index’s return. The capital goods industry benefited from a rebound in industrial production, although manufacturing output remained below pre-pandemic levels. Optimism about economic growth led to the highest levels of business confidence in more than 35 years. Strong consumer demand for manufactured goods, including automobiles, helped support U.S. manufacturers.

The healthcare sector was a significant contributor to the Index’s performance, supported by optimism surrounding the economic recovery and the development of new products. Pandemic-related restrictions led patients to make fewer doctor visits and delay elective procedures. However, analysts assessed that deferred demand for health services would lead to increased revenues as the economy continued to rebound. Additionally, U.S. election results suggest sector disruption from legislative changes is unlikely.

The financials sector also contributed to the Index’s performance. Bank stocks rallied when the Fed backed credit markets and effective COVID-19 vaccines were developed and distributed, raising expectations for an economic rebound. Late in the reporting period, higher long-term bond yields also pointed to a strengthening economy, further supporting bank stocks.

Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Health Care ...... 19.5% Penn National Gaming Inc...... 0.6% Industrials ...... 16.0 Caesars Entertainment Inc...... 0.6 Financials ...... 15.8 Plug Power Inc...... 0.5 Consumer Discretionary ...... 14.6 Darling Ingredients Inc...... 0.4 Information Technology ...... 12.7 Novavax Inc...... 0.4 Real Estate...... 5.9 GameStop Corp., Class A ...... 0.4 Materials ...... 4.5 Lithia Motors Inc., Class A...... 0.4 Consumer Staples ...... 3.3 Sunrun Inc...... 0.4 Utilities...... 2.7 RH...... 0.3 Energy ...... 2.6 Builders FirstSource Inc...... 0.3 Communication Services...... 2.4

(a) Excludes money market funds.

18 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Fund Summary as of March 31, 2021 iShares Russell 2000 Growth ETF

Investment Objective

The iShares Russell 2000 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell 2000 Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV...... 90.06% 18.61% 13.09% 90.06% 134.70% 242.31% Fund Market ...... 90.83 18.67 13.12 90.83 135.34 243.09 Index ...... 90.20 18.61 13.02 90.20 134.74 240.09

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$40,000

35,000 $34,231 $34,009 30,000

25,000

20,000

15,000

10,000

5,000 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21

F UND S UMMARY 19 Fund Summary as of March 31, 2021 (continued) iShares Russell 2000 Growth ETF

Portfolio Management Commentary

Growth-oriented, small-capitalization U.S. stocks advanced sharply for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The healthcare sector was the leading contributor to the Index’s performance, as optimism surrounding the economic recovery and the development of new products offset a decline in healthcare spending. Pandemic-related restrictions led patients to make fewer doctor visits and delay elective procedures. However, analysts assessed that deferred demand for health services would lead to increased revenues as the economy continued to rebound. The biotechnology industry led contributions, gaining amid increased adoption of advanced prenatal screening and oncology tests as well as promising developments in cell therapeutic treatments. The healthcare equipment and services industry also advanced, helped by new antigen-based COVID-19 tests and a rebound in demand for equipment to treat sleep apnea.

The information technology sector was another source of strength for the Index’s return. Combined with a rebound in both consumer and business information technology spending, the accelerated adoption of technology products and services led to solid earnings growth for the sector. With 42% of the U.S. labor force working from home, demand for cloud computing and business-oriented infrastructure and security software grew rapidly, supporting a solid advance in the software and services industry.

The consumer discretionary sector was also a notable contributor, rebounding strongly as fiscal stimulus payments and unemployment insurance supplements supported increased consumer spending. The consumer services industry, which includes casinos and gaming stocks, gained as bookings at resorts and casino operators rose amid capacity increases. Online gaming, particularly sports betting, also increased, further bolstering the industry.

Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Health Care ...... 33.2% Plug Power Inc...... 1.1% Information Technology ...... 20.1 Sunrun Inc...... 0.7 Consumer Discretionary ...... 14.9 RH...... 0.7 Industrials ...... 14.8 Deckers Outdoor Corp...... 0.7 Financials ...... 3.9 Caesars Entertainment Inc...... 0.7 Real Estate...... 3.5 Churchill Downs Inc...... 0.6 Consumer Staples ...... 3.1 Penn National Gaming Inc...... 0.6 Materials ...... 2.6 SiteOne Landscape Supply Inc...... 0.6 Communication Services...... 2.2 Mirati Therapeutics Inc...... 0.5 Utilities...... 1.5 Tetra Tech Inc...... 0.5 Energy ...... 0.2

(a) Excludes money market funds.

20 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Fund Summary as of March 31, 2021 iShares Russell 2000 Value ETF

Investment Objective

The iShares Russell 2000 Value ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell 2000 Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV...... 96.79% 13.42% 9.93% 96.79% 87.68% 157.80% Fund Market ...... 97.61 13.48 9.96 97.61 88.18 158.46 Index ...... 97.05 13.56 10.06 97.05 88.88 160.79

GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE)

$28,000 $26,079 26,000 $25,780 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21

F UND S UMMARY 21 Fund Summary as of March 31, 2021 (continued) iShares Russell 2000 Value ETF

Portfolio Management Commentary

Value-oriented small-capitalization U.S. stocks advanced sharply for the reporting period, as unprecedented monetary and fiscal stimulus coupled with the rollout of COVID-19 vaccination programs drove a robust rebound in economic activity. The financials sector, which is closely tied to the strength of the broader economy, contributed the most to the Index’s performance. Within the sector, banks were the leading contributors. In the wake of the coronavirus pandemic, bank stocks faced headwinds amid concerns that widespread business failures would lead to significant loan losses. However, bank stocks rallied when the Fed backed credit markets and effective COVID-19 vaccines were developed and distributed, raising investors’ hopes for an economic rebound. Late in the reporting period, higher long-term bond yields also pointed to a strengthening economy, further supporting bank stocks.

The consumer discretionary sector also contributed significantly to the Index’s return, rebounding strongly after a decline early in the pandemic. Retailers, which were particularly pressured by the onset of the pandemic and related restrictions, posted strong gains amid a mass COVID-19 vaccination program and an improving economy. Consumers increased savings and reduced credit card debt amid the pandemic, which led to a surge in spending on nonessential items, benefiting the specialty retail industry. Similarly, hotels, restaurants, and leisure stocks contributed, as hotel and cruise bookings increased amid optimism about vaccinations.

The ongoing economic recovery also helped the economically sensitive industrials sector, which was a solid contributor to the Index’s return. The capital goods industry was the primary source of strength amid a rebound in industrial production, although manufacturing output remained below pre-pandemic levels. Optimism about continued economic growth led to the highest levels of business confidence in more than 35 years. Strong consumer demand for manufactured goods, including automobiles, helped support U.S. manufacturers.

Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Financials ...... 27.1% Darling Ingredients Inc...... 0.8% Industrials ...... 17.2 GameStop Corp., Class A ...... 0.8 Consumer Discretionary ...... 14.2 Cleveland-Cliffs Inc...... 0.6 Real Estate...... 8.3 Novavax Inc...... 0.6 Health Care ...... 6.4 Penn National Gaming Inc...... 0.6 Materials ...... 6.3 Performance Food Group Co...... 0.5 Information Technology ...... 5.6 United States Steel Corp...... 0.5 Energy ...... 4.9 Caesars Entertainment Inc...... 0.5 Utilities...... 3.9 Stifel Financial Corp...... 0.5 Consumer Staples ...... 3.5 Ovintiv Inc...... 0.4 Communication Services...... 2.6

(a) Excludes money market funds.

22 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

A BOUT F UND P ERFORMANCE/SHAREHOLDER E XPENSES 23 Schedule of Investments iShares Russell Top 200 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value Common Stocks Chemicals (continued) Sherwin-Williams Co. (The)...... 2,592 $ 1,912,922 Aerospace & Defense — 1.7% Boeing Co. (The) ...... 16,878 $ 4,299,164 12,978,228 General Dynamics Corp...... 7,990 1,450,664 Commercial Services & Supplies — 0.2% L3Harris Technologies Inc...... 6,602 1,338,093 Waste Management Inc...... 13,299 1,715,837 Lockheed Martin Corp...... 7,795 2,880,253 Communications Equipment — 0.8% Northrop Grumman Corp...... 4,921 1,592,633 Cisco Systems Inc...... 133,878 6,922,831 Raytheon Technologies Corp...... 44,888 3,468,496 15,029,303 Consumer Finance — 0.6% Air Freight & Logistics — 0.7% American Express Co...... 20,583 2,911,260 FedEx Corp...... 7,752 2,201,878 Capital One Financial Corp...... 14,249 1,812,900 United Parcel Service Inc., Class B ...... 22,577 3,837,864 4,724,160 6,039,742 Diversified Financial Services — 1.8% (a) Automobiles — 2.1% Berkshire Hathaway Inc., Class B ...... 59,345 15,160,867 General Motors Co...... 39,512 2,270,360 (a) Diversified Telecommunication Services — 1.7% Tesla Inc...... 24,155 16,133,849 AT&T Inc...... 224,957 6,809,448 18,404,209 Verizon Communications Inc...... 130,716 7,601,136 Banks — 4.7% 14,410,584 Bank of America Corp...... 244,008 9,440,669 Electric Utilities — 1.4% Citigroup Inc...... 65,806 4,787,386 American Electric Power Co. Inc...... 15,744 1,333,517 JPMorgan Chase & Co...... 95,555 14,546,338 Duke Energy Corp...... 23,204 2,239,882 PNC Financial Services Group Inc. (The)...... 13,351 2,341,899 Exelon Corp...... 30,788 1,346,667 Truist Financial Corp...... 42,409 2,473,293 NextEra Energy Inc...... 61,828 4,674,815 U.S. Bancorp...... 42,802 2,367,379 Southern Co. (The) ...... 33,345 2,072,725 Wells Fargo & Co...... 119,626 4,673,788 11,667,606 40,630,752 Electrical Equipment — 0.4% Beverages — 1.8% Eaton Corp. PLC...... 12,594 1,741,498 Coca-Cola Co. (The) ...... 121,953 6,428,143 Emerson Electric Co...... 18,726 1,689,460 Constellation Brands Inc., Class A ...... 5,107 1,164,396 Keurig Dr Pepper Inc...... 22,107 759,817 3,430,958 Monster Beverage Corp.(a) ...... 11,606 1,057,190 Energy Equipment & Services — 0.1% PepsiCo Inc...... 43,786 6,193,530 Schlumberger Ltd...... 44,027 1,197,094 15,603,076 Entertainment — 2.4% Biotechnology — 2.0% Activision Blizzard Inc...... 24,131 2,244,183 AbbVie Inc...... 55,530 6,009,457 Electronic Arts Inc...... 8,980 1,215,623 Amgen Inc...... 18,367 4,569,893 Netflix Inc.(a) ...... 13,416 6,998,590 Biogen Inc.(a) ...... 4,772 1,334,967 Walt Disney Co. (The)(a)...... 57,014 10,520,223 Gilead Sciences Inc...... 39,549 2,556,052 20,978,619 (a) Regeneron Pharmaceuticals Inc...... 3,052 1,444,023 Equity Real Estate Investment Trusts (REITs) — 1.5% (a) Vertex Pharmaceuticals Inc...... 8,180 1,757,800 American Tower Corp...... 13,899 3,322,695 17,672,192 Crown Castle International Corp...... 13,066 2,249,051 Capital Markets — 2.6% Digital Realty Trust Inc...... 8,788 1,237,702 Bank of New York Mellon Corp. (The) ...... 25,126 1,188,208 Equinix Inc...... 2,803 1,904,891 BlackRock Inc.(b)...... 4,656 3,510,438 Prologis Inc...... 23,191 2,458,246 Charles Schwab Corp. (The) ...... 43,387 2,827,965 Public Storage ...... 4,790 1,181,980 CME Group Inc...... 11,178 2,282,883 SBA Communications Corp...... 3,478 965,319 Goldman Sachs Group Inc. (The) ...... 10,431 3,410,937 13,319,884 Intercontinental Exchange Inc...... 17,450 1,948,816 Food & Staples Retailing — 1.5% Moody's Corp...... 5,114 1,527,091 Costco Wholesale Corp...... 13,945 4,915,333 Morgan Stanley...... 44,006 3,417,506 Sysco Corp...... 15,374 1,210,549 S&P Global Inc...... 7,578 2,674,049 Walgreens Boots Alliance Inc...... 23,012 1,263,359 22,787,893 Walmart Inc...... 43,960 5,971,087 Chemicals — 1.5% 13,360,328 Air Products & Chemicals Inc...... 6,945 1,953,906 Food Products — 0.5% Dow Inc...... 23,362 1,493,766 General Mills Inc...... 19,095 1,170,906 DuPont de Nemours Inc...... 16,902 1,306,187 Kraft Heinz Co. (The) ...... 20,363 814,520 Ecolab Inc...... 7,833 1,676,811 Mondelez International Inc., Class A ...... 44,159 2,584,626 Linde PLC ...... 16,544 4,634,636 4,570,052

24 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell Top 200 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Health Care Equipment & Supplies — 3.4% Internet & Direct Marketing Retail (continued) Abbott Laboratories ...... 54,528 $ 6,534,635 eBay Inc...... 20,371 $ 1,247,520 Baxter International Inc...... 16,039 1,352,729 42,633,934 Becton Dickinson and Co...... 9,115 2,216,312 IT Services — 6.1% (a) Boston Scientific Corp...... 45,181 1,746,246 Accenture PLC, Class A...... 20,081 5,547,376 Danaher Corp...... 19,721 4,438,803 Automatic Data Processing Inc...... 13,533 2,550,565 (a) DexCom Inc...... 2,897 1,041,153 Cognizant Technology Solutions Corp., Class A ...... 16,798 1,312,260 (a) Edwards Lifesciences Corp...... 19,415 1,623,871 Fidelity National Information Services Inc...... 19,531 2,746,254 (a) Intuitive Surgical Inc...... 3,650 2,697,131 Fiserv Inc.(a) ...... 18,080 2,152,243 Medtronic PLC...... 42,315 4,998,671 Global Payments Inc...... 9,370 1,888,805 Stryker Corp...... 10,942 2,665,252 International Business Machines Corp...... 27,989 3,729,814 29,314,803 Mastercard Inc., Class A ...... 27,831 9,909,228 Health Care Providers & Services — 2.8% PayPal Holdings Inc.(a) ...... 37,048 8,996,736 Anthem Inc...... 7,875 2,826,731 Square Inc., Class A(a) ...... 11,620 2,638,321 Centene Corp.(a) ...... 18,082 1,155,621 Visa Inc., Class A ...... 53,265 11,277,798 Cigna Corp...... 10,877 2,629,406 52,749,400 CVS Health Corp...... 41,362 3,111,663 Life Sciences Tools & Services — 0.9% HCA Healthcare Inc...... 8,393 1,580,738 Illumina Inc.(a) ...... 4,616 1,772,821 Humana Inc...... 4,074 1,708,024 Thermo Fisher Scientific Inc...... 12,448 5,681,018 UnitedHealth Group Inc...... 29,780 11,080,245 7,453,839 24,092,428 Machinery — 1.1% Hotels, Restaurants & Leisure — 1.8% Caterpillar Inc...... 17,057 3,955,007 (a) Booking Holdings Inc...... 1,293 3,012,483 Deere & Co...... 8,885 3,324,234 Las Vegas Sands Corp...... 10,588 643,327 Illinois Tool Works Inc...... 9,910 2,195,263 Marriott International Inc./MD, Class A ...... 8,450 1,251,530 9,474,504 McDonald's Corp...... 23,475 5,261,686 Media — 1.2% Starbucks Corp...... 36,811 4,022,338 Charter Communications Inc., Class A(a) ...... 4,440 2,739,569 Yum! Brands Inc...... 9,485 1,026,087 Comcast Corp., Class A ...... 142,952 7,735,133 15,217,451 10,474,702 Household Products — 1.6% Metals & Mining — 0.2% Colgate-Palmolive Co...... 26,551 2,093,015 Newmont Corp...... 25,269 1,522,963 Kimberly-Clark Corp...... 10,687 1,486,027 Southern Copper Corp...... 2,561 173,815 Procter & Gamble Co. (The) ...... 76,878 10,411,588 1,696,778 13,990,630 Multi-Utilities — 0.4% Industrial Conglomerates — 1.5% Dominion Energy Inc...... 25,683 1,950,881 3M Co...... 17,704 3,411,206 Sempra Energy ...... 9,085 1,204,489 General Electric Co...... 274,677 3,606,509 Honeywell International Inc...... 22,184 4,815,481 3,155,370 Roper Technologies Inc...... 3,279 1,322,552 Multiline Retail — 0.5% Dollar General Corp...... 7,752 1,570,710 13,155,748 Target Corp...... 15,753 3,120,197 Insurance — 1.6% Aflac Inc...... 21,535 1,102,161 4,690,907 Allstate Corp. (The) ...... 9,557 1,098,099 Oil, Gas & Consumable Fuels — 2.4% American International Group Inc...... 27,248 1,259,130 Chevron Corp...... 60,761 6,367,145 Aon PLC, Class A...... 7,127 1,639,994 ConocoPhillips...... 42,756 2,264,785 Chubb Ltd...... 14,144 2,234,328 EOG Resources Inc...... 18,478 1,340,210 Marsh & McLennan Companies Inc...... 15,934 1,940,761 Exxon Mobil Corp...... 133,515 7,454,143 MetLife Inc...... 23,918 1,453,975 Kinder Morgan Inc...... 61,225 1,019,396 Progressive Corp. (The)...... 18,494 1,768,212 Phillips 66 ...... 13,730 1,119,544 Travelers Companies Inc. (The) ...... 7,948 1,195,379 Valero Energy Corp...... 12,822 918,055 13,692,039 20,483,278 Interactive Media & Services — 7.0% Personal Products — 0.2% Alphabet Inc., Class A(a)...... 9,470 19,532,064 Estee Lauder Companies Inc. (The), Class A ...... 7,161 2,082,777 Alphabet Inc., Class C, NVS(a) ...... 9,172 18,973,474 (a) Pharmaceuticals — 4.4% Facebook Inc., Class A ...... 75,752 22,311,237 Bristol-Myers Squibb Co...... 71,556 4,517,330 60,816,775 Eli Lilly & Co...... 26,615 4,972,214 Internet & Direct Marketing Retail — 4.9% Johnson & Johnson ...... 83,187 13,671,783 Amazon.com Inc.(a) ...... 13,376 41,386,414 Merck & Co. Inc...... 79,696 6,143,765 Pfizer Inc...... 175,430 6,355,829

S CHEDULE OF I NVESTMENTS 25 Schedule of Investments (continued) iShares Russell Top 200 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Pharmaceuticals (continued) Technology Hardware, Storage & Peripherals (continued) Zoetis Inc...... 14,979 $ 2,358,893 Dell Technologies Inc., Class C(a) ...... 8,340 $ 735,171 38,019,814 61,780,244 Road & Rail — 1.3% Textiles, Apparel & Luxury Goods — 0.6% CSX Corp...... 24,019 2,315,912 Nike Inc., Class B ...... 39,172 5,205,567 Norfolk Southern Corp...... 7,961 2,137,688 Uber Technologies Inc.(a) ...... 43,579 2,375,491 Thrifts & Mortgage Finance — 0.0% (c) Union Pacific Corp...... 21,120 4,655,059 Rocket Companies Inc., Class A ...... 3,740 86,357 11,484,150 Tobacco — 0.9% Semiconductors & Semiconductor Equipment — 5.6% Altria Group Inc...... 58,553 2,995,572 Advanced Micro Devices Inc.(a) ...... 37,722 2,961,177 Philip Morris International Inc...... 49,010 4,349,147 Analog Devices Inc...... 11,576 1,795,206 7,344,719 Applied Materials Inc...... 28,863 3,856,097 Wireless Telecommunication Services — 0.3% Broadcom Inc...... 12,445 5,770,249 T-Mobile U.S. Inc.(a)...... 17,358 2,174,784 Intel Corp...... 129,424 8,283,136 Lam Research Corp...... 4,514 2,686,913 Total Common Stocks — 99.8% Micron Technology Inc.(a) ...... 35,153 3,100,846 (Cost: $681,710,756) ...... 864,334,829 NVIDIA Corp...... 18,623 9,943,379 QUALCOMM Inc...... 35,556 4,714,370 Short-Term Investments Texas Instruments Inc...... 28,999 5,480,521 Money Market Funds — 0.2% 48,591,894 BlackRock Cash Funds: Institutional, SL Agency Shares, Software — 9.9% 0.11%(b)(d)(e) ...... 379,083 379,310 (a) Adobe Inc...... 15,175 7,213,740 BlackRock Cash Funds: Treasury, SL Agency Shares, (a) Atlassian Corp. PLC, Class A ...... 4,122 868,753 0.00%(b)(d) ...... 1,115,000 1,115,000 Autodesk Inc.(a) ...... 6,909 1,914,829 1,494,310 Intuit Inc...... 7,963 3,050,307 Microsoft Corp...... 236,239 55,698,069 Total Short-Term Investments — 0.2% Oracle Corp...... 58,044 4,072,947 (Cost: $1,494,310)...... 1,494,310 salesforce.com Inc.(a) ...... 27,704 5,869,647 ServiceNow Inc.(a) ...... 6,129 3,065,174 Total Investments in Securities — 100.0% VMware Inc., Class A(a)(c) ...... 2,504 376,727 (Cost: $683,205,066) ...... 865,829,139 (a) Workday Inc., Class A ...... 5,659 1,405,865 Other Assets, Less Liabilities — 0.0% ...... 91,047 Zoom Video Communications Inc., Class A(a)...... 5,535 1,778,340 85,314,398 Net Assets — 100.0%...... $ 865,920,186 Specialty Retail — 2.1% (a) Non-income producing security. Home Depot Inc. (The) ...... 33,888 10,344,312 (b) Affiliate of the Fund. Lowe's Companies Inc...... 23,115 4,396,011 (c) All or a portion of this security is on loan. Ross Stores Inc...... 10,989 1,317,691 (d) Annualized 7-day yield as of period-end. (e) TJX Companies Inc. (The)...... 37,722 2,495,310 All or a portion of this security was purchased with cash collateral received from loaned securities. 18,553,324 Technology Hardware, Storage & Peripherals — 7.1% Apple Inc...... 499,755 61,045,073

26 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell Top 200 ETF March 31, 2021

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 03/31/20 at Cost from Sales Gain (Loss) (Depreciation) 03/31/21 03/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $ — $ 378,035(a) $ — $ 1,275 $ — $ 379,310 379,083 $18,156(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares ...... 625,000 490,000 — — — 1,115,000 1,115,000 1,303 — BlackRock Inc...... 1,094,645 1,841,448 (836,300) 324,010 1,086,635 3,510,438 4,656 70,281 —

$ 325,285 $ 1,086,635 $5,004,748 $89,740 $ —

(a) Represents net amount purchased (sold). (b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P 500 E-Mini Index ...... 7 06/18/21 $ 1,389 $ 13,669

Derivative Financial Instruments Categorized by Risk Exposure

(a) Net cumulative appreciation (depreciation) on futures contracts 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 year ended March 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts ...... $641,244 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $ 36,064

Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long ...... $1,140,065 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S CHEDULE OF I NVESTMENTS 27 Schedule of Investments (continued) iShares Russell Top 200 ETF March 31, 2021

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $864,334,829 $ — $ — $864,334,829 Money Market Funds ...... 1,494,310 — — 1,494,310 $865,829,139 $ — $ — $865,829,139 Derivative financial instruments(a) Assets Futures Contracts...... $ 13,669 $ — $ — $ 13,669

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

28 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments iShares Russell Top 200 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value Common Stocks Health Care Equipment & Supplies (continued) Stryker Corp...... 26,193 $ 6,380,091 Aerospace & Defense — 0.9% Lockheed Martin Corp...... 57,663 $ 21,306,479 68,711,638 Northrop Grumman Corp...... 33,464 10,830,289 Health Care Providers & Services — 2.6% Anthem Inc...... 14,906 5,350,509 32,136,768 Centene Corp.(a) ...... 39,279 2,510,321 Air Freight & Logistics — 0.5% Cigna Corp...... 21,633 5,229,561 United Parcel Service Inc., Class B ...... 110,191 18,731,368 HCA Healthcare Inc...... 32,174 6,059,651 Automobiles — 3.4% Humana Inc...... 11,433 4,793,285 Tesla Inc.(a) ...... 178,208 119,030,469 UnitedHealth Group Inc...... 182,798 68,013,652 91,956,979 Beverages — 2.0% Hotels, Restaurants & Leisure — 1.3% Coca-Cola Co. (The) ...... 527,475 27,803,207 (a) (a) Booking Holdings Inc...... 9,521 22,182,406 Monster Beverage Corp...... 85,544 7,792,203 Las Vegas Sands Corp...... 32,639 1,983,146 PepsiCo Inc...... 236,922 33,512,617 McDonald's Corp...... 24,690 5,534,016 69,108,027 Starbucks Corp...... 157,155 17,172,327 Biotechnology — 2.9% Yum! Brands Inc...... 5,237 566,539 AbbVie Inc...... 385,250 41,691,755 47,438,434 Amgen Inc...... 135,475 33,707,535 (a) Household Products — 1.0% Biogen Inc...... 10,788 3,017,943 Procter & Gamble Co. (The) ...... 253,337 34,309,430 Regeneron Pharmaceuticals Inc.(a) ...... 22,433 10,613,950 Vertex Pharmaceuticals Inc.(a) ...... 60,478 12,996,117 Industrial Conglomerates — 0.5% 102,027,300 3M Co...... 86,428 16,652,947 Capital Markets — 0.8% Roper Technologies Inc...... 3,310 1,335,055 Intercontinental Exchange Inc...... 45,240 5,052,403 17,988,002 Moody's Corp...... 37,670 11,248,639 Insurance — 0.8% S&P Global Inc...... 32,963 11,631,654 Aon PLC, Class A...... 52,593 12,102,175 27,932,696 Marsh & McLennan Companies Inc...... 91,776 11,178,317 Chemicals — 0.5% Progressive Corp. (The)...... 39,015 3,730,224 Air Products & Chemicals Inc...... 6,442 1,812,392 27,010,716 Ecolab Inc...... 11,496 2,460,949 Interactive Media & Services — 10.9% Sherwin-Williams Co. (The)...... 19,192 14,163,888 Alphabet Inc., Class A(a)...... 54,214 111,817,459 (a) 18,437,229 Alphabet Inc., Class C, NVS ...... 52,513 108,629,967 (a) Commercial Services & Supplies — 0.0% Facebook Inc., Class A ...... 558,866 164,602,803 Waste Management Inc...... 12,625 1,628,878 385,050,229 Internet & Direct Marketing Retail — 8.9% Entertainment — 1.7% Amazon.com Inc.(a) ...... 98,685 305,339,285 Activision Blizzard Inc...... 69,916 6,502,188 eBay Inc...... 137,910 8,445,608 Electronic Arts Inc...... 9,214 1,247,299 Netflix Inc.(a) ...... 98,975 51,631,299 313,784,893 IT Services — 8.6% 59,380,786 Accenture PLC, Class A...... 148,279 40,962,074 Equity Real Estate Investment Trusts (REITs) — 1.7% Automatic Data Processing Inc...... 86,117 16,230,471 American Tower Corp...... 102,791 24,573,216 Cognizant Technology Solutions Corp., Class A ...... 8,908 695,893 Crown Castle International Corp...... 90,320 15,546,782 Fiserv Inc.(a) ...... 39,305 4,678,867 Equinix Inc...... 20,616 14,010,427 Mastercard Inc., Class A ...... 205,324 73,105,610 Public Storage ...... 22,787 5,622,920 PayPal Holdings Inc.(a) ...... 273,319 66,372,786 SBA Communications Corp...... 3,476 964,764 Square Inc., Class A(a)(b) ...... 86,056 19,539,015 60,718,109 Visa Inc., Class A ...... 392,958 83,200,997 Food & Staples Retailing — 1.1% 304,785,713 Costco Wholesale Corp...... 90,598 31,933,983 Life Sciences Tools & Services — 1.1% Sysco Corp...... 79,943 6,294,712 Illumina Inc.(a) ...... 34,179 13,126,787 38,228,695 Thermo Fisher Scientific Inc...... 54,026 24,656,386 Health Care Equipment & Supplies — 2.0% 37,783,173 Abbott Laboratories ...... 154,681 18,536,971 Machinery — 0.2% Baxter International Inc...... 49,453 4,170,866 Illinois Tool Works Inc...... 32,350 7,166,172 DexCom Inc.(a) ...... 21,327 7,664,710 Edwards Lifesciences Corp.(a) ...... 143,837 12,030,527 Media — 0.5% Intuitive Surgical Inc.(a) ...... 26,969 19,928,473 Charter Communications Inc., Class A(a) ...... 29,531 18,221,218

S CHEDULE OF I NVESTMENTS 29 Schedule of Investments (continued) iShares Russell Top 200 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Multiline Retail — 0.3% Specialty Retail (continued) Dollar General Corp...... 57,105 $ 11,570,615 Ross Stores Inc...... 65,460 $ 7,849,309 TJX Companies Inc. (The)...... 226,093 14,956,052 Personal Products — 0.4% 93,378,220 Estee Lauder Companies Inc. (The), Class A...... 47,154 13,714,741 Technology Hardware, Storage & Peripherals — 12.8% Pharmaceuticals — 3.3% Apple Inc...... 3,686,950 450,360,943 Bristol-Myers Squibb Co...... 191,757 12,105,619 Dell Technologies Inc., Class C(a) ...... 3,576 315,224 Eli Lilly & Co...... 195,918 36,601,401 450,676,167 Johnson & Johnson ...... 82,398 13,542,111 Textiles, Apparel & Luxury Goods — 1.1% Merck & Co. Inc...... 513,649 39,597,202 Nike Inc., Class B...... 288,937 38,396,838 Zoetis Inc...... 100,232 15,784,535 Thrifts & Mortgage Finance — 0.0% 117,630,868 Rocket Companies Inc., Class A ...... 9,287 214,437 Road & Rail — 0.9% (a) Uber Technologies Inc...... 246,661 13,445,491 Tobacco — 0.3% Union Pacific Corp...... 79,647 17,554,995 Altria Group Inc...... 188,068 9,621,559 31,000,486 Semiconductors & Semiconductor Equipment — 6.8% Total Common Stocks — 99.9% Advanced Micro Devices Inc.(a) ...... 259,486 20,369,651 (Cost: $2,366,193,085)...... 3,524,634,754 Analog Devices Inc...... 10,361 1,606,784 Applied Materials Inc...... 213,477 28,520,527 Short-Term Investments Broadcom Inc...... 87,104 40,386,641 Money Market Funds — 0.4% Lam Research Corp...... 33,250 19,791,730 BlackRock Cash Funds: Institutional, SL Agency Shares, NVIDIA Corp...... 137,391 73,357,176 0.11%(c)(d)(e) ...... 10,760,317 10,766,773 QUALCOMM Inc...... 261,752 34,705,698 BlackRock Cash Funds: Treasury, SL Agency Shares, Texas Instruments Inc...... 106,530 20,133,105 0.00%(c)(d) ...... 4,416,000 4,416,000 238,871,312 15,182,773 Software — 17.5% Adobe Inc.(a)...... 111,955 53,220,048 Total Short-Term Investments — 0.4% Atlassian Corp. PLC, Class A(a) ...... 30,433 6,414,059 (Cost: $15,182,773)...... 15,182,773 Autodesk Inc.(a) ...... 34,080 9,445,272 Total Investments in Securities — 100.3% Intuit Inc...... 58,714 22,490,985 (Cost: $2,381,375,858)...... 3,539,817,527 Microsoft Corp...... 1,742,850 410,911,744 Oracle Corp...... 377,861 26,514,506 Other Assets, Less Liabilities — (0.3)%...... (9,922,218) salesforce.com Inc.(a) ...... 189,087 40,061,863 Net Assets — 100.0% ...... $ 3,529,895,309 ServiceNow Inc.(a) ...... 45,301 22,655,483 VMware Inc., Class A(a)(b) ...... 18,777 2,825,000 (a) Non-income producing security. Workday Inc., Class A(a)...... 41,679 10,354,314 (b) All or a portion of this security is on loan. Zoom Video Communications Inc., Class A(a)...... 40,771 13,099,315 (c) Affiliate of the Fund. (d) 617,992,589 Annualized 7-day yield as of period-end. (e) All or a portion of this security was purchased with cash collateral received from loaned Specialty Retail — 2.6% securities. Home Depot Inc. (The) ...... 124,931 38,135,188 Lowe's Companies Inc...... 170,563 32,437,671

30 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell Top 200 Growth ETF March 31, 2021

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 03/31/20 at Cost from Sales Gain (Loss) (Depreciation) 03/31/21 03/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $8,964,457 $1,818,232(a) $ — $ (8,762) $ (7,154) $10,766,773 10,760,317 $67,173(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares ...... 2,976,000 1,440,000 — — — 4,416,000 4,416,000 5,500 — $ (8,762) $ (7,154) $15,182,773 $72,673 $ —

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended March 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts ...... $2,104,255 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $ 167,599

Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long ...... $4,289,803 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S CHEDULE OF I NVESTMENTS 31 Schedule of Investments (continued) iShares Russell Top 200 Growth ETF March 31, 2021

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks...... $3,524,634,754 $ — $ — $3,524,634,754 Money Market Funds ...... 15,182,773 — — 15,182,773 $3,539,817,527 $ — $ — $3,539,817,527 Derivative financial instruments(a) Assets Futures Contracts ...... $ 47,874 $ — $ — $ 47,874

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

32 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments iShares Russell Top 200 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value Common Stocks Consumer Finance (continued) Capital One Financial Corp...... 42,493 $ 5,406,385 Aerospace & Defense — 2.7% Boeing Co. (The)...... 50,170 $ 12,779,303 14,094,761 General Dynamics Corp...... 23,814 4,323,670 Diversified Financial Services — 3.9% (a) L3Harris Technologies Inc...... 19,662 3,985,094 Berkshire Hathaway Inc., Class B ...... 176,753 45,155,089 Northrop Grumman Corp...... 1,206 390,310 Diversified Telecommunication Services — 3.7% Raytheon Technologies Corp...... 133,927 10,348,539 AT&T Inc...... 670,010 20,281,203 31,826,916 Verizon Communications Inc...... 389,324 22,639,190 Air Freight & Logistics — 0.9% 42,920,393 FedEx Corp...... 23,021 6,538,885 Electric Utilities — 3.0% United Parcel Service Inc., Class B ...... 22,854 3,884,951 American Electric Power Co. Inc...... 46,735 3,958,454 10,423,836 Duke Energy Corp...... 69,003 6,660,860 Automobiles — 0.6% Exelon Corp...... 91,658 4,009,121 General Motors Co...... 117,319 6,741,150 NextEra Energy Inc...... 183,922 13,906,342 Southern Co. (The)...... 99,198 6,166,148 Banks — 10.5% Bank of America Corp...... 726,757 28,118,229 34,700,925 Citigroup Inc...... 195,631 14,232,155 Electrical Equipment — 0.9% JPMorgan Chase & Co...... 284,601 43,324,810 Eaton Corp. PLC...... 37,555 5,193,105 PNC Financial Services Group Inc. (The)...... 39,830 6,986,580 Emerson Electric Co...... 55,991 5,051,508 Truist Financial Corp...... 126,504 7,377,713 10,244,613 U.S. Bancorp...... 127,655 7,060,598 Energy Equipment & Services — 0.3% Wells Fargo & Co...... 356,571 13,931,229 Schlumberger Ltd...... 130,758 3,555,310 121,031,314 Entertainment — 3.3% Beverages — 1.6% Activision Blizzard Inc...... 43,474 4,043,082 Coca-Cola Co. (The) ...... 149,994 7,906,184 Electronic Arts Inc...... 23,089 3,125,558 Constellation Brands Inc., Class A ...... 15,126 3,448,728 Walt Disney Co. (The)(a) ...... 169,811 31,333,526 Keurig Dr Pepper Inc...... 65,917 2,265,567 38,502,166 PepsiCo Inc...... 34,689 4,906,759 Equity Real Estate Investment Trusts (REITs) — 1.3% 18,527,238 Crown Castle International Corp...... 2,577 443,579 Biotechnology — 1.0% Digital Realty Trust Inc...... 26,159 3,684,234 AbbVie Inc...... 9,857 1,066,725 Prologis Inc...... 69,141 7,328,946 (a) Biogen Inc...... 9,975 2,790,506 Public Storage ...... 4,911 1,211,838 Gilead Sciences Inc...... 117,973 7,624,595 SBA Communications Corp...... 8,960 2,486,848 11,481,826 15,155,445 Capital Markets — 4.9% Food & Staples Retailing — 2.1% Bank of New York Mellon Corp. (The) ...... 74,763 3,535,542 Costco Wholesale Corp...... 4,847 1,708,471 (b) BlackRock Inc...... 13,828 10,425,759 Sysco Corp...... 13,108 1,032,124 Charles Schwab Corp. (The)...... 129,377 8,432,793 Walgreens Boots Alliance Inc...... 67,876 3,726,392 CME Group Inc...... 33,338 6,808,620 Walmart Inc...... 130,931 17,784,358 Goldman Sachs Group Inc. (The) ...... 31,117 10,175,259 24,251,345 Intercontinental Exchange Inc...... 33,656 3,758,702 Food Products — 1.2% Morgan Stanley ...... 131,274 10,194,739 General Mills Inc...... 57,131 3,503,273 S&P Global Inc...... 9,266 3,269,693 Kraft Heinz Co. (The)...... 60,684 2,427,360 56,601,107 Mondelez International Inc., Class A ...... 131,231 7,680,950 Chemicals — 2.7% 13,611,583 Air Products & Chemicals Inc...... 18,101 5,092,535 Health Care Equipment & Supplies — 5.2% Dow Inc...... 69,831 4,464,994 Abbott Laboratories ...... 100,042 11,989,033 DuPont de Nemours Inc...... 50,360 3,891,821 Baxter International Inc...... 27,689 2,335,290 Ecolab Inc...... 18,723 4,008,033 Becton Dickinson and Co...... 27,069 6,581,828 Linde PLC ...... 49,349 13,824,629 Boston Scientific Corp.(a) ...... 134,205 5,187,023 31,282,012 Danaher Corp...... 58,820 13,239,206 Commercial Services & Supplies — 0.4% Medtronic PLC ...... 126,031 14,888,042 Waste Management Inc...... 34,610 4,465,382 Stryker Corp...... 21,931 5,341,953 Communications Equipment — 1.8% 59,562,375 Cisco Systems Inc...... 398,984 20,631,463 Health Care Providers & Services — 3.0% Anthem Inc...... 17,376 6,237,115 Consumer Finance — 1.2% Centene Corp.(a) ...... 38,164 2,439,061 American Express Co...... 61,428 8,688,376

S CHEDULE OF I NVESTMENTS 33 Schedule of Investments (continued) iShares Russell Top 200 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Health Care Providers & Services (continued) Media (continued) Cigna Corp...... 23,581 $ 5,700,471 Comcast Corp., Class A ...... 425,766 $ 23,038,198 CVS Health Corp...... 122,816 9,239,448 23,829,218 HCA Healthcare Inc...... 12,021 2,264,035 Metals & Mining — 0.4% Humana Inc...... 7,517 3,151,502 Newmont Corp...... 75,550 4,553,399 UnitedHealth Group Inc...... 14,901 5,544,215 Southern Copper Corp...... 7,691 521,988 34,575,847 5,075,387 Hotels, Restaurants & Leisure — 2.3% Multi-Utilities — 0.8% Las Vegas Sands Corp...... 17,843 1,084,141 Dominion Energy Inc...... 76,490 5,810,181 Marriott International Inc./MD, Class A ...... 25,297 3,746,739 Sempra Energy ...... 27,285 3,617,445 McDonald's Corp...... 59,944 13,435,848 9,427,626 Starbucks Corp...... 46,534 5,084,770 Multiline Retail — 0.8% Yum! Brands Inc...... 26,144 2,828,258 Target Corp...... 46,947 9,298,792 26,179,756 Household Products — 2.4% Oil, Gas & Consumable Fuels — 5.3% Colgate-Palmolive Co...... 79,147 6,239,158 Chevron Corp...... 180,970 18,963,846 Kimberly-Clark Corp...... 31,974 4,445,985 ConocoPhillips ...... 127,600 6,758,972 Procter & Gamble Co. (The) ...... 126,622 17,148,417 EOG Resources Inc...... 54,575 3,958,325 27,833,560 Exxon Mobil Corp...... 397,658 22,201,246 Industrial Conglomerates — 2.8% Kinder Morgan Inc...... 182,360 3,036,294 3M Co...... 17,977 3,463,808 Phillips 66 ...... 40,842 3,330,257 General Electric Co...... 816,397 10,719,293 Valero Energy Corp...... 38,193 2,734,619 Honeywell International Inc...... 65,970 14,320,108 60,983,559 Roper Technologies Inc...... 8,434 3,401,769 Personal Products — 0.0% 31,904,978 Estee Lauder Companies Inc. (The), Class A ...... 2,279 662,847 Insurance — 2.6% Pharmaceuticals — 5.7% Aflac Inc...... 64,121 3,281,713 Bristol-Myers Squibb Co...... 135,502 8,554,241 Allstate Corp. (The) ...... 28,457 3,269,709 Johnson & Johnson ...... 214,563 35,263,429 American International Group Inc...... 80,744 3,731,180 Merck & Co. Inc...... 29,795 2,296,897 Chubb Ltd...... 42,216 6,668,861 Pfizer Inc...... 522,499 18,930,139 Marsh & McLennan Companies Inc...... 10,567 1,287,061 Zoetis Inc...... 4,250 669,290 MetLife Inc...... 70,951 4,313,111 65,713,996 Progressive Corp. (The) ...... 38,970 3,725,922 Road & Rail — 1.9% Travelers Companies Inc. (The)...... 23,732 3,569,293 CSX Corp...... 71,634 6,906,951 29,846,850 Norfolk Southern Corp...... 23,639 6,347,544 Interactive Media & Services — 2.2% Uber Technologies Inc.(a) ...... 29,924 1,631,157 (a) Alphabet Inc., Class A ...... 6,317 13,028,939 Union Pacific Corp...... 30,851 6,799,869 Alphabet Inc., Class C, NVS(a) ...... 6,119 12,657,947 21,685,521 25,686,886 Semiconductors & Semiconductor Equipment — 4.2% Internet & Direct Marketing Retail — 0.0% Advanced Micro Devices Inc.(a) ...... 7,846 615,911 eBay Inc...... 5,236 320,653 Analog Devices Inc...... 30,364 4,708,849 IT Services — 3.0% Broadcom Inc...... 1,914 887,445 Automatic Data Processing Inc...... 5,670 1,068,625 Intel Corp...... 385,476 24,670,464 (a) Cognizant Technology Solutions Corp., Class A...... 46,548 3,636,330 Micron Technology Inc...... 104,462 9,214,593 Fidelity National Information Services Inc...... 58,005 8,156,083 Texas Instruments Inc...... 43,288 8,180,999 Fiserv Inc.(a) ...... 37,997 4,523,163 48,278,261 Global Payments Inc...... 27,957 5,635,572 Software — 0.4% International Business Machines Corp...... 83,471 11,123,345 Autodesk Inc.(a) ...... 6,845 1,897,092 34,143,118 Oracle Corp...... 20,857 1,463,536 (a) Life Sciences Tools & Services — 0.6% salesforce.com Inc...... 6,027 1,276,940 Thermo Fisher Scientific Inc...... 15,325 6,994,023 4,637,568 Specialty Retail — 1.5% Machinery — 2.2% Home Depot Inc. (The) ...... 50,466 15,404,746 Caterpillar Inc...... 50,867 11,794,531 Ross Stores Inc...... 6,232 747,279 Deere & Co...... 26,484 9,908,724 TJX Companies Inc. (The)...... 21,279 1,407,606 Illinois Tool Works Inc...... 16,501 3,655,302 17,559,631 25,358,557 Technology Hardware, Storage & Peripherals — 0.2% Media — 2.1% Dell Technologies Inc., Class C(a) ...... 23,148 2,040,496 Charter Communications Inc., Class A(a) ...... 1,282 791,020

34 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell Top 200 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value

Thrifts & Mortgage Finance — 0.0% (a) Non-income producing security. Rocket Companies Inc., Class A(c) ...... 6,178 $ 142,650 (b) Affiliate of the Fund. (c) All or a portion of this security is on loan. Tobacco — 1.6% (d) Annualized 7-day yield as of period-end. Altria Group Inc...... 98,327 5,030,409 (e) All or a portion of this security was purchased with cash collateral received from loaned Philip Morris International Inc...... 146,198 12,973,611 securities. 18,004,020 Wireless Telecommunication Services — 0.6% T-Mobile U.S. Inc.(a) ...... 51,643 6,470,351

Total Common Stocks — 99.8% (Cost: $923,219,518) ...... 1,151,420,400

Short-Term Investments Money Market Funds — 0.1% BlackRock Cash Funds: Institutional, SL Agency Shares, 0.11%(b)(d)(e)...... 144,765 144,852 BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(d) ...... 1,620,000 1,620,000 1,764,852

Total Short-Term Investments — 0.1% (Cost: $1,764,852)...... 1,764,852

Total Investments in Securities — 99.9% (Cost: $924,984,370) ...... 1,153,185,252 Other Assets, Less Liabilities — 0.1% ...... 751,919

Net Assets — 100.0% ...... $ 1,153,937,171

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 03/31/20 at Cost from Sales Gain (Loss) (Depreciation) 03/31/21 03/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $1,476,418 $ — $(1,333,041)(a) $ 927 $ 548 $ 144,852 144,765 $ 23,472(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares...... 470,000 1,150,000 — — — 1,620,000 1,620,000 1,029 — BlackRock Inc...... 2,818,008 5,782,340 (1,410,029) 219,039 3,016,401 10,425,759 13,828 170,012 —

$ 219,966 $ 3,016,949 $12,190,611 $194,513 $ —

S CHEDULE OF I NVESTMENTS 35 Schedule of Investments (continued) iShares Russell Top 200 Value ETF March 31, 2021

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended March 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts ...... $569,345 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $ 70,027

Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long ...... $1,320,086 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund's investments according to the fair value hierarchy as of March 31, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks...... $1,151,420,400 $ — $ — $1,151,420,400 Money Market Funds ...... 1,764,852 — — 1,764,852 $1,153,185,252 $ — $ — $1,153,185,252 Derivative financial instruments(a) Assets Futures Contracts ...... $ 17,159 $ — $ — $ 17,159

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

36 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments iShares Russell 1000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value Common Stocks Banks (continued) Citizens Financial Group Inc...... 307,145 $ 13,560,452 Aerospace & Defense — 1.6% Comerica Inc...... 99,684 7,151,330 Axon Enterprise Inc.(a) ...... 45,103 $ 6,423,569 Commerce Bancshares Inc.(b)...... 77,154 5,910,768 Boeing Co. (The) ...... 385,600 98,220,032 Cullen/Frost Bankers Inc...... 40,127 4,364,212 BWX Technologies Inc...... 67,219 4,432,421 East West Bancorp. Inc...... 101,907 7,520,737 Curtiss-Wright Corp...... 29,190 3,461,934 Fifth Third Bancorp...... 512,701 19,200,652 General Dynamics Corp...... 182,765 33,182,814 First Citizens BancShares Inc./NC, Class A ...... 4,632 3,871,287 HEICO Corp...... 31,670 3,984,086 First Hawaiian Inc...... 93,457 2,557,918 HEICO Corp., Class A ...... 57,346 6,514,506 First Horizon Corp...... 394,061 6,663,571 Hexcel Corp...... 61,656 3,452,736 First Republic Bank/CA ...... 124,503 20,760,875 Howmet Aerospace Inc...... 281,264 9,037,012 FNB Corp...... 228,187 2,897,975 Huntington Ingalls Industries Inc...... 28,158 5,796,324 Huntington Bancshares Inc./OH ...... 725,377 11,402,926 L3Harris Technologies Inc...... 151,784 30,763,581 JPMorgan Chase & Co...... 2,187,380 332,984,857 Lockheed Martin Corp...... 178,446 65,935,797 KeyCorp ...... 699,022 13,966,460 Mercury Systems Inc.(a)...... 39,501 2,790,746 M&T Bank Corp...... 92,299 13,993,451 Northrop Grumman Corp...... 112,561 36,429,242 PacWest Bancorp...... 83,719 3,193,880 Raytheon Technologies Corp...... 1,028,757 79,492,053 People's United Financial Inc...... 304,863 5,457,048 Spirit AeroSystems Holdings Inc., Class A(b) ...... 72,285 3,516,665 Pinnacle Financial Partners Inc...... 52,526 4,656,955 Teledyne Technologies Inc.(a) ...... 25,818 10,679,616 PNC Financial Services Group Inc. (The) ...... 306,138 53,699,667 Textron Inc...... 166,585 9,342,087 Popular Inc...... 58,806 4,135,238 TransDigm Group Inc.(a) ...... 38,043 22,366,241 Prosperity Bancshares Inc...... 62,793 4,702,568 Virgin Galactic Holdings Inc.(a)(b) ...... 48,280 1,478,816 Regions Financial Corp...... 691,521 14,286,824 437,300,278 Signature Bank/New York NY ...... 41,091 9,290,675 Air Freight & Logistics — 0.6% Sterling Bancorp./DE ...... 139,382 3,208,574 CH Robinson Worldwide Inc...... 95,968 9,158,226 SVB Financial Group(a) ...... 37,039 18,284,673 Expeditors International of Washington Inc...... 120,157 12,939,707 Synovus Financial Corp...... 103,606 4,739,974 FedEx Corp...... 177,447 50,402,046 TCF Financial Corp...... 107,209 4,980,930 United Parcel Service Inc., Class B...... 517,236 87,924,948 Truist Financial Corp...... 972,300 56,704,536 (a) XPO Logistics Inc...... 65,586 8,086,754 U.S. Bancorp...... 981,117 54,265,581 168,511,681 Umpqua Holdings Corp...... 165,021 2,896,119 Airlines — 0.3% Webster Financial Corp...... 63,926 3,522,962 Alaska Air Group Inc...... 86,184 5,964,794 Wells Fargo & Co...... 2,740,537 107,072,781 American Airlines Group Inc...... 446,487 10,671,039 Western Alliance Bancorp...... 70,395 6,648,104 Copa Holdings SA, Class A, NVS ...... 21,901 1,769,382 Wintrust Financial Corp...... 40,174 3,045,189 Delta Air Lines Inc...... 460,992 22,256,694 Zions Bancorp. NA ...... 115,943 6,372,227 (a) JetBlue Airways Corp...... 227,055 4,618,299 1,173,874,009 Southwest Airlines Co...... 424,946 25,947,203 Beverages — 1.4% (a)(b) United Airlines Holdings Inc...... 225,211 12,958,641 Boston Beer Co. Inc. (The), Class A, NVS(a)(b) ...... 6,505 7,846,851 84,186,052 Brown-Forman Corp., Class A...... 32,751 2,085,256 Auto Components — 0.2% Brown-Forman Corp., Class B, NVS...... 131,148 9,045,278 Aptiv PLC ...... 193,686 26,709,299 Coca-Cola Co. (The)...... 2,791,650 147,147,871 BorgWarner Inc...... 174,946 8,110,497 Constellation Brands Inc., Class A...... 116,897 26,652,516 Gentex Corp...... 175,684 6,266,648 Keurig Dr Pepper Inc...... 506,045 17,392,767 Lear Corp...... 43,241 7,837,431 Molson Coors Beverage Co., Class B ...... 126,405 6,465,616 (a) 48,923,875 Monster Beverage Corp...... 265,195 24,156,613 Automobiles — 1.7% PepsiCo Inc...... 1,002,323 141,778,588 Ford Motor Co.(a) ...... 2,812,313 34,450,835 382,571,356 General Motors Co...... 902,057 51,832,195 Biotechnology — 2.1% Harley-Davidson Inc...... 107,692 4,318,449 AbbVie Inc...... 1,272,173 137,674,562 Tesla Inc.(a)(b) ...... 552,956 369,335,901 ACADIA Pharmaceuticals Inc.(a)...... 73,877 1,906,027 Thor Industries Inc...... 38,985 5,252,839 Acceleron Pharma Inc.(a)...... 36,093 4,894,572 (a) 465,190,219 Agios Pharmaceuticals Inc...... 43,793 2,261,471 (a) Banks — 4.3% Alexion Pharmaceuticals Inc...... 153,120 23,413,579 (a) Associated Banc-Corp...... 110,687 2,362,061 Alkermes PLC ...... 106,585 1,991,008 (a) Bank of America Corp...... 5,585,699 216,110,694 Alnylam Pharmaceuticals Inc...... 82,638 11,667,659 Bank of Hawaii Corp...... 27,434 2,455,069 Amgen Inc...... 420,671 104,667,152 (a) Bank OZK...... 88,033 3,596,148 Biogen Inc...... 109,699 30,688,295 (a) BOK Financial Corp...... 22,290 1,990,943 BioMarin Pharmaceutical Inc...... 128,920 9,734,749 (a)(b) Citigroup Inc...... 1,503,603 109,387,118 Bluebird Bio Inc...... 43,912 1,323,947

S CHEDULE OF I NVESTMENTS 37 Schedule of Investments (continued) iShares Russell 1000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Biotechnology (continued) Capital Markets (continued) Exact Sciences Corp.(a)(b) ...... 107,657 $ 14,187,039 Raymond James Financial Inc...... 88,466 $ 10,842,393 Exelixis Inc.(a) ...... 221,636 5,006,757 S&P Global Inc...... 173,600 61,258,232 Gilead Sciences Inc...... 909,327 58,769,804 SEI Investments Co...... 83,413 5,082,354 Global Blood Therapeutics Inc.(a) ...... 42,126 1,716,635 State Street Corp...... 254,550 21,384,746 Incyte Corp.(a) ...... 133,267 10,830,609 T Rowe Price Group Inc...... 163,612 28,075,819 Ionis Pharmaceuticals Inc.(a) ...... 96,489 4,338,145 Tradeweb Markets Inc., Class A(b) ...... 59,560 4,407,440 Iovance Biotherapeutics Inc.(a) ...... 95,076 3,010,106 Virtu Financial Inc., Class A ...... 45,740 1,420,227 (a) Moderna Inc...... 205,441 26,902,499 765,223,832 (a) Neurocrine Biosciences Inc...... 67,421 6,556,692 Chemicals — 1.9% (a) Regeneron Pharmaceuticals Inc...... 69,639 32,948,996 Air Products & Chemicals Inc...... 159,268 44,808,459 (a) Sage Therapeutics Inc...... 38,328 2,868,851 Albemarle Corp...... 83,943 12,264,912 (a)(b) Sana Biotechnology Inc...... 19,260 644,632 Ashland Global Holdings Inc...... 40,567 3,601,133 (a) Sarepta Therapeutics Inc...... 54,520 4,063,376 Axalta Coating Systems Ltd.(a) ...... 157,039 4,645,214 (a)(b) Seagen Inc...... 91,377 12,688,610 Cabot Corp...... 38,380 2,012,647 (a) United Therapeutics Corp...... 30,782 5,148,905 Celanese Corp...... 80,748 12,096,858 (a) Vertex Pharmaceuticals Inc...... 187,402 40,270,816 CF Industries Holdings Inc...... 154,312 7,002,679 560,175,493 Chemours Co. (The)...... 113,273 3,161,449 Building Products — 0.6% Corteva Inc...... 539,890 25,169,672 A O Smith Corp...... 97,507 6,592,448 Dow Inc...... 536,970 34,333,862 Allegion PLC ...... 67,198 8,441,413 DuPont de Nemours Inc...... 387,030 29,909,678 Armstrong World Industries Inc...... 33,137 2,985,312 Eastman Chemical Co...... 98,038 10,795,944 AZEK Co. Inc. (The)(a) ...... 65,685 2,762,054 Ecolab Inc...... 179,491 38,423,638 Carrier Global Corp...... 628,368 26,529,697 Element Solutions Inc...... 153,688 2,810,953 Fortune Brands Home & Security Inc...... 99,570 9,540,797 FMC Corp...... 92,775 10,261,843 Johnson Controls International PLC ...... 524,334 31,287,010 Huntsman Corp...... 141,867 4,090,026 Lennox International Inc...... 25,003 7,790,685 International Flavors & Fragrances Inc...... 179,759 25,096,154 Masco Corp...... 185,420 11,106,658 Linde PLC ...... 379,288 106,253,740 Owens Corning...... 77,262 7,115,058 LyondellBasell Industries NV, Class A ...... 185,434 19,294,408 Trane Technologies PLC...... 173,142 28,665,390 Mosaic Co. (The) ...... 248,336 7,849,901 Trex Co. Inc.(a)(b) ...... 83,662 7,658,419 NewMarket Corp...... 4,683 1,780,289 150,474,941 Olin Corp...... 102,812 3,903,772 Capital Markets — 2.8% PPG Industries Inc...... 169,777 25,510,692 Affiliated Managers Group Inc.(b) ...... 32,796 4,887,588 RPM International Inc...... 93,892 8,623,980 Ameriprise Financial Inc...... 85,069 19,774,289 Scotts Miracle-Gro Co. (The)...... 29,224 7,159,003 Apollo Global Management Inc...... 123,302 5,796,427 Sherwin-Williams Co. (The) ...... 59,660 44,029,677 Ares Management Corp., Class A ...... 70,927 3,974,040 Valvoline Inc...... 123,387 3,216,699 Bank of New York Mellon Corp. (The)...... 577,785 27,323,453 Westlake Chemical Corp...... 24,267 2,154,667 BlackRock Inc.(c) ...... 106,266 80,120,313 WR Grace & Co...... 39,474 2,362,914 Carlyle Group Inc. (The) ...... 85,017 3,125,225 502,624,863 Cboe Global Markets Inc...... 78,896 7,786,246 Commercial Services & Supplies — 0.4% Charles Schwab Corp. (The) ...... 994,381 64,813,754 ADT Inc...... 111,787 943,482 CME Group Inc...... 256,397 52,363,959 Cintas Corp...... 63,947 21,825,751 Evercore Inc., Class A ...... 29,303 3,860,377 Clean Harbors Inc.(a) ...... 35,883 3,016,325 FactSet Research Systems Inc...... 26,978 8,325,141 Copart Inc.(a) ...... 146,200 15,878,782 Franklin Resources Inc...... 194,030 5,743,288 Driven Brands Holdings Inc.(a)...... 26,538 674,596 Goldman Sachs Group Inc. (The) ...... 239,174 78,209,898 IAA Inc.(a) ...... 96,815 5,338,379 Interactive Brokers Group Inc., Class A ...... 52,892 3,863,232 MSA Safety Inc...... 26,282 3,942,826 Intercontinental Exchange Inc...... 399,786 44,648,100 Republic Services Inc...... 152,025 15,103,684 Invesco Ltd...... 270,062 6,810,964 Rollins Inc...... 163,809 5,638,306 KKR & Co. Inc...... 391,775 19,138,209 Stericycle Inc.(a) ...... 64,526 4,356,150 Lazard Ltd., Class A ...... 72,067 3,135,635 Waste Management Inc...... 304,364 39,269,043 LPL Financial Holdings Inc...... 56,269 7,999,201 115,987,324 MarketAxess Holdings Inc...... 26,738 13,313,385 Communications Equipment — 0.8% Moody's Corp...... 116,889 34,904,224 Arista Networks Inc.(a) ...... 42,878 12,944,439 Morgan Stanley ...... 1,008,475 78,318,169 Ciena Corp.(a) ...... 108,811 5,954,138 Morningstar Inc...... 15,706 3,534,478 Cisco Systems Inc...... 3,066,527 158,570,111 MSCI Inc...... 57,814 24,240,254 CommScope Holding Co. Inc.(a)(b) ...... 144,779 2,223,805 Nasdaq Inc...... 83,238 12,274,275 EchoStar Corp., Class A(a) ...... 34,636 831,264 Northern Trust Corp...... 137,651 14,468,497 F5 Networks Inc.(a) ...... 44,598 9,304,035

38 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 1000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Communications Equipment (continued) Diversified Consumer Services (continued) Juniper Networks Inc...... 237,044 $ 6,004,325 Terminix Global Holdings Inc.(a) ...... 96,994 $ 4,623,704 (a)(b) Lumentum Holdings Inc...... 53,946 4,927,967 37,566,374 Motorola Solutions Inc...... 122,976 23,125,637 Diversified Financial Services — 1.4% Ubiquiti Inc...... 5,818 1,735,509 Berkshire Hathaway Inc., Class B(a) ...... 1,358,499 347,055,740 (a)(b) ViaSat Inc...... 41,597 1,999,568 Equitable Holdings Inc...... 289,165 9,432,562 227,620,798 Jefferies Financial Group Inc...... 161,044 4,847,424 Construction & Engineering — 0.1% Voya Financial Inc...... 86,625 5,512,815 (a)(b) AECOM ...... 101,949 6,535,950 366,848,541 Quanta Services Inc...... 98,813 8,693,568 Diversified Telecommunication Services — 1.3% Valmont Industries Inc...... 15,275 3,630,409 AT&T Inc...... 5,149,575 155,877,635 18,859,927 Lumen Technologies Inc...... 795,124 10,614,905 Construction Materials — 0.1% Verizon Communications Inc...... 2,992,270 174,000,501 Eagle Materials Inc...... 29,759 3,999,907 340,493,041 Martin Marietta Materials Inc...... 44,885 15,073,281 Electric Utilities — 1.6% Vulcan Materials Co...... 95,304 16,082,550 Alliant Energy Corp...... 181,470 9,828,415 35,155,738 American Electric Power Co. Inc...... 358,346 30,351,906 Consumer Finance — 0.6% Avangrid Inc...... 41,197 2,052,023 Ally Financial Inc...... 268,607 12,143,723 Duke Energy Corp...... 529,842 51,145,648 American Express Co...... 471,518 66,691,506 Edison International ...... 256,610 15,037,346 Capital One Financial Corp...... 326,952 41,598,103 Entergy Corp...... 144,060 14,329,648 Credit Acceptance Corp.(a)(b) ...... 6,767 2,437,677 Evergy Inc...... 163,700 9,745,061 Discover Financial Services...... 221,565 21,046,459 Eversource Energy ...... 249,345 21,590,784 LendingTree Inc.(a)(b) ...... 7,429 1,582,377 Exelon Corp...... 705,066 30,839,587 OneMain Holdings Inc...... 52,768 2,834,697 FirstEnergy Corp...... 391,897 13,594,907 Santander Consumer USA Holdings Inc...... 52,789 1,428,470 Hawaiian Electric Industries Inc...... 79,770 3,544,181 SLM Corp...... 270,588 4,862,466 IDACORP Inc...... 35,694 3,568,329 Synchrony Financial ...... 419,902 17,073,215 NextEra Energy Inc...... 1,413,580 106,880,784 Upstart Holdings Inc.(a)(b) ...... 10,022 1,291,435 NRG Energy Inc...... 175,887 6,636,216 172,990,128 OGE Energy Corp...... 140,811 4,556,644 (a) Containers & Packaging — 0.4% PG&E Corp...... 937,093 10,973,359 Amcor PLC ...... 1,137,783 13,289,305 Pinnacle West Capital Corp...... 81,775 6,652,396 AptarGroup Inc...... 46,547 6,594,313 PPL Corp...... 555,617 16,023,994 Ardagh Group SA ...... 13,331 338,741 Southern Co. (The) ...... 764,612 47,528,282 Avery Dennison Corp...... 59,943 11,008,532 Xcel Energy Inc...... 380,670 25,318,362 Ball Corp...... 231,232 19,594,600 430,197,872 Berry Global Group Inc.(a)...... 93,860 5,763,004 Electrical Equipment — 0.6% Crown Holdings Inc...... 94,312 9,152,036 Acuity Brands Inc...... 25,840 4,263,600 Graphic Packaging Holding Co...... 192,194 3,490,243 AMETEK Inc...... 166,401 21,254,400 International Paper Co...... 282,284 15,263,096 Array Technologies Inc.(a)(b) ...... 88,736 2,646,108 Packaging Corp. of America...... 66,664 8,964,975 Eaton Corp. PLC ...... 289,480 40,029,294 Sealed Air Corp...... 115,083 5,273,103 Emerson Electric Co...... 428,720 38,679,118 Silgan Holdings Inc...... 56,758 2,385,539 Generac Holdings Inc.(a) ...... 44,027 14,416,641 Sonoco Products Co...... 73,667 4,663,121 GrafTech International Ltd...... 122,666 1,500,205 Westrock Co...... 188,477 9,810,228 Hubbell Inc...... 38,627 7,219,000 115,590,836 nVent Electric PLC ...... 109,602 3,058,992 Distributors — 0.1% Regal Beloit Corp...... 29,186 4,164,259 Genuine Parts Co...... 100,942 11,667,886 Rockwell Automation Inc...... 83,494 22,162,647 (a) LKQ Corp.(a) ...... 218,135 9,233,655 Sensata Technologies Holding PLC ...... 111,039 6,434,710 (a) Pool Corp...... 27,981 9,660,160 Shoals Technologies Group Inc., Class A ...... 64,225 2,233,746 Vertiv Holdings Co.(b) ...... 171,583 3,431,660 30,561,701 Diversified Consumer Services — 0.1% 171,494,380 Bright Horizons Family Solutions Inc.(a)(b) ...... 43,517 7,460,990 Electronic Equipment, Instruments & Components — 0.7% Chegg Inc.(a)(b) ...... 93,904 8,043,817 Amphenol Corp., Class A ...... 420,938 27,769,280 (a) frontdoor Inc.(a) ...... 60,083 3,229,461 Arrow Electronics Inc...... 52,753 5,846,087 Graham Holdings Co., Class B ...... 2,957 1,663,135 Avnet Inc...... 69,244 2,874,318 Grand Canyon Education Inc.(a) ...... 33,706 3,609,913 CDW Corp./DE ...... 102,028 16,911,141 H&R Block Inc...... 127,345 2,776,121 Cognex Corp...... 120,066 9,964,277 (a) Service Corp. International...... 120,651 6,159,233 Coherent Inc...... 17,399 4,400,033 Corning Inc...... 542,184 23,590,426

S CHEDULE OF I NVESTMENTS 39 Schedule of Investments (continued) iShares Russell 1000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Electronic Equipment, Instruments & Components (continued) Equity Real Estate Investment Trusts (REITs) (continued) Dolby Laboratories Inc., Class A...... 44,344 $ 4,377,640 CyrusOne Inc...... 87,100 $ 5,898,412 FLIR Systems Inc...... 94,265 5,323,144 Digital Realty Trust Inc...... 201,393 28,364,190 IPG Photonics Corp.(a)(b)...... 25,123 5,299,446 Douglas Emmett Inc...... 120,456 3,782,318 Jabil Inc...... 106,231 5,541,009 Duke Realty Corp...... 267,691 11,224,284 Keysight Technologies Inc.(a) ...... 134,872 19,340,645 Empire State Realty Trust Inc., Class A(b) ...... 88,794 988,277 Littelfuse Inc...... 16,590 4,387,060 EPR Properties...... 53,155 2,476,491 National Instruments Corp...... 90,826 3,922,321 Equinix Inc...... 64,280 43,684,045 SYNNEX Corp...... 30,009 3,446,233 Equity Commonwealth...... 87,544 2,433,723 Trimble Inc.(a) ...... 180,268 14,023,048 Equity LifeStyle Properties Inc...... 126,135 8,027,231 Vontier Corp.(a) ...... 110,077 3,332,031 Equity Residential ...... 264,139 18,920,277 Zebra Technologies Corp., Class A(a) ...... 37,840 18,359,211 Essex Property Trust Inc...... 47,074 12,796,596 178,707,350 Extra Space Storage Inc...... 92,756 12,294,808 Energy Equipment & Services — 0.2% Federal Realty Investment Trust...... 53,317 5,409,010 Baker Hughes Co...... 472,720 10,215,479 First Industrial Realty Trust Inc...... 91,247 4,178,200 Halliburton Co...... 643,906 13,818,223 Gaming and Leisure Properties Inc...... 152,001 6,449,402 (b) Helmerich & Payne Inc...... 71,038 1,915,185 Healthcare Trust of America Inc., Class A ...... 157,618 4,347,104 NOV Inc...... 271,974 3,731,483 Healthpeak Properties Inc...... 390,005 12,378,759 Schlumberger Ltd...... 1,000,542 27,204,737 Highwoods Properties Inc...... 76,879 3,301,184 Host Hotels & Resorts Inc...... 505,443 8,516,715 56,885,107 Hudson Pacific Properties Inc...... 111,436 3,023,259 Entertainment — 2.1% Invitation Homes Inc...... 406,862 13,015,515 Activision Blizzard Inc...... 552,872 51,417,096 Iron Mountain Inc...... 207,574 7,682,314 Electronic Arts Inc...... 205,099 27,764,252 JBG SMITH Properties ...... 85,647 2,722,718 Liberty Media Corp.-Liberty Formula One, Class A(a) . . 15,519 593,136 Kilroy Realty Corp...... 82,971 5,445,387 Liberty Media Corp.-Liberty Formula One, Kimco Realty Corp...... 302,123 5,664,806 Class C, NVS(a)...... 140,853 6,097,526 Lamar Advertising Co., Class A...... 61,731 5,797,776 Lions Gate Entertainment Corp., Class A(a)(b) ...... 42,834 640,368 Life Storage Inc...... 50,642 4,352,680 Lions Gate Entertainment Corp., Class B, NVS(a) ..... 83,349 1,075,202 Medical Properties Trust Inc...... 418,609 8,907,999 Live Nation Entertainment Inc.(a)(b) ...... 102,574 8,682,889 Mid-America Apartment Communities Inc...... 83,145 12,002,812 Madison Square Garden Entertainment Corp.(a)...... 13,424 1,098,083 National Retail Properties Inc...... 124,401 5,482,352 Madison Square Garden Sports Corp.(a) ...... 13,912 2,496,648 Omega Healthcare Investors Inc...... 165,676 6,068,712 Netflix Inc.(a) ...... 307,115 160,209,611 Outfront Media Inc...... 103,584 2,261,239 Playtika Holding Corp.(a) ...... 55,069 1,498,428 Paramount Group Inc...... 137,081 1,388,631 Roku Inc.(a) ...... 78,521 25,579,786 Park Hotels & Resorts Inc...... 163,672 3,532,042 Spotify Technology SA(a)(b) ...... 96,927 25,971,590 Prologis Inc...... 531,396 56,327,976 Take-Two Interactive Software Inc.(a) ...... 82,369 14,554,602 Public Storage ...... 108,405 26,750,018 Walt Disney Co. (The)(a) ...... 1,305,145 240,825,355 Rayonier Inc...... 91,794 2,960,356 World Wrestling Entertainment Inc., Class A ...... 34,635 1,879,295 Realty Income Corp...... 270,390 17,169,765 Zynga Inc., Class A(a) ...... 639,722 6,531,562 Regency Centers Corp...... 123,493 7,003,288 576,915,429 Rexford Industrial Realty Inc...... 94,957 4,785,833 Equity Real Estate Investment Trusts (REITs) — 2.9% SBA Communications Corp...... 79,421 22,043,299 Alexandria Real Estate Equities Inc...... 98,190 16,132,617 Simon Property Group Inc...... 236,486 26,905,012 American Campus Communities Inc...... 99,126 4,279,269 SL Green Realty Corp...... 48,981 3,428,180 (b) American Homes 4 Rent, Class A ...... 196,683 6,557,411 Spirit Realty Capital Inc...... 82,462 3,504,635 American Tower Corp...... 318,263 76,083,953 STORE Capital Corp...... 168,559 5,646,726 Americold Realty Trust...... 171,634 6,602,760 Sun Communities Inc...... 76,247 11,440,100 Apartment Income REIT Corp...... 106,255 4,543,464 UDR Inc...... 210,228 9,220,600 Apartment Investment & Management Co., Class A . . . 106,889 656,298 Ventas Inc...... 270,295 14,417,535 Apple Hospitality REIT Inc...... 143,567 2,091,771 VEREIT Inc...... 158,603 6,125,248 AvalonBay Communities Inc...... 101,770 18,777,583 VICI Properties Inc...... 387,225 10,935,234 Boston Properties Inc...... 112,306 11,372,106 Vornado Realty Trust ...... 126,544 5,743,832 Brandywine Realty Trust ...... 117,693 1,519,417 Weingarten Realty Investors ...... 83,383 2,243,837 Brixmor Property Group Inc...... 209,922 4,246,722 Welltower Inc...... 301,497 21,596,230 Brookfield Property REIT Inc., Class A...... 27,276 489,604 Weyerhaeuser Co...... 536,453 19,097,727 Camden Property Trust ...... 67,281 7,394,855 WP Carey Inc...... 124,612 8,817,545 CoreSite Realty Corp...... 28,989 3,474,332 795,980,847 Corporate Office Properties Trust...... 81,696 2,151,056 Food & Staples Retailing — 1.3% Cousins Properties Inc...... 104,463 3,692,767 Albertsons Companies Inc., Class A(b) ...... 112,078 2,137,327 Crown Castle International Corp...... 299,925 51,626,090 Casey's General Stores Inc...... 26,554 5,740,709 CubeSmart...... 140,273 5,306,528 Costco Wholesale Corp...... 318,653 112,318,809

40 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 1000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Food & Staples Retailing (continued) Health Care Equipment & Supplies (continued) Grocery Outlet Holding Corp.(a) ...... 49,178 $ 1,814,176 Masimo Corp.(a) ...... 34,639 $ 7,955,193 Kroger Co. (The) ...... 547,938 19,720,289 Medtronic PLC ...... 968,650 114,426,624 Sprouts Farmers Market Inc.(a) ...... 87,688 2,334,255 Novocure Ltd.(a) ...... 71,560 9,458,801 Sysco Corp...... 350,684 27,612,858 Penumbra Inc.(a) ...... 23,764 6,430,063 U.S. Foods Holding Corp.(a)...... 156,679 5,972,604 Quidel Corp.(a) ...... 26,795 3,427,884 Walgreens Boots Alliance Inc...... 522,363 28,677,729 ResMed Inc...... 102,777 19,940,794 Walmart Inc...... 1,006,320 136,688,446 STERIS PLC ...... 60,016 11,431,848 343,017,202 Stryker Corp...... 250,818 61,094,248 (a)(b) Food Products — 1.0% Tandem Diabetes Care Inc...... 42,022 3,708,441 Archer-Daniels-Midland Co...... 400,622 22,835,454 Teleflex Inc...... 33,256 13,816,538 (a) Beyond Meat Inc.(a)(b)...... 37,142 4,832,917 Varian Medical Systems Inc...... 65,295 11,526,526 Bunge Ltd...... 97,946 7,764,180 West Pharmaceutical Services Inc...... 53,204 14,991,823 Campbell Soup Co...... 140,727 7,074,346 Zimmer Biomet Holdings Inc...... 150,257 24,053,141 Conagra Brands Inc...... 350,369 13,173,874 941,688,256 Flowers Foods Inc...... 141,967 3,378,815 Health Care Providers & Services — 2.6% General Mills Inc...... 439,573 26,954,616 Acadia Healthcare Co. Inc.(a)...... 61,782 3,530,224 Hain Celestial Group Inc. (The)(a)...... 56,108 2,446,309 Amedisys Inc.(a) ...... 22,798 6,036,682 Hershey Co. (The)...... 107,212 16,956,650 AmerisourceBergen Corp...... 105,349 12,438,556 Hormel Foods Corp...... 202,433 9,672,249 Anthem Inc...... 179,824 64,547,825 Ingredion Inc...... 47,861 4,303,661 Cardinal Health Inc...... 210,665 12,797,899 JM Smucker Co. (The)...... 79,846 10,102,914 Centene Corp.(a) ...... 416,032 26,588,605 Kellogg Co...... 182,030 11,522,499 Chemed Corp...... 11,495 5,285,631 Kraft Heinz Co. (The) ...... 468,275 18,731,000 Cigna Corp...... 248,993 60,191,568 Lamb Weston Holdings Inc...... 104,608 8,105,028 CVS Health Corp...... 942,953 70,938,354 McCormick & Co. Inc./MD, NVS...... 180,610 16,103,188 DaVita Inc.(a) ...... 53,177 5,730,885 Mondelez International Inc., Class A...... 1,011,474 59,201,573 Encompass Health Corp...... 69,444 5,687,464 Pilgrim's Pride Corp.(a) ...... 34,091 811,025 Guardant Health Inc.(a)(b) ...... 59,299 9,051,992 Post Holdings Inc.(a) ...... 43,463 4,594,908 HCA Healthcare Inc...... 192,901 36,330,974 Seaboard Corp...... 199 734,308 Henry Schein Inc.(a) ...... 101,791 7,048,009 TreeHouse Foods Inc.(a) ...... 41,593 2,172,818 Humana Inc...... 93,256 39,097,578 Tyson Foods Inc., Class A ...... 206,432 15,337,898 Laboratory Corp. of America Holdings(a) ...... 69,779 17,795,738 266,810,230 McKesson Corp...... 115,155 22,459,831 (a) Gas Utilities — 0.1% Molina Healthcare Inc...... 41,492 9,699,170 (a)(b) Atmos Energy Corp...... 92,896 9,182,769 Oak Street Health Inc...... 65,135 3,534,877 National Fuel Gas Co...... 64,739 3,236,303 Premier Inc., Class A ...... 87,677 2,967,866 UGI Corp...... 149,193 6,118,405 Quest Diagnostics Inc...... 96,373 12,368,511 Signify Health Inc., Class A(a) ...... 16,190 473,719 18,537,477 UnitedHealth Group Inc...... 681,725 253,649,421 Health Care Equipment & Supplies — 3.5% Universal Health Services Inc., Class B...... 53,232 7,100,617 Abbott Laboratories...... 1,248,215 149,586,086 ABIOMED Inc.(a) ...... 31,910 10,170,674 695,351,996 Align Technology Inc.(a) ...... 56,164 30,414,491 Health Care Technology — 0.2% (a)(b) Baxter International Inc...... 366,523 30,912,550 American Well Corp., Class A ...... 40,767 708,123 Becton Dickinson and Co...... 208,648 50,732,761 Cerner Corp...... 220,553 15,853,350 (a)(b) Boston Scientific Corp.(a)...... 1,030,899 39,844,246 Certara Inc...... 30,404 830,029 (a) Cooper Companies Inc. (The) ...... 35,174 13,509,982 Change Healthcare Inc...... 179,081 3,957,690 (a)(b) Danaher Corp...... 452,072 101,752,366 Teladoc Health Inc...... 76,634 13,928,229 (a) DENTSPLY SIRONA Inc...... 158,075 10,086,766 Veeva Systems Inc., Class A ...... 97,511 25,473,774 DexCom Inc.(a)(b) ...... 66,649 23,952,984 60,751,195 Edwards Lifesciences Corp.(a)...... 444,372 37,167,274 Hotels, Restaurants & Leisure — 2.0% Envista Holdings Corp.(a)(b) ...... 115,269 4,702,975 Aramark ...... 165,006 6,233,927 Globus Medical Inc., Class A(a) ...... 53,091 3,274,122 Booking Holdings Inc.(a)...... 29,468 68,655,725 Haemonetics Corp.(a) ...... 35,948 3,990,587 Carnival Corp...... 438,468 11,636,941 Hill-Rom Holdings Inc...... 47,537 5,251,888 Chipotle Mexican Grill Inc.(a) ...... 20,182 28,674,989 Hologic Inc.(a) ...... 185,825 13,821,663 Choice Hotels International Inc...... 25,697 2,757,031 ICU Medical Inc.(a)...... 13,924 2,860,547 Darden Restaurants Inc...... 94,015 13,350,130 IDEXX Laboratories Inc.(a) ...... 60,484 29,595,426 Domino's Pizza Inc...... 28,124 10,343,726 Insulet Corp.(a)(b) ...... 47,516 12,397,875 Expedia Group Inc...... 99,812 17,179,641 Integra LifeSciences Holdings Corp.(a) ...... 50,221 3,469,769 Extended Stay America Inc...... 124,816 2,465,116 Intuitive Surgical Inc.(a) ...... 83,811 61,931,300 Hilton Worldwide Holdings Inc...... 197,061 23,828,616

S CHEDULE OF I NVESTMENTS 41 Schedule of Investments (continued) iShares Russell 1000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Hotels, Restaurants & Leisure (continued) Insurance (continued) Hyatt Hotels Corp., Class A ...... 24,812 $ 2,051,952 American National Group Inc...... 5,339 $ 575,918 Las Vegas Sands Corp...... 240,104 14,588,719 Aon PLC, Class A ...... 164,044 37,748,165 Marriott International Inc./MD, Class A ...... 194,346 28,784,586 Arch Capital Group Ltd.(a) ...... 280,483 10,762,133 McDonald's Corp...... 537,603 120,498,336 Arthur J Gallagher & Co...... 137,635 17,172,719 MGM Resorts International...... 338,923 12,875,685 Assurant Inc...... 41,369 5,864,883 Norwegian Cruise Line Holdings Ltd.(a)(b) ...... 261,543 7,215,971 Assured Guaranty Ltd...... 49,420 2,089,478 Planet Fitness Inc., Class A(a)(b) ...... 59,447 4,595,253 Athene Holding Ltd., Class A(a)(b) ...... 82,956 4,180,982 Royal Caribbean Cruises Ltd...... 140,511 12,029,147 Axis Capital Holdings Ltd...... 58,457 2,897,713 Six Flags Entertainment Corp...... 53,845 2,502,177 Brighthouse Financial Inc.(a)...... 66,387 2,937,625 Starbucks Corp...... 843,904 92,213,390 Brown & Brown Inc...... 173,207 7,917,292 Travel + Leisure Co...... 60,786 3,717,672 Chubb Ltd...... 324,423 51,249,101 Vail Resorts Inc...... 28,550 8,326,893 Cincinnati Financial Corp...... 108,204 11,154,750 Wendy's Co. (The)...... 127,338 2,579,868 CNA Financial Corp...... 18,482 824,852 Wyndham Hotels & Resorts Inc...... 66,265 4,623,972 Erie Indemnity Co., Class A, NVS ...... 17,729 3,916,513 Wynn Resorts Ltd...... 76,792 9,627,413 Everest Re Group Ltd...... 28,456 7,051,681 Yum China Holdings Inc...... 290,308 17,189,137 Fidelity National Financial Inc...... 198,418 8,067,676 Yum! Brands Inc...... 218,122 23,596,438 First American Financial Corp...... 76,262 4,320,242 552,142,451 Globe Life Inc...... 75,562 7,301,556 (a) Household Durables — 0.4% GoHealth Inc., Class A ...... 30,009 350,805 DR Horton Inc...... 239,000 21,299,680 Hanover Insurance Group Inc. (The)...... 25,795 3,339,421 Garmin Ltd...... 108,887 14,356,751 Hartford Financial Services Group Inc. (The)...... 256,982 17,163,828 Leggett & Platt Inc...... 93,912 4,287,083 Kemper Corp...... 43,402 3,460,007 (a)(b) Lennar Corp., Class A ...... 195,062 19,746,126 Lemonade Inc...... 24,050 2,239,777 Lennar Corp., Class B ...... 11,317 931,842 Lincoln National Corp...... 139,279 8,672,903 Mohawk Industries Inc.(a) ...... 41,888 8,055,481 Loews Corp...... 162,274 8,321,411 (a)(b) Newell Brands Inc...... 273,521 7,324,892 Markel Corp...... 9,839 11,212,721 NVR Inc.(a) ...... 2,421 11,405,162 Marsh & McLennan Companies Inc...... 365,021 44,459,558 PulteGroup Inc...... 193,323 10,137,858 Mercury General Corp...... 19,458 1,183,241 Tempur Sealy International Inc...... 136,309 4,983,457 MetLife Inc...... 546,805 33,240,276 Toll Brothers Inc...... 79,079 4,486,152 Old Republic International Corp...... 199,111 4,348,584 Whirlpool Corp...... 43,897 9,672,704 Primerica Inc...... 28,665 4,237,260 Principal Financial Group Inc...... 196,996 11,811,880 116,687,188 Progressive Corp. (The) ...... 423,481 40,489,018 Household Products — 1.3% Prudential Financial Inc...... 286,186 26,071,545 Church & Dwight Co. Inc...... 177,431 15,498,598 Reinsurance Group of America Inc...... 48,357 6,095,400 Clorox Co. (The)...... 91,404 17,630,004 RenaissanceRe Holdings Ltd...... 36,854 5,905,854 Colgate-Palmolive Co...... 607,849 47,916,737 Travelers Companies Inc. (The) ...... 182,927 27,512,221 Energizer Holdings Inc...... 48,994 2,325,255 Unum Group ...... 146,578 4,079,266 Kimberly-Clark Corp...... 244,416 33,986,045 White Mountains Insurance Group Ltd.(b) ...... 2,137 2,382,541 Procter & Gamble Co. (The) ...... 1,759,843 238,335,537 Willis Towers Watson PLC ...... 93,126 21,314,679 Reynolds Consumer Products Inc...... 32,495 967,701 WR Berkley Corp...... 100,706 7,588,197 Spectrum Brands Holdings Inc...... 30,565 2,598,025 573,081,952 359,257,902 Interactive Media & Services — 5.6% Independent Power and Renewable Electricity Producers — 0.1% Alphabet Inc., Class A(a) ...... 216,775 447,102,773 AES Corp. (The)...... 476,497 12,774,885 Alphabet Inc., Class C, NVS(a) ...... 209,988 434,387,476 Vistra Corp...... 352,765 6,236,885 Facebook Inc., Class A(a) ...... 1,734,076 510,737,404 19,011,770 IAC/InterActiveCorp.(a)...... 54,056 11,692,853 Industrial Conglomerates — 1.1% Match Group Inc.(a)(b) ...... 161,439 22,178,490 3M Co...... 405,522 78,135,979 Pinterest Inc., Class A(a) ...... 290,543 21,508,898 Carlisle Companies Inc...... 38,642 6,359,700 TripAdvisor Inc.(a)...... 72,469 3,898,108 General Electric Co...... 6,275,246 82,393,980 Twitter Inc.(a) ...... 562,169 35,770,814 Honeywell International Inc...... 507,037 110,062,522 Zillow Group Inc., Class A(a)...... 41,472 5,448,591 Roper Technologies Inc...... 75,123 30,300,111 Zillow Group Inc., Class C, NVS(a)(b)...... 103,123 13,368,866 307,252,292 1,506,094,273 Insurance — 2.1% Internet & Direct Marketing Retail — 3.8% Aflac Inc...... 495,741 25,372,024 Amazon.com Inc.(a) ...... 306,208 947,432,049 (a) Alleghany Corp...... 10,097 6,323,650 eBay Inc...... 468,900 28,715,436 Allstate Corp. (The)...... 218,935 25,155,632 Etsy Inc.(a) ...... 85,073 17,156,672 American Financial Group Inc./OH ...... 51,673 5,895,889 Grubhub Inc.(a)(b) ...... 65,097 3,905,820 American International Group Inc...... 623,698 28,821,085

42 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 1000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Internet & Direct Marketing Retail (continued) Life Sciences Tools & Services (continued) Qurate Retail Inc., Series A ...... 274,544 $ 3,228,637 Charles River Laboratories International Inc.(a) ...... 35,467 $ 10,279,401 Wayfair Inc., Class A(a)(b)...... 50,523 15,902,114 Illumina Inc.(a) ...... 106,317 40,832,107 (a) 1,016,340,728 IQVIA Holdings Inc...... 137,490 26,554,819 (a)(b) IT Services — 5.4% Maravai LifeSciences Holdings Inc., Class A ...... 48,543 1,730,072 (a) Accenture PLC, Class A ...... 460,296 127,156,770 Mettler-Toledo International Inc...... 16,581 19,162,496 Akamai Technologies Inc.(a)(b) ...... 114,868 11,705,049 PerkinElmer Inc...... 81,103 10,404,704 (a) Alliance Data Systems Corp...... 33,812 3,789,987 PPD Inc...... 115,801 4,381,910 (a) Amdocs Ltd...... 93,241 6,540,856 PRA Health Sciences Inc...... 45,023 6,903,377 (a)(b) Automatic Data Processing Inc...... 310,141 58,452,274 QIAGEN NV ...... 160,560 7,817,666 (a) BigCommerce Holdings Inc., Series 1(a)(b) ...... 31,416 1,815,845 Repligen Corp...... 39,206 7,622,038 (a) Black Knight Inc.(a) ...... 110,416 8,169,680 Sotera Health Co...... 56,987 1,422,396 (a) Broadridge Financial Solutions Inc...... 82,595 12,645,295 Syneos Health Inc...... 58,987 4,474,164 Cognizant Technology Solutions Corp., Class A ...... 385,548 30,119,010 Thermo Fisher Scientific Inc...... 285,211 130,164,596 (a) Concentrix Corp.(a) ...... 30,009 4,492,947 Waters Corp...... 44,103 12,532,749 DXC Technology Co...... 182,914 5,717,892 356,982,061 EPAM Systems Inc.(a)...... 38,429 15,244,400 Machinery — 1.9% Euronet Worldwide Inc.(a)(b) ...... 35,136 4,859,309 AGCO Corp...... 44,373 6,374,181 Fastly Inc., Class A(a)(b) ...... 56,986 3,834,018 Allison Transmission Holdings Inc...... 84,916 3,467,120 Fidelity National Information Services Inc...... 445,214 62,601,541 Caterpillar Inc...... 390,840 90,624,071 Fiserv Inc.(a)...... 414,424 49,333,033 Colfax Corp.(a)(b)...... 80,061 3,507,472 FleetCor Technologies Inc.(a) ...... 60,073 16,137,410 Crane Co...... 34,909 3,278,304 Gartner Inc.(a) ...... 62,379 11,387,286 Cummins Inc...... 106,737 27,656,624 Genpact Ltd...... 133,861 5,731,928 Deere & Co...... 203,399 76,099,702 Global Payments Inc...... 215,517 43,443,917 Donaldson Co. Inc...... 90,323 5,253,186 Globant SA(a)(b) ...... 27,826 5,776,956 Dover Corp...... 103,885 14,245,750 GoDaddy Inc., Class A(a)...... 118,931 9,231,424 Flowserve Corp...... 90,993 3,531,438 International Business Machines Corp...... 641,344 85,465,501 Fortive Corp...... 213,790 15,102,126 Jack Henry & Associates Inc...... 54,311 8,240,065 Gates Industrial Corp. PLC(a)...... 48,202 770,750 Mastercard Inc., Class A ...... 637,075 226,830,554 Graco Inc...... 119,866 8,584,803 MongoDB Inc.(a) ...... 38,083 10,184,537 IDEX Corp...... 54,887 11,488,947 Okta Inc.(a) ...... 84,017 18,519,867 Illinois Tool Works Inc...... 227,135 50,314,945 Paychex Inc...... 232,175 22,757,793 Ingersoll Rand Inc.(a) ...... 248,124 12,210,182 PayPal Holdings Inc.(a)(b) ...... 848,067 205,944,590 ITT Inc...... 61,905 5,627,784 Sabre Corp...... 228,975 3,391,120 Lincoln Electric Holdings Inc...... 40,391 4,965,670 Square Inc., Class A(a) ...... 266,667 60,546,742 Middleby Corp. (The)(a) ...... 39,211 6,499,223 StoneCo Ltd., Class A(a)(b) ...... 142,598 8,729,850 Nordson Corp...... 41,131 8,171,907 Switch Inc., Class A ...... 65,286 1,061,550 Oshkosh Corp...... 49,534 5,877,704 Twilio Inc., Class A(a) ...... 103,939 35,418,254 Otis Worldwide Corp...... 292,823 20,043,734 VeriSign Inc.(a) ...... 72,800 14,469,728 PACCAR Inc...... 244,773 22,744,307 Visa Inc., Class A...... 1,219,292 258,160,695 Parker-Hannifin Corp...... 92,129 29,060,251 Western Union Co. (The) ...... 296,465 7,310,827 Pentair PLC ...... 119,068 7,420,318 WEX Inc.(a)(b)...... 32,272 6,751,948 Snap-on Inc...... 38,805 8,953,866 1,471,970,448 Stanley Black & Decker Inc...... 111,184 22,200,109 Leisure Products — 0.2% Timken Co. (The)...... 45,122 3,662,553 Brunswick Corp./DE ...... 57,020 5,437,997 Toro Co. (The)...... 78,364 8,082,463 Hasbro Inc...... 92,380 8,879,566 Trinity Industries Inc...... 65,191 1,857,292 Mattel Inc.(a)...... 247,880 4,937,770 Westinghouse Air Brake Technologies Corp...... 132,384 10,479,517 Peloton Interactive Inc., Class A(a)(b) ...... 183,180 20,596,759 Woodward Inc...... 39,195 4,728,093 Polaris Inc...... 41,661 5,561,743 Xylem Inc./NY...... 129,829 13,655,414 45,413,835 516,539,806 Life Sciences Tools & Services — 1.3% Marine — 0.0% (a)(b) 10X Genomics Inc., Class A(a)(b)...... 41,403 7,493,943 Kirby Corp...... 41,669 2,511,807 Adaptive Biotechnologies Corp.(a) ...... 51,522 2,074,276 Media — 1.4% Agilent Technologies Inc...... 219,408 27,895,533 Altice USA Inc., Class A(a)(b)...... 163,069 5,304,635 Avantor Inc.(a)(b) ...... 356,900 10,325,117 (a) Cable One Inc...... 3,808 6,962,395 Berkeley Lights Inc...... 17,962 902,231 (a)(b) (a) Charter Communications Inc., Class A ...... 101,219 62,454,147 Bio-Rad Laboratories Inc., Class A ...... 15,237 8,702,917 Comcast Corp., Class A ...... 3,272,356 177,067,183 Bio-Techne Corp...... 27,178 10,380,094 Discovery Inc., Class A(a)(b) ...... 112,537 4,890,858 Bruker Corp...... 76,625 4,925,455 Discovery Inc., Class C, NVS(a)(b) ...... 223,644 8,250,227

S CHEDULE OF I NVESTMENTS 43 Schedule of Investments (continued) iShares Russell 1000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Media (continued) Oil, Gas & Consumable Fuels (continued) DISH Network Corp., Class A(a)(b) ...... 177,669 $ 6,431,618 Cheniere Energy Inc.(a) ...... 165,925 $ 11,948,259 Fox Corp., Class A, NVS...... 240,065 8,668,747 Chevron Corp...... 1,390,899 145,752,306 Fox Corp., Class B ...... 113,920 3,979,226 Cimarex Energy Co...... 72,405 4,300,133 Interpublic Group of Companies Inc. (The)...... 277,320 8,097,744 ConocoPhillips ...... 980,697 51,947,520 John Wiley & Sons Inc., Class A...... 29,552 1,601,718 Continental Resources Inc./OK...... 53,944 1,395,531 Liberty Broadband Corp., Class A(a)(b) ...... 18,492 2,684,114 Devon Energy Corp...... 422,952 9,241,501 Liberty Broadband Corp., Class C, NVS(a) ...... 114,942 17,258,541 Diamondback Energy Inc...... 121,674 8,941,822 Liberty Media Corp.-Liberty SiriusXM, Class A(a) ...... 58,306 2,570,128 EOG Resources Inc...... 420,201 30,477,179 Liberty Media Corp.-Liberty SiriusXM, EQT Corp...... 198,221 3,682,946 Class C, NVS(a)...... 122,347 5,396,726 Equitrans Midstream Corp...... 294,257 2,401,137 New York Times Co. (The), Class A ...... 117,696 5,957,772 Exxon Mobil Corp...... 3,056,326 170,634,681 News Corp., Class A, NVS ...... 276,757 7,037,931 Hess Corp...... 196,401 13,897,335 News Corp., Class B...... 83,231 1,952,599 HollyFrontier Corp...... 107,325 3,840,089 Nexstar Media Group Inc., Class A ...... 31,007 4,354,313 Kinder Morgan Inc...... 1,407,408 23,433,343 Omnicom Group Inc...... 153,280 11,365,712 Marathon Oil Corp...... 568,183 6,068,194 Sirius XM Holdings Inc.(b) ...... 769,375 4,685,494 Marathon Petroleum Corp...... 468,015 25,034,122 ViacomCBS Inc., Class A ...... 6,793 320,426 Murphy Oil Corp...... 104,846 1,720,523 ViacomCBS Inc., Class B, NVS ...... 404,952 18,263,335 Occidental Petroleum Corp...... 604,946 16,103,663 375,555,589 ONEOK Inc...... 319,426 16,182,121 Metals & Mining — 0.4% Phillips 66...... 314,786 25,667,651 Freeport-McMoRan Inc.(a)...... 1,045,506 34,428,512 Pioneer Natural Resources Co...... 145,417 23,095,128 Newmont Corp...... 581,388 35,040,255 Targa Resources Corp...... 163,809 5,200,936 Nucor Corp...... 217,240 17,437,855 Valero Energy Corp...... 293,766 21,033,646 Reliance Steel & Aluminum Co...... 45,831 6,979,603 Williams Companies Inc. (The) ...... 879,290 20,830,380 Royal Gold Inc...... 47,452 5,106,784 654,530,671 Southern Copper Corp...... 58,075 3,941,550 Personal Products — 0.2% Steel Dynamics Inc...... 145,910 7,406,392 Coty Inc., Class A ...... 208,379 1,877,495 110,340,951 Estee Lauder Companies Inc. (The), Class A ...... 163,909 47,672,933 (a) Mortgage Real Estate Investment — 0.1% Herbalife Nutrition Ltd...... 65,134 2,889,344 AGNC Investment Corp...... 384,918 6,451,226 Nu Skin Enterprises Inc., Class A...... 39,062 2,065,989 Annaly Capital Management Inc...... 1,022,833 8,796,364 54,505,761 New Residential Investment Corp...... 290,697 3,270,341 Pharmaceuticals — 3.5% Starwood Property Trust Inc...... 201,743 4,991,122 Bristol-Myers Squibb Co...... 1,634,929 103,213,068 (a) 23,509,053 Catalent Inc...... 117,814 12,406,992 (a) Multi-Utilities — 0.7% Elanco Animal Health Inc...... 328,104 9,662,663 Ameren Corp...... 177,526 14,443,515 Eli Lilly & Co...... 608,280 113,638,870 (a)(b) CenterPoint Energy Inc...... 359,175 8,135,314 Horizon Therapeutics PLC ...... 140,533 12,934,657 (a) CMS Energy Corp...... 204,820 12,539,080 Jazz Pharmaceuticals PLC ...... 39,045 6,417,827 Consolidated Edison Inc...... 248,086 18,556,833 Johnson & Johnson ...... 1,904,273 312,967,268 Dominion Energy Inc...... 588,458 44,699,270 Merck & Co. Inc...... 1,824,365 140,640,298 (a)(b) DTE Energy Co...... 139,031 18,510,587 Nektar Therapeutics ...... 122,356 2,447,120 MDU Resources Group Inc...... 147,704 4,668,923 Perrigo Co. PLC...... 98,717 3,995,077 NiSource Inc...... 279,411 6,736,599 Pfizer Inc...... 4,015,841 145,493,919 (a)(b) Public Service Enterprise Group Inc...... 364,326 21,936,069 Reata Pharmaceuticals Inc., Class A ...... 17,107 1,705,568 Sempra Energy ...... 210,358 27,889,264 Royalty Pharma PLC, Class A...... 231,739 10,108,455 (a) WEC Energy Group Inc...... 226,825 21,228,552 Viatris Inc...... 876,949 12,250,977 Zoetis Inc...... 344,180 54,201,466 199,344,006 Multiline Retail — 0.5% 942,084,225 Dollar General Corp...... 177,463 35,957,553 Professional Services — 0.6% Dollar Tree Inc.(a) ...... 169,800 19,435,308 Booz Allen Hamilton Holding Corp...... 96,023 7,732,732 (a)(b) Kohl's Corp...... 113,467 6,763,768 CACI International Inc., Class A ...... 17,563 4,332,090 Nordstrom Inc...... 78,896 2,987,792 CoreLogic Inc...... 50,459 3,998,876 (a) Ollie's Bargain Outlet Holdings Inc.(a)(b) ...... 39,471 3,433,977 CoStar Group Inc...... 28,279 23,242,227 (a)(b) Target Corp...... 360,619 71,427,805 Dun & Bradstreet Holdings Inc...... 100,457 2,391,881 Equifax Inc...... 87,212 15,796,709 140,006,203 FTI Consulting Inc.(a)(b) ...... 26,187 3,669,061 Oil, Gas & Consumable Fuels — 2.4% IHS Markit Ltd...... 287,150 27,790,377 Antero Midstream Corp...... 192,175 1,735,340 Jacobs Engineering Group Inc...... 93,530 12,090,623 APA Corp...... 262,119 4,691,930 Leidos Holdings Inc...... 95,621 9,206,390 Cabot Oil & Gas Corp...... 280,791 5,273,255

44 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 1000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Professional Services (continued) Software — 9.1% ManpowerGroup Inc...... 41,920 $ 4,145,888 2U Inc.(a)(b)...... 49,803 $ 1,903,969 Nielsen Holdings PLC ...... 256,420 6,448,963 Adobe Inc.(a)(b) ...... 347,386 165,136,883 Robert Half International Inc...... 79,450 6,202,661 Alteryx Inc., Class A(a) ...... 38,874 3,224,987 Science Applications International Corp...... 41,968 3,508,105 Anaplan Inc.(a)...... 97,830 5,268,145 TransUnion ...... 136,947 12,325,230 ANSYS Inc.(a) ...... 62,024 21,060,869 Verisk Analytics Inc...... 115,017 20,322,354 Aspen Technology Inc.(a)...... 48,913 7,059,613 (a)(b) 163,204,167 Atlassian Corp. PLC, Class A ...... 93,880 19,786,149 (a) Real Estate Management & Development — 0.1% Autodesk Inc...... 158,012 43,793,026 (a) CBRE Group Inc., Class A(a) ...... 240,449 19,021,920 Avalara Inc...... 60,630 8,089,861 (a)(b) Howard Hughes Corp. (The)(a) ...... 27,949 2,658,788 Bill.Com Holdings Inc...... 54,466 7,924,803 (a)(b) Jones Lang LaSalle Inc.(a)(b) ...... 36,340 6,506,314 C3.ai Inc., Class A ...... 11,241 740,894 Cadence Design Systems Inc.(a) ...... 198,063 27,132,650 28,187,022 CDK Global Inc...... 90,399 4,886,970 Road & Rail — 1.2% Ceridian HCM Holding Inc.(a) ...... 83,832 7,064,523 AMERCO ...... 6,422 3,934,117 Citrix Systems Inc...... 89,891 12,617,101 CSX Corp...... 552,378 53,260,287 Cloudflare Inc., Class A(a) ...... 84,024 5,903,526 JB Hunt Transport Services Inc...... 60,628 10,189,748 Coupa Software Inc.(a) ...... 49,850 12,685,828 Kansas City Southern...... 65,536 17,296,261 Crowdstrike Holdings Inc., Class A(a)(b) ...... 111,975 20,436,557 Knight-Swift Transportation Holdings Inc...... 90,691 4,361,330 Datadog Inc., Class A(a)(b)...... 111,016 9,252,073 Landstar System Inc...... 27,398 4,522,314 Datto Holding Corp.(a) ...... 17,193 393,892 Lyft Inc., Class A(a)(b) ...... 182,207 11,511,838 DocuSign Inc.(a) ...... 131,067 26,534,514 Norfolk Southern Corp...... 182,209 48,926,761 Dropbox Inc., Class A(a)(b)...... 177,442 4,730,604 Old Dominion Freight Line Inc...... 70,069 16,845,288 Duck Creek Technologies Inc.(a)(b) ...... 52,383 2,364,569 Ryder System Inc...... 36,406 2,754,114 Dynatrace Inc.(a)...... 131,896 6,362,663 Schneider National Inc., Class B ...... 42,914 1,071,562 Elastic NV(a)...... 46,728 5,196,154 Uber Technologies Inc.(a) ...... 995,078 54,241,702 Everbridge Inc.(a) ...... 24,677 2,990,359 Union Pacific Corp...... 483,921 106,661,028 Fair Isaac Corp.(a) ...... 20,348 9,890,145 335,576,350 FireEye Inc.(a)(b) ...... 161,003 3,150,829 Semiconductors & Semiconductor Equipment — 5.1% Five9 Inc.(a) ...... 44,574 6,968,253 (a) Advanced Micro Devices Inc...... 864,601 67,871,179 Fortinet Inc.(a) ...... 96,549 17,805,567 (a) Allegro MicroSystems Inc...... 33,432 847,501 Guidewire Software Inc.(a) ...... 58,713 5,967,002 Analog Devices Inc...... 266,303 41,298,269 HubSpot Inc.(a) ...... 29,823 13,545,905 Applied Materials Inc...... 661,522 88,379,339 Intuit Inc...... 181,972 69,706,194 Broadcom Inc...... 285,218 132,244,178 Jamf Holding Corp.(a)(b) ...... 30,056 1,061,578 (a) Cirrus Logic Inc...... 42,499 3,603,490 JFrog Ltd.(a)(b) ...... 9,624 427,017 (a) Cree Inc...... 78,186 8,454,252 Manhattan Associates Inc.(a) ...... 45,607 5,353,350 (a) Enphase Energy Inc...... 76,126 12,344,592 McAfee Corp., Class A...... 26,771 608,772 Entegris Inc...... 97,281 10,876,016 Medallia Inc.(a) ...... 57,258 1,596,926 (a)(b) First Solar Inc...... 67,813 5,920,075 Microsoft Corp...... 5,407,828 1,275,003,608 (a) Inphi Corp...... 34,589 6,171,024 nCino Inc.(a)(b) ...... 33,285 2,220,775 Intel Corp...... 2,962,704 189,613,056 New Relic Inc.(a)...... 39,163 2,407,741 KLA Corp...... 112,262 37,091,365 NortonLifeLock Inc...... 390,799 8,308,387 Lam Research Corp...... 103,328 61,504,959 Nuance Communications Inc.(a)(b) ...... 205,926 8,986,611 Marvell Technology Group Ltd...... 481,954 23,606,107 Nutanix Inc., Class A(a) ...... 130,182 3,457,634 Maxim Integrated Products Inc...... 192,067 17,549,162 Oracle Corp...... 1,330,405 93,354,519 Microchip Technology Inc...... 180,127 27,959,313 Pagerduty Inc.(a)(b)...... 48,350 1,945,120 (a) Micron Technology Inc...... 802,042 70,748,125 Palo Alto Networks Inc.(a) ...... 68,665 22,114,250 MKS Instruments Inc...... 38,768 7,188,363 Paycom Software Inc.(a) ...... 35,116 12,995,027 Monolithic Power Systems Inc...... 32,176 11,364,885 Paylocity Holding Corp.(a)(b) ...... 27,580 4,959,711 NVIDIA Corp...... 426,315 227,622,368 Pegasystems Inc...... 29,732 3,399,557 (a) ON Semiconductor Corp...... 295,063 12,277,571 Pluralsight Inc., Class A(a)...... 88,391 1,974,655 (a) Qorvo Inc...... 81,927 14,968,063 Proofpoint Inc.(a)...... 41,467 5,216,134 QUALCOMM Inc...... 812,729 107,759,738 PTC Inc.(a) ...... 74,904 10,310,536 Skyworks Solutions Inc...... 118,821 21,801,277 RealPage Inc.(a)(b) ...... 63,475 5,535,020 (a)(b) SolarEdge Technologies Inc...... 35,271 10,138,296 RingCentral Inc., Class A(a) ...... 56,178 16,734,303 (b) Teradyne Inc...... 119,856 14,584,078 salesforce.com Inc.(a) ...... 633,159 134,147,397 Texas Instruments Inc...... 662,868 125,275,423 ServiceNow Inc.(a) ...... 140,380 70,205,442 Universal Display Corp...... 30,946 7,327,084 Slack Technologies Inc., Class A(a) ...... 358,147 14,551,513 Xilinx Inc...... 177,111 21,944,053 Smartsheet Inc., Class A(a)...... 79,197 5,062,272 1,388,333,201 SolarWinds Corp.(a)...... 26,630 464,427

S CHEDULE OF I NVESTMENTS 45 Schedule of Investments (continued) iShares Russell 1000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Software (continued) Textiles, Apparel & Luxury Goods (continued) Splunk Inc.(a) ...... 117,051 $ 15,858,069 Ralph Lauren Corp...... 33,383 $ 4,111,450 SS&C Technologies Holdings Inc...... 163,429 11,418,784 Skechers U.S.A. Inc., Class A(a) ...... 99,597 4,154,191 Synopsys Inc.(a) ...... 108,330 26,842,007 Tapestry Inc...... 198,953 8,198,853 Teradata Corp.(a) ...... 78,099 3,009,935 Under Armour Inc., Class A(a) ...... 135,756 3,008,353 Trade Desk Inc. (The), Class A(a)(b) ...... 29,651 19,322,371 Under Armour Inc., Class C, NVS(a) ...... 139,138 2,568,487 Tyler Technologies Inc.(a) ...... 28,293 12,011,227 VF Corp...... 232,461 18,578,283 (a)(b) Unity Software Inc...... 18,867 1,892,549 205,217,130 (a)(b) VMware Inc., Class A ...... 57,620 8,668,929 Thrifts & Mortgage Finance — 0.0% (a)(b) Workday Inc., Class A ...... 129,527 32,178,393 MGIC Investment Corp...... 241,126 3,339,595 (a) Zendesk Inc...... 83,400 11,060,508 New York Community Bancorp. Inc...... 333,504 4,208,821 (a) Zoom Video Communications Inc., Class A ...... 126,701 40,707,764 Rocket Companies Inc., Class A ...... 69,326 1,600,737 (a) Zscaler Inc...... 52,302 8,978,684 TFS Financial Corp...... 30,293 617,068 2,463,926,579 9,766,221 Specialty Retail — 2.3% Tobacco — 0.6% Advance Auto Parts Inc...... 47,770 8,765,317 Altria Group Inc...... 1,341,331 68,622,494 (a) AutoNation Inc...... 41,656 3,883,172 Philip Morris International Inc...... 1,123,651 99,712,790 AutoZone Inc.(a) ...... 16,452 23,103,544 168,335,284 Best Buy Co. Inc...... 165,059 18,950,424 Trading Companies & Distributors — 0.3% Burlington Stores Inc.(a) ...... 46,753 13,969,796 Air Lease Corp...... 74,221 3,636,829 CarMax Inc.(a) ...... 117,244 15,553,589 Fastenal Co...... 411,918 20,711,237 Carvana Co.(a) ...... 39,552 10,378,445 MSC Industrial Direct Co. Inc., Class A ...... 33,743 3,043,281 Dick's Sporting Goods Inc...... 44,885 3,417,993 United Rentals Inc.(a) ...... 51,879 17,084,273 Five Below Inc.(a) ...... 39,422 7,521,323 Univar Solutions Inc.(a)...... 122,886 2,646,964 Floor & Decor Holdings Inc., Class A(a)(b) ...... 68,114 6,503,525 Watsco Inc...... 23,490 6,125,018 Foot Locker Inc...... 75,074 4,222,913 WW Grainger Inc...... 31,589 12,664,978 Gap Inc. (The)(a)...... 131,912 3,928,339 Home Depot Inc. (The) ...... 775,756 236,799,519 65,912,580 L Brands Inc...... 165,238 10,221,623 Transportation Infrastructure — 0.0% Leslie's Inc.(a) ...... 54,320 1,330,297 Macquarie Infrastructure Corp...... 49,429 1,572,336 Lowe's Companies Inc...... 529,719 100,741,959 Water Utilities — 0.1% O'Reilly Automotive Inc.(a)...... 50,718 25,726,705 American Water Works Co. Inc...... 131,237 19,675,051 Penske Automotive Group Inc...... 23,008 1,846,162 Essential Utilities Inc...... 161,652 7,233,927 Petco Health & Wellness Co. Inc.(a)(b)...... 38,033 842,811 Ross Stores Inc...... 253,261 30,368,527 26,908,978 TJX Companies Inc. (The) ...... 867,614 57,392,666 Wireless Telecommunication Services — 0.2% Tractor Supply Co...... 83,983 14,871,710 Telephone and Data Systems Inc...... 72,520 1,665,060 (a) Ulta Beauty Inc.(a)(b) ...... 38,816 12,000,743 T-Mobile U.S. Inc...... 398,211 49,891,856 (a)(b) Vroom Inc.(a)(b) ...... 74,430 2,902,026 U.S. Cellular Corp...... 10,490 382,675 Williams-Sonoma Inc...... 55,392 9,926,246 51,939,591 625,169,374 Total Common Stocks — 99.9% Technology Hardware, Storage & Peripherals — 5.5% (Cost: $19,513,434,730) ...... 27,109,078,526 Apple Inc...... 11,440,116 1,397,410,169 (a) Dell Technologies Inc., Class C ...... 189,584 16,711,830 Short-Term Investments Hewlett Packard Enterprise Co...... 929,649 14,632,675 HP Inc...... 933,600 29,641,800 Money Market Funds — 1.0% NCR Corp.(a) ...... 92,800 3,521,760 BlackRock Cash Funds: Institutional, SL Agency NetApp Inc...... 160,031 11,629,453 Shares, 0.11%(c)(d)(e) ...... 259,359,972 259,515,588 Pure Storage Inc., Class A(a) ...... 180,163 3,880,711 BlackRock Cash Funds: Treasury, SL Agency Shares, Western Digital Corp...... 217,392 14,510,916 0.00%(c)(d) ...... 21,460,000 21,460,000 Xerox Holdings Corp...... 117,803 2,859,079 280,975,588 1,494,798,393 Total Short-Term Investments — 1.0% Textiles, Apparel & Luxury Goods — 0.8% (Cost: $280,751,577) ...... 280,975,588 Capri Holdings Ltd.(a) ...... 101,788 5,191,188 Carter's Inc...... 30,271 2,692,000 Total Investments in Securities — 100.9% Columbia Sportswear Co...... 19,993 2,111,861 (Cost: $19,794,186,307) ...... 27,390,054,114 Hanesbrands Inc...... 250,030 4,918,090 Other Assets, Less Liabilities — (0.9)%...... (242,202,671) Lululemon Athletica Inc.(a)(b)...... 82,325 25,249,901 Nike Inc., Class B ...... 896,922 119,191,964 Net Assets — 100.0%...... $ 27,147,851,443 PVH Corp...... 49,598 5,242,509

46 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 1000 ETF March 31, 2021

(a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Affiliate of the Fund. (d) Annualized 7-day yield as of period-end. (e) All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 03/31/20 at Cost from Sales Gain (Loss) (Depreciation) 03/31/21 03/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $596,961,406 $ — $(337,983,758)(a) $ 245,665 $ 292,275 $259,515,588 259,359,972 $2,368,597(b) $ — BlackRock Cash Funds: Treasury, SL (a) Agency Shares...... 33,076,000 — (11,616,000) — — 21,460,000 21,460,000 53,757 — BlackRock Inc...... 39,714,772 22,040,907 (14,279,826) 5,270,662 27,373,798 80,120,313 106,266 1,641,177 —

$ 5,516,327 $ 27,666,073 $361,095,901 $4,063,531 $ —

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: Equity Contracts Assets — Derivative Financial Instruments Futures contracts Unrealized appreciation on futures contracts(a) ...... $349,565 Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) ...... $ 5,837

S CHEDULE OF I NVESTMENTS 47 Schedule of Investments (continued) iShares Russell 1000 ETF March 31, 2021

For the year ended March 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts ...... $25,265,186 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $ 1,392,540

Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long ...... $49,879,528 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund's investments according to the fair value hierarchy as of March 31, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks...... $27,109,078,526 $ — $ — $27,109,078,526 Money Market Funds ...... 280,975,588 — — 280,975,588 $27,390,054,114 $ — $ — $27,390,054,114 Derivative financial instruments(a) Assets Futures Contracts ...... $ 349,565 $ — $ — $ 349,565 Liabilities Futures Contracts ...... (5,837) — — (5,837) $ 343,728 $ — $ — $ 343,728

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

48 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments iShares Russell 1000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value Common Stocks Building Products — 0.2% Allegion PLC ...... 203,282 $ 25,536,285 Aerospace & Defense — 0.9% Armstrong World Industries Inc...... 59,956 5,401,436 Axon Enterprise Inc.(a) ...... 211,893 $ 30,177,801 AZEK Co. Inc. (The)(a) ...... 40,559 1,705,506 BWX Technologies Inc...... 205,341 13,540,186 Carrier Global Corp...... 1,061,647 44,822,736 HEICO Corp...... 120,588 15,169,970 Trex Co. Inc.(a)(b) ...... 393,514 36,022,272 HEICO Corp., Class A ...... 212,786 24,172,490 Huntington Ingalls Industries Inc...... 12,973 2,670,492 113,488,235 Lockheed Martin Corp...... 843,335 311,612,282 Capital Markets — 1.2% Mercury Systems Inc.(a)...... 151,309 10,689,981 Apollo Global Management Inc...... 288,162 13,546,496 Northrop Grumman Corp...... 489,143 158,306,241 Ares Management Corp., Class A ...... 333,906 18,708,753 TransDigm Group Inc.(a) ...... 40,371 23,734,918 Carlyle Group Inc. (The) ...... 37,749 1,387,653 Virgin Galactic Holdings Inc.(a)(b) ...... 189,360 5,800,097 Cboe Global Markets Inc...... 79,043 7,800,754 FactSet Research Systems Inc...... 126,710 39,101,439 595,874,458 Intercontinental Exchange Inc...... 659,468 73,649,386 Air Freight & Logistics — 0.5% LPL Financial Holdings Inc...... 21,405 3,042,935 CH Robinson Worldwide Inc...... 70,767 6,753,295 MarketAxess Holdings Inc...... 125,704 62,590,536 Expeditors International of Washington Inc...... 346,807 37,347,646 Moody's Corp...... 553,281 165,215,239 United Parcel Service Inc., Class B...... 1,609,246 273,555,727 Morningstar Inc...... 61,777 13,902,296 XPO Logistics Inc.(a) ...... 15,661 1,931,001 MSCI Inc...... 273,594 114,712,492 319,587,669 S&P Global Inc...... 484,149 170,841,658 Auto Components — 0.0% T Rowe Price Group Inc...... 195,330 33,518,628 BorgWarner Inc...... 103,719 4,808,413 Tradeweb Markets Inc., Class A ...... 246,758 18,260,092 Virtu Financial Inc., Class A ...... 184,747 5,736,394 Automobiles — 2.8% Tesla Inc.(a)(b) ...... 2,606,614 1,741,035,689 742,014,751 Chemicals — 0.6% Beverages — 1.7% Air Products & Chemicals Inc...... 96,127 27,044,370 Boston Beer Co. Inc. (The), Class A, NVS(a)(b) ...... 30,202 36,432,068 Ecolab Inc...... 169,160 36,212,081 Brown-Forman Corp., Class A...... 133,668 8,510,642 FMC Corp...... 86,283 9,543,763 Brown-Forman Corp., Class B, NVS...... 524,803 36,195,663 NewMarket Corp...... 19,755 7,510,061 Coca-Cola Co. (The)...... 7,722,051 407,029,308 RPM International Inc...... 363,817 33,416,591 Monster Beverage Corp.(a) ...... 1,256,612 114,464,787 Scotts Miracle-Gro Co. (The)...... 129,150 31,637,875 PepsiCo Inc...... 3,468,111 490,564,301 Sherwin-Williams Co. (The) ...... 280,685 207,148,337 1,093,196,769 WR Grace & Co...... 69,016 4,131,298 Biotechnology — 3.2% 356,644,376 AbbVie Inc...... 5,637,202 610,058,000 Commercial Services & Supplies — 0.4% ACADIA Pharmaceuticals Inc.(a)(b)...... 374,791 9,669,608 Cintas Corp...... 266,447 90,941,025 Acceleron Pharma Inc.(a)(b)...... 165,583 22,454,711 Copart Inc.(a) ...... 696,308 75,626,012 Agios Pharmaceuticals Inc.(a)(b) ...... 20,018 1,033,730 Driven Brands Holdings Inc.(a)...... 5 127 Alexion Pharmaceuticals Inc.(a)...... 111,716 17,082,494 IAA Inc.(a) ...... 108,727 5,995,207 Alnylam Pharmaceuticals Inc.(a)(b) ...... 393,130 55,506,025 MSA Safety Inc...... 27,471 4,121,199 Amgen Inc...... 1,983,068 493,407,149 Rollins Inc...... 653,769 22,502,729 Biogen Inc.(a)...... 156,435 43,762,691 Waste Management Inc...... 185,536 23,937,855 (a)(b) BioMarin Pharmaceutical Inc...... 558,967 42,207,598 223,124,154 Bluebird Bio Inc.(a)(b)...... 94,012 2,834,462 (a) Communications Equipment — 0.1% Exact Sciences Corp...... 439,675 57,940,371 (a)(b) (a) Arista Networks Inc...... 164,192 49,567,923 Exelixis Inc...... 378,761 8,556,211 (a)(b) (a)(b) CommScope Holding Co. Inc...... 41,323 634,721 Global Blood Therapeutics Inc...... 199,475 8,128,606 Lumentum Holdings Inc.(a)(b) ...... 26,638 2,433,381 Incyte Corp.(a) ...... 626,631 50,926,301 (a)(b) Motorola Solutions Inc...... 59,132 11,119,773 Ionis Pharmaceuticals Inc...... 218,786 9,836,619 Ubiquiti Inc...... 23,530 7,018,999 Iovance Biotherapeutics Inc.(a)(b) ...... 461,151 14,600,041 Moderna Inc.(a) ...... 970,255 127,054,892 70,774,797 Neurocrine Biosciences Inc.(a)(b)...... 316,527 30,782,251 Construction & Engineering — 0.0% Regeneron Pharmaceuticals Inc.(a)(b) ...... 329,514 155,906,254 Quanta Services Inc...... 94,041 8,273,727 (a)(b) Sage Therapeutics Inc...... 12,875 963,694 Consumer Finance — 0.0% (a)(b) Sana Biotechnology Inc...... 65,275 2,184,754 Credit Acceptance Corp.(a)(b) ...... 2,100 756,483 (a)(b) Sarepta Therapeutics Inc...... 249,474 18,593,297 LendingTree Inc.(a)(b) ...... 34,085 7,260,105 (a)(b) Seagen Inc...... 431,656 59,939,752 SLM Corp...... 294,020 5,283,540 (a) Vertex Pharmaceuticals Inc...... 884,506 190,071,494 Upstart Holdings Inc.(a)(b) ...... 10,419 1,342,592 2,033,501,005 14,642,720

S CHEDULE OF I NVESTMENTS 49 Schedule of Investments (continued) iShares Russell 1000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Containers & Packaging — 0.2% Equity Real Estate Investment Trusts (REITs) (continued) Amcor PLC ...... 769,116 $ 8,983,275 Public Storage ...... 335,130 $ 82,696,679 Avery Dennison Corp...... 116,806 21,451,422 SBA Communications Corp...... 50,735 14,081,499 Ball Corp...... 1,015,000 86,011,100 Simon Property Group Inc...... 876,571 99,727,483 (a) Berry Global Group Inc...... 156,766 9,625,432 1,080,692,273 Crown Holdings Inc...... 45,147 4,381,065 Food & Staples Retailing — 0.9% Graphic Packaging Holding Co...... 206,423 3,748,642 Albertsons Companies Inc., Class A(b) ...... 197,296 3,762,435 134,200,936 Costco Wholesale Corp...... 1,326,406 467,531,587 Distributors — 0.1% Grocery Outlet Holding Corp.(a) ...... 142,025 5,239,302 Pool Corp...... 132,111 45,610,002 Sprouts Farmers Market Inc.(a)(b) ...... 338,181 9,002,378 Sysco Corp...... 1,173,272 92,383,437 Diversified Consumer Services — 0.1% 577,919,139 Bright Horizons Family Solutions Inc.(a)(b) ...... 140,060 24,013,287 Food Products — 0.3% Chegg Inc.(a) ...... 443,163 37,961,343 Beyond Meat Inc.(a)(b) frontdoor Inc.(a) ...... 49,837 2,678,739 ...... 139,752 18,184,530 H&R Block Inc...... 431,038 9,396,628 Campbell Soup Co...... 321,585 16,166,078 Hershey Co. (The)...... 387,076 61,219,940 74,049,997 Kellogg Co...... 289,878 18,349,277 Electric Utilities — 0.0% Lamb Weston Holdings Inc...... 117,137 9,075,775 NRG Energy Inc...... 287,375 10,842,659 McCormick & Co. Inc./MD, NVS...... 469,203 41,834,140 (a) Electrical Equipment — 0.2% Pilgrim's Pride Corp...... 55,536 1,321,201 Array Technologies Inc.(a)(b) ...... 35,184 1,049,187 166,150,941 Generac Holdings Inc.(a) ...... 189,213 61,957,797 Health Care Equipment & Supplies — 2.9% Rockwell Automation Inc...... 191,813 50,914,843 Abbott Laboratories...... 2,262,245 271,107,441 Shoals Technologies Group Inc., Class A(a) ...... 23,880 830,546 ABIOMED Inc.(a) ...... 150,611 48,004,244 Vertiv Holdings Co...... 807,523 16,150,460 Align Technology Inc.(a) ...... 265,649 143,856,903 130,902,833 Baxter International Inc...... 727,605 61,366,206 Electronic Equipment, Instruments & Components — 0.5% Cooper Companies Inc. (The) ...... 20,826 7,999,058 (a)(b) Amphenol Corp., Class A ...... 1,170,010 77,185,560 DexCom Inc...... 313,113 112,529,681 (a) CDW Corp./DE ...... 482,692 80,006,199 Edwards Lifesciences Corp...... 2,100,830 175,713,421 (a) Cognex Corp.(b) ...... 564,145 46,818,393 Haemonetics Corp...... 158,111 17,551,902 Coherent Inc.(a)...... 67,893 17,169,461 Hill-Rom Holdings Inc...... 26,525 2,930,482 (a) Dolby Laboratories Inc., Class A...... 25,346 2,502,157 Hologic Inc...... 609,767 45,354,470 (a) IPG Photonics Corp.(a)(b)...... 7,623 1,607,996 ICU Medical Inc...... 17,195 3,532,541 (a)(b) Jabil Inc...... 94,985 4,954,417 IDEXX Laboratories Inc...... 286,296 140,087,496 (a)(b) Keysight Technologies Inc.(a) ...... 214,077 30,698,642 Insulet Corp...... 222,796 58,131,932 (a) Zebra Technologies Corp., Class A(a) ...... 163,198 79,180,406 Intuitive Surgical Inc...... 394,438 291,466,016 Masimo Corp.(a)(b) ...... 166,812 38,310,044 340,123,231 Novocure Ltd.(a)(b) ...... 339,193 44,834,531 Entertainment — 2.0% Penumbra Inc.(a)(b) ...... 112,173 30,351,770 Activision Blizzard Inc...... 1,027,400 95,548,200 Quidel Corp.(a) ...... 126,546 16,189,030 Electronic Arts Inc...... 135,154 18,295,797 ResMed Inc...... 488,049 94,691,267 Live Nation Entertainment Inc.(a)(b) ...... 482,477 40,841,678 STERIS PLC ...... 14,128 2,691,101 Netflix Inc.(a) ...... 1,447,688 755,200,922 Stryker Corp...... 384,216 93,587,333 Playtika Holding Corp.(a)(b) ...... 124,424 3,385,577 Tandem Diabetes Care Inc.(a) ...... 182,252 16,083,739 Roku Inc.(a) ...... 370,809 120,798,448 Teleflex Inc...... 99,440 41,313,342 Spotify Technology SA(a)(b) ...... 456,161 122,228,340 Varian Medical Systems Inc.(a) ...... 39,042 6,892,084 Take-Two Interactive Software Inc.(a)(b) ...... 355,589 62,832,576 West Pharmaceutical Services Inc...... 249,824 70,395,407 World Wrestling Entertainment Inc., Class A ...... 156,252 8,478,234 Zynga Inc., Class A(a)(b) ...... 2,485,086 25,372,728 1,834,971,441 Health Care Providers & Services — 2.6% 1,252,982,500 Amedisys Inc.(a) ...... 107,387 28,435,004 Equity Real Estate Investment Trusts (REITs) — 1.7% AmerisourceBergen Corp...... 238,048 28,106,327 American Tower Corp...... 1,500,618 358,737,739 Anthem Inc...... 216,530 77,723,443 Americold Realty Trust...... 67,877 2,611,228 Cardinal Health Inc...... 995,454 60,473,831 Brookfield Property REIT Inc., Class A...... 120,576 2,164,339 Centene Corp.(a) ...... 577,639 36,916,908 CoreSite Realty Corp...... 89,069 10,674,920 Chemed Corp...... 52,996 24,368,621 Crown Castle International Corp...... 1,320,957 227,376,328 Cigna Corp...... 316,389 76,483,877 Equinix Inc...... 302,255 205,409,476 DaVita Inc.(a) ...... 42,043 4,530,974 Equity LifeStyle Properties Inc...... 242,508 15,433,209 Encompass Health Corp...... 154,662 12,666,818 Extra Space Storage Inc...... 306,847 40,672,570 Guardant Health Inc.(a)(b) ...... 279,128 42,608,889 Iron Mountain Inc...... 570,300 21,106,803 HCA Healthcare Inc...... 472,981 89,081,242

50 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 1000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Health Care Providers & Services (continued) Interactive Media & Services — 9.3% Humana Inc...... 167,210 $ 70,102,792 Alphabet Inc., Class A(a) ...... 792,995 $ 1,635,568,047 Laboratory Corp. of America Holdings(a) ...... 17,452 4,450,784 Alphabet Inc., Class C, NVS(a) ...... 768,109 1,588,933,321 McKesson Corp...... 403,744 78,746,230 Facebook Inc., Class A(a) ...... 8,174,457 2,407,622,820 Molina Healthcare Inc.(a) ...... 134,456 31,430,435 IAC/InterActiveCorp.(a)...... 254,844 55,125,306 Oak Street Health Inc.(a)(b) ...... 163,101 8,851,491 Match Group Inc.(a)(b) ...... 762,075 104,693,864 Signify Health Inc., Class A(a)(b) ...... 53,048 1,552,184 Pinterest Inc., Class A(a) ...... 1,135,063 84,028,714 UnitedHealth Group Inc...... 2,673,746 994,820,674 Zillow Group Inc., Class A(a)(b)...... 21,924 2,880,375 (a)(b) 1,671,350,524 Zillow Group Inc., Class C, NVS ...... 56,382 7,309,362 Health Care Technology — 0.4% 5,886,161,809 American Well Corp., Class A(a)(b) ...... 110,954 1,927,271 Internet & Direct Marketing Retail — 7.5% Cerner Corp...... 1,036,987 74,538,626 Amazon.com Inc.(a) ...... 1,443,471 4,466,214,751 Certara Inc.(a)(b) ...... 74,038 2,021,237 eBay Inc...... 2,016,957 123,518,447 Change Healthcare Inc.(a)...... 606,036 13,393,396 Etsy Inc.(a) ...... 401,519 80,974,337 Teladoc Health Inc.(a) ...... 339,291 61,666,139 Grubhub Inc.(a) ...... 28,981 1,738,860 Veeva Systems Inc., Class A(a) ...... 460,274 120,241,980 Wayfair Inc., Class A(a)(b)...... 218,205 68,680,024 273,788,649 4,741,126,419 Hotels, Restaurants & Leisure — 1.5% IT Services — 8.5% Booking Holdings Inc.(a)...... 139,244 324,416,241 Accenture PLC, Class A ...... 2,169,794 599,405,592 Chipotle Mexican Grill Inc.(a) ...... 94,925 134,871,338 Akamai Technologies Inc.(a)(b) ...... 449,104 45,763,698 Domino's Pizza Inc...... 132,433 48,707,533 Automatic Data Processing Inc...... 1,259,476 237,373,442 Expedia Group Inc...... 52,610 9,055,233 BigCommerce Holdings Inc., Series 1(a)(b) ...... 122,738 7,094,256 Las Vegas Sands Corp...... 482,911 29,341,672 Black Knight Inc.(a) ...... 511,726 37,862,607 McDonald's Corp...... 362,388 81,225,646 Broadridge Financial Solutions Inc...... 389,710 59,664,601 Planet Fitness Inc., Class A(a)(b) ...... 155,539 12,023,165 Cognizant Technology Solutions Corp., Class A ...... 126,928 9,915,615 Starbucks Corp...... 2,298,440 251,150,539 EPAM Systems Inc.(a)...... 180,528 71,613,652 Vail Resorts Inc...... 10,869 3,170,053 Fastly Inc., Class A(a)(b) ...... 264,449 17,792,129 Wendy's Co. (The)...... 610,432 12,367,352 Fiserv Inc.(a)(b)...... 572,865 68,193,850 Wynn Resorts Ltd...... 86,686 10,867,824 FleetCor Technologies Inc.(a) ...... 280,732 75,413,037 Yum China Holdings Inc...... 95,241 5,639,220 Gartner Inc.(a) ...... 294,379 53,738,886 Yum! Brands Inc...... 76,928 8,322,071 Genpact Ltd...... 248,274 10,631,093 (a) 931,157,887 Globant SA ...... 130,284 27,048,261 (a) Household Durables — 0.0% GoDaddy Inc., Class A ...... 565,252 43,874,860 NVR Inc.(a) ...... 1,144 5,389,304 Jack Henry & Associates Inc...... 203,936 30,941,170 Tempur Sealy International Inc...... 476,460 17,419,377 Mastercard Inc., Class A ...... 3,003,218 1,069,295,769 MongoDB Inc.(a)(b) ...... 177,391 47,439,675 22,808,681 Okta Inc.(a) ...... 395,409 87,160,006 Household Products — 1.0% Paychex Inc...... 863,274 84,618,117 Church & Dwight Co. Inc...... 842,453 73,588,270 PayPal Holdings Inc.(a) ...... 3,997,828 970,832,552 Clorox Co. (The)...... 303,636 58,565,312 Square Inc., Class A(a)(b) ...... 1,256,137 285,205,906 Energizer Holdings Inc...... 183,066 8,688,312 StoneCo Ltd., Class A(a)(b) ...... 678,552 41,540,953 Procter & Gamble Co. (The) ...... 3,708,259 502,209,516 Switch Inc., Class A(b) ...... 302,137 4,912,748 Reynolds Consumer Products Inc...... 39,230 1,168,269 Twilio Inc., Class A(a) ...... 407,095 138,721,692 644,219,679 VeriSign Inc.(a) ...... 203,493 40,446,269 Industrial Conglomerates — 0.4% Visa Inc., Class A...... 5,747,765 1,216,974,283 3M Co...... 1,264,030 243,553,300 Western Union Co. (The) ...... 252,894 6,236,366 Roper Technologies Inc...... 49,640 20,021,798 WEX Inc.(a)...... 12,880 2,694,754 263,575,098 5,392,405,839 Insurance — 0.7% Leisure Products — 0.1% (a) Alleghany Corp...... 4,338 2,716,846 Mattel Inc.(a)(b)...... 693,557 13,815,655 Aon PLC, Class A ...... 771,883 177,617,997 Peloton Interactive Inc., Class A(a)(b) ...... 205,247 23,077,973 Axis Capital Holdings Ltd...... 18,329 908,569 Polaris Inc...... 20,349 2,716,592 Brown & Brown Inc...... 39,469 1,804,128 39,610,220 Erie Indemnity Co., Class A, NVS ...... 48,422 10,696,904 Life Sciences Tools & Services — 1.6% Lincoln National Corp...... 81,228 5,058,068 10X Genomics Inc., Class A(a)(b)...... 194,522 35,208,482 Marsh & McLennan Companies Inc...... 1,336,720 162,812,496 Adaptive Biotechnologies Corp.(a)(b) ...... 252,356 10,159,852 Primerica Inc...... 82,165 12,145,630 Agilent Technologies Inc...... 88,517 11,254,051 Progressive Corp. (The) ...... 571,729 54,663,010 Avantor Inc.(a) ...... 1,685,261 48,754,601 RenaissanceRe Holdings Ltd...... 58,498 9,374,304 Berkeley Lights Inc.(a)...... 46,325 2,326,905 437,797,952 Bio-Techne Corp...... 122,857 46,922,774

S CHEDULE OF I NVESTMENTS 51 Schedule of Investments (continued) iShares Russell 1000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Life Sciences Tools & Services (continued) Pharmaceuticals (continued) Bruker Corp...... 149,217 $ 9,591,669 Zoetis Inc...... 1,465,913 $ 230,851,979 (a) Charles River Laboratories International Inc...... 147,220 42,668,772 1,805,095,741 (a) Illumina Inc...... 499,790 191,949,347 Professional Services — 0.7% (a) IQVIA Holdings Inc...... 245,234 47,364,495 Booz Allen Hamilton Holding Corp...... 457,340 36,829,590 (a) Maravai LifeSciences Holdings Inc., Class A ...... 164,517 5,863,386 CACI International Inc., Class A(a)(b) ...... 13,451 3,317,824 (a)(b) Mettler-Toledo International Inc...... 73,872 85,373,132 CoreLogic Inc...... 12,650 1,002,512 PerkinElmer Inc...... 75,979 9,747,346 CoStar Group Inc.(a) ...... 132,744 109,100,966 (a)(b) PPD Inc...... 455,550 17,238,012 Dun & Bradstreet Holdings Inc.(a)(b)...... 232,138 5,527,206 (a) PRA Health Sciences Inc...... 182,775 28,024,891 Equifax Inc...... 305,038 55,251,533 (a) Repligen Corp...... 184,510 35,870,589 IHS Markit Ltd...... 731,444 70,789,150 (a) Sotera Health Co...... 138,674 3,461,303 Leidos Holdings Inc...... 43,577 4,195,594 (a) Syneos Health Inc...... 28,881 2,190,624 Science Applications International Corp...... 25,868 2,162,306 Thermo Fisher Scientific Inc...... 789,182 360,166,881 TransUnion ...... 590,380 53,134,200 (a) Waters Corp...... 15,401 4,376,502 Verisk Analytics Inc...... 539,023 95,239,974 998,513,614 436,550,855 Machinery — 0.3% Road & Rail — 0.9% Allison Transmission Holdings Inc...... 248,352 10,140,212 JB Hunt Transport Services Inc...... 77,017 12,944,247 Donaldson Co. Inc...... 44,469 2,586,317 Landstar System Inc...... 102,554 16,927,563 Graco Inc...... 281,046 20,128,514 Old Dominion Freight Line Inc...... 286,088 68,778,416 Illinois Tool Works Inc...... 475,409 105,312,602 Uber Technologies Inc.(a) ...... 3,611,600 196,868,316 Lincoln Electric Holdings Inc...... 82,686 10,165,417 Union Pacific Corp...... 1,164,847 256,743,928 Nordson Corp...... 159,775 31,744,097 552,262,470 Toro Co. (The)...... 330,241 34,061,057 Semiconductors & Semiconductor Equipment — 6.8% 214,138,216 Advanced Micro Devices Inc.(a)(b) ...... 3,790,437 297,549,304 Media — 0.6% Allegro MicroSystems Inc.(a) ...... 49,294 1,249,603 (a)(b) Altice USA Inc., Class A ...... 767,389 24,963,164 Analog Devices Inc...... 151,872 23,552,310 Cable One Inc...... 17,974 32,862,942 Applied Materials Inc...... 3,116,778 416,401,541 (a)(b) Charter Communications Inc., Class A ...... 431,894 266,487,236 Broadcom Inc...... 1,274,559 590,962,026 (a) Liberty Media Corp.-Liberty SiriusXM, Class A ...... 33,325 1,468,966 Enphase Energy Inc.(a) ...... 359,881 58,358,303 Liberty Media Corp.-Liberty SiriusXM, Entegris Inc.(b)...... 426,542 47,687,396 (a) Class C, NVS ...... 69,163 3,050,780 Inphi Corp.(a) ...... 162,611 29,011,428 Nexstar Media Group Inc., Class A ...... 96,721 13,582,530 KLA Corp...... 528,324 174,558,249 (b) Sirius XM Holdings Inc...... 2,218,963 13,513,485 Lam Research Corp...... 486,286 289,456,879 355,929,103 Maxim Integrated Products Inc...... 299,924 27,404,056 Metals & Mining — 0.0% Microchip Technology Inc...... 634,026 98,413,516 Royal Gold Inc...... 159,625 17,178,842 MKS Instruments Inc...... 139,859 25,932,656 Monolithic Power Systems Inc...... 149,885 52,940,881 Multiline Retail — 0.4% NVIDIA Corp...... 2,009,609 1,072,990,533 Dollar General Corp...... 835,172 169,222,551 QUALCOMM Inc...... 3,831,182 507,976,421 (a) Dollar Tree Inc...... 379,924 43,486,101 SolarEdge Technologies Inc.(a) ...... 166,429 47,838,352 (a)(b) Ollie's Bargain Outlet Holdings Inc...... 164,967 14,352,129 Teradyne Inc.(b)...... 563,540 68,571,547 227,060,781 Texas Instruments Inc...... 1,558,025 294,451,145 Oil, Gas & Consumable Fuels — 0.1% Universal Display Corp.(b) ...... 146,270 34,632,348 Cheniere Energy Inc.(a) ...... 787,149 56,682,600 Xilinx Inc...... 831,471 103,019,257 Equitrans Midstream Corp...... 121,052 987,784 4,262,957,751 57,670,384 Software — 17.7% Personal Products — 0.3% 2U Inc.(a)(b)...... 75,461 2,884,874 Estee Lauder Companies Inc. (The), Class A ...... 689,633 200,579,758 Adobe Inc.(a) ...... 1,637,584 778,458,306 Herbalife Nutrition Ltd.(a) ...... 38,146 1,692,157 Alteryx Inc., Class A(a)(b) ...... 176,958 14,680,436 202,271,915 Anaplan Inc.(a)...... 463,605 24,965,129 Pharmaceuticals — 2.9% ANSYS Inc.(a) ...... 291,536 98,993,964 Bristol-Myers Squibb Co...... 2,801,045 176,829,971 Aspen Technology Inc.(a)...... 213,530 30,818,785 Eli Lilly & Co...... 2,867,390 535,685,800 Atlassian Corp. PLC, Class A(a)(b) ...... 446,954 94,200,025 Horizon Therapeutics PLC(a) ...... 614,357 56,545,418 Autodesk Inc.(a) ...... 497,570 137,901,526 Johnson & Johnson ...... 1,201,646 197,490,520 Avalara Inc.(a) ...... 281,842 37,606,178 Merck & Co. Inc...... 7,516,408 579,439,893 Bill.Com Holdings Inc.(a)(b) ...... 253,839 36,933,575 Reata Pharmaceuticals Inc., Class A(a)(b) ...... 79,602 7,936,319 C3.ai Inc., Class A(a)(b) ...... 43,923 2,894,965 Royalty Pharma PLC, Class A...... 465,746 20,315,841 Cadence Design Systems Inc.(a) ...... 938,252 128,531,141 CDK Global Inc...... 53,046 2,867,667

52 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 1000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Software (continued) Specialty Retail (continued) Ceridian HCM Holding Inc.(a)(b) ...... 276,975 $ 23,340,683 Burlington Stores Inc.(a) ...... 197,712 $ 59,076,346 Citrix Systems Inc...... 114,107 16,016,059 CarMax Inc.(a) ...... 37,630 4,991,996 Cloudflare Inc., Class A(a) ...... 395,445 27,783,966 Carvana Co.(a) ...... 188,254 49,397,850 Coupa Software Inc.(a)(b) ...... 236,887 60,283,004 Five Below Inc.(a)(b) ...... 185,703 35,430,275 Crowdstrike Holdings Inc., Class A(a) ...... 382,587 69,825,953 Floor & Decor Holdings Inc., Class A(a) ...... 317,229 30,289,025 Datadog Inc., Class A(a)(b)...... 520,350 43,365,969 Home Depot Inc. (The) ...... 1,828,430 558,128,257 DocuSign Inc.(a) ...... 616,831 124,877,436 Leslie's Inc.(a) ...... 76,608 1,876,130 Dropbox Inc., Class A(a)(b)...... 835,212 22,266,752 Lowe's Companies Inc...... 2,496,672 474,817,081 Duck Creek Technologies Inc.(a)(b) ...... 204,621 9,236,592 O'Reilly Automotive Inc.(a)...... 238,692 121,076,517 Dynatrace Inc.(a)...... 620,969 29,955,545 Petco Health & Wellness Co. Inc.(a)(b)...... 85,396 1,892,375 Elastic NV(a)...... 224,715 24,988,308 Ross Stores Inc...... 962,515 115,415,174 Everbridge Inc.(a) ...... 117,227 14,205,568 TJX Companies Inc. (The) ...... 3,307,375 218,782,856 Fair Isaac Corp.(a) ...... 95,608 46,470,268 Tractor Supply Co...... 393,209 69,629,450 FireEye Inc.(a) ...... 173,594 3,397,235 Ulta Beauty Inc.(a) ...... 170,378 52,675,766 Five9 Inc.(a)(b) ...... 210,262 32,870,258 Vroom Inc.(a)(b) ...... 278,167 10,845,731 Fortinet Inc.(a) ...... 452,378 83,427,551 Williams-Sonoma Inc...... 42,592 7,632,486 (a)(b) Guidewire Software Inc...... 53,070 5,393,504 1,892,384,533 (a) HubSpot Inc...... 140,781 63,944,138 Technology Hardware, Storage & Peripherals — 10.5% Intuit Inc...... 858,708 328,936,687 Apple Inc...... 53,928,545 6,587,371,772 (a)(b) Jamf Holding Corp...... 70,367 2,485,362 Dell Technologies Inc., Class C(a)...... 50,860 4,483,309 (a) JFrog Ltd...... 27,490 1,219,731 NetApp Inc...... 408,278 29,669,562 (a) Manhattan Associates Inc...... 190,714 22,386,009 Pure Storage Inc., Class A(a)(b) ...... 497,339 10,712,682 McAfee Corp., Class A...... 48,811 1,109,962 6,632,237,325 Medallia Inc.(a) ...... 303,259 8,457,894 Textiles, Apparel & Luxury Goods — 1.1% Microsoft Corp...... 25,492,456 6,010,356,351 Lululemon Athletica Inc.(a)(b)...... 386,780 118,629,294 nCino Inc.(a)(b) ...... 130,038 8,676,135 Nike Inc., Class B ...... 4,228,032 561,863,172 New Relic Inc.(a)(b)...... 182,303 11,207,988 VF Corp...... 56,410 4,508,287 NortonLifeLock Inc...... 1,839,176 39,100,882 Nutanix Inc., Class A(a) ...... 639,262 16,978,799 685,000,753 Oracle Corp...... 5,516,979 387,126,416 Thrifts & Mortgage Finance — 0.0% Pagerduty Inc.(a)(b)...... 230,963 9,291,642 Rocket Companies Inc., Class A ...... 134,295 3,100,872 Palo Alto Networks Inc.(a) ...... 323,149 104,073,367 Tobacco — 0.2% Paycom Software Inc.(a) ...... 164,709 60,952,213 Altria Group Inc...... 2,763,314 141,371,144 Paylocity Holding Corp.(a) ...... 127,569 22,940,733 Pegasystems Inc.(b) ...... 118,714 13,573,759 Trading Companies & Distributors — 0.2% Pluralsight Inc., Class A(a)...... 416,000 9,293,440 Fastenal Co...... 1,581,948 79,540,345 Proofpoint Inc.(a)(b)...... 192,760 24,247,280 WW Grainger Inc...... 108,257 43,403,479 (a) PTC Inc...... 354,914 48,853,912 122,943,824 RealPage Inc.(a)(b) ...... 261,544 22,806,637 RingCentral Inc., Class A(a) ...... 267,920 79,808,010 Total Common Stocks — 99.8% salesforce.com Inc.(a) ...... 2,766,809 586,203,823 (Cost: $36,106,995,419) ...... 63,062,946,762 ServiceNow Inc.(a)(b) ...... 661,739 330,942,291 Slack Technologies Inc., Class A(a) ...... 1,685,602 68,486,009 Short-Term Investments Smartsheet Inc., Class A(a)(b)...... 384,494 24,576,856 Money Market Funds — 1.7% Splunk Inc.(a) ...... 550,869 74,631,732 BlackRock Cash Funds: Institutional, SL Agency SS&C Technologies Holdings Inc...... 159,744 11,161,313 Shares, 0.11%(c)(d)(e) ...... 985,569,577 986,160,919 Synopsys Inc.(a) ...... 477,732 118,372,435 BlackRock Cash Funds: Treasury, SL Agency Shares, Teradata Corp.(a) ...... 282,211 10,876,412 0.00%(c)(d) ...... 77,470,000 77,470,000 Trade Desk Inc. (The), Class A(a)(b) ...... 140,259 91,401,180 Tyler Technologies Inc.(a) ...... 135,211 57,401,126 1,063,630,919 Unity Software Inc.(a)(b) ...... 82,625 8,288,114 (a)(b) Total Short-Term Investments — 1.7% VMware Inc., Class A ...... 270,752 40,734,638 (Cost: $1,062,849,936) ...... 1,063,630,919 Workday Inc., Class A(a)(b) ...... 609,579 151,437,711 Zendesk Inc.(a)(b) ...... 390,255 51,755,618 Total Investments in Securities — 101.5% Zoom Video Communications Inc., Class A(a) ...... 596,280 191,578,801 (Cost: $37,169,845,355) ...... 64,126,577,681 Zscaler Inc.(a) ...... 243,179 41,746,539 Other Assets, Less Liabilities — (1.5)%...... (970,653,547) 11,186,863,167 Specialty Retail — 3.0% Net Assets — 100.0%...... $ 63,155,924,134 AutoZone Inc.(a) ...... 45,762 64,263,577 Best Buy Co. Inc...... 140,786 16,163,641

S CHEDULE OF I NVESTMENTS 53 Schedule of Investments (continued) iShares Russell 1000 Growth ETF March 31, 2021

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 03/31/20 at Cost from Sales Gain (Loss) (Depreciation) 03/31/21 03/31/21 Income Funds BlackRock Cash Funds: Institu- tional, SL Agency Shares ...... $1,699,006,431 $ — $(714,067,146)(a) $ 281,382 $ 940,252 $ 986,160,919 985,569,577 $5,218,982(b) $ — BlackRock Cash Funds: Treasury, (a) SL Agency Shares...... 80,304,000 — (2,834,000) — — 77,470,000 77,470,000 107,141 —

$ 281,382 $ 940,252 $1,063,630,919 $5,326,123 $ —

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended March 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts ...... $45,353,082 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $ 1,896,559

54 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 1000 Growth ETF March 31, 2021

Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long ...... $83,164,482 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund's investments according to the fair value hierarchy as of March 31, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks...... $63,062,946,762 $ — $ — $63,062,946,762 Money Market Funds ...... 1,063,630,919 — — 1,063,630,919 $64,126,577,681 $ — $ — $64,126,577,681 Derivative financial instruments(a) Assets Futures Contracts ...... $ 934,920 $ — $ — $ 934,920

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

S CHEDULE OF I NVESTMENTS 55 Schedule of Investments iShares Russell 1000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value Common Stocks Banks (continued) Cullen/Frost Bankers Inc...... 149,784 $ 16,290,508 Aerospace & Defense — 2.3% East West Bancorp. Inc...... 377,247 27,840,829 Boeing Co. (The) ...... 1,431,787 $ 364,704,785 Fifth Third Bancorp...... 1,903,936 71,302,403 BWX Technologies Inc...... 91,869 6,057,842 First Citizens BancShares Inc./NC, Class A(b) ...... 16,758 14,005,834 Curtiss-Wright Corp...... 110,732 13,132,815 First Hawaiian Inc...... 347,045 9,498,622 General Dynamics Corp...... 679,629 123,393,441 First Horizon Corp...... 1,463,745 24,751,928 HEICO Corp...... 23,120 2,908,496 First Republic Bank/CA ...... 462,524 77,125,877 HEICO Corp., Class A ...... 40,823 4,637,493 FNB Corp...... 864,236 10,975,797 Hexcel Corp...... 223,354 12,507,824 Huntington Bancshares Inc./OH ...... 2,703,235 42,494,854 Howmet Aerospace Inc...... 1,056,341 33,940,236 JPMorgan Chase & Co...... 8,122,118 1,236,430,023 Huntington Ingalls Industries Inc...... 95,841 19,728,870 KeyCorp ...... 2,598,701 51,922,046 L3Harris Technologies Inc...... 561,869 113,879,609 M&T Bank Corp...... 342,729 51,961,144 Mercury Systems Inc.(a)...... 27,199 1,921,609 PacWest Bancorp...... 312,535 11,923,210 Northrop Grumman Corp...... 32,746 10,597,916 People's United Financial Inc...... 1,133,749 20,294,107 Raytheon Technologies Corp...... 3,822,103 295,333,899 Pinnacle Financial Partners Inc...... 197,534 17,513,364 Spirit AeroSystems Holdings Inc., Class A ...... 281,272 13,683,883 PNC Financial Services Group Inc. (The) ...... 1,136,682 199,385,390 Teledyne Technologies Inc.(a) ...... 96,852 40,062,830 Popular Inc...... 221,753 15,593,671 Textron Inc...... 609,379 34,173,974 Prosperity Bancshares Inc...... 238,753 17,880,212 TransDigm Group Inc.(a) ...... 110,389 64,899,901 Regions Financial Corp...... 2,571,725 53,131,839 Virgin Galactic Holdings Inc.(a)(b) ...... 24,426 748,168 Signature Bank/New York NY ...... 150,938 34,127,082 1,156,313,591 Sterling Bancorp./DE ...... 518,285 11,930,921 Air Freight & Logistics — 0.7% SVB Financial Group(a) ...... 137,829 68,040,664 CH Robinson Worldwide Inc...... 299,018 28,535,288 Synovus Financial Corp...... 391,904 17,929,608 Expeditors International of Washington Inc...... 172,403 18,566,079 TCF Financial Corp...... 404,473 18,791,816 FedEx Corp...... 656,991 186,611,724 Truist Financial Corp...... 3,610,263 210,550,538 United Parcel Service Inc., Class B...... 653,068 111,015,029 U.S. Bancorp...... 3,643,117 201,500,801 (a) XPO Logistics Inc...... 230,872 28,466,517 Umpqua Holdings Corp...... 589,376 10,343,549 373,194,637 Webster Financial Corp...... 240,264 13,240,949 Airlines — 0.6% Wells Fargo & Co...... 10,176,105 397,580,422 Alaska Air Group Inc...... 328,810 22,756,940 Western Alliance Bancorp...... 262,455 24,786,250 American Airlines Group Inc.(b) ...... 1,659,439 39,660,592 Wintrust Financial Corp...... 147,129 11,152,378 Copa Holdings SA, Class A, NVS ...... 83,682 6,760,669 Zions Bancorp. NA ...... 432,040 23,744,918 Delta Air Lines Inc...... 1,706,796 82,404,111 4,360,404,235 (a)(b) JetBlue Airways Corp...... 826,669 16,814,447 Beverages — 1.1% Southwest Airlines Co...... 1,578,130 96,360,618 Brown-Forman Corp., Class A...... 18,157 1,156,056 (a)(b) United Airlines Holdings Inc...... 837,021 48,162,188 Brown-Forman Corp., Class B, NVS...... 71,957 4,962,874 312,919,565 Coca-Cola Co. (The)...... 4,280,651 225,633,114 Auto Components — 0.3% Constellation Brands Inc., Class A...... 434,404 99,044,112 Aptiv PLC ...... 717,071 98,884,091 Keurig Dr Pepper Inc...... 1,880,734 64,640,828 BorgWarner Inc...... 572,693 26,550,047 Molson Coors Beverage Co., Class B ...... 477,711 24,434,918 Gentex Corp...... 656,397 23,413,681 PepsiCo Inc...... 990,026 140,039,178 Lear Corp...... 160,218 29,039,513 559,911,080 177,887,332 Biotechnology — 0.9% Automobiles — 0.7% AbbVie Inc...... 284,102 30,745,518 Ford Motor Co.(a) ...... 10,448,936 127,999,466 Acceleron Pharma Inc.(a)...... 7,192 975,307 General Motors Co...... 3,348,165 192,385,561 Agios Pharmaceuticals Inc.(a)(b) ...... 148,803 7,684,187 Harley-Davidson Inc...... 410,180 16,448,218 Alexion Pharmaceuticals Inc.(a)...... 481,568 73,636,563 Thor Industries Inc...... 141,832 19,110,444 Alkermes PLC(a)...... 423,285 7,906,964 (a) 355,943,689 Biogen Inc...... 284,654 79,631,957 (a) Banks — 8.5% BioMarin Pharmaceutical Inc...... 45,279 3,419,017 (a)(b) Associated Banc-Corp...... 406,101 8,666,195 Bluebird Bio Inc...... 89,255 2,691,038 (a)(b) Bank of America Corp...... 20,740,681 802,456,948 Exact Sciences Corp...... 52,407 6,906,195 (a) Bank of Hawaii Corp...... 105,915 9,478,333 Exelixis Inc...... 519,149 11,727,576 Bank OZK...... 326,948 13,355,826 Gilead Sciences Inc...... 3,366,291 217,563,387 (a)(b) BOK Financial Corp...... 83,725 7,478,317 Ionis Pharmaceuticals Inc...... 177,644 7,986,874 (a)(b) Citigroup Inc...... 5,583,075 406,168,706 Sage Therapeutics Inc...... 127,153 9,517,402 (a) Citizens Financial Group Inc...... 1,140,646 50,359,521 Sana Biotechnology Inc...... 20,047 670,973 (a) Comerica Inc...... 372,320 26,710,237 United Therapeutics Corp...... 116,115 19,422,556 Commerce Bancshares Inc...... 283,104 21,688,598 480,485,514

56 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 1000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Building Products — 0.9% Chemicals (continued) A O Smith Corp...... 351,817 $ 23,786,347 Huntsman Corp...... 537,177 $ 15,486,813 Allegion PLC ...... 86,598 10,878,441 International Flavors & Fragrances Inc...... 667,539 93,195,120 Armstrong World Industries Inc...... 80,529 7,254,858 Linde PLC ...... 1,408,389 394,546,094 AZEK Co. Inc. (The)(a) ...... 204,786 8,611,251 LyondellBasell Industries NV, Class A ...... 686,453 71,425,435 Carrier Global Corp...... 1,490,588 62,932,625 Mosaic Co. (The) ...... 924,267 29,216,080 Fortune Brands Home & Security Inc...... 369,569 35,412,102 NewMarket Corp...... 2,843 1,080,795 Johnson Controls International PLC ...... 1,947,736 116,221,407 Olin Corp...... 382,444 14,521,399 Lennox International Inc...... 92,957 28,964,472 PPG Industries Inc...... 631,261 94,853,278 Masco Corp...... 688,362 41,232,884 RPM International Inc...... 55,968 5,140,661 Owens Corning...... 286,027 26,340,226 Scotts Miracle-Gro Co. (The)...... 6,831 1,673,390 Trane Technologies PLC...... 639,411 105,860,885 Valvoline Inc...... 477,635 12,451,944 467,495,498 Westlake Chemical Corp...... 90,528 8,037,981 Capital Markets — 4.4% WR Grace & Co...... 96,477 5,775,113 Affiliated Managers Group Inc...... 120,479 17,954,985 1,588,204,787 Ameriprise Financial Inc...... 315,889 73,428,398 Commercial Services & Supplies — 0.5% Apollo Global Management Inc...... 230,385 10,830,399 ADT Inc...... 415,474 3,506,601 Bank of New York Mellon Corp. (The)...... 2,139,908 101,196,249 Cintas Corp...... 26,988 9,211,274 BlackRock Inc.(c) ...... 394,597 297,510,354 Clean Harbors Inc.(a) ...... 137,360 11,546,482 Carlyle Group Inc. (The) ...... 283,759 10,430,981 Driven Brands Holdings Inc.(a)(b)...... 88,267 2,243,747 Cboe Global Markets Inc...... 224,477 22,153,635 IAA Inc.(a) ...... 274,579 15,140,286 Charles Schwab Corp. (The) ...... 3,692,252 240,660,985 MSA Safety Inc...... 75,660 11,350,513 CME Group Inc...... 951,264 194,276,647 Republic Services Inc...... 561,720 55,806,882 Evercore Inc., Class A ...... 106,081 13,975,111 Rollins Inc...... 74,323 2,558,180 Franklin Resources Inc...... 743,495 22,007,452 Stericycle Inc.(a) ...... 244,678 16,518,212 Goldman Sachs Group Inc. (The) ...... 888,075 290,400,525 Waste Management Inc...... 985,453 127,143,146 Interactive Brokers Group Inc., Class A ...... 194,694 14,220,450 255,025,323 Intercontinental Exchange Inc...... 962,098 107,447,105 Communications Equipment — 1.5% Invesco Ltd...... 1,008,982 25,446,526 Arista Networks Inc.(a) ...... 27,901 8,423,033 KKR & Co. Inc...... 1,455,349 71,093,799 Ciena Corp.(a) ...... 410,102 22,440,781 Lazard Ltd., Class A ...... 270,295 11,760,535 Cisco Systems Inc...... 11,386,491 588,795,450 LPL Financial Holdings Inc...... 194,068 27,588,707 CommScope Holding Co. Inc.(a)(b) ...... 490,112 7,528,120 Morgan Stanley ...... 3,746,379 290,943,793 EchoStar Corp., Class A(a)(b) ...... 128,805 3,091,320 Morningstar Inc...... 9,116 2,051,465 F5 Networks Inc.(a)(b) ...... 165,893 34,608,598 Nasdaq Inc...... 306,300 45,166,998 Juniper Networks Inc...... 881,642 22,331,992 Northern Trust Corp...... 513,898 54,015,819 Lumentum Holdings Inc.(a)(b) ...... 185,038 16,903,221 Raymond James Financial Inc...... 328,541 40,265,985 Motorola Solutions Inc...... 408,621 76,841,179 S&P Global Inc...... 265,665 93,745,208 Ubiquiti Inc...... 2,824 842,399 SEI Investments Co...... 301,293 18,357,782 ViaSat Inc.(a)(b) ...... 159,110 7,648,418 State Street Corp...... 943,001 79,221,514 789,454,511 T Rowe Price Group Inc...... 451,816 77,531,626 Construction & Engineering — 0.1% Tradeweb Markets Inc., Class A(b) ...... 33,264 2,461,536 AECOM(a)...... 378,883 24,290,189 Virtu Financial Inc., Class A ...... 18,181 564,520 Quanta Services Inc...... 291,975 25,687,961 2,256,709,089 Valmont Industries Inc...... 55,923 13,291,219 Chemicals — 3.1% 63,269,369 Air Products & Chemicals Inc...... 516,778 145,390,322 Construction Materials — 0.3% Albemarle Corp...... 311,003 45,440,648 Eagle Materials Inc...... 110,191 14,810,772 Ashland Global Holdings Inc...... 148,302 13,164,769 Martin Marietta Materials Inc...... 166,370 55,870,374 Axalta Coating Systems Ltd.(a) ...... 564,853 16,708,352 Vulcan Materials Co...... 353,467 59,647,556 Cabot Corp...... 149,189 7,823,471 Celanese Corp...... 305,604 45,782,535 130,328,702 CF Industries Holdings Inc...... 572,847 25,995,797 Consumer Finance — 1.2% Chemours Co. (The)...... 437,871 12,220,980 Ally Financial Inc...... 999,861 45,203,716 Corteva Inc...... 2,008,434 93,633,193 American Express Co...... 1,753,094 247,957,615 Dow Inc...... 1,988,839 127,166,366 Capital One Financial Corp...... 1,212,694 154,291,058 (a)(b) DuPont de Nemours Inc...... 1,444,875 111,659,940 Credit Acceptance Corp...... 23,422 8,437,307 Eastman Chemical Co...... 362,987 39,972,128 Discover Financial Services...... 820,400 77,929,796 Ecolab Inc...... 534,515 114,423,626 OneMain Holdings Inc...... 195,816 10,519,236 Element Solutions Inc...... 581,545 10,636,458 Santander Consumer USA Holdings Inc...... 181,974 4,924,216 FMC Corp...... 278,294 30,782,099 SLM Corp...... 771,264 13,859,614 Synchrony Financial ...... 1,560,799 63,462,087

S CHEDULE OF I NVESTMENTS 57 Schedule of Investments (continued) iShares Russell 1000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Consumer Finance (continued) Electric Utilities (continued) Upstart Holdings Inc.(a)(b) ...... 29,444 $ 3,794,154 PG&E Corp.(a)(b)...... 3,543,065 $ 41,489,291 630,378,799 Pinnacle West Capital Corp...... 302,014 24,568,839 Containers & Packaging — 0.6% PPL Corp...... 2,062,891 59,493,776 Amcor PLC ...... 3,566,270 41,654,034 Southern Co. (The) ...... 2,829,341 175,871,836 AptarGroup Inc...... 172,489 24,436,517 Xcel Energy Inc...... 1,412,688 93,957,879 Ardagh Group SA ...... 40,686 1,033,831 1,587,807,999 Avery Dennison Corp...... 130,965 24,051,722 Electrical Equipment — 1.0% Ball Corp...... 54,680 4,633,583 Acuity Brands Inc.(b) ...... 95,807 15,808,155 Berry Global Group Inc.(a)(b)...... 235,766 14,476,032 AMETEK Inc...... 613,570 78,371,296 Crown Holdings Inc...... 311,919 30,268,620 Array Technologies Inc.(a)(b) ...... 303,301 9,044,436 Graphic Packaging Holding Co...... 554,767 10,074,569 Eaton Corp. PLC ...... 1,071,832 148,212,929 International Paper Co...... 1,052,439 56,905,377 Emerson Electric Co...... 1,594,853 143,887,638 Packaging Corp. of America...... 250,684 33,711,984 Generac Holdings Inc.(a) ...... 14,315 4,687,447 Sealed Air Corp...... 416,825 19,098,921 GrafTech International Ltd...... 455,975 5,576,574 Silgan Holdings Inc...... 210,634 8,852,947 Hubbell Inc...... 144,466 26,999,251 Sonoco Products Co...... 268,659 17,006,115 nVent Electric PLC ...... 416,702 11,630,153 Westrock Co...... 700,531 36,462,639 Regal Beloit Corp...... 108,469 15,476,357 322,666,891 Rockwell Automation Inc...... 159,550 42,350,952 (a) Distributors — 0.2% Sensata Technologies Holding PLC ...... 412,893 23,927,149 (a) Genuine Parts Co...... 376,078 43,470,856 Shoals Technologies Group Inc., Class A ...... 219,903 7,648,226 LKQ Corp.(a) ...... 810,480 34,307,618 533,620,563 77,778,474 Electronic Equipment, Instruments & Components — 0.8% Diversified Consumer Services — 0.2% Amphenol Corp., Class A ...... 636,150 41,966,815 (a) Bright Horizons Family Solutions Inc.(a) ...... 46,665 8,000,714 Arrow Electronics Inc...... 195,042 21,614,554 frontdoor Inc.(a) ...... 190,713 10,250,824 Avnet Inc...... 262,801 10,908,870 (a) Graham Holdings Co., Class B ...... 10,484 5,896,621 Coherent Inc...... 11,498 2,907,729 Grand Canyon Education Inc.(a)(b) ...... 125,441 13,434,731 Corning Inc...... 2,007,405 87,342,192 H&R Block Inc...... 128,986 2,811,895 Dolby Laboratories Inc., Class A...... 154,124 15,215,121 Service Corp. International...... 447,111 22,825,016 FLIR Systems Inc...... 349,781 19,752,133 (a)(b) Terminix Global Holdings Inc.(a)(b) ...... 354,958 16,920,848 IPG Photonics Corp...... 88,731 18,716,917 Jabil Inc...... 318,966 16,637,267 80,140,649 Keysight Technologies Inc.(a) ...... 332,447 47,672,900 Diversified Financial Services — 2.7% Littelfuse Inc...... 62,839 16,617,145 Berkshire Hathaway Inc., Class B(a) ...... 5,044,299 1,288,667,065 National Instruments Corp...... 345,290 14,911,349 Equitable Holdings Inc...... 1,071,880 34,964,726 SYNNEX Corp...... 111,103 12,759,069 Jefferies Financial Group Inc...... 595,427 17,922,353 Trimble Inc.(a) ...... 667,215 51,902,655 Voya Financial Inc...... 328,929 20,933,041 Vontier Corp.(a) ...... 409,082 12,382,912 1,362,487,185 Zebra Technologies Corp., Class A(a) ...... 12,257 5,946,851 Diversified Telecommunication Services — 2.5% 397,254,479 AT&T Inc...... 19,121,215 578,799,178 Energy Equipment & Services — 0.4% Lumen Technologies Inc...... 2,940,233 39,252,111 Baker Hughes Co...... 1,756,968 37,968,078 Verizon Communications Inc...... 11,110,788 646,092,322 Halliburton Co...... 2,388,442 51,255,965 1,264,143,611 Helmerich & Payne Inc...... 279,685 7,540,308 Electric Utilities — 3.1% NOV Inc...... 1,040,487 14,275,482 Alliant Energy Corp...... 668,589 36,210,780 Schlumberger Ltd...... 3,719,011 101,119,909 American Electric Power Co. Inc...... 1,330,577 112,699,872 212,159,742 Avangrid Inc...... 152,285 7,585,316 Entertainment — 2.3% Duke Energy Corp...... 1,968,135 189,984,071 Activision Blizzard Inc...... 1,237,222 115,061,646 Edison International ...... 957,587 56,114,598 Electronic Arts Inc...... 657,201 88,965,299 Entergy Corp...... 537,797 53,494,668 Liberty Media Corp.-Liberty Formula One, Evergy Inc...... 605,873 36,067,620 Class A(a)(b)...... 66,450 2,539,719 Eversource Energy ...... 917,609 79,455,763 Liberty Media Corp.-Liberty Formula One, Exelon Corp...... 2,606,226 113,996,325 Class C, NVS(a)(b)...... 531,783 23,020,886 FirstEnergy Corp...... 1,451,035 50,336,404 Lions Gate Entertainment Corp., Class A(a)(b) ...... 159,962 2,391,432 Hawaiian Electric Industries Inc...... 286,411 12,725,241 Lions Gate Entertainment Corp., Class B, NVS(a)(b) . . . 305,036 3,934,965 IDACORP Inc...... 135,011 13,497,050 Madison Square Garden Entertainment Corp.(a)(b). . . . . 49,595 4,056,871 NextEra Energy Inc...... 5,248,903 396,869,556 Madison Square Garden Sports Corp.(a)(b) ...... 49,908 8,956,490 NRG Energy Inc...... 425,730 16,062,793 Playtika Holding Corp.(a) ...... 106,466 2,896,940 OGE Energy Corp...... 535,424 17,326,321 Take-Two Interactive Software Inc.(a) ...... 21,796 3,851,353

58 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 1000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Entertainment (continued) Equity Real Estate Investment Trusts (REITs) (continued) Walt Disney Co. (The)(a) ...... 4,846,213 $ 894,223,223 SBA Communications Corp...... 255,455 $ 70,901,535 Zynga Inc., Class A(a)(b) ...... 420,697 4,295,316 Simon Property Group Inc...... 189,034 21,506,398 1,154,194,140 SL Green Realty Corp...... 188,702 13,207,253 Equity Real Estate Investment Trusts (REITs) — 4.1% Spirit Realty Capital Inc...... 306,527 13,027,398 Alexandria Real Estate Equities Inc...... 364,719 59,923,332 STORE Capital Corp...... 645,854 21,636,109 American Campus Communities Inc...... 366,666 15,828,971 Sun Communities Inc...... 283,148 42,483,526 American Homes 4 Rent, Class A ...... 730,036 24,339,400 UDR Inc...... 783,944 34,383,784 Americold Realty Trust...... 574,725 22,109,671 Ventas Inc...... 999,307 53,303,035 Apartment Income REIT Corp...... 391,527 16,741,695 VEREIT Inc...... 577,451 22,301,158 Apartment Investment & Management Co., Class A . . . 390,848 2,399,807 VICI Properties Inc...... 1,421,373 40,139,574 Apple Hospitality REIT Inc...... 561,695 8,183,896 Vornado Realty Trust ...... 471,070 21,381,867 AvalonBay Communities Inc...... 376,833 69,529,457 Weingarten Realty Investors ...... 324,973 8,745,023 Boston Properties Inc...... 416,361 42,160,715 Welltower Inc...... 1,119,746 80,207,406 Brandywine Realty Trust ...... 451,716 5,831,654 Weyerhaeuser Co...... 1,999,879 71,195,692 Brixmor Property Group Inc...... 794,330 16,069,296 WP Carey Inc...... 465,861 32,964,324 Camden Property Trust ...... 252,402 27,741,504 2,106,058,134 CoreSite Realty Corp...... 34,970 4,191,155 Food & Staples Retailing — 1.6% Corporate Office Properties Trust...... 299,651 7,889,811 Albertsons Companies Inc., Class A(b) ...... 260,816 4,973,761 Cousins Properties Inc...... 396,911 14,030,804 Casey's General Stores Inc...... 98,948 21,391,568 Crown Castle International Corp...... 74,707 12,859,316 Costco Wholesale Corp...... 138,467 48,806,848 CubeSmart...... 518,040 19,597,453 Grocery Outlet Holding Corp.(a)(b) ...... 84,731 3,125,726 CyrusOne Inc...... 321,654 21,782,409 Kroger Co. (The) ...... 2,036,514 73,294,139 Digital Realty Trust Inc...... 747,947 105,340,855 Sprouts Farmers Market Inc.(a)(b) ...... 49,348 1,313,644 Douglas Emmett Inc...... 445,887 14,000,852 Sysco Corp...... 375,148 29,539,153 Duke Realty Corp...... 986,038 41,344,573 U.S. Foods Holding Corp.(a)...... 587,898 22,410,672 Empire State Realty Trust Inc., Class A ...... 352,252 3,920,565 Walgreens Boots Alliance Inc...... 1,940,262 106,520,384 EPR Properties...... 197,952 9,222,584 Walmart Inc...... 3,736,614 507,544,280 Equity Commonwealth...... 312,581 8,689,752 818,920,175 Equity LifeStyle Properties Inc...... 275,227 17,515,446 Food Products — 1.7% Equity Residential ...... 984,489 70,518,947 Archer-Daniels-Midland Co...... 1,482,370 84,495,090 Essex Property Trust Inc...... 174,562 47,452,934 Beyond Meat Inc.(a)(b)...... 27,495 3,577,649 Extra Space Storage Inc...... 104,030 13,789,176 Bunge Ltd...... 362,314 28,720,631 Federal Realty Investment Trust...... 206,751 20,974,889 Campbell Soup Co...... 262,341 13,187,882 First Industrial Realty Trust Inc...... 337,916 15,473,174 Conagra Brands Inc...... 1,304,936 49,065,594 Gaming and Leisure Properties Inc...... 575,492 24,418,126 Flowers Foods Inc...... 522,112 12,426,266 Healthcare Trust of America Inc., Class A ...... 582,415 16,063,006 General Mills Inc...... 1,624,562 99,618,142 Healthpeak Properties Inc...... 1,443,502 45,816,753 Hain Celestial Group Inc. (The)(a)...... 218,150 9,511,340 Highwoods Properties Inc...... 275,807 11,843,153 Hershey Co. (The)...... 90,039 14,240,568 Host Hotels & Resorts Inc...... 1,875,712 31,605,747 Hormel Foods Corp...... 747,092 35,696,056 Hudson Pacific Properties Inc...... 402,838 10,928,995 Ingredion Inc...... 180,172 16,201,066 Invitation Homes Inc...... 1,494,301 47,802,689 JM Smucker Co. (The)...... 295,594 37,401,509 Iron Mountain Inc...... 317,400 11,746,974 Kellogg Co...... 445,251 28,184,388 JBG SMITH Properties ...... 326,205 10,370,057 Kraft Heinz Co. (The) ...... 1,733,864 69,354,560 Kilroy Realty Corp...... 316,466 20,769,664 Lamb Weston Holdings Inc...... 301,947 23,394,854 Kimco Realty Corp...... 1,107,186 20,759,737 McCormick & Co. Inc./MD, NVS...... 293,365 26,156,423 Lamar Advertising Co., Class A...... 229,974 21,599,158 Mondelez International Inc., Class A...... 3,745,168 219,204,683 Life Storage Inc...... 200,015 17,191,289 Pilgrim's Pride Corp.(a) ...... 89,385 2,126,469 Medical Properties Trust Inc...... 1,540,675 32,785,564 Post Holdings Inc.(a)(b) ...... 161,598 17,084,141 Mid-America Apartment Communities Inc...... 304,855 44,008,868 Seaboard Corp...... 609 2,247,204 National Retail Properties Inc...... 458,820 20,220,197 TreeHouse Foods Inc.(a)(b) ...... 145,334 7,592,248 Omega Healthcare Investors Inc...... 616,308 22,575,362 Tyson Foods Inc., Class A ...... 770,065 57,215,829 Outfront Media Inc...... 387,916 8,468,206 856,702,592 Paramount Group Inc...... 456,733 4,626,705 Gas Utilities — 0.1% Park Hotels & Resorts Inc...... 621,912 13,420,861 Atmos Energy Corp...... 341,208 33,728,411 Prologis Inc...... 1,972,386 209,072,916 National Fuel Gas Co...... 232,518 11,623,575 Public Storage ...... 140,608 34,696,430 UGI Corp...... 558,209 22,892,151 Rayonier Inc...... 350,249 11,295,530 Realty Income Corp...... 1,004,947 63,814,134 68,244,137 Regency Centers Corp...... 450,905 25,570,823 Health Care Equipment & Supplies — 4.0% Rexford Industrial Realty Inc...... 352,163 17,749,015 Abbott Laboratories...... 2,855,061 342,150,510

S CHEDULE OF I NVESTMENTS 59 Schedule of Investments (continued) iShares Russell 1000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Health Care Equipment & Supplies (continued) Hotels, Restaurants & Leisure (continued) Baxter International Inc...... 792,479 $ 66,837,679 Marriott International Inc./MD, Class A ...... 719,756 $ 106,603,061 Becton Dickinson and Co...... 772,506 187,834,834 McDonald's Corp...... 1,710,694 383,434,953 Boston Scientific Corp.(a)...... 3,826,840 147,907,366 MGM Resorts International...... 1,259,791 47,859,460 Cooper Companies Inc. (The) ...... 114,584 44,010,569 Norwegian Cruise Line Holdings Ltd.(a)(b) ...... 974,487 26,886,096 Danaher Corp...... 1,678,641 377,828,516 Planet Fitness Inc., Class A(a) ...... 92,920 7,182,716 DENTSPLY SIRONA Inc...... 585,110 37,335,869 Royal Caribbean Cruises Ltd...... 530,739 45,436,566 Envista Holdings Corp.(a)(b) ...... 427,459 17,440,327 Six Flags Entertainment Corp...... 204,390 9,498,003 Globus Medical Inc., Class A(a)(b) ...... 197,121 12,156,452 Starbucks Corp...... 1,325,632 144,851,809 Haemonetics Corp.(a) ...... 8,706 966,453 Travel + Leisure Co...... 226,404 13,846,869 Hill-Rom Holdings Inc...... 157,499 17,400,490 Vail Resorts Inc...... 98,858 28,832,924 Hologic Inc.(a) ...... 207,826 15,458,098 Wyndham Hotels & Resorts Inc...... 245,228 17,112,010 ICU Medical Inc.(a)...... 38,257 7,859,518 Wynn Resorts Ltd...... 213,379 26,751,325 Integra LifeSciences Holdings Corp.(a)(b) ...... 191,031 13,198,332 Yum China Holdings Inc...... 996,056 58,976,476 Medtronic PLC ...... 3,596,779 424,887,503 Yum! Brands Inc...... 745,963 80,698,277 STERIS PLC ...... 213,085 40,588,431 1,317,487,023 Stryker Corp...... 625,930 152,464,029 Household Durables — 0.8% (a) Tandem Diabetes Care Inc...... 17,432 1,538,374 DR Horton Inc...... 885,155 78,885,014 Teleflex Inc...... 45,424 18,871,855 Garmin Ltd...... 399,990 52,738,681 (a) Varian Medical Systems Inc...... 215,810 38,096,939 Leggett & Platt Inc...... 352,967 16,112,943 Zimmer Biomet Holdings Inc...... 554,498 88,764,040 Lennar Corp., Class A ...... 724,929 73,384,563 2,053,596,184 Lennar Corp., Class B ...... 41,897 3,449,799 Health Care Providers & Services — 2.5% Mohawk Industries Inc.(a) ...... 155,431 29,890,936 Acadia Healthcare Co. Inc.(a)...... 235,615 13,463,041 Newell Brands Inc...... 1,030,362 27,593,094 AmerisourceBergen Corp...... 202,842 23,949,555 NVR Inc.(a) ...... 8,062 37,979,518 Anthem Inc...... 496,711 178,294,413 PulteGroup Inc...... 715,774 37,535,189 Centene Corp.(a) ...... 1,085,050 69,345,545 Tempur Sealy International Inc...... 131,115 4,793,564 Cigna Corp...... 673,009 162,693,196 Toll Brothers Inc...... 301,420 17,099,557 CVS Health Corp...... 3,505,011 263,681,978 Whirlpool Corp...... 166,058 36,590,880 (a) DaVita Inc...... 165,110 17,793,905 416,053,738 Encompass Health Corp...... 142,095 11,637,581 Household Products — 1.6% HCA Healthcare Inc...... 341,375 64,294,568 Clorox Co. (The)...... 98,799 19,056,351 (a) Henry Schein Inc...... 382,674 26,496,348 Colgate-Palmolive Co...... 2,263,559 178,436,356 Humana Inc...... 214,574 89,960,149 Energizer Holdings Inc...... 44,745 2,123,598 (a) Laboratory Corp. of America Holdings ...... 245,077 62,501,987 Kimberly-Clark Corp...... 910,191 126,562,059 McKesson Corp...... 107,556 20,977,722 Procter & Gamble Co. (The) ...... 3,613,613 489,391,609 (a) Molina Healthcare Inc...... 48,690 11,381,774 Reynolds Consumer Products Inc...... 84,143 2,505,778 (a)(b) Oak Street Health Inc...... 113,327 6,150,256 Spectrum Brands Holdings Inc...... 107,803 9,163,255 Premier Inc., Class A ...... 325,429 11,015,772 827,239,006 Quest Diagnostics Inc...... 357,831 45,924,031 Independent Power and Renewable Electricity Producers — 0.1% Signify Health Inc., Class A(a) ...... 18,336 536,511 AES Corp. (The)...... 1,769,484 47,439,866 UnitedHealth Group Inc...... 425,021 158,137,563 Vistra Corp...... 1,308,937 23,142,006 Universal Health Services Inc., Class B...... 197,074 26,287,701 70,581,872 1,264,523,596 Industrial Conglomerates — 1.8% Health Care Technology — 0.0% 3M Co...... 511,888 98,630,580 American Well Corp., Class A(a)(b) ...... 46,098 800,722 Carlisle Companies Inc...... 140,541 23,130,238 Certara Inc.(a)(b) ...... 54,540 1,488,942 General Electric Co...... 23,298,838 305,913,743 Change Healthcare Inc.(a)(b)...... 172,532 3,812,957 Honeywell International Inc...... 1,882,709 408,679,643 Teladoc Health Inc.(a)(b) ...... 19,144 3,479,422 Roper Technologies Inc...... 240,322 96,931,475 9,582,043 933,285,679 Hotels, Restaurants & Leisure — 2.6% Insurance — 3.5% Aramark ...... 612,411 23,136,888 Aflac Inc...... 1,842,477 94,297,973 Carnival Corp...... 1,629,550 43,248,257 Alleghany Corp.(a) ...... 33,302 20,856,710 Choice Hotels International Inc...... 93,372 10,017,882 Allstate Corp. (The)...... 813,130 93,428,637 Darden Restaurants Inc...... 348,122 49,433,324 American Financial Group Inc./OH ...... 188,378 21,493,930 Expedia Group Inc...... 329,444 56,703,901 American International Group Inc...... 2,309,135 106,705,128 Extended Stay America Inc...... 474,128 9,364,028 American National Group Inc...... 16,148 1,741,885 Hilton Worldwide Holdings Inc...... 730,606 88,344,878 Arch Capital Group Ltd.(a) ...... 1,057,312 40,569,061 Hyatt Hotels Corp., Class A ...... 99,543 8,232,206 Arthur J Gallagher & Co...... 511,275 63,791,782 Las Vegas Sands Corp...... 510,782 31,035,114 Assurant Inc...... 157,643 22,349,048

60 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 1000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Insurance (continued) IT Services (continued) Assured Guaranty Ltd...... 186,753 $ 7,895,917 Concentrix Corp.(a) ...... 110,705 $ 16,574,753 Athene Holding Ltd., Class A(a) ...... 299,488 15,094,195 DXC Technology Co...... 679,962 21,255,612 Axis Capital Holdings Ltd...... 202,560 10,040,899 Euronet Worldwide Inc.(a)(b) ...... 134,759 18,637,170 Brighthouse Financial Inc.(a)...... 235,202 10,407,688 Fidelity National Information Services Inc...... 1,655,381 232,763,122 Brown & Brown Inc...... 598,879 27,374,759 Fiserv Inc.(a)...... 1,084,865 129,142,330 Chubb Ltd...... 1,204,843 190,329,049 Genpact Ltd...... 307,634 13,172,888 Cincinnati Financial Corp...... 400,577 41,295,483 Global Payments Inc...... 797,810 160,822,540 CNA Financial Corp...... 75,100 3,351,713 International Business Machines Corp...... 2,382,190 317,450,639 Erie Indemnity Co., Class A, NVS(b) ...... 28,702 6,340,559 Jack Henry & Associates Inc...... 44,671 6,777,484 Everest Re Group Ltd...... 105,422 26,124,626 Paychex Inc...... 181,172 17,758,479 Fidelity National Financial Inc...... 716,909 29,149,520 Sabre Corp...... 845,776 12,525,943 First American Financial Corp...... 290,734 16,470,081 Twilio Inc., Class A(a) ...... 64,690 22,043,764 Globe Life Inc...... 276,037 26,673,455 VeriSign Inc.(a) ...... 109,797 21,823,252 GoHealth Inc., Class A(a)...... 101,473 1,186,219 Western Union Co. (The) ...... 884,493 21,811,597 Hanover Insurance Group Inc. (The)...... 97,343 12,602,025 WEX Inc.(a)(b)...... 106,578 22,298,249 Hartford Financial Services Group Inc. (The)...... 956,967 63,915,826 1,216,568,734 Kemper Corp...... 163,851 13,062,202 Leisure Products — 0.3% (a)(b) Lemonade Inc...... 89,350 8,321,165 Brunswick Corp./DE ...... 210,912 20,114,677 Lincoln National Corp...... 452,595 28,183,091 Hasbro Inc...... 341,491 32,824,115 Loews Corp...... 610,521 31,307,517 Mattel Inc.(a)...... 355,614 7,083,831 (a) Markel Corp...... 35,931 40,947,686 Peloton Interactive Inc., Class A(a) ...... 514,437 57,843,296 Marsh & McLennan Companies Inc...... 302,470 36,840,846 Polaris Inc...... 139,917 18,678,920 Mercury General Corp...... 73,295 4,457,069 136,544,839 MetLife Inc...... 2,026,806 123,209,537 Life Sciences Tools & Services — 1.1% Old Republic International Corp...... 758,376 16,562,932 Agilent Technologies Inc...... 749,474 95,288,124 Primerica Inc...... 37,342 5,519,894 Berkeley Lights Inc.(a)...... 30,101 1,511,973 Principal Financial Group Inc...... 726,983 43,589,901 Bio-Rad Laboratories Inc., Class A(a) ...... 56,340 32,179,718 Progressive Corp. (The) ...... 1,114,259 106,534,303 Bio-Techne Corp...... 6,177 2,359,182 Prudential Financial Inc...... 1,059,817 96,549,329 Bruker Corp...... 159,457 10,249,896 Reinsurance Group of America Inc...... 181,938 22,933,285 Charles River Laboratories International Inc.(a) ...... 14,726 4,268,037 RenaissanceRe Holdings Ltd...... 89,601 14,358,560 IQVIA Holdings Inc.(a)...... 316,010 61,034,171 Travelers Companies Inc. (The) ...... 677,248 101,858,099 Maravai LifeSciences Holdings Inc., Class A(a)(b) ...... 50,442 1,797,753 Unum Group ...... 545,179 15,172,332 Mettler-Toledo International Inc.(a) ...... 3,637 4,203,244 White Mountains Insurance Group Ltd.(b) ...... 7,948 8,861,225 PerkinElmer Inc.(b)...... 240,813 30,893,900 Willis Towers Watson PLC ...... 344,238 78,789,193 PPD Inc.(a) ...... 66,117 2,501,867 WR Berkley Corp...... 372,615 28,076,540 PRA Health Sciences Inc.(a)...... 25,415 3,896,882 1,778,620,874 QIAGEN NV(a)(b)...... 603,195 29,369,564 Interactive Media & Services — 1.9% Sotera Health Co.(a) ...... 102,228 2,551,611 (a) Alphabet Inc., Class A ...... 180,324 371,921,856 Syneos Health Inc.(a) ...... 195,938 14,861,897 (a) Alphabet Inc., Class C, NVS ...... 174,652 361,290,367 Thermo Fisher Scientific Inc...... 438,170 199,972,025 (a) Pinterest Inc., Class A ...... 183,051 13,551,266 Waters Corp.(a) ...... 152,192 43,248,401 TripAdvisor Inc.(a)...... 269,501 14,496,459 540,188,245 Twitter Inc.(a) ...... 2,089,662 132,965,193 Machinery — 3.4% Zillow Group Inc., Class A(a)...... 136,946 17,991,965 AGCO Corp...... 165,846 23,823,778 Zillow Group Inc., Class C, NVS(a)(b)...... 344,900 44,712,836 Allison Transmission Holdings Inc...... 106,484 4,347,742 956,929,942 Caterpillar Inc...... 1,451,673 336,599,418 Internet & Direct Marketing Retail — 0.1% Colfax Corp.(a)(b)...... 297,542 13,035,315 eBay Inc...... 145,843 8,931,425 Crane Co...... 130,203 12,227,364 (a) Grubhub Inc...... 222,825 13,369,500 Cummins Inc...... 394,673 102,263,721 Qurate Retail Inc., Series A ...... 1,020,441 12,000,386 Deere & Co...... 755,830 282,786,236 (a)(b) Wayfair Inc., Class A ...... 15,533 4,889,012 Donaldson Co. Inc...... 304,709 17,721,875 39,190,323 Dover Corp...... 384,657 52,748,014 IT Services — 2.4% Flowserve Corp...... 348,951 13,542,788 Akamai Technologies Inc.(a)(b) ...... 75,331 7,676,229 Fortive Corp...... 795,971 56,227,391 Alliance Data Systems Corp...... 125,724 14,092,403 Gates Industrial Corp. PLC(a)...... 171,499 2,742,269 Amdocs Ltd...... 347,025 24,343,804 Graco Inc...... 221,501 15,863,902 Automatic Data Processing Inc...... 161,773 30,489,357 IDEX Corp...... 201,609 42,200,796 BigCommerce Holdings Inc., Series 1(a)(b) ...... 20,511 1,185,536 Illinois Tool Works Inc...... 469,688 104,045,286 Cognizant Technology Solutions Corp., Class A ...... 1,330,307 103,923,583 Ingersoll Rand Inc.(a) ...... 926,998 45,617,572

S CHEDULE OF I NVESTMENTS 61 Schedule of Investments (continued) iShares Russell 1000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Machinery (continued) Mortgage Real Estate Investment (continued) ITT Inc...... 231,263 $ 21,024,119 Starwood Property Trust Inc...... 732,878 $ 18,131,402 Lincoln Electric Holdings Inc...... 87,795 10,793,517 86,848,966 (a) Middleby Corp. (The) ...... 147,808 24,499,176 Multi-Utilities — 1.4% Nordson Corp...... 28,050 5,572,974 Ameren Corp...... 659,217 53,633,895 Oshkosh Corp...... 181,613 21,550,199 CenterPoint Energy Inc...... 1,351,405 30,609,323 Otis Worldwide Corp...... 1,091,658 74,723,990 CMS Energy Corp...... 764,717 46,815,975 PACCAR Inc...... 907,188 84,295,909 Consolidated Edison Inc...... 922,095 68,972,706 Parker-Hannifin Corp...... 342,907 108,163,155 Dominion Energy Inc...... 2,185,097 165,979,968 Pentair PLC ...... 442,902 27,601,653 DTE Energy Co...... 514,417 68,489,479 Snap-on Inc...... 143,957 33,216,638 MDU Resources Group Inc...... 534,266 16,888,148 Stanley Black & Decker Inc...... 412,864 82,436,555 NiSource Inc...... 1,026,913 24,758,873 Timken Co. (The)...... 169,645 13,770,085 Public Service Enterprise Group Inc...... 1,350,325 81,303,068 Toro Co. (The)...... 28,220 2,910,611 Sempra Energy ...... 779,101 103,293,211 Trinity Industries Inc...... 224,536 6,397,031 WEC Energy Group Inc...... 843,831 78,974,143 Westinghouse Air Brake Technologies Corp...... 484,373 38,342,967 739,718,789 Woodward Inc...... 153,285 18,490,769 Multiline Retail — 0.7% Xylem Inc./NY...... 478,771 50,357,134 Dollar Tree Inc.(a)(b) ...... 329,039 37,661,804 1,749,939,949 Kohl's Corp...... 418,596 24,952,507 Marine — 0.0% Nordstrom Inc...... 292,307 11,069,666 (a) Kirby Corp...... 159,946 9,641,545 Ollie's Bargain Outlet Holdings Inc.(a)(b) ...... 16,034 1,394,958 Target Corp...... 1,339,809 265,375,969 Media — 2.2% Charter Communications Inc., Class A(a)(b)...... 36,571 22,565,038 340,454,904 Comcast Corp., Class A ...... 12,150,826 657,481,195 Oil, Gas & Consumable Fuels — 4.7% Discovery Inc., Class A(a)(b) ...... 417,588 18,148,375 Antero Midstream Corp...... 772,474 6,975,440 Discovery Inc., Class C, NVS(a)(b) ...... 830,436 30,634,784 APA Corp...... 1,023,831 18,326,575 DISH Network Corp., Class A(a) ...... 659,330 23,867,746 Cabot Oil & Gas Corp...... 1,051,230 19,742,099 Fox Corp., Class A, NVS...... 893,421 32,261,432 Chevron Corp...... 5,164,640 541,202,626 Fox Corp., Class B ...... 416,140 14,535,770 Cimarex Energy Co...... 269,283 15,992,717 Interpublic Group of Companies Inc. (The)...... 1,042,214 30,432,649 ConocoPhillips ...... 3,648,203 193,245,313 John Wiley & Sons Inc., Class A...... 115,552 6,262,918 Continental Resources Inc./OK...... 200,647 5,190,738 Liberty Broadband Corp., Class A(a)(b) ...... 66,444 9,644,347 Devon Energy Corp...... 1,577,375 34,465,644 Liberty Broadband Corp., Class C, NVS(a) ...... 427,819 64,237,023 Diamondback Energy Inc...... 453,752 33,346,234 Liberty Media Corp.-Liberty SiriusXM, Class A(a) ...... 196,527 8,662,910 EOG Resources Inc...... 1,560,706 113,198,006 Liberty Media Corp.-Liberty SiriusXM, EQT Corp...... 736,745 13,688,722 Class C, NVS(a)...... 411,192 18,137,679 Equitrans Midstream Corp...... 993,070 8,103,451 New York Times Co. (The), Class A ...... 437,054 22,123,674 Exxon Mobil Corp...... 11,348,664 633,595,911 News Corp., Class A, NVS ...... 1,038,284 26,403,562 Hess Corp...... 734,895 52,001,170 News Corp., Class B...... 324,956 7,623,468 HollyFrontier Corp...... 400,020 14,312,716 Nexstar Media Group Inc., Class A ...... 35,678 5,010,262 Kinder Morgan Inc...... 5,211,725 86,775,221 Omnicom Group Inc...... 569,163 42,203,436 Marathon Oil Corp...... 2,107,409 22,507,128 Sirius XM Holdings Inc.(b) ...... 1,186,659 7,226,753 Marathon Petroleum Corp...... 1,732,557 92,674,474 ViacomCBS Inc., Class A ...... 28,676 1,352,647 Murphy Oil Corp...... 389,911 6,398,440 ViacomCBS Inc., Class B, NVS ...... 1,505,361 67,891,781 Occidental Petroleum Corp...... 2,247,189 59,820,171 1,116,707,449 ONEOK Inc...... 1,186,213 60,093,551 Metals & Mining — 0.8% Phillips 66...... 1,168,670 95,293,352 Pioneer Natural Resources Co...... 541,206 85,954,337 Freeport-McMoRan Inc.(a)...... 3,885,262 127,941,678 Targa Resources Corp...... 616,582 19,576,479 Newmont Corp...... 2,151,689 129,682,296 Valero Energy Corp...... 1,091,628 78,160,565 Nucor Corp...... 806,314 64,722,825 Williams Companies Inc. (The) ...... 3,254,071 77,088,942 Reliance Steel & Aluminum Co...... 169,704 25,844,222 Royal Gold Inc...... 49,619 5,339,997 2,387,730,022 Southern Copper Corp...... 221,336 15,022,074 Personal Products — 0.1% Steel Dynamics Inc...... 532,940 27,052,034 Coty Inc., Class A ...... 772,116 6,956,765 Estee Lauder Companies Inc. (The), Class A ...... 64,680 18,812,178 395,605,126 Herbalife Nutrition Ltd.(a) Mortgage Real Estate Investment — 0.2% ...... 208,909 9,267,203 AGNC Investment Corp...... 1,426,501 23,908,157 Nu Skin Enterprises Inc., Class A...... 126,986 6,716,290 Annaly Capital Management Inc...... 3,757,099 32,311,051 41,752,436 New Residential Investment Corp...... 1,110,965 12,498,356 Pharmaceuticals — 4.1% Bristol-Myers Squibb Co...... 3,867,045 244,126,551 Catalent Inc.(a) ...... 432,521 45,548,787

62 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 1000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Pharmaceuticals (continued) Semiconductors & Semiconductor Equipment (continued) Elanco Animal Health Inc.(a)...... 1,216,242 $ 35,818,327 Maxim Integrated Products Inc...... 474,647 $ 43,368,496 Horizon Therapeutics PLC(a)(b) ...... 37,230 3,426,649 Microchip Technology Inc...... 167,226 25,956,820 Jazz Pharmaceuticals PLC(a)...... 147,766 24,288,298 Micron Technology Inc.(a) ...... 2,981,236 262,974,828 Johnson & Johnson ...... 6,123,357 1,006,373,723 MKS Instruments Inc...... 35,798 6,637,665 Merck & Co. Inc...... 853,335 65,783,595 ON Semiconductor Corp.(a) ...... 1,085,901 45,184,341 Nektar Therapeutics(a)(b) ...... 447,064 8,941,280 Qorvo Inc.(a)...... 304,652 55,659,920 Perrigo Co. PLC...... 366,024 14,812,991 Skyworks Solutions Inc...... 443,027 81,286,594 Pfizer Inc...... 14,911,449 540,241,797 Texas Instruments Inc...... 1,235,469 233,491,286 (a)(b) Reata Pharmaceuticals Inc., Class A ...... 10,959 1,092,612 1,793,846,791 Royalty Pharma PLC, Class A...... 493,495 21,526,252 Software — 0.7% (a) Viatris Inc...... 3,218,337 44,960,168 2U Inc.(a)(b)...... 121,985 4,663,487 Zoetis Inc...... 121,305 19,103,111 Aspen Technology Inc.(a)...... 12,450 1,796,909 2,076,044,141 Autodesk Inc.(a) ...... 196,104 54,350,224 Professional Services — 0.5% C3.ai Inc., Class A(a)(b) ...... 7,095 467,631 CACI International Inc., Class A(a)(b) ...... 55,741 13,749,075 CDK Global Inc...... 284,866 15,399,856 CoreLogic Inc...... 185,988 14,739,549 Ceridian HCM Holding Inc.(a) ...... 91,519 7,712,306 Dun & Bradstreet Holdings Inc.(a)(b)...... 190,017 4,524,305 Citrix Systems Inc...... 240,190 33,713,068 Equifax Inc...... 83,535 15,130,695 Crowdstrike Holdings Inc., Class A(a) ...... 114,251 20,851,950 FTI Consulting Inc.(a) ...... 93,868 13,151,845 Datto Holding Corp.(a)(b) ...... 32,556 745,858 IHS Markit Ltd...... 483,595 46,802,324 Duck Creek Technologies Inc.(a)(b) ...... 34,917 1,576,153 Jacobs Engineering Group Inc...... 347,545 44,927,142 FireEye Inc.(a)(b) ...... 460,814 9,018,130 Leidos Holdings Inc...... 325,174 31,307,753 Guidewire Software Inc.(a)(b) ...... 179,163 18,208,336 ManpowerGroup Inc...... 155,215 15,350,764 Jamf Holding Corp.(a)(b) ...... 56,794 2,005,964 Nielsen Holdings PLC ...... 955,553 24,032,158 JFrog Ltd.(a) ...... 18 799 Robert Half International Inc...... 292,235 22,814,786 Manhattan Associates Inc.(a) ...... 18,521 2,173,995 Science Applications International Corp...... 135,402 11,318,253 McAfee Corp., Class A...... 50,410 1,146,323 TransUnion ...... 45,547 4,099,230 nCino Inc.(a)(b) ...... 21,011 1,401,854 (a)(b) 261,947,879 Nuance Communications Inc...... 765,607 33,411,089 Real Estate Management & Development — 0.2% Oracle Corp...... 595,098 41,758,027 CBRE Group Inc., Class A(a)(b) ...... 892,642 70,616,909 Pegasystems Inc...... 10,980 1,255,453 (a)(b) Howard Hughes Corp. (The)(a) ...... 104,045 9,897,801 RealPage Inc...... 29,378 2,561,762 (a) Jones Lang LaSalle Inc.(a) ...... 137,751 24,662,939 salesforce.com Inc...... 171,610 36,359,011 SolarWinds Corp.(a)(b)...... 124,429 2,170,042 105,177,649 SS&C Technologies Holdings Inc...... 476,999 33,327,920 Road & Rail — 1.6% Synopsys Inc.(a) ...... 28,516 7,065,694 AMERCO(b) ...... 23,183 14,201,906 Teradata Corp.(a)(b) ...... 68,765 2,650,203 CSX Corp...... 2,044,034 197,085,758 Unity Software Inc.(a)(b) ...... 13,148 1,318,876 JB Hunt Transport Services Inc...... 163,833 27,535,412 Kansas City Southern...... 243,560 64,280,355 337,110,920 Knight-Swift Transportation Holdings Inc...... 335,324 16,125,731 Specialty Retail — 1.6% Landstar System Inc...... 19,331 3,190,775 Advance Auto Parts Inc...... 175,046 32,119,191 (a)(b) Lyft Inc., Class A(a)(b) ...... 676,707 42,754,348 AutoNation Inc...... 151,744 14,145,576 (a) Norfolk Southern Corp...... 674,631 181,151,916 AutoZone Inc...... 25,052 35,180,524 Old Dominion Freight Line Inc...... 36,017 8,658,847 Best Buy Co. Inc...... 500,587 57,472,394 (a)(b) Ryder System Inc...... 140,595 10,636,012 Burlington Stores Inc...... 18,660 5,575,608 (a) Schneider National Inc., Class B ...... 157,747 3,938,943 CarMax Inc...... 402,734 53,426,692 Uber Technologies Inc.(a) ...... 849,242 46,292,182 Dick's Sporting Goods Inc...... 171,489 13,058,887 Union Pacific Corp...... 880,463 194,062,850 Foot Locker Inc...... 277,275 15,596,719 Gap Inc. (The)(a)...... 488,935 14,560,484 809,915,035 Home Depot Inc. (The) ...... 1,440,218 439,626,545 Semiconductors & Semiconductor Equipment — 3.5% L Brands Inc...... 616,798 38,155,124 Advanced Micro Devices Inc.(a) ...... 224,567 17,628,509 Leslie's Inc.(a)(b) ...... 126,764 3,104,450 Allegro MicroSystems Inc.(a)(b) ...... 73,011 1,850,829 Penske Automotive Group Inc...... 85,591 6,867,822 Analog Devices Inc...... 866,476 134,373,098 Petco Health & Wellness Co. Inc.(a)(b)...... 73,940 1,638,510 Broadcom Inc...... 54,803 25,409,959 Ross Stores Inc...... 179,288 21,498,424 Cirrus Logic Inc.(a)(b) ...... 149,787 12,700,440 TJX Companies Inc. (The) ...... 610,083 40,356,990 Cree Inc.(a) ...... 295,067 31,905,595 Ulta Beauty Inc.(a)(b) ...... 8,719 2,695,653 Entegris Inc...... 22,688 2,536,518 Vroom Inc.(a)(b) ...... 56,918 2,219,233 First Solar Inc.(a)...... 245,666 21,446,642 Williams-Sonoma Inc...... 173,045 31,009,664 Intel Corp...... 11,001,006 704,064,384 Marvell Technology Group Ltd...... 1,783,807 87,370,867 828,308,490

S CHEDULE OF I NVESTMENTS 63 Schedule of Investments (continued) iShares Russell 1000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Technology Hardware, Storage & Peripherals — 0.6% Trading Companies & Distributors (continued) Dell Technologies Inc., Class C(a)...... 660,546 $ 58,227,130 WW Grainger Inc...... 30,754 $ 12,330,201 Hewlett Packard Enterprise Co...... 3,451,482 54,326,327 148,126,387 HP Inc...... 3,453,012 109,633,131 Transportation Infrastructure — 0.0% (a) NCR Corp...... 353,560 13,417,602 Macquarie Infrastructure Corp.(b) ...... 196,714 6,257,472 NetApp Inc...... 271,376 19,720,894 Pure Storage Inc., Class A(a)(b) ...... 297,977 6,418,425 Water Utilities — 0.2% Western Digital Corp...... 815,367 54,425,747 American Water Works Co. Inc...... 483,914 72,548,387 Xerox Holdings Corp...... 451,097 10,948,124 Essential Utilities Inc...... 600,074 26,853,311 327,117,380 99,401,698 Textiles, Apparel & Luxury Goods — 0.4% Wireless Telecommunication Services — 0.4% Capri Holdings Ltd.(a)(b) ...... 389,368 19,857,768 Telephone and Data Systems Inc...... 269,686 6,191,990 Carter's Inc...... 114,816 10,210,587 T-Mobile U.S. Inc.(a)(b) ...... 1,474,011 184,678,838 Columbia Sportswear Co...... 76,865 8,119,250 U.S. Cellular Corp.(a)(b) ...... 38,747 1,413,491 Hanesbrands Inc...... 929,666 18,286,530 192,284,319 PVH Corp...... 188,334 19,906,904 Ralph Lauren Corp...... 123,944 15,264,943 Total Common Stocks — 99.8% Skechers U.S.A. Inc., Class A(a)(b) ...... 358,435 14,950,324 (Cost: $40,589,480,833) ...... 50,985,469,021 Tapestry Inc...... 741,837 30,571,103 Under Armour Inc., Class A(a) ...... 504,847 11,187,409 Short-Term Investments (a)(b) Under Armour Inc., Class C, NVS ...... 515,117 9,509,060 Money Market Funds — 0.8% VF Corp...... 811,379 64,845,410 BlackRock Cash Funds: Institutional, SL Agency 222,709,288 Shares, 0.11%(c)(d)(e) ...... 337,754,814 337,957,467 Thrifts & Mortgage Finance — 0.1% BlackRock Cash Funds: Treasury, SL Agency Shares, MGIC Investment Corp...... 905,155 12,536,397 0.00%(c)(d) ...... 70,950,000 70,950,000 New York Community Bancorp. Inc...... 1,205,920 15,218,710 408,907,467 Rocket Companies Inc., Class A ...... 173,361 4,002,905 TFS Financial Corp...... 119,994 2,444,278 Total Short-Term Investments — 0.8% 34,202,290 (Cost: $408,611,743) ...... 408,907,467 Tobacco — 1.0% Total Investments in Securities — 100.6% Altria Group Inc...... 2,812,244 143,874,403 (Cost: $40,998,092,576) ...... 51,394,376,488 Philip Morris International Inc...... 4,172,291 370,249,103 Other Assets, Less Liabilities — (0.6)%...... (285,811,810) 514,123,506 Trading Companies & Distributors — 0.3% Net Assets — 100.0%...... $ 51,108,564,678 Air Lease Corp...... 285,245 13,977,005 (a) Fastenal Co...... 290,252 14,593,871 Non-income producing security. (b) All or a portion of this security is on loan. MSC Industrial Direct Co. Inc., Class A ...... 125,700 11,336,883 (c) (a) Affiliate of the Fund. United Rentals Inc...... 192,741 63,471,539 (d) (a) Annualized 7-day yield as of period-end. Univar Solutions Inc...... 446,879 9,625,774 (e) All or a portion of this security was purchased with cash collateral received from loaned Watsco Inc...... 87,406 22,791,114 securities.

64 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 1000 Value ETF March 31, 2021

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 03/31/20 at Cost from Sales Gain (Loss) (Depreciation) 03/31/21 03/31/21 Income Funds BlackRock Cash Funds: Institu- tional, SL Agency Shares ...... $591,444,619 $ — $(254,177,436)(a) $ 360,150 $ 330,134 $337,957,467 337,754,814 $3,418,207(b) $ — BlackRock Cash Funds: Treasury, (a) SL Agency Shares ...... 88,826,000 — (17,876,000) — — 70,950,000 70,950,000 72,742 — BlackRock Inc...... 154,704,891 102,565,993 (74,024,895) 14,563,814 99,700,551 297,510,354 394,597 5,717,342 —

$ 14,923,964 $100,030,685 $706,417,821 $9,208,291 $ —

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: Equity Contracts Assets — Derivative Financial Instruments Futures contracts Unrealized appreciation on futures contracts(a) ...... $630,747 Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) ...... $145,951

For the year ended March 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts ...... $50,511,126 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $ 3,901,715

S CHEDULE OF I NVESTMENTS 65 Schedule of Investments (continued) iShares Russell 1000 Value ETF March 31, 2021

Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long ...... $107,323,445 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund's investments according to the fair value hierarchy as of March 31, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks...... $50,985,469,021 $ — $ — $50,985,469,021 Money Market Funds ...... 408,907,467 — — 408,907,467 $51,394,376,488 $ — $ — $51,394,376,488 Derivative financial instruments(a) Assets Futures Contracts ...... $ 630,747 $ — $ — $ 630,747 Liabilities Futures Contracts ...... (145,951) — — (145,951) $ 484,796 $ — $ — $ 484,796

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

66 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value Common Stocks Banks — 8.6% 1st Constitution Bancorp...... 219,585 $ 3,866,892 Aerospace & Defense — 0.9% 1st Source Corp...... 432,495 20,578,112 AAR Corp.(a) ...... 823,172 $ 34,285,114 ACNB Corp...... 209,942 6,151,301 Aerojet Rocketdyne Holdings Inc...... 1,762,883 82,784,986 Allegiance Bancshares Inc...... 459,477 18,627,198 Aerovironment Inc.(a)(b) ...... 530,697 61,592,694 Altabancorp...... 404,844 17,019,642 Astronics Corp.(a)(b) ...... 611,366 11,029,043 Amalgamated Financial Corp...... 377,581 6,264,069 Cubic Corp...... 777,020 57,942,381 Amerant Bancorp Inc.(a)(b)...... 571,229 10,607,723 Ducommun Inc.(a)(b)...... 274,332 16,459,920 American National Bankshares Inc...... 283,647 9,380,206 Kaman Corp...... 677,843 34,766,567 Ameris Bancorp...... 1,525,767 80,118,025 Kratos Defense & Security Solutions Inc.(a)(b) ...... 2,975,230 81,164,274 Ames National Corp...... 236,524 6,050,284 Maxar Technologies Inc.(a) ...... 1,742,636 65,906,494 Arrow Financial Corp...... 337,978 11,258,047 Moog Inc., Class A...... 718,781 59,766,640 Atlantic Capital Bancshares Inc.(a)(b) ...... 551,846 13,299,489 National Presto Industries Inc...... 123,104 12,565,225 Atlantic Union Bankshares Corp...... 1,944,485 74,590,445 PAE Inc.(a)(b) ...... 1,451,059 13,088,552 Auburn National Bancorp. Inc...... 56,963 2,185,670 Park Aerospace Corp...... 517,713 6,844,166 Banc of California Inc...... 1,168,123 21,119,664 Parsons Corp.(a)(b) ...... 548,424 22,178,267 BancFirst Corp...... 479,191 33,874,012 Triumph Group Inc...... 1,247,521 22,929,436 Bancorp. Inc. (The)(a)(b) ...... 1,299,618 26,928,085 Vectrus Inc.(b) ...... 281,217 15,028,236 BancorpSouth Bank ...... 2,467,564 80,146,479 598,331,995 Bank First Corp...... 155,257 11,642,722 Air Freight & Logistics — 0.3% Bank of Commerce Holdings ...... 441,366 5,627,416 (a)(b) Air Transport Services Group Inc...... 1,438,110 42,079,098 Bank of Marin Bancorp., Class A ...... 331,398 12,977,546 (a)(b) Atlas Air Worldwide Holdings Inc...... 631,115 38,144,590 Bank of NT Butterfield & Son Ltd. (The) ...... 1,263,647 48,296,588 (a)(b) Echo Global Logistics Inc...... 637,714 20,030,597 Bank of Princeton (The)...... 136,099 3,895,153 Forward Air Corp...... 676,164 60,050,125 Bank7 Corp.(a)...... 108,223 1,905,807 (b) Hub Group Inc., Class A ...... 808,524 54,397,495 BankFinancial Corp...... 343,999 3,550,070 (a)(b) Radiant Logistics Inc...... 977,087 6,790,755 BankUnited Inc...... 2,060,345 90,552,163 221,492,660 Bankwell Financial Group Inc...... 197,030 5,309,958 Airlines — 0.4% Banner Corp...... 688,510 36,718,238 Allegiant Travel Co...... 320,488 78,218,301 Bar Harbor Bankshares ...... 396,034 11,651,320 Hawaiian Holdings Inc...... 1,185,685 31,622,219 Baycom Corp.(a)(b) ...... 262,415 4,728,718 Mesa Air Group Inc.(a)(b)...... 786,799 10,582,447 BCB Bancorp. Inc...... 357,234 4,929,829 SkyWest Inc...... 1,209,775 65,908,542 Berkshire Hills Bancorp. Inc...... 972,204 21,699,593 Spirit Airlines Inc.(a)(b) ...... 2,405,511 88,763,356 Boston Private Financial Holdings Inc...... 1,795,971 23,922,334 275,094,865 Brookline Bancorp. Inc...... 1,705,863 25,587,945 Auto Components — 1.4% Bryn Mawr Bank Corp...... 517,338 23,544,052 Adient PLC(b) ...... 2,301,857 101,742,079 Business First Bancshares Inc...... 448,817 10,740,191 American Axle & Manufacturing Holdings Inc.(a)(b) . . . 2,735,790 26,427,731 Byline Bancorp Inc...... 622,020 13,155,723 Cooper Tire & Rubber Co...... 1,230,520 68,884,510 C&F Financial Corp...... 77,775 3,444,655 Cooper-Standard Holdings Inc.(a)(b) ...... 415,202 15,080,137 Cadence BanCorp...... 2,684,781 55,655,510 (a)(b) Dana Inc...... 3,530,326 85,892,832 California Bancorp Inc...... 164,459 2,929,015 Dorman Products Inc.(a)(b)...... 649,264 66,640,457 Cambridge Bancorp...... 153,185 12,916,559 Fox Factory Holding Corp.(a)(b) ...... 1,011,571 128,530,211 Camden National Corp...... 378,248 18,102,949 (a)(b) Gentherm Inc.(a)(b) ...... 802,835 59,498,102 Capital Bancorp Inc./MD ...... 194,633 3,754,471 Goodyear Tire & Rubber Co. (The)(b) ...... 5,653,984 99,340,499 Capital City Bank Group Inc...... 351,594 9,148,476 LCI Industries ...... 600,891 79,485,861 Capstar Financial Holdings Inc...... 396,388 6,837,693 (a)(b) Modine Manufacturing Co.(a)(b) ...... 1,226,253 18,111,757 Carter Bankshares Inc...... 613,878 8,569,737 Motorcar Parts of America Inc.(a)(b) ...... 462,487 10,405,957 Cathay General Bancorp...... 1,892,849 77,190,382 Patrick Industries Inc...... 541,450 46,023,250 CB Financial Services Inc...... 99,620 2,204,591 Standard Motor Products Inc...... 502,858 20,908,836 CBTX Inc...... 438,857 13,481,687 Stoneridge Inc.(a)(b) ...... 640,537 20,375,482 Central Pacific Financial Corp...... 550,458 14,686,219 Tenneco Inc., Class A(a)(b) ...... 1,246,781 13,365,492 Central Valley Community Bancorp...... 300,123 5,525,264 Visteon Corp.(a)(b)...... 677,698 82,645,271 Century Bancorp. Inc./MA, Class A, NVS ...... 74,315 6,934,333 XPEL Inc.(a)(b) ...... 414,199 21,509,354 Chemung Financial Corp...... 92,013 3,847,984 ChoiceOne Financial Services Inc...... 180,521 4,341,530 964,867,818 CIT Group Inc...... 2,431,685 125,256,094 Automobiles — 0.1% Citizens & Northern Corp...... 338,124 8,040,589 Winnebago Industries Inc...... 760,748 58,356,979 Citizens Holding Co...... 102,053 2,030,855 Workhorse Group Inc.(a)(b) ...... 2,280,329 31,400,130 City Holding Co...... 355,610 29,081,786 89,757,109 Civista Bancshares Inc...... 404,869 9,287,695 CNB Financial Corp./PA...... 383,716 9,443,251

S CHEDULE OF I NVESTMENTS 67 Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Banks (continued) Banks (continued) Coastal Financial Corp./WA(a)(b) ...... 220,989 $ 5,794,332 Glacier Bancorp. Inc...... 2,368,408 $ 135,188,729 Codorus Valley Bancorp. Inc...... 268,694 4,946,657 Great Southern Bancorp. Inc...... 293,224 16,617,004 Colony Bankcorp Inc...... 181,813 2,836,283 Great Western Bancorp. Inc.(a) ...... 1,239,025 37,530,067 Columbia Banking System Inc...... 1,586,606 68,366,853 Guaranty Bancshares Inc./TX ...... 221,426 8,137,405 Community Bank System Inc...... 1,195,790 91,741,009 Hancock Whitney Corp...... 2,143,795 90,060,828 Community Bankers Trust Corp...... 552,789 4,875,599 Hanmi Financial Corp...... 640,061 12,628,404 Community Financial Corp. (The)...... 114,212 3,911,761 Harborone Bancorp. Inc...... 1,338,116 18,024,423 Community Trust Bancorp. Inc...... 415,576 18,297,811 Hawthorn Bancshares Inc...... 168,184 3,580,637 ConnectOne Bancorp. Inc...... 944,993 23,955,573 HBT Financial Inc...... 263,798 4,516,222 County Bancorp. Inc...... 102,120 2,447,816 Heartland Financial USA Inc...... 878,540 44,155,420 CrossFirst Bankshares Inc.(a)(b)...... 1,225,025 16,893,095 Heritage Commerce Corp...... 1,529,284 18,687,850 Customers Bancorp. Inc.(b) ...... 673,349 21,425,965 Heritage Financial Corp./WA ...... 828,174 23,387,634 CVB Financial Corp...... 2,983,333 65,901,826 Hilltop Holdings Inc...... 1,641,820 56,035,317 Dime Community Bancshares Inc...... 884,473 26,658,016 Home BancShares Inc./AR...... 3,796,813 102,703,792 Eagle Bancorp. Inc...... 735,644 39,143,617 HomeTrust Bancshares Inc...... 416,276 10,136,321 Eagle Bancorp. Montana Inc...... 113,375 2,757,280 Hope Bancorp Inc...... 2,581,570 38,878,444 Eastern Bankshares Inc...... 4,136,625 79,795,496 Horizon Bancorp Inc./IN...... 1,121,666 20,840,554 Enterprise Bancorp. Inc./MA...... 231,251 7,520,283 Howard Bancorp. Inc.(a)(b) ...... 306,917 5,045,715 Enterprise Financial Services Corp...... 620,293 30,667,286 Independent Bank Corp...... 743,309 62,579,185 Equity Bancshares Inc., Class A(a)(b) ...... 369,877 10,134,630 Independent Bank Corp./MI ...... 573,813 13,564,939 Esquire Financial Holdings Inc.(a)(b) ...... 159,176 3,630,805 Independent Bank Group Inc...... 925,406 66,851,329 Evans Bancorp. Inc...... 131,528 4,457,484 International Bancshares Corp...... 1,336,119 62,022,644 Farmers & Merchants Bancorp. Inc./Archbold OH . . . 246,468 6,196,206 Investar Holding Corp...... 262,349 5,391,272 Farmers National Banc Corp...... 667,153 11,141,455 Investors Bancorp. Inc...... 5,500,562 80,803,256 FB Financial Corp...... 798,564 35,504,155 Lakeland Bancorp. Inc...... 1,274,373 22,212,321 Fidelity D&D Bancorp. Inc...... 100,883 6,204,304 Lakeland Financial Corp...... 614,473 42,515,387 Financial Institutions Inc...... 422,561 12,799,373 Landmark Bancorp. Inc./Manhattan KS ...... 74,453 1,967,048 First Bancorp. Inc. (The) ...... 274,218 8,004,423 LCNB Corp...... 337,104 5,899,320 First BanCorp./Puerto Rico...... 4,889,805 55,059,204 Level One Bancorp. Inc...... 120,480 3,105,974 First Bancorp./Southern Pines NC ...... 616,521 26,818,663 Limestone Bancorp. Inc.(b) ...... 115,510 1,830,834 First Bancshares Inc. (The) ...... 522,203 19,117,852 Live Oak Bancshares Inc.(a) ...... 705,093 48,291,820 First Bank/Hamilton NJ ...... 425,352 5,176,534 Macatawa Bank Corp...... 702,708 6,991,945 First Busey Corp...... 1,289,250 33,069,262 Mackinac Financial Corp...... 271,261 3,803,079 First Business Financial Services Inc...... 201,083 4,972,783 MainStreet Bancshares Inc.(a)(b) ...... 174,029 3,612,842 First Capital Inc.(a) ...... 85,690 4,173,960 Mercantile Bank Corp...... 419,454 13,619,671 First Choice Bancorp...... 281,001 6,831,134 Meridian Corp...... 105,766 2,749,916 First Commonwealth Financial Corp...... 2,010,661 28,893,199 Metrocity Bankshares Inc...... 459,751 7,070,970 First Community Bankshares Inc...... 430,065 12,897,649 Metropolitan Bank Holding Corp.(a)(b) ...... 187,075 9,421,097 First Community Corp./SC ...... 143,093 2,854,705 Mid Penn Bancorp. Inc...... 168,801 4,525,555 First Financial Bancorp...... 2,171,402 52,113,648 Middlefield Banc Corp...... 138,556 2,904,134 First Financial Bankshares Inc...... 3,189,769 149,057,905 Midland States Bancorp. Inc...... 526,577 14,607,246 First Financial Corp./IN ...... 340,150 15,310,151 MidWestOne Financial Group Inc...... 381,829 11,825,244 First Foundation Inc...... 1,015,309 23,819,149 MVB Financial Corp...... 264,621 8,944,190 First Guaranty Bancshares Inc...... 127,028 2,275,071 National Bank Holdings Corp., Class A...... 651,335 25,844,973 First Internet Bancorp...... 256,306 9,029,660 National Bankshares Inc...... 171,943 6,105,696 First Interstate BancSystem Inc., Class A ...... 1,016,110 46,781,704 NBT Bancorp. Inc...... 949,127 37,870,167 First Merchants Corp...... 1,351,343 62,837,449 Nicolet Bankshares Inc.(a)(b) ...... 231,668 19,335,011 First Mid Bancshares Inc...... 374,818 16,465,755 Northeast Bank(a) ...... 160,561 4,237,205 First Midwest Bancorp. Inc...... 2,692,291 58,988,096 Northrim Bancorp. Inc...... 158,521 6,738,728 First Northwest Bancorp...... 233,321 3,877,795 Norwood Financial Corp...... 144,320 3,840,355 First of Long Island Corp. (The) ...... 601,305 12,777,731 Oak Valley Bancorp...... 199,241 3,416,983 First Savings Financial Group Inc.(a) ...... 44,082 2,959,665 OceanFirst Financial Corp...... 1,509,135 36,128,692 First United Corp...... 155,983 2,748,420 OFG Bancorp...... 1,125,348 25,455,372 First Western Financial Inc.(a)(b) ...... 125,616 3,141,656 Ohio Valley Banc Corp...... 104,628 2,540,368 Flushing Financial Corp...... 763,315 16,205,177 Old National Bancorp./IN...... 3,593,889 69,505,813 FNCB Bancorp Inc...... 418,991 3,159,192 Old Second Bancorp. Inc...... 767,236 10,135,188 Franklin Financial Services Corp...... 120,405 3,754,228 Origin Bancorp Inc.(a) ...... 546,657 23,183,723 Fulton Financial Corp...... 3,969,831 67,606,222 Orrstown Financial Services Inc...... 283,646 6,325,306 FVCBankcorp Inc.(a)(b) ...... 296,684 5,138,567 Pacific Premier Bancorp. Inc...... 1,908,753 82,916,230 German American Bancorp. Inc...... 620,438 28,676,644 Park National Corp...... 361,437 46,733,804

68 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Banks (continued) Beverages — 0.3% Parke Bancorp. Inc...... 278,601 $ 5,569,234 Celsius Holdings Inc.(a)(b) ...... 887,550 $ 42,646,778 Partners Bancorp...... 168,185 1,229,432 Coca-Cola Consolidated Inc.(a) ...... 114,335 33,017,661 PCB Bancorp...... 350,957 5,264,355 MGP Ingredients Inc.(a) ...... 312,086 18,459,887 Peapack Gladstone Financial Corp...... 466,110 14,393,477 National Beverage Corp.(a) ...... 587,420 28,730,712 Penns Woods Bancorp. Inc...... 193,644 4,664,884 NewAge Inc.(a)(b) ...... 2,379,079 6,804,166 Peoples Bancorp. Inc./OH...... 486,455 16,135,712 Primo Water Corp.(a) ...... 3,817,464 62,071,965 Peoples Bancorp. of North Carolina Inc...... 111,080 2,625,931 191,731,169 Peoples Financial Services Corp...... 186,930 7,895,923 Biotechnology — 9.9% Plumas Bancorp...... 107,346 3,139,871 4D Molecular Therapeutics Inc.(a)(b)...... 176,914 7,674,529 Preferred Bank/Los Angeles CA ...... 330,232 21,029,174 89bio Inc.(a)(b) ...... 200,887 4,757,004 Premier Financial Bancorp. Inc...... 366,227 6,808,160 Abeona Therapeutics Inc.(a)(b) ...... 1,507,603 2,834,294 Primis Financial Corp., NVS...... 534,729 7,774,960 ADMA Biologics Inc.(a)(b) ...... 1,539,207 2,709,004 (a)(b) Professional Holding Corp., Class A ...... 239,752 4,404,244 Adverum Biotechnologies Inc.(a)(b) ...... 2,209,431 21,784,990 (a) QCR Holdings Inc...... 385,462 18,201,516 Aeglea BioTherapeutics Inc.(b) ...... 1,056,933 8,370,909 RBB Bancorp...... 438,666 8,891,760 Affimed NV(a)(b) ...... 2,729,256 21,588,415 (a) Red River Bancshares Inc...... 123,504 6,917,459 Agenus Inc.(a)(b) ...... 3,924,321 10,674,153 Reliant Bancorp Inc...... 394,297 11,324,210 Akebia Therapeutics Inc.(a)(b) ...... 3,685,529 12,475,516 Renasant Corp...... 1,257,695 52,043,419 Akero Therapeutics Inc.(a)(b) ...... 335,288 9,726,705 Republic Bancorp. Inc./KY, Class A ...... 256,213 11,347,674 Akouos Inc.(a)(b) ...... 569,970 7,905,484 (a)(b) Republic First Bancorp. Inc...... 1,141,015 4,301,627 Albireo Pharma Inc.(a)(b)...... 416,187 14,670,592 Richmond Mutual Bancorp. Inc...... 327,473 4,440,534 Alector Inc.(a)(b) ...... 1,153,385 23,229,174 S&T Bancorp. Inc...... 894,178 29,954,963 Aligos Therapeutics Inc.(a)(b)...... 237,958 5,411,165 (a) Salisbury Bancorp. Inc...... 61,385 2,726,108 Allakos Inc.(a)(b)...... 644,443 73,969,168 Sandy Spring Bancorp. Inc...... 1,161,002 50,422,317 Allogene Therapeutics Inc.(a)(b) ...... 1,314,909 46,416,288 SB Financial Group Inc...... 158,954 2,902,500 Allovir Inc.(b)...... 712,922 16,682,375 (a)(b) Seacoast Banking Corp. of Florida ...... 1,197,384 43,393,196 ALX Oncology Holdings Inc.(a)(b)...... 420,983 31,043,286 (a)(b) Select Bancorp. Inc...... 404,041 4,472,734 Amicus Therapeutics Inc.(a)(b) ...... 6,309,578 62,338,631 (a) ServisFirst Bancshares Inc...... 1,216,254 74,592,858 AnaptysBio Inc.(a)(b)...... 539,690 11,630,319 Shore Bancshares Inc...... 358,474 6,101,227 Anavex Life Sciences Corp.(a)(b) ...... 1,425,062 21,304,677 Sierra Bancorp...... 375,618 10,066,562 Anika Therapeutics Inc.(a)(b) ...... 352,798 14,390,630 (a)(b) Silvergate Capital Corp., Class A ...... 478,498 68,028,061 Annexon Inc.(a)(b) ...... 624,778 17,393,819 Simmons First National Corp., Class A...... 2,317,965 68,774,022 Apellis Pharmaceuticals Inc.(a)(b)...... 1,474,806 63,283,925 SmartFinancial Inc...... 355,680 7,700,472 Applied Genetic Technologies Corp./DE(a)(b) ...... 1,013,109 5,136,463 South Plains Financial Inc...... 251,835 5,721,691 Applied Molecular Transport Inc.(a)(b) ...... 530,771 23,359,232 South State Corp...... 1,729,804 135,806,912 Applied Therapeutics Inc.(b) ...... 335,161 6,285,945 (b) Southern First Bancshares Inc...... 173,875 8,151,260 Aprea Therapeutics Inc.(a)(b)...... 186,764 952,496 Southside Bancshares Inc...... 752,607 28,982,896 Aptinyx Inc., Class A(b) ...... 783,334 2,350,002 Spirit of Texas Bancshares Inc...... 340,209 7,590,063 Aravive Inc.(a)(b) ...... 300,787 1,982,186 Stock Yards Bancorp. Inc...... 525,566 26,835,400 Arcturus Therapeutics Holdings Inc.(a)(b) ...... 499,774 20,640,666 Summit Financial Group Inc...... 268,876 7,138,658 Arcus Biosciences Inc.(a)(b) ...... 1,027,867 28,862,505 (a)(b) Texas Capital Bancshares Inc...... 1,256,480 89,109,562 Arcutis Biotherapeutics Inc.(a)(b) ...... 559,497 16,186,248 Tompkins Financial Corp...... 354,613 29,326,495 Ardelyx Inc.(a)(b) ...... 1,813,240 12,003,649 Towne Bank/Portsmouth VA...... 1,682,319 51,142,498 Arena Pharmaceuticals Inc.(a)(b) ...... 1,429,884 99,219,651 TriCo Bancshares ...... 666,107 31,553,489 Arrowhead Pharmaceuticals Inc.(a)(b) ...... 2,500,975 165,839,652 (b) TriState Capital Holdings Inc...... 706,576 16,293,643 Assembly Biosciences Inc.(b) ...... 780,822 3,591,781 (b) Triumph Bancorp. Inc...... 547,295 42,355,160 Atara Biotherapeutics Inc.(b) ...... 1,917,531 27,535,745 Trustmark Corp...... 1,584,175 53,323,330 Athenex Inc.(a)(b)...... 1,741,736 7,489,465 UMB Financial Corp...... 1,083,198 100,011,671 Athersys Inc.(a)(b) ...... 4,235,690 7,624,242 United Bankshares Inc./WV ...... 3,067,863 118,358,155 Atreca Inc., Class A(a)(b)...... 692,924 10,622,525 United Community Banks Inc./GA ...... 1,659,960 56,637,835 AVEO Pharmaceuticals Inc.(a)(b) ...... 521,251 3,815,557 United Security Bancshares/Fresno CA...... 413,769 3,388,768 Avid Bioservices Inc.(a)(b)...... 1,444,712 26,337,100 Unity Bancorp. Inc...... 201,576 4,434,672 Avidity Biosciences Inc.(a)(b) ...... 728,306 15,884,354 Univest Financial Corp...... 756,547 21,629,679 Avrobio Inc.(a)(b) ...... 858,115 10,889,479 Valley National Bancorp...... 9,859,359 135,467,593 Axcella Health Inc.(a)(b)...... 339,071 1,613,978 Veritex Holdings Inc...... 1,065,870 34,875,266 Beam Therapeutics Inc.(a)(b) ...... 979,241 78,378,450 Washington Trust Bancorp. Inc...... 445,321 22,991,923 Beyondspring Inc.(a)(b) ...... 439,869 4,869,350 WesBanco Inc...... 1,635,096 58,961,562 BioAtla Inc.(a)(b) ...... 272,456 13,851,663 West Bancorp. Inc...... 425,805 10,257,642 BioCryst Pharmaceuticals Inc.(a)(b)...... 4,332,867 44,065,257 Westamerica Bancorp...... 598,059 37,546,144 Biohaven Pharmaceutical Holding Co. Ltd.(a)(b) ...... 1,180,684 80,699,751 5,926,820,398 Bioxcel Therapeutics Inc.(a)(b) ...... 316,865 13,675,893

S CHEDULE OF I NVESTMENTS 69 Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Biotechnology (continued) Biotechnology (continued) Black Diamond Therapeutics Inc.(a)(b) ...... 464,468 $ 11,267,994 Foghorn Therapeutics Inc.(a)(b) ...... 165,986 $ 2,187,695 Blueprint Medicines Corp.(a)(b) ...... 1,356,082 131,851,853 Forma Therapeutics Holdings Inc.(a)(b) ...... 725,919 20,340,250 Bolt Biotherapeutics Inc.(a)(b) ...... 285,345 9,390,704 Fortress Biotech Inc.(a)(b) ...... 1,536,675 5,424,463 BrainStorm Cell Therapeutics Inc.(a)(b) ...... 708,875 2,714,991 Frequency Therapeutics Inc.(a)(b) ...... 629,206 5,977,457 Bridgebio Pharma Inc.(a)(b) ...... 2,303,813 141,914,881 G1 Therapeutics Inc.(a)(b)...... 847,484 20,390,465 C4 Therapeutics Inc.(a)(b)...... 272,798 10,090,798 Galectin Therapeutics Inc.(a)(b) ...... 1,033,660 2,243,042 Cabaletta Bio Inc.(a)(b)...... 313,901 3,484,301 Galera Therapeutics Inc.(a)(b) ...... 193,748 1,708,857 Calithera Biosciences Inc.(a)(b)...... 1,655,503 4,006,317 Generation Bio Co.(a)(b) ...... 959,434 27,305,492 Calyxt Inc.(a)(b)...... 313,538 1,887,499 Genprex Inc.(a)(b) ...... 743,361 3,203,886 CareDx Inc.(a)(b) ...... 1,230,328 83,773,033 Geron Corp.(a)(b) ...... 7,117,626 11,245,849 CASI Pharmaceuticals Inc.(a)(b) ...... 1,371,170 3,290,808 GlycoMimetics Inc.(b) ...... 865,873 2,606,278 Catabasis Pharmaceutical Inc.(a)(b) ...... 450,535 1,302,046 Gossamer Bio Inc.(a)(b) ...... 1,406,456 13,009,718 Catalyst Biosciences Inc.(b)...... 681,509 3,434,805 Gritstone Oncology Inc.(a)(b) ...... 746,002 7,034,799 Catalyst Pharmaceuticals Inc.(a)(b) ...... 2,381,016 10,976,484 Halozyme Therapeutics Inc.(a)(b) ...... 3,261,682 135,979,523 CEL-SCI Corp.(a)(b) ...... 841,936 12,805,847 Harpoon Therapeutics Inc.(b) ...... 318,085 6,654,338 Centogene NV(a)(b) ...... 194,308 2,356,956 Heron Therapeutics Inc.(a)(b)...... 2,177,623 35,299,269 Checkmate Pharmaceuticals Inc.(a)(b) ...... 169,968 2,063,412 Homology Medicines Inc.(a)(b) ...... 855,560 8,050,820 Checkpoint Therapeutics Inc.(a)(b)...... 1,340,933 4,210,530 Hookipa Pharma Inc.(a)(b) ...... 294,305 3,958,402 ChemoCentryx Inc.(a)(b) ...... 1,209,030 61,950,697 iBio Inc.(a)(b) ...... 5,076,734 7,818,170 Chimerix Inc.(a)(b) ...... 1,430,005 13,785,248 Ideaya Biosciences Inc.(a)(b) ...... 421,407 9,903,064 Chinook Therapeutics Inc.(a)(b) ...... 350,183 5,441,844 IGM Biosciences Inc.(a)(b) ...... 182,357 13,984,958 Cidara Therapeutics Inc.(a)(b) ...... 800,316 2,128,841 Immunic Inc.(a)(b) ...... 134,409 2,142,479 Clovis Oncology Inc.(a)(b) ...... 2,064,047 14,489,610 ImmunityBio Inc.(a)(b)...... 815,272 19,354,557 Codiak Biosciences Inc.(a)(b)...... 125,051 1,885,769 ImmunoGen Inc.(a)(b)...... 4,696,500 38,041,650 Cohbar Inc.(a)(b)...... 473,562 644,044 Immunome Inc.(a)(b) ...... 52,204 1,768,672 Coherus Biosciences Inc.(a)(b) ...... 1,396,084 20,396,787 Immunovant Inc.(a)(b)...... 929,727 14,912,821 Concert Pharmaceuticals Inc.(b) ...... 721,194 3,598,758 Inhibrx Inc.(a)(b) ...... 190,098 3,815,267 Constellation Pharmaceuticals Inc.(a)(b) ...... 767,872 17,960,526 Inovio Pharmaceuticals Inc.(a)(b) ...... 4,534,463 42,079,817 ContraFect Corp.(a)(b) ...... 579,125 2,779,800 Inozyme Pharma Inc.(a)(b) ...... 265,565 5,258,187 Corbus Pharmaceuticals Holdings Inc.(a)(b) ...... 1,979,114 3,898,855 Insmed Inc.(a)(b)...... 2,484,065 84,607,254 Cortexyme Inc.(a)(b) ...... 397,874 14,335,400 Intellia Therapeutics Inc.(a)(b) ...... 1,342,662 107,755,339 Crinetics Pharmaceuticals Inc.(b) ...... 697,749 10,661,605 Intercept Pharmaceuticals Inc.(a)(b) ...... 646,502 14,921,266 Cue Biopharma Inc.(a)(b)...... 715,735 8,731,967 Invitae Corp.(a)(b) ...... 2,971,126 113,526,724 Cullinan Oncology Inc.(a)(b) ...... 306,844 12,786,189 Ironwood Pharmaceuticals Inc.(a)(b) ...... 3,883,027 43,412,242 Cyclerion Therapeutics Inc.(a)(b) ...... 563,988 1,573,527 iTeos Therapeutics Inc.(a)(b) ...... 465,205 15,900,707 Cytokinetics Inc.(a)(b) ...... 1,616,699 37,604,419 IVERIC bio Inc.(a)(b) ...... 2,068,594 12,783,911 CytomX Therapeutics Inc.(a)(b)...... 1,463,532 11,313,102 Jounce Therapeutics Inc.(a)(b) ...... 406,438 4,174,118 Decibel Therapeutics Inc.(a)(b) ...... 145,188 1,649,336 Kadmon Holdings Inc.(a)(b) ...... 4,284,295 16,665,908 Deciphera Pharmaceuticals Inc.(a)(b) ...... 958,690 42,987,660 KalVista Pharmaceuticals Inc.(a)(b) ...... 461,662 11,860,097 Denali Therapeutics Inc.(a)(b) ...... 1,542,672 88,086,571 Karuna Therapeutics Inc.(a)(b) ...... 385,265 46,320,411 Dermtech Inc.(a)(b) ...... 248,937 12,643,510 Karyopharm Therapeutics Inc.(a)(b)...... 1,743,884 18,345,660 Dicerna Pharmaceuticals Inc.(a)(b) ...... 1,606,906 41,088,586 Keros Therapeutics Inc.(a)(b) ...... 319,097 19,640,420 Dyadic International Inc.(a)(b) ...... 484,450 2,659,630 Kezar Life Sciences Inc.(a)(b) ...... 655,569 3,907,191 Dynavax Technologies Corp.(a)(b) ...... 2,638,571 25,937,153 Kindred Biosciences Inc.(a)(b) ...... 1,002,232 4,981,093 Dyne Therapeutics Inc.(a)(b) ...... 384,876 5,977,124 Kiniksa Pharmaceuticals Ltd., Class A(a)(b) ...... 687,186 12,719,813 Eagle Pharmaceuticals Inc./DE(a)(b)...... 258,346 10,783,362 Kinnate Biopharma Inc.(a)(b) ...... 310,117 9,663,246 Editas Medicine Inc.(a)(b) ...... 1,635,196 68,678,232 Kodiak Sciences Inc.(a)(b)...... 806,811 91,484,299 Eiger BioPharmaceuticals Inc.(a)(b)...... 787,367 6,968,198 Kronos Bio Inc.(a)(b) ...... 348,753 10,208,000 Emergent BioSolutions Inc.(a)(b) ...... 1,105,359 102,698,905 Krystal Biotech Inc.(a)(b) ...... 365,745 28,176,995 Enanta Pharmaceuticals Inc.(a)(b) ...... 473,425 23,349,321 Kura Oncology Inc.(a)(b) ...... 1,534,195 43,371,693 Enochian Biosciences Inc.(a)(b) ...... 343,585 1,216,291 Kymera Therapeutics Inc.(a)(b) ...... 255,250 9,919,015 Epizyme Inc.(a)(b) ...... 2,214,397 19,287,398 La Jolla Pharmaceutical Co.(a)(b)...... 503,332 2,134,128 Esperion Therapeutics Inc.(a)(b) ...... 642,554 18,023,640 Lexicon Pharmaceuticals Inc.(b) ...... 1,207,777 7,089,651 Evelo Biosciences Inc.(a)(b) ...... 544,018 5,820,993 Ligand Pharmaceuticals Inc.(b) ...... 354,059 53,976,295 Exicure Inc.(a)(b) ...... 1,420,260 3,096,167 LogicBio Therapeutics Inc.(b) ...... 373,894 2,721,948 Fate Therapeutics Inc.(a)(b) ...... 1,866,955 153,930,440 MacroGenics Inc.(a)(b) ...... 1,347,549 42,919,436 Fennec Pharmaceuticals Inc.(a)(b)...... 536,325 3,330,578 Madrigal Pharmaceuticals Inc.(a)(b)...... 217,856 25,482,616 FibroGen Inc.(a)(b)...... 2,069,398 71,828,805 Magenta Therapeutics Inc.(b) ...... 502,733 5,952,359 Five Prime Therapeutics Inc.(a)(b) ...... 768,507 28,949,659 MannKind Corp.(a)(b) ...... 5,602,352 21,961,220 Flexion Therapeutics Inc.(a)(b) ...... 1,134,328 10,152,236 Marker Therapeutics Inc.(a)(b)...... 662,589 1,484,199

70 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Biotechnology (continued) Biotechnology (continued) MediciNova Inc.(a)(b) ...... 1,088,860 $ 5,498,743 Scholar Rock Holding Corp.(a)(b) ...... 632,351 $ 32,034,902 MEI Pharma Inc.(a)(b)...... 2,728,092 9,357,356 Selecta Biosciences Inc.(a)(b) ...... 1,677,535 7,590,846 MeiraGTx Holdings PLC(b) ...... 510,303 7,363,672 Sensei Biotherapeutics Inc.(a)(b) ...... 151,229 2,197,357 Mersana Therapeutics Inc.(a)(b) ...... 1,327,068 21,471,960 Seres Therapeutics Inc.(a)(b) ...... 1,369,717 28,202,473 Metacrine Inc.(a)(b) ...... 132,108 819,070 Shattuck Labs Inc.(a)(b) ...... 328,797 9,614,024 Minerva Neurosciences Inc.(a)(b) ...... 840,352 2,453,828 Sigilon Therapeutics Inc.(a)(b) ...... 162,188 3,624,902 Mirati Therapeutics Inc.(a)(b) ...... 1,049,218 179,731,043 Silverback Therapeutics Inc.(a)(b) ...... 293,881 12,822,028 Mirum Pharmaceuticals Inc.(a)(b) ...... 151,294 2,998,647 Soleno Therapeutics Inc.(a)(b)...... 1,398,382 1,761,961 Molecular Templates Inc.(b)...... 654,991 8,265,986 Solid Biosciences Inc.(b)...... 740,794 4,096,591 Morphic Holding Inc.(a)(b) ...... 345,584 21,868,555 Sorrento Therapeutics Inc.(a)(b) ...... 6,146,966 50,835,409 Mustang Bio Inc.(a)(b)...... 1,341,581 4,454,049 Spectrum Pharmaceuticals Inc.(a)(b)...... 3,514,325 11,456,699 Myriad Genetics Inc.(a)(b) ...... 1,755,296 53,448,763 Spero Therapeutics Inc.(a)(b)...... 495,173 7,288,947 Natera Inc.(a)(b) ...... 1,846,194 187,462,539 SpringWorks Therapeutics Inc.(a)(b) ...... 594,863 43,764,071 Neoleukin Therapeutics Inc.(a)(b) ...... 796,302 9,802,478 Spruce Biosciences Inc.(a)(b)...... 159,707 2,651,136 NeuBase Therapeutics Inc.(a)(b)...... 429,985 3,177,589 SQZ Biotechnologies Co.(a)(b) ...... 103,091 1,410,285 NeuroBo Pharmaceuticals Inc.(a)(b) ...... 86,421 380,252 Stoke Therapeutics Inc.(a)(b) ...... 329,203 12,786,244 NexImmune Inc.(a)(b) ...... 120,929 2,307,325 Sutro Biopharma Inc.(a)(b) ...... 783,558 17,833,780 NextCure Inc.(a)(b) ...... 382,151 3,825,331 Syndax Pharmaceuticals Inc.(a)(b)...... 754,993 16,881,643 Nkarta Inc.(a)(b) ...... 490,522 16,138,174 Syros Pharmaceuticals Inc.(a)(b) ...... 1,137,930 8,511,716 Novavax Inc.(a)(b) ...... 1,506,111 273,072,985 Taysha Gene Therapies Inc.(a)(b)...... 200,072 4,061,462 Nurix Therapeutics Inc.(a)(b) ...... 573,774 17,838,634 TCR2 Therapeutics Inc.(a)(b) ...... 702,654 15,514,600 Nymox Pharmaceutical Corp.(a)(b) ...... 760,227 1,687,704 TG Therapeutics Inc.(a)(b) ...... 2,977,861 143,532,900 Olema Pharmaceuticals Inc.(b) ...... 277,455 9,205,957 Translate Bio Inc.(a)(b) ...... 1,705,795 28,128,560 Oncocyte Corp.(a)(b)...... 1,613,193 8,372,472 Travere Therapeutics Inc.(a)(b) ...... 1,334,178 33,314,425 Oncorus Inc.(a)(b) ...... 151,486 2,108,685 Turning Point Therapeutics Inc.(a)(b)...... 918,524 86,883,185 Oncternal Therapeutics Inc.(a)(b)(c) ...... 13,273 27,210 Twist Bioscience Corp.(a)(b)...... 1,146,463 142,000,907 OPKO Health Inc.(a)(b) ...... 9,786,657 41,984,759 Tyme Technologies Inc.(a)(b) ...... 1,763,044 3,138,218 Organogenesis Holdings Inc., Class A(b) ...... 596,058 10,860,177 Ultragenyx Pharmaceutical Inc.(a)(b)...... 1,558,434 177,443,295 Orgenesis Inc.(b)...... 408,931 2,343,175 UNITY Biotechnology Inc.(a)(b) ...... 840,151 5,040,906 ORIC Pharmaceuticals Inc.(a)(b) ...... 558,681 13,687,684 UroGen Pharma Ltd.(a)(b)...... 492,354 9,591,056 Ovid therapeutics Inc.(a)(b)...... 1,193,026 4,795,964 Vanda Pharmaceuticals Inc.(a)(b) ...... 1,323,848 19,884,197 Oyster Point Pharma Inc.(a)(b) ...... 140,324 2,565,123 Vaxart Inc.(a)(b)...... 1,301,701 7,875,291 Pandion Therapeutics Inc.(b) ...... 300,383 18,037,999 Vaxcyte Inc.(a)(b) ...... 693,118 13,689,080 Passage Bio Inc.(a)(b) ...... 690,977 12,078,278 VBI Vaccines Inc.(a)(b) ...... 4,453,789 13,851,284 PDL BioPharma Inc.(b)(c) ...... 11,823 29,203 Veracyte Inc.(a)(b) ...... 1,624,207 87,301,126 PhaseBio Pharmaceuticals Inc.(a)(b)...... 426,343 1,475,147 Verastem Inc.(a)(b) ...... 4,305,593 10,634,815 Pieris Pharmaceuticals Inc.(b) ...... 1,353,927 3,479,592 Vericel Corp.(a)(b) ...... 1,118,825 62,150,729 PMV Pharmaceuticals Inc.(a)(b) ...... 338,898 11,146,355 Viking Therapeutics Inc.(a)(b)...... 1,660,154 10,500,474 Poseida Therapeutics Inc.(a)(b)...... 756,227 7,221,968 Vir Biotechnology Inc.(a)(b)...... 1,315,550 67,448,248 Praxis Precision Medicines Inc.(a)(b)...... 280,185 9,178,861 Vor BioPharma Inc.(a)(b) ...... 263,921 11,374,995 Precigen Inc.(a)(b) ...... 1,762,075 12,140,697 Voyager Therapeutics Inc.(a)(b) ...... 660,454 3,110,738 Precision BioSciences Inc.(a)(b) ...... 1,164,414 12,051,685 vTv Therapeutics Inc., Class A(a)(b) ...... 186,763 526,672 Prelude Therapeutics Inc.(a)(b) ...... 232,288 10,065,039 X4 Pharmaceuticals Inc.(a)(b) ...... 384,567 3,311,122 Protagonist Therapeutics Inc.(b) ...... 855,541 22,158,512 XBiotech Inc.(a)(b) ...... 363,710 6,244,901 Protara Therapeutics Inc.(a)(b) ...... 86,933 1,368,325 Xencor Inc.(a)(b) ...... 1,375,293 59,220,117 Prothena Corp. PLC(a)(b) ...... 786,276 19,751,253 XOMA Corp.(a)(b)...... 143,369 5,850,889 PTC Therapeutics Inc.(a)(b) ...... 1,520,502 71,995,770 Y-mAbs Therapeutics Inc.(b) ...... 760,120 22,986,029 Puma Biotechnology Inc.(a)(b)...... 791,150 7,689,978 Zentalis Pharmaceuticals Inc.(a)(b) ...... 700,457 30,392,829 Radius Health Inc.(a)(b) ...... 1,118,314 23,328,030 ZIOPHARM Oncology Inc.(a)(b) ...... 5,338,850 19,219,860 (a)(b) Rapt Therapeutics Inc...... 281,535 6,250,077 6,873,332,428 (a)(b) REGENXBIO Inc...... 938,045 31,996,715 Building Products — 1.7% (a)(b) Relay Therapeutics Inc...... 1,115,286 38,555,437 AAON Inc.(a)...... 1,003,791 70,275,408 (a)(b) Replimune Group Inc...... 589,165 17,975,424 Advanced Drainage Systems Inc.(a)...... 1,379,602 142,637,051 (a)(b) REVOLUTION Medicines Inc...... 1,043,402 47,871,284 Alpha Pro Tech Ltd.(a)(b) ...... 315,049 3,074,878 (a)(b) Rhythm Pharmaceuticals Inc...... 926,492 19,706,485 American Woodmark Corp.(a)(b)...... 411,814 40,596,624 (a)(b) Rigel Pharmaceuticals Inc...... 4,321,668 14,780,105 Apogee Enterprises Inc...... 631,018 25,796,016 (a)(b) Rocket Pharmaceuticals Inc...... 913,687 40,540,292 Builders FirstSource Inc.(a)(b) ...... 4,971,014 230,505,919 (a)(b) Rubius Therapeutics Inc...... 885,938 23,477,357 Caesarstone Ltd...... 551,848 7,576,873 (a)(b) Sangamo Therapeutics Inc...... 2,859,758 35,832,768 Cornerstone Building Brands Inc.(a)(b) ...... 1,039,153 14,579,316 (b) Savara Inc...... 1,180,818 2,456,101 CSW Industrials Inc.(a) ...... 331,895 44,805,825

S CHEDULE OF I NVESTMENTS 71 Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Building Products (continued) Chemicals (continued) Gibraltar Industries Inc.(a)(b) ...... 799,198 $ 73,134,609 Hawkins Inc...... 471,825 $ 15,815,574 Griffon Corp...... 1,079,439 29,328,358 HB Fuller Co...... 1,275,583 80,246,926 Insteel Industries Inc...... 460,519 14,202,406 Ingevity Corp.(b) ...... 1,011,739 76,416,647 JELD-WEN Holding Inc.(b)...... 1,661,968 46,019,894 Innospec Inc...... 603,900 62,014,491 Masonite International Corp.(a)(b) ...... 596,036 68,687,189 Intrepid Potash Inc.(a)(b) ...... 239,075 7,784,282 PGT Innovations Inc.(b) ...... 1,389,576 35,086,794 Koppers Holdings Inc.(a)(b) ...... 501,291 17,424,875 Quanex Building Products Corp...... 812,782 21,319,272 Kraton Corp.(a)(b) ...... 766,887 28,060,395 Resideo Technologies Inc.(b) ...... 3,524,223 99,559,300 Kronos Worldwide Inc...... 576,482 8,820,175 Simpson Manufacturing Co. Inc...... 1,062,539 110,217,170 Livent Corp.(a)(b) ...... 3,598,353 62,323,474 UFP Industries Inc...... 1,450,798 110,028,520 Marrone Bio Innovations Inc.(a)(b) ...... 1,484,979 3,103,606 1,187,431,422 Minerals Technologies Inc...... 832,184 62,680,099 Capital Markets — 1.5% Orion Engineered Carbons SA ...... 1,449,173 28,577,692 Artisan Partners Asset Management Inc., Class A . . . 1,395,704 72,813,878 PQ Group Holdings Inc...... 946,966 15,814,332 (a) Assetmark Financial Holdings Inc.(b) ...... 416,949 9,731,590 Quaker Chemical Corp...... 325,580 79,366,637 (b) Associated Capital Group Inc., Class A ...... 38,941 1,396,424 Rayonier Advanced Materials Inc...... 1,517,568 13,764,342 B. Riley Financial Inc...... 491,786 27,726,895 Sensient Technologies Corp...... 1,037,751 80,944,578 BGC Partners Inc., Class A ...... 7,669,295 37,042,695 Stepan Co...... 528,198 67,139,248 (a)(b) Blucora Inc.(b) ...... 1,205,943 20,066,891 Trecora Resources ...... 538,317 4,182,723 BrightSphere Investment Group Inc.(a) ...... 1,520,798 30,993,863 Tredegar Corp...... 646,709 9,707,102 Cohen & Steers Inc...... 608,758 39,770,160 Trinseo SA ...... 938,747 59,770,021 Cowen Inc., Class A ...... 633,999 22,285,065 Tronox Holdings PLC, Class A...... 2,658,980 48,659,334 Diamond Hill Investment Group Inc...... 77,337 12,065,345 1,218,498,571 Donnelley Financial Solutions Inc.(a)(b) ...... 730,350 20,325,640 Commercial Services & Supplies — 1.9% Federated Hermes Inc...... 2,349,910 73,552,183 ABM Industries Inc...... 1,648,010 84,064,990 Focus Financial Partners Inc., Class A(a)(b) ...... 952,584 39,646,546 ACCO Brands Corp...... 2,275,682 19,206,756 GAMCO Investors Inc., Class A ...... 138,741 2,573,646 Brady Corp., Class A, NVS ...... 1,156,892 61,835,877 Greenhill & Co. Inc...... 376,543 6,205,429 BrightView Holdings Inc.(a)(b) ...... 1,008,886 17,019,907 Hamilton Lane Inc., Class A ...... 795,234 70,425,923 Brink's Co. (The)(a)...... 1,203,354 95,341,737 Houlihan Lokey Inc...... 1,267,803 84,321,578 Casella Waste Systems Inc., Class A(a)(b) ...... 1,190,029 75,650,144 Moelis & Co., Class A...... 1,293,487 70,986,567 CECO Environmental Corp.(a)(b) ...... 826,146 6,551,338 Oppenheimer Holdings Inc., Class A, NVS ...... 237,652 9,517,963 Cimpress PLC(a)(b)...... 436,368 43,693,528 Piper Sandler Cos...... 434,653 47,659,701 CompX International Inc...... 42,474 764,957 PJT Partners Inc., Class A(a) ...... 577,786 39,087,223 CoreCivic Inc...... 2,927,225 26,491,386 Pzena Investment Management Inc., Class A ...... 438,529 4,617,710 Covanta Holding Corp...... 2,898,822 40,177,673 Safeguard Scientifics Inc.(b) ...... 576,274 3,930,189 Deluxe Corp...... 1,024,160 42,973,754 Sculptor Capital Management Inc...... 449,416 9,833,222 Ennis Inc...... 607,987 12,980,523 Siebert Financial Corp.(a)(b)...... 174,197 705,498 Harsco Corp.(a)(b) ...... 1,938,009 33,236,854 Silvercrest Asset Management Group Inc., Class A . . 242,810 3,491,608 Healthcare Services Group Inc...... 1,837,271 51,498,706 StepStone Group Inc., Class A ...... 478,946 16,892,425 Heritage-Crystal Clean Inc.(b)...... 377,717 10,247,462 Stifel Financial Corp...... 2,446,140 156,699,728 Herman Miller Inc...... 1,447,860 59,579,439 StoneX Group Inc.(a)(b) ...... 407,578 26,647,450 HNI Corp...... 1,055,790 41,767,052 Value Line Inc...... 26,731 753,547 Interface Inc...... 1,431,203 17,861,413 Virtus Investment Partners Inc...... 181,608 42,768,684 KAR Auction Services Inc...... 3,163,367 47,450,505 Waddell & Reed Financial Inc., Class A ...... 1,509,030 37,801,201 Kimball International Inc., Class B ...... 881,456 12,340,384 Westwood Holdings Group Inc...... 227,035 3,282,926 Knoll Inc...... 1,229,416 20,297,658 WisdomTree Investments Inc...... 3,464,778 21,654,862 Matthews International Corp., Class A ...... 749,787 29,654,076 (a)(b) 1,067,274,255 Montrose Environmental Group Inc...... 506,225 25,407,433 Chemicals — 1.8% NL Industries Inc...... 213,472 1,590,366 Advanced Emissions Solutions Inc...... 402,598 2,214,289 Pitney Bowes Inc...... 3,824,565 31,514,416 AdvanSix Inc.(b) ...... 669,710 17,961,622 Quad/Graphics Inc...... 858,995 3,032,252 (a)(b) AgroFresh Solutions Inc.(a)(b) ...... 647,957 1,295,914 SP Plus Corp...... 569,517 18,674,462 American Vanguard Corp...... 724,254 14,782,024 Steelcase Inc., Class A ...... 2,130,700 30,660,773 (b) Amyris Inc.(a)(b) ...... 2,609,810 49,847,371 Team Inc...... 743,192 8,569,004 Avient Corp...... 2,241,429 105,952,349 Tetra Tech Inc...... 1,315,029 178,475,736 (b) Balchem Corp...... 787,005 98,698,297 U.S. Ecology Inc...... 772,817 32,180,100 (a) Chase Corp...... 182,305 21,218,479 UniFirst Corp./MA ...... 366,528 81,995,979 Ferro Corp.(a)(b)...... 1,985,737 33,479,526 Viad Corp...... 501,005 20,916,959 (b) FutureFuel Corp...... 729,248 10,595,973 Vidler Water Resouces Inc...... 407,265 3,624,659 GCP Applied Technologies Inc.(b) ...... 1,215,818 29,836,174

72 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Commercial Services & Supplies (continued) Consumer Finance — 0.7% VSE Corp...... 231,120 $ 9,129,240 Atlanticus Holdings Corp.(a)(b) ...... 101,042 $ 3,064,604 1,296,457,498 Curo Group Holdings Corp...... 458,116 6,683,912 (a)(b) Communications Equipment — 0.7% Encore Capital Group Inc...... 764,551 30,757,887 (a)(b) ADTRAN Inc...... 1,188,219 19,819,493 Enova International Inc...... 851,132 30,198,163 (a)(b) Applied Optoelectronics Inc.(a)(b)...... 579,698 4,846,275 EZCORP Inc., Class A, NVS ...... 1,182,025 5,874,664 CalAmp Corp.(b) ...... 842,521 9,141,353 FirstCash Inc...... 1,004,162 65,943,319 (a)(b) Calix Inc.(a)(b) ...... 1,289,517 44,694,659 Green Dot Corp., Class A ...... 1,215,589 55,661,820 (a)(b) Cambium Networks Corp.(a)(b) ...... 190,398 8,895,394 LendingClub Corp...... 1,755,450 29,000,034 Casa Systems Inc.(a)(b)...... 788,660 7,515,930 Navient Corp...... 4,524,503 64,745,638 Clearfield Inc.(a)(b) ...... 283,520 8,542,458 Nelnet Inc., Class A...... 416,907 30,325,815 (a)(b) Comtech Telecommunications Corp...... 624,965 15,524,131 Oportun Financial Corp...... 509,350 10,548,639 (b) Digi International Inc.(b) ...... 721,016 13,692,094 PRA Group Inc...... 1,109,188 41,117,599 DZS Inc.(a)(b) ...... 314,982 4,897,970 PROG Holdings Inc...... 1,654,287 71,614,084 Extreme Networks Inc.(b) ...... 2,968,057 25,970,499 Regional Management Corp...... 211,722 7,338,285 (a)(b) Genasys Inc.(a)(b) ...... 875,034 5,853,977 World Acceptance Corp...... 109,088 14,155,259 Harmonic Inc.(a)(b) ...... 2,346,403 18,395,799 467,029,722 Infinera Corp.(a)(b)...... 4,059,694 39,094,853 Containers & Packaging — 0.2% Inseego Corp.(a)(b) ...... 1,696,411 16,964,110 Greif Inc., Class A, NVS...... 631,890 36,017,730 KVH Industries Inc.(a)(b) ...... 391,498 4,964,195 Greif Inc., Class B ...... 147,081 8,418,917 NETGEAR Inc.(a)(b) ...... 735,328 30,221,981 Myers Industries Inc...... 888,270 17,552,215 NetScout Systems Inc.(a)(b)...... 1,728,725 48,680,896 O-I Glass Inc...... 3,833,151 56,500,646 PCTEL Inc...... 431,827 3,001,198 Pactiv Evergreen Inc.(a) ...... 980,219 13,468,209 Plantronics Inc...... 851,264 33,122,682 Ranpak Holdings Corp., Class A(a)(b)...... 705,287 14,148,057 Resonant Inc.(a)(b) ...... 1,260,021 5,342,489 UFP Technologies Inc.(a)(b) ...... 163,326 8,136,901 (a)(b) Ribbon Communications Inc...... 1,715,274 14,082,399 154,242,675 (b) Viavi Solutions Inc...... 5,582,611 87,646,993 Distributors — 0.1% 470,911,828 Core-Mark Holding Co. Inc...... 1,096,755 42,433,451 Construction & Engineering — 1.6% Funko Inc., Class A(a)(b) ...... 584,187 11,496,800 Aegion Corp., Class A(b) ...... 732,875 21,070,156 Greenlane Holdings Inc., Class A(a)(b)...... 337,253 1,789,127 Ameresco Inc., Class A(a)(b) ...... 615,715 29,942,221 Weyco Group Inc...... 167,618 3,625,578 (a)(b)(d) API Group Corp...... 3,430,513 70,943,009 59,344,956 Arcosa Inc...... 1,190,268 77,474,544 Diversified Consumer Services — 0.5% Argan Inc...... 366,964 19,577,529 Adtalem Global Education Inc.(a)(b) ...... 1,227,336 48,528,865 Comfort Systems USA Inc...... 877,874 65,638,639 American Public Education Inc.(b)...... 359,560 12,811,123 (a)(b) Concrete Pumping Holdings Inc...... 646,491 4,790,498 Aspen Group Inc./CO(a)(b) ...... 492,925 2,957,550 (a)(b) Construction Partners Inc., Class A ...... 670,809 20,043,773 Carriage Services Inc., Class A...... 410,250 14,436,698 (a)(b) Dycom Industries Inc...... 752,122 69,834,528 Houghton Mifflin Harcourt Co.(a)(b) ...... 2,639,034 20,109,439 EMCOR Group Inc...... 1,320,598 148,118,272 Laureate Education Inc., Class A(a)(b) ...... 2,626,559 35,694,937 Fluor Corp...... 3,453,536 79,742,146 OneSpaWorld Holdings Ltd.(b) ...... 1,146,029 12,205,209 Granite Construction Inc...... 1,152,860 46,402,615 Perdoceo Education Corp.(a)(b) ...... 1,710,744 20,460,498 (a)(b) Great Lakes Dredge & Dock Corp...... 1,569,520 22,883,602 Regis Corp.(a)(b) ...... 566,791 7,118,895 (a)(b) HC2 Holdings Inc...... 1,220,896 4,810,330 Strategic Education Inc...... 588,147 54,056,591 (a)(b) IES Holdings Inc...... 198,777 10,020,349 Stride Inc.(a)(b) ...... 984,881 29,654,767 (a)(b) MasTec Inc...... 1,378,881 129,201,150 Universal Technical Institute Inc.(a)(b)...... 755,193 4,410,327 (a)(b) Matrix Service Co...... 673,130 8,824,734 Vivint Smart Home Inc.(a)(b)...... 1,922,123 27,524,801 (a)(b) MYR Group Inc...... 398,705 28,575,187 WW International Inc.(a)(b) ...... 1,144,186 35,790,138 Northwest Pipe Co.(a)(b) ...... 239,443 8,002,185 325,759,838 NV5 Global Inc.(a)(b)...... 270,084 26,082,012 Diversified Financial Services — 0.2% Primoris Services Corp...... 1,179,988 39,093,002 Alerus Financial Corp...... 354,567 10,559,005 Sterling Construction Co. Inc.(a)(b) ...... 674,596 15,650,627 A-Mark Precious Metals Inc...... 113,519 4,086,684 Tutor Perini Corp.(a)(b)...... 999,663 18,943,614 Banco Latinoamericano de Comercio Exterior SA, WillScot Mobile Mini Holdings Corp.(a)(b) ...... 4,235,587 117,537,539 Class E...... 767,219 11,608,024 1,083,202,261 Cannae Holdings Inc.(a)(b) ...... 2,100,656 83,227,991 Construction Materials — 0.2% GWG Holdings Inc.(a)(b) ...... 81,566 570,146 (a)(b) Forterra Inc...... 699,919 16,273,117 Marlin Business Services Corp...... 269,229 3,672,284 (a)(b) Summit Materials Inc., Class A ...... 2,808,044 78,681,393 SWK Holdings Corp.(a)(b) ...... 70,406 1,023,703 U.S. Concrete Inc.(a)(b) ...... 391,486 28,703,753 114,747,837 United State Lime & Minerals Inc...... 47,894 6,403,907 Diversified Telecommunication Services — 0.7% 130,062,170 Alaska Communications Systems Group Inc...... 1,300,505 4,226,641

S CHEDULE OF I NVESTMENTS 73 Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Diversified Telecommunication Services (continued) Electronic Equipment, Instruments & Components (continued) Anterix Inc.(a)(b) ...... 271,210 $ 12,790,264 Iteris Inc.(a)(b) ...... 993,090 $ 6,127,365 ATN International Inc...... 283,618 13,931,316 Itron Inc.(b) ...... 1,077,024 95,478,178 Bandwidth Inc., Class A(a)(b) ...... 470,096 59,579,967 Kimball Electronics Inc.(a)(b) ...... 604,234 15,589,237 Cincinnati Bell Inc.(b) ...... 1,170,542 17,967,820 Knowles Corp.(a)(b)...... 2,152,949 45,039,693 Cogent Communications Holdings Inc...... 1,037,065 71,308,589 Luna Innovations Inc.(a)(b) ...... 765,372 8,059,367 Consolidated Communications Holdings Inc.(b) ...... 1,850,911 13,326,559 Methode Electronics Inc...... 897,146 37,662,189 IDT Corp., Class B(b)...... 475,373 10,771,952 MTS Systems Corp...... 484,078 28,173,340 Iridium Communications Inc.(a)(b) ...... 2,929,790 120,853,838 Napco Security Technologies Inc.(a)(b)...... 325,075 11,322,362 Liberty Latin America Ltd., Class A(a)(b)...... 1,158,210 14,859,834 nLight Inc.(a)(b)...... 873,038 28,286,431 Liberty Latin America Ltd., Class C, NVS(a)(b)...... 3,765,619 48,877,735 Novanta Inc.(a)(b)...... 839,069 110,664,810 Ooma Inc.(a)(b)...... 516,758 8,190,614 OSI Systems Inc.(a)(b) ...... 415,332 39,913,405 ORBCOMM Inc.(a)(b) ...... 1,835,795 14,007,116 PAR Technology Corp.(a)(b) ...... 469,405 30,703,781 Vonage Holdings Corp.(a)(b) ...... 5,741,334 67,862,568 PC Connection Inc.(a) ...... 278,614 12,924,903 (a)(b) 478,554,813 Plexus Corp...... 695,230 63,849,923 (a)(b) Electric Utilities — 0.6% Powerfleet Inc...... 733,006 6,025,309 (a)(b) ALLETE Inc...... 1,278,314 85,889,918 Research Frontiers Inc...... 636,392 1,807,353 (a)(b) Genie Energy Ltd., Class B ...... 351,936 2,231,274 Rogers Corp...... 456,645 85,945,155 (a)(b) MGE Energy Inc...... 893,715 63,802,314 Sanmina Corp...... 1,569,542 64,947,648 (b) Otter Tail Corp...... 1,006,418 46,466,319 ScanSource Inc...... 627,043 18,779,938 (a)(b) PNM Resources Inc...... 2,077,414 101,897,157 TTM Technologies Inc...... 2,403,948 34,857,246 Portland General Electric Co...... 2,181,707 103,565,631 Vishay Intertechnology Inc...... 3,262,494 78,560,856 (b) Spark Energy Inc., Class A...... 300,421 3,208,496 Vishay Precision Group Inc...... 301,013 9,274,211 Wrap Technologies Inc.(a)(b) ...... 324,456 1,803,975 407,061,109 Electrical Equipment — 1.7% 1,452,912,568 Allied Motion Technologies Inc.(a) ...... 181,575 9,320,245 Energy Equipment & Services — 0.8% American Superconductor Corp.(a)(b)...... 681,037 12,912,462 Archrock Inc...... 3,172,721 30,109,122 (a)(b) Atkore Inc.(a)(b) ...... 1,144,661 82,301,126 Aspen Aerogels Inc...... 490,083 9,968,288 (b) AZZ Inc...... 620,188 31,226,466 Bristow Group Inc...... 163,400 4,228,792 Bloom Energy Corp., Class A(a)(b)...... 2,171,969 58,751,761 Cactus Inc., Class A ...... 1,163,207 35,617,398 (a)(b) Encore Wire Corp...... 493,439 33,124,560 ChampionX Corp...... 4,548,839 98,846,272 EnerSys...... 1,038,423 94,288,808 Custom Truck One Source Inc., NVS ...... 294,422 2,752,846 (a) FuelCell Energy Inc.(a)(b) ...... 7,706,962 111,057,322 DMC Global Inc...... 355,813 19,306,413 (a)(b) LSI Industries Inc...... 623,688 5,320,059 Dril-Quip Inc...... 853,901 28,375,130 (a)(b) Orion Energy Systems Inc.(a)(b) ...... 650,144 4,525,002 Exterran Corp...... 674,187 2,265,268 (b) Plug Power Inc.(a)(b)...... 10,069,175 360,879,232 Frank's International NV ...... 3,925,768 13,936,476 (a)(b) Powell Industries Inc...... 234,503 7,942,617 Helix Energy Solutions Group Inc...... 3,479,612 17,572,041 Preformed Line Products Co...... 74,119 5,095,681 Liberty Oilfield Services Inc., Class A ...... 2,010,075 22,693,747 (a) Sunrun Inc.(a)(b)...... 3,887,470 235,114,186 Nabors Industries Ltd...... 173,622 16,224,976 (a)(b) Thermon Group Holdings Inc.(a)(b) ...... 804,128 15,672,455 National Energy Services Reunited Corp...... 507,208 6,274,163 (a)(b) TPI Composites Inc.(a)(b) ...... 748,468 42,236,049 Newpark Resources Inc...... 2,184,620 6,859,707 (a)(b) Ultralife Corp.(b) ...... 155,318 1,286,033 NexTier Oilfield Solutions Inc...... 4,009,818 14,916,523 (b) Vicor Corp.(a)(b) ...... 467,145 39,721,339 Oceaneering International Inc...... 2,432,455 27,778,636 Oil States International Inc.(b)...... 1,442,606 8,698,914 1,150,775,403 Patterson-UTI Energy Inc...... 4,495,985 32,056,373 Electronic Equipment, Instruments & Components — 2.1% ProPetro Holding Corp.(b) ...... 1,962,963 20,925,186 908 Devices Inc.(a)(b)...... 157,641 7,645,589 RPC Inc.(b) ...... 1,391,580 7,514,532 Akoustis Technologies Inc.(a)(b) ...... 869,465 11,598,663 Select Energy Services Inc., Class A(a)(b) ...... 1,450,557 7,223,774 Arlo Technologies Inc.(b) ...... 1,947,256 12,228,768 Solaris Oilfield Infrastructure Inc., Class A...... 730,607 8,964,548 Badger Meter Inc...... 713,527 66,407,958 Tidewater Inc.(a)(b) ...... 843,119 10,564,281 Bel Fuse Inc., Class B, NVS...... 259,036 5,152,226 Transocean Ltd.(a)(b) ...... 14,182,651 50,348,411 Belden Inc...... 1,075,111 47,702,675 U.S. Silica Holdings Inc...... 1,783,867 21,923,726 Benchmark Electronics Inc...... 892,415 27,593,472 CTS Corp.(a)...... 786,094 24,416,080 525,945,543 Daktronics Inc...... 1,007,325 6,315,928 Entertainment — 0.4% (a) ePlus Inc.(a)(b) ...... 327,501 32,632,200 AMC Entertainment Holdings Inc., Class A ...... 9,248,361 94,425,766 Fabrinet(a)(b) ...... 897,550 81,129,544 Cinemark Holdings Inc...... 2,618,686 53,447,381 (a)(b) FARO Technologies Inc.(a)(b) ...... 432,720 37,460,570 Eros STX Global Corp...... 3,872,299 7,008,861 (a)(b) II-VI Inc.(a)(b)...... 2,514,667 171,927,783 Gaia Inc., Class A ...... 315,321 3,749,167 (b) Insight Enterprises Inc.(a)(b)...... 848,887 81,000,798 Glu Mobile Inc...... 3,633,022 45,340,115 (a)(b) Intellicheck Inc.(a)(b) ...... 465,828 3,903,639 IMAX Corp...... 1,209,393 24,308,799

74 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Entertainment (continued) Equity Real Estate Investment Trusts (REITs) (continued) Liberty Media Corp.-Liberty Braves, Class A(a)(b) .... 255,617 $ 7,287,641 NETSTREIT Corp...... 474,695 $ 8,777,111 Liberty Media Corp.-Liberty Braves, New Senior Investment Group Inc...... 2,098,398 13,073,020 Class C, NVS(a)(b) ...... 900,847 25,061,563 NexPoint Residential Trust Inc...... 531,071 24,477,062 LiveXLive Media Inc.(a)(b)...... 1,086,035 4,713,392 Office Properties Income Trust ...... 1,187,849 32,689,604 Marcus Corp. (The) ...... 554,231 11,079,078 One Liberty Properties Inc...... 398,175 8,867,357 (a) 276,421,763 Pebblebrook Hotel Trust ...... 3,192,432 77,544,173 Equity Real Estate Investment Trusts (REITs) — 5.1% Physicians Realty Trust ...... 5,120,477 90,478,829 Acadia Realty Trust ...... 1,943,649 36,871,022 Piedmont Office Realty Trust Inc., Class A ...... 3,045,249 52,895,975 Agree Realty Corp...... 1,500,659 101,009,357 Plymouth Industrial REIT Inc...... 561,953 9,468,908 Alexander & Baldwin Inc...... 1,774,517 29,794,140 PotlatchDeltic Corp...... 1,607,871 85,088,533 Alexander's Inc...... 51,574 14,301,470 Preferred Apartment Communities Inc., Class A . . . . . 1,226,158 12,077,656 Alpine Income Property Trust Inc...... 170,705 2,963,439 PS Business Parks Inc...... 491,992 76,052,123 American Assets Trust Inc...... 1,231,433 39,947,686 QTS Realty Trust Inc., Class A ...... 1,567,740 97,262,590 American Finance Trust Inc...... 2,707,752 26,590,125 Retail Opportunity Investments Corp...... 2,816,084 44,691,253 Armada Hoffler Properties Inc...... 1,433,632 17,977,745 Retail Properties of America Inc., Class A ...... 5,214,327 54,646,147 Bluerock Residential Growth REIT Inc., Class A ..... 538,478 5,444,013 Retail Value Inc...... 389,147 7,280,940 Broadstone Net Lease Inc...... 885,350 16,201,905 RLJ Lodging Trust ...... 4,028,528 62,361,613 BRT Apartments Corp...... 300,812 5,065,674 RPT Realty...... 1,995,782 22,771,873 (a) CareTrust REIT Inc...... 2,256,891 52,551,707 Ryman Hospitality Properties Inc...... 1,236,408 95,833,984 CatchMark Timber Trust Inc., Class A...... 1,258,550 12,812,039 Sabra Health Care REIT Inc...... 5,041,789 87,525,457 (a) Centerspace ...... 322,171 21,907,628 Safehold Inc...... 445,406 31,222,961 Chatham Lodging Trust ...... 1,146,758 15,091,335 Saul Centers Inc...... 293,445 11,770,079 (b) CIM Commercial Trust Corp...... 294,768 3,799,560 Seritage Growth Properties, Class A ...... 843,304 15,474,628 City Office REIT Inc...... 1,064,529 11,305,298 Service Properties Trust...... 3,992,696 47,353,375 Clipper Realty Inc...... 401,406 3,179,136 SITE Centers Corp...... 3,754,863 50,915,942 Colony Capital Inc...... 11,783,179 76,355,000 STAG Industrial Inc...... 3,883,065 130,509,815 Columbia Property Trust Inc...... 2,816,119 48,155,635 Summit Hotel Properties Inc...... 2,590,172 26,316,148 Community Healthcare Trust Inc...... 539,892 24,899,819 Sunstone Hotel Investors Inc...... 5,289,578 65,908,142 CorEnergy Infrastructure Trust Inc...... 345,103 2,439,878 Tanger Factory Outlet Centers Inc...... 2,217,215 33,546,463 CorePoint Lodging Inc...... 1,038,863 9,380,933 Terreno Realty Corp...... 1,658,054 95,785,780 CTO Realty Growth Inc...... 148,092 7,702,265 UMH Properties Inc...... 932,004 17,866,517 DiamondRock Hospitality Co.(b) ...... 4,866,815 50,128,194 Uniti Group Inc...... 4,751,032 52,403,883 Diversified Healthcare Trust ...... 5,833,303 27,883,188 Universal Health Realty Income Trust...... 319,236 21,637,816 Easterly Government Properties Inc...... 1,990,890 41,271,150 Urban Edge Properties...... 2,832,976 46,800,763 EastGroup Properties Inc...... 958,219 137,293,618 Urstadt Biddle Properties Inc., Class A...... 719,216 11,974,946 Essential Properties Realty Trust Inc...... 2,550,612 58,230,472 Washington REIT...... 2,075,916 45,877,744 Farmland Partners Inc...... 640,667 7,181,877 Whitestone REIT ...... 978,496 9,491,411 Four Corners Property Trust Inc...... 1,766,619 48,405,361 Xenia Hotels & Resorts Inc...... 2,760,770 53,835,015 Franklin Street Properties Corp...... 2,655,448 14,472,192 3,560,309,230 GEO Group Inc. (The) ...... 2,595,671 20,142,407 Food & Staples Retailing — 0.8% Getty Realty Corp...... 856,166 24,246,621 Andersons Inc. (The) ...... 759,366 20,791,441 Gladstone Commercial Corp...... 829,984 16,234,487 BJ's Wholesale Club Holdings Inc.(a)(b)...... 3,354,451 150,480,672 Gladstone Land Corp...... 486,269 8,898,723 Chefs' Warehouse Inc. (The)(a)(b) ...... 753,758 22,959,469 Global Medical REIT Inc...... 1,114,305 14,608,539 HF Foods Group Inc.(a)(b) ...... 907,361 6,551,146 Global Net Lease Inc...... 2,208,338 39,882,584 Ingles Markets Inc., Class A ...... 347,997 21,454,015 Healthcare Realty Trust Inc...... 3,396,541 102,983,123 Natural Grocers by Vitamin Cottage Inc...... 240,158 4,214,773 Hersha Hospitality Trust, Class A(b) ...... 860,573 9,079,045 Performance Food Group Co.(a)(b) ...... 3,212,799 185,089,350 Independence Realty Trust Inc...... 2,410,475 36,639,220 PriceSmart Inc...... 554,422 53,640,329 Indus Realty Trust Inc...... 74,560 4,485,530 Rite Aid Corp.(a)(b) ...... 1,341,703 27,451,243 Industrial Logistics Properties Trust...... 1,593,926 36,867,508 SpartanNash Co...... 877,534 17,225,992 Innovative Industrial Properties Inc...... 572,359 103,116,197 United Natural Foods Inc.(a)(b) ...... 1,372,683 45,216,178 iStar Inc...... 1,749,004 31,097,291 Village Super Market Inc., Class A...... 228,785 5,392,463 Kite Realty Group Trust ...... 2,060,042 39,738,210 Weis Markets Inc...... 236,682 13,377,267 Lexington Realty Trust ...... 6,700,037 74,437,411 573,844,338 LTC Properties Inc...... 953,872 39,795,540 Food Products — 1.4% Macerich Co. (The) ...... 3,649,197 42,695,605 Alico Inc...... 113,012 3,374,538 Mack-Cali Realty Corp...... 2,129,179 32,959,691 B&G Foods Inc...... 1,559,992 48,453,352 Monmouth Real Estate Investment Corp...... 2,316,338 40,976,019 Bridgford Foods Corp.(a)(b) ...... 42,580 659,990 National Health Investors Inc...... 1,066,927 77,117,484 Calavo Growers Inc...... 410,188 31,846,996 National Storage Affiliates Trust ...... 1,531,167 61,139,498

S CHEDULE OF I NVESTMENTS 75 Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Food Products (continued) Health Care Equipment & Supplies (continued) Cal-Maine Foods Inc.(a)(b) ...... 899,940 $ 34,575,695 Eargo Inc.(a)(b) ...... 198,428 $ 9,911,479 Darling Ingredients Inc.(b) ...... 3,929,459 289,129,593 Electromed Inc.(a)(b)...... 175,033 1,844,848 Farmer Bros. Co.(a)(b) ...... 391,943 4,091,885 FONAR Corp.(b) ...... 138,970 2,513,967 Fresh Del Monte Produce Inc...... 766,232 21,937,222 GenMark Diagnostics Inc.(a)(b) ...... 1,706,730 40,790,847 Freshpet Inc.(a)(b) ...... 998,963 158,645,314 Glaukos Corp.(a)(b) ...... 1,046,721 87,851,294 Hostess Brands Inc.(a)(b) ...... 2,990,901 42,889,520 Heska Corp.(a)(b)...... 172,536 29,065,415 J&J Snack Foods Corp...... 366,322 57,523,544 Inari Medical Inc.(a)(b) ...... 399,392 42,734,944 John B Sanfilippo & Son Inc...... 218,645 19,758,949 Inogen Inc.(b) ...... 452,479 23,764,197 Laird Superfood Inc.(a)(b) ...... 69,153 2,591,163 Integer Holdings Corp.(a)(b) ...... 800,259 73,703,854 Lancaster Colony Corp...... 462,089 81,031,927 Intersect ENT Inc.(b) ...... 809,791 16,908,436 Landec Corp.(a)(b)...... 655,777 6,951,236 IntriCon Corp.(a)(b) ...... 234,005 5,999,888 Limoneira Co...... 414,849 7,259,858 Invacare Corp...... 871,600 6,990,232 Mission Produce Inc.(a)(b)...... 152,453 2,898,132 iRadimed Corp.(b)...... 137,837 3,552,059 Sanderson Farms Inc...... 493,043 76,806,239 iRhythm Technologies Inc.(a)(b) ...... 708,074 98,323,156 Seneca Foods Corp., Class A(b) ...... 149,525 7,041,132 Lantheus Holdings Inc.(a)(b)...... 1,639,670 35,039,748 Simply Good Foods Co. (The)(a)(b) ...... 2,083,986 63,394,854 LeMaitre Vascular Inc...... 413,679 20,179,262 Tootsie Roll Industries Inc...... 415,072 13,751,318 LENSAR Inc.(a)(b) ...... 208,651 1,514,806 Vital Farms Inc.(a)(b)...... 558,797 12,204,126 LivaNova PLC(a)(b) ...... 1,196,230 88,198,038 (a)(b) 986,816,583 Lucira Health Inc...... 216,005 2,613,661 (a)(b) Gas Utilities — 0.8% Meridian Bioscience Inc...... 1,038,170 27,251,963 (a)(b) Brookfield Infrastructure Corp., Class A ...... 777,059 59,343,996 Merit Medical Systems Inc...... 1,328,695 79,562,257 (a) Chesapeake Utilities Corp...... 421,773 48,959,410 Mesa Laboratories Inc...... 113,875 27,728,562 (a)(b) New Jersey Resources Corp...... 2,333,193 93,024,405 Milestone Scientific Inc...... 1,087,451 3,882,200 (a)(b) Northwest Natural Holding Co...... 747,332 40,318,561 Misonix Inc...... 310,586 6,084,380 (a)(b) ONE Gas Inc...... 1,276,649 98,187,074 Natus Medical Inc...... 831,874 21,304,293 (a)(b) RGC Resources Inc...... 171,911 3,812,986 Nemaura Medical Inc...... 175,364 1,339,781 (a)(b) South Jersey Industries Inc.(a) ...... 2,472,529 55,829,705 Neogen Corp...... 1,290,668 114,727,479 (a)(b) Southwest Gas Holdings Inc...... 1,391,949 95,640,816 Nevro Corp...... 833,673 116,297,383 (a)(b) Spire Inc...... 1,229,043 90,813,987 NuVasive Inc...... 1,256,039 82,345,917 OraSure Technologies Inc.(a)(b) ...... 1,730,007 20,189,182 585,930,940 Ortho Clinical Diagnostics Holdings PLC(b) ...... 2,158,896 41,655,898 Health Care Equipment & Supplies — 3.3% Orthofix Medical Inc.(b) ...... 460,130 19,946,636 Accelerate Diagnostics Inc.(a)(b) ...... 741,473 6,169,055 OrthoPediatrics Corp.(a)(b) ...... 324,927 15,840,191 Accuray Inc.(a)(b) ...... 2,313,575 11,452,196 Outset Medical Inc.(a)(b) ...... 250,291 13,613,327 Acutus Medical Inc.(a)(b) ...... 333,459 4,458,347 PAVmed Inc.(a)(b) ...... 1,429,689 6,347,819 Alphatec Holdings Inc.(b) ...... 1,347,771 21,281,304 Pulmonx Corp.(a)(b) ...... 291,712 13,342,907 AngioDynamics Inc.(a)(b)...... 924,421 21,631,451 Pulse Biosciences Inc.(a)(b) ...... 344,362 8,154,492 Antares Pharma Inc.(a)(b) ...... 3,949,583 16,232,786 Quotient Ltd.(a)(b) ...... 1,753,571 6,453,141 Apyx Medical Corp.(a)(b) ...... 891,290 8,609,861 Repro-Med Systems Inc.(a)(b) ...... 604,139 2,126,569 Aspira Women's Health Inc.(a)(b) ...... 1,992,210 13,447,418 Retractable Technologies Inc.(a)(b) ...... 350,516 4,493,615 AtriCure Inc.(a)(b)...... 1,072,047 70,240,519 Rockwell Medical Inc.(a)(b) ...... 1,814,819 2,105,190 Atrion Corp...... 34,215 21,942,422 SeaSpine Holdings Corp.(b) ...... 660,064 11,485,114 Avanos Medical Inc.(a)(b) ...... 1,169,381 51,148,725 Shockwave Medical Inc.(a)(b) ...... 698,839 91,030,768 Axogen Inc.(a)(b) ...... 895,377 18,140,338 SI-BONE Inc.(b)...... 697,648 22,192,183 Axonics Modulation Technologies Inc.(a)(b) ...... 741,265 44,394,361 Sientra Inc.(a)(b) ...... 1,212,704 8,840,612 Bellerophon Therapeutics Inc.(a)(b) ...... 89,116 462,512 Silk Road Medical Inc.(a)(b) ...... 678,440 34,362,986 Beyond Air Inc.(a)(b) ...... 314,992 1,732,456 Soliton Inc.(a)(b) ...... 146,898 2,580,998 BioLife Solutions Inc.(a)(b) ...... 358,894 12,920,184 STAAR Surgical Co.(a)(b) ...... 1,122,663 118,339,907 BioSig Technologies Inc.(a)(b) ...... 529,740 2,283,179 Stereotaxis Inc.(b) ...... 1,118,142 7,513,914 Bioventus Inc., Class A(a)(b) ...... 138,824 2,121,231 Surgalign Holdings Inc.(a)(b) ...... 2,199,827 4,795,623 Cantel Medical Corp.(b) ...... 927,961 74,088,406 Surmodics Inc.(b) ...... 338,220 18,963,995 Cardiovascular Systems Inc.(a)(b) ...... 955,994 36,652,810 Tactile Systems Technology Inc.(a)(b) ...... 446,757 24,343,789 Cerus Corp.(a)(b) ...... 3,971,494 23,868,679 Talis Biomedical Corp.(a)(b) ...... 288,784 3,710,874 Chembio Diagnostics Inc.(a)(b) ...... 459,762 1,613,765 Tela Bio Inc.(a)(b) ...... 133,230 1,985,127 Co-Diagnostics Inc.(a)(b) ...... 641,486 6,119,776 TransMedics Group Inc.(a)(b)...... 616,241 25,567,839 CONMED Corp...... 665,067 86,851,100 Utah Medical Products Inc...... 85,817 7,431,752 CryoLife Inc.(a)(b)...... 937,665 21,172,476 Vapotherm Inc.(a)(b) ...... 504,843 12,126,329 CryoPort Inc.(a)(b) ...... 971,302 50,517,417 Varex Imaging Corp.(a)(b) ...... 963,018 19,732,239 Cutera Inc.(a)(b) ...... 430,000 12,921,500 Venus Concept Inc.(b) ...... 417,238 980,509 CytoSorbents Corp.(a)(b)...... 1,012,013 8,784,273 ViewRay Inc.(a)(b) ...... 2,884,163 12,546,109

76 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Health Care Equipment & Supplies (continued) Health Care Technology (continued) VolitionRx Ltd.(a)(b) ...... 592,409 $ 2,239,306 HMS Holdings Corp.(b) ...... 2,135,766 $ 78,969,948 Zynex Inc.(a)(b)...... 458,716 7,004,593 Icad Inc.(b)...... 491,454 10,428,654 (a)(b) 2,315,326,426 Inovalon Holdings Inc., Class A ...... 1,826,927 52,578,959 (a)(b) Health Care Providers & Services — 2.7% Inspire Medical Systems Inc...... 641,572 132,798,988 (a)(b) 1Life Healthcare Inc.(a)(b) ...... 1,927,333 75,320,174 NantHealth Inc...... 672,091 2,157,412 (a)(b) Accolade Inc.(a)(b)...... 768,892 34,884,630 NextGen Healthcare Inc...... 1,353,020 24,489,662 (a)(b) AdaptHealth Corp.(a)(b) ...... 1,808,347 66,474,836 Omnicell Inc...... 1,039,962 135,059,865 (a)(b) Addus HomeCare Corp.(a)(b)...... 363,860 38,056,117 OptimizeRx Corp...... 394,849 19,248,889 (b) AMN Healthcare Services Inc.(b)...... 1,141,876 84,156,261 Phreesia Inc...... 820,072 42,725,751 (a)(b) Apollo Medical Holdings Inc.(a)(b) ...... 470,471 12,745,059 Schrodinger Inc...... 733,998 55,996,707 (a) Apria Inc.(a)(b)...... 149,630 4,179,166 Simulations Plus Inc...... 366,109 23,152,733 (a)(b) Avalon GloboCare Corp.(a)(b) ...... 529,970 567,068 Tabula Rasa HealthCare Inc...... 529,838 24,399,040 (a)(b) Biodesix Inc.(a)(b) ...... 74,772 1,518,619 Vocera Communications Inc...... 788,049 30,308,364 Brookdale Senior Living Inc.(b)...... 4,483,069 27,122,567 791,057,408 Castle Biosciences Inc.(a)(b) ...... 352,319 24,119,759 Hotels, Restaurants & Leisure — 4.0% Community Health Systems Inc.(b)...... 2,085,419 28,194,865 Accel Entertainment Inc.(a)(b) ...... 1,213,803 13,266,867 CorVel Corp.(b) ...... 219,957 22,565,389 Bally's Corp...... 445,527 28,950,344 Covetrus Inc.(a)(b) ...... 2,854,891 85,561,083 Biglari Holdings Inc., Class A(b) ...... 1,522 1,028,141 Cross Country Healthcare Inc.(b)...... 874,227 10,919,095 Biglari Holdings Inc., Class B, NVS(a)(b) ...... 26,818 3,560,358 Ensign Group Inc. (The)...... 1,269,273 119,108,578 BJ's Restaurants Inc.(a)(b) ...... 540,993 31,420,873 Enzo Biochem Inc.(a)(b)...... 1,064,783 3,662,854 Bloomin' Brands Inc...... 2,139,390 57,870,500 Exagen Inc.(b) ...... 119,749 2,095,608 Bluegreen Vacations Corp...... 152,587 1,644,888 Five Star Senior Living Inc.(a)(b)...... 421,950 2,582,334 Bluegreen Vacations Holding Corp., Class A(b) ...... 248,763 4,612,066 Fulgent Genetics Inc.(a)(b) ...... 329,704 31,856,000 Boyd Gaming Corp.(b)...... 1,989,711 117,313,361 Hanger Inc.(a)(b)...... 908,210 20,725,352 Brinker International Inc...... 1,099,419 78,124,714 HealthEquity Inc.(a)(b) ...... 1,965,448 133,650,464 Caesars Entertainment Inc.(a)(b) ...... 4,398,341 384,634,920 InfuSystem Holdings Inc.(b)...... 346,634 7,057,468 Carrols Restaurant Group Inc.(a)(b)...... 936,029 5,602,134 Joint Corp. (The)(a)(b) ...... 326,015 15,769,346 Century Casinos Inc.(a)(b)...... 683,619 7,020,767 LHC Group Inc.(a)(b)...... 739,930 141,482,015 Cheesecake Factory Inc. (The)(a) ...... 1,040,299 60,867,895 Magellan Health Inc.(a)(b) ...... 583,825 54,435,843 Churchill Downs Inc.(a) ...... 930,367 211,584,063 MEDNAX Inc.(a)(b) ...... 1,826,331 46,516,651 Chuy's Holdings Inc.(a)(b) ...... 474,863 21,045,928 ModivCare Inc.(a)(b) ...... 297,533 44,070,588 Cracker Barrel Old Country Store Inc...... 579,948 100,261,410 National HealthCare Corp...... 310,603 24,199,080 Dave & Buster's Entertainment Inc.(b) ...... 1,080,949 51,777,457 National Research Corp.(a) ...... 334,853 15,681,166 Del Taco Restaurants Inc...... 790,732 7,575,213 Ontrak Inc.(a)(b) ...... 207,867 6,768,150 Denny's Corp.(a)(b) ...... 1,527,592 27,664,691 Option Care Health Inc.(a)(b) ...... 2,061,997 36,579,827 Dine Brands Global Inc...... 385,004 34,661,910 Owens & Minor Inc.(a) ...... 1,779,869 66,905,276 El Pollo Loco Holdings Inc.(a)(b) ...... 459,604 7,408,817 Patterson Companies Inc...... 2,088,476 66,726,808 Everi Holdings Inc.(a)(b)...... 1,999,799 28,217,164 Pennant Group Inc. (The)(a)(b) ...... 634,774 29,072,649 Fiesta Restaurant Group Inc.(b) ...... 460,530 5,798,073 PetIQ Inc., Class A(a)(b) ...... 514,953 18,157,243 GAN Ltd.(a)(b) ...... 772,320 14,056,224 Progenity Inc.(a)(b) ...... 310,402 1,477,514 Golden Entertainment Inc.(b) ...... 409,982 10,356,145 Progyny Inc.(a)(b)...... 646,321 28,767,748 Hilton Grand Vacations Inc.(a)(b) ...... 2,091,539 78,411,797 R1 RCM Inc.(a)(b) ...... 2,654,924 65,523,524 International Game Technology PLC...... 2,460,260 39,487,173 RadNet Inc.(b) ...... 1,081,681 23,526,562 Jack in the Box Inc...... 561,354 61,625,442 Select Medical Holdings Corp.(b)...... 2,655,035 90,536,693 Kura Sushi USA Inc., Class A(a)(b) ...... 83,547 2,643,427 Sharps Compliance Corp.(a)(b) ...... 333,481 4,792,122 Lindblad Expeditions Holdings Inc.(a)(b) ...... 651,771 12,318,472 Surgery Partners Inc.(a)(b) ...... 624,925 27,659,180 Marriott Vacations Worldwide Corp...... 992,605 172,891,939 Tenet Healthcare Corp.(b) ...... 2,558,496 133,041,792 Monarch Casino & Resort Inc.(a)(b)...... 310,148 18,801,172 Tivity Health Inc.(a)(b)...... 1,076,218 24,021,186 Nathan's Famous Inc...... 74,344 4,690,363 Triple-S Management Corp., Class B(b) ...... 518,116 13,486,559 NEOGAMES SA(a)(b)...... 117,982 4,220,216 U.S. Physical Therapy Inc.(a) ...... 311,212 32,397,169 Noodles & Co., Class A(a)(b) ...... 789,830 8,174,741 Viemed Healthcare Inc.(a)(b) ...... 861,125 8,714,585 Papa John's International Inc...... 799,509 70,868,478 (a)(b) 1,857,432,622 Penn National Gaming Inc...... 3,806,754 399,100,089 (a)(b) Health Care Technology — 1.1% PlayAGS Inc...... 650,077 5,252,622 (a) Allscripts Healthcare Solutions Inc.(a)(b) ...... 3,850,321 57,812,570 RCI Hospitality Holdings Inc...... 206,351 13,121,860 (a)(b) Computer Programs & Systems Inc.(a) ...... 330,906 10,125,724 Red Robin Gourmet Burgers Inc...... 380,058 15,160,514 Evolent Health Inc., Class A(a)(b) ...... 1,856,299 37,497,240 Red Rock Resorts Inc., Class A ...... 1,608,888 52,433,660 Health Catalyst Inc.(a)(b) ...... 833,495 38,982,561 Ruth's Hospitality Group Inc...... 800,443 19,875,000 (a)(b) HealthStream Inc.(a)(b) ...... 641,197 14,324,341 Scientific Games Corp./DE, Class A ...... 1,398,966 53,888,170 SeaWorld Entertainment Inc.(a)(b) ...... 1,234,154 61,300,429

S CHEDULE OF I NVESTMENTS 77 Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Hotels, Restaurants & Leisure (continued) Insurance (continued) Shake Shack Inc., Class A(a)(b) ...... 859,883 $ 96,969,006 Argo Group International Holdings Ltd...... 817,332 $ 41,128,146 Target Hospitality Corp.(a)(b) ...... 808,738 2,029,932 BRP Group Inc., Class A(a)(b) ...... 1,041,128 28,370,738 Texas Roadhouse Inc...... 1,608,327 154,302,892 Citizens Inc./TX, Class A(a)(b) ...... 1,233,934 7,144,478 Wingstop Inc.(a)...... 722,706 91,906,522 CNO Financial Group Inc...... 3,360,875 81,635,654 2,755,798,839 Crawford & Co., Class A, NVS...... 466,423 4,967,405 Household Durables — 2.2% Donegal Group Inc., Class A ...... 294,606 4,377,845 (a)(b) Beazer Homes USA Inc.(b) ...... 698,542 14,613,499 eHealth Inc...... 633,258 46,056,854 Casper Sleep Inc.(a)(b) ...... 693,751 5,022,757 Employers Holdings Inc...... 627,467 27,018,729 (a)(b) Cavco Industries Inc.(a)(b) ...... 226,558 51,113,750 Enstar Group Ltd...... 297,561 73,417,226 Century Communities Inc.(a)(b)...... 712,716 42,991,029 FBL Financial Group Inc., Class A ...... 237,830 13,299,454 Ethan Allen Interiors Inc...... 546,106 15,077,987 FedNat Holding Co...... 299,874 1,388,417 (b) GoPro Inc., Class A(a)(b)...... 3,036,254 35,341,996 Genworth Financial Inc., Class A ...... 12,477,328 41,424,729 Green Brick Partners Inc.(a)(b) ...... 724,950 16,441,866 Goosehead Insurance Inc., Class A...... 325,388 34,875,086 (a)(b) Hamilton Beach Brands Holding Co., Class A ...... 167,790 3,042,033 Greenlight Capital Re Ltd., Class A ...... 697,342 6,066,875 Helen of Troy Ltd.(a)(b)...... 598,051 125,985,424 HCI Group Inc...... 150,697 11,576,544 Hooker Furniture Corp...... 295,249 10,764,778 Heritage Insurance Holdings Inc...... 651,524 7,218,886 Installed Building Products Inc...... 559,556 62,043,569 Horace Mann Educators Corp...... 929,702 40,172,423 iRobot Corp.(a)(b)...... 675,243 82,501,190 Independence Holding Co...... 121,874 4,856,679 KB Home ...... 2,184,297 101,635,339 Investors Title Co...... 35,311 5,861,626 La-Z-Boy Inc...... 1,082,037 45,964,932 James River Group Holdings Ltd...... 678,823 30,967,905 (a) Legacy Housing Corp.(b) ...... 193,147 3,424,496 Kinsale Capital Group Inc...... 520,849 85,835,915 (a)(b) LGI Homes Inc.(a)(b)...... 543,667 81,174,920 MBIA Inc...... 1,228,540 11,818,555 Lifetime Brands Inc...... 304,334 4,470,666 National Western Life Group Inc., Class A...... 64,234 15,994,266 (b) Lovesac Co. (The)(a)(b) ...... 253,658 14,357,043 NI Holdings Inc...... 236,915 4,378,189 (b) M/I Homes Inc.(b) ...... 688,209 40,652,506 Palomar Holdings Inc...... 499,998 33,519,866 (a) MDC Holdings Inc...... 1,373,477 81,584,534 ProAssurance Corp...... 1,159,638 31,031,913 (b) Meritage Homes Corp.(a)(b) ...... 905,176 83,203,778 ProSight Global Inc...... 271,866 3,425,512 Purple Innovation Inc., Class A(a)(b) ...... 782,364 24,761,821 Protective Insurance Corp., Class B, NVS...... 232,217 5,310,803 Skyline Champion Corp.(a)(b) ...... 1,287,640 58,278,586 RLI Corp...... 976,458 108,943,419 Sonos Inc.(a)(b)...... 2,933,411 109,914,910 Safety Insurance Group Inc...... 328,568 27,681,854 Taylor Morrison Home Corp.(a)(b)...... 3,082,123 94,960,210 Selective Insurance Group Inc...... 1,452,173 105,340,629 (a)(b) TopBuild Corp.(a)(b) ...... 806,574 168,920,793 Selectquote Inc...... 3,170,493 93,561,248 (a)(b) TRI Pointe Homes Inc.(b) ...... 3,065,767 62,419,016 SiriusPoint Ltd...... 2,068,034 21,031,906 Tupperware Brands Corp.(b) ...... 1,217,527 32,154,888 State Auto Financial Corp...... 460,113 9,068,827 Turtle Beach Corp.(a)(b)...... 350,161 9,338,794 Stewart Information Services Corp...... 612,682 31,877,844 Universal Electronics Inc.(b) ...... 329,135 18,092,551 Tiptree Inc...... 697,636 6,243,842 (a)(b) VOXX International Corp., Class A(a)(b)...... 514,083 9,798,422 Trean Insurance Group Inc...... 268,384 4,334,402 Trupanion Inc.(a)(b) ...... 744,959 56,773,325 1,510,048,083 United Fire Group Inc...... 535,486 18,634,913 Household Products — 0.2% United Insurance Holdings Corp...... 495,888 3,575,353 Central Garden & Pet Co.(a)(b) ...... 245,659 14,250,679 Universal Insurance Holdings Inc...... 678,877 9,735,096 Central Garden & Pet Co., Class A, NVS(a)(b)...... 956,608 49,638,389 Vericity Inc.(a)(b)...... 50,505 499,494 Oil-Dri Corp. of America...... 126,153 4,344,709 Watford Holdings Ltd.(b) ...... 416,591 14,418,215 WD-40 Co.(a) ...... 333,550 102,126,339 1,328,123,020 170,360,116 Interactive Media & Services — 0.4% Independent Power and Renewable Electricity Producers — 0.5% Cargurus Inc.(a)(b)...... 2,144,244 51,097,335 Atlantic Power Corp.(b) ...... 2,056,851 5,944,299 Cars.com Inc.(a)(b) ...... 1,649,823 21,381,706 Brookfield Renewable Corp., Class A ...... 3,140,065 146,955,042 DHI Group Inc.(a)(b) ...... 1,251,276 4,191,775 Clearway Energy Inc., Class A ...... 895,359 23,735,967 Eventbrite Inc., Class A(a)(b) ...... 1,571,593 34,826,501 Clearway Energy Inc., Class C ...... 1,977,071 55,634,778 EverQuote Inc., Class A(a)(b)...... 345,938 12,554,090 Ormat Technologies Inc.(a) ...... 1,069,648 83,999,458 Liberty TripAdvisor Holdings Inc., Class A(a)(b) ...... 1,777,114 11,337,987 Sunnova Energy International Inc.(a)(b) ...... 1,366,981 55,800,164 MediaAlpha Inc., Class A(a)(b)...... 435,867 15,442,768 372,069,708 QuinStreet Inc.(a)(b) ...... 1,164,615 23,641,684 Industrial Conglomerates — 0.0% TrueCar Inc.(a)(b) ...... 2,638,522 12,625,328 Raven Industries Inc...... 872,903 33,458,372 Yelp Inc.(a)(b)...... 1,762,612 68,741,868 Insurance — 1.9% 255,841,042 Ambac Financial Group Inc.(b) ...... 1,120,526 18,757,605 Internet & Direct Marketing Retail — 0.8% American Equity Investment Life Holding Co...... 2,002,362 63,134,474 1-800-Flowers.com Inc., Class A(a)(b) ...... 646,296 17,844,233 AMERISAFE Inc...... 490,154 31,369,856 CarParts.com Inc.(a)(b) ...... 834,312 11,913,975

78 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Internet & Direct Marketing Retail (continued) Leisure Products (continued) Duluth Holdings Inc., Class B(a)(b)...... 257,363 $ 4,359,729 Marine Products Corp...... 151,711 $ 2,468,338 Groupon Inc.(a)(b) ...... 569,113 28,765,817 MasterCraft Boat Holdings Inc.(b) ...... 445,563 11,847,520 Lands' End Inc.(a)(b) ...... 288,500 7,157,685 Nautilus Inc.(a)(b) ...... 761,452 11,909,109 Liquidity Services Inc.(a)(b)...... 648,800 12,054,704 Smith & Wesson Brands Inc...... 1,342,930 23,434,129 Magnite Inc.(a)(b) ...... 2,704,865 112,549,433 Sturm Ruger & Co. Inc...... 409,204 27,036,108 Overstock.com Inc.(a)(b) ...... 1,045,569 69,279,402 Vista Outdoor Inc.(a)(b) ...... 1,427,966 45,794,870 PetMed Express Inc...... 479,081 16,851,674 YETI Holdings Inc.(a)(b)...... 1,956,487 141,277,926 (a)(b) Quotient Technology Inc...... 2,126,147 34,741,242 441,295,413 (a)(b) RealReal Inc. (The) ...... 1,559,126 35,283,021 Life Sciences Tools & Services — 0.9% Shutterstock Inc...... 532,702 47,431,786 Champions Oncology Inc.(b) ...... 154,957 1,751,014 (a)(b) Stamps.com Inc...... 415,966 82,989,377 ChromaDex Corp.(a)(b) ...... 1,024,803 9,571,660 (a)(b) Stitch Fix Inc., Class A ...... 1,449,708 71,818,534 Codexis Inc.(a)(b) ...... 1,403,085 32,116,616 (a)(b) Waitr Holdings Inc...... 2,079,453 6,092,797 Contra Aduro Biotech I(b)(c) ...... 272,340 817,020 559,133,409 Fluidigm Corp.(a)(b)...... 1,938,063 8,760,045 IT Services — 1.5% Harvard Bioscience Inc.(a)(b)...... 906,485 4,949,408 Brightcove Inc.(a)(b) ...... 987,178 19,862,021 Luminex Corp...... 1,044,690 33,325,611 Cardtronics PLC, Class A(b) ...... 877,567 34,049,600 Medpace Holdings Inc.(a)(b)...... 678,465 111,302,183 Cass Information Systems Inc...... 358,713 16,597,651 NanoString Technologies Inc.(a)(b) ...... 1,083,402 71,190,346 Conduent Inc.(b) ...... 4,047,452 26,956,030 NeoGenomics Inc.(a)(b) ...... 2,651,892 127,900,751 CSG Systems International Inc...... 789,517 35,441,418 Pacific Biosciences of California Inc.(a)(b)...... 4,464,055 148,697,672 EVERTEC Inc...... 1,465,579 54,548,850 Personalis Inc.(a)(b) ...... 646,407 15,908,076 Evo Payments Inc., Class A(a)(b) ...... 1,089,585 29,985,379 Quanterix Corp.(a)(b) ...... 586,113 34,270,027 ExlService Holdings Inc.(a)(b) ...... 812,197 73,227,682 Seer Inc.(a)(b) ...... 338,453 16,929,419 (a)(b) GreenSky Inc., Class A ...... 1,561,605 9,666,335 617,489,848 (b) Grid Dynamics Holdings Inc...... 637,977 10,162,974 Machinery — 3.7% (a)(b) GTT Communications Inc...... 794,512 1,453,957 Agrify Corp.(a)(b) ...... 115,272 1,438,595 Hackett Group Inc. (The)...... 647,192 10,607,477 Alamo Group Inc...... 239,588 37,411,666 (a)(b) I3 Verticals Inc., Class A ...... 445,756 13,874,156 Albany International Corp., Class A ...... 750,918 62,679,125 (b) IBEX Holdings Ltd...... 121,948 2,682,856 Altra Industrial Motion Corp.(a)...... 1,579,327 87,368,370 (a)(b) Information Services Group Inc...... 856,336 3,767,878 Astec Industries Inc...... 549,560 41,447,815 (b) International Money Express Inc...... 691,857 10,384,774 Barnes Group Inc...... 1,151,029 57,021,977 (a)(b) Limelight Networks Inc...... 2,953,099 10,542,563 Blue Bird Corp.(b) ...... 377,143 9,439,889 (b) LiveRamp Holdings Inc...... 1,603,288 83,178,581 Chart Industries Inc.(a)(b) ...... 884,596 125,922,241 MAXIMUS Inc...... 1,487,947 132,486,801 CIRCOR International Inc.(b) ...... 495,423 17,250,629 (b) MoneyGram International Inc...... 1,183,849 7,777,888 Columbus McKinnon Corp./NY(a) ...... 572,964 30,229,581 NIC Inc...... 1,601,429 54,336,486 Douglas Dynamics Inc...... 561,239 25,901,180 (a)(b) Paysign Inc...... 784,003 3,426,093 Eastern Co. (The) ...... 125,832 3,372,298 (a)(b) Perficient Inc...... 795,657 46,720,979 Energy Recovery Inc.(a)(b) ...... 969,096 17,773,221 Perspecta Inc...... 3,400,268 98,777,785 Enerpac Tool Group Corp...... 1,419,288 37,071,802 (a)(b) PFSweb Inc...... 346,459 2,338,598 EnPro Industries Inc...... 503,496 42,933,104 (a)(b) Priority Technology Holdings Inc...... 159,635 1,107,867 ESCO Technologies Inc...... 625,961 68,160,893 (a)(b) Rackspace Technology Inc...... 841,325 20,006,709 Evoqua Water Technologies Corp.(a)(b) ...... 2,802,393 73,702,936 (a)(b) Repay Holdings Corp...... 1,609,549 37,792,211 ExOne Co. (The)(a)(b) ...... 349,475 10,959,536 (b) ServiceSource International Inc...... 2,055,924 3,022,208 Federal Signal Corp...... 1,459,792 55,910,034 (a)(b) StarTek Inc...... 397,434 3,159,600 Franklin Electric Co. Inc...... 1,126,939 88,960,565 (a)(b) Sykes Enterprises Inc...... 935,802 41,250,152 Gencor Industries Inc.(b) ...... 228,837 3,068,704 TTEC Holdings Inc...... 440,135 44,211,561 Gorman-Rupp Co. (The) ...... 434,883 14,398,976 (a)(b) Tucows Inc., Class A ...... 233,311 18,081,603 Graham Corp...... 232,007 3,303,780 (a)(b) Unisys Corp...... 1,517,641 38,578,434 Greenbrier Companies Inc. (The)...... 789,661 37,287,792 (a)(b) Verra Mobility Corp...... 3,237,817 43,823,853 Helios Technologies Inc.(a) ...... 759,027 55,310,297 1,043,889,010 Hillenbrand Inc...... 1,813,539 86,523,946 Leisure Products — 0.6% Hurco Companies Inc...... 151,548 5,349,644 Acushnet Holdings Corp...... 836,150 34,558,079 Hydrofarm Holdings Group Inc.(a)(b)...... 235,971 14,233,771 American Outdoor Brands Inc.(a)(b) ...... 344,131 8,672,101 Hyster-Yale Materials Handling Inc...... 244,361 21,288,730 Callaway Golf Co...... 2,283,528 61,084,374 John Bean Technologies Corp.(a) ...... 766,048 102,144,840 Clarus Corp...... 505,383 8,616,780 Kadant Inc...... 278,661 51,555,072 Escalade Inc...... 275,859 5,768,212 Kennametal Inc...... 2,038,381 81,474,089 Johnson Outdoors Inc., Class A ...... 128,157 18,294,412 LB Foster Co., Class A(b)...... 249,510 4,466,229 Malibu Boats Inc., Class A(a)(b) ...... 508,703 40,533,455 Lindsay Corp...... 264,459 44,064,159

S CHEDULE OF I NVESTMENTS 79 Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Machinery (continued) Media (continued) Luxfer Holdings PLC...... 680,063 $ 14,471,741 TechTarget Inc.(a)(b) ...... 579,227 $ 40,227,315 Lydall Inc.(a)(b) ...... 423,435 14,286,697 TEGNA Inc...... 5,350,306 100,746,262 Manitowoc Co. Inc. (The)(a)(b) ...... 825,739 17,026,738 Tribune Publishing Co...... 390,091 7,017,737 Mayville Engineering Co. Inc.(b)...... 212,569 3,056,742 WideOpenWest Inc.(a)(b) ...... 1,281,074 17,409,796 (a)(b) Meritor Inc...... 1,685,388 49,584,115 565,161,301 Miller Industries Inc./TN ...... 278,010 12,841,282 Metals & Mining — 1.9% Mueller Industries Inc...... 1,363,215 56,368,940 Alcoa Corp.(a)(b) ...... 4,579,052 148,773,399 Mueller Water Products Inc., Class A ...... 3,785,759 52,584,192 Allegheny Technologies Inc.(a)(b) ...... 3,103,506 65,359,836 (a)(b) Navistar International Corp...... 1,220,718 53,748,213 Arconic Corp.(b)...... 2,433,423 61,784,610 (b) NN Inc...... 1,038,516 7,342,308 Caledonia Mining Corp. PLC(a) ...... 287,265 4,105,017 Omega Flex Inc...... 74,556 11,770,901 Carpenter Technology Corp...... 1,164,164 47,905,349 Park-Ohio Holdings Corp...... 218,345 6,875,684 Century Aluminum Co.(b) ...... 1,250,733 22,087,945 (a)(b) Proto Labs Inc...... 654,948 79,739,919 Cleveland-Cliffs Inc...... 10,990,828 221,025,551 (a)(b) RBC Bearings Inc...... 602,595 118,572,618 Coeur Mining Inc.(a)(b)...... 5,917,644 53,436,325 REV Group Inc...... 685,930 13,142,419 Commercial Metals Co...... 2,894,196 89,257,005 Rexnord Corp...... 2,943,864 138,626,556 Compass Minerals International Inc...... 827,256 51,885,496 (a) Shyft Group Inc. (The) ...... 840,258 31,257,598 Ferroglobe PLC(b)(c)...... 1,289,900 13 (b) SPX Corp...... 1,050,567 61,216,539 Gatos Silver Inc.(a)(b) ...... 552,038 5,503,819 (a) SPX FLOW Inc...... 1,041,283 65,944,452 Gold Resource Corp...... 1,645,534 4,344,210 Standex International Corp...... 298,336 28,511,971 Haynes International Inc...... 312,051 9,258,553 Tennant Co...... 441,125 35,241,476 Hecla Mining Co.(a) ...... 12,760,905 72,609,549 Terex Corp...... 1,649,890 76,010,432 Kaiser Aluminum Corp...... 382,138 42,226,249 (a)(b) TriMas Corp...... 1,018,441 30,879,131 Materion Corp...... 489,741 32,440,444 Wabash National Corp...... 1,294,066 24,328,441 NovaGold Resources Inc.(a)(b) ...... 5,799,243 50,801,369 Watts Water Technologies Inc., Class A ...... 666,570 79,195,182 Olympic Steel Inc.(a) ...... 231,559 6,819,412 (a)(b) Welbilt Inc...... 3,162,043 51,383,199 Ryerson Holding Corp.(a)(b)...... 427,704 7,288,076 2,553,432,972 Schnitzer Steel Industries Inc., Class A ...... 640,151 26,751,910 Marine — 0.2% SunCoke Energy Inc...... 2,028,970 14,223,080 Costamare Inc...... 1,263,681 12,156,611 TimkenSteel Corp.(a)(b) ...... 1,100,109 12,926,281 Eagle Bulk Shipping Inc.(a)(b) ...... 160,808 5,808,385 United States Steel Corp.(a) ...... 6,385,821 167,116,936 Eneti Inc...... 202,929 4,267,597 Warrior Met Coal Inc...... 1,279,775 21,922,546 Genco Shipping & Trading Ltd...... 406,117 4,093,659 Worthington Industries Inc...... 853,747 57,277,886 Matson Inc...... 1,050,489 70,067,616 1,297,130,866 Pangaea Logistics Solutions Ltd...... 269,605 851,952 Mortgage Real Estate Investment — 1.2% (a)(b) Safe Bulkers Inc...... 1,257,708 3,081,385 Apollo Commercial Real Estate Finance Inc...... 3,441,424 48,076,693 (a)(b) SEACOR Holdings Inc...... 493,273 20,100,875 Arbor Realty Trust Inc...... 2,848,021 45,283,534 120,428,080 Ares Commercial Real Estate Corp...... 756,503 10,379,221 Media — 0.8% Arlington Asset Investment Corp., Class A(b) ...... 854,076 3,450,467 AMC Networks Inc., Class A(a)(b)...... 693,851 36,885,119 ARMOUR Residential REIT Inc...... 1,509,692 18,418,242 Boston Omaha Corp., Class A(a)(b)...... 329,132 9,729,142 Blackstone Mortgage Trust Inc., Class A ...... 3,394,988 105,244,628 Cardlytics Inc.(a)(b) ...... 731,648 80,261,786 Broadmark Realty Capital Inc...... 3,187,250 33,338,635 comScore Inc.(a)(b) ...... 1,460,299 5,344,694 Capstead Mortgage Corp...... 2,389,383 14,885,856 Daily Journal Corp.(a)(b) ...... 29,016 9,182,113 Cherry Hill Mortgage Investment Corp...... 404,767 3,780,524 Emerald Holding Inc...... 627,429 3,463,408 Chimera Investment Corp...... 4,695,055 59,627,199 Entercom Communications Corp., Class A ...... 2,884,461 15,143,420 Colony Credit Real Estate Inc...... 2,049,982 17,465,847 Entravision Communications Corp., Class A...... 1,521,990 6,148,840 Dynex Capital Inc...... 552,660 10,461,854 EW Scripps Co. (The), Class A, NVS ...... 1,364,601 26,295,861 Ellington Financial Inc...... 1,006,459 16,113,409 Fluent Inc.(a)(b)...... 1,043,347 4,277,723 Ellington Residential Mortgage REIT...... 225,103 2,771,018 Gannett Co. Inc.(b) ...... 3,295,642 17,730,554 Granite Point Mortgage Trust Inc...... 1,318,983 15,788,227 Gray Television Inc...... 2,109,149 38,808,342 Great Ajax Corp...... 533,786 5,818,267 Hemisphere Media Group Inc., Class A(b) ...... 377,649 4,399,611 Hannon Armstrong Sustainable Infrastructure Iheartmedia Inc., Class A(a)(b)...... 1,489,403 27,032,664 Capital Inc...... 1,799,494 100,951,614 Loral Space & Communications Inc...... 330,609 12,454,041 Invesco Mortgage Capital Inc...... 5,743,823 23,032,730 Meredith Corp...... 970,326 28,896,308 KKR Real Estate Finance Trust Inc...... 712,228 13,097,873 MSG Networks Inc., Class A(a)(b) ...... 722,468 10,865,919 Ladder Capital Corp...... 2,612,309 30,825,246 National CineMedia Inc...... 1,566,504 7,237,248 MFA Financial Inc...... 11,048,146 44,965,954 Saga Communications Inc., Class A(a) ...... 108,859 2,378,569 New York Mortgage Trust Inc...... 9,194,315 41,098,588 Scholastic Corp., NVS ...... 716,401 21,570,834 Orchid Island Capital Inc...... 1,900,630 11,422,786 Sinclair Broadcast Group Inc., Class A...... 1,081,818 31,653,995 PennyMac Mortgage Investment Trust ...... 2,402,005 47,079,298

80 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Mortgage Real Estate Investment (continued) Oil, Gas & Consumable Fuels (continued) Ready Capital Corp...... 1,356,315 $ 18,201,747 PrimeEnergy Resources Corp.(a)(b) ...... 12,693 $ 664,986 Redwood Trust Inc...... 2,725,040 28,367,666 Range Resources Corp.(b) ...... 5,245,316 54,184,114 TPG RE Finance Trust Inc...... 1,486,144 16,644,813 Renewable Energy Group Inc.(a)(b)...... 776,485 51,279,069 Two Harbors Investment Corp...... 6,758,592 49,540,479 REX American Resources Corp.(b)...... 144,366 12,151,286 Western Asset Mortgage Capital Corp...... 1,491,803 4,758,852 Scorpio Tankers Inc...... 1,230,790 22,720,383 840,891,267 SFL Corp. Ltd...... 2,291,078 18,374,446 (a) Multi-Utilities — 0.4% SM Energy Co...... 2,791,622 45,698,852 (a)(b) Avista Corp...... 1,682,941 80,360,433 Southwestern Energy Co...... 15,844,385 73,676,390 (b) Black Hills Corp...... 1,521,427 101,585,681 Talos Energy Inc...... 325,612 3,920,369 (a)(b) NorthWestern Corp...... 1,242,395 81,004,154 Tellurian Inc...... 4,344,512 10,166,158 (a)(b) Unitil Corp...... 360,651 16,478,144 Uranium Energy Corp...... 4,814,708 13,770,065 W&T Offshore Inc.(a)(b) ...... 2,371,951 8,515,304 279,428,412 Whiting Petroleum Corp.(a)(b) ...... 46,848 1,660,762 Multiline Retail — 0.3% World Fuel Services Corp...... 1,569,518 55,247,034 Big Lots Inc.(a) ...... 911,451 62,252,103 Dillard's Inc., Class A ...... 174,568 16,858,032 1,278,241,619 Franchise Group Inc.(a) ...... 540,262 19,508,861 Paper & Forest Products — 0.4% (a)(b) Macy's Inc...... 6,593,162 106,743,293 Clearwater Paper Corp...... 406,603 15,296,405 Domtar Corp...... 1,345,159 49,703,625 205,362,289 Glatfelter Corp...... 1,078,832 18,501,969 Oil, Gas & Consumable Fuels — 1.8% Louisiana-Pacific Corp...... 2,688,524 149,105,541 Adams Resources & Energy Inc.(a) ...... 48,623 1,361,930 Neenah Inc...... 410,678 21,100,636 Antero Resources Corp.(a)(b) ...... 5,945,221 60,641,254 Schweitzer-Mauduit International Inc...... 763,133 37,370,623 Arch Resources Inc...... 376,575 15,665,520 Verso Corp., Class A...... 772,802 11,275,181 Ardmore Shipping Corp...... 835,859 3,794,800 Berry Corp...... 1,767,692 9,739,983 302,353,980 Bonanza Creek Energy Inc.(a)(b) ...... 487,863 17,431,345 Personal Products — 0.4% (a)(b) Brigham Minerals Inc., Class A ...... 1,037,583 15,190,215 BellRing Brands Inc., Class A ...... 957,993 22,618,215 Clean Energy Fuels Corp.(a)(b)...... 3,170,744 43,566,023 Edgewell Personal Care Co...... 1,327,833 52,582,187 (a)(b) CNX Resources Corp.(a)(b) ...... 5,341,617 78,521,770 elf Beauty Inc...... 1,114,371 29,898,574 Comstock Resources Inc.(a)(b) ...... 570,332 3,159,639 Inter Parfums Inc...... 441,129 31,289,280 (a)(b) CONSOL Energy Inc.(a)(b) ...... 741,735 7,209,664 Lifevantage Corp...... 308,800 2,887,280 Contango Oil & Gas Co.(a)(b) ...... 2,851,158 11,119,516 Medifast Inc...... 276,803 58,632,411 CVR Energy Inc.(a)...... 796,471 15,276,314 Nature's Sunshine Products Inc...... 186,779 3,728,109 (a)(b) Delek U.S. Holdings Inc...... 1,577,492 34,357,776 Revlon Inc., Class A ...... 142,787 1,760,563 (a)(b) DHT Holdings Inc...... 2,699,504 16,008,059 USANA Health Sciences Inc...... 279,360 27,265,536 (b) Diamond S Shipping Inc.(a)(b) ...... 672,277 6,742,938 Veru Inc...... 1,361,116 14,666,025 Dorian LPG Ltd.(a)(b) ...... 884,738 11,616,610 245,328,180 Earthstone Energy Inc., Class A(a)(b) ...... 465,705 3,329,791 Pharmaceuticals — 1.5% Energy Fuels Inc./Canada(a)(b)...... 3,345,049 18,999,878 AcelRx Pharmaceuticals Inc.(a)(b) ...... 2,366,980 4,023,866 Escrow PetroCorp.(b)(c)...... 26,106 0(e) Aerie Pharmaceuticals Inc.(a)(b) ...... 930,037 16,619,761 Evolution Petroleum Corp...... 838,747 2,834,965 Agile Therapeutics Inc.(a)(b)...... 1,674,766 3,483,513 Falcon Minerals Corp...... 1,105,694 4,964,566 Amneal Pharmaceuticals Inc.(a)(b)...... 2,419,404 16,282,589 Frontline Ltd./Bermuda...... 2,913,554 20,831,911 Amphastar Pharmaceuticals Inc.(a)(b) ...... 903,176 16,546,184 Golar LNG Ltd.(b) ...... 2,479,550 25,365,797 Angion Biomedica Corp.(a)(b) ...... 113,315 2,047,602 Goodrich Petroleum Corp.(a)(b) ...... 203,212 1,922,386 ANI Pharmaceuticals Inc.(a)(b) ...... 245,846 8,884,874 Green Plains Inc.(b) ...... 835,474 22,616,281 Aquestive Therapeutics Inc.(a)(b) ...... 471,504 2,451,821 International Seaways Inc...... 593,484 11,501,720 Arvinas Inc.(a)(b) ...... 885,340 58,520,974 Kosmos Energy Ltd...... 9,848,021 30,233,424 Atea Pharmaceuticals Inc.(a)(b) ...... 353,825 21,848,694 Magnolia Oil & Gas Corp., Class A(a)(b) ...... 3,091,559 35,491,097 Athira Pharma Inc.(a)(b)...... 303,607 5,586,369 Matador Resources Co.(a)...... 2,700,634 63,329,867 Avenue Therapeutics Inc.(a)(b) ...... 146,515 889,346 NACCO Industries Inc., Class A ...... 68,183 1,701,166 Axsome Therapeutics Inc.(a)(b)...... 688,209 38,966,394 NextDecade Corp.(a)(b) ...... 503,311 1,343,840 Aytu BioPharma Inc.(a)(b) ...... 479,422 3,643,607 Nordic American Tankers Ltd.(a) ...... 3,723,990 12,102,968 BioDelivery Sciences International Inc.(a)(b)...... 2,188,300 8,556,253 Overseas Shipholding Group Inc., Class A(a)(b) ...... 1,273,328 2,623,056 Cara Therapeutics Inc.(a)(b) ...... 995,679 21,616,191 Ovintiv Inc...... 6,415,815 152,824,713 Cassava Sciences Inc.(a)(b)...... 802,726 36,082,534 Par Pacific Holdings Inc.(a)(b) ...... 1,074,852 15,176,910 Cerecor Inc.(b) ...... 964,267 2,912,086 PBF Energy Inc., Class A ...... 2,363,773 33,447,388 Chiasma Inc.(a)(b) ...... 1,228,383 3,844,839 PDC Energy Inc.(a)(b)...... 2,441,457 83,986,121 Collegium Pharmaceutical Inc.(a)(b) ...... 855,062 20,264,969 Peabody Energy Corp.(b)...... 1,643,843 5,030,160 Corcept Therapeutics Inc.(a)(b) ...... 2,383,713 56,708,532 Penn Virginia Corp.(a)(b) ...... 384,406 5,151,040 CorMedix Inc.(a)(b) ...... 782,556 7,817,734

S CHEDULE OF I NVESTMENTS 81 Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Pharmaceuticals (continued) Professional Services (continued) Cymabay Therapeutics Inc.(a)(b) ...... 1,727,288 $ 7,841,888 CRA International Inc...... 186,712 $ 13,936,184 Durect Corp.(a)(b) ...... 5,032,783 9,964,910 Exponent Inc...... 1,249,721 121,785,311 Eloxx Pharmaceuticals Inc.(a)(b)...... 622,961 2,068,231 Forrester Research Inc.(a)(b) ...... 272,814 11,589,139 Endo International PLC(a)(b) ...... 5,494,333 40,713,008 Franklin Covey Co.(a)(b) ...... 318,368 9,006,631 Eton Pharmaceuticals Inc.(a)(b) ...... 349,669 2,559,577 GP Strategies Corp.(a)(b) ...... 320,941 5,600,420 Evofem Biosciences Inc.(a)(b) ...... 1,885,569 3,299,746 Heidrick & Struggles International Inc...... 474,354 16,943,925 Evolus Inc.(a)(b) ...... 573,514 7,449,947 Huron Consulting Group Inc.(a)(b) ...... 556,346 28,028,711 Fulcrum Therapeutics Inc.(a)(b)...... 362,542 4,270,745 ICF International Inc...... 446,894 39,058,536 Graybug Vision Inc.(a)(b) ...... 149,830 831,557 Insperity Inc...... 878,254 73,544,990 Harmony Biosciences Holdings Inc.(a)(b) ...... 144,235 4,765,524 KBR Inc...... 3,488,340 133,917,373 Harrow Health Inc.(a)(b)...... 533,733 3,602,698 Kelly Services Inc., Class A, NVS...... 830,589 18,497,217 IMARA Inc.(a)(b) ...... 176,891 1,492,960 Kforce Inc...... 486,211 26,060,910 Innoviva Inc.(a)(b)...... 1,510,530 18,050,834 Korn Ferry(a)...... 1,323,763 82,563,098 Intra-Cellular Therapies Inc.(a)(b) ...... 1,630,283 55,315,502 ManTech International Corp./VA, Class A ...... 666,250 57,930,438 Kala Pharmaceuticals Inc.(a)(b)...... 966,506 6,514,250 Mastech Digital Inc.(a)(b)...... 100,009 1,761,159 Kaleido Biosciences Inc.(a)(b) ...... 282,512 2,288,347 Mistras Group Inc.(b) ...... 350,291 3,996,820 Landos Biopharma Inc.(a)(b) ...... 118,748 1,143,543 Red Violet Inc.(a)(b)...... 156,859 2,889,343 Lannett Co. Inc.(a)(b) ...... 830,929 4,387,305 Resources Connection Inc...... 789,856 10,694,650 Liquidia Corp.(a)(b) ...... 643,700 1,731,553 TriNet Group Inc.(a)(b) ...... 1,010,140 78,750,514 Lyra Therapeutics Inc.(a)(b) ...... 169,253 1,961,642 TrueBlue Inc.(b) ...... 869,324 19,142,514 Marinus Pharmaceuticals Inc.(a)(b) ...... 696,422 10,780,613 Upwork Inc.(a)(b) ...... 2,274,627 101,835,051 NGM Biopharmaceuticals Inc.(b) ...... 610,448 17,745,723 Willdan Group Inc.(a)(b) ...... 259,079 10,635,193 (a)(b) Ocular Therapeutix Inc...... 1,775,392 29,134,183 1,052,729,562 (a)(b) Odonate Therapeutics Inc...... 378,972 1,296,084 Real Estate Management & Development — 0.8% (a)(b) Omeros Corp...... 1,475,166 26,257,955 Altisource Portfolio Solutions SA(a)(b)...... 108,573 997,786 (a)(b) Optinose Inc...... 915,430 3,377,937 American Realty Investors Inc.(b) ...... 48,635 429,447 (a)(b) Osmotica Pharmaceuticals PLC ...... 305,651 996,422 Cushman & Wakefield PLC(a)(b) ...... 2,681,457 43,761,378 (a)(b) Pacira BioSciences Inc...... 1,044,334 73,197,370 eXp World Holdings Inc.(a)(b) ...... 1,220,695 55,602,657 (a)(b) Paratek Pharmaceuticals Inc...... 1,093,187 7,717,900 Fathom Holdings Inc.(a)(b) ...... 110,863 4,060,912 (a)(b) Phathom Pharmaceuticals Inc...... 278,582 10,463,540 Forestar Group Inc.(b) ...... 365,647 8,512,262 Phibro Animal Health Corp., Class A ...... 523,860 12,782,184 FRP Holdings Inc.(a)(b) ...... 163,268 8,036,051 (a)(b) Pliant Therapeutics Inc...... 563,809 22,174,608 Kennedy-Wilson Holdings Inc...... 2,952,923 59,678,574 (a)(b) Prestige Consumer Healthcare Inc...... 1,223,542 53,933,731 Marcus & Millichap Inc.(b) ...... 573,297 19,320,109 (a)(b) Provention Bio Inc...... 1,289,184 13,529,986 Maui Land & Pineapple Co. Inc.(a)(b) ...... 153,241 1,769,934 (a)(b) Recro Pharma Inc...... 499,186 1,392,729 Newmark Group Inc., Class A(a) ...... 3,557,297 35,590,756 (a)(b) Relmada Therapeutics Inc...... 354,184 12,470,819 Rafael Holdings Inc., Class B(a)(b)...... 225,384 8,997,329 (a)(b) Revance Therapeutics Inc...... 1,564,243 43,720,592 RE/MAX Holdings Inc., Class A...... 461,252 18,168,716 (b) Satsuma Pharmaceuticals Inc...... 231,264 1,366,770 Realogy Holdings Corp.(b)...... 2,813,580 42,569,465 (b) scPharmaceuticals Inc...... 129,613 861,926 Redfin Corp.(a)(b)...... 2,443,889 162,738,569 (a)(b) SIGA Technologies Inc...... 1,322,075 8,593,488 RMR Group Inc. (The), Class A...... 387,741 15,823,710 (a)(b) Strongbridge Biopharma PLC ...... 994,646 2,745,223 St. Joe Co. (The)(a) ...... 807,905 34,659,124 (a)(b) Supernus Pharmaceuticals Inc...... 1,201,158 31,446,316 Stratus Properties Inc.(b) ...... 143,321 4,371,291 (a)(b) Tarsus Pharmaceuticals Inc...... 143,531 4,626,004 Tejon Ranch Co.(a)(b)...... 434,144 7,267,571 (a)(b) Terns Pharmaceuticals Inc...... 184,618 4,061,596 Transcontinental Realty Investors Inc.(b) ...... 25,381 546,199 TherapeuticsMD Inc.(a)(b)...... 8,071,493 10,815,801 532,901,840 Theravance Biopharma Inc.(a)(b) ...... 1,144,981 23,369,062 Road & Rail — 0.6% Tricida Inc.(a)(b) ...... 714,997 3,782,334 ArcBest Corp.(a) ...... 620,688 43,677,815 Verrica Pharmaceuticals Inc.(a)(b) ...... 346,337 5,247,006 Avis Budget Group Inc.(a)(b) ...... 1,289,162 93,515,811 VYNE Therapeutics Inc.(a)(b)...... 981,796 6,720,394 Covenant Logistics Group Inc., Class A(a)(b) ...... 287,566 5,920,984 WaVe Life Sciences Ltd.(b) ...... 791,367 4,439,569 Daseke Inc.(a)(b) ...... 1,118,399 9,495,208 Xeris Pharmaceuticals Inc.(a)(b) ...... 1,137,655 5,130,824 Heartland Express Inc...... 1,196,883 23,434,969 Zogenix Inc.(a)(b) ...... 1,377,799 26,894,636 Marten Transport Ltd...... 1,468,204 24,915,422 1,018,925,824 PAM Transportation Services Inc.(b)...... 50,084 3,090,183 Professional Services — 1.5% Saia Inc.(a)(b) ...... 641,602 147,940,589 (a)(b) Acacia Research Corp...... 989,396 6,579,483 U.S. Xpress Enterprises Inc., Class A(a)(b) ...... 544,772 6,401,071 (a)(b) Akerna Corp...... 450,365 2,224,803 Universal Logistics Holdings Inc...... 212,372 5,587,507 (a)(b) ASGN Inc...... 1,246,081 118,925,971 Werner Enterprises Inc...... 1,455,569 68,659,190 Barrett Business Services Inc...... 188,716 12,994,984 432,638,749 BGSF Inc...... 216,611 3,032,554 CBIZ Inc.(b)...... 1,249,346 40,803,640

82 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Semiconductors & Semiconductor Equipment — 3.0% Software (continued) Advanced Energy Industries Inc...... 930,353 $ 101,566,637 Cognyte Software Ltd.(a)(b) ...... 1,593,765 $ 44,322,605 Alpha & Omega Semiconductor Ltd.(b) ...... 514,912 16,837,622 CommVault Systems Inc.(b) ...... 1,029,305 66,390,172 Ambarella Inc.(a)(b) ...... 828,749 83,198,112 Cornerstone OnDemand Inc.(a)(b) ...... 1,499,987 65,369,433 Amkor Technology Inc...... 2,448,255 58,048,126 Digimarc Corp.(a)(b) ...... 299,035 8,869,378 Atomera Inc.(a)(b) ...... 438,544 10,744,328 Digital Turbine Inc.(a)(b)...... 2,062,641 165,753,831 Axcelis Technologies Inc.(b) ...... 812,804 33,398,116 Domo Inc., Class B(a)(b) ...... 648,834 36,522,866 AXT Inc.(a)(b) ...... 1,004,891 11,717,029 Ebix Inc.(a) ...... 657,655 21,064,690 Brooks Automation Inc...... 1,771,023 144,604,028 eGain Corp.(a)(b) ...... 558,916 5,304,113 CEVA Inc.(a)(b) ...... 532,522 29,901,110 Envestnet Inc.(a)(b) ...... 1,297,268 93,701,668 CMC Materials Inc...... 710,323 125,578,003 GTY Technology Holdings Inc.(a)(b)...... 1,096,022 7,003,581 Cohu Inc...... 1,019,493 42,655,587 Intelligent Systems Corp.(a)(b)...... 178,483 7,301,740 CyberOptics Corp.(b) ...... 176,699 4,588,873 InterDigital Inc...... 754,358 47,864,015 Diodes Inc.(a)(b) ...... 1,048,662 83,725,174 j2 Global Inc.(a)(b) ...... 1,057,319 126,730,255 DSP Group Inc.(b)...... 570,264 8,126,262 LivePerson Inc.(a)(b) ...... 1,527,599 80,565,571 FormFactor Inc.(a)(b) ...... 1,893,016 85,393,952 MicroStrategy Inc., Class A(a)(b)...... 179,248 121,673,542 GSI Technology Inc.(a)(b) ...... 373,391 2,497,986 Mimecast Ltd.(b) ...... 1,419,511 57,078,537 Ichor Holdings Ltd.(b)...... 646,288 34,770,294 Mitek Systems Inc.(a)(b) ...... 1,033,764 15,072,279 Impinj Inc.(a)(b) ...... 427,431 24,308,001 Model N Inc.(a)(b)...... 848,280 29,884,904 Lattice Semiconductor Corp.(a)(b) ...... 3,332,277 150,019,111 ON24 Inc.(a)(b) ...... 198,611 9,634,620 MACOM Technology Solutions Holdings Inc.(a)(b) .... 1,173,329 68,076,549 OneSpan Inc.(a)(b) ...... 813,951 19,941,800 Maxeon Solar Technologies Ltd.(a)(b) ...... 241,416 7,619,089 Park City Group Inc.(a)(b) ...... 224,912 1,374,212 MaxLinear Inc.(a)(b) ...... 1,680,634 57,276,007 Ping Identity Holding Corp.(a)(b) ...... 910,510 19,967,484 NeoPhotonics Corp.(a)(b) ...... 1,219,729 14,575,762 Progress Software Corp...... 1,080,401 47,602,468 NVE Corp...... 126,218 8,847,882 PROS Holdings Inc.(a)(b) ...... 974,551 41,418,417 Onto Innovation Inc.(a)(b) ...... 1,162,247 76,371,250 Q2 Holdings Inc.(a)(b)...... 1,236,362 123,883,472 PDF Solutions Inc.(a)(b)...... 739,558 13,149,341 QAD Inc., Class A ...... 295,713 19,688,572 Photronics Inc.(a)(b) ...... 1,500,067 19,290,862 Qualys Inc.(a)(b) ...... 833,064 87,288,446 Pixelworks Inc.(a)(b) ...... 901,611 2,984,332 Rapid7 Inc.(a)(b) ...... 1,265,284 94,402,839 Power Integrations Inc...... 1,432,573 116,726,048 Rimini Street Inc.(a)(b) ...... 507,017 4,547,942 Rambus Inc.(a)(b)...... 2,780,791 54,058,577 SailPoint Technologies Holdings Inc.(a)(b)...... 2,159,878 109,376,222 Semtech Corp.(a)(b) ...... 1,568,253 108,209,457 Sapiens International Corp. NV...... 677,300 21,531,367 Silicon Laboratories Inc.(b)...... 1,052,646 148,496,771 Seachange International Inc.(a)(b) ...... 464,902 720,598 SiTime Corp.(a)(b) ...... 290,387 28,632,158 SecureWorks Corp., Class A(a)(b) ...... 239,841 3,209,073 SMART Global Holdings Inc.(a)(b) ...... 356,123 16,388,780 ShotSpotter Inc.(a)(b) ...... 208,183 7,300,978 SunPower Corp.(a)(b) ...... 1,875,973 62,751,297 Smith Micro Software Inc.(a)(b) ...... 825,904 4,546,602 Synaptics Inc.(a)(b) ...... 855,042 115,789,788 Sprout Social Inc., Class A(a)(b) ...... 686,177 39,633,584 Ultra Clean Holdings Inc.(a)(b)...... 983,817 57,100,739 SPS Commerce Inc.(a)(b) ...... 871,698 86,568,328 Veeco Instruments Inc.(a)(b)...... 1,203,335 24,957,168 Sumo Logic Inc.(a)(b) ...... 363,673 6,858,873 (a)(b) 2,052,980,208 SVMK Inc...... 3,015,736 55,248,284 (a)(b) Software — 5.1% Synchronoss Technologies Inc...... 862,152 3,077,883 (a)(b) 8x8 Inc.(a)(b) ...... 2,624,637 85,143,224 Telos Corp...... 375,681 14,245,824 (a)(b) A10 Networks Inc.(a)(b) ...... 1,488,238 14,301,967 Tenable Holdings Inc...... 1,742,840 63,064,665 (a)(b) ACI Worldwide Inc.(a)(b) ...... 2,801,006 106,578,278 Upland Software Inc...... 637,990 30,106,748 (a)(b) Agilysys Inc.(a)(b)...... 478,435 22,945,743 Varonis Systems Inc...... 2,471,797 126,902,058 (a)(b) Alarm.com Holdings Inc.(a)(b) ...... 1,164,506 100,590,028 Verint Systems Inc...... 1,590,196 72,338,016 (a)(b) Altair Engineering Inc., Class A(a)(b) ...... 1,055,541 66,045,200 Veritone Inc...... 643,798 15,438,276 (a)(b) American Software Inc./GA, Class A ...... 763,308 15,800,476 Viant Technology Inc., Class A ...... 242,823 12,842,908 (a) Appfolio Inc., Class A(a)(b) ...... 399,599 56,507,295 VirnetX Holding Corp...... 1,565,996 8,722,598 (a)(b) Appian Corp.(a)(b) ...... 872,391 115,984,383 Workiva Inc...... 973,534 85,924,111 Asure Software Inc.(a)(b) ...... 244,704 1,869,539 Xperi Holding Corp...... 2,555,536 55,634,019 (a)(b) Avaya Holdings Corp.(a)(b)...... 2,049,301 57,441,907 Yext Inc...... 2,566,931 37,169,161 (a)(b) Benefitfocus Inc.(a)(b)...... 743,009 10,260,954 Zix Corp...... 1,382,176 10,435,429 (a)(b) Blackbaud Inc...... 1,192,280 84,747,262 Zuora Inc., Class A ...... 2,503,220 37,047,656 Blackline Inc.(a)(b) ...... 1,248,955 135,386,722 3,543,750,149 BM Technologies Inc...... 101,814 1,094,208 Specialty Retail — 3.5% Bottomline Technologies DE Inc.(a)(b) ...... 1,087,113 49,191,863 Aaron's Co. Inc. (The)...... 835,717 21,461,213 Box Inc., Class A(a)(b) ...... 3,510,517 80,601,470 Abercrombie & Fitch Co., Class A ...... 1,516,520 52,031,801 Cerence Inc.(a)(b) ...... 930,231 83,330,093 Academy Sports & Outdoors Inc.(a)(b) ...... 741,130 20,003,099 ChannelAdvisor Corp.(a)(b) ...... 706,101 16,628,679 American Eagle Outfitters Inc...... 3,700,595 108,205,398 Cloudera Inc.(a)(b) ...... 5,023,348 61,134,145 America's Car-Mart Inc./TX(a)(b)...... 149,980 22,852,453

S CHEDULE OF I NVESTMENTS 83 Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Specialty Retail (continued) Textiles, Apparel & Luxury Goods (continued) Asbury Automotive Group Inc.(a)(b) ...... 471,696 $ 92,688,264 Fossil Group Inc.(a)(b) ...... 1,138,927 $ 14,122,695 At Home Group Inc.(a)(b)...... 1,331,441 38,212,357 G-III Apparel Group Ltd.(a)(b)...... 1,074,370 32,381,512 Bed Bath & Beyond Inc...... 2,982,310 86,934,336 Kontoor Brands Inc...... 1,259,088 61,103,541 Boot Barn Holdings Inc.(b) ...... 693,032 43,182,824 Lakeland Industries Inc.(a)(b)...... 183,718 5,118,384 Buckle Inc. (The) ...... 714,508 28,065,874 Movado Group Inc...... 389,623 11,084,774 Caleres Inc...... 873,679 19,046,202 Oxford Industries Inc...... 401,422 35,092,311 Camping World Holdings Inc., Class A ...... 803,540 29,232,785 Rocky Brands Inc...... 170,777 9,232,205 Cato Corp. (The), Class A...... 552,495 6,629,940 Steven Madden Ltd...... 2,014,051 75,043,540 Chico's FAS Inc...... 2,977,644 9,856,002 Superior Group of Companies Inc...... 268,276 6,819,576 Children's Place Inc. (The)(a)(b) ...... 346,703 24,165,199 Unifi Inc.(b) ...... 331,054 9,123,848 Citi Trends Inc...... 234,317 19,631,078 Vera Bradley Inc.(b) ...... 532,952 5,382,815 Conn's Inc.(b) ...... 446,807 8,690,396 Wolverine World Wide Inc...... 1,972,716 75,594,477 (a)(b) Container Store Group Inc. (The) ...... 757,850 12,610,624 696,716,182 Designer Brands Inc. , Class A ...... 1,536,126 26,728,592 Thrifts & Mortgage Finance — 1.7% (a)(b) Envela Corp...... 193,124 969,482 Axos Financial Inc.(a)(b) ...... 1,392,846 65,477,690 (a)(b) Express Inc...... 1,562,855 6,282,677 Bogota Financial Corp.(a)(b)...... 156,927 1,610,071 (a)(b) GameStop Corp., Class A ...... 1,400,982 265,934,403 Bridgewater Bancshares Inc.(a)(b) ...... 503,660 8,134,109 (a)(b) Genesco Inc...... 366,153 17,392,268 Capitol Federal Financial Inc...... 3,087,426 40,892,957 Group 1 Automotive Inc...... 427,413 67,441,497 Columbia Financial Inc.(a)(b) ...... 1,232,556 21,545,079 (a)(b) GrowGeneration Corp...... 993,577 49,370,841 ESSA Bancorp. Inc...... 244,597 3,913,552 Guess? Inc...... 964,202 22,658,747 Essent Group Ltd...... 2,714,782 128,924,997 Haverty Furniture Companies Inc...... 415,563 15,454,788 Federal Agricultural Mortgage Corp., Class C, NVS. . 226,562 22,819,325 (a)(b) Hibbett Sports Inc...... 404,301 27,852,296 Flagstar Bancorp. Inc...... 1,196,444 53,959,624 Lithia Motors Inc., Class A...... 634,953 247,688,816 FS Bancorp. Inc...... 86,711 5,826,979 (a)(b) Lumber Liquidators Holdings Inc...... 692,664 17,399,720 Greene County Bancorp. Inc...... 85,567 2,140,031 (a)(b) MarineMax Inc...... 521,584 25,745,386 Hingham Institution For Savings (The) ...... 36,141 10,255,370 (a)(b) Michaels Companies Inc. (The) ...... 1,820,057 39,932,051 Home Bancorp. Inc...... 193,024 6,958,515 Monro Inc...... 808,111 53,173,704 Home Point Capital Inc.(b) ...... 105,267 978,983 Murphy USA Inc...... 630,340 91,121,950 HomeStreet Inc...... 460,343 20,287,316 (a)(b) National Vision Holdings Inc...... 1,967,241 86,224,173 Kearny Financial Corp./MD...... 1,953,950 23,603,716 ODP Corp. (The) ...... 1,297,397 56,164,316 Luther Burbank Corp...... 474,015 5,607,597 (a)(b) OneWater Marine Inc., Class A ...... 235,929 9,427,723 Merchants Bancorp./IN ...... 236,836 9,932,902 Rent-A-Center Inc./TX ...... 1,190,502 68,644,345 Meridian Bancorp. Inc...... 1,231,308 22,680,693 (a)(b) RH ...... 386,465 230,565,019 Meta Financial Group Inc...... 732,030 33,168,279 (a)(b) Sally Beauty Holdings Inc...... 2,753,727 55,432,525 MMA Capital Holdings Inc.(a)(b) ...... 100,701 2,296,990 Shoe Carnival Inc...... 234,130 14,487,964 Mr Cooper Group Inc.(a)(b)...... 1,856,793 64,542,125 (a)(b) Signet Jewelers Ltd...... 1,279,720 74,198,166 NMI Holdings Inc., Class A(a)(b) ...... 2,024,783 47,865,870 (a)(b) Sleep Number Corp...... 662,414 95,049,785 Northfield Bancorp. Inc...... 1,093,357 17,406,243 Sonic Automotive Inc., Class A ...... 580,434 28,772,113 Northwest Bancshares Inc...... 2,518,951 36,398,842 (a)(b) Sportsman's Warehouse Holdings Inc...... 1,044,848 18,013,180 Oconee Federal Financial Corp...... 20,818 542,933 (b) Tilly's Inc., Class A ...... 557,854 6,314,907 OP Bancorp...... 339,905 3,575,801 (a)(b) Urban Outfitters Inc...... 1,690,838 62,882,265 PCSB Financial Corp...... 343,626 5,707,628 Winmark Corp...... 74,453 13,880,273 PennyMac Financial Services Inc...... 1,030,075 68,881,115 (a)(b) Zumiez Inc...... 517,431 22,197,790 Pioneer Bancorp. Inc./NY(a)(b) ...... 274,283 3,195,397 2,460,901,607 Ponce de Leon Federal Bank(a)(b)...... 206,359 2,292,648 Technology Hardware, Storage & Peripherals — 0.3% Premier Financial Corp...... 918,965 30,564,776 3D Systems Corp.(a)(b) ...... 2,965,388 81,370,247 Provident Bancorp. Inc...... 416,995 6,004,728 Avid Technology Inc.(b) ...... 774,665 16,353,178 Provident Financial Holdings Inc...... 143,480 2,424,812 Corsair Gaming Inc.(a)(b) ...... 568,783 18,934,786 Provident Financial Services Inc...... 1,731,020 38,567,126 Diebold Nixdorf Inc.(a)(b) ...... 1,721,764 24,328,525 Prudential Bancorp. Inc...... 209,912 3,098,301 Eastman Kodak Co.(a)(b) ...... 419,196 3,299,072 Radian Group Inc...... 4,748,298 110,397,929 Immersion Corp.(a)(b)...... 424,254 4,064,353 Riverview Bancorp. Inc...... 598,500 4,147,605 Intevac Inc.(a)(b)...... 496,931 3,553,057 Security National Financial Corp., Class A(b) ...... 175,350 1,639,523 Quantum Corp.(a)(b) ...... 935,282 7,790,899 Southern Missouri Bancorp. Inc...... 195,835 7,719,816 Super Micro Computer Inc.(b)...... 1,047,544 40,917,069 Standard AVB Financial Corp...... 77,010 2,514,377 200,611,186 Sterling Bancorp Inc./MI...... 415,184 2,349,941 Textiles, Apparel & Luxury Goods — 1.0% Territorial Bancorp. Inc...... 208,524 5,517,545 Crocs Inc.(b) ...... 1,632,100 131,302,445 Timberland Bancorp. Inc./WA ...... 181,600 5,050,296 Deckers Outdoor Corp.(a)(b) ...... 681,902 225,314,059 TrustCo Bank Corp. NY ...... 2,059,461 15,178,228 Walker & Dunlop Inc...... 707,915 72,731,187

84 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Thrifts & Mortgage Finance (continued) Water Utilities (continued) Washington Federal Inc...... 1,892,680 $ 58,294,544 York Water Co. (The) ...... 332,165 $ 16,266,120 Waterstone Financial Inc...... 602,107 12,295,025 254,284,802 Western New England Bancorp. Inc...... 616,764 5,199,321 Wireless Telecommunication Services — 0.1% WSFS Financial Corp...... 1,155,649 57,539,764 Boingo Wireless Inc.(b) ...... 1,057,361 14,877,069 1,182,658,221 Gogo Inc.(a)(b) ...... 1,369,190 13,226,375 Tobacco — 0.1% Shenandoah Telecommunications Co...... 1,176,449 57,422,476 Turning Point Brands Inc.(a) ...... 291,516 15,208,390 Spok Holdings Inc...... 451,079 4,731,819 Universal Corp./VA ...... 593,620 35,017,644 90,257,739 Vector Group Ltd...... 3,444,373 48,049,003 98,275,037 Total Common Stocks — 99.8% Trading Companies & Distributors — 1.6% (Cost: $71,524,417,618) ...... 69,150,274,202 Alta Equipment Group Inc.(a)(b) ...... 433,972 5,641,636 Applied Industrial Technologies Inc...... 947,289 86,364,338 Warrants (a)(b) Beacon Roofing Supply Inc...... 1,336,595 69,930,650 Oil, Gas & Consumable Fuels — 0.0% Boise Cascade Co...... 957,671 57,297,456 Whiting Petroleum Corp., (Expires 09/01/24)(a)(b) . . . . 92,645 299,243 CAI International Inc...... 407,780 18,562,146 Whiting Petroleum Corp., (Expires 09/01/25)(b) ...... 46,322 140,356 DXP Enterprises Inc./TX(b) ...... 395,786 11,940,864 439,599 EVI Industries Inc.(a)(b) ...... 129,897 3,737,137 GATX Corp.(a) ...... 849,304 78,764,453 Total Warrants — 0.0% General Finance Corp.(b)...... 315,712 3,835,901 (Cost: $11,350,881) ...... 439,599 GMS Inc.(a)(b)...... 1,017,725 42,490,019 H&E Equipment Services Inc...... 778,689 29,590,182 Short-Term Investments Herc Holdings Inc.(a)(b) ...... 594,436 60,234,200 Lawson Products Inc./DE(b) ...... 115,212 5,974,894 Money Market Funds — 8.7% McGrath RentCorp...... 591,177 47,678,425 BlackRock Cash Funds: Institutional, SL Agency (f)(g)(h) MRC Global Inc.(a)(b) ...... 1,936,612 17,487,606 Shares, 0.11% ...... 5,962,332,456 5,965,909,856 NOW Inc.(a)(b) ...... 2,703,902 27,282,371 BlackRock Cash Funds: Treasury, SL Agency (f)(g) Rush Enterprises Inc., Class A ...... 992,550 49,458,766 Shares, 0.00% ...... 85,040,000 85,040,000 Rush Enterprises Inc., Class B ...... 177,619 8,008,841 6,050,949,856 SiteOne Landscape Supply Inc.(a)(b) ...... 1,075,929 183,704,117 Systemax Inc...... 309,366 12,721,130 Total Short-Term Investments — 8.7% Textainer Group Holdings Ltd.(a)(b) ...... 1,225,679 35,115,703 (Cost: $6,047,715,603) ...... 6,050,949,856 (b) Titan Machinery Inc...... 468,837 11,955,343 Total Investments in Securities — 108.5% (a)(b) Transcat Inc...... 161,269 7,915,083 (Cost: $77,583,484,102) ...... 75,201,663,657 Triton International Ltd...... 1,477,324 81,238,047 Veritiv Corp.(b) ...... 343,039 14,592,879 Other Assets, Less Liabilities — (8.5)%...... (5,898,076,304) (a)(b) WESCO International Inc...... 1,201,658 103,979,467 Net Assets — 100.0%...... $ 69,303,587,353 Willis Lease Finance Corp.(a)(b) ...... 71,224 3,095,395 (a) 1,078,597,049 All or a portion of this security is on loan. (b) Non-income producing security. Water Utilities — 0.4% (c) Security is valued using significant unobservable inputs and is classified as Level 3 in the American States Water Co...... 901,943 68,204,930 fair value hierarchy. Artesian Resources Corp., Class A, NVS ...... 194,882 7,674,453 (d) Security exempt from registration pursuant to Rule 144A under the Securities Act of Cadiz Inc.(a)(b) ...... 519,636 4,983,309 1933, as amended. These securities may be resold in transactions exempt from California Water Service Group...... 1,210,165 68,180,696 registration to qualified institutional investors. Consolidated Water Co. Ltd...... 369,171 4,965,350 (e) Rounds to less than $1. Global Water Resources Inc...... 288,658 4,708,012 (f) Affiliate of the Fund. (g) Middlesex Water Co...... 414,912 32,786,346 Annualized 7-day yield as of period-end. (h) Pure Cycle Corp.(a)(b) ...... 445,562 5,979,442 All or a portion of this security was purchased with cash collateral received from loaned securities. SJW Group...... 643,533 40,536,144

S CHEDULE OF I NVESTMENTS 85 Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 03/31/20 at Cost from Sales Gain (Loss) (Depreciation) 03/31/21 03/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $4,508,802,744 $1,453,679,564(a) $ — $ (125,043) $ 3,552,591 $5,965,909,856 5,962,332,456 $63,139,142(b) $ — BlackRock Cash Funds: Treasury, SL (a) Agency Shares...... 119,910,000 — (34,870,000) — — 85,040,000 85,040,000 82,850 — PennyMac Financial Ser- vices Inc.(c) ...... 4,957,482 117,782,140 (82,956,533) 22,242,868 (258,522) N/A N/A 523,819 — PennyMac Mortgage In- vestment Trust(c) ...... 23,530,490 69,482,608 (64,477,346) 170,674 23,969,242 N/A N/A 3,307,833 —

$ 22,288,499 $ 27,263,311 $6,050,949,856 $67,053,644 $ —

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts Russell 2000 E-Mini Index ...... 1,674 06/18/21 $186,023 $ (1,814,821)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: Equity Contracts Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) ...... $1,814,821

For the year ended March 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts ...... $ 55,644,059 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $(14,135,822)

86 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 ETF March 31, 2021

Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long ...... $128,892,374 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund's investments according to the fair value hierarchy as of March 31, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $69,148,306,548 $ 1,094,208 $ 873,446 $69,150,274,202 Warrants ...... 439,599 — — 439,599 Money Market Funds...... 6,050,949,856 — — 6,050,949,856 $75,199,696,003 $ 1,094,208 $ 873,446 $75,201,663,657 Derivative financial instruments(a) Liabilities Futures Contracts ...... $ (1,814,821) $ — $ — $ (1,814,821)

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

S CHEDULE OF I NVESTMENTS 87 Schedule of Investments iShares Russell 2000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value Common Stocks Banks (continued) Westamerica Bancorp...... 28,967 $ 1,818,548 Aerospace & Defense — 0.8% Aerojet Rocketdyne Holdings Inc...... 634,384 $ 29,790,673 109,558,872 Aerovironment Inc.(a)(b) ...... 189,602 22,005,208 Beverages — 0.4% (a)(b) Cubic Corp...... 32,377 2,414,353 Celsius Holdings Inc...... 315,008 15,136,134 (b) Kaman Corp...... 25,932 1,330,052 Coca-Cola Consolidated Inc...... 41,120 11,874,634 (b) Kratos Defense & Security Solutions Inc.(a)(b) ...... 1,066,888 29,104,705 MGP Ingredients Inc...... 85,746 5,071,876 (b) National Presto Industries Inc...... 2,575 262,830 National Beverage Corp...... 206,953 10,122,071 (a)(b) PAE Inc.(a)(b) ...... 515,703 4,651,641 NewAge Inc...... 394,108 1,127,149 Parsons Corp.(a)(b) ...... 142,951 5,780,939 43,331,864 Vectrus Inc.(a) ...... 36,269 1,938,215 Biotechnology — 17.4% (a) 97,278,616 4D Molecular Therapeutics Inc...... 52,302 2,268,861 (a)(b) Air Freight & Logistics — 0.2% 89bio Inc...... 73,251 1,734,584 (a)(b) Air Transport Services Group Inc.(a)(b)...... 514,004 15,039,757 Abeona Therapeutics Inc...... 177,789 334,243 (a)(b) Atlas Air Worldwide Holdings Inc.(a) ...... 14,802 894,633 ADMA Biologics Inc...... 525,516 924,908 (a)(b) Forward Air Corp...... 147,304 13,082,068 Adverum Biotechnologies Inc...... 670,749 6,613,585 Aeglea BioTherapeutics Inc.(a) ...... 346,826 2,746,862 29,016,458 Affimed NV(a) ...... 982,921 7,774,905 Airlines — 0.0% Agenus Inc.(a)(b) ...... 1,407,949 3,829,621 Allegiant Travel Co...... 14,017 3,420,989 Akebia Therapeutics Inc.(a)(b) ...... 1,272,779 4,308,357 (a)(b) Auto Components — 1.4% Akero Therapeutics Inc...... 118,774 3,445,634 (a)(b) Dorman Products Inc.(a)...... 233,278 23,943,654 Akouos Inc...... 165,994 2,302,337 (a)(b) Fox Factory Holding Corp.(a)(b) ...... 363,289 46,159,500 Albireo Pharma Inc...... 104,584 3,686,586 (a)(b) Gentherm Inc.(a) ...... 286,941 21,265,197 Alector Inc...... 405,606 8,168,905 (a)(b) LCI Industries ...... 216,506 28,639,414 Aligos Therapeutics Inc...... 74,982 1,705,091 (a)(b) Motorcar Parts of America Inc.(a) ...... 21,568 485,280 Allakos Inc...... 229,743 26,369,902 (a)(b) Patrick Industries Inc...... 184,609 15,691,765 Allogene Therapeutics Inc...... 472,346 16,673,814 (a) Standard Motor Products Inc...... 29,230 1,215,383 Allovir Inc...... 202,920 4,748,328 (a)(b) Visteon Corp.(a)(b)...... 242,729 29,600,802 ALX Oncology Holdings Inc...... 119,957 8,845,629 (a)(b) XPEL Inc.(a)(b) ...... 146,133 7,588,687 Amicus Therapeutics Inc...... 2,251,861 22,248,387 Anavex Life Sciences Corp.(a)(b) ...... 509,887 7,622,811 174,589,682 Annexon Inc.(a) ...... 186,352 5,188,040 Automobiles — 0.2% Apellis Pharmaceuticals Inc.(a)(b)...... 526,150 22,577,096 Winnebago Industries Inc...... 272,494 20,903,015 Applied Molecular Transport Inc.(a)(b) ...... 152,286 6,702,107 Banks — 0.9% Applied Therapeutics Inc.(a) ...... 133,217 2,498,485 Altabancorp...... 8,876 373,147 Aprea Therapeutics Inc.(a)(b)...... 65,584 334,478 Bank First Corp.(b) ...... 52,050 3,903,230 Aravive Inc.(a) ...... 110,877 730,679 Bank7 Corp...... 11,629 204,787 Arcturus Therapeutics Holdings Inc.(a)(b) ...... 176,561 7,291,969 Baycom Corp.(a)(b) ...... 28,396 511,696 Arcus Biosciences Inc.(a)(b) ...... 369,229 10,367,950 Cambridge Bancorp...... 12,014 1,013,020 Arcutis Biotherapeutics Inc.(a)(b) ...... 201,197 5,820,629 Century Bancorp. Inc./MA, Class A, NVS ...... 3,518 328,265 Ardelyx Inc.(a)(b) ...... 647,919 4,289,224 Coastal Financial Corp./WA(a)(b) ...... 7,293 191,222 Arena Pharmaceuticals Inc.(a) ...... 43,295 3,004,240 Customers Bancorp. Inc.(a) ...... 13,842 440,452 Arrowhead Pharmaceuticals Inc.(a)(b) ...... 898,527 59,581,325 Eastern Bankshares Inc...... 247,391 4,772,172 Assembly Biosciences Inc.(a) ...... 142,631 656,103 Esquire Financial Holdings Inc.(a)(b) ...... 19,783 451,250 Atara Biotherapeutics Inc.(a)(b) ...... 518,800 7,449,968 First Financial Bankshares Inc...... 1,133,130 52,951,165 Athenex Inc.(a)(b)...... 638,462 2,745,387 First Foundation Inc...... 81,651 1,915,532 Athersys Inc.(a)(b) ...... 1,544,095 2,779,371 Glacier Bancorp. Inc...... 87,381 4,987,708 Atreca Inc., Class A(a)(b)...... 237,883 3,646,746 Hanmi Financial Corp...... 20,843 411,232 AVEO Pharmaceuticals Inc.(a)(b) ...... 112,053 820,228 Independent Bank Corp...... 18,941 1,594,643 Avid Bioservices Inc.(a)(b)...... 475,585 8,669,915 Investors Bancorp. Inc...... 569,453 8,365,265 Avidity Biosciences Inc.(a) ...... 208,823 4,554,430 Lakeland Financial Corp...... 12,979 898,017 Avrobio Inc.(a)(b) ...... 308,274 3,911,997 Meridian Corp...... 8,706 226,356 Axcella Health Inc.(a)...... 120,456 573,371 National Bank Holdings Corp., Class A...... 57,979 2,300,607 Aziyo Biologics Inc., Class A(a)(b) ...... 12,439 171,907 Northeast Bank...... 7,068 186,525 Beam Therapeutics Inc.(a)(b) ...... 349,505 27,974,380 Reliant Bancorp Inc...... 5,638 161,923 Beyondspring Inc.(a) ...... 151,454 1,676,596 ServisFirst Bancshares Inc...... 318,062 19,506,742 BioAtla Inc.(a)(b) ...... 78,931 4,012,852 Stock Yards Bancorp. Inc...... 27,014 1,379,335 BioCryst Pharmaceuticals Inc.(a)(b)...... 1,219,395 12,401,247 Unity Bancorp. Inc...... 6,274 138,028 Biohaven Pharmaceutical Holding Co. Ltd.(a)(b) ...... 421,573 28,814,515 West Bancorp. Inc...... 21,918 528,005 Bioxcel Therapeutics Inc.(a)(b) ...... 111,922 4,830,553

88 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Biotechnology (continued) Biotechnology (continued) Black Diamond Therapeutics Inc.(a)(b) ...... 163,239 $ 3,960,178 Generation Bio Co.(a)(b) ...... 280,184 $ 7,974,037 Blueprint Medicines Corp.(a)(b) ...... 485,953 47,249,210 Genprex Inc.(a)(b) ...... 260,173 1,121,346 Bolt Biotherapeutics Inc.(a) ...... 89,447 2,943,701 Gossamer Bio Inc.(a)(b) ...... 210,442 1,946,588 BrainStorm Cell Therapeutics Inc.(a)(b) ...... 263,008 1,007,321 Gritstone Oncology Inc.(a)(b) ...... 51,595 486,541 Bridgebio Pharma Inc.(a)(b) ...... 825,959 50,879,074 Halozyme Therapeutics Inc.(a)(b) ...... 1,167,498 48,672,992 C4 Therapeutics Inc.(a)(b)...... 74,469 2,754,608 Harpoon Therapeutics Inc.(a) ...... 116,660 2,440,527 Calithera Biosciences Inc.(a)(b)...... 585,522 1,416,963 Heron Therapeutics Inc.(a)(b)...... 767,720 12,444,741 Calyxt Inc.(a)...... 90,246 543,281 Homology Medicines Inc.(a)(b) ...... 302,600 2,847,466 CareDx Inc.(a)(b) ...... 441,068 30,032,320 Hookipa Pharma Inc.(a)(b) ...... 117,706 1,583,146 CASI Pharmaceuticals Inc.(a)(b) ...... 514,862 1,235,669 iBio Inc.(a)(b) ...... 1,608,565 2,477,190 Catabasis Pharmaceutical Inc.(a)(b) ...... 131,502 380,041 Ideaya Biosciences Inc.(a)(b) ...... 28,327 665,684 Catalyst Pharmaceuticals Inc.(a)(b) ...... 864,121 3,983,598 IGM Biosciences Inc.(a)(b) ...... 65,296 5,007,550 CEL-SCI Corp.(a)(b) ...... 262,003 3,985,066 Immunic Inc.(a) ...... 29,068 463,344 Centogene NV(a)(b) ...... 73,703 894,017 ImmunityBio Inc.(a)(b)...... 242,174 5,749,211 Checkmate Pharmaceuticals Inc.(a) ...... 55,189 669,994 ImmunoGen Inc.(a)...... 723,913 5,863,695 Checkpoint Therapeutics Inc.(a)(b)...... 450,849 1,415,666 Immunome Inc.(a)(b) ...... 17,950 608,146 ChemoCentryx Inc.(a)(b) ...... 434,547 22,266,188 Immunovant Inc.(a)(b)...... 334,410 5,363,936 Chinook Therapeutics Inc.(a) ...... 104,144 1,618,398 Inhibrx Inc.(a)(b) ...... 56,393 1,131,807 Cidara Therapeutics Inc.(a) ...... 240,346 639,320 Inovio Pharmaceuticals Inc.(a)(b) ...... 1,619,207 15,026,241 Clovis Oncology Inc.(a)(b) ...... 737,463 5,176,990 Inozyme Pharma Inc.(a)(b) ...... 79,543 1,574,951 Codiak Biosciences Inc.(a)...... 46,255 697,525 Insmed Inc.(a)(b)...... 886,780 30,203,727 Cohbar Inc.(a)(b)...... 223,151 303,485 Intellia Therapeutics Inc.(a)(b) ...... 481,718 38,660,278 Coherus Biosciences Inc.(a)(b) ...... 513,312 7,499,488 Intercept Pharmaceuticals Inc.(a)(b) ...... 230,648 5,323,356 Constellation Pharmaceuticals Inc.(a)(b) ...... 268,796 6,287,138 Invitae Corp.(a)(b) ...... 1,064,873 40,688,797 ContraFect Corp.(a)(b) ...... 212,192 1,018,522 Ironwood Pharmaceuticals Inc.(a)(b) ...... 1,395,633 15,603,177 Corbus Pharmaceuticals Holdings Inc.(a)(b) ...... 678,463 1,336,572 iTeos Therapeutics Inc.(a) ...... 138,032 4,717,934 Cortexyme Inc.(a)(b) ...... 128,662 4,635,692 Kadmon Holdings Inc.(a)(b) ...... 1,510,805 5,877,031 Crinetics Pharmaceuticals Inc.(a) ...... 239,012 3,652,103 KalVista Pharmaceuticals Inc.(a) ...... 30,936 794,746 Cue Biopharma Inc.(a)(b)...... 265,784 3,242,565 Karuna Therapeutics Inc.(a)(b) ...... 138,399 16,639,712 Cullinan Oncology Inc.(a)(b) ...... 92,126 3,838,890 Karyopharm Therapeutics Inc.(a)(b)...... 620,298 6,525,535 Cytokinetics Inc.(a)(b) ...... 510,496 11,874,137 Keros Therapeutics Inc.(a) ...... 108,514 6,679,037 CytomX Therapeutics Inc.(a)(b)...... 531,681 4,109,894 Kindred Biosciences Inc.(a) ...... 273,303 1,358,316 Decibel Therapeutics Inc.(a) ...... 45,268 514,244 Kiniksa Pharmaceuticals Ltd., Class A(a)(b) ...... 215,656 3,991,793 Deciphera Pharmaceuticals Inc.(a) ...... 337,943 15,153,364 Kinnate Biopharma Inc.(a)(b) ...... 95,252 2,968,052 Denali Therapeutics Inc.(a)(b) ...... 550,851 31,453,592 Kodiak Sciences Inc.(a)(b)...... 288,410 32,702,810 Dermtech Inc.(a)(b) ...... 89,226 4,531,789 Kronos Bio Inc.(a)(b) ...... 106,561 3,119,040 Dicerna Pharmaceuticals Inc.(a)(b) ...... 578,094 14,781,864 Krystal Biotech Inc.(a) ...... 131,512 10,131,684 Dyadic International Inc.(a)(b) ...... 145,272 797,543 Kura Oncology Inc.(a)(b) ...... 548,072 15,493,995 Dynavax Technologies Corp.(a)(b) ...... 799,508 7,859,164 Kymera Therapeutics Inc.(a)(b) ...... 69,855 2,714,565 Dyne Therapeutics Inc.(a) ...... 109,553 1,701,358 La Jolla Pharmaceutical Co.(a)(b)...... 168,746 715,483 Eagle Pharmaceuticals Inc./DE(a)(b)...... 92,319 3,853,395 Lexicon Pharmaceuticals Inc.(a) ...... 430,063 2,524,470 Editas Medicine Inc.(a)(b) ...... 587,070 24,656,940 Ligand Pharmaceuticals Inc.(a) ...... 126,343 19,260,990 Eiger BioPharmaceuticals Inc.(a)...... 270,380 2,392,863 LogicBio Therapeutics Inc.(a)(b) ...... 142,038 1,034,037 Emergent BioSolutions Inc.(a)(b) ...... 396,419 36,831,289 MacroGenics Inc.(a)(b) ...... 170,913 5,443,579 Enanta Pharmaceuticals Inc.(a)(b) ...... 14,925 736,101 Madrigal Pharmaceuticals Inc.(a)(b)...... 76,616 8,961,773 Epizyme Inc.(a)(b) ...... 491,246 4,278,753 Magenta Therapeutics Inc.(a) ...... 149,819 1,773,857 Esperion Therapeutics Inc.(a)(b) ...... 230,536 6,466,535 MannKind Corp.(a)(b) ...... 2,008,122 7,871,838 Evelo Biosciences Inc.(a)(b) ...... 198,087 2,119,531 Marker Therapeutics Inc.(a)...... 216,148 484,172 Exicure Inc.(a) ...... 464,581 1,012,787 MediciNova Inc.(a) ...... 384,233 1,940,377 Fate Therapeutics Inc.(a)(b) ...... 668,558 55,122,607 MEI Pharma Inc.(a)(b)...... 833,480 2,858,836 Fennec Pharmaceuticals Inc.(a)(b)...... 196,983 1,223,264 MeiraGTx Holdings PLC(a) ...... 185,478 2,676,448 FibroGen Inc.(a)(b)...... 632,905 21,968,133 Mersana Therapeutics Inc.(a)(b) ...... 466,239 7,543,747 Flexion Therapeutics Inc.(a)(b) ...... 383,106 3,428,799 Metacrine Inc.(a) ...... 42,092 260,970 Foghorn Therapeutics Inc.(a) ...... 49,533 652,845 Minerva Neurosciences Inc.(a)(b) ...... 334,601 977,035 Forma Therapeutics Holdings Inc.(a)(b) ...... 207,359 5,810,199 Mirati Therapeutics Inc.(a) ...... 375,549 64,331,544 Fortress Biotech Inc.(a)(b) ...... 598,388 2,112,310 Mirum Pharmaceuticals Inc.(a) ...... 18,289 362,488 Frequency Therapeutics Inc.(a)(b) ...... 220,003 2,090,028 Molecular Templates Inc.(a)...... 237,907 3,002,386 G1 Therapeutics Inc.(a)(b)...... 142,121 3,419,431 Morphic Holding Inc.(a) ...... 123,337 7,804,765 Galectin Therapeutics Inc.(a)(b) ...... 352,181 764,233 Mustang Bio Inc.(a)(b)...... 439,871 1,460,372 Galera Therapeutics Inc.(a) ...... 79,736 703,272 Natera Inc.(a)(b) ...... 623,505 63,310,698

S CHEDULE OF I NVESTMENTS 89 Schedule of Investments (continued) iShares Russell 2000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Biotechnology (continued) Biotechnology (continued) Neoleukin Therapeutics Inc.(a)(b) ...... 294,485 $ 3,625,110 Syndax Pharmaceuticals Inc.(a)(b)...... 270,891 $ 6,057,123 NeuBase Therapeutics Inc.(a)...... 147,262 1,088,266 Syros Pharmaceuticals Inc.(a)(b) ...... 408,539 3,055,872 NeuroBo Pharmaceuticals Inc.(a)(b) ...... 39,047 171,807 Taysha Gene Therapies Inc.(a)(b)...... 59,382 1,205,455 NexImmune Inc.(a)(b) ...... 46,312 883,633 TCR2 Therapeutics Inc.(a) ...... 15,369 339,348 NextCure Inc.(a) ...... 134,473 1,346,075 TG Therapeutics Inc.(a)(b) ...... 912,052 43,960,906 Nkarta Inc.(a)(b) ...... 139,700 4,596,130 Translate Bio Inc.(a)(b) ...... 597,178 9,847,465 Novavax Inc.(a)(b) ...... 145,764 26,428,471 Travere Therapeutics Inc.(a) ...... 485,774 12,129,777 Nurix Therapeutics Inc.(a)(b) ...... 164,134 5,102,926 Turning Point Therapeutics Inc.(a)(b)...... 305,286 28,877,003 Nymox Pharmaceutical Corp.(a)(b) ...... 321,666 714,098 Twist Bioscience Corp.(a)(b)...... 412,206 51,055,835 Olema Pharmaceuticals Inc.(a)(b) ...... 81,724 2,711,602 Tyme Technologies Inc.(a)(b) ...... 597,847 1,064,168 Oncocyte Corp.(a)(b)...... 616,052 3,197,310 Ultragenyx Pharmaceutical Inc.(a)(b)...... 557,859 63,517,826 Oncorus Inc.(a)(b) ...... 54,799 762,802 UNITY Biotechnology Inc.(a)(b) ...... 324,707 1,948,242 Oncternal Therapeutics Inc.(a)(b)(c) ...... 6,020 12,341 UroGen Pharma Ltd.(a)(b)...... 108,015 2,104,132 Organogenesis Holdings Inc., Class A(a) ...... 216,353 3,941,952 Vaxart Inc.(a)(b)...... 396,612 2,399,503 Orgenesis Inc.(a)...... 31,642 181,309 Vaxcyte Inc.(a)(b) ...... 198,333 3,917,077 ORIC Pharmaceuticals Inc.(a)(b) ...... 187,882 4,603,109 VBI Vaccines Inc.(a)(b) ...... 1,317,930 4,098,762 Ovid therapeutics Inc.(a)(b)...... 431,236 1,733,569 Veracyte Inc.(a)(b) ...... 580,876 31,222,085 Oyster Point Pharma Inc.(a)(b) ...... 53,394 976,042 Verastem Inc.(a)(b) ...... 613,036 1,514,199 Pandion Therapeutics Inc.(a) ...... 86,669 5,204,473 Vericel Corp.(a)(b) ...... 351,243 19,511,549 Passage Bio Inc.(a)(b) ...... 153,062 2,675,524 Viking Therapeutics Inc.(a)(b)...... 38,015 240,445 PhaseBio Pharmaceuticals Inc.(a)(b)...... 136,452 472,124 Vir Biotechnology Inc.(a)(b)...... 469,438 24,068,086 Pieris Pharmaceuticals Inc.(a)(b) ...... 452,444 1,162,781 Vor BioPharma Inc.(a)(b) ...... 79,991 3,447,612 PMV Pharmaceuticals Inc.(a) ...... 95,546 3,142,508 Voyager Therapeutics Inc.(a)(b) ...... 230,085 1,083,700 Poseida Therapeutics Inc.(a)...... 222,558 2,125,429 vTv Therapeutics Inc., Class A(a)(b) ...... 88,518 249,621 Praxis Precision Medicines Inc.(a)(b)...... 77,227 2,529,956 Xencor Inc.(a) ...... 459,235 19,774,659 Precigen Inc.(a)(b) ...... 481,391 3,316,784 XOMA Corp.(a)(b)...... 45,823 1,870,037 Precision BioSciences Inc.(a)(b) ...... 384,619 3,980,807 Y-mAbs Therapeutics Inc.(a) ...... 267,312 8,083,515 Prelude Therapeutics Inc.(a) ...... 68,903 2,985,567 Zentalis Pharmaceuticals Inc.(a)(b) ...... 235,755 10,229,409 Protagonist Therapeutics Inc.(a) ...... 307,198 7,956,428 ZIOPHARM Oncology Inc.(a)(b) ...... 1,271,286 4,576,630 (a)(b) Protara Therapeutics Inc...... 33,174 522,159 2,105,526,968 (a)(b) PTC Therapeutics Inc...... 541,627 25,646,038 Building Products — 2.1% (a) Puma Biotechnology Inc...... 282,034 2,741,370 AAON Inc.(b)...... 359,741 25,185,467 (a)(b) Radius Health Inc...... 398,310 8,308,747 Advanced Drainage Systems Inc...... 494,659 51,142,794 (a)(b) Rapt Therapeutics Inc...... 97,778 2,170,672 Alpha Pro Tech Ltd.(a)(b) ...... 111,537 1,088,601 (a)(b) REGENXBIO Inc...... 339,949 11,595,660 Apogee Enterprises Inc...... 35,184 1,438,322 (a)(b) Relay Therapeutics Inc...... 316,082 10,926,955 Builders FirstSource Inc.(a)(b) ...... 920,775 42,696,337 (a) Replimune Group Inc...... 211,913 6,465,466 Cornerstone Building Brands Inc.(a) ...... 162,694 2,282,597 (a)(b) REVOLUTION Medicines Inc...... 373,463 17,134,482 CSW Industrials Inc...... 120,006 16,200,810 (a) Rhythm Pharmaceuticals Inc...... 332,255 7,067,064 Gibraltar Industries Inc.(a) ...... 64,356 5,889,218 (a)(b) Rigel Pharmaceuticals Inc...... 1,515,745 5,183,848 Masonite International Corp.(a) ...... 214,273 24,692,820 (a)(b) Rocket Pharmaceuticals Inc...... 326,842 14,501,980 PGT Innovations Inc.(a) ...... 189,152 4,776,088 (a)(b) Rubius Therapeutics Inc...... 57,846 1,532,919 Simpson Manufacturing Co. Inc...... 382,680 39,695,396 (a)(b) Sangamo Therapeutics Inc...... 1,008,335 12,634,438 UFP Industries Inc...... 442,970 33,594,845 Scholar Rock Holding Corp.(a) ...... 224,145 11,355,186 248,683,295 Scopus Biopharma Inc.(a) ...... 31,069 262,533 Capital Markets — 1.4% Selecta Biosciences Inc.(a) ...... 291,889 1,320,798 Artisan Partners Asset Management Inc., Class A . . . 206,567 10,776,600 Sensei Biotherapeutics Inc.(a)(b) ...... 48,013 697,629 Assetmark Financial Holdings Inc.(a) ...... 63,115 1,473,104 Seres Therapeutics Inc.(a)(b) ...... 483,906 9,963,625 BrightSphere Investment Group Inc...... 536,598 10,935,867 Shattuck Labs Inc.(a)(b) ...... 91,579 2,677,770 Cohen & Steers Inc...... 213,770 13,965,594 Sigilon Therapeutics Inc.(a)(b) ...... 50,024 1,118,036 Cowen Inc., Class A ...... 79,493 2,794,179 Silverback Therapeutics Inc.(a)(b) ...... 88,988 3,882,546 Federated Hermes Inc...... 241,471 7,558,042 Soleno Therapeutics Inc.(a)...... 448,046 564,538 Focus Financial Partners Inc., Class A(a) ...... 336,350 13,998,887 Solid Biosciences Inc.(a)...... 26,834 148,392 GAMCO Investors Inc., Class A ...... 44,565 826,681 Sorrento Therapeutics Inc.(a)(b) ...... 2,191,034 18,119,851 Greenhill & Co. Inc...... 123,659 2,037,900 Spero Therapeutics Inc.(a)(b)...... 168,174 2,475,521 Hamilton Lane Inc., Class A ...... 281,115 24,895,544 SpringWorks Therapeutics Inc.(a)(b) ...... 210,560 15,490,899 Houlihan Lokey Inc...... 454,964 30,259,656 Spruce Biosciences Inc.(a)...... 47,389 786,657 Moelis & Co., Class A...... 462,635 25,389,409 SQZ Biotechnologies Co.(a)(b) ...... 30,266 414,039 PJT Partners Inc., Class A(b) ...... 204,844 13,857,697 Stoke Therapeutics Inc.(a) ...... 117,948 4,581,100 Pzena Investment Management Inc., Class A ...... 158,365 1,667,583 Sutro Biopharma Inc.(a)(b) ...... 241,718 5,501,502

90 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Capital Markets (continued) Construction & Engineering (continued) Siebert Financial Corp.(a)(b)...... 92,702 $ 375,443 Construction Partners Inc., Class A(a)(b) ...... 109,047 $ 3,258,324 Silvercrest Asset Management Group Inc., Class A . . 44,400 638,472 Dycom Industries Inc.(a)(b) ...... 193,128 17,931,935 StepStone Group Inc., Class A ...... 80,786 2,849,322 EMCOR Group Inc...... 40,909 4,588,353 StoneX Group Inc.(a) ...... 11,015 720,161 Granite Construction Inc...... 46,163 1,858,061 Value Line Inc...... 8,213 231,525 HC2 Holdings Inc.(a)(b) ...... 438,240 1,726,666 Virtus Investment Partners Inc...... 5,973 1,406,642 IES Holdings Inc.(a) ...... 26,251 1,323,313 (a)(b) 166,658,308 MasTec Inc...... 33,409 3,130,423 (a)(b) Chemicals — 1.6% MYR Group Inc...... 91,831 6,581,528 (a)(b) AgroFresh Solutions Inc.(a) ...... 25,667 51,334 NV5 Global Inc...... 88,063 8,504,244 American Vanguard Corp...... 49,480 1,009,887 Primoris Services Corp...... 235,955 7,817,189 (a)(b) Amyris Inc.(a)(b) ...... 86,996 1,661,624 Sterling Construction Co. Inc...... 39,132 907,862 (a)(b) Balchem Corp...... 258,810 32,457,362 WillScot Mobile Mini Holdings Corp...... 530,648 14,725,482 Chase Corp...... 64,377 7,492,839 89,654,527 Ferro Corp.(a)...... 527,857 8,899,669 Construction Materials — 0.1% GCP Applied Technologies Inc.(a) ...... 333,449 8,182,838 Forterra Inc.(a)(b) ...... 257,567 5,988,433 Hawkins Inc...... 91,524 3,067,884 United State Lime & Minerals Inc...... 950 127,024 HB Fuller Co...... 296,419 18,647,719 6,115,457 (a) Ingevity Corp...... 364,930 27,563,163 Consumer Finance — 0.3% Innospec Inc...... 173,237 17,789,707 Atlanticus Holdings Corp.(a)(b) ...... 46,040 1,396,393 (a) Koppers Holdings Inc...... 108,426 3,768,888 Curo Group Holdings Corp...... 166,878 2,434,750 (a)(b) Marrone Bio Innovations Inc...... 568,477 1,188,117 FirstCash Inc...... 356,015 23,379,505 Orion Engineered Carbons SA ...... 297,667 5,869,993 Green Dot Corp., Class A(a) ...... 39,512 1,809,255 PQ Group Holdings Inc...... 56,348 941,012 PROG Holdings Inc...... 74,556 3,227,529 Quaker Chemical Corp...... 116,434 28,383,116 32,247,432 Sensient Technologies Corp...... 152,863 11,923,314 Containers & Packaging — 0.2% Stepan Co...... 15,707 1,996,517 Myers Industries Inc...... 120,302 2,377,168 Trinseo SA ...... 104,703 6,666,440 O-I Glass Inc...... 1,066,973 15,727,182 Tronox Holdings PLC, Class A...... 330,559 6,049,230 Pactiv Evergreen Inc...... 74,409 1,022,380 193,610,653 UFP Technologies Inc.(a) ...... 5,531 275,554 Commercial Services & Supplies — 1.5% 19,402,284 Brady Corp., Class A, NVS...... 308,497 16,489,165 Distributors — 0.1% Brink's Co. (The)(b)...... 432,358 34,255,724 Core-Mark Holding Co. Inc...... 363,642 14,069,309 Casella Waste Systems Inc., Class A(a)(b) ...... 370,119 23,528,465 Greenlane Holdings Inc., Class A(a)(b)...... 98,031 520,054 Cimpress PLC(a)(b)...... 50,462 5,052,760 Covanta Holding Corp...... 406,273 5,630,944 14,589,363 Healthcare Services Group Inc...... 653,699 18,323,183 Diversified Consumer Services — 0.3% (a)(b) Interface Inc...... 93,607 1,168,215 Aspen Group Inc./CO ...... 195,423 1,172,538 (a)(b) Montrose Environmental Group Inc.(a)(b) ...... 70,735 3,550,190 Perdoceo Education Corp...... 610,950 7,306,962 Pitney Bowes Inc...... 583,168 4,805,304 Strategic Education Inc...... 212,265 19,509,276 (a) Tetra Tech Inc...... 473,142 64,214,832 Universal Technical Institute Inc...... 247,611 1,446,049 (a)(b) UniFirst Corp./MA(b) ...... 7,688 1,719,883 Vivint Smart Home Inc...... 144,997 2,076,357 WW International Inc.(a)(b) ...... 98,540 3,082,331 178,738,665 Communications Equipment — 0.7% 34,593,513 CalAmp Corp.(a) ...... 201,101 2,181,946 Diversified Financial Services — 0.0% (a)(b) Calix Inc.(a) ...... 460,944 15,976,319 GWG Holdings Inc...... 29,183 203,989 Cambium Networks Corp.(a)(b) ...... 70,044 3,272,456 Diversified Telecommunication Services — 0.8% Casa Systems Inc.(a)(b)...... 289,082 2,754,951 Anterix Inc.(a)(b) ...... 96,257 4,539,480 Clearfield Inc.(a)(b) ...... 97,704 2,943,822 (a) ATN International Inc...... 5,503 270,307 Extreme Networks Inc...... 1,057,245 9,250,894 (a)(b) (a)(b) Bandwidth Inc., Class A ...... 168,025 21,295,489 Genasys Inc...... 299,917 2,006,445 (a) (a)(b) Cincinnati Bell Inc...... 145,947 2,240,286 Infinera Corp...... 717,250 6,907,117 Cogent Communications Holdings Inc...... 372,399 25,606,155 (a)(b) ...... 612,472 6,124,720 Inseego Corp. Consolidated Communications Holdings Inc.(a) ...... 63,698 458,626 Plantronics Inc...... 98,900 3,848,199 IDT Corp., Class B(a)(b)...... 111,158 2,518,840 (a)(b) ...... 451,842 1,915,810 Resonant Inc. Iridium Communications Inc.(a)(b) ...... 676,084 27,888,465 (a)(b) ...... 2,005,966 31,493,666 Viavi Solutions Inc. Ooma Inc.(a)(b)...... 189,309 3,000,548 88,676,345 ORBCOMM Inc.(a)(b) ...... 88,433 674,744 Construction & Engineering — 0.7% Vonage Holdings Corp.(a) ...... 1,151,133 13,606,392 (a)(b) Ameresco Inc., Class A ...... 215,713 10,490,123 102,099,332 Comfort Systems USA Inc...... 91,093 6,811,024

S CHEDULE OF I NVESTMENTS 91 Schedule of Investments (continued) iShares Russell 2000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Electric Utilities — 0.1% Equity Real Estate Investment Trusts (REITs) (continued) Genie Energy Ltd., Class B ...... 120,141 $ 761,694 CatchMark Timber Trust Inc., Class A...... 46,229 $ 470,611 MGE Energy Inc...... 86,841 6,199,579 CIM Commercial Trust Corp...... 101,087 1,303,011 Otter Tail Corp...... 119,528 5,518,608 Clipper Realty Inc...... 116,256 920,748 Spark Energy Inc., Class A...... 108,023 1,153,685 Community Healthcare Trust Inc...... 193,996 8,947,096 13,633,566 Easterly Government Properties Inc...... 717,565 14,875,122 Electrical Equipment — 2.7% EastGroup Properties Inc...... 326,108 46,724,754 Allied Motion Technologies Inc...... 59,288 3,043,253 Four Corners Property Trust Inc...... 643,847 17,641,408 Atkore Inc.(a) ...... 411,254 29,569,163 Gladstone Commercial Corp...... 63,469 1,241,454 Bloom Energy Corp., Class A(a)(b)...... 730,623 19,763,352 Gladstone Land Corp...... 88,325 1,616,348 EnerSys...... 34,327 3,116,892 Indus Realty Trust Inc...... 18,852 1,134,136 FuelCell Energy Inc.(a)(b) ...... 1,830,469 26,377,058 Innovative Industrial Properties Inc...... 85,336 15,374,134 Orion Energy Systems Inc.(a)(b) ...... 243,588 1,695,372 LTC Properties Inc...... 128,671 5,368,154 Plug Power Inc.(a)(b)...... 3,618,330 129,680,947 Monmouth Real Estate Investment Corp...... 737,691 13,049,754 Sunrun Inc.(a)(b)...... 1,393,829 84,298,778 National Health Investors Inc...... 125,093 9,041,722 TPI Composites Inc.(a)(b) ...... 268,941 15,176,341 National Storage Affiliates Trust ...... 550,598 21,985,378 Vicor Corp.(a)(b) ...... 169,102 14,378,743 NETSTREIT Corp...... 20,720 383,113 NexPoint Residential Trust Inc...... 30,256 1,394,499 327,099,899 Plymouth Industrial REIT Inc...... 221,020 3,724,187 Electronic Equipment, Instruments & Components — 2.4% PS Business Parks Inc...... 176,655 27,307,330 908 Devices Inc.(a)(b)...... 50,880 2,467,680 QTS Realty Trust Inc., Class A ...... 531,472 32,972,523 Akoustis Technologies Inc.(a) ...... 314,613 4,196,938 Ryman Hospitality Properties Inc.(b)...... 383,688 29,739,657 Badger Meter Inc...... 255,277 23,758,630 Safehold Inc.(b) ...... 87,645 6,143,914 ePlus Inc.(a) ...... 97,385 9,703,441 Saul Centers Inc...... 92,002 3,690,200 Fabrinet(a) ...... 322,585 29,158,458 STAG Industrial Inc...... 113,513 3,815,172 FARO Technologies Inc.(a)(b) ...... 143,904 12,457,769 Terreno Realty Corp...... 252,279 14,574,158 II-VI Inc.(a)(b)...... 793,764 54,269,645 UMH Properties Inc...... 255,429 4,896,574 Insight Enterprises Inc.(a)(b)...... 83,513 7,968,811 Uniti Group Inc...... 1,692,538 18,668,694 Intellicheck Inc.(a) ...... 161,398 1,352,515 Universal Health Realty Income Trust...... 99,509 6,744,720 Iteris Inc.(a) ...... 367,573 2,267,925 Itron Inc.(a) ...... 386,512 34,264,289 322,849,756 Luna Innovations Inc.(a)(b) ...... 264,074 2,780,699 Food & Staples Retailing — 0.5% (a)(b) Methode Electronics Inc...... 57,562 2,416,453 BJ's Wholesale Club Holdings Inc...... 1,202,149 53,928,404 Napco Security Technologies Inc.(a)(b)...... 125,552 4,372,976 Natural Grocers by Vitamin Cottage Inc...... 51,985 912,337 nLight Inc.(a)(b)...... 309,186 10,017,626 PriceSmart Inc...... 12,853 1,243,528 Novanta Inc.(a)(b)...... 300,202 39,593,642 56,084,269 OSI Systems Inc.(a)(b) ...... 148,138 14,236,062 Food Products — 1.4% PAR Technology Corp.(a)(b) ...... 166,860 10,914,313 B&G Foods Inc...... 490,187 15,225,208 PC Connection Inc...... 6,644 308,215 Bridgford Foods Corp.(a)(b) ...... 7,792 120,776 Plexus Corp.(a)(b) ...... 202,036 18,554,986 Calavo Growers Inc...... 144,314 11,204,539 Research Frontiers Inc.(a)(b) ...... 241,967 687,186 Cal-Maine Foods Inc.(a)(b) ...... 110,193 4,233,615 Rogers Corp.(a)(b) ...... 28,413 5,347,611 Freshpet Inc.(a)(b) ...... 357,917 56,840,799 Wrap Technologies Inc.(a)(b) ...... 104,217 579,447 Hostess Brands Inc.(a)(b) ...... 492,819 7,067,024 291,675,317 J&J Snack Foods Corp...... 34,803 5,465,115 Energy Equipment & Services — 0.1% John B Sanfilippo & Son Inc...... 75,766 6,846,973 (a)(b) Aspen Aerogels Inc.(a) ...... 15,839 322,165 Laird Superfood Inc...... 17,297 648,119 Cactus Inc., Class A ...... 192,770 5,902,618 Lancaster Colony Corp...... 166,183 29,141,851 DMC Global Inc...... 58,715 3,185,876 Limoneira Co...... 31,688 554,540 Mission Produce Inc.(a)...... 33,011 627,539 9,410,659 Sanderson Farms Inc...... 136,859 21,319,895 Entertainment — 0.2% Tootsie Roll Industries Inc...... 119,962 3,974,357 Glu Mobile Inc.(a)(b) ...... 1,300,130 16,225,622 Vital Farms Inc.(a)(b)...... 85,857 1,875,117 Liberty Media Corp.-Liberty Braves, Class A(a)(b) .... 55,188 1,573,410 Liberty Media Corp.-Liberty Braves, 165,145,467 Class C, NVS(a)(b) ...... 191,834 5,336,822 Gas Utilities — 0.4% LiveXLive Media Inc.(a)...... 64,862 281,501 Brookfield Infrastructure Corp., Class A ...... 137,119 10,471,778 Chesapeake Utilities Corp...... 141,111 16,380,165 23,417,355 Northwest Natural Holding Co...... 29,436 1,588,072 Equity Real Estate Investment Trusts (REITs) — 2.7% ONE Gas Inc...... 52,552 4,041,774 Alexander's Inc...... 17,584 4,876,043 RGC Resources Inc...... 34,196 758,467 Bluerock Residential Growth REIT Inc., Class A ..... 72,679 734,785 South Jersey Industries Inc.(b) ...... 515,937 11,649,858 Broadstone Net Lease Inc...... 40,221 736,044 CareTrust REIT Inc...... 118,287 2,754,313

92 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Gas Utilities (continued) Health Care Equipment & Supplies (continued) Southwest Gas Holdings Inc...... 41,310 $ 2,838,410 Pulse Biosciences Inc.(a)(b) ...... 124,947 $ 2,958,745 (a)(b) 47,728,524 Quotient Ltd...... 641,174 2,359,520 (a)(b) Health Care Equipment & Supplies — 5.9% Repro-Med Systems Inc...... 242,150 852,368 (a)(b) Accelerate Diagnostics Inc.(a)(b) ...... 291,346 2,423,999 Retractable Technologies Inc...... 112,687 1,444,647 (a)(b) Accuray Inc.(a)(b) ...... 816,409 4,041,225 Rockwell Medical Inc...... 558,065 647,355 (a)(b) Acutus Medical Inc.(a)(b) ...... 98,350 1,314,940 Shockwave Medical Inc...... 249,251 32,467,435 (a) Alphatec Holdings Inc.(a) ...... 423,714 6,690,444 SI-BONE Inc...... 252,693 8,038,164 (a)(b) Antares Pharma Inc.(a) ...... 1,436,956 5,905,889 Sientra Inc...... 357,817 2,608,486 (a)(b) Apyx Medical Corp.(a) ...... 34,217 330,536 Silk Road Medical Inc...... 239,100 12,110,415 (a)(b) Aspira Women's Health Inc.(a)(b) ...... 701,519 4,735,253 Soliton Inc...... 62,456 1,097,352 (a)(b) AtriCure Inc.(a)(b)...... 383,056 25,097,829 STAAR Surgical Co...... 402,367 42,413,505 (a) Atrion Corp...... 12,344 7,916,331 Stereotaxis Inc...... 403,116 2,708,940 (a) Axogen Inc.(a)(b) ...... 329,924 6,684,260 Surmodics Inc...... 118,089 6,621,250 (a)(b) Axonics Modulation Technologies Inc.(a)(b) ...... 265,015 15,871,748 Tactile Systems Technology Inc...... 160,791 8,761,502 (a)(b) Bellerophon Therapeutics Inc.(a) ...... 40,298 209,147 Talis Biomedical Corp...... 87,645 1,126,238 (a) Beyond Air Inc.(a)(b) ...... 145,072 797,896 Tela Bio Inc...... 59,929 892,942 (a)(b) BioLife Solutions Inc.(a)(b) ...... 124,920 4,497,120 TransMedics Group Inc...... 220,411 9,144,852 BioSig Technologies Inc.(a)(b) ...... 212,588 916,254 Utah Medical Products Inc...... 24,453 2,117,630 (a)(b) Bioventus Inc., Class A(a)(b) ...... 54,079 826,327 Vapotherm Inc...... 172,008 4,131,632 (a)(b) Cantel Medical Corp.(a) ...... 333,512 26,627,598 Venus Concept Inc...... 107,184 251,882 (a)(b) Cardiovascular Systems Inc.(a)(b) ...... 344,364 13,202,916 ViewRay Inc...... 377,082 1,640,307 (a) Cerus Corp.(a)(b) ...... 1,436,657 8,634,309 VolitionRx Ltd...... 231,550 875,259 (a)(b) Chembio Diagnostics Inc.(a)(b) ...... 157,624 553,260 Zynex Inc...... 165,003 2,519,596 Co-Diagnostics Inc.(a)(b) ...... 231,805 2,211,420 718,438,816 CONMED Corp...... 238,850 31,191,422 Health Care Providers & Services — 3.9% CryoLife Inc.(a)(b)...... 267,988 6,051,169 1Life Healthcare Inc.(a)(b) ...... 688,627 26,911,543 CryoPort Inc.(a)(b) ...... 350,159 18,211,770 Accolade Inc.(a)(b)...... 230,296 10,448,530 Cutera Inc.(a)(b) ...... 151,467 4,551,583 AdaptHealth Corp.(a)(b) ...... 659,094 24,228,295 CytoSorbents Corp.(a)(b)...... 360,663 3,130,555 Addus HomeCare Corp.(a)(b)...... 129,866 13,582,685 Eargo Inc.(a)(b) ...... 56,069 2,800,647 AMN Healthcare Services Inc.(a)(b)...... 410,079 30,222,822 Electromed Inc.(a)(b)...... 63,443 668,689 Apollo Medical Holdings Inc.(a)(b) ...... 178,112 4,825,054 GenMark Diagnostics Inc.(a) ...... 609,899 14,576,586 Apria Inc.(a)...... 54,351 1,518,023 Glaukos Corp.(a)(b) ...... 374,059 31,394,772 Avalon GloboCare Corp.(a)(b) ...... 151,223 161,809 Heska Corp.(a)(b)...... 22,500 3,790,350 Biodesix Inc.(a) ...... 25,362 515,102 Inari Medical Inc.(a)(b) ...... 116,069 12,419,383 Castle Biosciences Inc.(a)(b) ...... 126,882 8,686,342 Inogen Inc.(a) ...... 109,545 5,753,303 CorVel Corp.(a) ...... 76,711 7,869,781 Integer Holdings Corp.(a)(b) ...... 180,564 16,629,944 Cross Country Healthcare Inc.(a)...... 34,173 426,821 Intersect ENT Inc.(a) ...... 284,788 5,946,373 Ensign Group Inc. (The)...... 454,128 42,615,372 iRadimed Corp.(a)...... 52,823 1,361,249 Exagen Inc.(a) ...... 43,552 762,160 iRhythm Technologies Inc.(a)(b) ...... 253,893 35,255,582 Fulgent Genetics Inc.(a)(b) ...... 118,639 11,462,900 Lantheus Holdings Inc.(a)(b)...... 580,729 12,410,179 Hanger Inc.(a)...... 39,151 893,426 LeMaitre Vascular Inc...... 116,164 5,666,480 HealthEquity Inc.(a)(b) ...... 704,664 47,917,152 LivaNova PLC(a)(b) ...... 301,957 22,263,290 InfuSystem Holdings Inc.(a)(b)...... 131,881 2,685,097 Lucira Health Inc.(a)(b) ...... 68,187 825,063 Joint Corp. (The)(a) ...... 116,221 5,621,610 Meridian Bioscience Inc.(a)(b) ...... 322,738 8,471,873 LHC Group Inc.(a)(b)...... 266,592 50,975,056 Merit Medical Systems Inc.(a)(b)...... 474,550 28,416,054 Magellan Health Inc.(a) ...... 91,965 8,574,817 Mesa Laboratories Inc.(b)...... 41,406 10,082,361 ModivCare Inc.(a) ...... 105,847 15,678,058 Milestone Scientific Inc.(a)(b) ...... 381,162 1,360,748 National Research Corp...... 119,204 5,582,323 Misonix Inc.(a)(b) ...... 45,469 890,738 Ontrak Inc.(a) ...... 72,286 2,353,632 Natus Medical Inc.(a) ...... 93,401 2,392,000 Option Care Health Inc.(a) ...... 704,170 12,491,976 Nemaura Medical Inc.(a)(b)...... 61,286 468,225 Pennant Group Inc. (The)(a) ...... 223,179 10,221,598 Neogen Corp.(a) ...... 462,351 41,098,380 PetIQ Inc., Class A(a)(b) ...... 189,859 6,694,428 Nevro Corp.(a)(b) ...... 298,752 41,675,904 Progenity Inc.(a)(b) ...... 141,141 671,831 NuVasive Inc.(a)(b)...... 451,647 29,609,977 Progyny Inc.(a)(b)...... 233,672 10,400,741 OraSure Technologies Inc.(a)(b) ...... 377,801 4,408,938 R1 RCM Inc.(a)(b) ...... 950,453 23,457,180 Ortho Clinical Diagnostics Holdings PLC(a) ...... 616,485 11,895,078 RadNet Inc.(a)(b) ...... 380,072 8,266,566 OrthoPediatrics Corp.(a)(b) ...... 114,945 5,603,569 Select Medical Holdings Corp.(a)...... 954,250 32,539,925 Outset Medical Inc.(a)(b) ...... 69,665 3,789,079 Sharps Compliance Corp.(a)(b) ...... 130,194 1,870,888 PAVmed Inc.(a)(b) ...... 538,226 2,389,723 Surgery Partners Inc.(a)(b) ...... 225,212 9,967,883 Pulmonx Corp.(a) ...... 81,090 3,709,057 Tenet Healthcare Corp.(a) ...... 92,557 4,812,964

S CHEDULE OF I NVESTMENTS 93 Schedule of Investments (continued) iShares Russell 2000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Health Care Providers & Services (continued) Household Durables (continued) Tivity Health Inc.(a)(b)...... 177,332 $ 3,958,050 Hamilton Beach Brands Holding Co., Class A ...... 20,496 $ 371,592 Triple-S Management Corp., Class B(a) ...... 17,226 448,393 Helen of Troy Ltd.(a)...... 214,684 45,225,331 U.S. Physical Therapy Inc...... 110,938 11,548,646 Hooker Furniture Corp...... 6,847 249,642 Viemed Healthcare Inc.(a) ...... 310,786 3,145,154 Installed Building Products Inc...... 200,077 22,184,538 (a)(b) 465,014,633 iRobot Corp...... 241,576 29,515,756 Health Care Technology — 2.0% KB Home ...... 114,704 5,337,177 (a)(b) Allscripts Healthcare Solutions Inc.(a)(b) ...... 78,191 1,174,038 Legacy Housing Corp...... 18,794 333,218 (a)(b) Evolent Health Inc., Class A(a)(b) ...... 110,840 2,238,968 LGI Homes Inc...... 195,825 29,238,631 (a)(b) Health Catalyst Inc.(a)(b) ...... 294,568 13,776,945 Lovesac Co. (The) ...... 88,891 5,031,230 (a)(b) HMS Holdings Corp.(a) ...... 774,495 28,636,953 Meritage Homes Corp...... 17,479 1,606,670 (a)(b) Icad Inc.(a)...... 176,507 3,745,478 Purple Innovation Inc., Class A ...... 282,530 8,942,074 (a) Inovalon Holdings Inc., Class A(a)(b)...... 654,031 18,823,012 Skyline Champion Corp...... 460,511 20,842,728 (a) Inspire Medical Systems Inc.(a) ...... 229,894 47,585,759 Sonos Inc...... 1,055,957 39,566,709 (a) NantHealth Inc.(a)(b) ...... 245,870 789,243 Taylor Morrison Home Corp...... 109,760 3,381,705 (a)(b) Omnicell Inc.(a)(b) ...... 373,003 48,441,900 TopBuild Corp...... 290,467 60,832,504 (a) OptimizeRx Corp.(a)(b)...... 142,278 6,936,052 Universal Electronics Inc...... 100,924 5,547,792 Phreesia Inc.(a) ...... 294,596 15,348,452 307,769,769 Schrodinger Inc.(a)(b) ...... 263,553 20,106,458 Household Products — 0.3% Simulations Plus Inc.(b)...... 132,353 8,370,004 Central Garden & Pet Co.(a)(b) ...... 26,497 1,537,091 Tabula Rasa HealthCare Inc.(a)(b) ...... 185,445 8,539,742 Central Garden & Pet Co., Class A, NVS(a)...... 105,806 5,490,273 Vocera Communications Inc.(a) ...... 281,173 10,813,914 WD-40 Co...... 111,984 34,287,261 235,326,918 41,314,625 Hotels, Restaurants & Leisure — 4.7% Independent Power and Renewable Electricity Producers — 0.4% Accel Entertainment Inc.(a)(b) ...... 443,653 4,849,127 Atlantic Power Corp.(a) ...... 62,831 181,582 Bally's Corp...... 156,800 10,188,864 Brookfield Renewable Corp., Class A ...... 94,708 4,432,334 Bloomin' Brands Inc...... 769,797 20,823,009 Clearway Energy Inc., Class A ...... 63,283 1,677,632 Brinker International Inc...... 263,941 18,755,647 Clearway Energy Inc., Class C ...... 143,294 4,032,293 Caesars Entertainment Inc.(a)(b) ...... 927,902 81,145,030 Ormat Technologies Inc...... 384,554 30,199,026 Churchill Downs Inc.(b) ...... 333,651 75,878,910 Sunnova Energy International Inc.(a) ...... 57,848 2,361,355 Cracker Barrel Old Country Store Inc...... 88,307 15,266,514 42,884,222 (a) Dave & Buster's Entertainment Inc...... 142,214 6,812,051 Industrial Conglomerates — 0.0% (a)(b) Denny's Corp...... 353,045 6,393,645 Raven Industries Inc...... 26,972 1,033,837 Dine Brands Global Inc...... 9,084 817,832 El Pollo Loco Holdings Inc.(a) ...... 10,939 176,337 Insurance — 1.2% Everi Holdings Inc.(a)...... 252,561 3,563,636 BRP Group Inc., Class A(a)(b) ...... 371,776 10,130,896 GAN Ltd.(a)(b) ...... 223,148 4,061,294 Crawford & Co., Class A, NVS...... 15,567 165,788 Golden Entertainment Inc.(a) ...... 57,300 1,447,398 eHealth Inc.(a)(b) ...... 225,520 16,402,070 Hilton Grand Vacations Inc.(a) ...... 747,797 28,034,909 FedNat Holding Co...... 7,293 33,766 Jack in the Box Inc...... 22,458 2,465,439 Goosehead Insurance Inc., Class A(b)...... 15,048 1,612,845 Lindblad Expeditions Holdings Inc.(a)(b) ...... 225,162 4,255,562 HCI Group Inc...... 12,080 927,986 Marriott Vacations Worldwide Corp...... 45,834 7,983,366 Heritage Insurance Holdings Inc...... 14,887 164,948 Monarch Casino & Resort Inc.(a)(b)...... 78,343 4,749,153 Investors Title Co...... 1,345 223,270 NEOGAMES SA(a)...... 24,459 874,898 James River Group Holdings Ltd...... 229,751 10,481,241 Noodles & Co., Class A(a)(b) ...... 137,913 1,427,400 Kinsale Capital Group Inc.(b) ...... 185,226 30,525,245 Papa John's International Inc...... 244,923 21,709,975 Palomar Holdings Inc.(a)(b) ...... 177,443 11,895,779 Penn National Gaming Inc.(a)(b)...... 686,600 71,983,144 RLI Corp...... 303,117 33,818,764 PlayAGS Inc.(a)(b) ...... 59,930 484,234 Selectquote Inc.(a) ...... 313,044 9,237,928 Red Rock Resorts Inc., Class A ...... 431,719 14,069,722 Trean Insurance Group Inc.(a) ...... 14,876 240,247 Ruth's Hospitality Group Inc...... 288,031 7,151,810 Trupanion Inc.(a) ...... 264,039 20,122,412 Scientific Games Corp./DE, Class A(a) ...... 359,114 13,833,071 Universal Insurance Holdings Inc...... 63,717 913,702 SeaWorld Entertainment Inc.(a)(b) ...... 196,725 9,771,331 146,896,887 Shake Shack Inc., Class A(a)(b) ...... 308,335 34,770,938 Interactive Media & Services — 0.4% Texas Roadhouse Inc...... 576,681 55,326,775 Cargurus Inc.(a)...... 767,897 18,298,986 Wingstop Inc.(b)...... 260,287 33,100,698 Eventbrite Inc., Class A(a)(b) ...... 562,775 12,471,094 562,171,719 EverQuote Inc., Class A(a)(b)...... 122,722 4,453,581 Household Durables — 2.5% MediaAlpha Inc., Class A(a)...... 110,066 3,899,638 Casper Sleep Inc.(a)(b) ...... 42,985 311,211 QuinStreet Inc.(a) ...... 138,919 2,820,056 Cavco Industries Inc.(a) ...... 80,470 18,154,837 Yelp Inc.(a)(b)...... 118,742 4,630,938 GoPro Inc., Class A(a)(b)...... 953,301 11,096,424 46,574,293

94 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Internet & Direct Marketing Retail — 1.2% Life Sciences Tools & Services (continued) 1-800-Flowers.com Inc., Class A(a)(b) ...... 225,203 $ 6,217,855 Fluidigm Corp.(a)...... 52,126 $ 235,609 CarParts.com Inc.(a)(b) ...... 278,762 3,980,721 Luminex Corp...... 376,588 12,013,157 Magnite Inc.(a)(b) ...... 540,999 22,510,968 Medpace Holdings Inc.(a)(b)...... 242,627 39,802,959 Overstock.com Inc.(a)(b) ...... 305,797 20,262,109 NanoString Technologies Inc.(a)(b) ...... 335,224 22,027,569 PetMed Express Inc...... 171,007 6,015,171 NeoGenomics Inc.(a)(b) ...... 953,729 45,998,350 Quotient Technology Inc.(a)(b) ...... 425,867 6,958,667 Pacific Biosciences of California Inc.(a)(b)...... 1,402,531 46,718,308 RealReal Inc. (The)(a)(b) ...... 556,560 12,594,953 Personalis Inc.(a)(b) ...... 229,722 5,653,458 Shutterstock Inc...... 191,593 17,059,441 Quanterix Corp.(a) ...... 210,057 12,282,033 Stamps.com Inc.(a)...... 149,452 29,817,169 Seer Inc.(a)(b) ...... 101,281 5,066,076 (a) Stitch Fix Inc., Class A ...... 437,392 21,668,400 205,957,607 (a)(b) Waitr Holdings Inc...... 743,739 2,179,155 Machinery — 3.2% 149,264,609 Agrify Corp.(a)(b) ...... 19,498 243,335 IT Services — 2.6% Alamo Group Inc...... 69,995 10,929,719 Brightcove Inc.(a) ...... 345,459 6,950,635 Albany International Corp., Class A ...... 221,647 18,500,875 Cardtronics PLC, Class A(a) ...... 228,332 8,859,282 Blue Bird Corp.(a) ...... 54,172 1,355,925 Cass Information Systems Inc...... 123,986 5,736,832 Douglas Dynamics Inc...... 181,411 8,372,118 CSG Systems International Inc...... 284,611 12,776,188 Energy Recovery Inc.(a)(b) ...... 350,425 6,426,795 EVERTEC Inc...... 529,255 19,698,871 Enerpac Tool Group Corp...... 197,728 5,164,655 Evo Payments Inc., Class A(a)(b) ...... 401,043 11,036,703 ESCO Technologies Inc...... 206,026 22,434,171 ExlService Holdings Inc.(a) ...... 290,818 26,220,151 Evoqua Water Technologies Corp.(a) ...... 1,012,808 26,636,850 GreenSky Inc., Class A(a)(b) ...... 566,273 3,505,230 ExOne Co. (The)(a)(b) ...... 95,412 2,992,120 Grid Dynamics Holdings Inc.(a) ...... 245,434 3,909,764 Federal Signal Corp...... 482,717 18,488,061 GTT Communications Inc.(a)(b) ...... 290,514 531,641 Franklin Electric Co. Inc...... 374,780 29,585,133 Hackett Group Inc. (The)...... 189,786 3,110,593 Gencor Industries Inc.(a) ...... 12,395 166,217 I3 Verticals Inc., Class A(a)(b) ...... 161,985 5,041,783 Gorman-Rupp Co. (The) ...... 23,752 786,429 IBEX Holdings Ltd.(a) ...... 15,185 334,070 Helios Technologies Inc...... 120,480 8,779,378 International Money Express Inc.(a) ...... 250,046 3,753,190 Hydrofarm Holdings Group Inc.(a)(b)...... 35,598 2,147,271 Limelight Networks Inc.(a)(b) ...... 1,053,699 3,761,705 John Bean Technologies Corp.(b) ...... 275,157 36,689,434 LiveRamp Holdings Inc.(a)...... 460,128 23,871,441 Kadant Inc...... 100,042 18,508,770 MAXIMUS Inc...... 536,740 47,791,330 Lindsay Corp...... 94,870 15,807,239 NIC Inc...... 578,846 19,640,245 Luxfer Holdings PLC...... 13,521 287,727 Paysign Inc.(a)(b) ...... 280,789 1,227,048 Meritor Inc.(a)(b) ...... 464,386 13,662,236 Perficient Inc.(a)(b)...... 284,810 16,724,043 Mueller Water Products Inc., Class A ...... 81,154 1,127,229 Perspecta Inc...... 1,012,010 29,398,890 Omega Flex Inc...... 25,492 4,024,677 PFSweb Inc.(a)(b) ...... 104,740 706,995 Proto Labs Inc.(a)(b) ...... 234,122 28,504,354 Priority Technology Holdings Inc.(a)(b) ...... 60,107 417,143 RBC Bearings Inc.(a)(b) ...... 216,456 42,592,047 Rackspace Technology Inc.(a) ...... 253,230 6,021,809 REV Group Inc...... 27,559 528,031 Repay Holdings Corp.(a)(b) ...... 586,230 13,764,680 Rexnord Corp...... 82,155 3,868,679 Sykes Enterprises Inc.(a) ...... 19,076 840,870 Shyft Group Inc. (The) ...... 301,918 11,231,350 TTEC Holdings Inc...... 159,027 15,974,262 SPX Corp.(a)...... 278,695 16,239,558 Tucows Inc., Class A(a)...... 82,052 6,359,030 Tennant Co...... 160,871 12,851,984 Unisys Corp.(a)(b) ...... 54,727 1,391,160 Watts Water Technologies Inc., Class A ...... 107,149 12,730,373 Verra Mobility Corp.(a)(b)...... 1,170,704 15,845,479 Welbilt Inc.(a)(b) ...... 319,738 5,195,743 315,201,063 386,858,483 Leisure Products — 0.7% Media — 0.5% Acushnet Holdings Corp...... 69,426 2,869,377 AMC Networks Inc., Class A(a)...... 100,380 5,336,201 Clarus Corp...... 14,636 249,544 Cardlytics Inc.(a)(b) ...... 261,526 28,689,402 Johnson Outdoors Inc., Class A ...... 23,042 3,289,245 Daily Journal Corp.(a)(b) ...... 8,170 2,585,397 Malibu Boats Inc., Class A(a)(b) ...... 181,625 14,471,880 Gray Television Inc...... 231,426 4,258,238 Marine Products Corp...... 67,401 1,096,614 Loral Space & Communications Inc...... 25,188 948,832 MasterCraft Boat Holdings Inc.(a) ...... 164,941 4,385,781 Meredith Corp...... 174,809 5,205,812 Sturm Ruger & Co. Inc...... 129,568 8,560,558 TechTarget Inc.(a)(b) ...... 208,437 14,475,950 YETI Holdings Inc.(a)(b)...... 702,231 50,708,101 WideOpenWest Inc.(a)(b) ...... 227,914 3,097,351 85,631,100 64,597,183 Life Sciences Tools & Services — 1.7% Metals & Mining — 0.3% Champions Oncology Inc.(a) ...... 65,799 743,529 Caledonia Mining Corp. PLC ...... 33,478 478,401 ChromaDex Corp.(a)(b) ...... 371,681 3,471,500 Compass Minerals International Inc...... 299,236 18,768,082 Codexis Inc.(a)(b) ...... 507,994 11,627,983 Gatos Silver Inc.(a)(b) ...... 54,855 546,904 Contra Aduro Biotech I(a)(c) ...... 105,692 317,076 Materion Corp...... 54,089 3,582,855

S CHEDULE OF I NVESTMENTS 95 Schedule of Investments (continued) iShares Russell 2000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Metals & Mining (continued) Pharmaceuticals (continued) NovaGold Resources Inc.(a)(b) ...... 1,940,344 $ 16,997,414 Harmony Biosciences Holdings Inc.(a)(b) ...... 41,722 $ 1,378,495 (a)(b) 40,373,656 Harrow Health Inc...... 204,087 1,377,587 (a)(b) Mortgage Real Estate Investment — 0.0% IMARA Inc...... 66,467 560,981 (a)(b) Hannon Armstrong Sustainable Infrastructure Innoviva Inc...... 560,290 6,695,466 (a)(b) Capital Inc...... 35,066 1,967,203 Intra-Cellular Therapies Inc...... 220,813 7,492,185 Kala Pharmaceuticals Inc.(a)(b)...... 356,434 2,402,365 Multiline Retail — 0.0% Kaleido Biosciences Inc.(a)(b) ...... 120,414 975,353 Big Lots Inc...... 25,365 1,732,430 Landos Biopharma Inc.(a) ...... 39,322 378,671 Franchise Group Inc...... 23,258 839,846 Liquidia Corp.(a)(b) ...... 236,773 636,919 2,572,276 Lyra Therapeutics Inc.(a) ...... 53,282 617,538 Oil, Gas & Consumable Fuels — 0.1% Marinus Pharmaceuticals Inc.(a) ...... 252,240 3,904,675 Ardmore Shipping Corp...... 50,317 228,439 NGM Biopharmaceuticals Inc.(a) ...... 209,069 6,077,636 Contango Oil & Gas Co.(a)(b) ...... 176,068 686,665 Ocular Therapeutix Inc.(a)(b) ...... 636,754 10,449,133 Dorian LPG Ltd.(a)(b) ...... 44,398 582,946 Odonate Therapeutics Inc.(a)(b) ...... 142,882 488,656 Goodrich Petroleum Corp.(a)(b) ...... 49,900 472,054 Omeros Corp.(a)(b) ...... 517,808 9,216,982 Magnolia Oil & Gas Corp., Class A(a)(b) ...... 990,009 11,365,303 Optinose Inc.(a)(b) ...... 313,945 1,158,457 NextDecade Corp.(a)(b) ...... 9,964 26,604 Osmotica Pharmaceuticals PLC(a)(b) ...... 82,502 268,957 Uranium Energy Corp.(a)(b) ...... 591,468 1,691,599 Pacira BioSciences Inc.(a)(b) ...... 373,254 26,161,373 Paratek Pharmaceuticals Inc.(a)(b) ...... 365,623 2,581,298 15,053,610 (a)(b) Paper & Forest Products — 0.4% Phathom Pharmaceuticals Inc...... 100,736 3,783,644 Louisiana-Pacific Corp...... 964,695 53,501,985 Phibro Animal Health Corp., Class A ...... 167,679 4,091,368 Pliant Therapeutics Inc.(a)(b) ...... 166,949 6,566,104 Personal Products — 0.5% Prestige Consumer Healthcare Inc.(a) ...... 156,236 6,886,883 elf Beauty Inc.(a) ...... 398,852 10,701,199 Provention Bio Inc.(a)(b) ...... 462,102 4,849,761 Inter Parfums Inc...... 155,699 11,043,730 Recro Pharma Inc.(a)...... 176,723 493,057 Lifevantage Corp.(a)(b)...... 124,984 1,168,601 Relmada Therapeutics Inc.(a)...... 129,887 4,573,321 Medifast Inc...... 98,927 20,954,717 Revance Therapeutics Inc.(a)(b) ...... 423,659 11,841,269 USANA Health Sciences Inc.(a)(b) ...... 101,082 9,865,603 Satsuma Pharmaceuticals Inc.(a) ...... 86,454 510,943 Veru Inc.(a)(b) ...... 474,154 5,109,009 scPharmaceuticals Inc.(a) ...... 62,874 418,112 (a)(b) 58,842,859 SIGA Technologies Inc...... 466,003 3,029,020 (a) Pharmaceuticals — 2.4% Strongbridge Biopharma PLC ...... 352,047 971,650 (a)(b) AcelRx Pharmaceuticals Inc.(a)(b) ...... 231,910 394,247 Supernus Pharmaceuticals Inc...... 99,213 2,597,396 (a)(b) Aerie Pharmaceuticals Inc.(a)(b) ...... 321,656 5,747,993 Tarsus Pharmaceuticals Inc...... 42,569 1,371,999 (a)(b) Agile Therapeutics Inc.(a)(b)...... 576,590 1,199,307 Terns Pharmaceuticals Inc...... 57,120 1,256,640 (a)(b) Amneal Pharmaceuticals Inc.(a)...... 881,882 5,935,066 TherapeuticsMD Inc...... 2,485,972 3,331,203 (a)(b) Amphastar Pharmaceuticals Inc.(a)(b) ...... 317,434 5,815,391 Theravance Biopharma Inc...... 356,866 7,283,635 (a)(b) Angion Biomedica Corp.(a)(b) ...... 36,907 666,910 Tricida Inc...... 251,728 1,331,641 (a)(b) ANI Pharmaceuticals Inc.(a) ...... 45,145 1,631,540 Verrica Pharmaceuticals Inc...... 113,441 1,718,631 (a)(b) Aquestive Therapeutics Inc.(a)(b) ...... 181,219 942,339 VYNE Therapeutics Inc...... 48,087 329,156 (a) Arvinas Inc.(a) ...... 316,478 20,919,196 WaVe Life Sciences Ltd...... 289,204 1,622,434 (a)(b) Atea Pharmaceuticals Inc.(a)(b) ...... 100,502 6,205,999 Xeris Pharmaceuticals Inc...... 376,987 1,700,211 (a)(b) Athira Pharma Inc.(a)(b)...... 96,329 1,772,454 Zogenix Inc...... 486,311 9,492,791 Avenue Therapeutics Inc.(a)(b) ...... 60,782 368,947 292,401,643 Axsome Therapeutics Inc.(a)(b)...... 242,667 13,739,806 Professional Services — 1.7% BioDelivery Sciences International Inc.(a)...... 797,223 3,117,142 Akerna Corp.(a)(b) ...... 160,532 793,028 Cara Therapeutics Inc.(a)(b) ...... 359,992 7,815,426 ASGN Inc.(a)...... 369,726 35,286,649 Cassava Sciences Inc.(a)(b)...... 101,930 4,581,754 Barrett Business Services Inc...... 4,966 341,959 Cerecor Inc.(a) ...... 362,670 1,095,263 CBIZ Inc.(a)...... 75,430 2,463,544 Chiasma Inc.(a)(b) ...... 442,901 1,386,280 CRA International Inc...... 49,516 3,695,874 Collegium Pharmaceutical Inc.(a)(b) ...... 300,028 7,110,664 Exponent Inc...... 451,178 43,967,296 Corcept Therapeutics Inc.(a)(b) ...... 852,060 20,270,507 Forrester Research Inc.(a) ...... 96,259 4,089,082 CorMedix Inc.(a)(b) ...... 264,251 2,639,868 Franklin Covey Co.(a)(b) ...... 114,223 3,231,369 Durect Corp.(a)(b) ...... 1,933,027 3,827,393 Huron Consulting Group Inc.(a) ...... 18,582 936,161 Eloxx Pharmaceuticals Inc.(a)(b)...... 243,004 806,773 ICF International Inc...... 79,912 6,984,309 Endo International PLC(a) ...... 850,588 6,302,857 Insperity Inc...... 156,233 13,082,951 Eton Pharmaceuticals Inc.(a)(b) ...... 149,982 1,097,868 KBR Inc...... 155,492 5,969,338 Evofem Biosciences Inc.(a)(b) ...... 630,578 1,103,512 Kforce Inc...... 171,948 9,216,413 Evolus Inc.(a) ...... 83,580 1,085,704 ManTech International Corp./VA, Class A ...... 100,571 8,744,649 Fulcrum Therapeutics Inc.(a)(b)...... 144,409 1,701,138 Mastech Digital Inc.(a)...... 35,571 626,405 Graybug Vision Inc.(a)(b) ...... 44,451 246,703 Red Violet Inc.(a)(b)...... 59,110 1,088,806

96 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Professional Services (continued) Software — 9.5% TriNet Group Inc.(a) ...... 362,058 $ 28,226,042 8x8 Inc.(a) ...... 933,592 $ 30,285,724 Upwork Inc.(a)(b) ...... 815,204 36,496,683 A10 Networks Inc.(a)(b) ...... 532,830 5,120,496 Willdan Group Inc.(a)(b) ...... 65,262 2,679,005 ACI Worldwide Inc.(a)(b) ...... 1,005,877 38,273,620 (a) 207,919,563 Agilysys Inc...... 166,996 8,009,128 (a)(b) Real Estate Management & Development — 0.8% Alarm.com Holdings Inc...... 417,662 36,077,644 (a)(b) Altisource Portfolio Solutions SA(a)(b)...... 6,412 58,926 Altair Engineering Inc., Class A ...... 380,698 23,820,274 Cushman & Wakefield PLC(a)(b) ...... 333,215 5,438,069 American Software Inc./GA, Class A ...... 269,516 5,578,981 (a)(b) eXp World Holdings Inc.(a) ...... 435,484 19,836,296 Appfolio Inc., Class A ...... 142,886 20,205,509 (a)(b) Fathom Holdings Inc.(a)(b) ...... 16,360 599,267 Appian Corp...... 312,577 41,557,112 (a)(b) Marcus & Millichap Inc.(a)(b) ...... 19,070 642,659 Avaya Holdings Corp...... 731,778 20,511,737 (a)(b) Maui Land & Pineapple Co. Inc.(a)(b) ...... 30,886 356,733 Benefitfocus Inc...... 253,259 3,497,507 Redfin Corp.(a)(b)...... 875,326 58,287,958 Blackbaud Inc...... 426,099 30,287,117 (a)(b) RMR Group Inc. (The), Class A...... 122,710 5,007,795 Blackline Inc...... 447,510 48,510,084 St. Joe Co. (The) ...... 141,563 6,073,053 BM Technologies Inc...... 2,973 31,951 Bottomline Technologies DE Inc.(a) ...... 388,486 17,578,991 96,300,756 Box Inc., Class A(a)(b) ...... 1,260,451 28,939,955 Road & Rail — 1.0% ChannelAdvisor Corp.(a) ...... 243,908 5,744,033 Avis Budget Group Inc.(a)(b) ...... 462,460 33,546,848 Cloudera Inc.(a)(b) ...... 873,301 10,628,073 Daseke Inc.(a)(b) ...... 397,305 3,373,119 Cognyte Software Ltd.(a)(b) ...... 254,472 7,076,866 Marten Transport Ltd...... 255,773 4,340,468 CommVault Systems Inc.(a) ...... 369,918 23,859,711 PAM Transportation Services Inc.(a)...... 2,610 161,037 Cornerstone OnDemand Inc.(a) ...... 537,970 23,444,733 Saia Inc.(a)(b) ...... 230,802 53,218,325 Digimarc Corp.(a)(b) ...... 96,943 2,875,329 Universal Logistics Holdings Inc...... 48,518 1,276,509 Digital Turbine Inc.(a)(b)...... 739,264 59,407,255 Werner Enterprises Inc...... 466,659 22,012,305 Domo Inc., Class B(a) ...... 232,982 13,114,557 117,928,611 Ebix Inc...... 128,806 4,125,656 Semiconductors & Semiconductor Equipment — 4.7% eGain Corp.(a)(b) ...... 69,163 656,357 (b) Advanced Energy Industries Inc...... 332,882 36,340,728 Envestnet Inc.(a)(b) ...... 466,186 33,672,615 (a) Ambarella Inc...... 89,857 9,020,744 Intelligent Systems Corp.(a)(b)...... 67,785 2,773,084 Amkor Technology Inc...... 144,536 3,426,949 InterDigital Inc...... 85,372 5,416,853 (a)(b) Atomera Inc...... 158,999 3,895,476 j2 Global Inc.(a) ...... 380,652 45,624,949 (a)(b) Axcelis Technologies Inc...... 267,734 11,001,190 LivePerson Inc.(a)(b) ...... 546,029 28,797,569 Brooks Automation Inc...... 637,976 52,090,740 MicroStrategy Inc., Class A(a)(b)...... 40,236 27,312,197 (a)(b) CEVA Inc...... 192,326 10,799,105 Mimecast Ltd.(a)(b) ...... 508,594 20,450,565 CMC Materials Inc...... 254,419 44,978,735 Mitek Systems Inc.(a)(b) ...... 367,762 5,361,970 Cohu Inc...... 23,624 988,428 Model N Inc.(a)(b)...... 306,926 10,813,003 (a) CyberOptics Corp...... 63,247 1,642,525 ON24 Inc.(a)(b) ...... 52,092 2,526,983 (a) Diodes Inc...... 65,029 5,191,915 OneSpan Inc.(a) ...... 292,308 7,161,546 (a)(b) DSP Group Inc...... 181,652 2,588,541 Park City Group Inc.(a)(b) ...... 23,397 142,956 (a)(b) FormFactor Inc...... 676,568 30,519,982 Ping Identity Holding Corp.(a)(b) ...... 324,373 7,113,500 (a)(b) Ichor Holdings Ltd...... 237,425 12,773,465 Progress Software Corp...... 387,730 17,083,384 (a)(b) Impinj Inc...... 150,075 8,534,765 PROS Holdings Inc.(a)(b) ...... 352,753 14,992,003 (a)(b) Lattice Semiconductor Corp...... 1,194,249 53,765,090 Q2 Holdings Inc.(a)(b)...... 441,324 44,220,665 (a)(b) MACOM Technology Solutions Holdings Inc. .... 423,507 24,571,876 QAD Inc., Class A ...... 104,110 6,931,644 (a)(b) Maxeon Solar Technologies Ltd...... 65,823 2,077,374 Qualys Inc.(a)(b) ...... 299,234 31,353,739 (a) MaxLinear Inc...... 359,128 12,239,082 Rapid7 Inc.(a) ...... 453,024 33,800,121 (a) NeoPhotonics Corp...... 305,025 3,645,049 Rimini Street Inc.(a)(b) ...... 212,089 1,902,438 NVE Corp...... 38,596 2,705,580 SailPoint Technologies Holdings Inc.(a)(b)...... 773,543 39,172,218 (a) Onto Innovation Inc...... 102,475 6,733,632 Sapiens International Corp. NV...... 243,458 7,739,530 (a) PDF Solutions Inc...... 237,459 4,222,021 SecureWorks Corp., Class A(a)(b) ...... 9,660 129,251 (a) Pixelworks Inc...... 339,289 1,123,047 ShotSpotter Inc.(a)(b) ...... 73,408 2,574,419 Power Integrations Inc...... 516,750 42,104,790 Smith Micro Software Inc.(a)(b) ...... 304,930 1,678,640 (a) Semtech Corp...... 566,080 39,059,520 Sprout Social Inc., Class A(a)(b) ...... 244,138 14,101,411 (a) Silicon Laboratories Inc...... 379,999 53,606,459 SPS Commerce Inc.(a) ...... 311,137 30,899,015 (a) SiTime Corp...... 102,584 10,114,782 Sumo Logic Inc.(a) ...... 100,113 1,888,131 (a)(b) SMART Global Holdings Inc...... 122,583 5,641,270 SVMK Inc.(a)(b)...... 1,075,299 19,699,478 (a)(b) SunPower Corp...... 464,944 15,552,377 Telos Corp.(a) ...... 120,368 4,564,355 (a)(b) Synaptics Inc...... 290,076 39,282,092 Tenable Holdings Inc.(a) ...... 622,383 22,520,929 (a)(b) Ultra Clean Holdings Inc...... 351,299 20,389,394 Upland Software Inc.(a)(b)...... 232,258 10,960,255 570,626,723 Varonis Systems Inc.(a) ...... 891,168 45,752,565 Verint Systems Inc.(a)(b) ...... 254,321 11,569,062

S CHEDULE OF I NVESTMENTS 97 Schedule of Investments (continued) iShares Russell 2000 Growth ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Software (continued) Thrifts & Mortgage Finance (continued) Veritone Inc.(a)(b)...... 230,315 $ 5,522,954 Waterstone Financial Inc...... 10,825 $ 221,046 (a)(b) Viant Technology Inc., Class A ...... 75,123 3,973,255 14,995,947 (b) VirnetX Holding Corp...... 299,062 1,665,775 Tobacco — 0.1% (a)(b) Workiva Inc...... 348,108 30,724,012 Turning Point Brands Inc.(b) ...... 103,635 5,406,638 Xperi Holding Corp...... 62,598 1,362,758 Vector Group Ltd...... 142,523 1,988,196 Yext Inc.(a)(b)...... 923,130 13,366,922 7,394,834 Zix Corp.(a)(b) ...... 486,597 3,673,807 Trading Companies & Distributors — 0.8% Zuora Inc., Class A(a)(b) ...... 906,201 13,411,775 Applied Industrial Technologies Inc...... 134,769 12,286,890 1,143,620,701 Boise Cascade Co...... 57,630 3,448,003 Specialty Retail — 2.6% CAI International Inc...... 27,241 1,240,010 Aaron's Co. Inc. (The)...... 39,598 1,016,877 EVI Industries Inc.(a)(b) ...... 44,240 1,272,785 (a)(b) Academy Sports & Outdoors Inc...... 51,798 1,398,028 Herc Holdings Inc.(a) ...... 12,203 1,236,530 (a)(b) America's Car-Mart Inc./TX ...... 40,609 6,187,593 Lawson Products Inc./DE(a) ...... 24,491 1,270,103 (a)(b) Asbury Automotive Group Inc...... 65,977 12,964,480 McGrath RentCorp...... 119,530 9,640,095 (a) Boot Barn Holdings Inc...... 228,738 14,252,665 SiteOne Landscape Supply Inc.(a)(b) ...... 385,606 65,838,368 Camping World Holdings Inc., Class A ...... 286,889 10,437,022 Systemax Inc...... 73,566 3,025,034 (a) Children's Place Inc. (The) ...... 86,956 6,060,833 Transcat Inc.(a)(b) ...... 60,614 2,974,935 Envela Corp.(a) ...... 59,750 299,945 102,232,753 GrowGeneration Corp.(a)(b) ...... 355,868 17,683,081 Water Utilities — 0.6% Lithia Motors Inc., Class A...... 111,610 43,537,945 American States Water Co...... 324,183 24,514,719 Lumber Liquidators Holdings Inc.(a) ...... 35,685 896,407 Artesian Resources Corp., Class A, NVS ...... 4,260 167,759 Monro Inc...... 141,715 9,324,847 Cadiz Inc.(a)(b) ...... 102,587 983,809 Murphy USA Inc...... 226,127 32,688,919 California Water Service Group...... 400,821 22,582,255 National Vision Holdings Inc.(a)(b) ...... 585,526 25,663,605 Global Water Resources Inc...... 110,483 1,801,978 OneWater Marine Inc., Class A(a)(b) ...... 90,258 3,606,710 Middlesex Water Co...... 148,996 11,773,664 Rent-A-Center Inc./TX ...... 378,353 21,815,834 Pure Cycle Corp.(a) ...... 177,082 2,376,440 RH(a)(b)...... 138,464 82,607,622 SJW Group...... 123,000 7,747,770 Sleep Number Corp.(a)(b) ...... 90,984 13,055,294 York Water Co. (The) ...... 116,440 5,702,067 Sportsman's Warehouse Holdings Inc.(a) ...... 373,168 6,433,416 Winmark Corp...... 7,395 1,378,650 77,650,461 Wireless Telecommunication Services — 0.3% 311,309,773 Boingo Wireless Inc.(a) ...... 390,027 5,487,680 Technology Hardware, Storage & Peripherals — 0.2% Gogo Inc.(a)(b) ...... 453,758 4,383,302 Avid Technology Inc.(a) ...... 276,497 5,836,852 Shenandoah Telecommunications Co...... 422,015 20,598,552 Corsair Gaming Inc.(a)(b) ...... 114,195 3,801,551 Diebold Nixdorf Inc.(a)(b) ...... 244,385 3,453,160 30,469,534 (a)...... 117,274 1,123,485 Immersion Corp. Total Common Stocks — 100.1% Intevac Inc.(a)(b)...... 49,178 351,623 (Cost: $9,273,935,864) ...... 12,095,902,386 Quantum Corp.(a) ...... 65,917 549,088 (a) Super Micro Computer Inc...... 108,947 4,255,470 Short-Term Investments 19,371,229 Textiles, Apparel & Luxury Goods — 1.2% Money Market Funds — 13.5% Crocs Inc.(a)(b) ...... 586,082 47,150,297 BlackRock Cash Funds: Institutional, SL Agency (d)(e)(f) Deckers Outdoor Corp.(a) ...... 245,688 81,180,229 Shares, 0.11% ...... 1,624,133,955 1,625,108,435 Steven Madden Ltd...... 315,611 11,759,666 BlackRock Cash Funds: Treasury, SL Agency (d)(e) Superior Group of Companies Inc...... 15,652 397,874 Shares, 0.00% ...... 10,470,000 10,470,000 140,488,066 1,635,578,435 Thrifts & Mortgage Finance — 0.1% Total Short-Term Investments — 13.5% (a)(b) Axos Financial Inc...... 40,646 1,910,768 (Cost: $1,634,639,821) ...... 1,635,578,435 Columbia Financial Inc.(a)(b) ...... 118,204 2,066,206 Federal Agricultural Mortgage Corp., Class C, NVS. . 17,486 1,761,190 Total Investments in Securities — 113.6% FS Bancorp. Inc...... 3,904 262,349 (Cost: $10,908,575,685) ...... 13,731,480,821 Greene County Bancorp. Inc...... 3,807 95,213 Other Assets, Less Liabilities — (13.6)% ...... (1,649,199,034) Hingham Institution For Savings (The) ...... 829 235,237 Kearny Financial Corp./MD...... 176,101 2,127,300 Net Assets — 100.0%...... $ 12,082,281,787 Luther Burbank Corp...... 9,630 113,923 (a) NMI Holdings Inc., Class A(a) ...... 40,640 960,730 Non-income producing security. (b) All or a portion of this security is on loan. PennyMac Financial Services Inc...... 45,599 3,049,205 (c) Security is valued using significant unobservable inputs and is classified as Level 3 in the Walker & Dunlop Inc...... 21,343 2,192,780 fair value hierarchy. (d) Affiliate of the Fund.

98 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 Growth ETF March 31, 2021

(e) Annualized 7-day yield as of period-end. (f) All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 03/31/20 at Cost from Sales Gain (Loss) (Depreciation) 03/31/21 03/31/21 Income Funds BlackRock Cash Funds: Insti- tutional, SL Agency Shares ...... $1,497,396,176 $126,582,337(a) $ — $ 62,664 $ 1,067,258 $1,625,108,435 1,624,133,955 $17,595,474(b) $ — BlackRock Cash Funds: Trea- (a) sury, SL Agency Shares . . . 11,650,000 — (1,180,000) — — 10,470,000 10,470,000 13,739 — PennyMac Financial Ser- vices Inc.(c) ...... — 2,847,606 (1,053,543) 243,129 — N/A N/A 23,942 —

$ 305,793 $ 1,067,258 $1,635,578,435 $17,633,155 $ —

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended March 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts ...... $4,756,344 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $ 77,554

S CHEDULE OF I NVESTMENTS 99 Schedule of Investments (continued) iShares Russell 2000 Growth ETF March 31, 2021

Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long ...... $17,083,495 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund's investments according to the fair value hierarchy as of March 31, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $12,095,541,018 $ 31,951 $ 329,417 $12,095,902,386 Money Market Funds...... 1,635,578,435 — — 1,635,578,435 $13,731,119,453 $ 31,951 $ 329,417 $13,731,480,821 Derivative financial instruments(a) Liabilities Futures Contracts ...... $ (413,659) $ — $ — $ (413,659)

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

100 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value Common Stocks Banks (continued) Auburn National Bancorp. Inc...... 32,967 $ 1,264,944 Aerospace & Defense — 0.9% Banc of California Inc...... 517,981 9,365,096 AAR Corp...... 378,566 $ 15,767,274 BancFirst Corp...... 220,226 15,567,776 Astronics Corp.(a)(b)...... 264,557 4,772,608 Bancorp. Inc. (The)(a) ...... 593,883 12,305,256 Cubic Corp...... 318,207 23,728,696 BancorpSouth Bank ...... 1,131,231 36,742,383 Ducommun Inc.(a) ...... 119,983 7,198,980 Bank First Corp...... 14,772 1,107,752 Kaman Corp...... 280,854 14,405,002 Bank of Commerce Holdings...... 226,277 2,885,032 Maxar Technologies Inc...... 799,819 30,249,154 Bank of Marin Bancorp., Class A ...... 164,721 6,450,474 Moog Inc., Class A ...... 330,035 27,442,410 Bank of NT Butterfield & Son Ltd. (The)...... 578,794 22,121,507 National Presto Industries Inc...... 53,807 5,492,080 Bank of Princeton (The)...... 81,115 2,321,511 Park Aerospace Corp...... 208,004 2,749,813 Bank7 Corp...... 30,389 535,150 Parsons Corp.(a)(b)...... 67,965 2,748,505 BankFinancial Corp...... 210,684 2,174,259 Triumph Group Inc...... 576,961 10,604,543 BankUnited Inc...... 903,441 39,706,232 Vectrus Inc.(a) ...... 79,422 4,244,312 Bankwell Financial Group Inc...... 90,434 2,437,196 149,403,377 Banner Corp...... 311,931 16,635,280 Air Freight & Logistics — 0.4% Bar Harbor Bankshares...... 180,891 5,321,813 (a) Atlas Air Worldwide Holdings Inc...... 269,577 16,293,234 Baycom Corp.(a)(b) ...... 116,645 2,101,943 (a)(b) Echo Global Logistics Inc...... 277,619 8,720,013 BCB Bancorp. Inc...... 189,360 2,613,168 Forward Air Corp...... 125,047 11,105,424 Berkshire Hills Bancorp. Inc...... 444,086 9,912,000 (a)(b) Hub Group Inc., Class A ...... 372,986 25,094,498 Boston Private Financial Holdings Inc...... 787,608 10,490,939 (a)(b) Radiant Logistics Inc...... 469,382 3,262,205 Brookline Bancorp. Inc...... 723,749 10,856,235 64,475,374 Bryn Mawr Bank Corp...... 234,329 10,664,313 Airlines — 0.8% Business First Bancshares Inc...... 235,415 5,633,481 Allegiant Travel Co...... 129,590 31,627,735 Byline Bancorp Inc...... 303,109 6,410,755 Hawaiian Holdings Inc...... 546,213 14,567,501 C&F Financial Corp...... 46,990 2,081,187 Mesa Air Group Inc.(a) ...... 379,470 5,103,872 Cadence BanCorp...... 1,195,781 24,788,540 SkyWest Inc...... 552,767 30,114,746 California Bancorp Inc.(a)...... 97,582 1,737,935 Spirit Airlines Inc.(a)(b) ...... 1,105,806 40,804,241 Cambridge Bancorp...... 64,632 5,449,770 122,218,095 Camden National Corp...... 178,860 8,560,240 (a) Auto Components — 1.3% Capital Bancorp Inc./MD ...... 116,131 2,240,167 Adient PLC(a)...... 1,063,375 47,001,175 Capital City Bank Group Inc...... 181,067 4,711,363 American Axle & Manufacturing Holdings Inc.(a)(b) ..... 1,262,521 12,195,953 Capstar Financial Holdings Inc...... 215,186 3,711,959 (a)(b) Cooper Tire & Rubber Co...... 565,014 31,629,484 Carter Bankshares Inc...... 286,541 4,000,112 Cooper-Standard Holdings Inc.(a)...... 185,026 6,720,144 Cathay General Bancorp...... 867,572 35,379,586 Dana Inc...... 1,625,448 39,547,150 CB Financial Services Inc...... 74,666 1,652,359 Goodyear Tire & Rubber Co. (The)(a) ...... 2,596,295 45,616,903 CBTX Inc...... 216,443 6,649,129 Modine Manufacturing Co.(a) ...... 564,534 8,338,167 Central Pacific Financial Corp...... 249,654 6,660,769 Motorcar Parts of America Inc.(a) ...... 174,223 3,920,017 Central Valley Community Bancorp...... 140,272 2,582,408 Patrick Industries Inc...... 14,229 1,209,465 Century Bancorp. Inc./MA, Class A, NVS ...... 34,532 3,222,181 Standard Motor Products Inc...... 196,012 8,150,179 Chemung Financial Corp...... 47,960 2,005,687 Stoneridge Inc.(a)(b) ...... 285,558 9,083,600 ChoiceOne Financial Services Inc...... 83,763 2,014,500 Tenneco Inc., Class A(a)(b)...... 571,222 6,123,500 CIT Group Inc...... 1,116,372 57,504,322 Citizens & Northern Corp...... 177,207 4,213,982 219,535,737 Citizens Holding Co...... 63,850 1,270,615 Automobiles — 0.1% City Holding Co...... 151,715 12,407,253 Workhorse Group Inc.(a)(b) ...... 1,064,711 14,661,070 Civista Bancshares Inc...... 205,020 4,703,159 Banks — 15.9% CNB Financial Corp./PA ...... 195,516 4,811,649 (a) 1st Constitution Bancorp...... 118,418 2,085,341 Coastal Financial Corp./WA ...... 104,414 2,737,735 1st Source Corp...... 197,600 9,401,808 Codorus Valley Bancorp. Inc...... 127,872 2,354,124 ACNB Corp...... 109,307 3,202,695 Colony Bankcorp Inc...... 113,898 1,776,809 Allegiance Bancshares Inc...... 194,005 7,864,963 Columbia Banking System Inc...... 692,746 29,850,425 Altabancorp...... 185,277 7,789,045 Community Bank System Inc...... 519,087 39,824,355 Amalgamated Financial Corp...... 177,007 2,936,546 Community Bankers Trust Corp...... 323,104 2,849,777 Amerant Bancorp Inc.(a)(b)...... 280,207 5,203,444 Community Financial Corp. (The) ...... 70,931 2,429,387 American National Bankshares Inc...... 143,221 4,736,318 Community Trust Bancorp. Inc...... 188,178 8,285,477 Ameris Bancorp...... 650,903 34,178,917 ConnectOne Bancorp. Inc...... 439,981 11,153,518 Ames National Corp...... 115,659 2,958,557 County Bancorp. Inc...... 70,378 1,686,961 (a)(b) Arrow Financial Corp...... 172,214 5,736,448 CrossFirst Bankshares Inc...... 571,901 7,886,515 (a) Atlantic Capital Bancshares Inc.(a)(b) ...... 247,433 5,963,135 Customers Bancorp. Inc...... 268,850 8,554,807 Atlantic Union Bankshares Corp...... 894,818 34,325,218 CVB Financial Corp...... 1,384,570 30,585,151

S CHEDULE OF I NVESTMENTS 101 Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Banks (continued) Banks (continued) Dime Community Bancshares Inc...... 408,719 $ 12,318,791 HomeTrust Bancshares Inc...... 198,356 $ 4,829,969 Eagle Bancorp. Inc...... 310,938 16,545,011 Hope Bancorp Inc...... 1,152,048 17,349,843 Eagle Bancorp. Montana Inc...... 87,606 2,130,578 Horizon Bancorp Inc./IN ...... 512,120 9,515,190 Eastern Bankshares Inc...... 1,580,567 30,489,137 Howard Bancorp. Inc.(a)(b)...... 179,356 2,948,613 Enterprise Bancorp. Inc./MA ...... 114,178 3,713,069 Independent Bank Corp...... 300,733 25,318,711 Enterprise Financial Services Corp...... 282,056 13,944,849 Independent Bank Corp./MI ...... 264,871 6,261,550 Equity Bancshares Inc., Class A(a)(b)...... 183,992 5,041,381 Independent Bank Group Inc...... 425,259 30,720,710 Esquire Financial Holdings Inc.(a)...... 69,961 1,595,810 International Bancshares Corp...... 613,760 28,490,739 Evans Bancorp. Inc...... 65,273 2,212,102 Investar Holding Corp...... 131,514 2,702,613 Farmers & Merchants Bancorp. Inc./Archbold OH ..... 123,019 3,092,698 Investors Bancorp. Inc...... 1,737,039 25,517,103 Farmers National Banc Corp...... 331,529 5,536,534 Lakeland Bancorp. Inc...... 581,876 10,142,099 FB Financial Corp...... 370,254 16,461,493 Lakeland Financial Corp...... 266,873 18,464,943 Fidelity D&D Bancorp. Inc...... 48,263 2,968,175 Landmark Bancorp. Inc./Manhattan KS ...... 59,364 1,568,397 Financial Institutions Inc...... 204,690 6,200,060 LCNB Corp...... 174,182 3,048,185 First Bancorp. Inc. (The) ...... 140,612 4,104,464 Level One Bancorp. Inc...... 66,048 1,702,717 First BanCorp./Puerto Rico...... 2,131,144 23,996,681 Limestone Bancorp. Inc.(a)(b) ...... 54,853 869,420 First Bancorp./Southern Pines NC...... 267,652 11,642,862 Live Oak Bancshares Inc.(b)...... 324,163 22,201,924 First Bancshares Inc. (The) ...... 248,792 9,108,275 Macatawa Bank Corp...... 359,503 3,577,055 First Bank/Hamilton NJ ...... 212,853 2,590,421 Mackinac Financial Corp...... 135,071 1,893,695 First Busey Corp...... 592,378 15,194,496 MainStreet Bancshares Inc.(a)(b) ...... 92,132 1,912,660 First Business Financial Services Inc...... 111,240 2,750,965 Mercantile Bank Corp...... 197,246 6,404,578 First Capital Inc...... 37,579 1,830,473 Meridian Corp...... 68,590 1,783,340 First Choice Bancorp...... 146,182 3,553,684 Metrocity Bankshares Inc...... 221,550 3,407,439 First Commonwealth Financial Corp...... 845,289 12,146,803 Metropolitan Bank Holding Corp.(a) ...... 89,134 4,488,788 First Community Bankshares Inc...... 216,229 6,484,708 Mid Penn Bancorp. Inc...... 90,372 2,422,873 First Community Corp./SC ...... 90,965 1,814,752 Middlefield Banc Corp...... 79,908 1,674,872 First Financial Bancorp...... 953,262 22,878,288 Midland States Bancorp. Inc...... 259,809 7,207,102 First Financial Corp./IN ...... 164,287 7,394,558 MidWestOne Financial Group Inc...... 184,520 5,714,584 First Foundation Inc...... 366,248 8,592,178 MVB Financial Corp...... 112,778 3,811,896 First Guaranty Bancshares Inc...... 43,715 782,936 National Bank Holdings Corp., Class A ...... 219,791 8,721,307 First Internet Bancorp...... 120,675 4,251,380 National Bankshares Inc...... 89,400 3,174,594 First Interstate BancSystem Inc., Class A ...... 471,008 21,685,208 NBT Bancorp. Inc...... 415,544 16,580,206 First Merchants Corp...... 620,951 28,874,221 Nicolet Bankshares Inc.(a)(b)...... 109,084 9,104,151 First Mid Bancshares Inc...... 178,851 7,856,924 Northeast Bank(b)...... 62,726 1,655,339 First Midwest Bancorp. Inc...... 1,128,646 24,728,634 Northrim Bancorp. Inc...... 80,719 3,431,365 First Northwest Bancorp...... 119,823 1,991,458 Norwood Financial Corp...... 77,050 2,050,301 First of Long Island Corp. (The) ...... 287,562 6,110,693 Oak Valley Bancorp...... 85,826 1,471,916 First Savings Financial Group Inc...... 22,559 1,514,611 OceanFirst Financial Corp...... 689,580 16,508,545 First United Corp...... 89,731 1,581,060 OFG Bancorp...... 496,800 11,237,616 First Western Financial Inc.(a)(b) ...... 74,379 1,860,219 Ohio Valley Banc Corp...... 56,695 1,376,555 Flushing Financial Corp...... 363,141 7,709,483 Old National Bancorp./IN ...... 1,636,636 31,652,540 FNCB Bancorp Inc...... 191,393 1,443,103 Old Second Bancorp. Inc...... 367,737 4,857,806 Franklin Financial Services Corp...... 53,392 1,664,763 Origin Bancorp Inc.(b) ...... 261,548 11,092,251 Fulton Financial Corp...... 1,825,132 31,081,998 Orrstown Financial Services Inc...... 151,460 3,377,558 FVCBankcorp Inc.(a)(b) ...... 151,659 2,626,734 Pacific Premier Bancorp. Inc...... 827,801 35,959,675 German American Bancorp. Inc...... 292,001 13,496,286 Park National Corp...... 165,296 21,372,773 Glacier Bancorp. Inc...... 973,441 55,564,012 Parke Bancorp. Inc...... 146,752 2,933,572 Great Southern Bancorp. Inc...... 132,647 7,517,105 Partners Bancorp...... 144,271 1,054,621 Great Western Bancorp. Inc...... 544,138 16,481,940 PCB Bancorp...... 166,419 2,496,285 Guaranty Bancshares Inc./TX ...... 105,477 3,876,280 Peapack Gladstone Financial Corp...... 226,140 6,983,203 Hancock Whitney Corp...... 984,807 41,371,742 Penns Woods Bancorp. Inc...... 91,136 2,195,466 Hanmi Financial Corp...... 278,046 5,485,848 Peoples Bancorp. Inc./OH ...... 227,117 7,533,471 Harborone Bancorp. Inc...... 629,021 8,472,913 Peoples Bancorp. of North Carolina Inc...... 61,198 1,446,721 Hawthorn Bancshares Inc...... 76,632 1,631,495 Peoples Financial Services Corp...... 86,619 3,658,787 HBT Financial Inc...... 155,932 2,669,556 Plumas Bancorp...... 61,433 1,796,915 Heartland Financial USA Inc...... 404,912 20,350,877 Preferred Bank/Los Angeles CA...... 138,374 8,811,656 Heritage Commerce Corp...... 710,252 8,679,279 Premier Financial Bancorp. Inc...... 171,523 3,188,613 Heritage Financial Corp./WA ...... 353,983 9,996,480 Primis Financial Corp., NVS...... 275,927 4,011,979 Hilltop Holdings Inc...... 758,854 25,899,687 Professional Holding Corp., Class A(a)(b) ...... 146,273 2,687,035 Home BancShares Inc./AR...... 1,741,198 47,099,406 QCR Holdings Inc.(b)...... 179,810 8,490,628

102 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Banks (continued) Biotechnology (continued) RBB Bancorp...... 219,175 $ 4,442,677 Aligos Therapeutics Inc.(a) ...... 23,278 $ 529,342 Red River Bancshares Inc.(b)...... 62,712 3,512,499 Allovir Inc.(a)(b)...... 69,725 1,631,565 Reliant Bancorp Inc...... 177,336 5,093,090 ALX Oncology Holdings Inc.(a)(b) ...... 41,095 3,030,345 Renasant Corp...... 536,334 22,193,501 AnaptysBio Inc.(a)(b) ...... 241,338 5,200,834 Republic Bancorp. Inc./KY, Class A...... 123,336 5,462,551 Anika Therapeutics Inc.(a) ...... 155,478 6,341,948 Republic First Bancorp. Inc.(a)(b) ...... 486,792 1,835,206 Annexon Inc.(a)(b) ...... 60,515 1,684,738 Richmond Mutual Bancorp. Inc...... 175,716 2,382,709 Applied Genetic Technologies Corp./DE(a) ...... 476,491 2,415,809 S&T Bancorp. Inc...... 379,678 12,719,213 Applied Molecular Transport Inc.(a)(b) ...... 51,933 2,285,571 Salisbury Bancorp. Inc...... 36,926 1,639,884 Aptinyx Inc., Class A(a)...... 424,386 1,273,158 Sandy Spring Bancorp. Inc...... 531,829 23,097,333 Arena Pharmaceuticals Inc.(a) ...... 602,707 41,821,839 SB Financial Group Inc...... 91,830 1,676,816 Assembly Biosciences Inc.(a)(b) ...... 156,861 721,561 Seacoast Banking Corp. of Florida(a) ...... 512,397 18,569,267 Atara Biotherapeutics Inc.(a)...... 232,016 3,331,750 Select Bancorp. Inc.(a)(b) ...... 210,894 2,334,597 Atreca Inc., Class A(a)...... 22,738 348,574 ServisFirst Bancshares Inc...... 148,565 9,111,491 AVEO Pharmaceuticals Inc.(a)(b) ...... 101,148 740,403 Shore Bancshares Inc...... 159,408 2,713,124 Avid Bioservices Inc.(a)(b)...... 65,708 1,197,857 Sierra Bancorp...... 186,242 4,991,286 Avidity Biosciences Inc.(a)(b) ...... 68,496 1,493,898 Silvergate Capital Corp., Class A(a)(b) ...... 221,121 31,436,773 Axcella Health Inc.(a)...... 5,567 26,499 Simmons First National Corp., Class A ...... 1,029,509 30,545,532 Beyondspring Inc.(a)(b) ...... 12,273 135,862 SmartFinancial Inc...... 185,881 4,024,324 BioAtla Inc.(a)(b)...... 26,410 1,342,684 South Plains Financial Inc...... 138,364 3,143,630 BioCryst Pharmaceuticals Inc.(a)(b)...... 425,781 4,330,193 South State Corp...... 793,583 62,304,201 Bolt Biotherapeutics Inc.(a) ...... 25,913 852,797 Southern First Bancshares Inc.(a)...... 97,411 4,566,628 C4 Therapeutics Inc.(a)(b)...... 25,026 925,712 Southside Bancshares Inc...... 317,594 12,230,545 Cabaletta Bio Inc.(a) ...... 142,907 1,586,268 Spirit of Texas Bancshares Inc...... 165,795 3,698,886 Calyxt Inc.(a) ...... 8,067 48,563 Stock Yards Bancorp. Inc...... 207,979 10,619,408 CASI Pharmaceuticals Inc.(a)...... 116,903 280,567 Summit Financial Group Inc...... 143,696 3,815,129 Catabasis Pharmaceutical Inc.(a)(b) ...... 63,956 184,833 Texas Capital Bancshares Inc.(a) ...... 575,456 40,811,340 Catalyst Biosciences Inc.(a) ...... 325,127 1,638,640 Tompkins Financial Corp...... 166,977 13,808,998 CEL-SCI Corp.(a)(b) ...... 59,820 909,862 Towne Bank/Portsmouth VA...... 771,473 23,452,779 Checkmate Pharmaceuticals Inc.(a)...... 9,983 121,194 TriCo Bancshares ...... 312,085 14,783,466 Chimerix Inc.(a) ...... 673,617 6,493,668 TriState Capital Holdings Inc.(a)(b) ...... 333,813 7,697,728 Chinook Therapeutics Inc.(a) ...... 16,468 255,913 Triumph Bancorp. Inc.(a) ...... 243,879 18,873,796 Cidara Therapeutics Inc.(a) ...... 98,013 260,715 Trustmark Corp...... 726,605 24,457,524 Codiak Biosciences Inc.(a) ...... 5,667 85,458 UMB Financial Corp...... 496,779 45,867,605 Concert Pharmaceuticals Inc.(a) ...... 336,091 1,677,094 United Bankshares Inc./WV ...... 1,407,298 54,293,557 Cortexyme Inc.(a)(b) ...... 12,956 466,805 United Community Banks Inc./GA ...... 735,798 25,105,428 Cullinan Oncology Inc.(a)(b) ...... 29,910 1,246,350 United Security Bancshares/Fresno CA...... 223,616 1,831,415 Cyclerion Therapeutics Inc.(a) ...... 250,132 697,868 Unity Bancorp. Inc...... 100,367 2,208,074 Cytokinetics Inc.(a)(b)...... 91,968 2,139,176 Univest Financial Corp...... 345,699 9,883,534 Decibel Therapeutics Inc.(a) ...... 14,832 168,492 Valley National Bancorp...... 4,523,161 62,148,232 Dyadic International Inc.(a)(b) ...... 38,917 213,654 Veritex Holdings Inc...... 471,773 15,436,413 Dynavax Technologies Corp.(a)(b) ...... 181,313 1,782,307 Washington Trust Bancorp. Inc...... 203,299 10,496,327 Dyne Therapeutics Inc.(a)(b) ...... 37,640 584,549 WesBanco Inc...... 750,700 27,070,242 Enanta Pharmaceuticals Inc.(a)(b) ...... 198,824 9,806,000 West Bancorp. Inc...... 185,266 4,463,058 Enochian Biosciences Inc.(a)(b) ...... 148,071 524,171 Westamerica Bancorp...... 221,816 13,925,608 Epizyme Inc.(a)(b) ...... 333,413 2,904,027 (a)(b) 2,586,670,952 Exicure Inc...... 120,663 263,045 (a)(b) Beverages — 0.2% FibroGen Inc...... 137,078 4,757,977 (a) MGP Ingredients Inc...... 34,503 2,040,852 Five Prime Therapeutics Inc...... 359,351 13,536,752 (a)(b) NewAge Inc.(a)(b) ...... 573,489 1,640,179 Foghorn Therapeutics Inc...... 16,026 211,223 (a)(b) Primo Water Corp...... 1,758,732 28,596,982 Forma Therapeutics Holdings Inc...... 69,297 1,941,702 G1 Therapeutics Inc.(a)(b) ...... 204,112 4,910,935 32,278,013 Generation Bio Co.(a) ...... 94,029 2,676,065 Biotechnology — 2.8% Geron Corp.(a)(b)...... 3,242,017 5,122,387 4D Molecular Therapeutics Inc.(a) ...... 17,321 751,385 GlycoMimetics Inc.(a) ...... 437,234 1,316,074 Abeona Therapeutics Inc.(a)(b) ...... 467,344 878,607 Gossamer Bio Inc.(a)(b)...... 359,130 3,321,952 ADMA Biologics Inc.(a)(b) ...... 26,137 46,001 Gritstone Oncology Inc.(a)(b) ...... 286,691 2,703,496 Adverum Biotechnologies Inc.(a)(b)...... 147,486 1,454,212 Hookipa Pharma Inc.(a)(b) ...... 2,742 36,880 Aeglea BioTherapeutics Inc.(a) ...... 77,624 614,782 iBio Inc.(a)(b) ...... 259,772 400,049 Akouos Inc.(a)(b) ...... 53,190 737,745 Ideaya Biosciences Inc.(a)(b)...... 161,655 3,798,892 Albireo Pharma Inc.(a)(b) ...... 58,153 2,049,893 Immunic Inc.(a) ...... 25,235 402,246

S CHEDULE OF I NVESTMENTS 103 Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Biotechnology (continued) Biotechnology (continued) ImmunityBio Inc.(a)(b) ...... 57,176 $ 1,357,358 Taysha Gene Therapies Inc.(a)(b) ...... 25,199 $ 511,540 ImmunoGen Inc.(a) ...... 1,239,405 10,039,180 TCR2 Therapeutics Inc.(a)(b)...... 306,150 6,759,792 Immunome Inc.(a)(b)...... 4,304 145,820 TG Therapeutics Inc.(a)(b) ...... 201,005 9,688,441 Inhibrx Inc.(a)(b) ...... 23,992 481,519 Turning Point Therapeutics Inc.(a)(b) ...... 28,898 2,733,462 Inozyme Pharma Inc.(a)(b) ...... 18,357 363,469 UroGen Pharma Ltd.(a)(b) ...... 86,276 1,680,656 iTeos Therapeutics Inc.(a) ...... 45,142 1,542,954 Vanda Pharmaceuticals Inc.(a)(b)...... 602,021 9,042,355 IVERIC bio Inc.(a)(b)...... 915,492 5,657,741 Vaxart Inc.(a)(b) ...... 96,362 582,990 Jounce Therapeutics Inc.(a) ...... 199,601 2,049,902 Vaxcyte Inc.(a)(b) ...... 66,850 1,320,287 KalVista Pharmaceuticals Inc.(a) ...... 174,787 4,490,278 VBI Vaccines Inc.(a)(b)...... 423,888 1,318,292 Keros Therapeutics Inc.(a)...... 9,861 606,945 Verastem Inc.(a) ...... 1,048,619 2,590,089 Kezar Life Sciences Inc.(a) ...... 351,435 2,094,553 Vericel Corp.(a) ...... 65,021 3,611,917 Kindred Biosciences Inc.(a)(b)...... 71,356 354,639 Viking Therapeutics Inc.(a)(b) ...... 683,551 4,323,460 Kiniksa Pharmaceuticals Ltd., Class A(a)(b) ...... 24,449 452,551 Vor BioPharma Inc.(a) ...... 25,892 1,115,945 Kinnate Biopharma Inc.(a) ...... 29,971 933,896 X4 Pharmaceuticals Inc.(a) ...... 173,879 1,497,098 Kronos Bio Inc.(a)(b) ...... 34,791 1,018,333 XBiotech Inc.(a)(b) ...... 161,234 2,768,388 Kymera Therapeutics Inc.(a)(b) ...... 26,024 1,011,293 Xencor Inc.(a)(b)...... 41,266 1,776,914 MacroGenics Inc.(a)(b)...... 399,036 12,709,297 XOMA Corp.(a)(b) ...... 9,913 404,550 Magenta Therapeutics Inc.(a) ...... 46,941 555,781 Zentalis Pharmaceuticals Inc.(a)(b) ...... 21,043 913,056 Marker Therapeutics Inc.(a)(b)...... 63,627 142,524 ZIOPHARM Oncology Inc.(a)(b) ...... 783,252 2,819,707 (a)(b) MEI Pharma Inc...... 183,300 628,719 463,359,234 (a) MeiraGTx Holdings PLC ...... 15,665 226,046 Building Products — 1.4% (a)(b) Metacrine Inc...... 13,732 85,138 American Woodmark Corp.(a) ...... 188,722 18,604,215 (a) Mirum Pharmaceuticals Inc...... 46,147 914,634 Apogee Enterprises Inc...... 244,290 9,986,575 (a) Myriad Genetics Inc...... 806,664 24,562,919 Builders FirstSource Inc.(a)(b) ...... 1,116,627 51,777,994 (a) Natera Inc...... 55,584 5,643,999 Caesarstone Ltd...... 242,870 3,334,605 (a)(b) NexImmune Inc...... 9,925 189,369 Cornerstone Building Brands Inc.(a)...... 272,926 3,829,152 (a) NextCure Inc...... 12,752 127,648 Gibraltar Industries Inc.(a) ...... 285,777 26,151,453 (a)(b) Nkarta Inc...... 47,101 1,549,623 Griffon Corp...... 512,274 13,918,485 (a)(b) Novavax Inc...... 505,509 91,653,837 Insteel Industries Inc...... 211,730 6,529,753 (a)(b) Nurix Therapeutics Inc...... 56,309 1,750,647 JELD-WEN Holding Inc.(a) ...... 764,915 21,180,496 (a)(b) Nymox Pharmaceutical Corp...... 89,515 198,723 PGT Innovations Inc.(a) ...... 401,050 10,126,513 (a)(b) Olema Pharmaceuticals Inc...... 27,401 909,165 Quanex Building Products Corp...... 370,954 9,730,123 (a)(b) Oncorus Inc...... 14,950 208,104 Resideo Technologies Inc.(a) ...... 1,613,778 45,589,229 (a)(b) OPKO Health Inc...... 4,502,152 19,314,232 UFP Industries Inc...... 106,041 8,042,149 Orgenesis Inc.(a)...... 168,276 964,221 228,800,742 ORIC Pharmaceuticals Inc.(a)(b) ...... 16,021 392,514 Capital Markets — 1.7% Pandion Therapeutics Inc.(a) ...... 28,548 1,714,307 Artisan Partners Asset Management Inc., Class A . . . . . 384,036 20,035,158 Passage Bio Inc.(a) ...... 115,197 2,013,644 Assetmark Financial Holdings Inc.(a)...... 127,505 2,975,967 PMV Pharmaceuticals Inc.(a) ...... 32,430 1,066,623 Associated Capital Group Inc., Class A ...... 22,511 807,244 Poseida Therapeutics Inc.(a)(b) ...... 70,363 671,967 B. Riley Financial Inc...... 228,477 12,881,533 Praxis Precision Medicines Inc.(a)(b) ...... 28,598 936,870 BGC Partners Inc., Class A ...... 3,529,256 17,046,306 Precigen Inc.(a) ...... 153,076 1,054,694 Blucora Inc.(a) ...... 553,754 9,214,467 Precision BioSciences Inc.(a)(b) ...... 36,358 376,305 Cowen Inc., Class A ...... 190,167 6,684,370 Prelude Therapeutics Inc.(a) ...... 21,802 944,681 Diamond Hill Investment Group Inc...... 37,548 5,857,863 Prothena Corp. PLC(a) ...... 348,337 8,750,225 Donnelley Financial Solutions Inc.(a) ...... 339,490 9,448,007 Relay Therapeutics Inc.(a)(b)...... 108,595 3,754,129 Federated Hermes Inc...... 775,089 24,260,286 Rubius Therapeutics Inc.(a)(b)...... 334,303 8,859,029 GAMCO Investors Inc., Class A ...... 14,106 261,666 Savara Inc.(a)(b)...... 531,326 1,105,158 Oppenheimer Holdings Inc., Class A, NVS...... 108,887 4,360,924 Selecta Biosciences Inc.(a)(b) ...... 422,316 1,910,980 Piper Sandler Cos...... 202,448 22,198,423 Sensei Biotherapeutics Inc.(a)(b) ...... 13,390 194,557 Safeguard Scientifics Inc.(a) ...... 239,591 1,634,011 Shattuck Labs Inc.(a)(b)...... 34,787 1,017,172 Sculptor Capital Management Inc...... 210,040 4,595,675 Sigilon Therapeutics Inc.(a)(b) ...... 15,397 344,123 Silvercrest Asset Management Group Inc., Class A. . . . 74,935 1,077,565 Silverback Therapeutics Inc.(a)(b) ...... 28,261 1,233,027 StepStone Group Inc., Class A ...... 129,118 4,553,992 Soleno Therapeutics Inc.(a)...... 113,000 142,380 Stifel Financial Corp...... 1,132,828 72,568,962 Solid Biosciences Inc.(a) ...... 281,723 1,557,928 StoneX Group Inc.(a)...... 177,115 11,579,779 Spectrum Pharmaceuticals Inc.(a) ...... 1,624,136 5,294,683 Value Line Inc...... 1,986 55,985 Spero Therapeutics Inc.(a) ...... 28,228 415,516 Virtus Investment Partners Inc...... 76,605 18,040,478 Spruce Biosciences Inc.(a) ...... 16,244 269,650 Waddell & Reed Financial Inc., Class A...... 697,378 17,469,319 SQZ Biotechnologies Co.(a) ...... 10,767 147,293 Westwood Holdings Group Inc...... 93,930 1,358,228 Sutro Biopharma Inc.(a)(b) ...... 49,489 1,126,370

104 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Capital Markets (continued) Commercial Services & Supplies (continued) WisdomTree Investments Inc...... 1,620,997 $ 10,131,231 SP Plus Corp.(a) ...... 261,182 $ 8,564,158 279,097,439 Steelcase Inc., Class A ...... 984,911 14,172,869 (a)(b) Chemicals — 1.9% Team Inc...... 340,111 3,921,480 (a) Advanced Emissions Solutions Inc...... 185,212 1,018,666 U.S. Ecology Inc...... 355,846 14,817,427 AdvanSix Inc.(a) ...... 307,889 8,257,583 UniFirst Corp./MA ...... 161,934 36,226,255 AgroFresh Solutions Inc.(a)(b)...... 325,786 651,572 Viad Corp...... 226,582 9,459,798 (a)(b) American Vanguard Corp...... 250,135 5,105,255 Vidler Water Resouces Inc...... 165,469 1,472,674 Amyris Inc.(a)(b) ...... 1,090,772 20,833,745 VSE Corp...... 106,617 4,211,371 Avient Corp...... 1,030,265 48,700,627 366,541,013 Balchem Corp...... 30,244 3,792,900 Communications Equipment — 0.6% Ferro Corp.(a)(b) ...... 225,955 3,809,601 ADTRAN Inc...... 548,570 9,150,147 FutureFuel Corp...... 333,294 4,842,762 Applied Optoelectronics Inc.(a) ...... 242,891 2,030,569 GCP Applied Technologies Inc.(a)...... 121,704 2,986,616 CalAmp Corp.(a) ...... 113,168 1,227,873 Hawkins Inc...... 100,936 3,383,375 Comtech Telecommunications Corp...... 280,609 6,970,327 HB Fuller Co...... 206,595 12,996,892 Digi International Inc.(a)(b) ...... 332,003 6,304,737 Innospec Inc...... 56,749 5,827,555 DZS Inc.(a)(b) ...... 164,893 2,564,086 Intrepid Potash Inc.(a) ...... 109,071 3,551,352 Harmonic Inc.(a)(b) ...... 1,073,675 8,417,612 Koppers Holdings Inc.(a) ...... 87,686 3,047,965 Infinera Corp.(a)(b) ...... 936,484 9,018,341 Kraton Corp.(a) ...... 352,939 12,914,038 KVH Industries Inc.(a) ...... 192,426 2,439,962 Kronos Worldwide Inc...... 268,205 4,103,537 NETGEAR Inc.(a)(b) ...... 339,588 13,957,067 Livent Corp.(a)(b) ...... 1,658,814 28,730,659 NetScout Systems Inc.(a)(b)...... 795,749 22,408,292 Marrone Bio Innovations Inc.(a)(b) ...... 28,636 59,849 PCTEL Inc...... 208,830 1,451,368 Minerals Technologies Inc...... 383,459 28,882,132 Plantronics Inc...... 263,313 10,245,509 Orion Engineered Carbons SA ...... 290,682 5,732,249 Ribbon Communications Inc.(a)(b)...... 767,527 6,301,397 PQ Group Holdings Inc...... 376,612 6,289,420 102,487,287 (a) Rayonier Advanced Materials Inc...... 698,288 6,333,472 Construction & Engineering — 2.3% Sensient Technologies Corp...... 286,339 22,334,442 Aegion Corp., Class A(a) ...... 335,665 9,650,369 Stepan Co...... 223,657 28,429,041 API Group Corp.(a)(b)(c)...... 1,578,612 32,645,696 (a)(b) Trecora Resources ...... 253,552 1,970,099 Arcosa Inc...... 548,013 35,670,166 Tredegar Corp...... 289,453 4,344,690 Argan Inc...... 166,753 8,896,273 Trinseo SA ...... 299,405 19,063,116 Comfort Systems USA Inc...... 284,941 21,305,039 Tronox Holdings PLC, Class A ...... 797,944 14,602,375 Concrete Pumping Holdings Inc.(a)(b) ...... 284,760 2,110,072 312,595,585 Construction Partners Inc., Class A(a)(b) ...... 174,704 5,220,155 Commercial Services & Supplies — 2.2% Dycom Industries Inc.(a)(b)...... 98,135 9,111,835 ABM Industries Inc...... 757,161 38,622,783 EMCOR Group Inc...... 560,244 62,836,967 ACCO Brands Corp...... 1,033,595 8,723,542 Fluor Corp...... 1,583,628 36,565,970 Brady Corp., Class A, NVS...... 134,662 7,197,684 Granite Construction Inc...... 476,133 19,164,353 BrightView Holdings Inc.(a)(b) ...... 460,423 7,767,336 Great Lakes Dredge & Dock Corp.(a) ...... 699,677 10,201,291 Casella Waste Systems Inc., Class A(a)(b) ...... 76,082 4,836,533 IES Holdings Inc.(a) ...... 59,932 3,021,172 CECO Environmental Corp.(a)(b) ...... 315,929 2,505,317 MasTec Inc.(a)(b) ...... 595,353 55,784,576 Cimpress PLC(a)(b)...... 135,592 13,576,827 Matrix Service Co.(a) ...... 296,894 3,892,280 CompX International Inc...... 11,077 199,497 MYR Group Inc.(a)(b) ...... 67,658 4,849,049 CoreCivic Inc...... 1,337,166 12,101,352 Northwest Pipe Co.(a)(b) ...... 99,234 3,316,400 Covanta Holding Corp...... 808,811 11,210,120 NV5 Global Inc.(a) ...... 8,424 813,506 Deluxe Corp...... 467,006 19,595,572 Primoris Services Corp...... 238,651 7,906,508 Ennis Inc...... 287,297 6,133,791 Sterling Construction Co. Inc.(a) ...... 255,814 5,934,885 Harsco Corp.(a)(b) ...... 880,095 15,093,629 Tutor Perini Corp.(a) ...... 457,741 8,674,192 Heritage-Crystal Clean Inc.(a)(b) ...... 178,213 4,834,919 WillScot Mobile Mini Holdings Corp.(a)(b) ...... 1,267,667 35,177,759 Herman Miller Inc...... 667,384 27,462,852 382,748,513 HNI Corp...... 488,799 19,336,888 Construction Materials — 0.3% Interface Inc...... 523,358 6,531,508 Summit Materials Inc., Class A(a)(b) ...... 1,292,807 36,224,452 KAR Auction Services Inc...... 1,454,868 21,823,020 U.S. Concrete Inc.(a)(b) ...... 180,552 13,238,073 Kimball International Inc., Class B ...... 388,109 5,433,526 United State Lime & Minerals Inc...... 22,187 2,966,624 Knoll Inc...... 564,758 9,324,155 52,429,149 Matthews International Corp., Class A ...... 350,427 13,859,388 Consumer Finance — 1.1% Montrose Environmental Group Inc.(a)(b) ...... 145,651 7,310,224 Encore Capital Group Inc.(a)(b)...... 350,454 14,098,764 NL Industries Inc...... 88,969 662,819 Enova International Inc.(a)...... 392,711 13,933,386 Pitney Bowes Inc...... 997,805 8,221,913 EZCORP Inc., Class A, NVS(a)(b) ...... 569,755 2,831,682 Quad/Graphics Inc...... 376,710 1,329,786 Green Dot Corp., Class A(a) ...... 465,772 21,327,700

S CHEDULE OF I NVESTMENTS 105 Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Consumer Finance (continued) Electric Utilities — 1.0% LendingClub Corp.(a)(b) ...... 795,205 $ 13,136,787 ALLETE Inc...... 587,282 $ 39,459,478 Navient Corp...... 2,084,630 29,831,055 MGE Energy Inc...... 300,508 21,453,266 Nelnet Inc., Class A...... 190,852 13,882,575 Otter Tail Corp...... 310,944 14,356,284 Oportun Financial Corp.(a)(b) ...... 224,585 4,651,155 PNM Resources Inc...... 963,054 47,237,799 PRA Group Inc.(a)(b) ...... 509,412 18,883,903 Portland General Electric Co...... 1,011,208 48,002,044 PROG Holdings Inc...... 664,196 28,753,045 170,508,871 Regional Management Corp...... 95,434 3,307,742 Electrical Equipment — 0.7% (a)(b) World Acceptance Corp...... 50,122 6,503,831 Allied Motion Technologies Inc.(b)...... 5,862 300,896 171,141,625 American Superconductor Corp.(a)(b) ...... 310,383 5,884,862 Containers & Packaging — 0.3% AZZ Inc...... 287,189 14,459,966 Greif Inc., Class A, NVS ...... 292,231 16,657,167 Bloom Energy Corp., Class A(a)(b) ...... 60,080 1,625,164 Greif Inc., Class B ...... 65,110 3,726,896 Encore Wire Corp...... 225,325 15,126,067 Myers Industries Inc...... 265,735 5,250,924 EnerSys ...... 434,966 39,494,913 O-I Glass Inc...... 398,947 5,880,479 FuelCell Energy Inc.(a)(b) ...... 1,192,638 17,185,914 Pactiv Evergreen Inc...... 364,321 5,005,771 LSI Industries Inc...... 296,238 2,526,910 Ranpak Holdings Corp., Class A(a)(b) ...... 327,787 6,575,407 Powell Industries Inc...... 99,419 3,367,322 UFP Technologies Inc.(a) ...... 66,242 3,300,176 Preformed Line Products Co...... 33,170 2,280,437 (a) 46,396,820 Thermon Group Holdings Inc...... 353,589 6,891,450 (a)(b) Distributors — 0.1% Ultralife Corp...... 82,843 685,940 Core-Mark Holding Co. Inc...... 35,592 1,377,054 109,829,841 Funko Inc., Class A(a) ...... 273,630 5,385,038 Electronic Equipment, Instruments & Components — 1.8% Weyco Group Inc...... 72,904 1,576,914 908 Devices Inc.(a)(b) ...... 13,481 653,829 (a)(b) 8,339,006 Arlo Technologies Inc...... 906,896 5,695,307 Diversified Consumer Services — 0.6% Bel Fuse Inc., Class B, NVS ...... 111,799 2,223,682 Adtalem Global Education Inc.(a)(b) ...... 562,685 22,248,565 Belden Inc...... 494,226 21,928,808 American Public Education Inc.(a) ...... 158,968 5,664,030 Benchmark Electronics Inc...... 409,726 12,668,728 Carriage Services Inc., Class A(b)...... 179,212 6,306,470 CTS Corp...... 355,581 11,044,346 Houghton Mifflin Harcourt Co.(a)(b) ...... 1,182,773 9,012,730 Daktronics Inc...... 384,733 2,412,276 (a) Laureate Education Inc., Class A(a) ...... 1,208,168 16,419,003 ePlus Inc...... 25,477 2,538,528 (a)(b) OneSpaWorld Holdings Ltd.(a)...... 517,036 5,506,433 FARO Technologies Inc...... 14,593 1,263,316 (a)(b) Regis Corp.(a)(b) ...... 262,467 3,296,585 II-VI Inc...... 140,328 9,594,225 (a)(b) Stride Inc.(a)(b) ...... 451,861 13,605,535 Insight Enterprises Inc...... 287,977 27,478,765 (a) Universal Technical Institute Inc.(a) ...... 19,845 115,895 Kimball Electronics Inc...... 267,927 6,912,517 (a)(b) Vivint Smart Home Inc.(a)(b) ...... 713,733 10,220,657 Knowles Corp...... 990,850 20,728,582 WW International Inc.(a)(b) ...... 398,920 12,478,218 Methode Electronics Inc...... 338,699 14,218,584 MTS Systems Corp...... 220,182 12,814,592 104,874,121 PC Connection Inc.(b) ...... 114,270 5,300,985 Diversified Financial Services — 0.3% Plexus Corp.(a) ...... 59,137 5,431,142 Alerus Financial Corp...... 188,576 5,615,793 Powerfleet Inc.(a) ...... 353,263 2,903,822 A-Mark Precious Metals Inc...... 55,478 1,997,208 Rogers Corp.(a)(b)...... 172,948 32,550,543 Banco Latinoamericano de Comercio Exterior SA, Sanmina Corp.(a) ...... 718,981 29,751,434 Class E ...... 356,501 5,393,860 ScanSource Inc.(a)...... 283,671 8,495,946 Cannae Holdings Inc.(a)(b)...... 961,108 38,079,099 TTM Technologies Inc.(a)(b)...... 1,095,508 15,884,866 Marlin Business Services Corp...... 115,195 1,571,260 Vishay Intertechnology Inc...... 1,494,072 35,977,254 SWK Holdings Corp.(a)(b)...... 41,045 596,794 Vishay Precision Group Inc.(a)...... 132,229 4,073,976 53,254,014 292,546,053 Diversified Telecommunication Services — 0.5% Energy Equipment & Services — 1.4% Alaska Communications Systems Group Inc...... 574,999 1,868,747 Archrock Inc...... 1,472,161 13,970,808 ATN International Inc...... 116,766 5,735,546 Aspen Aerogels Inc.(a) ...... 212,893 4,330,244 Cincinnati Bell Inc.(a)...... 334,497 5,134,529 Bristow Group Inc.(a)...... 71,949 1,862,040 Consolidated Communications Holdings Inc.(a) ...... 712,671 5,131,231 Cactus Inc., Class A ...... 290,581 8,897,590 IDT Corp., Class B(a)(b) ...... 81,431 1,845,226 ChampionX Corp.(a) ...... 2,083,875 45,282,604 Iridium Communications Inc.(a)(b) ...... 477,647 19,702,939 Custom Truck One Source Inc., NVS ...... 159,994 1,495,944 Liberty Latin America Ltd., Class A(a)(b) ...... 475,310 6,098,227 DMC Global Inc...... 90,068 4,887,090 Liberty Latin America Ltd., Class C, NVS(a) ...... 1,773,042 23,014,085 Dril-Quip Inc.(a)(b) ...... 391,741 13,017,553 ORBCOMM Inc.(a) ...... 724,504 5,527,966 Exterran Corp.(a)(b) ...... 305,090 1,025,102 Vonage Holdings Corp.(a) ...... 1,163,327 13,750,525 Frank's International NV(a) ...... 1,763,262 6,259,580 87,809,021 Helix Energy Solutions Group Inc.(a)(b) ...... 1,596,281 8,061,219 Liberty Oilfield Services Inc., Class A ...... 936,531 10,573,435

106 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Energy Equipment & Services (continued) Equity Real Estate Investment Trusts (REITs) (continued) Nabors Industries Ltd...... 79,453 $ 7,424,883 Global Medical REIT Inc...... 490,197 $ 6,426,483 National Energy Services Reunited Corp.(a)(b) ...... 229,691 2,841,278 Global Net Lease Inc...... 1,040,597 18,793,182 Newpark Resources Inc.(a)(b) ...... 1,002,723 3,148,550 Healthcare Realty Trust Inc...... 1,576,193 47,790,172 NexTier Oilfield Solutions Inc.(a)(b) ...... 1,835,851 6,829,366 Hersha Hospitality Trust, Class A(a) ...... 379,043 3,998,904 Oceaneering International Inc.(a) ...... 1,115,114 12,734,602 Independence Realty Trust Inc...... 1,133,474 17,228,805 Oil States International Inc.(a)(b) ...... 675,165 4,071,245 Indus Realty Trust Inc...... 8,816 530,371 Patterson-UTI Energy Inc...... 2,078,026 14,816,325 Industrial Logistics Properties Trust...... 744,364 17,217,139 ProPetro Holding Corp.(a)(b) ...... 903,423 9,630,489 Innovative Industrial Properties Inc...... 156,568 28,207,291 RPC Inc.(a) ...... 650,044 3,510,238 iStar Inc...... 790,105 14,048,067 Select Energy Services Inc., Class A(a) ...... 662,288 3,298,194 Kite Realty Group Trust ...... 942,339 18,177,719 Solaris Oilfield Infrastructure Inc., Class A ...... 331,240 4,064,315 Lexington Realty Trust ...... 3,104,459 34,490,539 Tidewater Inc.(a) ...... 391,136 4,900,934 LTC Properties Inc...... 286,451 11,950,736 Transocean Ltd.(a) ...... 6,655,956 23,628,644 Macerich Co. (The) ...... 1,692,300 19,799,910 U.S. Silica Holdings Inc...... 828,207 10,178,664 Mack-Cali Realty Corp...... 972,019 15,046,854 230,740,936 Monmouth Real Estate Investment Corp...... 119,106 2,106,985 Entertainment — 0.6% National Health Investors Inc...... 333,283 24,089,695 AMC Entertainment Holdings Inc., Class A(b)...... 4,261,879 43,513,784 NETSTREIT Corp...... 210,580 3,893,624 Cinemark Holdings Inc...... 1,199,492 24,481,632 New Senior Investment Group Inc...... 922,839 5,749,287 Eros STX Global Corp.(a)(b) ...... 1,812,481 3,280,591 NexPoint Residential Trust Inc...... 200,015 9,218,691 Gaia Inc., Class A(a)(b) ...... 135,756 1,614,139 Office Properties Income Trust ...... 538,819 14,828,299 IMAX Corp.(a)(b) ...... 557,763 11,211,036 One Liberty Properties Inc...... 180,499 4,019,713 (b) Liberty Media Corp.-Liberty Braves, Class A(a)(b) ...... 51,010 1,454,295 Pebblebrook Hotel Trust ...... 1,474,765 35,822,042 Liberty Media Corp.-Liberty Braves, Class C, NVS(a) . . 172,013 4,785,402 Physicians Realty Trust ...... 2,366,116 41,809,270 LiveXLive Media Inc.(a)(b) ...... 496,750 2,155,895 Piedmont Office Realty Trust Inc., Class A ...... 1,398,796 24,297,086 Marcus Corp. (The)...... 257,482 5,147,065 PotlatchDeltic Corp...... 741,698 39,250,658 Preferred Apartment Communities Inc., Class A ...... 537,717 5,296,512 97,643,839 QTS Realty Trust Inc., Class A ...... 43,694 2,710,776 Equity Real Estate Investment Trusts (REITs) — 7.5% Retail Opportunity Investments Corp...... 1,301,111 20,648,632 Acadia Realty Trust...... 862,477 16,361,189 Retail Properties of America Inc., Class A...... 2,418,776 25,348,772 Agree Realty Corp...... 700,606 47,157,790 Retail Value Inc...... 182,976 3,423,481 Alexander & Baldwin Inc...... 821,327 13,790,080 RLJ Lodging Trust ...... 1,860,786 28,804,967 Alexander's Inc...... 553 153,347 RPT Realty...... 902,124 10,293,235 Alpine Income Property Trust Inc...... 78,675 1,365,798 Ryman Hospitality Properties Inc...... 78,224 6,063,142 American Assets Trust Inc...... 568,595 18,445,222 Sabra Health Care REIT Inc...... 2,330,348 40,454,841 American Finance Trust Inc...... 1,243,393 12,210,119 Safehold Inc.(b) ...... 90,366 6,334,657 Armada Hoffler Properties Inc...... 635,461 7,968,681 Saul Centers Inc...... 8,452 339,010 Bluerock Residential Growth REIT Inc., Class A...... 169,375 1,712,381 Seritage Growth Properties, Class A(a)...... 387,105 7,103,377 Broadstone Net Lease Inc...... 348,342 6,374,659 Service Properties Trust ...... 1,853,852 21,986,685 BRT Apartments Corp...... 132,616 2,233,253 SITE Centers Corp...... 1,737,810 23,564,704 CareTrust REIT Inc...... 819,398 19,079,682 STAG Industrial Inc...... 1,660,618 55,813,371 CatchMark Timber Trust Inc., Class A...... 477,236 4,858,262 Summit Hotel Properties Inc...... 1,165,641 11,842,913 Centerspace ...... 145,258 9,877,544 Sunstone Hotel Investors Inc...... 2,442,836 30,437,737 Chatham Lodging Trust ...... 523,340 6,887,154 Tanger Factory Outlet Centers Inc...... 1,023,749 15,489,322 City Office REIT Inc...... 474,070 5,034,623 Terreno Realty Corp...... 436,990 25,244,912 Clipper Realty Inc...... 10,889 86,241 UMH Properties Inc...... 72,002 1,380,278 Colony Capital Inc.(b) ...... 5,432,242 35,200,928 Universal Health Realty Income Trust...... 16,720 1,133,282 Columbia Property Trust Inc...... 1,287,705 22,019,755 Urban Edge Properties ...... 1,304,633 21,552,537 CorEnergy Infrastructure Trust Inc...... 177,873 1,257,562 Urstadt Biddle Properties Inc., Class A...... 338,192 5,630,897 CorePoint Lodging Inc...... 469,058 4,235,594 Washington REIT...... 959,628 21,207,779 CTO Realty Growth Inc...... 59,489 3,094,023 Whitestone REIT ...... 427,668 4,148,380 DiamondRock Hospitality Co.(a) ...... 2,282,257 23,507,247 Xenia Hotels & Resorts Inc...... 1,299,045 25,331,377 Diversified Healthcare Trust...... 2,672,364 12,773,900 EastGroup Properties Inc...... 24,945 3,574,120 1,223,502,660 Essential Properties Realty Trust Inc...... 1,178,785 26,911,662 Food & Staples Retailing — 1.2% Farmland Partners Inc...... 289,477 3,245,037 Andersons Inc. (The) ...... 353,822 9,687,646 (a)(b) Franklin Street Properties Corp...... 1,157,516 6,308,462 Chefs' Warehouse Inc. (The) ...... 344,538 10,494,628 (a)(b) GEO Group Inc. (The) ...... 1,135,124 8,808,562 HF Foods Group Inc...... 402,227 2,904,079 Getty Realty Corp...... 395,810 11,209,339 Ingles Markets Inc., Class A...... 160,436 9,890,879 Gladstone Commercial Corp...... 281,900 5,513,964 Natural Grocers by Vitamin Cottage Inc...... 42,222 740,996 (a)(b) Gladstone Land Corp...... 102,152 1,869,382 Performance Food Group Co...... 1,473,747 84,902,565 PriceSmart Inc...... 243,466 23,555,336

S CHEDULE OF I NVESTMENTS 107 Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Food & Staples Retailing (continued) Health Care Equipment & Supplies (continued) Rite Aid Corp.(a)(b) ...... 619,771 $ 12,680,515 Meridian Bioscience Inc.(a)(b) ...... 64,411 $ 1,690,789 SpartanNash Co...... 396,991 7,792,933 Milestone Scientific Inc.(a)(b) ...... 88,195 314,856 United Natural Foods Inc.(a)(b) ...... 632,764 20,843,246 Misonix Inc.(a) ...... 76,581 1,500,222 Village Super Market Inc., Class A...... 97,828 2,305,806 Natus Medical Inc.(a)(b)...... 261,925 6,707,899 Weis Markets Inc...... 110,618 6,252,129 OraSure Technologies Inc.(a)(b) ...... 318,480 3,716,662 (a) 192,050,758 Ortho Clinical Diagnostics Holdings PLC ...... 198,288 3,825,967 (a) Food Products — 1.5% Orthofix Medical Inc...... 211,420 9,165,057 (a)(b) Alico Inc...... 58,621 1,750,423 Outset Medical Inc...... 22,581 1,228,180 (a)(b) B&G Foods Inc...... 92,622 2,876,839 Pulmonx Corp...... 25,568 1,169,480 (a)(b) Bridgford Foods Corp.(a) ...... 6,524 101,122 Retractable Technologies Inc...... 13,841 177,442 (a)(b) Cal-Maine Foods Inc.(a)(b) ...... 278,530 10,701,123 Rockwell Medical Inc...... 88,073 102,165 (a) Darling Ingredients Inc.(a) ...... 1,811,658 133,301,796 SeaSpine Holdings Corp...... 299,894 5,218,155 (a)(b) Farmer Bros. Co.(a)(b) ...... 188,856 1,971,657 Sientra Inc...... 115,832 844,415 (a)(b) Fresh Del Monte Produce Inc...... 350,652 10,039,167 Surgalign Holdings Inc...... 1,058,856 2,308,306 (a) Hostess Brands Inc.(a)(b) ...... 752,544 10,791,481 Talis Biomedical Corp...... 29,962 385,012 J&J Snack Foods Corp...... 126,514 19,866,493 Utah Medical Products Inc...... 7,717 668,292 (a)(b) Laird Superfood Inc.(a)(b) ...... 14,567 545,825 Varex Imaging Corp...... 430,731 8,825,678 (a)(b) Landec Corp.(a)...... 287,500 3,047,500 Venus Concept Inc...... 20,628 48,476 (a) Limoneira Co...... 124,892 2,185,610 ViewRay Inc...... 852,182 3,706,992 (a) Mission Produce Inc.(a)(b) ...... 35,443 673,771 VolitionRx Ltd...... 56,372 213,086 Sanderson Farms Inc...... 51,799 8,069,248 143,956,358 Seneca Foods Corp., Class A(a) ...... 72,418 3,410,164 Health Care Providers & Services — 1.6% Simply Good Foods Co. (The)(a)(b)...... 961,469 29,247,887 Accolade Inc.(a)...... 64,459 2,924,505 Tootsie Roll Industries Inc.(b) ...... 33,036 1,094,483 Apria Inc.(a) ...... 11,431 319,268 Vital Farms Inc.(a)(b)...... 152,195 3,323,939 Avalon GloboCare Corp.(a)(b) ...... 53,271 57,000 (a) 242,998,528 Brookdale Senior Living Inc...... 2,051,164 12,409,542 (a) Gas Utilities — 1.3% Community Health Systems Inc...... 959,959 12,978,646 (a)(b) Brookfield Infrastructure Corp., Class A ...... 182,934 13,970,670 Covetrus Inc...... 1,310,387 39,272,298 (a) Chesapeake Utilities Corp...... 11,662 1,353,725 Cross Country Healthcare Inc...... 363,029 4,534,232 (a)(b) New Jersey Resources Corp...... 1,072,078 42,743,750 Enzo Biochem Inc...... 499,694 1,718,947 (a) Northwest Natural Holding Co...... 308,134 16,623,829 Five Star Senior Living Inc...... 228,879 1,400,740 (a) ONE Gas Inc...... 524,237 40,319,068 Hanger Inc...... 358,987 8,192,083 (a) RGC Resources Inc...... 27,732 615,096 Magellan Health Inc...... 144,501 13,473,273 (a)(b) South Jersey Industries Inc.(b)...... 474,718 10,719,132 MEDNAX Inc...... 841,538 21,433,973 Southwest Gas Holdings Inc...... 585,694 40,243,035 National HealthCare Corp...... 141,856 11,052,001 (a)(b) Spire Inc...... 566,088 41,828,242 Option Care Health Inc...... 61,971 1,099,366 Owens & Minor Inc.(b)...... 816,973 30,710,015 208,416,547 Patterson Companies Inc...... 967,602 30,914,884 Health Care Equipment & Supplies — 0.9% Tenet Healthcare Corp.(a) ...... 1,059,195 55,078,140 Acutus Medical Inc.(a)(b)...... 22,116 295,691 Tivity Health Inc.(a)(b)...... 260,092 5,805,253 Alphatec Holdings Inc.(a) ...... 95,043 1,500,729 Triple-S Management Corp., Class B(a) ...... 216,834 5,644,189 AngioDynamics Inc.(a)(b) ...... 416,469 9,745,374 Apyx Medical Corp.(a)...... 354,348 3,423,002 259,018,355 Aspira Women's Health Inc.(a)(b) ...... 58,832 397,116 Health Care Technology — 0.4% (a)(b) Avanos Medical Inc.(a) ...... 541,736 23,695,533 Allscripts Healthcare Solutions Inc...... 1,684,991 25,300,140 Bioventus Inc., Class A(a)(b) ...... 14,415 220,261 Computer Programs & Systems Inc...... 142,477 4,359,796 (a)(b) Chembio Diagnostics Inc.(a) ...... 28,662 100,604 Evolent Health Inc., Class A ...... 718,646 14,516,649 (a) CryoLife Inc.(a)(b) ...... 75,115 1,696,097 HealthStream Inc...... 289,267 6,462,225 (a)(b) Eargo Inc.(a)(b)...... 17,176 857,941 NextGen Healthcare Inc...... 629,480 11,393,588 FONAR Corp.(a) ...... 60,640 1,096,978 62,032,398 Heska Corp.(a)(b)...... 51,657 8,702,138 Hotels, Restaurants & Leisure — 3.4% Inari Medical Inc.(a)(b) ...... 38,348 4,103,236 Biglari Holdings Inc., Class A(a)(b)...... 620 418,822 Inogen Inc.(a) ...... 69,175 3,633,071 Biglari Holdings Inc., Class B, NVS(a)(b) ...... 11,601 1,540,149 Integer Holdings Corp.(a)(b) ...... 136,110 12,535,731 BJ's Restaurants Inc.(a)(b) ...... 249,410 14,485,733 IntriCon Corp.(a)(b) ...... 95,736 2,454,671 Bluegreen Vacations Corp...... 63,783 687,581 Invacare Corp...... 380,494 3,051,562 Bluegreen Vacations Holding Corp., Class A(a) ...... 111,289 2,063,298 LeMaitre Vascular Inc...... 38,746 1,890,030 Boyd Gaming Corp.(a) ...... 916,487 54,036,073 LENSAR Inc.(a) ...... 78,860 572,524 Brinker International Inc...... 176,530 12,544,222 LivaNova PLC(a)(b)...... 161,702 11,922,288 Caesars Entertainment Inc.(a)(b) ...... 836,372 73,140,731 Lucira Health Inc.(a)(b)...... 20,219 244,650 Carrols Restaurant Group Inc.(a)...... 390,380 2,336,424

108 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Hotels, Restaurants & Leisure (continued) Household Products (continued) Century Casinos Inc.(a)(b) ...... 304,016 $ 3,122,244 WD-40 Co...... 10,290 $ 3,150,592 (b) Cheesecake Factory Inc. (The) ...... 481,182 28,153,959 26,010,418 (a)(b) Chuy's Holdings Inc...... 222,769 9,873,122 Independent Power and Renewable Electricity Producers — 0.7% Cracker Barrel Old Country Store Inc...... 153,486 26,534,660 Atlantic Power Corp.(a)...... 833,847 2,409,818 (a) Dave & Buster's Entertainment Inc...... 317,052 15,186,791 Brookfield Renewable Corp., Class A...... 1,322,821 61,908,023 Del Taco Restaurants Inc...... 336,582 3,224,455 Clearway Energy Inc., Class A ...... 298,665 7,917,609 (a)(b) Denny's Corp...... 231,942 4,200,470 Clearway Energy Inc., Class C ...... 759,011 21,358,569 Dine Brands Global Inc...... 163,599 14,728,818 Sunnova Energy International Inc.(a)(b)...... 554,796 22,646,773 El Pollo Loco Holdings Inc.(a)(b)...... 192,722 3,106,679 116,240,792 Everi Holdings Inc.(a)(b) ...... 589,636 8,319,764 Industrial Conglomerates — 0.1% Fiesta Restaurant Group Inc.(a)(b)...... 202,847 2,553,844 Raven Industries Inc...... 367,468 14,085,048 GAN Ltd.(a)(b)...... 73,843 1,343,943 Golden Entertainment Inc.(a) ...... 113,916 2,877,518 Insurance — 2.6% International Game Technology PLC...... 1,117,877 17,941,926 Ambac Financial Group Inc.(a)...... 517,700 8,666,298 Jack in the Box Inc...... 229,629 25,208,672 American Equity Investment Life Holding Co...... 953,529 30,064,769 Kura Sushi USA Inc., Class A(a)(b) ...... 37,941 1,200,453 AMERISAFE Inc...... 223,581 14,309,184 Marriott Vacations Worldwide Corp...... 397,951 69,315,105 Argo Group International Holdings Ltd...... 375,772 18,908,847 Monarch Casino & Resort Inc.(a)(b)...... 40,688 2,466,507 Citizens Inc./TX, Class A(a)(b)...... 588,058 3,404,856 Nathan's Famous Inc...... 25,459 1,606,208 CNO Financial Group Inc...... 1,540,918 37,428,898 NEOGAMES SA(a)(b)...... 27,687 990,364 Crawford & Co., Class A, NVS ...... 191,266 2,036,983 Noodles & Co., Class A(a)(b) ...... 177,503 1,837,156 Donegal Group Inc., Class A ...... 145,697 2,165,057 Papa John's International Inc...... 56,202 4,981,745 Employers Holdings Inc...... 277,226 11,937,352 Penn National Gaming Inc.(a)(b)...... 872,788 91,503,094 Enstar Group Ltd.(a) ...... 136,108 33,581,927 PlayAGS Inc.(a)(b)...... 203,846 1,647,076 FBL Financial Group Inc., Class A ...... 114,562 6,406,307 RCI Hospitality Holdings Inc.(b) ...... 94,754 6,025,407 FedNat Holding Co...... 166,393 770,400 Red Robin Gourmet Burgers Inc.(a)(b) ...... 175,109 6,985,098 Genworth Financial Inc., Class A(a) ...... 5,718,665 18,985,968 Red Rock Resorts Inc., Class A ...... 187,053 6,096,057 Goosehead Insurance Inc., Class A ...... 131,620 14,107,032 Scientific Games Corp./DE, Class A(a)(b) ...... 180,667 6,959,293 Greenlight Capital Re Ltd., Class A(a)(b) ...... 366,507 3,188,611 SeaWorld Entertainment Inc.(a)(b)...... 325,840 16,184,473 HCI Group Inc...... 54,118 4,157,345 Target Hospitality Corp.(a)(b) ...... 306,548 769,435 Heritage Insurance Holdings Inc...... 267,940 2,968,775 546,197,369 Horace Mann Educators Corp...... 406,789 17,577,353 Household Durables — 1.8% Independence Holding Co...... 58,126 2,316,321 Beazer Homes USA Inc.(a)(b) ...... 305,209 6,384,972 Investors Title Co...... 14,110 2,342,260 Casper Sleep Inc.(a)(b) ...... 227,594 1,647,781 James River Group Holdings Ltd...... 37,140 1,694,327 Century Communities Inc.(a)...... 326,968 19,722,710 MBIA Inc.(a)(b) ...... 562,245 5,408,797 Ethan Allen Interiors Inc...... 252,749 6,978,400 Midwest Holding Inc.(a)(b) ...... 8,168 408,318 GoPro Inc., Class A(a)(b)...... 152,061 1,769,990 National Western Life Group Inc., Class A ...... 29,674 7,388,826 Green Brick Partners Inc.(a)(b) ...... 339,498 7,699,815 NI Holdings Inc.(a) ...... 103,106 1,905,399 Hamilton Beach Brands Holding Co., Class A ...... 55,810 1,011,835 ProAssurance Corp...... 518,178 13,866,443 Hooker Furniture Corp...... 125,116 4,561,729 ProSight Global Inc.(a) ...... 107,956 1,360,246 KB Home ...... 856,784 39,866,160 Protective Insurance Corp., Class B, NVS ...... 102,265 2,338,801 La-Z-Boy Inc...... 505,286 21,464,549 RLI Corp...... 61,178 6,825,629 Legacy Housing Corp.(a) ...... 41,487 735,564 Safety Insurance Group Inc...... 142,922 12,041,179 Lifetime Brands Inc...... 140,263 2,060,463 Selective Insurance Group Inc...... 672,625 48,792,217 M/I Homes Inc.(a) ...... 307,972 18,191,906 Selectquote Inc.(a)(b) ...... 1,064,880 31,424,609 MDC Holdings Inc...... 639,238 37,970,737 SiriusPoint Ltd.(a)(b) ...... 979,225 9,958,718 Meritage Homes Corp.(a)...... 394,742 36,284,685 State Auto Financial Corp...... 208,740 4,114,265 Taylor Morrison Home Corp.(a) ...... 1,275,091 39,285,554 Stewart Information Services Corp...... 260,795 13,569,164 TRI Pointe Homes Inc.(a)...... 1,409,759 28,702,693 Tiptree Inc...... 267,517 2,394,277 Tupperware Brands Corp.(a)...... 550,047 14,526,741 Trean Insurance Group Inc.(a)(b) ...... 121,497 1,962,177 Turtle Beach Corp.(a)(b) ...... 159,180 4,245,331 United Fire Group Inc...... 248,788 8,657,822 Universal Electronics Inc.(a) ...... 17,644 969,891 United Insurance Holdings Corp...... 253,940 1,830,907 VOXX International Corp., Class A(a)(b) ...... 224,366 4,276,416 Universal Insurance Holdings Inc...... 230,801 3,309,686 (a)(b) 298,357,922 Vericity Inc...... 23,298 230,417 (a) Household Products — 0.2% Watford Holdings Ltd...... 194,799 6,741,993 Central Garden & Pet Co.(a)...... 80,495 4,669,515 421,548,760 Central Garden & Pet Co., Class A, NVS(a) ...... 315,042 16,347,530 Interactive Media & Services — 0.4% Oil-Dri Corp. of America...... 53,507 1,842,781 Cars.com Inc.(a)(b) ...... 760,162 9,851,700 DHI Group Inc.(a) ...... 551,505 1,847,542

S CHEDULE OF I NVESTMENTS 109 Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Interactive Media & Services (continued) Machinery (continued) Liberty TripAdvisor Holdings Inc., Class A(a)(b)...... 809,988 $ 5,167,723 Astec Industries Inc...... 253,868 $ 19,146,725 MediaAlpha Inc., Class A(a)(b) ...... 41,484 1,469,778 Barnes Group Inc...... 526,401 26,077,906 QuinStreet Inc.(a) ...... 376,955 7,652,186 Blue Bird Corp.(a) ...... 103,943 2,601,693 TrueCar Inc.(a)(b)...... 1,145,317 5,480,342 Chart Industries Inc.(a)(b) ...... 405,763 57,760,363 Yelp Inc.(a) ...... 661,447 25,796,433 CIRCOR International Inc.(a)(b) ...... 221,574 7,715,207 (b) 57,265,704 Columbus McKinnon Corp./NY ...... 263,341 13,893,871 Internet & Direct Marketing Retail — 0.4% Douglas Dynamics Inc...... 15,335 707,710 CarParts.com Inc.(a)(b) ...... 29,616 422,916 Eastern Co. (The) ...... 55,148 1,477,966 (b) Duluth Holdings Inc., Class B(a)(b) ...... 115,817 1,961,940 Enerpac Tool Group Corp...... 411,614 10,751,358 Groupon Inc.(a)(b) ...... 262,920 13,289,291 EnPro Industries Inc...... 231,819 19,767,206 Lands' End Inc.(a)(b)...... 134,607 3,339,600 ESCO Technologies Inc...... 25,273 2,751,977 (a)(b) Liquidity Services Inc.(a)...... 299,163 5,558,449 ExOne Co. (The) ...... 39,150 1,227,744 Magnite Inc.(a)(b)...... 552,930 23,007,417 Federal Signal Corp...... 48,551 1,859,503 Overstock.com Inc.(a)(b) ...... 89,487 5,929,409 Franklin Electric Co. Inc...... 38,774 3,060,820 (a) Quotient Technology Inc.(a)...... 436,271 7,128,668 Gencor Industries Inc...... 82,999 1,113,017 Stitch Fix Inc., Class A(a) ...... 108,206 5,360,525 Gorman-Rupp Co. (The) ...... 159,918 5,294,885 Graham Corp...... 102,531 1,460,041 65,998,215 Greenbrier Companies Inc. (The)...... 364,787 17,225,242 IT Services — 0.5% Helios Technologies Inc...... 193,998 14,136,634 Cardtronics PLC, Class A(a) ...... 110,004 4,268,155 Hillenbrand Inc...... 833,338 39,758,556 Conduent Inc.(a) ...... 1,860,856 12,393,301 Hurco Companies Inc...... 66,865 2,360,335 Hackett Group Inc. (The)...... 35,666 584,566 Hydrofarm Holdings Group Inc.(a)(b)...... 58,933 3,554,839 IBEX Holdings Ltd.(a) ...... 36,911 812,042 Hyster-Yale Materials Handling Inc...... 113,136 9,856,408 Information Services Group Inc.(a) ...... 399,796 1,759,102 Kennametal Inc...... 941,804 37,643,906 LiveRamp Holdings Inc.(a)...... 143,876 7,464,287 LB Foster Co., Class A(a)...... 97,701 1,748,848 MoneyGram International Inc.(a) ...... 547,213 3,595,189 Luxfer Holdings PLC...... 285,627 6,078,143 Perspecta Inc...... 272,644 7,920,308 Lydall Inc.(a) ...... 193,215 6,519,074 PFSweb Inc.(a) ...... 64,255 433,721 Manitowoc Co. Inc. (The)(a)(b) ...... 376,160 7,756,419 Priority Technology Holdings Inc.(a)(b) ...... 6,108 42,390 Mayville Engineering Co. Inc.(a) ...... 68,830 989,775 Rackspace Technology Inc.(a) ...... 69,887 1,661,913 Meritor Inc.(a)(b)...... 180,824 5,319,842 ServiceSource International Inc.(a)(b)...... 1,116,484 1,641,232 Miller Industries Inc./TN...... 117,997 5,450,281 StarTek Inc.(a)(b) ...... 214,698 1,706,849 Mueller Industries Inc...... 629,906 26,046,613 Sykes Enterprises Inc.(a)(b) ...... 407,352 17,956,076 Mueller Water Products Inc., Class A ...... 1,625,506 22,578,278 Unisys Corp.(a) ...... 630,598 16,029,801 Navistar International Corp.(a)(b) ...... 560,339 24,671,726 78,268,932 NN Inc.(a) ...... 465,357 3,290,074 Leisure Products — 0.6% Park-Ohio Holdings Corp...... 99,540 3,134,515 Acushnet Holdings Corp...... 298,252 12,326,755 REV Group Inc...... 269,555 5,164,674 (a)(b) American Outdoor Brands Inc...... 155,095 3,908,394 Rexnord Corp...... 1,247,224 58,731,778 Callaway Golf Co...... 1,052,894 28,164,915 SPX Corp.(a) ...... 126,281 7,358,394 Clarus Corp...... 194,256 3,312,065 SPX FLOW Inc.(b) ...... 481,097 30,467,873 Escalade Inc...... 117,246 2,451,614 Standex International Corp...... 136,625 13,057,251 Johnson Outdoors Inc., Class A ...... 30,492 4,352,733 Terex Corp...... 760,905 35,054,893 (a)(b) Nautilus Inc...... 341,833 5,346,268 TriMas Corp.(a) ...... 452,447 13,718,193 Smith & Wesson Brands Inc...... 623,363 10,877,684 Wabash National Corp...... 602,272 11,322,714 Sturm Ruger & Co. Inc...... 23,144 1,529,124 Watts Water Technologies Inc., Class A...... 170,961 20,311,876 (a) Vista Outdoor Inc...... 659,052 21,135,798 Welbilt Inc.(a)(b) ...... 1,044,170 16,967,763 93,405,350 675,718,611 Life Sciences Tools & Services — 0.1% Marine — 0.3% (a)(d) Contra Aduro Biotech I ...... 19,180 57,540 Costamare Inc...... 587,187 5,648,739 (a)(b) Fluidigm Corp...... 773,299 3,495,312 Eagle Bulk Shipping Inc.(a)(b) ...... 71,819 2,594,102 (a)(b) Harvard Bioscience Inc...... 431,318 2,354,996 Eneti Inc...... 98,258 2,066,366 (a)(b) NanoString Technologies Inc...... 68,616 4,508,757 Genco Shipping & Trading Ltd...... 199,852 2,014,508 (a) Pacific Biosciences of California Inc...... 259,054 8,629,089 Matson Inc...... 485,835 32,405,195 (a)(b) Seer Inc...... 32,497 1,625,500 Pangaea Logistics Solutions Ltd...... 111,489 352,305 20,671,194 Safe Bulkers Inc.(a)(b) ...... 584,797 1,432,753 Machinery — 4.1% SEACOR Holdings Inc.(a) ...... 221,743 9,036,027 (a) Agrify Corp...... 35,268 440,145 55,549,995 Alamo Group Inc...... 19,643 3,067,254 Media — 1.1% Albany International Corp., Class A...... 60,913 5,084,408 AMC Networks Inc., Class A(a)(b) ...... 190,308 10,116,773 Altra Industrial Motion Corp...... 726,390 40,183,895

110 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Media (continued) Mortgage Real Estate Investment (continued) Boston Omaha Corp., Class A(a)(b) ...... 146,632 $ 4,334,442 Cherry Hill Mortgage Investment Corp...... 160,715 $ 1,501,078 comScore Inc.(a)...... 688,983 2,521,678 Chimera Investment Corp...... 2,185,066 27,750,338 Daily Journal Corp.(a)(b) ...... 2,579 816,125 Colony Credit Real Estate Inc...... 941,305 8,019,919 Emerald Holding Inc...... 273,305 1,508,644 Dynex Capital Inc...... 275,579 5,216,710 Entercom Communications Corp., Class A ...... 1,314,803 6,902,716 Ellington Financial Inc...... 461,625 7,390,616 Entravision Communications Corp., Class A ...... 670,669 2,709,503 Ellington Residential Mortgage REIT ...... 100,291 1,234,582 EW Scripps Co. (The), Class A, NVS ...... 624,586 12,035,772 Granite Point Mortgage Trust Inc...... 592,088 7,087,293 Fluent Inc.(a)(b) ...... 503,180 2,063,038 Great Ajax Corp...... 201,195 2,193,026 Gannett Co. Inc.(a)...... 1,510,217 8,124,967 Hannon Armstrong Sustainable Infrastructure Gray Television Inc...... 661,661 12,174,562 Capital Inc...... 783,356 43,946,272 Hemisphere Media Group Inc., Class A(a) ...... 167,916 1,956,221 Invesco Mortgage Capital Inc...... 2,635,851 10,569,763 Iheartmedia Inc., Class A(a) ...... 684,106 12,416,524 KKR Real Estate Finance Trust Inc...... 304,813 5,605,511 Loral Space & Communications Inc...... 115,554 4,352,919 Ladder Capital Corp...... 1,178,552 13,906,914 Meredith Corp...... 220,062 6,553,446 MFA Financial Inc...... 5,116,756 20,825,197 MSG Networks Inc., Class A(a)(b) ...... 323,925 4,871,832 New York Mortgage Trust Inc...... 4,317,526 19,299,341 National CineMedia Inc...... 712,182 3,290,281 Orchid Island Capital Inc...... 938,774 5,642,032 Saga Communications Inc., Class A(b) ...... 37,822 826,411 PennyMac Mortgage Investment Trust...... 1,118,266 21,918,014 Scholastic Corp., NVS ...... 331,977 9,995,827 Ready Capital Corp...... 636,753 8,545,225 Sinclair Broadcast Group Inc., Class A...... 504,431 14,759,651 Redwood Trust Inc...... 1,263,727 13,155,398 TEGNA Inc...... 2,448,920 46,113,164 TPG RE Finance Trust Inc...... 668,875 7,491,400 Tribune Publishing Co...... 183,011 3,292,368 Two Harbors Investment Corp...... 3,100,196 22,724,437 WideOpenWest Inc.(a) ...... 302,987 4,117,593 Western Asset Mortgage Capital Corp...... 629,079 2,006,762 175,854,457 384,385,570 Metals & Mining — 3.3% Multi-Utilities — 0.8% Alcoa Corp.(a) ...... 2,104,020 68,359,610 Avista Corp...... 776,445 37,075,249 Allegheny Technologies Inc.(a)(b)...... 1,426,088 30,033,413 Black Hills Corp...... 707,795 47,259,472 Arconic Corp.(a) ...... 1,121,378 28,471,787 NorthWestern Corp...... 570,971 37,227,309 Caledonia Mining Corp. PLC ...... 85,510 1,221,938 Unitil Corp...... 163,994 7,492,886 Carpenter Technology Corp...... 536,297 22,068,622 129,054,916 (a)(b) Century Aluminum Co...... 573,896 10,135,003 Multiline Retail — 0.6% Cleveland-Cliffs Inc...... 5,047,698 101,509,207 Big Lots Inc...... 384,602 26,268,317 (a)(b) Coeur Mining Inc...... 2,722,496 24,584,139 Dillard's Inc., Class A ...... 80,948 7,817,148 Commercial Metals Co...... 1,333,243 41,117,214 Franchise Group Inc...... 215,536 7,783,005 (a)(d) Ferroglobe PLC ...... 532,035 5 Macy's Inc...... 2,984,074 48,312,158 Gatos Silver Inc.(a)(b)...... 179,821 1,792,815 90,180,628 Gold Resource Corp...... 616,024 1,626,303 Oil, Gas & Consumable Fuels — 3.5% Haynes International Inc...... 142,246 4,220,439 Adams Resources & Energy Inc...... 48,122 1,347,897 Hecla Mining Co.(b) ...... 5,878,635 33,449,433 Antero Resources Corp.(a)(b) ...... 2,746,712 28,016,462 Kaiser Aluminum Corp...... 175,675 19,412,087 Arch Resources Inc...... 173,077 7,200,003 Materion Corp...... 158,155 10,476,187 Ardmore Shipping Corp...... 292,268 1,326,897 NovaGold Resources Inc.(a)(b)...... 172,806 1,513,781 Berry Corp...... 765,252 4,216,539 Olympic Steel Inc.(b) ...... 100,619 2,963,230 Bonanza Creek Energy Inc.(a)(b) ...... 230,334 8,229,834 Ryerson Holding Corp.(a)(b)...... 173,564 2,957,531 Brigham Minerals Inc., Class A ...... 494,888 7,245,160 Schnitzer Steel Industries Inc., Class A ...... 297,077 12,414,848 Clean Energy Fuels Corp.(a)(b)...... 1,475,375 20,271,653 SunCoke Energy Inc...... 934,476 6,550,677 CNX Resources Corp.(a) ...... 2,461,399 36,182,565 TimkenSteel Corp.(a)(b)...... 502,267 5,901,637 Comstock Resources Inc.(a)(b)...... 286,873 1,589,276 United States Steel Corp.(b) ...... 2,930,727 76,697,126 CONSOL Energy Inc.(a) ...... 335,046 3,256,647 Warrior Met Coal Inc...... 576,438 9,874,383 Contango Oil & Gas Co.(a)(b) ...... 1,087,018 4,239,370 Worthington Industries Inc...... 390,269 26,183,147 CVR Energy Inc...... 365,454 7,009,408 543,534,562 Delek U.S. Holdings Inc...... 729,808 15,895,218 Mortgage Real Estate Investment — 2.4% DHT Holdings Inc...... 1,239,240 7,348,693 Apollo Commercial Real Estate Finance Inc...... 1,588,851 22,196,248 Diamond S Shipping Inc.(a)(b)...... 293,843 2,947,245 Arbor Realty Trust Inc...... 1,307,120 20,783,208 Dorian LPG Ltd.(a) ...... 343,446 4,509,446 Ares Commercial Real Estate Corp...... 340,348 4,669,575 Earthstone Energy Inc., Class A(a) ...... 264,543 1,891,482 (a) Arlington Asset Investment Corp., Class A ...... 386,458 1,561,290 Energy Fuels Inc./Canada(a)(b) ...... 1,497,775 8,507,362 ARMOUR Residential REIT Inc...... 717,347 8,751,633 Escrow PetroCorp.(a)(d) ...... 19,086 0(e) Blackstone Mortgage Trust Inc., Class A ...... 1,558,340 48,308,540 Evolution Petroleum Corp...... 409,710 1,384,820 Broadmark Realty Capital Inc...... 1,460,282 15,274,550 Falcon Minerals Corp...... 409,923 1,840,554 Capstead Mortgage Corp...... 1,093,210 6,810,698 Frontline Ltd./Bermuda ...... 1,333,967 9,537,864

S CHEDULE OF I NVESTMENTS 111 Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Oil, Gas & Consumable Fuels (continued) Pharmaceuticals (continued) Golar LNG Ltd.(a) ...... 1,149,229 $ 11,756,613 Evolus Inc.(a) ...... 139,447 $ 1,811,417 Goodrich Petroleum Corp.(a) ...... 44,550 421,443 Graybug Vision Inc.(a)...... 14,933 82,878 Green Plains Inc.(a) ...... 359,938 9,743,522 Harmony Biosciences Holdings Inc.(a)(b) ...... 8,720 288,109 International Seaways Inc...... 265,052 5,136,708 Intra-Cellular Therapies Inc.(a)(b)...... 464,196 15,750,170 Kosmos Energy Ltd...... 4,577,480 14,052,864 Lannett Co. Inc.(a)(b) ...... 369,875 1,952,940 Magnolia Oil & Gas Corp., Class A(a)(b) ...... 133,935 1,537,574 Lyra Therapeutics Inc.(a) ...... 8,968 103,939 Matador Resources Co.(b)...... 1,246,527 29,231,058 NGM Biopharmaceuticals Inc.(a)...... 25,774 749,250 NACCO Industries Inc., Class A ...... 42,637 1,063,793 Osmotica Pharmaceuticals PLC(a)(b) ...... 13,867 45,206 NextDecade Corp.(a)...... 93,867 250,625 Paratek Pharmaceuticals Inc.(a)(b) ...... 14,483 102,250 Nordic American Tankers Ltd...... 1,626,495 5,286,109 Phibro Animal Health Corp., Class A...... 11,754 286,798 Overseas Shipholding Group Inc., Class A(a) ...... 700,728 1,443,500 Pliant Therapeutics Inc.(a)(b) ...... 54,758 2,153,632 Ovintiv Inc...... 2,957,094 70,437,979 Prestige Consumer Healthcare Inc.(a)(b)...... 359,814 15,860,601 Par Pacific Holdings Inc.(a)(b) ...... 498,979 7,045,583 Revance Therapeutics Inc.(a)(b)...... 166,681 4,658,734 PBF Energy Inc., Class A ...... 1,089,086 15,410,567 Strongbridge Biopharma PLC(a)(b) ...... 18,498 51,054 PDC Energy Inc.(a)(b) ...... 1,128,709 38,827,590 Supernus Pharmaceuticals Inc.(a)(b) ...... 424,097 11,102,859 Peabody Energy Corp.(a)...... 706,805 2,162,823 Tarsus Pharmaceuticals Inc.(a)(b) ...... 19,425 626,068 Penn Virginia Corp.(a)(b)...... 164,733 2,207,422 Terns Pharmaceuticals Inc.(a)(b) ...... 17,577 386,694 PrimeEnergy Resources Corp.(a)(b) ...... 4,735 248,067 TherapeuticsMD Inc.(a)(b) ...... 490,137 656,784 Range Resources Corp.(a) ...... 2,418,614 24,984,283 Theravance Biopharma Inc.(a)(b) ...... 67,716 1,382,084 Renewable Energy Group Inc.(a)(b) ...... 328,312 21,681,724 VYNE Therapeutics Inc.(a)(b) ...... 349,865 2,394,826 REX American Resources Corp.(a)(b) ...... 67,270 5,662,116 Xeris Pharmaceuticals Inc.(a)(b) ...... 19,613 88,455 Scorpio Tankers Inc...... 563,029 10,393,515 93,805,972 SFL Corp. Ltd...... 1,040,453 8,344,433 Professional Services — 1.3% SM Energy Co...... 1,289,432 21,108,002 Acacia Research Corp.(a)(b) ...... 404,542 2,690,204 (a) Southwestern Energy Co...... 7,300,574 33,947,669 ASGN Inc.(a) ...... 100,747 9,615,294 (a)(b) Talos Energy Inc...... 147,998 1,781,896 Barrett Business Services Inc...... 79,200 5,453,712 (a)(b) Tellurian Inc...... 1,897,437 4,440,003 BGSF Inc...... 114,179 1,598,506 (a)(b) Uranium Energy Corp...... 1,460,723 4,177,668 CBIZ Inc.(a)(b)...... 474,866 15,509,124 (a)(b) W&T Offshore Inc...... 999,698 3,588,916 CRA International Inc...... 20,998 1,567,291 (a)(b) Whiting Petroleum Corp...... 13,792 488,926 GP Strategies Corp.(a)(b) ...... 140,306 2,448,340 World Fuel Services Corp...... 719,441 25,324,323 Heidrick & Struggles International Inc...... 220,704 7,883,547 566,181,709 Huron Consulting Group Inc.(a) ...... 233,045 11,740,807 Paper & Forest Products — 0.4% ICF International Inc...... 103,848 9,076,315 Clearwater Paper Corp.(a)...... 180,227 6,780,140 Insperity Inc...... 204,411 17,117,377 Domtar Corp...... 622,686 23,008,248 KBR Inc...... 1,412,315 54,218,773 Glatfelter Corp...... 494,512 8,480,881 Kelly Services Inc., Class A, NVS ...... 393,685 8,767,365 Neenah Inc...... 188,977 9,709,638 Korn Ferry ...... 611,302 38,126,906 Schweitzer-Mauduit International Inc...... 347,634 17,023,637 ManTech International Corp./VA, Class A ...... 178,069 15,483,099 Verso Corp., Class A ...... 365,206 5,328,355 Mistras Group Inc.(a) ...... 203,103 2,317,405 70,330,899 Resources Connection Inc...... 340,233 4,606,755 (a) Personal Products — 0.2% TrueBlue Inc...... 400,867 8,827,091 (a)(b) BellRing Brands Inc., Class A(a) ...... 437,136 10,320,781 Willdan Group Inc...... 36,388 1,493,727 Edgewell Personal Care Co...... 613,154 24,280,899 218,541,638 Nature's Sunshine Products Inc...... 103,744 2,070,730 Real Estate Management & Development — 0.8% Revlon Inc., Class A(a)(b) ...... 69,461 856,454 Alset EHome International Inc.(a)(b) ...... 15,207 175,945 (a)(b) 37,528,864 Altisource Portfolio Solutions SA ...... 31,010 284,982 (a) Pharmaceuticals — 0.6% American Realty Investors Inc...... 20,637 182,225 (a)(b) AcelRx Pharmaceuticals Inc.(a)(b) ...... 846,375 1,438,838 Cushman & Wakefield PLC ...... 834,164 13,613,557 (a)(b) Agile Therapeutics Inc.(a)(b) ...... 24,098 50,124 Fathom Holdings Inc...... 38,934 1,426,152 (a) Angion Biomedica Corp.(a) ...... 9,229 166,768 Forestar Group Inc...... 177,793 4,139,021 (a)(b) ANI Pharmaceuticals Inc.(a) ...... 44,438 1,605,989 FRP Holdings Inc...... 72,159 3,551,666 Atea Pharmaceuticals Inc.(a)(b) ...... 35,066 2,165,326 Kennedy-Wilson Holdings Inc...... 1,348,129 27,245,687 (a) Athira Pharma Inc.(a)...... 30,010 552,184 Marcus & Millichap Inc...... 242,882 8,185,123 (a)(b) Aytu BioPharma Inc.(a) ...... 225,469 1,713,564 Maui Land & Pineapple Co. Inc...... 46,458 536,590 (b) Cassava Sciences Inc.(a)(b)...... 238,725 10,730,689 Newmark Group Inc., Class A ...... 1,636,451 16,372,692 (a)(b) CorMedix Inc.(a)(b) ...... 22,760 227,372 Rafael Holdings Inc., Class B ...... 104,979 4,190,762 Cymabay Therapeutics Inc.(a)(b) ...... 821,610 3,730,109 RE/MAX Holdings Inc., Class A ...... 206,582 8,137,265 (a) Endo International PLC(a) ...... 1,458,028 10,803,988 Realogy Holdings Corp...... 1,298,331 19,643,748 Evofem Biosciences Inc.(a)(b) ...... 49,299 86,273 RMR Group Inc. (The), Class A ...... 21,000 857,010

112 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Real Estate Management & Development (continued) Software (continued) St. Joe Co. (The) ...... 188,493 $ 8,086,350 Viant Technology Inc., Class A(a) ...... 26,389 $ 1,395,714 Stratus Properties Inc.(a) ...... 62,512 1,906,616 VirnetX Holding Corp.(b)...... 341,366 1,901,409 Tejon Ranch Co.(a) ...... 225,729 3,778,703 Xperi Holding Corp...... 1,084,125 23,601,401 (a) Transcontinental Realty Investors Inc...... 13,031 280,427 164,201,285 122,594,521 Specialty Retail — 4.5% Road & Rail — 0.3% Aaron's Co. Inc. (The) ...... 334,615 8,592,913 ArcBest Corp.(b) ...... 287,661 20,242,704 Abercrombie & Fitch Co., Class A ...... 704,717 24,178,840 Covenant Logistics Group Inc., Class A(a)(b)...... 136,954 2,819,883 Academy Sports & Outdoors Inc.(a)(b) ...... 272,241 7,347,785 Heartland Express Inc...... 552,745 10,822,747 American Eagle Outfitters Inc...... 1,707,864 49,937,943 Marten Transport Ltd...... 355,342 6,030,154 America's Car-Mart Inc./TX(a)(b) ...... 16,749 2,552,045 PAM Transportation Services Inc.(a)(b) ...... 18,378 1,133,923 Asbury Automotive Group Inc.(a)(b)...... 132,081 25,953,917 U.S. Xpress Enterprises Inc., Class A(a)...... 253,977 2,984,230 At Home Group Inc.(a)(b) ...... 614,000 17,621,800 Universal Logistics Holdings Inc...... 22,500 591,975 Bed Bath & Beyond Inc...... 1,368,726 39,898,363 Werner Enterprises Inc...... 86,447 4,077,705 Boot Barn Holdings Inc.(a)...... 29,611 1,845,061 (b) 48,703,321 Buckle Inc. (The) ...... 334,206 13,127,612 Semiconductors & Semiconductor Equipment — 1.3% Caleres Inc...... 410,525 8,949,445 Alpha & Omega Semiconductor Ltd.(a)(b) ...... 241,992 7,913,138 Cato Corp. (The), Class A...... 231,257 2,775,084 Ambarella Inc.(a)(b)...... 267,708 26,875,206 Chico's FAS Inc...... 1,356,007 4,488,383 (a) Amkor Technology Inc...... 941,675 22,327,114 Children's Place Inc. (The) ...... 48,173 3,357,658 Axcelis Technologies Inc.(a) ...... 29,750 1,222,428 Citi Trends Inc...... 108,500 9,090,130 (a)(b) AXT Inc.(a)(b) ...... 441,937 5,152,985 Conn's Inc...... 190,629 3,707,734 (a)(b) Cohu Inc...... 446,858 18,696,539 Container Store Group Inc. (The) ...... 357,970 5,956,621 Diodes Inc.(a)...... 398,297 31,800,033 Designer Brands Inc. , Class A ...... 698,387 12,151,934 (a)(b) DSP Group Inc.(a) ...... 4,892 69,711 Envela Corp...... 24,285 121,911 (a)(b) GSI Technology Inc.(a)(b) ...... 150,799 1,008,845 Express Inc...... 719,824 2,893,692 (a)(b) Maxeon Solar Technologies Ltd.(a)(b)...... 40,067 1,264,515 GameStop Corp., Class A ...... 642,726 122,002,249 (a)(b) MaxLinear Inc.(a)(b) ...... 311,860 10,628,189 Genesco Inc...... 166,670 7,916,825 NeoPhotonics Corp.(a)(b) ...... 171,908 2,054,301 Group 1 Automotive Inc...... 197,122 31,103,880 NVE Corp...... 3,429 240,373 Guess? Inc...... 453,888 10,666,368 Onto Innovation Inc.(a) ...... 405,457 26,642,579 Haverty Furniture Companies Inc...... 187,073 6,957,245 (a)(b) PDF Solutions Inc.(a)...... 27,081 481,500 Hibbett Sports Inc...... 187,189 12,895,450 (b) Photronics Inc.(a)(b) ...... 671,661 8,637,560 Lithia Motors Inc., Class A ...... 149,928 58,485,414 (a) Pixelworks Inc.(a)(b) ...... 64,418 213,224 Lumber Liquidators Holdings Inc...... 281,457 7,070,200 (a)(b) Rambus Inc.(a)(b) ...... 1,281,385 24,910,124 MarineMax Inc...... 237,702 11,732,971 (a) SMART Global Holdings Inc.(a)(b) ...... 8,675 399,224 Michaels Companies Inc. (The) ...... 833,482 18,286,595 SunPower Corp.(a)(b)...... 266,189 8,904,022 Monro Inc...... 186,419 12,266,370 (a)(b) Synaptics Inc.(a) ...... 22,353 3,027,043 National Vision Holdings Inc...... 154,517 6,772,480 Veeco Instruments Inc.(a)(b) ...... 547,654 11,358,344 ODP Corp. (The) ...... 600,968 26,015,905 Rent-A-Center Inc./TX ...... 67,256 3,877,981 213,826,997 Sally Beauty Holdings Inc.(a)(b) ...... 1,259,755 25,358,868 Software — 1.0% Shoe Carnival Inc...... 104,829 6,486,819 Asure Software Inc.(a)...... 165,215 1,262,243 Signet Jewelers Ltd.(a) ...... 587,154 34,043,189 BM Technologies Inc...... 40,132 431,304 Sleep Number Corp.(a)(b)...... 188,163 26,999,509 Cerence Inc.(a)(b) ...... 427,879 38,329,401 Sonic Automotive Inc., Class A ...... 266,282 13,199,599 Cloudera Inc.(a)(b)...... 1,191,831 14,504,583 Tilly's Inc., Class A(a)...... 256,114 2,899,210 Cognyte Software Ltd.(a)(b) ...... 407,380 11,329,238 Urban Outfitters Inc.(a)(b) ...... 774,358 28,798,374 Digimarc Corp.(a)(b) ...... 14,020 415,833 Winmark Corp...... 21,716 4,048,514 Ebix Inc...... 136,448 4,370,430 Zumiez Inc.(a) ...... 237,551 10,190,938 eGain Corp.(a)(b) ...... 153,514 1,456,848 GTY Technology Holdings Inc.(a)(b) ...... 526,474 3,364,169 732,623,824 InterDigital Inc...... 240,665 15,270,194 Technology Hardware, Storage & Peripherals — 0.4% (a)(b) MicroStrategy Inc., Class A(a) ...... 30,696 20,836,445 3D Systems Corp...... 1,361,442 37,357,968 (a)(b) ON24 Inc.(a)(b) ...... 28,635 1,389,084 Corsair Gaming Inc...... 113,901 3,791,764 (a)(b) Park City Group Inc.(a)(b) ...... 116,640 712,670 Diebold Nixdorf Inc...... 472,552 6,677,160 (a)(b) Seachange International Inc.(a)(b) ...... 195,628 303,223 Eastman Kodak Co...... 196,249 1,544,479 (a) SecureWorks Corp., Class A(a)(b) ...... 101,726 1,361,094 Immersion Corp...... 59,796 572,846 (a)(b) Sumo Logic Inc.(a) ...... 38,204 720,527 Intevac Inc...... 186,818 1,335,749 (a) Synchronoss Technologies Inc.(a)(b)...... 449,835 1,605,911 Quantum Corp...... 375,424 3,127,282 (a) Telos Corp.(a)...... 29,874 1,132,822 Super Micro Computer Inc...... 353,145 13,793,844 Verint Systems Inc.(a)(b) ...... 406,831 18,506,742 68,201,092

S CHEDULE OF I NVESTMENTS 113 Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Textiles, Apparel & Luxury Goods — 0.9% Thrifts & Mortgage Finance (continued) Fossil Group Inc.(a)(b) ...... 531,684 $ 6,592,882 Washington Federal Inc...... 868,598 $ 26,752,818 G-III Apparel Group Ltd.(a)(b) ...... 494,543 14,905,526 Waterstone Financial Inc...... 262,067 5,351,408 Kontoor Brands Inc...... 576,462 27,975,701 Western New England Bancorp. Inc...... 293,740 2,476,228 Lakeland Industries Inc.(a)...... 88,259 2,458,896 WSFS Financial Corp...... 542,419 27,007,042 Movado Group Inc...... 177,683 5,055,081 526,868,708 Oxford Industries Inc...... 185,070 16,178,819 Tobacco — 0.2% Rocky Brands Inc...... 74,849 4,046,337 Universal Corp./VA ...... 274,587 16,197,887 Steven Madden Ltd...... 524,958 19,559,935 Vector Group Ltd...... 1,386,156 19,336,876 Superior Group of Companies Inc...... 98,097 2,493,626 35,534,763 Unifi Inc.(a) ...... 151,656 4,179,639 Trading Companies & Distributors — 2.2% Vera Bradley Inc.(a)(b) ...... 221,196 2,234,080 Alta Equipment Group Inc.(a)(b) ...... 184,357 2,396,641 Wolverine World Wide Inc...... 911,316 34,921,629 Applied Industrial Technologies Inc...... 265,749 24,228,336 140,602,151 Beacon Roofing Supply Inc.(a)...... 616,825 32,272,284 Thrifts & Mortgage Finance — 3.2% Boise Cascade Co...... 366,527 21,929,310 (a) Axos Financial Inc...... 565,239 26,571,885 CAI International Inc...... 153,060 6,967,291 (a)(b) Bogota Financial Corp...... 86,884 891,430 DXP Enterprises Inc./TX(a) ...... 182,465 5,504,969 (a) Bridgewater Bancshares Inc...... 286,616 4,628,848 GATX Corp...... 391,282 36,287,493 Capitol Federal Financial Inc...... 1,307,647 17,319,785 General Finance Corp.(a)...... 124,388 1,511,314 (a)(b) Columbia Financial Inc...... 414,046 7,237,524 GMS Inc.(a)...... 466,150 19,461,763 ESSA Bancorp. Inc...... 123,593 1,977,488 H&E Equipment Services Inc...... 354,577 13,473,926 Essent Group Ltd...... 1,251,538 59,435,540 Herc Holdings Inc.(a) ...... 259,200 26,264,736 Federal Agricultural Mortgage Corp., Class C, NVS . . . 80,130 8,070,694 Lawson Products Inc./DE(a) ...... 18,204 944,059 Flagstar Bancorp. Inc...... 535,247 24,139,640 McGrath RentCorp...... 116,833 9,422,582 FS Bancorp. Inc...... 44,567 2,994,902 MRC Global Inc.(a)(b)...... 884,678 7,988,642 Greene County Bancorp. Inc...... 37,507 938,050 NOW Inc.(a) ...... 1,241,305 12,524,768 Hingham Institution For Savings (The) ...... 17,368 4,928,344 Rush Enterprises Inc., Class A ...... 463,588 23,100,590 Home Bancorp. Inc...... 103,596 3,734,636 Rush Enterprises Inc., Class B ...... 80,467 3,628,257 (a) Home Point Capital Inc...... 68,684 638,761 Systemax Inc...... 50,746 2,086,676 HomeStreet Inc...... 187,199 8,249,860 Textainer Group Holdings Ltd.(a)(b)...... 553,730 15,864,365 Kearny Financial Corp./MD ...... 666,641 8,053,023 Titan Machinery Inc.(a) ...... 218,296 5,566,548 Luther Burbank Corp...... 248,695 2,942,062 Triton International Ltd...... 676,661 37,209,588 Merchants Bancorp./IN ...... 112,964 4,737,710 Veritiv Corp.(a)...... 161,354 6,863,999 Meridian Bancorp. Inc...... 557,613 10,271,232 WESCO International Inc.(a)(b)...... 551,614 47,731,159 Meta Financial Group Inc...... 317,661 14,393,220 Willis Lease Finance Corp.(a)(b)...... 32,536 1,414,015 MMA Capital Holdings Inc.(a)(b) ...... 54,732 1,248,437 364,643,311 Mr Cooper Group Inc.(a)(b)...... 855,497 29,737,076 Water Utilities — 0.1% NMI Holdings Inc., Class A(a) ...... 879,161 20,783,366 Artesian Resources Corp., Class A, NVS ...... 79,181 3,118,148 Northfield Bancorp. Inc...... 526,595 8,383,392 Cadiz Inc.(a)(b) ...... 54,161 519,404 Northwest Bancshares Inc...... 1,087,251 15,710,777 California Water Service Group ...... 45,843 2,582,795 Oconee Federal Financial Corp...... 17,717 462,059 Consolidated Water Co. Ltd...... 149,881 2,015,899 OP Bancorp...... 168,514 1,772,767 Global Water Resources Inc...... 304 4,958 PCSB Financial Corp...... 195,104 3,240,677 SJW Group ...... 132,804 8,365,324 PennyMac Financial Services Inc...... 415,323 27,772,649 Pioneer Bancorp. Inc./NY(a)(b) ...... 152,707 1,779,037 16,606,528 Ponce de Leon Federal Bank(a)(b) ...... 82,086 911,975 Wireless Telecommunication Services — 0.0% (a)(b) Premier Financial Corp...... 437,996 14,567,747 Gogo Inc...... 41,880 404,561 Provident Bancorp. Inc...... 222,002 3,196,829 Spok Holdings Inc...... 218,521 2,292,285 Provident Financial Holdings Inc...... 97,982 1,655,896 2,696,846 Provident Financial Services Inc...... 759,696 16,926,027 Prudential Bancorp. Inc...... 94,370 1,392,901 Total Common Stocks — 99.9% Radian Group Inc...... 2,176,245 50,597,696 (Cost: $13,135,493,114) ...... 16,298,182,203 Riverview Bancorp. Inc...... 283,681 1,965,909 Security National Financial Corp., Class A(a) ...... 130,427 1,219,492 Warrants Southern Missouri Bancorp. Inc...... 102,081 4,024,033 Oil, Gas & Consumable Fuels — 0.0% Standard AVB Financial Corp...... 39,284 1,282,623 Whiting Petroleum Corp., (Expires 09/01/24)(a) ...... 42,563 137,479 Sterling Bancorp Inc./MI ...... 212,986 1,205,501 Territorial Bancorp. Inc...... 110,918 2,934,890 Timberland Bancorp. Inc./WA ...... 107,837 2,998,947 TrustCo Bank Corp. NY...... 929,542 6,850,725 Walker & Dunlop Inc...... 296,916 30,505,150

114 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021 (Percentages shown are based on Net Assets)

Security Shares Value Security Shares Value

Oil, Gas & Consumable Fuels (continued) Common Stocks — (0.0%) Whiting Petroleum Corp., (Expires 09/01/25)(a) ...... 21,281 $ 64,481 PDL BioPharma Inc.(a)(d) ...... (1,188) $ (2,935) 201,960 Total Investments Sold Short Total Warrants — 0.0% (Proceeds $(2,907)) ...... (2,935) (Cost: $5,241,813)...... 201,960 Total Investments, Net of Investments Sold Short — 105.5% (Cost: $14,057,543,044) ...... 17,215,509,994 Short-Term Investments Other Assets, Less Liabilities — (5.5)%...... (896,194,483) Money Market Funds — 5.6% BlackRock Cash Funds: Institutional, SL Agency Net Assets — 100.0%...... $ 16,319,315,511 Shares, 0.11%(f)(g)(h) ...... 911,371,942 911,918,766 (a) Non-income producing security. BlackRock Cash Funds: Treasury, SL Agency Shares, (b) All or a portion of this security is on loan. (f)(g) 0.00% ...... 5,210,000 5,210,000 (c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 917,128,766 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. Total Short-Term Investments — 5.6% (d) Security is valued using significant unobservable inputs and is classified as Level 3 in the (Cost: $916,811,024) ...... 917,128,766 fair value hierarchy. (e) Rounds to less than $1. Total Investments Before Investments Sold Short — 105.5% (f) Affiliate of the Fund. (Cost: $14,057,545,951) ...... 17,215,512,929 (g) Annualized 7-day yield as of period-end. (h) All or a portion of this security was purchased with cash collateral received from loaned securities. Investments In Securities Sold Short

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 03/31/20 at Cost from Sales Gain (Loss) (Depreciation) 03/31/21 03/31/21 Income Funds BlackRock Cash Funds: Institu- tional, SL Agency Shares...... $490,106,990 $421,390,072(a) $ — $ 65,726 $ 355,978 $911,918,766 911,371,942 $ 9,464,466(b) $ — BlackRock Cash Funds: Treasury, (a) SL Agency Shares ...... 26,790,000 — (21,580,000) — — 5,210,000 5,210,000 21,059 — PennyMac Financial Ser- vices Inc.(c) ...... 2,060,453 22,144,643 (7,810,411) 3,001,849 (80,265) N/A N/A 196,275 — PennyMac Mortgage Investment Trust(c) ...... 10,531,174 9,322,853 (6,795,198) 416,774 8,266,644 N/A N/A 1,394,822 —

$ 3,484,349 $ 8,542,357 $917,128,766 $11,076,622 $ —

S CHEDULE OF I NVESTMENTS 115 Schedule of Investments (continued) iShares Russell 2000 Value ETF March 31, 2021

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended March 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts ...... $17,913,047 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $ (467,436)

Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long ...... $30,295,597 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund's investments according to the fair value hierarchy as of March 31, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $16,297,693,354 $ 431,304 $ 57,545 $16,298,182,203 Warrants ...... 201,960 — — 201,960 Money Market Funds...... 917,128,766 — — 917,128,766 Liabilities Common Stocks ...... — — (2,935) (2,935) $17,215,024,080 $ 431,304 $ 54,610 $17,215,509,994 Derivative financial instruments(a) Assets Futures Contracts ...... $ 7,197 $ — $ — $ 7,197

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

116 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Statements of Assets and Liabilities March 31, 2021

iShares iShares iShares Russell Top Russell Top 200 Russell Top 200 iShares 200 ETF Growth ETF Value ETF Russell 1000 ETF

ASSETS Investments in securities, at value (including securities on loan)(a): Unaffiliated(b) ...... $860,824,391 $3,524,634,754 $1,140,994,641 $27,028,958,213 Affiliated(c) ...... 5,004,748 15,182,773 12,190,611 361,095,901 Cash...... 9,309 31 562 17,394 Cash pledged: Futures contracts ...... 78,000 267,000 100,000 1,992,000 Receivables: Investments sold...... — 3,430 — 135,969 Securities lending income — Affiliated ...... 472 7,090 408 50,098 Variation margin on futures contracts...... 6,882 23,674 8,818 164,147 Capital shares sold...... — — 7,298 153,157 Dividends...... 483,545 1,147,166 970,226 18,178,595 Total assets ...... 866,407,347 3,541,265,918 1,154,272,564 27,410,745,474

LIABILITIES Collateral on securities loaned, at value...... 379,466 10,783,003 144,852 259,283,382 Payables: Capital shares redeemed...... — — — 202,312 Investment advisory fees ...... 107,695 587,606 190,541 3,408,337 Total liabilities ...... 487,161 11,370,609 335,393 262,894,031

NET ASSETS ...... $865,920,186 $3,529,895,309 $1,153,937,171 $27,147,851,443

NET ASSETS CONSIST OF: Paid-in capital ...... $695,205,219 $2,449,096,642 $ 969,288,047 $20,311,573,667 Accumulated earnings ...... 170,714,967 1,080,798,667 184,649,124 6,836,277,776 NET ASSETS ...... $865,920,186 $3,529,895,309 $1,153,937,171 $27,147,851,443

Shares outstanding ...... 9,150,000 26,250,000 18,150,000 121,350,000 Net asset value...... $ 94.64 $ 134.47 $ 63.58 $ 223.72 Shares authorized ...... Unlimited Unlimited Unlimited Unlimited Par value...... None None None None

(a) Securities loaned, at value ...... $ 373,277 $ 11,095,643 $ 140,826 $ 258,445,164 (b) Investments, at cost — Unaffiliated ...... $679,226,084 $2,366,193,085 $ 915,971,941 $19,462,073,948 (c) Investments, at cost — Affiliated...... $ 3,978,982 $ 15,182,773 $ 9,012,429 $ 332,112,359

See notes to financial statements.

F INANCIAL S TATEMENTS 117 Statements of Assets and Liabilities (continued) March 31, 2021

iShares iShares iShares Russell 1000 Russell 1000 Value iShares Russell 2000 Growth ETF ETF Russell 2000 ETF Growth ETF

ASSETS Investments in securities, at value (including securities on loan)(a): Unaffiliated(b) ...... $63,062,946,762 $50,687,958,667 $ 69,150,713,801 $12,095,902,386 Affiliated(c)...... 1,063,630,919 706,417,821 6,050,949,856 1,635,578,435 Cash ...... — 41,408 744,570 25,172 Cash pledged: Futures contracts ...... 5,291,840 6,635,740 8,146,000 672,000 Receivables: Investments sold ...... 36,529 — 1,142,509 1,845 Securities lending income — Affiliated ...... 167,747 90,597 1,898,591 498,602 Variation margin on futures contracts ...... 426,495 347,791 1,404,853 131,968 Capital shares sold ...... — 825,536 33,999,667 659,958 Dividends ...... 19,195,828 51,599,700 48,706,546 3,052,459 Total assets ...... 64,151,696,120 51,453,917,260 75,297,706,393 13,736,522,825

LIABILITIES Bank overdraft ...... 457 — — — Collateral on securities loaned, at value ...... 985,689,419 337,575,884 5,963,524,468 1,624,287,682 Payables: Investments purchased ...... — — 1,656,651 26,407,152 Capital shares redeemed ...... 266,292 — 17,749,705 1,095,372 Investment advisory fees...... 9,815,818 7,776,698 11,188,216 2,450,832 Total liabilities ...... 995,771,986 345,352,582 5,994,119,040 1,654,241,038

NET ASSETS ...... $63,155,924,134 $51,108,564,678 $ 69,303,587,353 $12,082,281,787

NET ASSETS CONSIST OF: Paid-in capital...... $37,748,468,661 $44,257,862,977 $ 80,529,621,618 $10,632,461,427 Accumulated earnings (loss) ...... 25,407,455,473 6,850,701,701 (11,226,034,265) 1,449,820,360 NET ASSETS ...... $63,155,924,134 $51,108,564,678 $ 69,303,587,353 $12,082,281,787

Shares outstanding...... 259,850,000 337,500,000 314,400,000 40,250,000 Net asset value ...... $ 243.05 $ 151.43 $ 220.43 $ 300.18 Shares authorized...... Unlimited Unlimited Unlimited Unlimited Par value ...... None None None None

(a) Securities loaned, at value ...... $ 987,462,399 $ 333,763,571 $ 5,968,517,807 $ 1,639,682,673 (b) Investments, at cost — Unaffiliated ...... $36,106,995,419 $40,407,623,522 $ 71,535,768,499 $ 9,273,935,864 (c) Investments, at cost — Affiliated...... $ 1,062,849,936 $ 590,469,054 $ 6,047,715,603 $ 1,634,639,821

See notes to financial statements.

118 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Statements of Assets and Liabilities (continued) March 31, 2021

iShares Russell 2000 Value ETF

ASSETS Investments in securities, at value (including securities on loan)(a): Unaffiliated(b)...... $16,298,384,163 Affiliated(c) ...... 917,128,766 Cash ...... 297,857 Cash pledged: Futures contracts...... 1,228,000 Receivables: Investments sold ...... 3,377,719 Securities lending income — Affiliated ...... 269,053 Variation margin on futures contracts ...... 255,822 Dividends ...... 18,455,823 Total assets...... 17,239,397,203

LIABILITIES Investments sold short at value(d) ...... 2,935 Collateral on securities loaned, at value ...... 911,487,062 Payables: Investments purchased ...... 926,368 Capital shares redeemed ...... 4,393,570 Investment advisory fees ...... 3,271,757 Total liabilities...... 920,081,692

NET ASSETS ...... $16,319,315,511

NET ASSETS CONSIST OF: Paid-in capital...... $14,929,056,416 Accumulated earnings...... 1,390,259,095 NET ASSETS ...... $16,319,315,511

Shares outstanding ...... 102,550,000 Net asset value ...... $ 159.14 Shares authorized...... Unlimited Par value ...... None

(a) Securities loaned, at value ...... $ 896,080,562 (b) Investments, at cost — Unaffiliated...... $13,140,734,927 (c) Investments, at cost — Affiliated ...... $ 916,811,024 (d) Proceeds received from investments sold short ...... $ 2,907

See notes to financial statements.

F INANCIAL S TATEMENTS 119 Statements of Operations Year Ended March 31, 2021

iShares iShares iShares Russell Top Russell Top Russell Top 200 200 Value iShares 200 ETF Growth ETF ETF Russell 1000 ETF

INVESTMENT INCOME Dividends — Unaffiliated ...... $ 12,274,675 $ 28,807,298 $ 18,630,748 $ 372,235,831 Dividends — Affiliated...... 71,584 5,500 171,041 1,694,934 Interest — Unaffiliated ...... 36 113 28 2,907 Securities lending income — Affiliated — net...... 18,156 67,173 23,472 2,368,597 Foreign taxes withheld ...... — — — (11,928) Total investment income ...... 12,364,451 28,880,084 18,825,289 376,290,341

EXPENSES Investment advisory fees ...... 1,134,570 5,931,864 1,497,672 35,516,656 Miscellaneous ...... 437 437 437 437 Total expenses ...... 1,135,007 5,932,301 1,498,109 35,517,093 Net investment income ...... 11,229,444 22,947,783 17,327,180 340,773,248

REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments — Unaffiliated ...... (7,128,360) (30,193,426) (29,235,851) (350,149,434) Investments — Affiliated...... (311) (8,762) 17,277 184,418 In-kind redemptions — Unaffiliated...... 75,503,060 285,710,520 13,861,276 1,982,424,757 In-kind redemptions — Affiliated ...... 325,596 — 202,689 5,331,909 Futures contracts...... 641,244 2,104,255 569,345 25,265,186 Net realized gain (loss)...... 69,341,229 257,612,587 (14,585,264) 1,663,056,836 Net change in unrealized appreciation (depreciation) on: Investments — Unaffiliated ...... 221,368,151 934,880,368 288,519,115 8,547,012,461 Investments — Affiliated...... 1,086,635 (7,154) 3,016,949 27,666,073 Futures contracts...... 36,064 167,599 70,027 1,392,540 Net change in unrealized appreciation (depreciation) ...... 222,490,850 935,040,813 291,606,091 8,576,071,074 Net realized and unrealized gain ...... 291,832,079 1,192,653,400 277,020,827 10,239,127,910 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ...... $303,061,523 $1,215,601,183 $294,348,007 $10,579,901,158

See notes to financial statements.

120 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Statements of Operations (continued) Year Ended March 31, 2021

iShares iShares iShares Russell 1000 Russell 1000 Value iShares Russell 2000 Growth ETF ETF Russell 2000 ETF Growth ETF

INVESTMENT INCOME Dividends — Unaffiliated ...... $ 523,279,235 $ 898,862,915 $ 504,145,993 $ 48,338,822 Dividends — Affiliated ...... 107,141 5,790,084 3,914,502 37,681 Securities lending income — Affiliated — net ...... 5,218,982 3,418,207 63,139,142 17,595,474 Foreign taxes withheld...... — (40,986) (934,602) (58,211) Total investment income...... 528,605,358 908,030,220 570,265,035 65,913,766

EXPENSES Investment advisory fees ...... 109,342,698 73,057,751 90,697,637 23,925,121 Miscellaneous...... 437 437 437 437 Total expenses ...... 109,343,135 73,058,188 90,698,074 23,925,558 Net investment income...... 419,262,223 834,972,032 479,566,961 41,988,208

REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments — Unaffiliated...... (364,233,615) (1,481,354,947) (3,240,322,551) (326,805,242) Investments — Affiliated ...... 281,382 1,197,443 (769,100) 131,273 In-kind redemptions — Unaffiliated ...... 8,390,186,791 1,396,160,239 11,316,924,092 1,026,024,330 In-kind redemptions — Affiliated...... — 13,726,521 23,057,599 174,520 Futures contracts...... 45,353,082 50,511,126 55,644,059 4,756,344 Net realized gain (loss) ...... 8,071,587,640 (19,759,618) 8,154,534,099 704,281,225 Net change in unrealized appreciation (depreciation) on: Investments — Unaffiliated...... 17,669,246,598 16,110,834,131 20,690,329,239 5,186,443,550 Investments — Affiliated ...... 940,252 100,030,685 27,263,311 1,067,258 Futures contracts...... 1,896,559 3,901,715 (14,135,822) 77,554 Net change in unrealized appreciation (depreciation)...... 17,672,083,409 16,214,766,531 20,703,456,728 5,187,588,362 Net realized and unrealized gain...... 25,743,671,049 16,195,006,913 28,857,990,827 5,891,869,587 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ...... $26,162,933,272 $17,029,978,945 $29,337,557,788 $5,933,857,795

See notes to financial statements.

F INANCIAL S TATEMENTS 121 Statements of Operations (continued) Year Ended March 31, 2021

iShares Russell 2000 Value ETF

INVESTMENT INCOME Dividends — Unaffiliated ...... $ 167,351,567 Dividends — Affiliated ...... 1,612,156 Securities lending income — Affiliated — net...... 9,464,466 Foreign taxes withheld ...... (343,279) Total investment income ...... 178,084,910

EXPENSES Investment advisory fees...... 23,543,815 Miscellaneous ...... 437 Total expenses ...... 23,544,252 Net investment income ...... 154,540,658

REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments — Unaffiliated ...... (821,979,196) Investments — Affiliated...... (364,062) In-kind redemptions — Unaffiliated...... 769,343,051 In-kind redemptions — Affiliated ...... 3,848,411 Futures contracts ...... 17,913,047 Net realized loss...... (31,238,749) Net change in unrealized appreciation (depreciation) on: Investments — Unaffiliated ...... 6,558,870,298 Investments — Affiliated...... 8,542,357 Futures contracts ...... (467,436) Short sales — Unaffiliated ...... (28) Net change in unrealized appreciation (depreciation) ...... 6,566,945,191 Net realized and unrealized gain ...... 6,535,706,442 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ...... $6,690,247,100

See notes to financial statements.

122 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Statements of Changes in Net Assets

iShares iShares Russell Top 200 ETF Russell Top 200 Growth ETF Year Ended Year Ended Year Ended Year Ended 03/31/21 03/31/20 03/31/21 03/31/20 INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income...... $ 11,229,444 $ 5,157,493 $ 22,947,783 $ 18,168,837 Net realized gain ...... 69,341,229 10,806,141 257,612,587 70,767,290 Net change in unrealized appreciation (depreciation) ...... 222,490,850 (50,981,650) 935,040,813 (60,660,690) Net increase (decrease) in net assets resulting from operations...... 303,061,523 (35,018,016) 1,215,601,183 28,275,437

DISTRIBUTIONS TO SHAREHOLDERS(a) Decrease in net assets resulting from distributions to shareholders...... (11,376,261) (5,858,711) (23,069,276) (18,561,859)

CAPITAL SHARE TRANSACTIONS Net increase in net assets derived from capital share transactions ...... 204,991,457 196,738,386 658,760,357 291,403,519

NET ASSETS Total increase in net assets ...... 496,676,719 155,861,659 1,851,292,264 301,117,097 Beginning of year...... 369,243,467 213,381,808 1,678,603,045 1,377,485,948 End of year ...... $865,920,186 $369,243,467 $3,529,895,309 $1,678,603,045

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

See notes to financial statements.

F INANCIAL S TATEMENTS 123 Statements of Changes in Net Assets (continued)

iShares iShares Russell Top 200 Value ETF Russell 1000 ETF Year Ended Year Ended Year Ended Year Ended 03/31/21 03/31/20 03/31/21 03/31/20 INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income ...... $ 17,327,180 $ 11,927,303 $ 340,773,248 $ 369,169,608 Net realized gain (loss) ...... (14,585,264) 27,016,651 1,663,056,836 1,374,012,783 Net change in unrealized appreciation (depreciation)...... 291,606,091 (97,957,142) 8,576,071,074 (3,252,363,490) Net increase (decrease) in net assets resulting from operations ...... 294,348,007 (59,013,188) 10,579,901,158 (1,509,181,099)

DISTRIBUTIONS TO SHAREHOLDERS(a) Decrease in net assets resulting from distributions to shareholders ...... (17,442,740) (13,337,365) (354,009,239) (396,717,095)

CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from capital share transactions...... 487,305,987 36,245,331 (1,002,936,822) 517,889,894

NET ASSETS Total increase (decrease) in net assets...... 764,211,254 (36,105,222) 9,222,955,097 (1,388,008,300) Beginning of year ...... 389,725,917 425,831,139 17,924,896,346 19,312,904,646 End of year...... $1,153,937,171 $389,725,917 $27,147,851,443 $17,924,896,346

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

See notes to financial statements.

124 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Statements of Changes in Net Assets (continued)

iShares iShares Russell 1000 Growth ETF Russell 1000 Value ETF Year Ended Year Ended Year Ended Year Ended 03/31/21 03/31/20 03/31/21 03/31/20 INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income...... $ 419,262,223 $ 484,501,138 $ 834,972,032 $ 962,915,758 Net realized gain (loss) ...... 8,071,587,640 3,157,628,079 (19,759,618) 1,769,321,662 Net change in unrealized appreciation (depreciation) ...... 17,672,083,409 (3,188,718,582) 16,214,766,531 (8,892,951,278) Net increase (decrease) in net assets resulting from operations...... 26,162,933,272 453,410,635 17,029,978,945 (6,160,713,858)

DISTRIBUTIONS TO SHAREHOLDERS(a) Decrease in net assets resulting from distributions to shareholders ...... (411,316,899) (489,416,037) (827,083,590) (1,068,613,061)

CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from capital share transactions ...... (5,430,037,516) 141,020,775 3,729,878,540 527,568,153

NET ASSETS Total increase (decrease) in net assets ...... 20,321,578,857 105,015,373 19,932,773,895 (6,701,758,766) Beginning of year ...... 42,834,345,277 42,729,329,904 31,175,790,783 37,877,549,549 End of year ...... $63,155,924,134 $42,834,345,277 $51,108,564,678 $31,175,790,783

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

See notes to financial statements.

F INANCIAL S TATEMENTS 125 Statements of Changes in Net Assets (continued)

iShares iShares Russell 2000 ETF Russell 2000 Growth ETF Year Ended Year Ended Year Ended Year Ended 03/31/21 03/31/20 03/31/21 03/31/20 INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income...... $ 479,566,961 $ 508,924,027 $ 41,988,208 $ 60,145,900 Net realized gain...... 8,154,534,099 2,826,521,941 704,281,225 266,389,795 Net change in unrealized appreciation (depreciation) ...... 20,703,456,728 (13,065,609,539) 5,187,588,362 (1,943,387,249) Net increase (decrease) in net assets resulting from operations...... 29,337,557,788 (9,730,163,571) 5,933,857,795 (1,616,851,554)

DISTRIBUTIONS TO SHAREHOLDERS(a) Decrease in net assets resulting from distributions to shareholders...... (551,110,344) (601,223,892) (48,359,274) (69,128,809)

CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from capital share transactions ...... 7,914,467,041 (240,663,123) (740,112,140) (548,690,029)

NET ASSETS Total increase (decrease) in net assets ...... 36,700,914,485 (10,572,050,586) 5,145,386,381 (2,234,670,392) Beginning of year...... 32,602,672,868 43,174,723,454 6,936,895,406 9,171,565,798 End of year ...... $69,303,587,353 $ 32,602,672,868 $12,082,281,787 $ 6,936,895,406

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

See notes to financial statements.

126 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Statements of Changes in Net Assets (continued)

iShares Russell 2000 Value ETF Year Ended Year Ended 03/31/21 03/31/20 INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income ...... $ 154,540,658 $ 156,751,908 Net realized gain (loss) ...... (31,238,749) 79,941,039 Net change in unrealized appreciation (depreciation)...... 6,566,945,191 (2,798,837,303) Net increase (decrease) in net assets resulting from operations ...... 6,690,247,100 (2,562,144,356)

DISTRIBUTIONS TO SHAREHOLDERS(a) Decrease in net assets resulting from distributions to shareholders ...... (177,203,668) (183,585,915)

CAPITAL SHARE TRANSACTIONS Net increase in net assets derived from capital share transactions...... 3,198,739,480 245,323,995

NET ASSETS Total increase (decrease) in net assets ...... 9,711,782,912 (2,500,406,276) Beginning of year ...... 6,607,532,599 9,107,938,875 End of year...... $16,319,315,511 $ 6,607,532,599

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

See notes to financial statements.

F INANCIAL S TATEMENTS 127 Financial Highlights (For a share outstanding throughout each period)

iShares Russell Top 200 ETF Year Ended Year Ended Year Ended Year Ended Year Ended 03/31/21 03/31/20 03/31/19 03/31/18 03/31/17

Net asset value, beginning of year ...... $ 61.54 $ 65.66 $ 60.63 $ 53.88 $ 46.83 Net investment income(a) ...... 1.23 1.28 1.21 1.08 1.00 Net realized and unrealized gain (loss)(b) ...... 33.09 (3.94) 4.97 6.71 7.06 Net increase (decrease) from investment operations ...... 34.32 (2.66) 6.18 7.79 8.06

Distributions(c) From net investment income ...... (1.22) (1.46) (1.15) (1.04) (1.01) Total distributions ...... (1.22) (1.46) (1.15) (1.04) (1.01)

Net asset value, end of year...... $ 94.64 $ 61.54 $ 65.66 $ 60.63 $ 53.88

Total Return Based on net asset value...... 56.06% (4.24)% 10.27% 14.55% 17.38%

Ratios to Average Net Assets Total expenses...... 0.15% 0.15% 0.15% 0.15% 0.15% Net investment income ...... 1.48% 1.82% 1.91% 1.84% 2.01%

Supplemental Data Net assets, end of year (000) ...... $865,920 $369,243 $213,382 $136,411 $102,364 Portfolio turnover rate(d) ...... 5% 5% 5% 5% 7%

(a) Based on average shares outstanding. (b) 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. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

128 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Financial Highlights (continued) (For a share outstanding throughout each period)

iShares Russell Top 200 Growth ETF Year Ended Year Ended Year Ended Year Ended Year Ended 03/31/21 03/31/20 03/31/19 03/31/18 03/31/17

Net asset value, beginning of year ...... $ 84.14 $ 82.24 $ 73.61 $ 61.44 $ 53.74 Net investment income(a) ...... 0.93 1.04 1.00 0.92 0.86 Net realized and unrealized gain(b) ...... 50.31 1.90 8.60 12.18 7.69 Net increase from investment operations ...... 51.24 2.94 9.60 13.10 8.55

Distributions(c) From net investment income ...... (0.91) (1.04) (0.97) (0.93) (0.85) Total distributions ...... (0.91) (1.04) (0.97) (0.93) (0.85)

Net asset value, end of year...... $ 134.47 $ 84.14 $ 82.24 $ 73.61 $ 61.44

Total Return Based on net asset value...... 61.04% 3.55% 13.11% 21.43% 16.06%

Ratios to Average Net Assets Total expenses...... 0.20% 0.20% 0.20% 0.20% 0.20% Net investment income ...... 0.77% 1.16% 1.27% 1.33% 1.52%

Supplemental Data Net assets, end of year (000) ...... $3,529,895 $1,678,603 $1,377,486 $978,981 $847,921 Portfolio turnover rate(d) ...... 11% 20% 15% 11% 15%

See notes to financial statements.

F INANCIAL H IGHLIGHTS 129 Financial Highlights (continued) (For a share outstanding throughout each period)

iShares Russell Top 200 Value ETF Year Ended Year Ended Year Ended Year Ended Year Ended 03/31/21 03/31/20 03/31/19 03/31/18 03/31/17

Net asset value, beginning of year ...... $ 44.04 $ 52.57 $ 50.39 $ 48.20 $ 41.57 Net investment income(a) ...... 1.26 1.40 1.31 1.17 1.10 Net realized and unrealized gain (loss)(b) ...... 19.49 (8.38) 2.13 2.15 6.59 Net increase (decrease) from investment operations ...... 20.75 (6.98) 3.44 3.32 7.69

Distributions(c) From net investment income ...... (1.21) (1.55) (1.26) (1.13) (1.06) Total distributions ...... (1.21) (1.55) (1.26) (1.13) (1.06)

Net asset value, end of year...... $ 63.58 $ 44.04 $ 52.57 $ 50.39 $ 48.20

Total Return Based on net asset value...... 47.63% (13.72)% 6.92% 6.93% 18.68%

Ratios to Average Net Assets Total expenses...... 0.20% 0.20% 0.20% 0.20% 0.20% Net investment income ...... 2.31% 2.56% 2.54% 2.33% 2.44%

Supplemental Data Net assets, end of year (000) ...... $1,153,937 $389,726 $425,831 $284,724 $226,520 Portfolio turnover rate(d) ...... 17% 17% 14% 13% 14%

See notes to financial statements.

130 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Financial Highlights (continued) (For a share outstanding throughout each period)

iShares Russell 1000 ETF Year Ended Year Ended Year Ended Year Ended Year Ended 03/31/21 03/31/20 03/31/19 03/31/18 03/31/17

Net asset value, beginning of year ...... $ 141.59 $ 157.27 $ 146.79 $ 131.25 $ 114.08 Net investment income(a) ...... 2.74 2.96 2.74 2.50 2.30 Net realized and unrealized gain (loss)(b) ...... 82.26 (15.46) 10.60 15.54 17.21 Net increase (decrease) from investment operations...... 85.00 (12.50) 13.34 18.04 19.51

Distributions(c) From net investment income ...... (2.87) (3.18) (2.86) (2.50) (2.34) Total distributions ...... (2.87) (3.18) (2.86) (2.50) (2.34)

Net asset value, end of year ...... $ 223.72 $ 141.59 $ 157.27 $ 146.79 $ 131.25

Total Return (d) Based on net asset value...... 60.37% (8.15)% 9.18% 13.83% 17.27%

Ratios to Average Net Assets Total expenses...... 0.15% 0.15% 0.15% 0.15% 0.15% Net investment income ...... 1.44% 1.78% 1.80% 1.77% 1.89%

Supplemental Data Net assets, end of year (000) ...... $27,147,851 $17,924,896 $19,312,905 $19,353,884 $17,502,746 Portfolio turnover rate(e) ...... 5% 5% 6% 4% 4%

(a) Based on average shares outstanding. (b) 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. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Includes payment received from an affiliate, which had no impact on the Fund’s total return. (e) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F INANCIAL H IGHLIGHTS 131 Financial Highlights (continued) (For a share outstanding throughout each period)

iShares Russell 1000 Growth ETF Year Ended Year Ended Year Ended Year Ended Year Ended 03/31/21 03/31/20 03/31/19 03/31/18 03/31/17

Net asset value, beginning of year ...... $ 150.69 $ 151.33 $ 136.02 $ 113.76 $ 99.82 Net investment income(a) ...... 1.54 1.72 1.69 1.55 1.44 Net realized and unrealized gain (loss)(b) ...... 92.34 (0.62) 15.31 22.26 13.97 Net increase from investment operations ...... 93.88 1.10 17.00 23.81 15.41

Distributions(c) From net investment income ...... (1.52) (1.74) (1.69) (1.55) (1.47) Total distributions ...... (1.52) (1.74) (1.69) (1.55) (1.47)

Net asset value, end of year ...... $ 243.05 $ 150.69 $ 151.33 $ 136.02 $ 113.76

Total Return Based on net asset value...... 62.44% 0.68% 12.57% 21.02% 15.56%

Ratios to Average Net Assets Total expenses...... 0.19% 0.19% 0.19% 0.20% 0.20% Net investment income ...... 0.72% 1.05% 1.17% 1.21% 1.38%

Supplemental Data Net assets, end of year (000) ...... $63,155,924 $42,834,345 $42,729,330 $39,975,377 $34,304,520 Portfolio turnover rate(d) ...... 14% 18% 12% 13% 14%

See notes to financial statements.

132 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Financial Highlights (continued) (For a share outstanding throughout each period)

iShares Russell 1000 Value ETF Year Ended Year Ended Year Ended Year Ended Year Ended 03/31/21 03/31/20 03/31/19 03/31/18 03/31/17

Net asset value, beginning of year ...... $ 99.22 $ 123.48 $ 119.95 $ 114.90 $ 98.82 Net investment income(a) ...... 2.69 3.14 2.86 2.67 2.49 Net realized and unrealized gain (loss)(b) ...... 52.15 (23.93) 3.67 5.08 16.08 Net increase (decrease) from investment operations...... 54.84 (20.79) 6.53 7.75 18.57

Distributions(c) From net investment income ...... (2.63) (3.47) (3.00) (2.70) (2.49) Total distributions ...... (2.63) (3.47) (3.00) (2.70) (2.49)

Net asset value, end of year ...... $ 151.43 $ 99.22 $ 123.48 $ 119.95 $ 114.90

Total Return (d) Based on net asset value...... 55.84% (17.30)% 5.53% 6.78% 18.96%

Ratios to Average Net Assets Total expenses...... 0.19% 0.19% 0.19% 0.20% 0.20% Net investment income ...... 2.15% 2.46% 2.36% 2.23% 2.32%

Supplemental Data Net assets, end of year (000) ...... $51,108,565 $31,175,791 $37,877,550 $36,217,697 $36,504,958 Portfolio turnover rate(e) ...... 18% 16% 17% 15% 13%

(a) Based on average shares outstanding. (b) 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. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Includes payment received from an affiliate, which had no impact on the Fund’s total return. (e) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F INANCIAL H IGHLIGHTS 133 Financial Highlights (continued) (For a share outstanding throughout each period)

iShares Russell 2000 ETF Year Ended Year Ended Year Ended Year Ended Year Ended 03/31/21 03/31/20 03/31/19 03/31/18 03/31/17

Net asset value, beginning of year ...... $ 114.62 $ 153.10 $ 151.96 $ 137.69 $ 110.74 Net investment income(a) ...... 1.73 1.83 1.89 1.79 1.78 Net realized and unrealized gain (loss)(b) ...... 106.10 (38.22) 1.18 14.38 27.08 Net increase (decrease) from investment operations...... 107.83 (36.39) 3.07 16.17 28.86

Distributions(c) From net investment income ...... (2.02) (2.09) (1.93) (1.90) (1.91) Total distributions ...... (2.02) (2.09) (1.93) (1.90) (1.91)

Net asset value, end of year ...... $ 220.43 $ 114.62 $ 153.10 $ 151.96 $ 137.69

Total Return Based on net asset value...... 94.67% (24.04)% 2.01% 11.80% 26.25%

Ratios to Average Net Assets Total expenses...... 0.19% 0.19% 0.19% 0.20% 0.20% Net investment income ...... 1.01% 1.19% 1.21% 1.23% 1.42%

Supplemental Data Net assets, end of year (000) ...... $69,303,587 $32,602,673 $43,174,723 $41,918,598 $38,092,960 Portfolio turnover rate(d) ...... 20% 18% 22% 16% 15%

See notes to financial statements.

134 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Financial Highlights (continued) (For a share outstanding throughout each period)

iShares Russell 2000 Growth ETF Year Ended Year Ended Year Ended Year Ended Year Ended 03/31/21 03/31/20 03/31/19 03/31/18 03/31/17

Net asset value, beginning of year...... $ 158.74 $ 196.60 $ 190.63 $ 161.84 $ 132.79 Net investment income(a) ...... 1.02 1.32 1.21 1.23 1.42 Net realized and unrealized gain (loss)(b) ...... 141.60 (37.65) 6.04 28.91 29.18 Net increase (decrease) from investment operations...... 142.62 (36.33) 7.25 30.14 30.60

Distributions(c) From net investment income...... (1.18) (1.53) (1.28) (1.35) (1.55) Total distributions ...... (1.18) (1.53) (1.28) (1.35) (1.55)

Net asset value, end of year ...... $ 300.18 $ 158.74 $ 196.60 $ 190.63 $ 161.84

Total Return Based on net asset value ...... 90.06% (18.61)% 3.81% 18.68% 23.16%

Ratios to Average Net Assets Total expenses ...... 0.24% 0.24% 0.24% 0.24% 0.24% Net investment income...... 0.42% 0.66% 0.61% 0.70% 0.96%

Supplemental Data Net assets, end of year (000)...... $12,082,282 $6,936,895 $9,171,566 $9,207,286 $7,630,839 Portfolio turnover rate(d) ...... 35% 33% 35% 26% 28%

See notes to financial statements.

F INANCIAL H IGHLIGHTS 135 Financial Highlights (continued) (For a share outstanding throughout each period)

iShares Russell 2000 Value ETF Year Ended Year Ended Year Ended Year Ended Year Ended 03/31/21 03/31/20 03/31/19 03/31/18 03/31/17

Net asset value, beginning of year...... $ 82.34 $ 119.84 $ 122.00 $ 118.27 $ 93.28 Net investment income(a) ...... 1.84 2.07 2.18 2.03 1.92 Net realized and unrealized gain (loss)(b) ...... 77.01 (37.17) (2.10) 3.93 25.16 Net increase (decrease) from investment operations...... 78.85 (35.10) 0.08 5.96 27.08

Distributions(c) From net investment income...... (2.05) (2.40) (2.24) (2.23) (2.09) Total distributions ...... (2.05) (2.40) (2.24) (2.23) (2.09)

Net asset value, end of year ...... $ 159.14 $ 82.34 $ 119.84 $ 122.00 $ 118.27

Total Return Based on net asset value ...... 96.79% (29.79)% 0.03% 5.06% 29.25%

Ratios to Average Net Assets Total expenses ...... 0.24% 0.24% 0.24% 0.24% 0.24% Net investment income...... 1.57% 1.74% 1.73% 1.67% 1.79%

Supplemental Data Net assets, end of year (000)...... $16,319,316 $6,607,533 $9,107,939 $8,838,621 $8,787,608 Portfolio turnover rate(d) ...... 28% 25% 26% 23% 24%

See notes to financial statements.

136 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS 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”): Diversification iShares ETF Classification Russell Top 200 ...... Diversified Russell Top 200 Growth ...... Diversified Russell Top 200 Value ...... Diversified Russell 1000 ...... Diversified Russell 1000 Growth ...... Diversified Russell 1000 Value ...... Diversified Russell 2000 ...... Diversified Russell 2000 Growth ...... Diversified Russell 2000 Value ...... Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Foreign 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 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 “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2021, if any, are disclosed in the statement 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 statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts ) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

N O T E S T O F INANCIAL S TATEMENTS 137 Notes to Financial Statements (continued)

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.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 published 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., a market closure, 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: • Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; • Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and • Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global 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 Global 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.

Short Positions: From time to time, in order to track the performance of its benchmark index, a fund may sell non-index securities that will be received through corporate actions occurring on the opening of market trading on the following business day. A fund may also experience temporary short positions due to the timing of portfolio securities trades and in-kind redemption transactions. Such short positions are valued consistent with how securities are valued as described under Investment Valuation

138 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Notes to Financial Statements (continued) and Fair Value Measurements. The obligation to deliver the securities is recorded as a liability in the statement of assets and liabilities and is equal to the current fair value of the securities to be delivered. Any market fluctuations between the value of the obligation to sell these securities and the current fair value are reflected as unrealized appreciation (depreciation) in the statement of operations. Upon receipt of the securities related to the corporate actions or purchase of the securities related to the short position, a realized gain (loss) is recorded. Dividends or interest on securities sold short, if any, are reflected as an expense in the statement of operations. Details of the short positions, if any, are included in the schedule of 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 BlackRock Fund Advisors (“BFA”), the Funds' investment adviser, or its affiliates is disclosed in the schedules 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 as of March 31, 2021: Market Value of Cash Collateral Non-Cash Collateral iShares ETF and Counterparty Securities on Loan Received(a) Received Net Amount Russell Top 200 Barclays Bank PLC...... $ 129,398 $ 129,398 $ — $ — BNP Paribas Prime Brokerage International Ltd...... 243,879 243,879 — — $ 373,277 $ 373,277 $ — $ —

Russell Top 200 Growth Barclays Bank PLC...... $ 572,011 $ 572,011 $ — $ — BNP Paribas Prime Brokerage International Ltd...... 207,471 207,471 — — BofA Securities, Inc...... 2,001,136 2,001,136 — — Goldman Sachs & Co...... 8,315,025 7,938,670 — (376,355)(b) $ 11,095,643 $ 10,719,288 $ — $ (376,355) Russell Top 200 Value Barclays Bank PLC...... $ 140,826 $ 140,826 $ — $ —

N O T E S T O F INANCIAL S TATEMENTS 139 Notes to Financial Statements (continued)

Market Value of Cash Collateral Non-Cash Collateral iShares ETF and Counterparty Securities on Loan Received(a) Received Net Amount Russell 1000 Barclays Bank PLC...... $ 9,649,749 $ 9,649,749 $ — $ — Barclays Capital Inc...... 10,408,465 10,408,465 — — BMO Capital Markets...... 477,184 466,017 — (11,167)(b) BNP Paribas Prime Brokerage International Ltd...... 22,177,342 21,975,257 — (202,085)(b) BNP Paribas Securities Corp...... 9,953,327 9,953,327 — — BofA Securities, Inc...... 8,084,398 8,084,398 — — Citadel Clearing LLC ...... 1,533,012 1,506,092 — (26,920)(b) Citigroup Global Markets Inc...... 14,570,030 14,570,030 — — Credit Suisse Securities (USA) LLC ...... 22,098,892 21,738,333 — (360,559)(b) Deutsche Bank Securities Inc...... 216,556 216,556 — — Goldman Sachs & Co...... 32,264,926 32,264,926 — — HSBC Bank PLC ...... 114,960 114,960 — — Jefferies LLC...... 2,362,652 2,357,214 — (5,438)(b) JPMorgan Securities LLC...... 42,159,046 42,159,046 — — Morgan Stanley & Co. LLC ...... 26,069,791 26,069,791 — — National Financial Services LLC ...... 3,008,631 3,008,631 — — Nomura Securities International Inc...... 80,407 80,407 — — Scotia Capital (USA) Inc...... 795,247 789,954 — (5,293)(b) SG Americas Securities LLC...... 6,734,554 6,734,554 — — State Street Bank & Trust Company...... 20,533,169 20,533,169 — — TD Prime Services LLC...... 5,979,077 5,979,077 — — UBS AG ...... 8,874,955 8,773,505 — (101,450)(b) UBS Securities LLC ...... 4,088,729 4,088,729 — — Virtu Americas LLC...... 2,858,594 2,855,682 — (2,912)(b) Wells Fargo Bank, National Association ...... 8,633 8,633 — — Wells Fargo Securities LLC ...... 3,342,838 3,342,838 — — $ 258,445,164 $ 257,729,340 $ — $ (715,824)

Russell 1000 Growth Barclays Bank PLC...... $ 48,001,283 $ 48,001,283 $ — $ — Barclays Capital Inc...... 8,504,501 8,504,501 — — BMO Capital Markets...... 1,104,726 1,104,726 — — BNP Paribas Prime Brokerage International Ltd...... 36,921,186 36,454,681 — (466,505)(b) BNP Paribas Securities Corp...... 39,057,727 39,057,727 — — BofA Securities, Inc...... 8,654,907 8,654,907 — — Citadel Clearing LLC ...... 144,782 142,203 — (2,579)(b) Citigroup Global Markets Inc...... 32,786,892 32,786,892 — — Credit Suisse Securities (USA) LLC ...... 24,190,707 24,190,707 — — Deutsche Bank Securities Inc...... 530,276 503,090 — (27,186)(b) Goldman Sachs & Co...... 254,089,229 249,384,599 — (4,704,630)(b) HSBC Bank PLC ...... 3,839,506 3,779,162 — (60,344)(b) ING Financial Markets LLC ...... 449,760 438,210 — (11,550)(b) Jefferies LLC...... 5,348,932 5,300,874 — (48,058)(b) JPMorgan Securities LLC...... 304,244,353 304,244,353 — — Morgan Stanley & Co. LLC ...... 23,684,505 23,684,505 — — National Financial Services LLC ...... 4,464,660 4,434,501 — (30,159)(b) Pershing LLC ...... 1,807 1,760 — (47)(b) RBC Capital Markets LLC ...... 563,483 550,964 — (12,519)(b) Scotia Capital (USA) Inc...... 432,076 429,682 — (2,394)(b) SG Americas Securities LLC...... 20,698,385 20,698,385 — — State Street Bank & Trust Company...... 5,267,141 5,267,141 — — TD Prime Services LLC...... 1,716,015 1,716,015 — — UBS AG ...... 107,993,818 106,170,085 — (1,823,733)(b) UBS Securities LLC ...... 29,660,209 28,838,293 — (821,916)(b) Virtu Americas LLC...... 5,330,849 5,302,416 — (28,433)(b) Wells Fargo Bank, National Association ...... 10,945,593 10,945,593 — — Wells Fargo Securities LLC ...... 8,835,091 8,627,012 — (208,079)(b) $ 987,462,399 $ 979,214,267 $ — $ (8,248,132)

140 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Notes to Financial Statements (continued)

Market Value of Cash Collateral Non-Cash Collateral iShares ETF and Counterparty Securities on Loan Received(a) Received Net Amount Russell 1000 Value Barclays Bank PLC...... $ 18,177,199 $ 18,177,199 $ — $ — Barclays Capital Inc...... 13,121,223 13,121,223 — — BNP Paribas Prime Brokerage International Ltd...... 17,491,995 17,491,995 — — BNP Paribas Securities Corp...... 8,715,004 8,715,004 — — BofA Securities, Inc...... 8,950,722 8,950,722 — — Citadel Clearing LLC ...... 394,982 388,198 — (6,784)(b) Citigroup Global Markets Inc...... 30,463,930 30,463,930 — — Credit Suisse Securities (USA) LLC ...... 11,604,036 11,604,036 — — Deutsche Bank Securities Inc...... 461,087 454,768 — (6,319)(b) Goldman Sachs & Co...... 91,702,377 91,702,377 — — HSBC Bank PLC ...... 641,375 641,375 — — Jefferies LLC...... 2,410,765 2,410,765 — — JPMorgan Securities LLC...... 38,070,136 38,070,136 — — Morgan Stanley & Co. LLC ...... 35,478,854 35,478,854 — — National Financial Services LLC ...... 2,447,696 2,447,696 — — Nomura Securities International Inc...... 4,767 4,767 — — RBC Capital Markets LLC ...... 19,570 19,570 — — Scotia Capital (USA) Inc...... 4,660,503 4,372,565 — (287,938)(b) SG Americas Securities LLC...... 18,224,988 18,224,988 — — State Street Bank & Trust Company...... 2,158,329 2,158,329 — — UBS AG ...... 9,879,541 9,879,541 — — UBS Securities LLC ...... 15,995,882 15,995,882 — — Wells Fargo Bank, National Association ...... 527,265 527,265 — — Wells Fargo Securities LLC ...... 2,161,345 2,155,127 — (6,218)(b) $ 333,763,571 $ 333,456,312 $ — $ (307,259)

Russell 2000 Barclays Bank PLC...... $ 338,654,867 $ 335,837,732 $ — $ (2,817,135)(b) Barclays Capital Inc...... 107,550,975 106,762,357 — (788,618)(b) BMO Capital Markets...... 1,771,119 1,771,119 — — BNP Paribas Prime Brokerage International Ltd...... 557,471,708 555,931,930 — (1,539,778)(b) BNP Paribas Securities Corp...... 150,957,613 150,720,995 — (236,618)(b) BofA Securities, Inc...... 335,275,452 335,275,452 — — Citadel Clearing LLC ...... 655,113 655,113 — — Citigroup Global Markets Inc...... 417,526,857 414,737,113 — (2,789,744)(b) Credit Suisse Securities (USA) LLC ...... 176,036,092 174,771,039 — (1,265,053)(b) Deutsche Bank Securities Inc...... 51,337,014 51,337,014 — — Goldman Sachs & Co...... 930,686,227 930,686,227 — — HSBC Bank PLC ...... 36,370,795 36,370,795 — — Jefferies LLC...... 16,322,420 16,322,420 — — JPMorgan Securities LLC...... 1,075,276,884 1,075,276,884 — — Morgan Stanley & Co. LLC ...... 808,330,847 803,383,966 — (4,946,881)(b) National Financial Services LLC ...... 201,475,746 201,475,746 — — Natixis Securities Americas LLC ...... 8,389,785 8,389,785 — — Nomura Securities International Inc...... 43,689,846 43,689,846 — — Pershing LLC ...... 19,112,846 19,112,846 — — RBC Capital Markets LLC ...... 2,707,738 2,707,738 — — Scotia Capital (USA) Inc...... 8,015,910 7,707,260 — (308,650)(b) SG Americas Securities LLC...... 17,925,324 17,925,324 — — State Street Bank & Trust Company...... 246,795,309 246,795,309 — — TD Prime Services LLC...... 33,464,984 33,342,751 — (122,233)(b) UBS AG ...... 221,918,882 219,383,220 — (2,535,662)(b) UBS Securities LLC ...... 78,959,788 78,959,788 — — Virtu Americas LLC...... 4,259,334 4,259,334 — — Wells Fargo Bank, National Association ...... 1,725,299 1,719,415 — (5,884)(b) Wells Fargo Securities LLC ...... 75,853,033 75,853,033 — — $ 5,968,517,807 $ 5,951,161,551 $ — $ (17,356,256)

N O T E S T O F INANCIAL S TATEMENTS 141 Notes to Financial Statements (continued)

Market Value of Cash Collateral Non-Cash Collateral iShares ETF and Counterparty Securities on Loan Received(a) Received Net Amount Russell 2000 Growth Barclays Bank PLC...... $ 70,114,961 $ 68,666,431 $ — $ (1,448,530)(b) Barclays Capital Inc...... 12,733,604 12,684,118 — (49,486)(b) BMO Capital Markets...... 5,042,574 5,042,574 — — BNP Paribas Prime Brokerage International Ltd...... 148,178,338 147,626,401 — (551,937)(b) BNP Paribas Securities Corp...... 15,130,790 15,068,744 — (62,046)(b) BofA Securities, Inc...... 104,959,921 103,338,053 — (1,621,868)(b) Citadel Clearing LLC ...... 2,561,519 2,561,519 — — Citigroup Global Markets Inc...... 100,004,692 98,646,854 — (1,357,838)(b) Credit Suisse Securities (USA) LLC ...... 37,769,010 37,190,162 — (578,848)(b) Deutsche Bank Securities Inc...... 12,198,573 12,198,573 — — Goldman Sachs & Co...... 315,568,477 311,034,623 — (4,533,854)(b) HSBC Bank PLC ...... 40,206,658 40,206,658 — — Jefferies LLC...... 1,354,002 1,354,002 — — JPMorgan Securities LLC...... 287,344,077 285,566,219 — (1,777,858)(b) Morgan Stanley & Co. LLC ...... 259,342,719 256,717,433 — (2,625,286)(b) National Financial Services LLC ...... 74,125,152 73,833,746 — (291,406)(b) Natixis Securities Americas LLC ...... 5,165,150 5,165,150 — — Nomura Securities International Inc...... 1,247,240 1,247,240 — — Pershing LLC ...... 354,870 354,870 — — RBC Capital Markets LLC ...... 1,143,332 1,143,332 — — Scotia Capital (USA) Inc...... 1,941,681 1,915,828 — (25,853)(b) SG Americas Securities LLC...... 2,282,013 2,282,013 — — State Street Bank & Trust Company...... 53,307,314 52,729,748 — (577,566)(b) TD Prime Services LLC...... 7,695,527 7,579,246 — (116,281)(b) UBS AG ...... 32,858,574 32,725,119 — (133,455)(b) UBS Securities LLC ...... 21,296,308 21,030,390 — (265,918)(b) Virtu Americas LLC...... 1,975,694 1,975,694 — — Wells Fargo Bank, National Association ...... 9,442,589 9,234,709 — (207,880)(b) Wells Fargo Securities LLC ...... 14,337,314 14,337,314 — — $ 1,639,682,673 $ 1,623,456,763 $ — $ (16,225,910)

Russell 2000 Value Barclays Bank PLC...... $ 34,325,228 $ 34,325,228 $ — $ — Barclays Capital Inc...... 13,292,159 13,292,159 — — BMO Capital Markets...... 764,799 760,938 — (3,861)(b) BNP Paribas Prime Brokerage International Ltd...... 89,839,788 89,839,788 — — BNP Paribas Securities Corp...... 492,492 492,492 — — BofA Securities, Inc...... 59,134,435 59,134,435 — — Citigroup Global Markets Inc...... 38,708,369 38,583,318 — (125,051)(b) Credit Suisse Securities (USA) LLC ...... 17,795,199 17,795,199 — — Deutsche Bank Securities Inc...... 6,127,376 6,103,841 — (23,535)(b) Goldman Sachs & Co...... 191,876,976 191,876,976 — — HSBC Bank PLC ...... 37,669,169 37,651,995 — (17,174)(b) Jefferies LLC...... 3,387,548 3,387,548 — — JPMorgan Securities LLC...... 121,309,327 121,309,327 — — Morgan Stanley & Co. LLC ...... 111,183,700 111,183,700 — — National Financial Services LLC ...... 23,689,797 23,689,797 — — Nomura Securities International Inc...... 2,945,076 2,945,076 — — Pershing LLC ...... 3,404,934 3,388,566 — (16,368)(b) RBC Capital Markets LLC ...... 148,176 145,869 — (2,307)(b) Scotia Capital (USA) Inc...... 797,745 797,745 — — SG Americas Securities LLC...... 5,872,804 5,872,804 — — State Street Bank & Trust Company...... 53,323,254 53,051,531 — (271,723)(b) TD Prime Services LLC...... 2,660,207 2,660,207 — — UBS AG ...... 29,829,426 29,829,426 — — UBS Securities LLC ...... 17,743,460 17,743,460 — — Wells Fargo Bank, National Association ...... 676,707 676,707 — — Wells Fargo Securities LLC ...... 29,082,411 29,082,411 — — $ 896,080,562 $ 895,620,543 $ — $ (460,019)

142 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Notes to Financial Statements (continued)

(a) Collateral received 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 Fund's statement of assets and liabilities. (b) Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

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 statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the statement of assets and liabilities. Pursuant to the contract, the 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 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 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 Fee Russell Top 200...... 0.15% Russell Top 200 Growth ...... 0.20 Russell Top 200 Value...... 0.20 Russell 1000...... 0.15

For its investment advisory services to each of the iShares Russell 1000 Growth and iShares Russell 1000 Value ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each 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 Fee First $121 billion ...... 0.2000% Over $121 billion, up to and including $181 billion...... 0.1900 Over $181 billion, up to and including $231 billion...... 0.1805 Over $231 billion, up to and including $281 billion...... 0.1715 Over $281 billion ...... 0.1630

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

For its investment advisory services to the iShares Russell 2000 ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

N O T E S T O F INANCIAL S TATEMENTS 143 Notes to Financial Statements (continued)

Aggregate Average Daily Net Assets Investment Advisory Fee First $46 billion...... 0.2000% Over $46 billion, up to and including $81 billion ...... 0.1900 Over $81 billion, up to and including $111 billion ...... 0.1805 Over $111 billion, up to and including $141 billion ...... 0.1715 Over $141 billion ...... 0.1630

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

For its investment advisory services to each of the iShares Russell 2000 Growth and iShares Russell 2000 Value ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each 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 Fee First $46 billion...... 0.2500% Over $46 billion, up to and including $81 billion ...... 0.2375 Over $81 billion, up to and including $111 billion ...... 0.2257 Over $111 billion, up to and including $141 billion ...... 0.2144 Over $141 billion ...... 0.2037

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

Distributor: BlackRock Investments, LLC, 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.

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

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

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

Prior to January 1, 2021, each Fund retained 75% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% 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.

144 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Notes to Financial Statements (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the year ended March 31, 2021, the Funds paid BTC the following amounts for securities lending agent services: Fees Paid iShares ETF to BTC Russell Top 200...... $ 6,392 Russell Top 200 Growth ...... 27,609 Russell Top 200 Value...... 7,556 Russell 1000 ...... 928,576 Russell 1000 Growth...... 2,115,823 Russell 1000 Value ...... 1,280,233 Russell 2000 ...... 22,858,655 Russell 2000 Growth...... 6,436,729 Russell 2000 Value ...... 3,354,154

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

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

For the year ended March 31, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows: Net Realized iShares ETF Purchases Sales Gain (Loss) Russell Top 200 ...... $ 19,224,765 $ 15,658,732 $ (3,997,363) Russell Top 200 Growth...... 145,981,088 188,479,321 (14,151,927) Russell Top 200 Value ...... 96,105,509 40,189,273 (5,500,340) Russell 1000 ...... 391,326,691 355,173,107 (151,738,269) Russell 1000 Growth ...... 3,318,944,832 4,642,866,413 (101,750,958) Russell 1000 Value ...... 5,440,348,721 1,948,451,715 (260,572,627) Russell 2000 ...... 950,019,530 2,498,003,320 (69,845,163) Russell 2000 Growth ...... 859,530,652 1,694,633,085 (404,589,233) Russell 2000 Value ...... 798,632,905 1,283,524,682 (80,929,777)

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 statement of operations.

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

7. PURCHASES AND SALES

For the year ended March 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows: iShares ETF Purchases Sales Russell Top 200 ...... $ 35,077,521 $ 34,358,063 Russell Top 200 Growth...... 321,247,325 318,778,659 Russell Top 200 Value ...... 129,176,538 126,867,697 Russell 1000 ...... 1,206,865,233 1,174,916,420 Russell 1000 Growth...... 8,245,486,998 8,194,018,971 Russell 1000 Value ...... 7,208,656,193 7,069,428,526 Russell 2000 ...... 9,574,309,331 9,196,153,962 Russell 2000 Growth...... 3,485,315,714 3,452,520,678 Russell 2000 Value ...... 3,052,510,540 2,753,049,638

N O T E S T O F INANCIAL S TATEMENTS 145 Notes to Financial Statements (continued)

For the year ended March 31, 2021, in-kind transactions were as follows: In-kind In-kind iShares ETF Purchases Sales Russell Top 200 ...... $ 402,710,189 $ 198,397,477 Russell Top 200 Growth ...... 1,136,942,937 479,644,685 Russell Top 200 Value...... 533,916,474 49,745,504 Russell 1000...... 3,596,640,615 4,584,202,669 Russell 1000 Growth ...... 8,158,156,688 13,565,806,997 Russell 1000 Value...... 9,560,651,512 5,836,391,338 Russell 2000...... 95,677,577,082 88,033,294,972 Russell 2000 Growth ...... 2,563,614,760 3,294,189,559 Russell 2000 Value...... 5,697,217,981 2,755,955,186

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, 2021, 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.

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, 2021, the following 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: Accumulated iShares ETF Paid-in Capital Earnings (Loss) Russell Top 200 ...... $ 75,965,328 $ (75,965,328) Russell Top 200 Growth...... 285,610,926 (285,610,926) Russell Top 200 Value ...... 15,253,955 (15,253,955) Russell 1000 ...... 1,974,609,299 (1,974,609,299) Russell 1000 Growth...... 8,392,498,003 (8,392,498,003) Russell 1000 Value ...... 1,534,361,235 (1,534,361,235) Russell 2000 ...... 11,145,612,683 (11,145,612,683) Russell 2000 Growth...... 1,039,307,254 (1,039,307,254) Russell 2000 Value ...... 769,715,323 (769,715,323)

The tax character of distributions paid was as follows: Year Ended Year Ended iShares ETF 03/31/21 03/31/20 Russell Top 200 Ordinary income...... $ 11,376,261 $ 5,858,711 Russell Top 200 Growth Ordinary income...... $ 23,069,276 $ 18,561,859 Russell Top 200 Value Ordinary income...... $ 17,442,740 $ 13,337,365 Russell 1000 Ordinary income...... $354,009,239 $ 396,717,095 Russell 1000 Growth Ordinary income...... $411,316,899 $ 489,416,037 Russell 1000 Value Ordinary income...... $827,083,590 $1,068,613,061 Russell 2000 Ordinary income...... $551,110,344 $ 601,223,892 Russell 2000 Growth Ordinary income...... $ 48,359,274 $ 69,128,809

146 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Notes to Financial Statements (continued)

Year Ended Year Ended iShares ETF 03/31/21 03/31/20 Russell 2000 Value Ordinary income...... $177,203,668 $ 183,585,915

As of March 31, 2021, the tax components of accumulated net earnings (losses) were as follows: Non-expiring Undistributed Capital Loss Net Unrealized iShares ETF Ordinary Income Carryforwards(a) Gains (Losses)(b) Total Russell Top 200 ...... $ 95,835 $ (10,254,466) $ 180,873,598 $ 170,714,967 Russell Top 200 Growth...... 56,703 (73,641,477) 1,154,383,441 1,080,798,667 Russell Top 200 Value ...... 288,184 (39,591,117) 223,952,057 184,649,124 Russell 1000 ...... — (613,444,581) 7,449,722,357 6,836,277,776 Russell 1000 Growth ...... 15,922,032 (1,417,611,778) 26,809,145,219 25,407,455,473 Russell 1000 Value ...... 8,128,467 (3,119,799,282) 9,962,372,516 6,850,701,701 Russell 2000 ...... — (8,500,766,227) (2,725,268,038) (11,226,034,265) Russell 2000 Growth ...... — (1,322,036,379) 2,771,856,739 1,449,820,360 Russell 2000 Value ...... — (1,580,502,649) 2,970,761,744 1,390,259,095

(a) Amounts available to offset future realized capital gains. (b) The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of partnership income and the characterization of corporate actions.

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, 2021, 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: Net Unrealized Gross Unrealized Gross Unrealized Appreciation iShares ETF Tax Cost Appreciation Depreciation (Depreciation) Russell Top 200 ...... $ 684,955,541 $ 186,213,015 $ (5,339,417) $ 180,873,598 Russell Top 200 Growth ...... 2,385,434,086 1,160,941,337 (6,557,896) 1,154,383,441 Russell Top 200 Value ...... 929,233,195 226,206,560 (2,254,503) 223,952,057 Russell 1000 ...... 19,940,331,757 8,354,227,673 (904,505,316) 7,449,722,357 Russell 1000 Growth ...... 37,317,432,462 27,073,762,625 (264,617,406) 26,809,145,219 Russell 1000 Value ...... 41,432,003,972 11,379,674,243 (1,417,301,727) 9,962,372,516 Russell 2000 ...... 77,926,931,695 5,686,686,428 (8,411,954,466) (2,725,268,038) Russell 2000 Growth ...... 10,959,624,082 3,432,742,526 (660,885,787) 2,771,856,739 Russell 2000 Value ...... 14,244,748,250 3,553,091,012 (582,329,268) 2,970,761,744

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time.

N O T E S T O F INANCIAL S TATEMENTS 147 Notes to Financial Statements (continued)

This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. The duration of this pandemic and its effects cannot be determined with certainty.

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 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.

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 statement 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.

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

Certain Funds invest a significant portion of their assets in securities 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.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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 Year Ended 03/31/21 03/31/20 iShares ETF Shares Amount Shares Amount Russell Top 200 Shares sold...... 5,400,000 $ 403,904,934 3,650,000 $ 254,319,339 Shares redeemed...... (2,250,000) (198,913,477) (900,000) (57,580,953) Net increase ...... 3,150,000 $ 204,991,457 2,750,000 $ 196,738,386

148 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Notes to Financial Statements (continued)

Year Ended Year Ended 03/31/21 03/31/20 iShares ETF Shares Amount Shares Amount Russell Top 200 Growth Shares sold...... 10,200,000 $ 1,139,281,886 6,050,000 $ 539,207,875 Shares redeemed...... (3,900,000) (480,521,529) (2,850,000) (247,804,356) Net increase ...... 6,300,000 $ 658,760,357 3,200,000 $ 291,403,519 Russell Top 200 Value Shares sold...... 10,250,000 $ 537,424,577 3,250,000 $ 172,543,958 Shares redeemed...... (950,000) (50,118,590) (2,500,000) (136,298,627) Net increase ...... 9,300,000 $ 487,305,987 750,000 $ 36,245,331 Russell 1000 Shares sold...... 18,700,000 $ 3,608,974,020 30,800,000 $ 5,016,412,652 Shares redeemed...... (23,950,000) (4,611,910,842) (27,000,000) (4,498,522,758) Net increase (decrease) ...... (5,250,000) $ (1,002,936,822) 3,800,000 $ 517,889,894 Russell 1000 Growth Shares sold...... 39,800,000 $ 8,178,323,867 54,800,000 $ 8,714,895,410 Shares redeemed...... (64,200,000) (13,608,361,383) (52,900,000) (8,573,874,635) Net increase (decrease) ...... (24,400,000) $ (5,430,037,516) 1,900,000 $ 141,020,775 Russell 1000 Value Shares sold...... 72,300,000 $ 9,602,615,676 87,050,000 $ 10,568,414,563 Shares redeemed...... (49,000,000) (5,872,737,136) (79,600,000) (10,040,846,410) Net increase ...... 23,300,000 $ 3,729,878,540 7,450,000 $ 527,568,153 Russell 2000 Shares sold...... 598,650,000 $ 99,881,922,980 428,150,000 $ 63,174,663,583 Shares redeemed...... (568,700,000) (91,967,455,939) (425,700,000) (63,415,326,706) Net increase (decrease) ...... 29,950,000 $ 7,914,467,041 2,450,000 $ (240,663,123) Russell 2000 Growth Shares sold...... 10,750,000 $ 2,590,349,644 13,300,000 $ 2,645,575,980 Shares redeemed...... (14,200,000) (3,330,461,784) (16,250,000) (3,194,266,009) Net decrease...... (3,450,000) $ (740,112,140) (2,950,000) $ (548,690,029) Russell 2000 Value Shares sold...... 48,050,000 $ 6,188,984,235 27,050,000 $ 2,982,646,088 Shares redeemed...... (25,750,000) (2,990,244,755) (22,800,000) (2,737,322,093) Net increase ...... 22,300,000 $ 3,198,739,480 4,250,000 $ 245,323,995

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

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

11. LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune's 2007 leveraged buyout transaction ("LBO"). The Litigation seeks to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Russell 1000 ETF and iShares Russell 1000 Value ETF received proceeds of $750,618 and $4,187,372, respectively, in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to an appeal which remains pending. The outcome of this appeal could result in new claims being brought against the Impacted Funds and/or previously dismissed claims being revived and subject to continuing litigation. The Impacted Funds intend to vigorously defend the Litigation.

N O T E S T O F INANCIAL S TATEMENTS 149 Notes to Financial Statements (continued)

12. 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.

150 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF and iShares Russell 2000 Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF and iShares Russell 2000 Value ETF (nine of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of March 31, 2021, the related statements of operations for the year ended March 31, 2021, the statements of changes in net assets for each of the two years in the period ended March 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended 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 as of March 31, 2021, 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, 2021 and each of the financial highlights for each of the five years in the period ended March 31, 2021 in conformity with accounting principles generally accepted in the United States of America. 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, 2021 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 21, 2021

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

R E P O R T O F I NDEPENDENT R EGISTERED P UBLIC A CCOUNTING F IRM 151 Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended March 31, 2021 that qualified for the dividends-received deduction were as follows: Dividends-Received iShares ETF Deduction Russell Top 200 ...... 100.00% Russell Top 200 Growth...... 100.00% Russell Top 200 Value ...... 100.00% Russell 1000 ...... 97.53% Russell 1000 Growth...... 100.00% Russell 1000 Value ...... 98.55% Russell 2000 ...... 69.12% Russell 2000 Growth...... 81.15% Russell 2000 Value ...... 72.26%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2021: Qualified Dividend iShares ETF Income Russell Top 200 ...... $ 12,081,709 Russell Top 200 Growth ...... 27,666,710 Russell Top 200 Value ...... 18,498,021 Russell 1000 ...... 355,359,340 Russell 1000 Growth ...... 498,895,405 Russell 1000 Value...... 860,346,188 Russell 2000 ...... 394,137,318 Russell 2000 Growth ...... 39,938,266 Russell 2000 Value...... 135,163,868

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2021: Qualified Business iShares ETF Income Russell Top 200...... $ 223,110 Russell Top 200 Growth ...... 843,598 Russell Top 200 Value...... 193,250 Russell 1000 ...... 16,372,236 Russell 1000 Growth...... 17,964,906 Russell 1000 Value ...... 41,415,064 Russell 2000 ...... 71,589,639 Russell 2000 Growth...... 4,769,708 Russell 2000 Value ...... 25,974,536

152 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF and iShares Russell 2000 Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S TATEMENT R EGARDING L IQUIDITY R I S K M ANAGEMENT P ROGRAM 153 Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

March 31, 2021 Total Cumulative Distributions % Breakdown of the Total Cumulative for the Fiscal Year Distributions for the Fiscal Year Net Net Investment Net Realized Return of Total Per Investment Net Realized Return of Total Per iShares ETF Income Capital Gains Capital Share Income Capital Gains Capital Share Russell Top 200(a) ...... $ 1.211070 $ — $ 0.005763 $ 1.216833 100% —% 0%(b) 100% Russell Top 200 Growth(a) ...... 0.903470 — 0.009055 0.912525 99 — 1 100 Russell Top 200 Value(a) ...... 1.210296 — 0.001965 1.212261 100 — 0(b) 100 Russell 1000(a)...... 2.828164 — 0.043962 2.872126 98 — 2 100 Russell 1000 Growth(a) ...... 1.504673 — 0.016451 1.521124 99 — 1 100 Russell 1000 Value(a)...... 2.575882 — 0.049262 2.625144 98 — 2 100 Russell 2000(a)...... 1.870631 — 0.152161 2.022792 92 — 8 100 Russell 2000 Growth(a) ...... 1.129309 — 0.047020 1.176329 96 — 4 100 (a) Russell 2000 Value ...... 1.874050 — 0.180038 2.054088 91 — 9 100

(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share. (b) Rounds to less than 1%. 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 (the “Directive”) imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside of the EU, such as BFA (the “Company”). Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.

The Company has registered the iShares Russell 1000 Value ETF and iShares Russell 2000 ETF (each a “Fund”, collectively the "Funds") to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg. Report on Remuneration

The Company is required under the Directive 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.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

154 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Supplemental Information (unaudited) (continued)

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 Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes 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, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back 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, and Internal Audit) each have their own organisational structures which are independent of the business units. 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.

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. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Funds according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares Russell 1000 Value ETF in respect of the Company’s financial year ending 31 December 2020 is USD 3.41 million. This figure is comprised of fixed remuneration of USD 1.59 million and variable remuneration of USD 1.82 million. There were a total of 490 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares Russell 1000 Value ETF in respect of the Company’s financial year ending 31 December 2020, to its senior management was USD 555.76 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 44.86 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares Russell 2000 ETF in respect of the Company’s financial year ending 31 December 2020 is USD 4.55 million. This figure is comprised of fixed remuneration of USD 2.12 million and variable remuneration of USD 2.43 million. There were a total of 490 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares Russell 2000 ETF in respect of the Company’s financial year ending 31 December 2020, to its senior management was USD 741.54 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 59.86 thousand.

S UPPLEMENTAL I NFORMATION 155 Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the "BlackRock Fixed-Income Complex") and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 376 funds as of March 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Principal Occupation(s) Name (Age) Position(s) During the Past 5 Years Other Directorships Held by Trustee

Robert S. Trustee (since President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head Director of BlackRock, Inc. (since 2006); Director Kapito(a) (64) 2009). of BlackRock’s Portfolio Management Group (since its formation in 1998) and of iShares, Inc. (since 2009); Trustee of iShares BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of U.S. ETF Trust (since 2011). Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).

Salim Ramji(b) Trustee (since Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s Director of iShares, Inc. (since 2019); Trustee of (50) 2019). ETF and Index Investments Business (since 2019); Head of BlackRock’s iShares U.S. ETF Trust (since 2019). U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).

(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees

Principal Occupation(s) Name (Age) Position(s) During the Past 5 Years Other Directorships Held by Trustee

Cecilia H. Trustee (since Chair of the Finance Committee (since 2019) and Trustee and Member of the Director of iShares, Inc. (since 2005); Trustee of Herbert (72) 2005); Finance, Audit and Quality Committees of Stanford Health Care (since 2016); iShares U.S. ETF Trust (since 2011); Independent Trustee of WNET, New York's public media company (since 2011) and Member of Independent Board Chair of iShares, Inc. and Board Chair the Audit Committee (since 2018) and Investment Committee (since 2011); Chair iShares U.S. ETF Trust (since 2016); Trustee of (since 2016). (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of Thrivent Church Loan and Income Fund (since San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 2019). Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).

Jane D. Trustee (since Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Director of iShares, Inc. (since 2015); Trustee of Carlin (65) 2015); Risk Nominating and Governance Committee (2017-2018) and Director of PHH iShares U.S. ETF Trust (since 2015); Member of Committee Chair Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head the Audit Committee (since 2016), Chair of the (since 2016). of Financial Holding Company Governance & Assurance and the Global Head of Audit Committee (since 2020) and Director of Operational Risk Management of Morgan Stanley (2006-2012). The Hanover Insurance Group, Inc. (since 2016).

Richard L. Trustee (since Partner, KPMG LLP (2002-2016). Director of iShares, Inc. (since 2017); Trustee of Fagnani (66) 2017); Audit iShares U.S. ETF Trust (since 2017). Committee Chair (since 2019).

156 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Trustee and Officer Information (continued)

Independent Trustees (continued)

Principal Occupation(s) Name (Age) Position(s) During the Past 5 Years Other Directorships Held by Trustee

John E. Trustee (since Chief Investment Officer, Santa Clara University (since 2002). Director of iShares, Inc. (since 2005); Trustee of Kerrigan (65) 2005); Nominating iShares U.S. ETF Trust (since 2011). and Governance and Equity Plus Committee Chairs (since 2019).

Drew E. Trustee (since Senior Managing Director of New York Life Insurance Company (2010-2015). Director of iShares, Inc. (since 2017); Trustee of Lawton (62) 2017); 15(c) iShares U.S. ETF Trust (since 2017). Committee Chair (since 2017).

John E. Trustee (since Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Director of iShares, Inc. (since 2003); Trustee of Martinez (59) 2003); Securities Foundation (2017-2020); and Director of Reading Partners (2012-2016). iShares U.S. ETF Trust (since 2011). Lending Committee Chair (since 2019).

Madhav V. Trustee (since Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth Director of iShares, Inc. (since 2011); Trustee of Rajan (56) 2011); Fixed School of Business (since 2017); Advisory Board Member (since 2016) and Director iShares U.S. ETF Trust (since 2011). Income Plus (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Committee Chair Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of (since 2019). Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).

Officers

Principal Occupation(s) Name (Age) Position(s) During the Past 5 Years

Armando President (since Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin Senra (49) 2019). America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Treasurer and Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of Walker (46) Chief Financial PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, Officer (since PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds 2020). and 21 PIMCO-sponsored closed-end funds.

Charles Chief Compliance Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the Park (53) Officer (since BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). 2006).

Deepa Damre Secretary (since Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). Smith (45) 2019).

Scott Executive Vice Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). Radell (52) President (since 2012).

Alan Executive Vice Managing Director, BlackRock, Inc. (since 2009). Mason (60) President (since 2016).

Marybeth Executive Vice Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Leithead (58) President (since Institutional & Wealth Management (2009-2016). 2019).

T RUSTEE AND O FFICER I NFORMATION 157 General Information

Electronic Delivery

Shareholders can sign up for email 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.

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 and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

Complete Schedules of Portfolio Holdings

The complete schedules of investments in securities of unaffiliated issuers for certain iShares Funds in this report are also available without charge, upon request, by calling toll-free 1-800-474-2737.

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

158 2021 I S HARES A NNUAL R E P O R T T O S HAREHOLDERS Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

NVS Non-Voting Shares REIT Real Estate Investment Trust

G LOSSARY OF T ERMS U SED IN THIS R EPORT 159 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. ©2021 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. iS-AR-305-0321